Banking Awareness Test for IBPS, RBI, SBI, NABARD & other Bank Examinations - Set 7

1)   The Banking Ombudsman Scheme was introduced under which of the following acts?

a. Banking Regulation Act, 1935
b. Banking Regulation Act , 1949
c. Banking Regulation Act, 1985
d. None of The Above
Answer  Explanation 

ANSWER: Banking Regulation Act , 1949

Explanation:
No explanation is available for this question!


2)   What was the motive to bring the Payment and Settlement Systems Act, 2007 into being?

a. to provide for the regulation and supervision of payment systems
b. to designate RBI as the authority
c. matters connected therewith or incidental thereto
d. All of the above
Answer  Explanation 

ANSWER: All of the above

Explanation:
Payment and Settlement Systems Act, 2007 is an Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto.


3)   What is a “Payment Obligation”?

a. ontractual obligations of bank to pay an amount owed to another bank
b. contractual obligations of a Person to pay an amount owed to another
c. obligations of a Person to pay an amount distributed in a group
d. none of the above
Answer  Explanation 

ANSWER: contractual obligations of a Person to pay an amount owed to another

Explanation:
“Payment obligation” is defined as what is owed by one participant in a payment system to another such participant which results from clearing or settlement or payment instructions relating to funds, securities or foreign exchange or derivatives or other transactions.


4)   RTGS stands for which of the following?

a. Real Time Gross Settlement
b. Real type General scheme
c. Real Type gross settlement system
d. Real time Gross system
Answer  Explanation 

ANSWER: Real Time Gross Settlement

Explanation:
Real-time gross settlement systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a “real time” and on a “gross” basis.


5)   Under Liberalised Remittance Scheme, PAN card need not be insisted upon for remittance made towards permissible current account transactions up to how much amount?

a. USD 25,000
b. USD 20,000
c. USD 15,000
d. USD 10,000
Answer  Explanation 

ANSWER: USD 25,000

Explanation:
PAN card need not be insisted upon for remittance made towards permissible current account transactions up to USD 25,000 per financial year.


6)   Which of the following bank has launched ‘mVisa’ – a mobile-based payments solution?

a. SBI
b. ICICI Bank
c. HSBC Bank
d. Canara Bank
Answer  Explanation 

ANSWER: SBI

Explanation:
State Bank of India(SBI) has launched mVisa, a Mobile-based payment solution. mVisa is faster and innovative and secure way to make cardless payment using mobile.


7)   An EEFC account can be held only in the form of which of the following?

a. Savings Bank Account
b. Deposit Account
c. Current Account
d. None of the Above
Answer  Explanation 

ANSWER: Current Account

Explanation:
An EEFC account can be held only in the form of a current account. No interest is payable on EEFC accounts.


8)   Which of the following is not true about Unified Payments Interface (UPI)?

a. UPI is an instant payment system developed by the National Payments Corporation of India (NPCI).
b. Through UPI, all payments are instant and takes place in banking hours.
c. Under UPI person will have a single identity and password for using multiple bank accounts.
d. UPI is based on the Immediate Payment Services (IMPS) infrastructure.
Answer  Explanation 

ANSWER: Through UPI, all payments are instant and takes place in banking hours.

Explanation:
UPI is an indigenously developed platform by National Payments Corporation of India (NPCI) and set up with the support of the Reserve Bank and Indian Banks Association (IBA). Through UPI, all payments are instant but it provides 24/7 service, irrespective of banking hours.


9)   How many Scheduled Commercial Banks are there in India?

a. 81
b. 89
c. 93
d. 97
Answer  Explanation 

ANSWER: 93

Explanation:
The scheduled commercial banks are those banks which are included in the second schedule of RBI Act 1934 and which carry out the normal business of banking such as accepting deposits, giving out loans and other banking services.


10)   Which among the following surveys is not conducted by Reserve Bank of India?

a. Consumer Confidence Survey (CCS)
b. Inflation Expectations Survey of Households (IESH)
c. Survey of Professional Forecasters on Macroeconomic Indicators
d. Annual Survey of Industries
Answer  Explanation 

ANSWER: Annual Survey of Industries

Explanation:
Annual Survey of Industries is conducted by CSO while other three survey viz. Consumer Confidence Survey (CCS), Inflation Expectations Survey of Households (IESH), Survey of Professional Forecasters on Macroeconomic Indicators are conducted by Reserve Bank of India.