Current Banking Awareness Quiz – Set 16

Hello Aspirants. Welcome to Current Banking Awareness Quiz in AffairsCloud.com. Here we are covering some important Banking Awareness Questions. Do study this banking quiz thoroughly as it may prove to be helpful in upcoming exams.

1. India claims a loan of $250 million from the BRICS’s New Development Bank to which bank for a renewable Energy project?
   A) State Bank of India
   B) Canara Bank
   C) Reserve Bank of India
   D) Indian Bank
   E) Punjab National Bank
   
   Answer & Explanation

   B) Canara Bank
   Explanation:
   The New Development Bank, the latest multilateral funding institution in the financial world, has sanctioned a $250-million loan for India to fund its ambitious scheme on new and renewable energy.
   President of BRICS NDB – Indian banker K.V. Kamath
   
   
2. Where is the Japan helpdesk opened by SBI in India?
   A) Mumbai
   B) Chennai
   C) New Delhi
   D) Bengaluru
   E) Gandhinagar
   
   Answer & Explanation

   C) New Delhi
   Explanation:
   This SBI Japan Desk will serve as an one-point comprehensive and reliable information support source for India-bound investments of Japanese companies.
   
   
3. The Income Tax Department has started using an electronic smart platform called ITBA-PAN to check the duplication of PAN cards. What is ITBA?
   A) Income Tax Building Application
   B) Income Tax Business Authority
   C) Income Tax Business Application
   D) Income Tax Building Alliance
   E) None of these
   
   Answer & Explanation

   C) Income Tax Business Application
   Explanation:
   ITBA-PAN will help in detecting if the person who came for applying for PAN Card is already having another PAN Card number.
   
   
4. RBL Bank which became the first private sector bank to launch a dedicated branch for startups in India launched the branch in
   A) Hyderabad
   B) Mumbai
   C) Bengaluru
   D) Chennai
   E) New Delhi
   
   Answer & Explanation

   C) Bengaluru
   Explanation:
   The name of this branch is ‘India start-up Club’. It is a part of central govt.’s Start up Stand Up mission.
   
   
5. Which Indian bank is the one which got one of the four banking license from the Myanmar Govt. to operate its branch there?
   A) Bank of Baroda
   B) State Bank of India
   C) Punjab National Bank
   D) Central Bank of India
   E) Bank of India
   
   Answer & Explanation

   B) State Bank of India
   Explanation:
   Bank for Investment and Development of Vietnam, State Bank of India, Taiwan’s Sun Commercial Bank and South Korea’s Shinhan Bank were granted preliminary license.
   The approval gives the banks 12 months to demonstrate they can fulfill business plans laid out in their application to Myanmar’s government before they will be granted permanent licenses.
   
   
6. Which country’s bank is not among those which got banking license to set up its branch in Myanmar?
   A) Taiwan
   B) South Korea
   C) Vietnam
   D) India
   E) Tanzania
   
   Answer & Explanation

   E) Tanzania
   Explanation:
   Bank for Investment and Development of Vietnam, State Bank of India, Taiwan’s Sun Commercial Bank and South Korea’s Shinhan Bank were granted preliminary license.
   The approval gives the banks 12 months to demonstrate they can fulfill business plans laid out in their application to Myanmar’s government before they will be granted permanent licenses.
   
   
7. Recently National Payments Corp. of India Ltd. launched a platform for the transfer of money instantly as a text message. The platform is called
   A) Unified Process Interface
   B) Under One Platform
   C) One Payment App
   D) Unified Payments Interface
   E) One payment Solution
   
   Answer & Explanation

   D) Unified Payments Interface
   Explanation:
   NPCI has launched unified payments interface (UPI) project, which will allow customers to transfer money and make payments almost as easily as they send a text message.
   Multiple bank accounts can be linked to a single mobile banking application and money can be both received and requested through the same interface.
   
   
   
8. ICICI bank has launched a Proximity Payment Solution, ‘Tap n Pay’ in collaboration with
   A) Infosys
   B) TCS
   C) Wipro
   D) Tech Mahindra
   E) Accenture
   
   Answer & Explanation

   D) Tech Mahindra
   Explanation:
   ICICI Bank has launched Proximity Payment Solution, a simple Tap and Pay experience using NFC (Near Field Communication) enabled tag. It can be used for merchant payments by merely tapping a NFC-enabled mobile phone or a tag on the counter.
   ICICI Bank customers can also transfer money to the Tap-n-Pay account through an SMS
   
   
9. In partnership with which bank, Airtel E Commerce received a final license to set up a Payments Bank in the country?
   A) OBC Bank
   B) Vijaya Bank
   C) Yes Bank
   D) IndusInd Bank
   E) Kotak Mahindra Bank
   
   Answer & Explanation

   E) Kotak Mahindra
   Explanation:
   Airtel has became the first among the 11which were granted in-principle approvals in August 2015 to receive the formal licence from the central bank.
   The ‘in-principle’ approval was valid for 18 months, during that time RBI had asked applicants to comply with the licensing norms. Most of the players who received the payments licences are yet to apply for the final licences.
   
   
   
10. Which of the following organization is not a part of the group which decided to jointly work on tax related issues and develop new policies to stop tax base erosion and evasion?
    A) Organization for Economic Cooperation and Development
    B) World Bank
    C) International Monetary Fund
    D) Bank of International Settlements
    E) United Nations
    
    Answer & Explanation

    D) Bank of International Settlements
    Explanation:
    The mentioned initiative has been taken after the Panama Papers leak case.