Banking & Financial 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.
- National Automated Clearing House (NACH) is a centralised system, launched with an aim to consolidate multiple ____ systems running.
A) IMPS
B) NEFT
C) UPI
D) ECS
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Option D
Explanation: National Automated Clearing House (NACH) is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonization of standard & practices and removes local barriers/inhibitors.
- MICR is associated with which of the following payment system?
A) NEFT
B) IMPS
C) RTGS
D) CTS
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Option D
Explanation: MICR is a code printed on Cheque books/leafs and is used to identify the bank branches. So it is used in Cheque clearing or CTS.
- Which of the following is the latest CTS Cheque standard?
A) CTS 2015 standard
B) CTS 2010 standard
C) CTS 2018 standard
D) CTS 2007 standard
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Option B
Explanation: CTS 2010 standards lead to enhanced security
- Who owns the National Financial Switch (NFS)?
A) RBI
B) IDRBT
C) NPCI
D) SEBI
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Option C
Explanation: National Financial Switch (NFS) ATM network having 37 members and connecting about 50,000 ATMs was taken over by NPCI from Institute for Development and Research in Banking Technology (IDRBT) on December 14, 2009.
- Which of the following payment system allows the merchant to accept payment from a customer of any bank, by authenticating the customer’s biometrics.
A) BHIM Aadhaar Pay
B) BHIM UPI
C) BBPS
D) BharatQR
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Option A
Explanation: BHIM Aadhaar Pay is meant for merchants to receive digital payments from customers over the counter through Aadhaar authentication. It allows for any merchant associated with any acquiring bank on BHIM Aadhaar Pay service, to allow the merchant to accept payment from a customer of any bank, by authenticating the customer’s biometrics – currently only fingerprints, directly from the customer’s Aadhaar enabled bank account and receive the sale proceeds instantaneously directly into merchant’s own bank account.
- A __________consists of black squares arranged in a square grid on a white background
A) MICR
B) OCR
C) OMR
D) QR Code
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Option D
Explanation: A QR code consists of black squares arranged in a square grid on a white background, which can be read by an imaging device such as a camera. It contains information about the item to which it is attached.
- The banks that deals with government business on behalf of RBI are known as?
A) Commercial banks
B) Agency banks
C) Regional banks
D) Government banks
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Option B
Explanation: Agency banks
- The Central Accounts Section (CAS) of Reserve Bank of India is located at?
A) Mumbai
B) Delhi
C) Kolkata
D) Nagpur
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Option D
Explanation: CAS Nagpur
- The NBFC Ombudsman is a senior official appointed by the __________________.
A) Reserve Bank of India
B) Government of India
C) ASSOCHAM
D) SEBI
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Option A
Explanation: The NBFC Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against NBFCs for deficiency in certain services covered under the grounds of complaint
- _________ is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications.
A) PFMS
B) SFMS
C) RFMS
D) GFMS
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Option B
Explanation: Structured Financial Messaging System (SFMS)
