Banking Awareness Quiz – Set 179

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. Asset Reconstruction Company India Limited(Arcil) is sponsored by ______
   A. SBI
   B. ICICI
   C. PNB
   D. IDBI
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   Arcil is sponsored by prominent banks and financial institutions such as State Bank of India (SBI), IDBI Bank Limited (IDBI), ICICI Bank Limited (ICICI) and Punjab National Bank (PNB)
   
   
2. The headquarters of India’s first Asset Reconstruction Company India Limited(Arcil) is ________
   A. Chennai
   B. Mumbai
   C. New Delhi
   D. Hyderabad
   E. None of these
   
   Answer & Explanation

   B. Mumbai
   Explanation:
   The headquarters of India’s first Asset Reconstruction Company India Limited(Arcil) is Mumbai
   
   
3. Asset Reconstruction Company India Limited(Arcil) is a ______
   A. Public Limited
   B. Private Limited
   C. Limited Liability Company
   D. Non Profit Organization
   E. None of these
   
   Answer & Explanation

   B. Private Limited
   Explanation:
   Asset Reconstruction Company India Limited(Arcil) is a Private Limited company.
   
   
4. Arcil is an associate member of _____
   A. BBB
   B. IBBI
   C. IBA
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. IBA
   Explanation:
   Arcil is an associate member of IBA.
   
   
5. Which of the following is the regulator for overseeing insolvency proceedings?
   A. BBB
   B. IBBI
   C. IBA
   D. All of these
   E. None of these
   
   Answer & Explanation

   B. IBBI
   Explanation:
   The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings.
   
   
6. The Insolvency and Bankruptcy Board of India (IBBI) regulates _____
   A. Insolvency Professional Agencies (IPA)
   B. Insolvency Professionals (IP)
   C. Information Utilities (IU)
   D. All of these
   E. None of these
   
   Answer & Explanation

   D. All of these
   Explanation:
   The Insolvency and Bankruptcy Board of India (IBBI) is the regulates Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India
   
   
7. The Insolvency and Bankruptcy Board of India was established on October 1, 2016, in accordance with the provisions of _______
   A. Insolvency and Bankruptcy Code 2013
   B. Insolvency and Bankruptcy Code 2014
   C. Insolvency and Bankruptcy Code 2015
   D. Insolvency and Bankruptcy Code 2016
   E. None of these
   
   Answer & Explanation

   D. Insolvency and Bankruptcy Code 2016
   Explanation:
   The Insolvency and Bankruptcy Board of India was established on October 1, 2016 in accordance with the provisions of Insolvency and Bankruptcy Code 2016.
   
   
8. The Insolvency and Bankruptcy Board of India (IBBI) covers ________
   A. Individuals
   B. Companies
   C. Partnership Firms
   D. Limited Liability Partnerships
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   The Insolvency and Bankruptcy Board of India (IBBI) covers Individuals, Companies, Limited Liability Partnerships and Partnership firms.
   
   
9. Insolvency and Bankruptcy Board of India (IBBI) handles the cases using _________
   A. BBB
   B. National company law tribunal.
   C. Debt recovery tribunal
   D. Both (A) and (B)
   E. Both (B) and (C)
   
   Answer & Explanation

   E. Both (B) and (C)
   Explanation:
   Insolvency and Bankruptcy Board of India (IBBI) handles the cases using two tribunals like NCLT(National company law tribunal) and Debt recovery tribunal.
   
   
10. How many members are there in IBBI?
    A. Four
    B. Seven
    C. Ten
    D. Twelve
    E. Eleven
    
    Answer & Explanation

    C. Ten
    Explanation:
    IBBI has 10 members, including representatives from the Ministries of Finance and Law, and the Reserve Bank of India.