Banking Awareness Quiz

Banking Awareness Quiz – Set 258: 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. Commercial Banks maintain which type of accounts with Reserve Bank of India?
   A) Savings Account
   B) Current Account
   C) RD Account
   D) They cannot maintain account with RBI
   
   View answer

     Option B
   Explanation: Banks can open current account with RBI.
2. What is the tenor of Sovereign Gold Bond (SGB)?
   A) 5 years
   B) 8 years
   C) 10 years
   D) 12 years
   
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     Option B
   Explanation: 8 years
3. What was the highest denomination note ever printed by the RBI?
   A) Rs 20,000
   B) Rs 2,000
   C) Rs 5,000
   D) Rs 10,000
   
   View answer

   Option D
   Explanation: The highest denomination note ever printed by the Reserve Bank of India was the ₹10000 note in 1938 which was demonetized in January 1946. The ₹10000 was again introduced in 1954. These notes were demonetized in 1978.
4. How many CTS grids for cheque clearing are there in India?
   A) 3
   B) 4
   C) 5
   D) 6
   
   View answer

   Option A
   Explanation: New Delhi, Chennai and Mumbai
5. Which of the following numbering system is used by RBI for replacement of defectively printed banknote.
   A) PLUS Series
   B) MG Series
   C) HOME Series
   D) STAR series
   
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   Option D
   Explanation: RBI adopted the “STAR series” numbering system for replacement of defectively printed banknote in a packet of 100 pieces of serially numbered banknotes. The Star series banknotes are exactly similar to the other banknotes, but have an additional character viz., a *(star) in the number panel in the space between the prefix.
6. What is the latest CTS cheque standard applicable on cheques in India?
   A) CTS-2012 standards
   B) CTS-2016 standards
   C) CTS-2018 standards
   D) CTS-2010 standards
   
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   Option D
   Explanation: CTS-2010 standards
7. What is the limit on funds / amount to be remitted through NEFT system?
   A) Rs 2 lakhs
   B) Rs 10 lakhs
   C) Rs 50 lakhs
   D) No such limit
   
   View answer

   Option D
   Explanation: There is no limit imposed by the RBI for funds transfer through NEFT system. However, banks may place amount limits based on their own risk perception with the approval of its Board.
8. At present how many NBFC Ombudsman are there in India?
   A) 3
   B) 4
   C) 5
   D) 6
   
   View answer

   Option B
   Explanation: As on date, four NBFC Ombudsman have been appointed with their offices located at Chennai, Kolkata, New Delhi and Mumbai.
9. Who issues a convertible note?
   A) RBI
   B) Commercial Banks
   C) Blue chip companies
   D) Startups
   
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   Option D
   Explanation: A convertible note is an instrument issued by a start-up company evidencing receipt of money initially as debt, which is repayable at the option of the holder
10. What is the limit on the amount of cash that can be withdrawn under the Cash Withdrawal Facility at Point of Sale (PoS) Terminals at Tier I cities?
    A) Rs 1000 per day
    B) Rs 1500 per day
    C) Rs 2000 per day
    D) Rs 2500 per day
    
    View answer

    Option A
    Explanation: Under this facility, a cardholder can withdraw cash up to ₹2,000/- per day per card in Tier III to VI centres. At Tier I and II centres, the withdrawal limit is ₹1,000/- per day per card.

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