Current Banking Awareness Quiz – Set 29

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. Which of the following High Courts has ruled that banks can recover bad loans from person’s saving account if the agreement allows?
   A) Punjab and Haryana
   B) Madras
   C) Mumbai
   D) Assam
   E) Kerala
   
   Answer & Explanation

   B) Madras
   Explanation:
   If a debtor failed to settle the loan dues despite reminders from the bank, then the money could be recovered from his savings bank account, ruled the Madras High Court bench
   
   
   
2. The newest private sector bank, Bandhan Bank has announced that it targets 180 new branches by March 2017. Who is the MD and CEO of Bandhan Bank?
   A) Vikram Limaye
   B) Rajiv B. Lall
   C) Chandra Shekhar Ghosh
   D) Narain Chand
   E) None of these
   
   Answer & Explanation

   C) Chandra Shekhar Ghosh
   Explanation:
   Bandhan Bank plans to open 180 new branches by March next year with an aim to build a pan India brand.
   It is headquartered at Kolkata.
   
   
   
3. Which Indian bank has signed an agreement with Thailand’s Kasikorn Bank to enhance cooperation in trade and investment?
   A) State Bank of India
   B) Yes Bank
   C) Canara Bank
   D) Axis Bank
   E) Union Bank of India
   
   Answer & Explanation

   D) Axis Bank
   Explanation:
   The MoU will serve to strengthen existing ties between the two banks and will help facilitate and enhance cooperation in the areas of trade, investment and other businesses
   The agreement between the two banks were signed as the Thailand Prime Minister Prayut Chan-o-cha is on a three-day visit to India.
   
   
4. Reserve Bank of India has granted in principle approval to the common service Centres to act as which operating unit to make bill payments in rural?
   A) Bharat Bill Payment
   B) National Bill Payment
   C) Non Banking Financial
   D) Mobile Banking Payment
   E) None of these
   
   Answer & Explanation

   A) Bharat Bill Payment
   Explanation:
   Reserve Bank of India has granted in-principle nod to the common service centres RBI (CSCs) as Bharat Bill Payment Operating Unit to make bill payments at centres in rural bands.
   
   
5. Name the bank which has been awarded with CFBP (Council for Fair Business Practices) Jamnalal Bajaj Award for Fair Business Practices?
   A) Karnataka Bank
   B) Federal Bank
   C) RBS Bank
   D) Laxmi Vilas Bank
   E) None of these
   
   Answer & Explanation

   A) Karnataka Bank
   Explanation:
   Mangaluru based Karnataka Bank has bagged CFBP Jamnalal Bajaj Award for Fair Business Practices, a certificate of merit under the category service enterprises – large.
   
   
6. Name the US based bank which has become the first bank to issue the first ever credit card to be used in Cuba?
   A) American Express
   B) SunTrust Bank
   C) Citigroup
   D) Stonegate Bank
   E) Wells Fargo
   
   Answer & Explanation

   D) Stonegate Bank
   Explanation:
   Pompano Beach-based Stonegate Bank issued the first of its MasterCard credit cards for use in Cuba
   The South Florida bank was the first – and so far the only bank to launch a debit card for use by U.S. travelers in Cuba.
   
   
7. The State bank of India and America’s which financial company have jointly launched a distribution alliance with travel prepaid cards distributor Centrum?
   A) Visa
   B) American Express
   C) Capital One
   D) MasterCard
   E) Amex
   
   Answer & Explanation

   D) MasterCard
   Explanation:
   India’s largest bank, State Bank of India (SBI) and MasterCard announced pilot launch of a distribution alliance with travel prepaid cards distributor Centrum. This partnership will aid the distribution strength of the Bank for it’s multicurrency prepaid card and will largely target the corporate customers of the bank.
   
   
   
8. Jayant Sinha, minister of state for finance reported how many willful defaulters owing Rs 66,190 crore to state-owned banks as of December 2015?
   A) 6719
   B) 7128
   C) 5275
   D) 7686
   E) None of these
   
   Answer & Explanation

   D) 7686
   Explanation:
   Sinha also said that the total outstanding amount in top 100 non-performing accounts (NPAs) with public sector banks (PSBs) was Rs 1.73 lakh crore as of December 2015.
   Willful defaulters of PSBs rose from 5,554 to 7,686 in three years to December 2015 while the amount involved more than doubled to Rs 66,190 crore from Rs 27,749 crore.
   
   
9. The State Bank of India has created how much crores fund for investing in IT or Fintech startups?
   A) 200
   B) 50
   C) 100
   D) 150
   E) 300
   
   Answer & Explanation

   A) 200
   Explanation:
   India’s largest public sector lender State Bank of India has created IT innovations and startup fund and have allotted Rs 200 crore for investment in promising startups.
   ii. The fund would be covering upto Rs 3 crore for any India registered entity for their business promotion in India using information technology for banking.
   
   
10. Max Life and Max Financial Services have entered into merger agreement with which of the following insurance company?
    A) Oriental Insurance Company
    B) ICICI Prudential Life Insurance Co. Ltd
    C) HDFC Standard Life
    D) Tata AIG general Insurance
    E) Birla Sun Life Insurance
    
    Answer & Explanation

    C) HDFC Standard Life
    Explanation:
    HDFC Standard Life and Max Life and Max Financial Services are entered into merger agreement that will create the largest private player in India’s insurance sector.
    The proposed merger between the companies will create an entity with assets worth over Rs 1 lakh crore.
    A combination of the entities would be overtaking ICICI Prudential Life Insurance Co. Ltd