Banking Awareness Quiz

Banking Awareness Quiz – Set 246: 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. Which of the following term is used to describe emerging technological innovations in the financial services sector?
   A) PCR
   B) Sandbox
   C) Openbox
   D) FinTech
   
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     Option D
   Explanation: The term “FinTech” is a contraction of the words “finance” and “technology”. FinTech is broadly an omnibus term used to describe emerging technological innovations in the financial services sector, with ever increasing reliance on information technology.
2. __________ is a distributed ledger in which transactions are stored as on computers that are connected to the network.
   A) peer-to-peer exchange
   B) Big Data
   C) E-aggregators
   D) Block chain
   
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     Option D
   Explanation: Block chain is a distributed ledger in which transactions (e.g. involving digital currencies or securities) are stored as blocks (groups of transactions that are performed around the same point in time) on computers that are connected to the network.
3. ___________ is a way of raising debt or equity from multiple investors via an internet-based platform.
   A) P2P platform
   B) Crowd funding
   C) E-aggregators
   D) Bitcoins
   
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   Option B
   Explanation: Crowd funding is a way of raising debt or equity from multiple investors via an internet-based platform.
4. ____________ provide internet-based venues for retail customers to compare the prices and features of a range of financial (and non-financial) products such as standardised insurance, mortgages, and deposit account products.
   A) E-Aggregators
   B) P2P platform
   C) Cryptocurrency
   D) Smart contracts
   
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   Option A
   Explanation: E-Aggregators also provide an easy way to switch between providers and may become a major distributor for a variety of financial products.
5. BHIM App was developed by?
   A) RBI
   B) NPCI
   C) Ministry of Finance
   D) SBI
   
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   Option B
   Explanation: National Payments Corporation of India
6. What is the full form of CLF?
   A) Collective Loan Forum
   B) Collection of Loan Facility
   C) Collateralised Lending Facility
   D) Cash Lending Facility
   
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   Option C
   Explanation: Collateralised Lending Facility
7. Which of the following was introduced to increase ease of bill payments in the country.
   A) BQR
   B) ABPS
   C) BBPS
   D) NACH
   
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   Option C
   Explanation: Bharat Bill Payment System
8. NETC operates through a linked _______ loop wallet.
   A) closed
   B) open
   C) semi closed
   D) auto
   
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   Option A
   Explanation: NETC operates through a linked closed loop wallet, which is funded by the user. Only bank issuers, and acquirers are permitted to operate under NETC. National Electronic Toll Collection (NETC)
9. Which of the following is a new specification of cards to be used for mobility payments?
   A) NDMC
   B) NDNA
   C) NCMC
   D) NCMA
   
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   Option C
   Explanation: National Common Mobility Card (NCMC)
10. Which of the following payment facility is not available on a 24*7 basis?
    A) NEFT
    B) RTGS
    C) IMPS
    D) UPI
    
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    Option B
    Explanation: RTGS is available on working days of banks.

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