Banking Awareness Quiz – Set 52

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. The Imperial Bank of India was renamed as?
   A. Reserve Bank of India
   B. IDBI
   C. Union Bank of India
   D. State Bank of India
   
   Answer & Explanation

   D. State Bank of India
   Explanation:
   Imperial Bank of India (IBI), the oldest and the largest commercial bank was founded in 1921 and was subsequently transformed into State Bank of India in 1955.
   
   
2. State Bank of India was established on _________
   A. 1st April 1935
   B. 1st May 1935
   C. 1st June 1955
   D. 1st July 1955
   
   Answer & Explanation

   D. 1st July 1955
   Explanation:
   According to State Bank of India Act of 1955, the Reserve Bank of India acquired a controlling interest in the Imperial Bank of India. On 1 July 1955, the imperial Bank of India became the State Bank of India.
   
   
3. SBI Day is observed on _________
   A. April 1
   B. May 1
   C. June 5
   D. July 1
   
   Answer & Explanation

   D. July 1
   Explanation:
   The day is celebrated every year on July 1st. On this day, July 1, 1955, the Imperial Bank of India was reconstituted by an Act of Parliament to to create State Bank of India to perform the functions of a commercial bank.
   
   
4. At present State Bank of India has how many Associate Banks?
   A. 7
   B. 6
   C. 5
   D. 4
   
   Answer & Explanation

   C. 5
   Explanation:
   SBI now has five associate banks, down from the eight that it originally acquired in 1959.
   They are State Bank of Mysore,State Bank of Patiala, State Bank of Hyderabad,State Bank of Travancore,State Bank of Bikaner & Jaipur.
   
   
5. India became the _______ country in the world to have a bank especially for women.
   A. 7
   B. 6
   C. 5
   D. 3
   
   Answer & Explanation

   D. 3
   Explanation:
   India is the third country in the world to have a bank especially for women, after Pakistan and Tanzania.Former Indian PM Manmohan Singh inaugurated Bharatiya Mahila Bank on 19 November 2013 on the occasion of the 96th birth anniversary of former Indian Prime Minister Indira Gandhi.
   
   
6. A centralised database with Online connectivity to branches and Internet as well as ATM Network which has been adopted by almost all major banks of our country is known as_________
   A. Investment Baking
   B. Mobile Banking
   C. Specialised Banking
   D. Core Banking
   
   Answer & Explanation

   D. Core Banking
   Explanation:
   Core Banking Solution (CBS) is networking of branches, which enables Customers to operate their accounts, and avail banking services from any branch of the Bank on CBS network, regardless of where he maintains his account.
   
   
7. Which of the following is the purpose of introducing “Know Your Customer” norms by the banks?
   A. Identifying people who do not pay Income Tax
   B. To bring more and more people under the banking net
   C. To ensure that the money deposited in banks has come from genuine sources
   D. None of the Above
   
   Answer & Explanation

   C. To ensure that the money deposited in banks has come from genuine sources
   Explanation:
   Know your customer(KYC) is an important step developed globally to prevent identity theft, financial fraud, money laundering and terrorist financing.
   
   
8. How many banks were nationalized in 1969?
   A. 12
   B. 16
   C. 15
   D. 14
   
   Answer & Explanation

   D. 14
   Explanation:
   The Government of India issued an ordinance (‘Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969’) and nationalised the 14 largest commercial banks with effect from the midnight of 19 July 1969.
   
   
9. In second phase of nationalization, how many banks were nationalized?
   A. 7
   B. 6
   C. 5
   D. 3
   
   Answer & Explanation

   B. 6
   Explanation:
   6 more banks were nationalized in the year 1980.
   Andhra Bank
   Corporation Bank
   New Bank of India
   Oriental Bank of Commerce
   Punjab and Sind Bank
   Vijaya Bank
   
   
10. In the year 1993, the government merged _________ with Punjab National Bank.
    A. Imperial Bank
    B. New Bank of India
    C. Oudh Commercial Bank
    D. Bank of Madras
    
    Answer & Explanation

    B. New Bank of India
    Explanation:
    In 1993, the government merged New Bank of India with Punjab National Bank. It was the only merger between nationalised banks.