Banking Awareness Quiz – Set 83

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 seed capital of Bharatiya Mahila Bank is ________
   A. Rs.5000 crore
   B. Rs.1000 crore
   C. Rs.500 crore
   D. Rs.100 crore
   E. None of the above
   
   Answer & Explanation

   B. Rs.1000 crore
   Explanation:
   Bharatiya Mahila Bank (BMB) is an Indian financial services banking company based in New Delhi, India. India is the third country in the world to have a bank especially for women, after Pakistan and Tanzania.The Bank’s initial capital consists of Rs 1,000 crores.
   
   
2. Which of the following is an investment advisory discipline?
   A. Corporate Industrial Finance
   B. Offshare Banking
   C. Wholesale Banking
   D. Wealth Management
   E. Trade Finance
   
   Answer & Explanation

   D. Wealth Management
   Explanation:
   Wealth management as an investment-advisory discipline incorporates financial planning, investment portfolio management and a number of aggregated financial services. High-net-worth individuals (HNWIs), small-business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management.
   
   
3. Which of the following economic concepts is categorised on the basis of Current Account or Capital Account or both?
   A. Balance of Payments
   B. Value of the food grain stock of a country
   C. Gross National Product
   D. Gross National Income(GNI)
   E. Total collection of Direct Taxes in a year
   
   Answer & Explanation

   A. Balance of Payments
   Explanation:
   A Balance of payments statements is a summary of a nation’s total economic transactions undertaken on international account. It is usually composed of two sections :-
   1. Current Account
   2. Capital Account
   
   
4. When there is a difference between all receipts and expenditure of the Government of India both capital and revenue it is called __________
   A. Revenue Deficit
   B. Budgetary Deficit
   C. Zero Budgeting
   D. Trade Gap
   E. Balance of Payment Problem
   
   Answer & Explanation

   B. Budgetary Deficit
   Explanation:
   Budgetary deficit is the difference between all receipts and expenses in both revenue and capital account of the government.If revenue expenses of the government exceed revenue receipts, it results in revenue account deficit. Similarly, if the capital disbursements of the government exceed capital receipts, it leads to capital account deficit. Budgetary deficit is usually expressed as a percentage of GDP.
   
   
5. Lack of access to financial services is technically known as ______
   A. Financial Instability
   B. Financial Stability
   C. Financial Inclusion
   D. Financial Exclusion
   E. Poverty
   
   Answer & Explanation

   D. Financial Exclusion
   Explanation:
   Financial exclusion can be defined as the unavailability of banking services to people with low or non income. It is believed to be one factor preventing poor people leave out poverty.
   
   
6. Sukanya Samriddhi Account can be opened up to age of ________ years only from the date of birth
   A. Five years
   B. Four years
   C. Six years
   D. Eight years
   E. Ten years
   
   Answer & Explanation

   E. Ten years
   Explanation:
   Sukanya Samriddhi Account can be opened up to age of 10 years only from the date of birth.
   
   
7. If minimum Rs.1000 is not deposited in Sukanya Samriddhi Account in a financial year, account will become discontinued and can be revived with a penalty of _______ per year.
   A. Rs.50
   B. Rs.100
   C. Rs.25
   D. Rs.75
   E. Rs.125
   
   Answer & Explanation

   A. Rs.50
   Explanation:
   In Sukanya Samriddhi Account, if minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
   
   
8. In Sukanya Samriddhi Account, What is the maximum limit on number of deposits either in a month or in a Financial year?
   A. 5
   B. 4
   C. 6
   D. 8
   E. No limit
   
   Answer & Explanation

   E. No limit
   Explanation:
   No limit on number of deposits either in a month or in a Financial year.
   
   
9. Investment under senior citizen savings scheme qualifies for the benefit of __________ of the Income Tax Act, 1961.
   A. Section 60C
   B. Section 70C
   C. Section 80C
   D. Section 90C
   E. None of the Above
   
   Answer & Explanation

   C. Section 80C
   Explanation:
   Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961.
   
   
10. What is the maturity period for senior citizen savings scheme?
    A. 3 years
    B. 5 years
    C. 2 years
    D. 5 years
    E. 4 years
    
    Answer & Explanation

    B. 5 years
    Explanation:
    There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh in senior citizen savings scheme. Maturity period is 5 years.