Banking Awareness Test for IBPS, RBI, SBI, NABARD & other Bank Examinations - Set 6

1)   Which of the following is/are not included in FOREX?
1: Foreign currency assets held by the RBI
2: Gold holdings of the RBI
3: SDRs
4: Reserve position in the IMF
Select the correct answer:


a. 1,2,3
b. 2,3,4
c. 1,3,4
d. None
Answer  Explanation 

ANSWER: None

Explanation:
No explanation is available for this question!


2)   What is the frequency of publishing of the report on management od FOREX Exchange Reserves (FER) by RBI?

a. Monthly
b. Quarterly
c. Annually
d. Half year
Answer  Explanation 

ANSWER: Half year

Explanation:
No explanation is available for this question!


3)   Which of the following is the biggest contributor of foreign exchange reserve of India?

a. Foreign Currency assets
b. Gold
c. Reserve tranche with IMF
d. Special Drawing Rights
Answer  Explanation 

ANSWER: Foreign Currency assets

Explanation:
No explanation is available for this question!


4)   What is OTP in credit card transaction?

a. Odd Transaction Password
b. Owner is Trading Pass code
c. One Time Password
d. One Time Pincode
Answer  Explanation 

ANSWER: One Time Password

Explanation:
No explanation is available for this question!


5)   Which among the following is correct?

a. EFTPOS – Online Debit or PIN debit
b. Offline Debit – Signature Debit
c. Electronic Purse Card System – Electronic Debit Dealings
d. All of The Above
Answer  Explanation 

ANSWER: All of The Above

Explanation:
EFTPOS is actually an abbreviation. It stands for Electronic Funds Transfer at Point Of Sale. Offline debit cards debit the amount spent to a card holder’s bank account. An electronic purse is the store of value on a card, which can be used in a manner similar to cash to pay for travel or for other small-scale transactions.


6)   Credit Card is an essential component of which of the following?

a. Electronic Commerce
b. Internet Commerce
c. Both 1 and 2
d. None of The Above
Answer  Explanation 

ANSWER: Both 1 and 2

Explanation:
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based.


7)   ATMs cards are issued to a person who maintains which of the following accounts with the bank ?

a. saving bank accounts
b. Current accounts
c. term deposits
d. either 1 or 2
Answer  Explanation 

ANSWER: either 1 or 2

Explanation:
There are two kinds of accounts. At an ATM, we are always faced with the option of choosing between a Savings Account or a Current Account.


8)   Sukanya Samriddhi Yojana was launched in which year?

a. 2015
b. 2016
c. 2014
d. 2013
Answer  Explanation 

ANSWER: 2015

Explanation:
Sukanya Samriddhi Yojana is an ambitious small deposit savings scheme for a girl child. Under the scheme, a saving account can be opened in the name of girl child and deposits can be made for 14 years.


9)   In Negotiable Instruments Act, the Cheque is covered under which section?

a. Section 4
b. Section 5
c. Section 6
d. Section 13
Answer  Explanation 

ANSWER: Section 6

Explanation:
The cheque as a negotiable instrument. Cheques are not merely orders to a bank to make a payment, they are transferable orders and, if not marked ‘not negotiable’, they are negotiable instruments. It’s covered in Section 6 of Negotiable Instruments Act.


10)   Which are the banks covered under the Banking Ombudsman Scheme, 2006?

a. Scheduled Commercial Banks
b. Regional Rural Banks
c. Scheduled Primary Co-operative Banks
d. All of these
Answer  Explanation 

ANSWER: All of these

Explanation:
Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are the banks covered under the Banking Ombudsman Scheme, 2006.