Current Banking Awareness Quiz – Set 23

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. The Japanese financial company Nomura has departure from its mutual fund joint venture with which of the following?
   A) Oriental Insurance Company
   B) ICICI
   C) Life Insurance Corporation of India
   D) IDFC bank
   E) None of these
   
   Answer & Explanation

   C) Life Insurance Corporation of India
   Explanation:
   On 18 Jan 2011, Nomura and LIC had entered into agreement. And now after the departure of Nomura from this joint venture, LIC Nomura Mutual Find will be called LIC Mutual Fund
   
   
2. In the whole Indian banking history, which bank has reported the worst loses of Rs 5,367.14 crore?
   A) Punjab National Bank
   B) Canara Bank
   C) Bank of India
   D) Indian Bank
   E) Bank of Baroda
   
   Answer & Explanation

   A) Punjab National Bank
   Explanation:
   PNB reported the worst loses of Rs 5,367.14 crore for 4th quarter ended 3st march 2016 against backdrop of a surge in bad loans.
   
   
3. Saudi Arabia based Islamic Development Bank has announced to open its first branch in India at
   A) Varanasi
   B) Mumbai
   C) Ahmedabad
   D) Hyderabad
   E) Bengaluru
   
   Answer & Explanation

   C) Ahmedabad
   Explanation:
   It is a part of MoU between India’s Exim bank and IDB during PM Modi’s visit to UAE in April this year.
   IDB is also keen at investing in small and medium enterprises of Gujarat.
   
   
   
4. Which state’s high court has issued notice to centre and SBI on a PIL seeking to quash notification of recruitment of 18,000 Junior Associates and Junior Agricultural Associates?
   A) Meghalya
   B) Punjab and Haryana
   C) Madras
   D) Bombay
   E) Manipur
   
   Answer & Explanation

   C) Madras
   Explanation:
   SBI in its notification had said that those having default on loans cannot apply for the vacancies.
   PIL is filed by A Gurukrishna Gokul, an aspirant. According to him, that if SBI allows these defaulters to apply for exam, then after the selection process, they would be able to pay the loans.
   
   
5. One and a half years after the launch of Jan Dhan Yojana scheme, what is the average balance in nearly 22 crore bank accounts opened under this scheme?
   A) Rs 1900
   B) Rs 2000
   C) Rs 1650
   D) Rs 1725
   E) Rs 1880
   
   Answer & Explanation

   D) Rs 1725
   Explanation:
   The scheme was launched to empower the poor financially by encouraging savings, easing loan delivery and direct cash transfers. Most of the accounts opened under this are of the people from far flung rural areas.
   
   
   
6. EBI has instructed the banks to shift from magnetic stripe based ATM and debit cards to _______ chip and Pin based model of cards.
   A) EMV
   B) EMC
   C) VME
   D) IC
   E) None of these
   
   Answer & Explanation

   A) EMV
   Explanation:
   This is done to ensure protection of cards from cloning, skimming and other forms of frauds which can happen on a magnetic strip.
   EMV is – Europay, MasterCard and Visa
   
   
7. Which of the following has been chosen as the bank note of the year award 2015?
   A) Russia’s 100 ruble note
   B) Sweden’s 20 Kronor note
   C) Scotland’s 5 pound polymer note
   D) New Zealand’s $5 note
   E) None of these
   
   Answer & Explanation

   D) New Zealand’s $5 note
   Explanation:
   International Bank Note Society (IBNS) has announced that its voting membership has selected the reserve bank of New Zealand to receive the bank note of the year award 2015.
   
   
8. International Bank Note Society (IBNS) was established in the year
   A) 1992
   B) 1978
   C) 1945
   D) 1961
   E) 1960
   
   Answer & Explanation

   D) 1961
   Explanation:
   The IBNS Banknote of the Year award is an initiative of the IBNS to recognize an exceptional banknote issued each year.
   Banknotes nominated must have been issued to the public (specimens and non-circulating currencies are inelligble) for the first time during the year of the award, and must have artistic merit and/or innovative security features, and be in general circulation
   
   
9. NABARD has signed agreement with which country for a special programme on ‘Soil protection and Rehabilitation for Food Security’?
   A) Sri Lanka
   B) Japan
   C) Germany
   D) Brazil
   E) None of these
   
   Answer & Explanation

   C) Germany
   Explanation:
   The programme is part of the German’s govt. recently introduced initiative – ‘One World, No Hunger’.
   
   
10. Recently which of the following organization has raised insurance fund to fight pandemics?
    A) IMF
    B) World Bank
    C) Asian Development Bank
    D) United Nation Organization
    E) BRICS New Development Bank
    
    Answer & Explanation

    B) World Bank
    Explanation:
    An emergency insurance fund worth up to US$500m has been established by the World Bank Group to assist developing countries in the event of a pandemic.
    The Pandemic Emergency Financing Facility (PEF) was launched on 21 May 2016, with a commitment from Japan to contribute US$50m towards the initiative. The world’s poorest countries will be able to benefit from insurance against pandemics through the PEF, which will be funded by the World Bank Group’s development partners.