Banking Awareness Quiz

Banking Awareness Quiz – Set 274: 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 case when the advances to State Governments exceed their Special Drawing Facility (SDF) and Ways and Means Advances (WMA) limits, they are provided with ______ by the Reserve Bank of India.
   A) Bonds
   B) Cashflow
   C) Overdraft
   D) All of the above
   
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   Option C
   Explanation: When advances to State Governments exceed their SDF and WMA limits, OD facility is being provided.
2. The Consolidated Sinking Fund (CSF) and the Guarantee Redemption Fund (GRF) are managed by ____________.
   A) State Government
   B) Ministry of Finance, GoI
   C) State Bank of India
   D) Reserve Bank of India
   
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   Option D
   Explanation: The Reserve Bank of India (RBI) manages two reserve funds on behalf of State Governments for meeting their contingent liabilities; the Consolidated Sinking Fund (CSF) and the Guarantee Redemption Fund (GRF).
3. Which of the following is not a regulatory body?
   A) IRDAI
   B) SEBI
   C) PFRDA
   D) NPCI
   
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   Option D
   Explanation: NPCI is a body for managing retail payments system in India.
4. The Payments Council of India was formed under the aegis of _____ in the year 2013.
   A) RBI
   B) IAMAI
   C) NPCI
   D) SBI
   
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   Option B
   Explanation: The Payments Council of India was formed under the aegis of IAMAI in the year 2013 catering to the needs of the digital payment industry. IAMAI- Internet and Mobile Association of India.
5. Which of the following is the world’s first fully interoperable QR code payment system?
   A) PayTm QR
   B) Bharat QR
   C) BHIM QR
   D) GPay QR
   
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   Option B
   Explanation: India has launched Bharat QR – the world’s first fully interoperable QR code payment system.
6. The specifications of Bharat QR have been jointly developed by RuPay, Visa, MasterCard, and _______.
   A) NPCI
   B) Paypal
   C) Amex
   D) Diners
   
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   Option C
   Explanation: Its specifications have been jointly developed by RuPay, Visa, MasterCard, and Amex.
7. Under Pradhan Mantri Suraksha Bima Yojana (PMSBY) a renewable one- year accidental death cum disability cover of Rs 2 lakhs is offered to all subscribing bank account holders in the age group of _____ years.
   A) 18 to 70
   B) 18 to 60
   C) 15 to 60
   D) 15 to 70
   
   View answer

   Option A
   Explanation: Under Pradhan Mantri Suraksha Bima Yojana (PMSBY) a renewable one- year accidental death cum disability cover of Rs 2 lakhs is offered to all subscribing bank account holders in the age group of 18 to 70 years for a premium as low as Rs 12/- per annum per subscriber.
8. Financial Inclusion Fund is maintained by _________.
   A) RBI
   B) NABARD
   C) Government of India
   D) PFRDA
   
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   Option B
   Explanation: GOI has merged the Financial Inclusion Fund (FIF) and Financial Inclusion Technology Fund (FITF) to form a single Financial Inclusion Fund. Financial Inclusion Fund is administered by the reconstituted Advisory Board constituted by GOI and will be maintained by NABARD.
9. What is the initial corpus of Financial Inclusion Fund?
   A) Rs 500 crore
   B) Rs 1000 crore
   C) Rs 1500 crore
   D) Rs 2000 crore
   
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   Option D
   Explanation: Financial Inclusion Fund (FIF) has been created to support adoption of technology and capacity building with an initial corpus of Rs. 2000 crore.
10. In order to strengthen the Business Correspondent (BC) model of delivery and help prospective users to identify BC having good service track record, the BC Registry has been launched under the aegis of ___________.
    A) Reserve Bank of India (RBI)
    B) National Bank for Agriculture and Rural Development (NABARD)
    C) Indian Banks’ Association (IBA)
    D) Government of India
    
    View answer

    Option C
    Explanation: In order to strengthen the BC model of delivery and help prospective users to identify BC having good service track record, the BC Registry has been launched under the aegis of Indian Banks’ Association (IBA)

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