Current Banking Awareness Quiz – Set 21

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. Private sector HDFC has planned to open approximately how many branches this fiscal?
   A) 450
   B) 500
   C) 600
   D) 650
   E) 525
   
   Answer & Explanation

   B) 500
   Explanation:
   About 60 per cent of new branches would be coming up in semi-urban and rural areas and the remaining in urban areas
   Last fiscal, it had opened 506 branches
   
   
   
2. IT & Communications Minister Ravi Shankar Prasad announced that __________ payments bank will start functioning from March 2017
   A) Airtel M Commerce
   B) Cholamandalam Distribution Services Ltd
   C) India Post
   D) Fino PayTech Ltd
   E) Reliance Industries Ltd
   
   Answer & Explanation

   C) India Post
   Explanation:
   It will serve as a wider platform to implement financial inclusion programmes.
   About 50 companies, including some from abroad, are keen to partner with postal department for the payments bank, like World Bank , Citi from America, Barclay’s from England
   
   
   
3. As per RBI, how many countries will have to apply for its prior approval to establish office or project office in India?
   A) 8
   B) 10
   C) 4
   D) 7
   E) None of these
   
   Answer & Explanation

   D) 7
   Explanation:
   The Reserve Bank of India has stated that entities from Pakistan, China, Bangladesh, Sri Lanka, Afghanistan, Iran and Hong Kong or Macau will require its prior approval to establish branch office or project office or liaison office in India.
   
   
4. RBI will issue which new currency notes with inset letter ‘R’ in both the number panels?
   A) 1000
   B) 500
   C) 100
   D) 50
   E) 20
   
   Answer & Explanation

   A) 1000
   Explanation:
   The Reserve Bank will shortly issue banknotes of Rs 1000 denominations with inset letter ‘R’ in both the number panels.
   
   
5. Which of the following has told JP Morgan Bank not to give access to Vijay Mallya to $ 40 million?
   A) RBI
   B) Union Government
   C) Finance Ministry
   D) Debt Recovery Tribunal
   E) SBI
   
   Answer & Explanation

   D) Debt Recovery Tribunal
   Explanation:
   A Debt Recovery Tribunal has ordered JPMorganChase to ensure that defaulter Vijay Mallya doesn’t get access to the $40 million that Diageo Plc. deposited in his account in the bank’s New York branch as part of a $75 million deal to make him resign from Untied Spirits Ltd chairmanship.
   
   
6. DBS Bank is going to open its largest tech hub in which city of India?
   A) Mumbai
   B) Chennai
   C) Hyderabad
   D) New Delhi
   E) Kolkatta
   
   Answer & Explanation

   C) Hyderabad
   Explanation:
   Singaporean lender DBS Bank is creating its biggest technology hub outside of headquarters, in Hyderabad where the company plans to have over 1,500 headcount.
   
   
7. RBI has told the co-operative banks to report fraud cases of ______ to Department of Co-operative Bank Supervision?
   A) below Rs 1 crores
   B) above Rs 1 crores
   C) below Rs 5 crores
   D) above Rs 1 crores
   E) below Rs 2 crores
   
   Answer & Explanation

   A) below Rs 1 crores
   Explanation:
   Below 1 crore to DCBS and above Rs 1 crore to Central Fraud Monitoring Cell (CFMC)
   
   
8. Which of the following banks has told the passport authorities to stop defaulters from going abroad?
   A) Punjab National Bank
   B) Bank of Baroda
   C) State Bank of India
   D) Reserve bank of India
   E) Corporation Bank
   
   Answer & Explanation

   A) Punjab National Bank
   Explanation:
   After the Vijay Malaya case PNB has started moving the passport authorities to ensure that ‘wilful defaulters’ do not leave the country without the bank’s approval.
   
   
9. RBI has given approval to how many banking companies to accept payments of Income Tax dues?
   A) 27
   B) 28
   C) 29
   D) 25
   E) 22
   
   Answer & Explanation

   C) 29 Explanation:
   RBI has designated 29 banks where people can pay their I-T advances besides accepting the dues at its own office.
   
   
10. How much FDI is there for Asset Reconstruction Companies?
    A) 50%
    B) 100%
    C) 80%
    D) 49%
    E) 27%
    
    Answer & Explanation

    B) 100%
    Explanation:
    To tackle bad debts in the banking sector, finance minster Arun Jaitley allowed 100% foreign direct investment (FDI) in asset reconstruction companies (ARC) and foreign portfolio investors (FPI) can invest into security receipts.