Banking Awareness Quiz

Banking Awareness Quiz – Set 282: These questions on Banking Awareness 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 conducts the Monetary Policy Committee meeting?
   A) SEBI
   B) IRDAI
   C) RBI
   D) PFRDA
   
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     Option C
   Explanation: Reserve Bank of India.
2. Which of the following is responsible for fixing the benchmark interest rate in India?
   A) Board of directors of RBI
   B) Monetary Policy Committee
   C) Governor of RBI
   D) Finance Minister
   
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     Option B
   Explanation: Monetary Policy Committee
3. The Monetary Policy Committee of RBI has how many members?
   A) 3
   B) 6
   C) 9
   D) 12
   
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   Option B
   Explanation: Total 6= out of which 3 are from RBI and 3 are nominated externally.
4. Who us the chairperson of Monetary Policy Committee?
   A) Deputy Governor of RBI
   B) Governor of RBI
   C) Finance Minister
   D) Finance Secretary
   
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   Option B
   Explanation: RBI Governor is the chairperson of Monetary Policy Committee.
5. The Monetary Policy Committee has to conduct minimum how many meetings in an year?
   A) 4
   B) 6
   C) 2
   D) 8
   
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   Option A
   Explanation: The Bank shall organise at least four meetings of the Monetary Policy Committee in a year.
6. ___________ is the funds that are under the control of institutional investors, central banks, fund, market mavens, and other financial individuals and entities.
   A) Capital money
   B) Excess money
   C) Central money
   D) Smart money
   
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   Option D
   Explanation: Smart money is the amount invested or a bet placed by those individuals that are well-informed and experienced, and have an in-depth understanding of how the markets play.
7. Which of the following settlement cycle is followed in stock markets in India?
   A) T+1
   B) T+0
   C) T+2
   D) T+3
   
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   Option D
   Explanation: This means that it takes two days for a trade life cycle to be completed—from initiation to settlement.
8. The SARFAESI Act 2002 is related to which of the following?
   A) regulations of banks
   B) foreign exchange reserves
   C) digital payements
   D) recovery of bad loans
   
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   Option D
   Explanation: It allows banks and other financial institution to auction residential or commercial properties to recover loans.
9. The term MICR is closely related to which of the following payment system?
   A) NEFT
   B) RTGS
   C) CTS
   D) UPI
   
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   Option C
   Explanation: MICR are 9 digit codes used to identify bank branches and printed on the cheque leaves. CTS is cheque truncation system i.e online clearing of cheque without its physical movement.
10. Public sector banks have been advised to open at least _______ specialized branch in each district.
    A) one
    B) two
    C) four
    D) five
    
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    Option A
    Explanation: Public sector banks have been advised to open at least one specialized branch in each district. The banks have been permitted to categorize their MSME general banking branches having 60% or more of their advances to MSME sector, as specialized MSME branches for providing better service to this sector as a whole.

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