Banking Awareness Quiz – Set 64

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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. National Housing Bank (NHB), a wholly owned subsidiary of the central bank, was established in 1988 under the _________
   A.National Housing Bank Act, 1987
   B.National Housing Bank Act, 1988
   C.National Housing Bank Act, 1986
   D.National Housing Bank Act, 1985
   
   Answer & Explanation

   A.National Housing Bank Act, 1987
   Explanation:
   National Housing Bank (NHB), a wholly owned subsidiary of the central bank, was established in 1988 under the National Housing Bank Act, 1987.
   
   
2. National Housing Bank (NHB), is an apex financial institution for housing, having headquarters in ______
   A. Mumbai
   B. New Delhi
   C. Bengaluru
   D. Hyderabad
   
   Answer & Explanation

   B. New Delhi
   Explanation:
   National Housing Bank (NHB), a wholly owned subsidiary of RBI, was set up by an Act of Parliament in 1987 having headquarters in New Delhi.
   
   
3. The Banking Ombudsman Scheme was introduced under __________ of the Banking Regulation Act, 1949 by RBI with effect from 1995.
   A. Section 35A
   B. Section 25A
   C. Section 45A
   D. Section 15A
   
   Answer & Explanation

   A. Section 35A
   Explanation:
   The Banking Ombudsman Scheme was introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
   
   
4. Which of the following is/are covered under the Banking Ombudsman Scheme, 2006?
   A. Scheduled Commercial Banks
   B. Regional Rural Banks
   C. Primary Co-operative Banks
   D. All of the Above
   
   Answer & Explanation

   D. All of the Above
   Explanation:
   All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the the Banking Ombudsman Scheme, 2006.
   
   
5. The Banking Ombudsman is a senior official appointed by the ___________
   A. SEBI
   B. Reserve Bank of India
   C. Indian Bank’s Association
   D. NABARD
   
   Answer & Explanation

   B. Reserve Bank of India
   Explanation:
   The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.
   
   
6. How many Banking Ombudsmen have been appointed?
   A. 12
   B. 11
   C. 10
   D. 15
   
   Answer & Explanation

   D. 15
   Explanation:
   Fifteen Banking Ombudsmen have been appointed with their offices located mostly in state capitals.
   
   
7. What is the maximum amount of compensation under Banking Ombudsman scheme 2006?
   A. Rs.4 lakh
   B. Rs.3 lakh
   C. Rs.5 lakh
   D. Rs.10 lakh
   
   Answer & Explanation

   D. Rs.10 lakh
   Explanation:
   The amount, if any, to be paid by the bank to the complainant by way of compensation for any loss suffered by the complainant is limited to the amount of Rs 10 lakh.
   
   
8. Any person can file a complaint before the the Banking Ombudsman, if the reply is not received from the bank within a period of _________
   A. 15 days
   B. one month
   C. two months
   D. three months
   
   Answer & Explanation

   B. one month
   Explanation:
   One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month.
   
   
9. How much amount to be charged by the Banking Ombudsman for filing and resolving customers’ complaints?
   A. Rs.15
   B. Rs.50
   C. Rs.100
   D. No fee
   
   Answer & Explanation

   D. No fee
   Explanation:
   The Banking Ombudsman does not charge any fee for filing and resolving customers’ complaints.
   
   
10. The Indian Banks’ Association (IBA) is an association of Indian banks and financial institutions having headquarters in ________
    A. Mumbai
    B. New Delhi
    C. Bengaluru
    D. Hyderabad
    
    Answer & Explanation

    A. Mumbai
    Explanation:
    Indian Banks’ Association (IBA), formed in 1946 as a representative body of management of banking in India. It is head-quartered in Mumbai. IBA is managed by a managing committee, and the current managing committee consists of one chairman, 3 deputy chairman, 1 honorary secretary and 26 members.