Current Banking Awareness Quiz – Set 60

Target- RRB PO and Clerk Mains

Months Covered- June, July, August 2021 and September 2021

1. The Reserve Bank of India has recently allowed tokenization on CoF services. What does F stands for in CoF?
   A) Fast
   B) File
   C) Front
   D) Factor
   
   View answer

     Option B
   Explanation: the device-based tokenization framework will now be applicable to Card-on-File Tokenisation (CoFT) services as well. Card-on-File (CoF) means that the Credit/Debit card details are stored by merchants for ease of payment.
2. What is the limit for collateral free loans to Self Help Group?
   A) Rs 10 lakh
   B) Rs 20 lakh
   C) Rs 15 lakh
   D) Rs 25 lakh
   
   View answer

     Option B
   Explanation: The Reserve Bank of India has raised the limit for collateral free loans to Self-Help Groups (SHG) under the DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission) from Rs. 10 lakhs to Rs. 20 Lakhs.
3. Which Bank has topped the World’s Best Banks 2021 in India list by Forbes?
   A) ICICI Bank
   B) Standard Chartered Bank
   C) DBS Bank
   D) IDFC First Bank
   
   View answer

   Option C
   Explanation: DBS Bank has been ranked as the top Bank in India, out of 30 domestic and international banks in the country, in the World’s Best Banks 2021 list for India, released by Forbes magazine.
4. Which bank has launched app based lending platform- ‘Digital Prayas’?
   A) SBI
   B) SIDBI
   C) EXIM
   D) RBI
   
   View answer

   Option B
   Explanation: The Small Industries Development Bank of India (SIDBI) has launched an app-based digital-lending platform named ‘Digital Prayaas’, to sanction loans to entrepreneurs from low-income groups.
5. _________ is an entity that tokenizes the actual card credentials and de-tokenizes them?
   A) CoF
   B) JSP
   C) TSP
   D) NPCI
   
   View answer

   Option C
   Explanation: Token Service Provider (TSP) refers to the entity which tokenizes the actual card credentials and de-tokenizes them whenever required. Earlier only card networks (like VISA, Mastercard) were allowed to act as TSPs. So now banks can act as TSPs.
6. Housing finance companies (HFCs) with asset size greater than _______ are allowed to use SARFAESI law to recover dues?
   A) Rs 500 crore
   B) Rs 50 crore
   C) Rs 100 crore
   D) Rs 1000 crore
   
   View answer

   Option C
   Explanation: Ministry of Finance has allowed housing finance companies (HFCs) with asset size of over Rs. 100 crore to recover the dues using SARFAESI law. Earlier HFCs with assets over Rs. 500 crore (and notified by Finance Ministry) were allowed to use SARFAESI law to recover dues.
7. MandateHQ payment interface has been launched by?
   A) NPCI and RBI
   B) Razorpay and Mastercard
   C) Mastercard and NPCI
   D) Mastercard and VISA
   
   View answer

   Option B
   Explanation: Razorpay has partnered with Mastercard to launch ‘MandateHQ’. It is a payment interface that will help card-issuing banks to enable recurring payments for their customers.
8. What is India’s GDP growth rate projection for FY23 as per S&P Global Ratings?
   A) 7.0%
   B) 7.5%
   C) 9.0%
   D) 9.5%
   
   View answer

   Option A
   Explanation: 9.5 percent in 2021-22 (FY22); 7.0 percent in 2022-23 (FY23)
9. The Reserve Bank of India has recently introduced the Financial Inclusion Index. How many parameters are there in FI Index?
   A) 3
   B) 4
   C) 6
   D) 7
   
   View answer

   Option A
   Explanation: Parameters of FI-Index: The FI-Index comprises of three parameters, namely- Access (35%), Usage (45%), and Quality (20%) with each of these consisting of various dimensions, which are computed based on a number of indicators. In total there are 97 indicators.
10. What is the present interest rate on Senior Citizen Savings Scheme (SCSS)?
    A) 7.1%
    B) 7.4%
    C) 6.8%
    D) 6.9%
    
    View answer

    Option B
    Explanation: 7.4%

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