Banking Awareness Quiz – Set 123

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. Pension Fund Regulatory and Development Authority (PFRDA) is authorized by?
   A. GOI
   B. RBI
   C. Ministry of Commerce
   D. Ministry of Finance
   E. SEBI
   
   Answer & Explanation

   D. Ministry of Finance
   Explanation:
   Pension Fund Regulatory and Development Authority (PFRDA) is authorized by Ministry of Finance, Department of Financial Services.
   
   
2. The headquarters of Pension Fund Regulatory and Development Authority (PFRDA) is?
   A. Mumbai
   B. Hyderabad
   C. New Delhi
   D. Bangalore
   E. None of these
   
   Answer & Explanation

   C. New Delhi
   Explanation:
   The headquarters of Pension Fund Regulatory and Development Authority (PFRDA) is New Delhi
   
   
3. PFRDA is responsible for the appointment of which of the following agency?
   A. Pension Fund Managers
   B. Custodian
   C. NPS Trustee Bank
   D. Central Record Keeping Agency (CRA)
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   PFRDA is responsible for the appointment of various intermediate agencies such as Central Record Keeping Agency (CRA), Pension Fund Managers, Custodian, NPS Trustee Bank, etc.
   
   
4. Which of the following became the first state to implement NPS for its newly appointed employees from the financial year 2003–04?
   A. Andhra Pradesh
   B. Karnataka
   C. Kerala
   D.Odisha
   E. Tamil Nadu
   
   Answer & Explanation

   E. Tamil Nadu
   Explanation:
   Tamil Nadu became the first state to implement NPS for its newly appointed employees from the financial year 2003–04.
   
   
5. PFRDA has set up a Trust under the which of the following act to oversee the functions of the Pension Fund Managers (PFMs)?
   A. Negotiable Instruments Act 1881
   B. Co-operative Societies Act 1912
   C. Provident Funds Act 1925
   D. Indian Trusts Act, 1882
   E. Tokyo Stock Exchange
   
   Answer & Explanation

   D. Indian Trusts Act, 1882
   Explanation:
   PFRDA has set up a Trust under the Indian Trusts Act, 1882 to oversee the functions of the Pension Fund Managers (PFMs)
   
   
6. Who among the following is the guardian of the PFRDA, subject to his Financial Emergency Powers, as per the Articles of Indian Constitution?
   A. Vice President
   B. Prime Minister
   C. President
   D. GOI
   E. None of these
   
   Answer & Explanation

   C. President
   Explanation:
   President is the guardian of the PFRDA, subject to his Financial Emergency Powers, as per the Articles of Indian Constitution
   
   
7. Which of the following allowed Non-Resident Indians (NRI) to subscribe to NPS?
   A. SEBI
   B. EXIM Bank
   C. GOI
   D. RBI
   E. None of these
   
   Answer & Explanation

   D. RBI
   Explanation:
   RBI allowed Non-Resident Indians (NRI) to subscribe to NPS
   
   
8. NPS is based on ________ created for individual members.
   A. Current Account
   B. RD Account
   C. SB Account
   D. FD account
   E. PRAs
   
   Answer & Explanation

   E. PRAs
   Explanation:
   NPS is based on Personal retirement accounts (PRAs) created for individual members.
   
   
9. Which of the following is a Central Recordkeeping Agency For National Pension System?
   A. RBI
   B. FICCI
   C. ARCIL
   D. NSDL
   E. None of these
   
   Answer & Explanation

   D. NSDL
   Explanation:
   NSDL is a Central Record keeping Agency For National Pension System
   
   
10. Which of the following acting as POPs and Aggregators?
    A. NBFCs
    B. Public Sector Banks
    C. Private Sector Banks
    D. All of these
    E. None of these
    
    Answer & Explanation

    D. All of these
    Explanation:
    Renowned Financial Institutions such as Public/Private Sector Banks, NBFC, etc., are acting as POPs and Aggregators.