Banking Awareness Quiz
Banking Awareness Quiz – Set 303: This post contains Banking Awareness Quiz for Banking and Insurance exams like IBPS PO/Clerk, SBI PO/Clerk, RBI Assistant/ GRADE B, NABARD, RRB PO/Clerk, NIACL, NICL and LIC AAO/Assistant etc. These Banking Awareness sets will guide you in all upcoming banking and insurance exams.
- Which is the oldest bank of India still in operation?
A) Allahabad Bank
B) Oudh Commercial Bank
C) PNB
D) Capital SFB
View answer
Option A
Explanation:Allahabad Bank
- A girl child’s parents can open a Sukanya Samriddhi account in which age group?
A) 0-10 years
B) 0-5 years
C) 2-25 years
D) 0-15 years
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Option A
Explanation: It can be opened by the parents of a girl child below the age of 10
- REITs stands for
A) Real estate investment trust
B) Right investment
C) Real trust investment
D) Real Estate Investment
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Option A
Explanation: Real estate investment trusts (“REITs”)
- The SARFAESI Act is a legislation that allows banks and other financial organizations to recover bad loans effectively. What is the full form of second ‘S’ in SARFAESI?
A) Security
B) Securitization
C) Scheme
D) Safety
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Option A
Explanation: The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, more commonly known by its shorter name SARFAESI Act, is a legislation that allows banks and other financial organizations to recover bad loans effectively.
- The First asset reconstruction company (ARC) of India, ARCIL was set up under which act?
A) SARFAESI Act, 2006
B) SARFAESI Act, 2003
C) SARFAESI Act, 2005
D) SARFAESI Act, 2002
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Option D
Explanation: The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, makes court’s intervention unnecessary in case of secured loans. The first asset reconstruction company (ARC) of India, ARCIL, was set up under this act.
- Through the SARFAESI Act, secured creditors (banks or financial institutions) have many rights for enforcement of security interest under which section of the act?
A) Section 12
B) Section 11
C) Section 13
D) Section 7
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Option C
Explanation: Through the SARFAESI Act, secured creditors (banks or financial institutions) have many rights for enforcement of security interest under section 13 of this act.
- Under SARFAESI Act, if the borrower of financial assistance makes any default in repayment of a loan or any instalment and his account is classified as Non-performing Asset by secured creditor, then secured creditor may require before expiry of period and should repay the full amount within how many days?
A) 50 days
B) 60 days
C) 70 days
D) 80 days
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Option B
Explanation: Through the SARFAESI Act, secured creditors (banks or financial institutions) have many rights for enforcement of security interest under section 13 of this act. If the borrower of financial assistance makes any default in repayment of a loan or any instalment and his account is classified as Non-performing Asset by secured creditor, then secured creditor may require before expiry of period of limitation by written notice to the borrower for repayment of due in full within 60 days by clearly stating amount due and intention for enforcement.
- ARCs are regulated by which organization?
A) SEBI
B) SIDBI
C) RBI
D) Exim Bank
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Option C
Explanation: ARCs are regulated by the RBI.
- How many methods are there to recover the NPAs under the SARFAESI Act?
A) 2
B) 3
C) 4
D) 5
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Option B
Explanation: The Act provides for three methods of recovery of the NPAs, which includes: Securitisation; Asset reconstruction; Enforcement of security without the interruption of the court.
- The demonetization of Rs. 500 and Rs. 1000 bank notes held in which year?
A) 2015
B) 2016
C) 2018
D) 2017
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Option B
Explanation: ₹500 and ₹1000 banknotes of Mahatma Gandhi series issued up to November 08, 2016 have ceased to be Legal Tender with effect from the midnight of November 8, 2016.
