Banking Awareness Quiz – Set 56 – Miscellaneous

Banking Awareness Quiz: 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.

Number of Questions: 10

1. The Banking Ombudsman Scheme has been introduced under which section of the Banking Regulation Act, 1949?
   A) Section 35 A
   B) Section 37 A
   C) Section 32 A
   D) Section 38 A
   
   View answer

   Option A
   Explanation: The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 as The Banking Ombudsman Scheme 2006.
2. What does N denotes in NEER in relation to exchange rate?
   A) Narrow
   B) Negotiated
   C) Net
   D) Nominal
   
   View answer

   Option D
   Explanation:Nominal Effective Exchange Rates
3. Which among the following is the upgraded version of the Unified Payments Interface (UPI)?
   A) UPI 2.1
   B) UPI 1.0
   C) UPI 2.0
   D) UPI 1.1
   
   View answer

   Option C
   
4. The Issuer Identification Number (IIN) is a __________ digit code to identify bank providing the AEPS service
   A) 11
   B) 6
   C) 9
   D) 10
   
   View answer

   Option B
   Explanation: Issuer Identification Number – It is a six digit number which acts as an identification of a bank providing the AEPS service.
    
5. What is the maximum amount of fund that can be transacted using Real Time Gross Settlement (RTGS)?
   A) No limit
   B) Rs 2  lakh
   C) Rs 5 lakh
   D) Rs 10 lakh
   
   View answer

   Option A
   
6. What is the rate of interest payable on T-Bills?
   A) 2%
   B) 3%
   C) 4%
   D) No interest
   
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   Option D
   Explanation: T-Bills are zero coupon securities and pay no interest. They are issued at a discount and redeemed at the face value at maturity.
7. The Jio Payments Bank is joint venture between the Reliance Industries and ___________
   A) HDFC
   B) ICICI 
   C) SBI
   D) PNB
   
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   Option C
   Explanation: Jio Payments Bank Limited is a joint venture between the Reliance Industries and the State Bank of India with the stake of 70:30
8. The Payments Banks are required to invest __________% of their NDTL only in Government securities
   A) 25%
   B) 40%
   C) 50%
   D) 75%
   
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   Option D
   Explanation: The Payments Banks can undertake payment and deposit services only. They can accept deposits from a customer upto ₹1 lakh only. They will have no credit portfolio. They should invest 75% of their NDTL only in Government securities.
9. ARC buys bad loans from banks to clean up their balance sheets. What does it stands for?
   A) Asset Reconstruction Company
   B) Account Revival Company
   C) Asset Restructuring Company
   D) Account Renewal Company
   
   View answer

   Option A
   Explanation: Asset Reconstruction Company
10. Currently, how many Banking Ombudsman Offices are functional in India?
    A) 18
    B) 21
    C) 20
    D) 22
    
    View answer

    Option B
    

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