Banking Awareness Quiz – Set 80 – 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.  The set will be beneficial for the Banking and financial awareness section of LIC AAO. So attempt all the sets now.

1. Cheques denominated in currencies other than Indian Rupees are known as ________ .
   A) outside cheque
   B) foreign currency cheque
   C) outstation cheque
   D) speed cheque
   
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     Option B
   Explanation: Cheques denominated in currencies other than Indian Rupees such as Euro (€), Pound Sterling (£), US Dollar ($), Yen (¥), etc., are called foreign currency cheques.
2. Which of the following is not a US-Dollar Cheque Collection process?
   A) Cash Letter Arrangement (CLA)
   B) Direct Collection Arrangement (DCA)
   C) Final Credit Services (FCS)
   D) Speed Collection Services (SCS)
   
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     Option D
   Explanation: There are basically three types of arrangements adopted by banks– Cash Letter Arrangement (CLA), Direct Collection Arrangement (DCA), Final Credit Services (FCS)
3. The image based Cheque clearing for foreign currency Cheque is known as ?
   A) Cheque Image Facility
   B) Truncated Image Facility
   C) Check-21 Facility
   D) Final Image Facility
   
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   Option C
   Explanation: Check-21 Facility : The System has been facilitated under Check-21 Legislation. It works more or less like CTS. When using check 21 facility, dealings are cleared utilizing the exchange of check images from bank to bank. It saves time in transit.
4. A _____ transaction does not require the ATM/debit card to be physically presented at the point of transaction.
   A) CN
   B) CNP
   C) NFC
   D) EMV
   
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   Option B
   Explanation: A CNP transaction does not require the card to be physically presented at the point of transaction. It is also called as a remote transaction. An example is an online transaction or a mobile banking transaction using the card.
5. The daily limit of cash withdrawal through POS terminals has been set at?
   A) Rs 1000
   B) Rs 2000
   C) Rs 5000
   D) Rs 10,000
   
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   Option B
   Explanation: The limits on cash withdrawal at ATMs and for purchase of goods and services are decided by the issuer banks. Cash withdrawal using debit cards at POS terminals has also been enabled by certain banks wherein, a maximum of Rs.2000/- can be withdrawn daily.
6. Which of the following is not a security feature for online transactions?
   A) AFA
   B) OTP
   C) NFC
   D) CVV
   
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   Option C
   Explanation: AFA- Additional Factor of Authentication ; OTP- One Time Password; CVC- Card Verification Value
7. In case of Card Present transactions NFC contactless technology, transactions for a maximum value of _______ per transaction are allowed to be undertaken without AFA requirement.
   A) Rs 1,000
   B) Rs 5,000
   C) Rs 2,000
   D) Rs 10,000
   
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   Option C
   Explanation: in case of CP transactions (except ATM transactions) using NFC contactless technology, transactions for a maximum value of ₹ 2,000/- per transaction are allowed to be undertaken without AFA requirement, subject to explicit consent from the customer and adherence to EMV standards.
8. Which type of Debit Card has been replaced by banks since December 31, 2018.
   A) Magnetic Stripe Cards
   B) EMV Cards
   C) PIN based Cards
   D) Maestro Cards
   
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   Option A
   Explanation: The banks were instructed to convert all existing Magnetic Stripe cards to EMV Chip & PIN cards before December 31, 2018.
9. IDFs are investment vehicles which can be sponsored by commercial banks and NBFCs in India. What does IDF stands for?
   A) Investment Debt Fund
   B) Investment Development Fund
   C) Infrastructure Development Fund
   D) Infrastructure Debt Fund
   
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   Option D
   Explanation: Infrastructure Debt Fund (IDF)
10. Find the correct sentence:
    A) Mutual Fund (MFs) are regulated by RBI
    B) NBFC is regulated by the Reserve Bank of India
    C) RRBs are Supervised by RBI
    D) All are correct
    
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    Option B
    Explanation: Mutual Fund (MFs) are regulated by SEBI and RRBs are supervised by NABARD

 

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