Banking Awareness Quiz – Set 227

Banking Awareness Quiz: We have created many quizzes on Banking Awareness and this set is one of them. These questions are most important for banking and insurance exams. The question asked in the Banking Awareness section are based both on static banking and that to current banking in news. These Banking Awareness sets will guide you in all banking exams like IBPS Clerk, IBPS PO, SBI Clerk, SBI PO, RRB Clerk and PO and other exams. So attempt all the sets now.

1. A person who controls the creation, operation and administration of significant benchmark is known as?
   A) FBA
   B) IBA
   C) SBA
   D) VBA
   
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     Option A
   Explanation: Financial Benchmark Administrator (FBA) means a person who controls the creation, operation and administration of significant benchmark(s).
2. “Digital KYC” has been defined in which section of PMLA Act 2002?
   A) Section 4
   B) Section 3
   C) Section 5
   D) Section 6
   
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     Option B
   Explanation: “Digital KYC” has been defined in Section 3 as capturing live photo of the customer and officially valid document or the proof of possession of Aadhaar, where offline verification cannot be carried out, along with the latitude and longitude of the location where such live photo is being taken by an authorised officer of the Reporting Entity (RE) as per the provisions contained in the Act.
3. Who gives the approval to the banks for cash withdrawal through the PoS terminals deployed by them?
   A) RBI
   B) Board of the bank
   C) PoS installing aggregator
   D) Ministry of Finance
   
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   Option B
   Explanation: It has been decided that the requirement of obtaining permission from the RBI be dispensed with and that henceforth, banks may, based on the approval of their Board, provide cash withdrawal facility at PoS terminals.
4. Who is the nodal agency for the Interest Subvention Scheme for MSMEs?
   A) RBI
   B) NABARD
   C) SIDBI
   D) SBI
   
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   Option C
   Explanation: Small Industries Development Bank of India (SIDBI) is the single national level nodal implementation agency for the scheme.
5. What does UAN stand for with respect to MSME?
   A) Universal Account Numerals
   B) Universal Aadhar Number
   C) Udyog Aadhar Number
   D) Udyog Account Numerals
   
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   Option C
   Explanation: Udyog Aadhar Number
6. To be eligible as Financial Benchmark Administrator what is the minimum required net worth?
   A) Rs 10 crore
   B) Rs 5 crore
   C) Rs 1 crore
   D) Rs 50 lakhs
   
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   Option C
   Explanation: FBAs shall maintain a minimum net worth of Rs 1 crore at all times.
7. What is the fixed interest rate in the Inflation Indexed National Saving Securities-Cumulative (IINSS-C)?
   A) 1%
   B) 2%
   C) 1.5%
   D) 2.5%
   
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   Option C
   Explanation: There will be two parts in the interest rate. One, fixed rate of 1.5% per annum and second, inflation rate.
8. ________________ are the securities created by way of separating the cash flows associated with a regular G-Sec.
   A) STRIPS
   B) SGB
   C) SDL
   D) NCB
   
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   Option A
   Explanation: STRIPS – Separate Trading of Registered Interest and Principal of Securities
9. ___________ means that a large sum of new money is printed and distributed among the public, to stimulate the economy during a recession or when interest rates fall to zero.
   A) Liquid money
   B) Transparent money
   C) Quick money
   D) Helicopter money
   
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   Option D
   Explanation: This is an unconventional monetary policy tool aimed at bringing a flagging economy back on track. It involves printing large sums of money and distributing it to the public.
10. What is the amount insured by DICGC for depositors in bank account?
    A) Rs 1 lakh
    B) Rs 2 lakhs
    C) Rs 3 lakhs
    D) Rs 5 lakhs
    
    View answer

    Option D
    Explanation: Rs 5 lakhs

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