Banking Awareness Quiz – Set 67

Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

1. When was the currency system in India converted into decimal system?
   A. April 1 1959
   B. April 1 1957
   C. April 1 1955
   D. April 1 1953
   
   Answer & Explanation

   B. April 1 1957
   Explanation:
   The Indian currency system was converted into decimal system by Indian Coinage (Amendment) Act 1955 which brought into force from April 1, 1957.
   
   
2. Dalal Street in Mumbai is famous for which of the following?
   A. NABARD
   B. Stock Exchange
   C. RBI
   D. SEBI
   
   Answer & Explanation

   B. Stock Exchange
   Explanation:
   The Bombay Stock Exchange (BSE) is located at Dalal Street.
   
   
3. Deposits which can be withdrawn by a customer without notice is called ________
   A. Time Deposits
   B. Demand Deposits
   C. Variable Deposits
   D. Low cost Deposits
   
   Answer & Explanation

   B. Demand Deposits
   Explanation:
   A deposit of money that can be withdrawn without prior notice is known as Demand Deposits, Ex:- in a current account.
   
   
4. Which of the following is not e-banking software?
   A. ECS
   B. RTGS
   C. PIPS
   D. IBR
   
   Answer & Explanation

   C. PIPS
   Explanation:
   ECS – Electronic Clearing Service
   RTGS – Real Time Gross Settlement
   PIPS is not an e-banking software.
   
   
5. ICRA, CRISIL, and Standard and Poor’s (S&P) are ______
   A. Financial Institutions
   B. NGOs
   C. NBFCs
   D. Credit Rating Agencies
   
   Answer & Explanation

   D. Credit Rating Agencies
   Explanation:
   A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor’s ability to pay back debt by making timely interest payments and the likelihood of default.
   Example:- ICRA, CRISIL, and Standard and Poor’s (S&P).
   
   
6. Which of the following is the feature of IBS?
   A. Multi Currency
   B. Multi Entity
   C. Multi Branch
   D. All of the above
   
   Answer & Explanation

   D. All of the above
   Explanation:
   Features of IBS:
   Multi-bank, multi-branch, multi-currency, Highly parametric design, Real time posting and End of Day Processing, Highly efficient Auditing and Control.
   
   
7. The largest number of commercial bank’s offices are located in ______
   A. Kerala
   B. Karnataka
   C. Uttar Pradesh
   D. Tamil Nadu
   
   Answer & Explanation

   C. Uttar Pradesh
   Explanation:
   Uttar Pradesh has the largest number of commercial bank’s offices.
   
   
8. Which of the following is not a member of the World Bank Group?
   A. International Development Association(IDA)
   B. International Bank for Reconstruction and Development(IBRD)
   C. International Finance Corporation(IFC)
   D. Bank of International Settlement(BIS)
   
   Answer & Explanation

   D. Bank of International Settlement(BIS)
   Explanation:
   The World Bank Group is made of the following five organizations:
   International Bank for Reconstruction and Development (IBRD), established in 1945,
   International Finance Corporation (IFC), established in 1956,
   International Development Association (IDA), established in 1960,
   Multilateral Investment Guarantee Agency (MIGA), established in 1988 and
   International Centre for Settlement of Investment Disputes (ICSID), established in 1966.
   Where as Bank of International Settlement(BIS)is the Bank for International Settlements is an international financial institution owned by central banks which “fosters international monetary and financial cooperation and serves as a bank for central banks”.
   
   
9. Indian Banking Regulation Act was passed in the year ___________
   A. 1989
   B. 1968
   C. 1949
   D. 1948
   
   Answer & Explanation

   C. 1949
   Explanation:
   The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Initially, the law was applicable only to banking companies. But, 1965 it was amended to make it applicable to cooperative banks.
   
   
10. Which of the following is an apex institution in the field of Industrial Finance?
    A. Industrial Reconstruction Bank of India
    B. Industrial Finance Corporation of India
    C. Industrial Development Bank of India
    D. Industrial Credit & Investment Corporation of India
    
    Answer & Explanation

    C. Industrial Development Bank of India
    Explanation:
    IDBI is the apex financial institution and besides providing financial assistance on consortium basis, the major function of coordination between the various institutions is looked after by the bank. It also provides refinance facility to the eligible financial institutions including term loans. The bank sanctions the financial assistance to the industrial concerns engaged in the manufacture or processing of goods, mining, transport generation and distribution of power etc. both in private and public sectors.