Q1. ___________ is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
(a) NEFT
(b) RTGS
(c) NPCI
(d) BBPS
(e) IMPS
S1. Ans.(a)
Sol. National Electronics Funds Transfer (NEFT) is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
(a) 1949
(b) 1937
(c) 1943
(d) 1945
(e) 1934
S2. Ans.(b)
Sol. The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.
Sol. The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.
Q3. The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under which act?
(a) Companies Act, 1956
(b) Negotiable Instruments Act, 1881
(c) Reserve Bank of India Act, 1934
(d) Banking Regulation Act, 1949
(e) None of the given options is true
S3. Ans.(c)
Sol. The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934.
Sol. The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934.
Q4. A facility under which scheduled commercial banks can borrow the additional amount of overnight money from the Reserve Bank by dipping into their Statutory Liquidity Ratio (SLR). It is called?
(a) Repo Rate
(b) Reverse Repo Rate
(c) Bank Rate
(d) Marginal Standing Facility (MSF)
(e) Liquidity Adjustment Facility (LAF)
S4. Ans.(d)
Sol. Marginal Standing Facility (MSF) is a facility under which scheduled commercial banks can borrow the additional amount of overnight money from the Reserve Bank by dipping into their Statutory Liquidity Ratio (SLR).
Sol. Marginal Standing Facility (MSF) is a facility under which scheduled commercial banks can borrow the additional amount of overnight money from the Reserve Bank by dipping into their Statutory Liquidity Ratio (SLR).
Q5. National Housing Bank (NHB) was set up on ______________ under the National Housing Bank Act, 1987.
(a) 01st July 1956
(b) 02nd October 1976
(c) 01st January 1934
(d) 21st May 1956
(e) 09th July 1988
S5. Ans.(e)
Sol. The Hon’ble Prime Minister of India, while presenting the Union Budget for 1987-88 on February 28, 1987, announced the decision to establish the National Housing Bank (NHB) as an apex level institution for housing finance. NHB was set up on July 9, 1988, under the National Housing Bank Act, 1987.
Sol. The Hon’ble Prime Minister of India, while presenting the Union Budget for 1987-88 on February 28, 1987, announced the decision to establish the National Housing Bank (NHB) as an apex level institution for housing finance. NHB was set up on July 9, 1988, under the National Housing Bank Act, 1987.
Q6. At present many public sector banks and one private sector bank are authorised to handle the Senior Citizens Savings Scheme (SCSS), 2004. Name the private sector bank, which is authorised to handle the Senior Citizens Savings Scheme (SCSS), 2004?
(a) ICICI Bank
(b) HDFC Bank
(c) Axis Bank
(d) Yes Bank
(e) Kotak Mahindra Bank
S6. Ans.(a)
Sol. Only ICICI Bank is authorised to handle the Senior Citizens Savings Scheme (SCSS), 2004.
Sol. Only ICICI Bank is authorised to handle the Senior Citizens Savings Scheme (SCSS), 2004.
Q7. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises. As under a micro enterprise is an enterprise where investment in plant and machinery does not exceed..............?
(a) Rs. 100 lakh
(b) Rs. 15 lakh
(c) Rs. 25 lakh
(d) Rs. 50 lakh
(e) None of the given options is true
S7. Ans.(c)
Sol. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises. As under a micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs 25 lakhs.
Sol. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises. As under a micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs 25 lakhs.
Q8. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. In which year Commercial Paper was introduced in India?
(a) 1975
(b) 1990
(c) 1985
(d) 1955
(e) 1980
S8. Ans.(b)
Sol. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. It was introduced in India in 1990.
Sol. Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. It was introduced in India in 1990.
Q9. Which Bank of India maintains the Principal Accounts of Central as well as State Governments at its Central Accounts Section?
(a) IDBI
(b) SBI
(c) SIDBI
(d) NABARD
(e) RBI
S9. Ans.(e)
Sol. RBI has maintained the Principal Accounts of Central as well as State Governments at its Central Accounts Section.
Sol. RBI has maintained the Principal Accounts of Central as well as State Governments at its Central Accounts Section.
Q10. Who are eligible to issue Commercial Paper (CP)?
(a) Corporates
(b) Primary dealers (PDs)
(c) All-India Financial Institutions (FIs)
(d) All of the above
(e) None of the given options is true
S10. Ans.(d)
Sol. Corporates, primary dealers (PDs) and the All-India Financial Institutions (FIs) are eligible to issue Commercial Paper (CP).
Sol. Corporates, primary dealers (PDs) and the All-India Financial Institutions (FIs) are eligible to issue Commercial Paper (CP).
Q11. Which committee has recommended the setting up of Special Tribunals to reduce the time required for settling cases and accepting the recommendations, DRTs were established?
(a) Kelkar committee
(b) Justice Reddy committee
(c) Rangarajan Committee
(d) Sivaraman Committee
(e) Narasimham Committee
S11. Ans.(e)
Sol. Narasimham Committee Report I (1991) recommended the setting up of Special Tribunals to reduce the time required for settling cases. Accepting the recommendations, Debt Recovery Tribunals (DRTs) were established.
Sol. Narasimham Committee Report I (1991) recommended the setting up of Special Tribunals to reduce the time required for settling cases. Accepting the recommendations, Debt Recovery Tribunals (DRTs) were established.
Q12. DRT has been constituted under Section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. DRT stands for-
(a) Debt Recovery Tribunals
(b) Demand Recovery Tribunals
(c) Deposit Recovery Tribunals
(d) Debt Refinance Tribunals
(e) Debt Recovery Treaty
S12. Ans.(a)
Sol. DRTs stands for Debt Recovery Tribunals.
S12. Ans.(a)
Sol. DRTs stands for Debt Recovery Tribunals.
Q13. What is the financial limit Under MUDRA's Tarun scheme?
(a) Rs. 40 lakh to Rs. 50 lakh
(b) Rs. 30 lakh to Rs. 40 lakh
(c) Rs. 20 lakh to Rs. 30 lakh
(d) Rs. 10 lakh to Rs. 20 lakh
(e) Rs. 5 lakh to Rs. 10 lakh
S13. Ans.(e)
Sol. Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has already created its initial products/schemes. The interventions have been named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stage of growth/development and funding needs of the beneficiary micro unit/entrepreneur and also to provide a reference point for the next phase of graduation/growth to look forward to. The financial limit for these schemes is:-
(a) Shishu: - covering loans up to 50,000/-
(b) Kishor: - covering loans above 50,000/- and up to 5 lakh
(c) Tarun: - covering loans above 5 lakh to 10 lakh
Sol. Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has already created its initial products/schemes. The interventions have been named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stage of growth/development and funding needs of the beneficiary micro unit/entrepreneur and also to provide a reference point for the next phase of graduation/growth to look forward to. The financial limit for these schemes is:-
(a) Shishu: - covering loans up to 50,000/-
(b) Kishor: - covering loans above 50,000/- and up to 5 lakh
(c) Tarun: - covering loans above 5 lakh to 10 lakh
Q14. Who can set up an SEZ?
(a) Private sector
(b) Public sector
(c) State government
(d) All of the above
(e) Only (a) and (b)
S14. Ans.(d)
Sol. The private sector, Public sector and State government can set up Special Economic Zones (SEZs).
Sol. The private sector, Public sector and State government can set up Special Economic Zones (SEZs).
Q15. Securitisation act 2002 enables the banks to issue notices to defaulters who have to pay the debts within __________ days.
(a) 90 days
(b) 60 days
(c) 30 days
(d) 120 days
(e) None of the given options is true
S15. Ans.(b)
Sol. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 is popularly known as Securitisation Act. This act enables the banks to issue notices to defaulters who have to pay the debts within 60 days. Once the notice is issued the borrower cannot sell or dispose the assets without the consent of the lender. The Securitisation Act further empowers the banks to take over the possession of the assets and management of the company. The lenders can recover the dues by selling the assets or changing the management of the firm. The Act also enables the establishment of Asset Reconstruction Companies for acquiring NPA.
Sol. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 is popularly known as Securitisation Act. This act enables the banks to issue notices to defaulters who have to pay the debts within 60 days. Once the notice is issued the borrower cannot sell or dispose the assets without the consent of the lender. The Securitisation Act further empowers the banks to take over the possession of the assets and management of the company. The lenders can recover the dues by selling the assets or changing the management of the firm. The Act also enables the establishment of Asset Reconstruction Companies for acquiring NPA.
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