Current Banking Awareness Quiz – Set 34

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. Earlier in July, which of the following companies was upgraded to a high safety grade by Crisil?
   A) Manappuram Finance Limited
   B) Mahindra Finance
   C) Muthoot Finance
   D) Kosamattam
   E) None of these
   
   Answer & Explanation

   C) Muthoot Finance
   Explanation:
   Ratings firm Crisil has upgraded Muthoot Finance’s long-term debt rating to a high safety grade of AA/stable from AA-/stable earlier.
   Under Crisil scale, AA rating will fall under high safety category and carries very low credit risk.
   
   
   
2. Which of the following US-based life and health reinsurer has received the approval regulator IRDAI to set up a branch in the country?
   A) Swiss Reinsurance America Corporation
   B) Everest Reinsurance Company
   C) Reinsurance Group of America
   D) National Indemnity Company
   E) None of these
   
   Answer & Explanation

   C) Reinsurance Group of America
   Explanation:
   US-based life and health reinsurer Reinsurance Group of America (RGA) has received the first level approval regulator Irdai to set up a branch in the country, a company official said today.
   The Insurance Regulatory and Development Authority of India (Irdai) has approved R-1 (requisition for registration) application of the company
   
   
   
3. Which of the following insurance companies has launched a series of Youtube videos for insurance reminders to its customers?
   A) Coverfox Insurance Broking Pvt. Ltd.
   B) Max Life Insurance Co. Ltd.
   C) Shriram Life Insurance Co. Ltd.
   D) IDBI Federal Life Insurance Co. Ltd.
   E) None of these
   
   Answer & Explanation

   A) Coverfox Insurance Broking Pvt. Ltd.
   Explanation:
   Online insurance portal Coverfox.com on Tuesday launched a series of small films on youtube to engage people and alert them to renew their insurance.
   The campaign was created in collaboration with BBH India a digital innovation on Youtube.
   
   
   
4. Which of the following has/have received ‘certificate of registration’ from insurance regulator IRDAI to commence insurance business in the country?
   A) Sahayog Microfinance Ltd
   B) Aditya Birla group
   C) Edelweiss Financial Services
   D) Both A and B
   E) Both B and C
   
   Answer & Explanation

   E) Both B and C
   Explanation:
   Aditya Birla Health Insurance Co today said it has received ‘certificate of registration’ from regulator Irda, moving a step closer to commencing business.
   The company is a step down subsidiary of Aditya Birla Nuvo
   Edelweiss Financial Services has also informed BSE that Irda has accepted the registration application form IRDA /R1, for setting up a General Insurance Company in India, filed by Edelweiss General Insurance Company, a wholly owned subsidiary.
   
   
5. Which of the following has approved $500 million loan for bridge over Ganga River in Bihar?
   A) World Bank
   B) Asian Development Bank
   C) International Monetary Fund
   D) European Development Bank
   E) None of these
   
   Answer & Explanation

   B) Asian Development Bank
   Explanation:
   Asian Development Bank accorded $500 million to build bridge over India’s longest river bridge which is in Bihar having distance of 9.8 km road.
   
   
   
6. In July, the UK government’s development finance unit, CDC announced to infuse Rs 1,000 crore into its Finance unit in India to boost people’s access to affordable housing. This finance unit is
   A) SKS Microfinance Ltd
   B) India Infoline Finance
   C) IDF Financial Services Pvt Ltd
   D) YVU Financial Services Pvt Ltd
   E) None of these
   
   Answer & Explanation

   B) India Infoline Finance
   Explanation:
   Diversified financial services company IIFL Holdings announced that UK government-owned CDC Group will invest about Rs 1,000 crore in its unit India Infoline (IIFL) Finance.
   CDC’s investment will help the group in expanding its financing business and address the capital needs of under-served segments through diversified offerings, IIFL Holdings said in a release.
   
   
   
7. Which of the following companies has set up two wholly owned subsidiaries in July 2016, one for its broker business and another for insurance business?
   A) EXIM Bank
   B) Religare Enterprises
   C) Muthoot Finance
   D) Sahara Asset Management Company
   E) None of these
   
   Answer & Explanation

   B) Religare Enterprises
   Explanation:
   Religare Enterprises has set up two wholly owned subsidiaries – Religare Broking Limited and Religare Insurance Ltd – as part of its restructuring plan.
   
   
   
8. The merger process of State bank subsidiaries with State Bank of India will be completed by
   A) December 2017
   B) March 2017
   C) April 2017
   D) July 2017
   E) None of these
   
   Answer & Explanation

   C) April 2017
   Explanation:
   Ihe country’s largest lender State Bank of India, which started the process of merging all its subsidiaries with itself about three months back, would become a single entity by April next, indicating the speed at which the administration is moving to revitalise the banking system.
   
   
   
9. RBI has eased norms in cheque dishonour cases of Rs ______ and above.
   A) 50 lakh
   B) 1 crore
   C) 1 lakh
   D) 10 crore
   E) 5 crore
   
   Answer & Explanation

   B) 1 crore
   Explanation:
   Relaxing chequebook norms, the Reserve Bank today left it to the lender’s discretion on whether to issue fresh chequebooks or not in cases of dishonour of Rs 1 crore and above.
   As per the existing directive, banks are not allowed to issue fresh chequebooks in the event of cheque dishonour valuing Rs 1 crore and above on four occasions during a financial year for want of sufficient funds.
   
   
   
10. As per RBI said in its statement, banks have to seek whose permission before selling stake in stressed companies?
    A) GOI
    B) CVC
    C) RBI
    D) CBI
    E) Both B and D
    
    Answer & Explanation

    E) Both B and D
    Explanation:
    Following the central bank’s directive to banks to ensure that stake sales in stressed companies under the strategic debt restructuring (SDR) does not get to fronts of the original promoters, lenders are initiating permissions from the Central Bureau of Investigation (CBI) and the Central Vigilance Commission (CVC) before closing such deals, people familiar with the development said.