Quiz on Banking Awareness

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Number of Questions: 10

1. SWIFT code is also known as_______
   A) International Identification Code
   B) Business Identifier Code
   C) Universal Banking Code
   D) Basic Statistical Code
   
   View answer

   Option B
   Explanation: A SWIFT code is an international bank code that identifies particular banks worldwide. It’s also known as a Business Identifier Code (BIC). A SWIFT code consists of 8 or 11 characters.
2. RBI has issued PCA framework for financial stability of commercial banks. What does P denote in PCA?
   A) Public
   B) Program
   C) Primary
   D) Prompt
   
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   Option D
   Explanation: Reserve Bank of India (RBI) has issued a Prompt Corrective Action (PCA) framework to maintain sound financial health of banks in terms of three parameters, i.e. capital to risk weighted assets ratio (CRAR), net non-performing assets (NPA) and Return on Assets (RoA). 
3. Which bank has launched India’s first contactless mobile payment solution?
   A) ICICI Bank
   B) Axis Bank
   C) Yes Bank
   D) HDFC Bank
   
   View answer

   Option A
   Explanation: ICICI Bank unveiled the country’s first contactless mobile payment solution to enable its credit and debit customers make in-store contactless payments by just waving their smartphones near an NFC-enabled merchant terminal.
4. The Insolvency and Bankruptcy Board of India was established in which year?
   A) 2015
   B) 2014
   C) 2016
   D) 2017
   
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   Option C
   Explanation: The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).
5. The Card verification value (CVV) on Visa® and Mastercard® is a _______ digit number
   A) 3
   B) 4
   C) 5
   D) 2
   
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   Option A
   Explanation: It is a 3 digit number on VISA®, MasterCard® and Discover® branded credit and debit cards while on your American Express® branded credit or debit card it is a 4 digit numeric code.
6. The Hindustan Commercial Bank was acquired by which bank in 1986?
   A) Allahabad Bank
   B) Bank of Maharashtra
   C) Union Bank of India
   D) Punjab National Bank
   
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   Option D
7. Which of the following facilities is not provided by the Payments Bank?
   A) Internet Banking
   B) Credit Card
   C) Debit Card
   D) ATM Card
   
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   Option B
   Explanation: These banks cannot issue loans and credit cards.
8. The Financial Action Task Force (FATF) is an inter-governmental body to develop policies to combat money laundering. It is based in which country?
   A) Frankfurt, Germany
   B) New York, USA
   C) Paris, France
   D) Moscow, Russia
   
   View answer

   Option C
   
9. Which of the following is not an example of Open System Payment Instruments?
   A) Rupay
   B) Visa
   C) MobiKwik Wallet
   D) Mastercard
   
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   Option C
   
10. Unified Payments Interface (UPI) facilitates inter-bank transactions using which of the following methods?
    A) Virtual Payment Address (VPA)
    B) QR code
    C) Account number & IFSC
    D) All the above
    
    View answer

    Option D
    Explanation: Money can be sent or requested with the following methods -Virtual Payment Address (VPA), Mobile number, Account number & IFSC, Aadhaar and QR code

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