Frequently Asked Questions in Bank Exams

Read instructions before starting.

1. Timer will begin immediately after you click on Start button. Questions, options and buttons will be visible after begining of the test.

2. Click Finish button after you have completed the test before lapse of time. Finish button will be automatically triggered if time is over.

3. You are not allowed to answer the questions after finishing the test. Answers will be shown for the questions answered only.

Select Timer Speed in Seconds p/q.
45 Scs 30 Scs 15 Scs

1	Which 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
	None
	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

2	Who was the first Indian appointed as the Governor of Reserve Bank of India?
	M.Narasimham
	Dr.Shanmugam Chettiyar
	Sir.Benegal Rama Rau
	Sir C.D.Desh Mukh
	Right Answer: 4 Sir C.D. Deshmukh, CIE, ICS, was an Indian civil servant and the first Indian to be appointed as the Governor of the Reserve Bank of India in 1943 by the British Raj authorities. Question ID: 528

3	Which of the following is not a right combination?
	GDP: Gross Domestic Product
	CRR: Cash Reserve Ratio
	NPCI: National Payment Corporation of India
	SLR: Statutory Limit Ratio
	Right Answer: 4 SLR: Statutory liquidity ratio refers to the amount that the commercial banks require to maintain in the form of gold or govt. approved securities before providing credit to the customers. Question ID: 130

4	Lead 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

5	What 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

6	In 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

7	Who 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 of RBI. Question ID: 141

8	Which of the following are not the Scheduled Commercial Banks?
	Urban Co-Operative Banks
	Regional Rural Banks
	State Bank of India and Associates
	Nationalised Banks
	Right Answer: 1 Scheduled Banks in India constitute those banks which have been included in the Second Schedule of Reserve Bank of India(RBI) Act, 1934. Question ID: 123

9	Which 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

10	Which 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

11	Which of the following statement is false?
	Banking Regulation Act, 1949
	Negotiable Instrument Act, 1881
	Reserve Bank Of India Act, 1935
	State Bank of India Act, 1955
	Right Answer: 3 Reserve Bank of India Act, 1934 is the legislative act under which the Reserve Bank of India was formed on 1st April, 1935. Question ID: 126

12	Which is the first e-wallet in India?
	PayTm wallet
	Mobiquick
	Oxigen wallet
	Wallet 365
	Right Answer: 3 Oxigen wallet is the first ever e-wallet was launched in India in July, 2004. Second wallet365 launched in 2006. Question ID: 474

13	When 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

14	Which 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

15	State Bank of India Day is observed on which of the following day?
	30 April
	1 July
	25 October
	30 November
	Right Answer: 2 State Bank of India was founded on 1 July, 1955. State Bank of India observes July 1st as its Bank Day. Question ID: 125

16	The acronym NEFT stands for
	National Electrical Funds Transfer
	National Electronic Funds Transaction
	National Electronic Funds Transfer
	National Electronic Financial Transfer
	Right Answer: 3 National Electronic Funds Transfer (NEFT) NEFT is electronic funds transfer system, which facilitates transfer of funds to other bank accounts in other bank branches across the country. Question ID: 142

17	How many banks were nationalised in the second phase of nationalisation in 1980?
	3
	4
	5
	6
	Right Answer: 4 Six banks, Oriental Bank of Commerce, Corporation Bank, Andhra Bank, Punjab & Sindh Bank, Vijaya Bank and New Bank of India were nationalized in 1980. Question ID: 72

18	Which Bank is called Apex Bank?
	IDBI
	RBI
	SBI
	ICICI
	Right Answer: 2 Reserve Bank of India acts as a bankers bank. Question ID: 117

19	Which 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

20	When 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

Total Questions	Questions Answered	Right Answers	Wrong Answers

Banking And Finance