Banking Awareness Quiz – Set 120

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. RBI was setup on the basis of the recommendations of?
   A. Malhotra Committee
   B. Shivaraman Committee
   C. G.N.Bajpai Committee
   D. Hilton Young Commission
   E. None of these
   
   Answer & Explanation

   D. Hilton Young Commission
   Explanation:
   The Reserve Bank of India was set up on the basis of the recommendations of the Royal Commission on Indian Currency and Finance also known as the Hilton-Young Commission.
   
   
2. Which of the following committee recommended establishment of IRDAI as an autonomous body to regulate and develop the insurance sector?
   A. Malhotra Committee
   B. Shivaraman Committee
   C. G.N.Bajpai Committee
   D. Hilton Young Commission
   E. None of these
   
   Answer & Explanation

   A. Malhotra Committee
   Explanation:
   The Malhotra Committee recommended establishment of IRDAI as an autonomous body to regulate and develop the insurance sector.
   
   
3. Which of the following committee recommended the establishment of NABARD?
   A. Malhotra Committee
   B. Shivaraman Committee
   C. G.N.Bajpai Committee
   D. Hilton Young Commission
   E. None of these
   
   Answer & Explanation

   B. Shivaraman Committee
   Explanation:
   NABARD was established on the recommendations of B.Shivaraman Committee. It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC).
   
   
4. Which of the following committee recommended the formation of a new category of bank called payments bank?
   A. Malhotra Committee
   B. Shivaraman Committee
   C. Nachiket Mor Committee
   D. Hilton Young Commission
   E. None of these
   
   Answer & Explanation

   C. Nachiket Mor Committee
   Explanation:
   Nachiket Mor Committee recommended the formation of a new category of bank called payments bank.
   
   
5. The Kisan Vikas Patra(KVP) was discontinued on the recommendations of which committee in November 2011? 
   A. Dave Committee
   B. Shyamala Gopinath Committee
   C. G.N.Bajpai Committee
   D. Hilton Young Commission
   E. None of these
   
   Answer & Explanation

   B. Shyamala Gopinath Committee
   Explanation:
   The Kisan Vikas Patra(KVP) was discontinued on the recommendations of Shyamala Gopinath Committee in November 2011.
   
   
6. Bankers have to maintain secrecy of customer accounts as per the provisions of _______
   A. Banking Regulation Act 1949
   B. Negotiable Instruments Act, 1881
   C. Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970
   D. Provident Funds Act 1925
   E. Damle Committee
   
   Answer & Explanation

   C. Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970
   Explanation:
   Bankers have to maintain secrecy of customer accounts as per the provisions of Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970
   
   
7. When was the currency system in India converted into decimal system?
   A. 1st April 1949
   B. 1st April 1959
   C. 1st April 1957
   D. 1st April 1969
   E. None of these
   
   Answer & Explanation

   C. 1st April 1957
   Explanation:
   The currency system in India converted into decimal system from 1st April 1957.
   
   
8.  The Nippon Ginko is the central bank of:
   A. Canada
   B. Australia
   C. UK
   D. Japan
   E. China
   
   Answer & Explanation

   D. Japan
   Explanation:
   The Nippon Ginko is the central bank of Japan
   
   
9. Which of the following can not be called as a Debt Instrument?
   A. Bonds
   B. Certificate of Deposits
   C. Commercial Paper
   D. Stock
   E. None of these
   
   Answer & Explanation

   D. Stock
   Explanation:
   Types of debt instruments include notes, bonds, debentures, certificates, mortgages, leases or other agreements between a lender and a borrower.
   
   
10. Which of the following committe has given its recommendations on “Financial Inclusion”?
    A. Rakesh Mohan Committee
    B. Shyamala Gopinath Committee
    C. G.N.Bajpai Committee
    D. Hilton Young Commission
    E. Rangarajan Committee
    
    Answer & Explanation

    E. Rangarajan Committee
    Explanation:
    Rangarajan Committee has given its recommendations on “Financial Inclusion”