Banking Awareness Quiz

Banking Awareness Quiz – Set 288: 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. The Joint Liability Groups (JLG) scheme was initiated by _____________ in 2006 with the expectation of enhancing credit flow to share croppers/tenant farmers who do not have land rights.
   A) RBI
   B) SEBI
   C) NABARD
   D) SIDBI
   
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     Option C
   Explanation: The Joint Liability Groups (JLG) scheme was initiated by NABARD in 2006 with the expectation of enhancing credit flow to share croppers/tenant farmers who do not have land rights.
2. ______________ lenders connect lenders and borrowers, using advanced technologies to speed up loan acceptance.
   A) A2A
   B) C2C
   C) B2B
   D) P2P
   
   View answer

     Option D
   Explanation: Peer-to-peer (P2P) lenders
3. ______________ provide internet-based venues for retail customers to compare the prices and features of a range of financial (and non-financial) products such as standardised insurance, mortgages, and deposit account products.
   A) Smart Contracts
   B) E-Computing
   C) E-Aggregators
   D) Big Aggregators
   
   View answer

   Option C
   Explanation:
4. What is the minimum net owned fund requirement for Account Aggregator?
   A) Rs 1 crore
   B) Rs 2 crore
   C) Rs 5 crore
   D) Rs 10 crore
   
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   Option B
   Explanation: Account Aggregator shall have a net owned fund of not less than ₹ two crore or such higher amount
5. Live or virtual testing of new products or services, in a (controlled) testing environment is known as?
   A) AS
   B) DS
   C) SS
   D) RS
   
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   Option D
   Explanation: Regulatory Sandbox
6. In India, IMPS and UPI are classified as _______________.
   A) Speed payments
   B) Fast payments
   C) Cross payments
   D) Fee payments
   
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   Option B
   Explanation: Fast payments are payments in which the transmission of the payment message and the availability of “final” funds to the payee occur in real time or near-real time and on as near to a 24-hour and seven-day (24/7) basis as possible. In India, IMPS and UPI are classified as Fast payments
7. How many digits are present in a MICR Code?
   A) 6
   B) 9
   C) 8
   D) 7
   
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   Option B
   Explanation: Total 9 digits
8. Which of the following serves as SMS based channel in mobile banking?
   A) MNO
   B) USSD
   C) IVR
   D) STP
   
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   Option B
   Explanation: USSD channel
9. _________ is the second factor of authentication that customer needs to use in order to conduct mobile banking transaction.
   A) VPA
   B) MNO
   C) USSD
   D) M-PIN
   
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   Option D
   Explanation: M-PIN
10. A ________ transfer is a payment instruction from one bank account to another bank account which is initiated by the payer, not the payee.
    A) GIRO
    B) LIFO
    C) FIFO
    D) LILO
    
    View answer

    Option A
    Explanation: GIRO payments have the following characteristics: The payment transaction is initiated by the payer; The transaction may involve the presence of three banks (collecting bank, payer bank and the payee bank); It is a credit push transaction

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