Banking Awareness Quiz
Banking Awareness Quiz – Set 272: 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.
- Which of the following term means the sharing and leveraging of customer-permissioned data by banks with third party developers and firms to build applications and services?
A) Systematic Banking
B) Open Banking
C) Para Banking
D) Exclusive Banking
View answer
Option B
Explanation: Open banking is defined as the sharing and leveraging of customer-permissioned data by banks with third party developers and firms to build applications and services, including for example those that provide real-time payments, greater financial transparency options for account holders, marketing and cross-selling opportunities. Individual jurisdictions may define open banking differently (BCBS; November 2019).
- Sovereign Gold Bond can be purchased from which of the following channel?
A) SHCIL
B) Scheduled Commercial Bank
C) BSE
D) All of these
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Option D
Explanation: SGB can be purchased from Scheduled Commercial banks (except Small Finance Banks and Payment Banks), Stock Holding Corporation of India Limited (SHCIL), designated post offices, and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Limited.
- The Reserve Bank of India provides a discount of what amount on price of Sovereign Gold Bonds (per gram) is the payment is made by online mode?
A) Rs 100
B) Rs 50
C) Rs 500
D) Rs 250
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Option B
Explanation: The Government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of ₹50/- per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode.
- Which of the following does not forms a part of Foreign Exchange Reserves of RBI?
A) Foreign Currency Assets
B) Special Drawing Rights
C) Reserve Tranche Position
D) Silver
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Option D
Explanation: Foreign Exchange Reserves of RBI consists of 4 parts- Foreign Currency Assets (FCA), Gold, Special Drawing Rights (SDR) and Reserve Tranche Position (RTP)
- Which of the following risk arises due to the movements in the exchange rates?
A) Credit Risk
B) Market Risk
C) Currency Risk
D) Liquidity risk
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Option C
Explanation: Currency risk arises due to movements in the exchange rates.
- The directions issued by the Reserve Bank of India on Digital Payment Security Controls shall not be applicable on which of the following entity?
A) Scheduled Commercial Banks
B) Payments Bank
C) Credit card issuing NBFCs.
D) Regional Rural Banks
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Option D
Explanation: The provisions of these directions shall apply to the following Regulated Entities (REs): Scheduled Commercial Banks (excluding Regional Rural Banks); Small Finance Banks; Payments Banks; and Credit card issuing NBFCs.
- What is the minimum deposit limit under the Gold Monetization Scheme (GMS), 2015?
A) 10 grams of raw gold
B) 1 grams of raw gold
C) 5 grams of raw gold
D) 20 grams of raw gold
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Option A
Explanation: The minimum deposit at any one time shall be 10 grams of raw gold (bars, coins, jewellery excluding stones and other metals).
- What is the maximum deposit limit under the Gold Monetization Scheme (GMS), 2015?
A) 4 kg
B) 10 kg
C) 20 kg
D) No limit
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Option D
Explanation: “The minimum deposit at any one time shall be 10 grams of raw gold (bars, coins, jewellery excluding stones and other metals). There is no maximum limit for deposit under the Scheme.”
- What is the maximum balance which a customer of a Payments Bank may hold in his/her account at the end of the day?
A) Rs 1 lakh
B) Rs 2 lakh
C) Rs 10 lakh
D) No such limit
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Option B
Explanation: RBI has enhanced the limit of maximum balance at the end of the day from ₹1 lakh to ₹2 lakh per individual customer of PBs with immediate effect.
- Which of the following term refers to a type of loan?
A) RTP
B) SGB
C) SDR
D) WMA
View answer
Option D
Explanation: Way and Means Advances (WMA)
