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Current Banking Awareness Quiz – Set 3

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Hello Aspirants. Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

  1. For using safe deposit locker facilities, bank customers pay
    1)safe custody charges
    2)rent on locker
    3)commission on locker
    4)exchange on locker
    Answer – 2)rent on locker
    Explanation :
    Safe deposit lockers offer the best option to safeguard customer’s  valuables, including jewellery, cash and important documents. Lockers come in different sizes and the annual rent varies accordingly. The State Bank of India charges Rs 1,019 per year for a small locker, Rs 2,547 for medium, Rs 3,056 for large and Rs 5,093 for extra large lockers.

  2. FCNRA stand for
    1)Foreign Currency Non-resident Account
    2)Foreign Currency new residual account
    3)Foreign Currency Net Rate Amount
    4)None of these
    Answer – 1)Foreign Currency Non-resident Account
    Explanation :
    It is an account wherein a Non resident individual of Indian nationality or Indian origin can maintain a fixed deposit in foreign currency and earn regular interest on the same.

  3. What does N in NASSCOM stands for?
    1)National
    2)Non
    3)Net
    4)None of these
    Answer – 1)National
    Explanation :NASSCOM – National Association of Software and Services Companies

  4. Tagline of Bank of Baroda
    1)India’s best business bank
    2)The Thinking Behind the Money
    3)India’s International Bank
    4)Not Your Typical Bank
    Answer – 3)India’s International Bank

  5. What is R in FERA?
    1)Rural
    2)Restricted
    3)Refinance
    4)Regulation
    Answer – 4)Regulation
    Explanation :
    FERA stands for Foreign Exchange Regulation Act. According to this act all non – banking foreign branches and  subsidiaries with foreign equity more than 40% had to attain permission to institute new undertakings, to obtain partly/wholly any other company or to purchase shares in existing companies.

  6. Reserve Bank of India granted ‘in-principle’ approval to 11 applicants to start payments banks. Which is not the one from these 11?
    1)Department of Posts
    2)Fino PayTech Limited
    3)National Securities Depository Limited
    4)MG George Muthoot
    Answer – 4)MG George Muthoot
    Explanation :
    Paving the way for revolutionising cashless payments services in the country, the Reserve Bank of India granted payment bank licences to 11 firms. This includes telecom companies Vodafone and Airtel; non-banking financial company Cholamandalam Distribution Services Ltd; large conglomerates Reliance Industries and Aditya Birla Nuvo; and individuals Vijay Shekhar Sharma, founder of Paytm, and Dilip Shanghvi, Managing Director of Sun Pharmaceuticals.

  7. White Label ATMs owned and operated by non-banks. Non-bank ATM operators are authorized under _____ by Reserve Bank of India.
    1)Payment & Settlement Systems Act, 2007
    2)Banking Regulation Act, 1949
    3)Negotiable instruments act 1881
    4)Companies Act 2013
    Answer – 1)Payment & Settlement Systems Act, 2007

  8. In a prepaid card the maximum value to be stored is?
    1)25000
    2)50000
    3)10000
    4)20000
    Answer – 2)50000

  9. Bangladesh has granted permission to the LIC to run its business, making it the second foreign insurance company to operate in Bangladesh. The Chairman of LIC is?
    1)Pradip Chowdhry
    2)S K Roy
    3)Anil Kumar
    4)None of these
    Answer – 2)S K Roy

  10. The Head Office of National Housing Bank is in
    1)Kolkata
    2)Bangalore
    3)New Delhi
    4)Mumbai
    Answer – 3)New Delhi