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.
- Balance in a current account is classified as ________
A. Hybrid Deposit
B. Term Deposit
C. Demand Deposit
D. Flexi Deposit
E. other than those given as optionsC. Demand Deposit
Current accounts form a large portion of demand deposits of a bank. It can be opened by Individuals, Business entities (firms, company), Institutions, Government bodies / departments, Societies, Liquidators, Receivers, and Trusts.
- The Foreign exchange of India is kept with _________
E. other than those given as optionsC. RBI
Reserve Bank of India accumulates foreign currency reserves by purchasing from authorized dealers in open market operations. Foreign exchange reserves of India act as a cushion against rupee volatility once global interest rates starts rising. The Foreign exchange reserves of India consists of below four categories. (a) Foreign Currency Assets (b) Gold (c) SDRs (d) Reserve Tranche Position in the IMF.
- Fiscal policy is concerned with which of the following?
A. Public revenue and Expenditure
B. Issue of Currency
C. Export Import
D. Population Control
E. Education for allA. Public revenue and Expenditure
Fiscal policy is the policy relating to government revenues from taxes and expenditure on various projects. Monetary Policy, on the other hand, is mainly concerned with the flow of money in the economy.
- In which of the following types of banking, there is a direct execution of transaction between a bank and its consumers?
A. Retail Banking
B. Universal Banking
C. Virtual Banking
D. Unit Banking
E. other than those given as optionsA. Retail Banking
Retail banking also known as Consumer Banking is the provision of services by a bank to individual consumers, rather than to companies, corporations or other banks. Services offered include savings and transactional accounts, mortgages, personal loans, debit cards, and credit cards.
- Maximum loan amount to individuals against security shares can be _____
A. 20 lakh
B. 15 lakh
C. 25 lakh
D. 50 lakh
E. other than those given as optionsA. 20 lakh
Loans/ advances granted to individuals against the security of shares, debentures and PSU bonds should not exceed Rs.10 lakh and Rs.20 lakh, if the securities are held in physical form and dematerialized form respectively.
- Deposits under Foreign Currency Non-Resident(FCNR) scheme can be accepted for a minimum of _______
A. 15 days
B. 3 months
C. 6 months
D. 1 year
E. 7 daysD. 1 year
Term Deposit with maturity of minimum 1 year & maximum 5 years can be opened under Foreign Currency Non-Resident(FCNR) scheme.
- In case of failed ATM transactions, if the amount is not credited to customer’s account within 7 working days from the date of receipt of the complaint. Banks have to pay compensation at the rate of Rs.________ per day.
E. 50C. 100
Reconciliation of failed transactions at ATMs – For any failure to re-credit the customer’s account within 7 working days from the date of receipt of the complaint, the bank will pay compensation of Rs.100/-, per day, to the aggrieved customer.
- Which of the following forms of securing a loan is the safest one?
E. MortgageC. Pledge
A pledged asset is collateral pledged by a borrower to a lender (usually in return for a loan). The lender has the right to seize the collateral if the borrower defaults on the obligation.
- Which of the following is known as “Demat” account?
A. Account in which shares are held in electronic form
B. other than those given as options
C. Account allowed to be operated by guardian of minor
D. Account operated by business correspondents in rural centres.
E. Account opened with zero balanceA. Account in which shares are held in electronic form
A Dematerialized account is opened by the investor while registering with an investment broker (or sub-broker).
- The Aadhaar-Enabled Payment Systems(AEPS) is a bank led model that facilitates banking facilities by allowing transactions at Point of Sale through the Business Correspondent (BC) using the Aadhaar authentication number. Aadhaar enabled basic types of banking do not include
A. Balance Enquiry
B. Cash Withdrawal
C. Online Payment
D. Cash Deposit
E. Aadhaar to Aadhaar funds transferC. Online Payment
Services Offered by AEPS:
Aadhaar to Aadhaar Fund Transfer
Gateway Authentication Services