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1Which of the following is not a Plastic Money?
PAN Card
Debit Card
Credit Card
Prepaid Card

Right Answer: 1
Permanent Account Number (PAN) is unique alphanumeric combination issued to all juristic entities identifiable under the Indian Income Tax Act 1961.
Question ID: 133

2What is the full name of UPI, popular money transfer system in India?
Universal Payments Interface
Universal Payments on Internet
Unified Payments Interface
Unified Payments on Internet

Right Answer: 1
The unified payments interface or the UPI is an interface via which you can transfer money between bank accounts across a single window.
Question ID: 433

3Pairs of Financial Institutions and year of establishments are given hereunder. Which of the following is wrongly paired?
RBI - 1949
IFCI - 1948
IDBI -1964
SIDBI - 1990

Right Answer: 1
Reserve Bank of India was establised in 1935 and nationalised in 1949. Others are correct.
Question ID: 122

4Lead Bank Scheme was implemented in 1969. Which Committee proposed the Lead Bank Scheme?
Narasimham Committee
M. Damodaran Committee
Dr Gadgil Committee
Goyal Committee

Right Answer: 3
Lead Bank Scheme is launched in Dec. 1969 implementing the recommendations of Pro.Dr Gadgil Committee, aimed at bringing involvement of banks in the planned process of rural development.
Question ID: 119

5Which of the following is not a Negotiable Instrument?
Fixed Deposit Receipt
Demand Draft
Bill of Exchange

Right Answer: 1
Fixed Deposit Receipts doesn’t have the specifications as defined in Negotiable Instruments Act, 1881
Question ID: 111

6Which of the following statement is not true in respect of Debit Card features?
Debit Cards can not be used at POS
Online payments can be made using Debit Cards
Debit Card holder has to maintain balance in the account.
Debit Card holder can draw cash from any ATM

Right Answer: 1
A debit card (also known as a bank card or check card) is a plastic payment card that provides the cardholder electronic access to his or her bank account(s) at a financial institution. Debit Cards can be used at Point of Sales (POS) for payments.
Question ID: 127

7When was Reserve Bank of India established?
01 April, 1934
01 April, 1935
01 Jan, 1949
01 Jan, 1951

Right Answer: 2
The Reserve Bank of India, the nation's central bank, began operations on April 01, 1935. The RBI was nationalized on January 1, 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act.
Question ID: 73

8In which section Non-Scheduled Commercial Banks are defined?
Clause (c) of section 6 of the Banking Regulation Act, 1949 (10 of 1949)
Clause (c) of section 5 of the Banking Regulation Act, 1949 (11 of 1949)
Clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949)
Clause (c) of section 6 of the Banking Regulation Act, 1949 (10 of 1949)

Right Answer: 3
Non-scheduled bank in India means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank.
Question ID: 109

9When was State Bank Of India constituted?
1st July, 1955
1st June, 1956
2nd August, 1958
3rd August, 1958

Right Answer: 1
On 30 April 1955, the Imperial Bank of India became the State Bank of India. An act was accordingly passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955.
Question ID: 107

10Which of the following is the role of NABARD?
Providing refinance to lending institutions in rural areas
Bringing about or promoting institutional development and
Evaluating, monitoring and inspecting the client banks
All the above

Right Answer: 4
National Bank for Agriculture and Rural Development is an apex supervisory body for overall supervision of regional rural banks and apex cooperative banks in India. It is under the jurisdiction of Ministry of Finance, Government of India.
Question ID: 121

11Who will appoint the Banking Ombudsman to redress customer complaints against certain deficiencies in banking Services?
Ministry of Finance
Reserve Bank of India
Chief Justice, Supreme Court
Chief Justice, High Court of a state

Right Answer: 2
The Banking Ombudsman is a person appointed by the Reserve Bank of India to redress customer complaints against certain deficiency in banking Services. RBI may appoint one of its Officers not below the rank of Chief General Manager or General Manager of RBI.
Question ID: 141

12Which of the following is not the function of Reserve Bank of India?
Monetary Management
Maintaining Foreign Exchange Reserves
Government Debt Management
Regulating Diesel and Petroleum prices

Right Answer: 4
RBI functions comprise monetary management, foreign exchange and reserves management, government debt management, financial regulation and supervision, apart from currency management and acting as banker to the banks and to the Government.
Question ID: 118

13Where is Asian Development Bank headquartered in?

Right Answer: 2
The Asian Development Bank is a regional development bank established on 19 December 1966, which is headquartered in Metro Manila, Philippines.
Question ID: 137

14Which of the following statement is false?
Rupay Debit cards, prepaid cards are accepted at POS
Rupay Cards are accepted at ATMs and Mini ATMs
Rupay Cards are accepted for E.Commerce
Rupay Cards are expensive

Right Answer: 4
RuPay is the Indian domestic card payment network being set up by National Payments Corporation of India (NPCI) at the behest of banks in India. Rupay reduces overall transaction cost for the banks in India by introducing competition to international card
Question ID: 136

15Which committee recommended the formation of NABARD?
B.Sivaraman Committee
B. Narasimham Committee
Goyal Committee
Gosh Committee

Right Answer: 1
The Committee to Review Arrangements for institutional Credit for Agriculture and Rural Development(CRAFICARD) set up by the RBI under the chairmanship of Shri B Sivaraman recommended for formation of NABARD.
Question ID: 139

16The acronym NABARD stands for?
Nationalised Agricultural Bank for Regional Development
National Bank for Agricultural And Rural Development
National Bank for Agricultural And Regional Development

Right Answer: 2
NABARD is set up as an apex Development Bank with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.
Question ID: 124

17Which of the following is not a reason for devaluation of Rupee to Dollar?
Decrease of Exports
Increase of Current account deficit
Dependence on foreign flows
Due to change of finance minister

Right Answer: 4
There are five reasons for devaluation of Rupee value to Dollar. 1. Exports Falling, 2. Current Account Deficit, 3. Dependence on foreign flows, 4. Fiscal Deficit and 5. Slow Growth
Question ID: 129

18Which Act empowered the Reserve Bank of India (RBI) to regulate, control, and inspect the banks in India?
BR Act 1935
RBI Act 1935
BR Act 1949

Right Answer: 3
In 1949, the Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) to regulate, control, and inspect the banks in India.
Question ID: 108

19Who will provide the Insurance for bank deposits such as fixed, savings, current and recurring deposits?
National Insurance Corporation

Right Answer: 1
Deposit Insurance and Credit Guarantee Corporation ( DICGC) is a subsidiary of Reserve Bank of India. It was established on 1961 under Deposit Insurance and Credit Guarantee Corporation Act, 1961.
Question ID: 128

20In which year NABARD Act was enacted by the parliament?

Right Answer: 3
NABARD ACT was enacted in 1981. Shri B Sivaraman committee recommended the formation of NABARD on 28 November, 1979.
Question ID: 138

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