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1Which 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

2Where are the head quarters of Repco Bank?
Gauhathi
Chennai
Puducherry
Cochi
 

Right Answer: 2
Repco Bank is a cooperative bank established by the Government of India in 1969 to improve financial needs of repatriates from neighbouring countries mainly from Sri Lanka and Burma.
Question ID: 112

3Which of the following is not a Private Sector Bank?
ICICI
AXIS
Repco Bank
City Union Bank
 

Right Answer: 3
Repco Bank is a cooperative bank established by the Government of India in 1969 to improve financial needs of repatriates from neighbouring countries mainly from Sri Lanka and Burma.
Question ID: 116

4In 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

5What is the maximum limit that DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits in India?
Rs.50,000
Rs.1,00,000
Rs.5,00,000
Rs.10,00,000
 

Right Answer: 3
A maximum of ?5,00,000 (after the budget of 2020-21) is insured for each user for both principal and interest amount. If the customer has accounts in different branches of the same bank, all of those accounts are insured to a maximum of ?5,00,000 each.
Question ID: 135

6Which 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

7The 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

8Who will provide the Insurance for bank deposits such as fixed, savings, current and recurring deposits?
DICGC
RBI
GIC
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

9Which of the following is not an alternative delivery channel in banking?
UPI
Mobile Banking
Debit & Credit Cards
NPCI
 

Right Answer: 4
National Payments Corporation of India (NPCI), enabling digital payments and settlement systems in India, is an initiative of RBI and IBA.
Question ID: 464

10Which 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

11The acronym NABARD stands for?
Nationalised Agricultural Bank for Regional Development
National Bank for Agricultural And Rural Development
National Bank for Agricultural And Regional Development
None
 

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

12Under which act, holidays are declared for Banking and Financial Institutions in India?
Banking Regulation Act, 1949
Reserve Bank Of India Act, 1935
Negotiable Instruments Act, 1881
None
 

Right Answer: 3
Bank holidays are declared as per Sec.25 of NI Act, 1881 with specific reference to payment of negotiable instruments to be paid on the previous working day.
Question ID: 140

13Which 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

14When 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

15Who 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

16When did the Government of India set up Regional Rural Banks (RRBs) by issuing oridinance?
February 2, 1975
August 15, 1976
October 2, 1975
September 26, 1976
 

Right Answer: 3
The Government of India set up Regional Rural Banks (RRBs) on October 2, 1975 by issuing oridinance. Later RRB act 1976 was passed by parliament on 26-09-1976.
Question ID: 110

17Which 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

18Who contributes the share capital to Regional Rural Banks?
GOI 50%, Sponsored Bank 35% and State Government 15%
RBI 50%, Sponsored Bank 35% and State Government 15%
GOI 50%, Sponsored Bank 15% and State Government 35%
NABARD 50%, Sponsored Bank 35% and State Government 15%
 

Right Answer: 1
Capital share being 50% by the central government, 15% by the state government and 35% by the sponsored bank.
Question ID: 113

19Who 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

20Which of the following statement is false?
Interest on Savings Bank Account is very low.
Minimum balance in Basic Savings Bank Account is zero.
Savings Bank Account can be opened by a non personal customer if it is a non profit organisation.
Fixed Term Deposits can be opened for a period of 12 years.
 

Right Answer: 4
Maximum period for opening a Fixed Term Deposit is 10 years.
Question ID: 131


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