Banking Awareness Quiz

Banking Awareness Quiz – Set 251: 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. In which year was the National Electronic Funds Transfer System (NEFT) introduced?
   A) 2004
   B) 2005
   C) 2006
   D) 2007
   
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     Option B
   Explanation: NEFT in 2005 and RTGS in 2004
2. What does the First 4 characters of a SWIFT code represent?
   A) Country Code
   B) Branch Code
   C) Bank Code
   D) Location Code
   
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     Option C
   Explanation: First 4 characters – bank code (only letters)
3. Which of the following code is not directly associated to a payment systems?
   A) MICR Code
   B) SWIFT Code
   C) IFS Code
   D) BSR Code
   
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   Option D
   Explanation: BSR code is a 7 digit code with first three digits identifying the bank and remaining four digits identifying the branch. BSR code is not used in payment systems but mainly finds use in tax receipts at banks end and at Government’s end.
4. ___________ is an international standard for identifying bank accounts across national borders.
   A) IBAN
   B) IBAF
   C) LBAN
   D) LBAF
   
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   Option A
   Explanation: International Bank Account Number (IBAN)
5. International Bank Account Number (IBAN) can have maximum of how many digits?
   A) 26
   B) 30
   C) 32
   D) 34
   
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   Option D
   Explanation: IBAN mainly consists of two parts – first part consists of country code (2 characters) check digit (2 numeric) bank ID (4 characters) and second part consists of BBAN which can be decided by banks (max up to 26 characters). Thus, IBAN can be of maximum 34 digits with BBAN up to a maximum 26 characters long.
6. Who regulates Venture Capital Fund Company in India?
   A) RBI
   B) SEBI
   C) SIDBI
   D) Government of India
   
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   Option B
   Explanation: Securities and Exchange Board of India (SEBI)
7. The definition of MSME is based on
   A) investment in Plant & Machinery
   B) investment in equipment
   C) investment And Annual Turnover
   D) Annual Turnover
   
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   Option C
   Explanation: Both investment and annual turnover.
8. What is the turnover requirement for a Medium Enterprises under MSME?
   A) Rs 10 crore
   B) Rs 50 crore
   C) Rs 100 crore
   D) Rs 500 crore
   
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   Option C
   Explanation: Investment>= Rs. 10 crore and < Rs. 20 crore AND Turnover < Rs.100 crore
9. Where is the headquarters of “India Ratings and Research” located?
   A) Mumbai
   B) Bengaluru
   C) Pune
   D) Delhi
   
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   Option A
   Explanation: Mumbai, Maharashtra
10. Which of the following is not a valid tenor of Treasury Bills (T-Bills)?
    A) 91 days
    B) 182 days
    C) 364 days
    D) 45 days
    
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    Option D
    Explanation: Tenor/Maturity: Available in three tenor: 91 day, 182 day and 364 day.

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