Current Banking Awareness Quiz – Set 18

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. Name the company which has launched its new fraud solution called ‘Hunter Fraud Score’ that will help banking and insurance companies increase their efficiency in fraud detection in April 2016?
   A) Fareportal India Pvt Ltd.
   B) Experian India
   C) JP Morgan Chase
   D) Phenom India
   E) Mirus Solutions
   
   Answer & Explanation

   B) Experian India
   Explanation:
   Experian is already playing an active role in fraud detection in India by running the Experian Fraud Bureau. Now launched its ‘Hunter Fraud Score’, a new scoring mechanism that measures the probability of fraud in a credit application across banking and insurance industries.
   
   
2. RBI gave the deadline to price fixed rate loans of up to three years based on marginal cost of funds as
   A) February 15, 2016
   B) March 1, 2016
   C) January 1, 2016
   D) April1, 2016
   E) June 1, 2016
   
   Answer & Explanation

   D) April1, 2016
   Explanation:
   Centre planned to privatize IDBI Bank, by reducing government’s stake from 76.5 per cent to less than 51 per cent in Nov 2015
   
   
3. Finance Minister Arun Jaitley had announced for the consolidation of public sector banks in the budget speech this year. Which committee is been working as a guiding principle in this regard?
   A) Deepak Mohanty Committee
   B) Vyas Committee
   C) Subrahmanyam Committee
   D) Narasimham Committee
   E) None of these
   
   Answer & Explanation

   D) Narasimham Committee
   Explanation:
   Jaitley had announced the merger of PSBs in Budget speech.
   
   
4. State run banks, led by SBI, decided to freeze lending to which state government in April this year?
   A) Punjab
   B) Madhya Pradesh
   C) Uttar Pradesh
   D) Rajasthan
   E) West Bengal
   
   Answer & Explanation

   A) Punjab
   Explanation:
   The bankers unanimously decided that they will not lend to Punjab unless the issue of missing foodgrain is resolved.
   
   
   
5. Which of the following organizations recently attained a milestone of joining 1,000 banks with it?
   A) State bank Association
   B) Bank of International Settlements
   C) Indian Banks Association
   D) National Payments Corporation of India
   E) New Development Bank
   
   Answer & Explanation

   D) National Payments Corporation of India
   Explanation:
   National Payments Corporation of India (NPCI), the domestic umbrella organisation for all retail payments system, have attained a milestone as about 1,000 banks have joined its centralised network christened as National Automated Clearing House (NACH) system that helps processing bulk payments.
   
   
6. Which of the following Non-Banking Financial Company is been acquired by Disha Microfin, a microfinance company?
   A) Shree Global
   B) Shriram Transport Finance
   C) Future Financial Services
   D) Centrum Finance
   E) JM Financial
   
   Answer & Explanation

   C) Future Financial Services
   Explanation:
   Disha Microfin, which has received RBI’s approval to run a small finance bank, announced that it will acquire non-banking financial entity Future Financial Services.
   Ahmedabad-based Disha Microfin provides microfinance products and services to rural, semi urban and urban women on a commercially sustainable basis.
   
   
   
7. Industry body Internet and Mobile Association of India (IAMAI) has appointed whom as IAMAI payments banks group chairman?
   A) Pradeep Bhide
   B) Suresh Sethi
   C) Aditya Birla
   D) Vijay Shekhar Sharma
   E) Dilip Shanghvi
   
   Answer & Explanation

   D) Vijay Shekhar Sharma
   Explanation:
   Vijay Shekhar Sharma is the founder of Paytm. Vodafone India business head (M-Pesa) Suresh Sethi, will be the vice-chairman of the group.
   Up to now, 6 of the 10 entities who have been granted approval for payments bank in the country have joined IAMAI.
   
   
   
8. Idea Mobile Commerce has proposed its amalgamation which of the following entities?
   A) Fino PayTech Ltd
   B) Airtel M Commerce Services
   C) Department of Posts
   D) Vodafone m-pesa
   E) Aditya Birla Idea Payments Bank Limited
   
   Answer & Explanation

   E) Aditya Birla Idea Payments Bank Limited
   Explanation:
   Aditya Birla Idea Payments Bank Limited is one of the 11 entities which were given approval by RBI to start Payment Bank.
   The board of Idea Mobile Commerce Services has approved its proposed amalgamation with Aditya Birla Idea Payments Bank Limited, which will seek licence from the RBI in due course.
   
   
   
9. Tata Capital has tied up with which small business finance company to grow their business in small and middle enterprises?
   A) JM Financial Mutual Fund
   B) Dhiman Small Saving Agent
   C) AuFin
   D) Biz2Credit
   E) Share Microfin Limited
   
   Answer & Explanation

   D) Biz2Credit
   Explanation:
   Through this tie-up, Tata Capital will utilize the acquisition channels on Biz2Credit’s small business lending marketplace in India, thereby making finance available to thousands of small and mid-sized companies in the country
   
   
   
10. In partnership with which of the following, Paytm has decided to set up a Payments Bank in the country?
    A) Tech Mahindra
    B) Wipro
    C) IBM
    D) Infosys
    E) TCS
    
    Answer & Explanation

    B) Wipro
    Explanation:
    11entities 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.
    Airtel has received the final license.