Current Banking Awareness Quiz – Set 20

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. Who has been appointed as the head of committee on the Fiscal Responsibility and Budget Management (FRBM)?
   A) R Gandhi
   B) Arvind Subramaniam
   C) Arvind Panagriya
   D) N K Singh
   E) Urjit Patel
   

   Answer & Explanation

   D) N K Singh
   Explanation:
   Centre has constituted 5 member committee on FRBM headed by N K Singh.
   
   
2. Which of the following entities have dropped their plan to set up Payments Bank in the country?
   A) Cholamandalam Distribution Services Ltd, IDFC Bank, Telenor Financial Services
   B) Telenor Financial Services, Tech Mahindra Ltd, Cholamandalam Distribution Services Ltd
   C) IDFC Bank, Dilip Shantilal Shanghvi, Telenor Financial Services
   D) Tech Mahindra Ltd, Fino PayTech Ltd, IDFC Bank
   E) IDFC Bank, Reliance Industries Ltd, Dilip Shantilal Shanghvi
   

   Answer & Explanation

   C) IDFC Bank, Dilip Shantilal Shanghvi, Telenor Financial Services
   Explanation:
   Telenor Financial Services, IDFC Bank and Dilip Shanghvi announced the withdrawal of their plans to set up a payments bank in India.
   The decision to abandon plans to set up a payments bank, it is learnt, was taken as the promoters collectively felt that they lacked adequate physical presence in terms of offices or branches.
   
   
   
3. According to Moody’s report, SBI associate banks and Bharatiya Mahila Bank merger with SBI will cost how much?
   A) Rs 1,260 crore
   B) Rs 1,680 crore
   C) Rs 1,360 crore
   D) Rs 2,660 crore
   E) Rs 1,660 crore
   

   Answer & Explanation

   E) Rs 1,660 crore
   Explanation:
   SBI had proposed the merger of its associate banks and BMB with it. It will cost Rs 1,660 crore ($250 million) according Moody’s.
   The merger will have limited impact on SBI credit metrics given that SBI already fully owns SBH and SBP and has majority stakes in the other three associate banks .
   
   
4. Which of the following entity has told the Urban Cooperative Banks to report Rs 1-crore and above fraud to Central Fraud Monitoring Cell?
   A) RBI
   B) SEBI
   C) Central Government
   D) IDBI
   E) None of these
   

   Answer & Explanation

   A) RBI
   Explanation:
   The RBI said those involving Rs 1 crore and above will have to be reported to its Central Fraud Monitoring Cell (CFMC) at Bengaluru within three weeks of detection.
   
   
5. Which foreign bank has decided to shut its half branches in India due to customers going digital?
   A) RBS Bank
   B) DBS Bank
   C) Deutsche Bank
   D) HSBC Bank
   E) Doha Bank
   

   Answer & Explanation

   D) HSBC
   Explanation:
   Hong Kong & Shanghai Banking Corp. ( HSBC ) will shut 24 of its 50 branches in India and reduce its presence to 14 cities in the country as it seeks to push more retail and wealth management business to the online channel.
   
   
   
6. After the proposal of SBI merger for its associate banks with itself, centre asked which banks to merge with other stronger banks?
   A) Bank of India, Vijaya Bank, and Bank of Maharashtra
   B) UCO Bank, Bank of India and Indian Overseas Bank
   C) United Bank of India, Bank of India and Vijaya Bank
   D) UCO Bank, Bank of India, and Bhartiya Mahilla Bank
   E) Corporation Bank, Indian Overseas Bank, and OBC Bank
   

   Answer & Explanation

   B) UCO Bank, Bank of India and Indian Overseas Bank
   Explanation:
   There have been some discussions on the merger of these three weak banks with more financially sound lenders.
   
   
   
7. Which bank has launched its branch called ‘SmartUp’ for the startups as a part of Startup India, Standup India Mission?
   A) Bandhan Bank
   B) HDFC
   C) Doha Bank
   D) Yes Bank
   E) Punjab National Bank
   

   Answer & Explanation

   B) HDFC
   Explanation:
   HDFC Bank, India’s second-largest private sector lender HDFC Bank has launched SmartUp, a dedicated solution for startups to fulfil all their banking needs.
   
   
8. With association with which of the following, ICICI Bank has launched country’s first contactless business credit card for SMEs?
   A) Air India
   B) Infosys
   C) Department of Posts
   D) SIDBI
   E) Jet Airways
   

   Answer & Explanation

   E) Jet Airways
   Explanation:
   ICICI Bank launched the country’s first contactless business credit card in association with Jet Airways for small and mid-sized enterprises (SMEs) and their employees.
   
   
9. Who has been made responsible for the Anti-Money Laundering Regulations related compliance in Participatory – Notes?
   A) SEBI
   B) User
   C) Issuer
   D) Market Regulator
   E) None of these
   

   Answer & Explanation

   C) Issuer Explanation:
   According to new SEBI norms, the issuer is responsible for any Anti-Money Laundering Regulations related compliance.
   
   
10. Which of the following banks has recently started online trade transactions between Indian and Nepal?
    A) Punjab National Bank
    B) SBI
    C) Axis Bank
    D) Nepal SBI
    E) None of these
    

    Answer & Explanation

    D) Nepal SBI
    Explanation:
    Nepal SBI is one of the largest overseas subsidiaries of SBI. It has started online trade transactions between Indian and Nepal.