Banking Awareness Quiz – Set 59 – Miscellaneous

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1. The Non-bank ATM operators are authorized under which Act by RBI?
   A) Companies Act 2013
   B) Banking Regulations Act 1949
   C) Reserve Bank of India Act 1934
   D) Payment & Settlement Systems Act, 2007
   
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   Option D
   Explanation: ATMs set up, owned and operated by non-banks are called WLAs. Non-bank ATM operators are authorized under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI). 
2. A transaction carried out at an ATM of the card issuing bank is called as _________
   A) Off-Us transaction
   B) Home Transaction
   C) On-Us transaction
   D) Private Transaction
   
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   Option C
   
3. Which of the following statements is not true regarding RTGS?
   A) ‘RTGS’ stands for Real Time Gross Settlement
   B) RTGS transactions is limited to Rs 2 lakh per transaction
   C) UTR number is used to uniquely identify a transaction in RTGS system
   D) All are true
   
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   Option B
   Explanation: RTGS transactions / transfers have no amount cap.
4. In a Contactless NFC card, the card is read by keeping the card near the card reader. Here what does NFC stands for?
   A) Near Field Communication
   B) Neutral Field Communication
   C) Number Field Communication
   D) Non Field Communication
   
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   Option A
   Explanation: Contactless Near Field Communication {NFC} Card
5. What does C in CTS denotes?
   A) Clearing
   B) Common
   C) Credit
   D) Cheque
   
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   Option D
   Explanation: Cheque Truncation System (CTS)
6. Who is appointed as the Appellate Authority under the Ombudsman scheme?
   A) Finance Minister
   B) Governor of RBI
   C) Deputy Governor of RBI
   D) NPCI Chairman
   
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   Option C
   
7.  What should be the minimum net owned fund of the entity desirous of commencing business of non-banking financial institution?
   A) Rs 25 lakh
   B) Rs 2 crore
   C) Rs 1 crore
   D) Rs 50 lakh
   
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   Option B
   Explanation: A company incorporated under the Companies Act, 1956 and desirous of commencing business of non-banking financial institution as defined under Section 45 I(a) of the RBI Act, 1934 should be a company registered under Section 3 of the companies Act, 1956 and should have a minimum net owned fund of ₹ 200 lakh.
8. What does FCEB stands for in terms of External Commercial Borrowings (ECB) framework?
   A) Foreign currency exchangeable bond
   B) Foreign currency equity bond 
   C) Foreign currency external bond 
   D) Foreign currency exchange bond 
   
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   Option A
   Explanation: Foreign currency exchangeable bond (FCEB)
9. What is the maximum tenure of the Commercial Papers?
   A) 180 days
   B) 200 days
   C) 91 days
   D) 1 year
   
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   Option D
   Explanation: CP can be issued for maturities between a minimum of 7 days and a maximum of up to one year from the date of issue. However, the maturity date of the CP should not go beyond the date up to which the credit rating of the issuer is valid.
10. In DR rates, what is does R stands for?
    A) Ratio
    B) Rate
    C) Relief
    D) Return
    
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    Option C
    Explanation: Dearness Relief

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