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Banking Awareness Quiz – Set 73

By
Aruna
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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. Cash kept in the currency chest is owned by?
    A. Currency Chest branch bank
    B. State Bank of India
    C. Central Government
    D. Reserve Bank of India
    D. Reserve Bank of India
    Explanation:
    The amount of cash kept in the currency chest belongs to the RBI and is used for maintaining the Cash Reserve Ratio. To facilitate the distribution of banknotes and rupee coins, the Reserve Bank has authorised select branches of scheduled banks to establish currency chests. These are actually storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank.

  2. What is the minimum amount of deposit into/withdrawal from currency chest?
    A. Rs.1,00,000
    B. Rs.1,50,000
    C. Rs.2,00,000
    D. Rs.3,00,000
    A. Rs.1,00,000
    Explanation:
    The minimum amount of deposit into/withdrawal from currency chest will be Rs.1,00,000/- and thereafter, in multiples of Rs.50,000.

  3. When more than one bank is allowing credit facilities to one party in coordination with each other under a formal arrangement, the arrangement is generally known as___________
    A. Consortium
    B. Syndication
    C. Multiple Banking
    D. Participation
    A. Consortium
    Explanation:
    A banking syndicate formed by multiple banks, often from different countries, for the singular purpose of financing a specific project that is too large for any individual bank to finance on its own. Under this arrangement participating banks acquire a common interest and share equally in the risk and the profits. Upon completion of the project the consortium bank is disbanded.

  4. What is the maximum period for which a term deposit can be normally opened?
    A. 8 years
    B. 7 years
    C. 9 years
    D. 10 years
    D. 10 years
    Explanation:
    The tenure of an Fixed Deposit or Term Deposit can vary from 7, 15 or 45 days to 1.5 years and can be as high as 10 years.

  5. _________ are safer than Post Office Schemes as that are covered by the Deposit Insurance and Credit Guarantee Corporation(DICGC)
    A. Fixed Deposit
    B. Demand Deposit
    C. Flexi-Fixed Deposit
    D. All of the Above
    A. Fixed Deposit
    Explanation:
    Fixed Deposit investments are safer than Post Office Schemes as they are covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

  6. DICGC guarantees amount up to _____________ per depositor per bank.
    A. Rs.1,00,000
    B. Rs.1,50,000
    C. Rs.2,00,000
    D. Rs.3,00,000
    A. Rs.1,00,000
    Explanation:
    DICGC guarantees amount up to Rs. 1,00,000 per depositor per bank. They also offer income tax and wealth tax benefits.

  7. Which of the following institutions do not hold a banking license?
    A. Small Banks
    B. Foreign Banks
    C. Commercial Banks
    D. NBFCs
    D. NBFCs
    Explanation:
    Non-banking financial companies, or NBFCs, are financial institutions that provide banking services, but do not hold a banking license. These institutions are not allowed to take deposits from the public.

  8. What is the full form of FATCA?
    A. Forex Account Tax Compliance Act
    B. Foreign Account Tax Compliance Act
    C. Forex Account Total Compliance Act
    D. Foreign Account Total Compliance Act
    B. Foreign Account Tax Compliance Act
    Explanation:
    The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law to enforce the requirement for United States persons including those living outside the U.S. to file yearly reports on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN).

  9. What is the minimum initial deposit required for opening a Basic Savings Bank Deposit Account(BSBDA)?
    A. 500
    B. 1000
    C. 100
    D. No initial deposit
    D. No initial deposit
    Explanation:
    There is no requirement for any initial deposit for opening a BSBDA.

  10. Who among the following decides the volume and value of bank notes to be printed in India?
    A. RBI
    B. SBI
    C. Security Printing and Minting Corporation of India
    D. All of the Above
    A. RBI
    Explanation:
    The Reserve Bank based on the demand requirement indicates the volume and value of banknotes to be printed each year to the Government of India which get finalised after mutual consultation. The quantum of banknotes to be printed, broadly depends on the requirement for meeting the demand for banknotes, GDP growth, replacement of soiled banknotes, reserve stock requirements, etc.





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