KRISHNA MOHAN: 06/14/17

Wednesday 14 June 2017

Banking Awareness,

Q1. The World Bank Group consists of how many organisations-

(a) One

(b) Two

(d) Four

(e) Five

Q2. The World Bank is like a cooperative, made up of --------------- member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank.

(a) 189

(b) 193

(d) 173

(e) 187

Q3. Name the agency, which is an agency to provide ‘soft-loans’ to developing countries?

(a) Asian Infrastructure Investment Bank (AIIB)

(b) Organisation of the Petroleum Exporting Countries (OPEC)

(d) World Trade Organization (WTO)

(e) International Development Association (IDA)

Q4. On July 15th, 2014 at the sixth summit in Fortaleza, Brazil the member countries signed the Articles for the New Development Bank (NDB). What is the authorised capital of NDB?

(a) USD 200 billion

(b) USD 300 billion

(d) USD 100 billion

(e) None of the above

Q5. The first Board of Governors meeting of the BRICS New Development Bank was held in ____________ on July 7, 2015, where the Bank formally came into existence as a legal entity.

(a) Brazil

(b) Russia

(d) India

(e) China

Q6. The New Development Bank (NDB) aims to mobilise resources for development projects in BRICS, emerging economies and developing countries. Where is the headquartered of NDB?

(a) Durban, South Africa

(b) Brasilia, Brazil

(d) Shanghai, China

(e) New Delhi, India

Q7. With an initial funding of $912.7 million, International Development Association (IDA) was launched on-

(a) 24th September 1960

(b) 17th December 1920

(d) 23rd May 1919

(e) 15th October 1945

Q8. NIBM was established in ____________________ by the Reserve Bank of India, in consultation with the Government of India, as an autonomous apex institution for research, training, education and consultancy in bank management.

(a) 1982

(b) 1949

(d) 1934

(e) 1969

Q9. NIBM is part of the grand vision of giving a new direction to the banking industry in India and making the industry a more cost-effective instrument for national development. NIBM stands for-

(a) Non-Organisation Institute of Bank Management

(b) National Institute of Bureau Management

(d) National Institute of Bank Management

(e) None of the above

Q10. NIBM, an autonomous academic institution, is governed by a Board, its highest policy-making body. Where is the headquartered of NIBM?

(a) Nashik, Maharashtra

(b) Pune, Maharashtra

(d) Kolhapur, Maharashtra

(e) Nagpur, Maharashtra

Q11. ___________ is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.

(a) NEFT

(b) RTGS

(d) BBPS

(e) IMPS

Q12. The Central Office of the Reserve Bank was initially established in Calcutta (now Kolkata) but was permanently moved to Mumbai in-

(a) 1949

(b) 1937

(d) 1945

(e) 1934

Q13. 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

(d) Banking Regulation Act, 1949

(e) None of the given options is true

Q14. 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

(d) Marginal Standing Facility (MSF)

(e) Liquidity Adjustment Facility (LAF)

Q15. National Housing Bank (NHB) was set up on ______________ under the National Housing Bank Act, 1987.

(a) 01st July 1956

(b) 02nd October, 1976

(d) 21st May 1956

(e) 09th July 1988

Solutions

S1. Ans.(e)
Sol. The World Bank Group consists of five organisations. These are:-
1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)

S2. Ans.(a)
Sol. The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank.

S3. Ans.(e)
Sol. International Development Association (IDA) is an agency to provide ‘soft-loans’ to developing countries.

S4. Ans.(d)
Sol. At the fourth BRICS Summit in New Delhi (2012), the leaders of Brazil, Russia, India, China and South Africa considered the possibility of setting up a New Development Bank (NDB) to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries. the authorised capital of NDB is USD 100 billion.

S5. Ans.(b)
Sol. The inaugural meeting of the Board of Governors of the NDB was chaired by Russia and held on the eve of the Ufa Summit on 7 July 2015, when the Bank formally came into existence as a legal entity.

S6. Ans.(d)
Sol. Shanghai, China is the headquartered of New Development Bank (NDB).

S7. Ans.(a)
Sol. With an initial funding of $912.7 million, IDA was launched on September 24, 1960, with 15 signatory countries - Australia, Canada, China, Germany, India, Italy, Malaysia, Norway, Pakistan, Sudan, Sweden, Thailand, United Kingdom, United States, and Vietnam.

S8. Ans.(e)
Sol. National Institute of Bank Management (NIBM) was established in 1969 by the Reserve Bank of India, in consultation with the Government of India, as an autonomous apex institution for research, training, education and consultancy in bank management.

S9. Ans.(d)
Sol. NIBM stands for National Institute of Bank Management.

S10. Ans.(b)
Sol. Pune, Maharashtra is the headquartered of National Institute of Bank Management (NIBM).

S11. 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.

S12. 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.

S13. 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.

S14. 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).

S15. 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.

Daily GK Update 14th June 2017

IRDAI takes over management of Sahara Life Insurance

i. The Insurance Regulatory and Development Authority of India (IRDAI) has taken over the administration of Sahara India Life Insurance, a first of its kind move in the insurance sector.
ii. R.K. Sharma, general manager, IRDA has been appointed as the administrator with “immediate effect” to manage Sahara India Life Insurance Company.

iii. The current board of Sahara India Life is headed by Chairman OP Srivastava. Sanjay Agarwal is whole-time director and CEO.

Takeaways from Above News-

Lucknow-based Sahara India Life Insurance was the first wholly Indian owned life insurance company in the private sector.
It is promoted by Sahara Pariwar Group headed by Subrata Roy.

Uttar Pradesh tops the list with maximum child labor in the state– CRY report

i. According to the Child Rights and You (CRY) report, over 8 lakh children in India between the age group 5 and 6 years are engaged in child labor.

ii. Uttar Pradesh has the highest number of 2,50,672 children engaged in labor, followed by Bihar with 1,28,087 children and Maharashtra where the number stands at 82,847.
iii. The report has outlined that reach of Integrated Child Development Services (ICDS), which was introduced with the intent of providing a strong base to these children, is quite limited as it covers only 50% percent of this population.

Takeaways from Above News-

Integrated Child Development Services (ICDS) was Launched on October 2, 1975, by Government of India.
Its Objective is to provide food, organization preschool education, and primary healthcare to children under 6 years of age and their mothers.
CRY is an organization working to restore child rights in India.
It was founded in the year 1979 by Rippan Kapur.

Sikkim govt signs MoU with British Council

i. The Human Resource Development department of Sikkim government signed an MoU with the British Council to enhance the quality of education in the state. The MoU will improve the educational structure of the schools of Sikkim.

ii. The purpose of the MoU is to support the aims and aspirations of the young people of Sikkim through collaborative projects in the area of English, education, and skills by strengthening the capacity of the teachers and other professionals, working with youth in the state and support its cultural economy.

Static Takeaways from Above News-

Khangchendzonga National Park is situated in Sikkim.
Rangit Dam is a famous Dam in Sikkim.

G7 environment ministers meeting 2017 held in Bologna, Italy

i. Group of Seven (G7) Environment Ministers Meeting was held in Bologna, Italy to discuss issues ranging from climate change to sustainable development and litter at sea. The meeting was attended by the Environment Ministers of the seven countries (US, UK, France, Germany, Italy, Canada and Japan) and the Commissioners of the European Union for Environment and Climate.

ii. ‘5-year Bologna Roadmap’ was adopted at the meeting, which focuses on important issues such as resource efficiency indicators, citizen involvement, awareness on food waste and economic analysis of the efficient use of resources.

Takeaways from Above News-

G7 members include US, UK, France, Germany, Italy, Canada, and Japan.
G7 presidency rotates annually between member countries. The Presidency for the year 2017 is held by Italy. Canada will hold the G7 presidency in 2018.
Rome is the Capital of Italy.
Paolo Gentiloni is the Prime Minister of Italy.

India's first canal top solar PV system at NTPC Mouda

i. State-run power giant National Thermal Power Corporation (NTPC) has energized India's first 150 kWp canal top solar PV System on cooling water (CW) channel inside power station premises at its 2,320 MW, Mouda Thermal Power Project, near Nagpur in Maharashtra.

ii. This novel Solar PV system makes use of side walls of CW channels as load bearing structure thereby significantly decreasing cost of civil and mounting structure.

Important Takeaways from above News-

NTPC was Incorporated on November 7, 1975.
Shri Gurdeep Singh is the Chairman and MD of NTPC.

Telangana launches PashuBazar website for online cattle sale

i. The Telangana government has launched a website to facilitate this service. The online sale or purchase of cattle through pashubazar.telangana.gov.in website will help farmers as the cattle need not be brought to shandies every time and farmers can save on transportation cost on cattle.

ii. Special Chief Secretary, Animal Husbandry, Suresh Chanda launched the website developed with NIC’s support. The Pashu Bazaar platform was developed to help farmers to sell their animals without physically taking them to weekly markets. The farmer can keep maximum five registrations for sale at any time.

Takeaways from above News-

K. Chandrashekar Rao is the CM of Telangana.
E. S. L. Narasimhan is the Governor of Telangana.

India ratifies two key ILO conventions on child labour

i. India ratified two key ILO conventions on child labor, according to a statement issued by the International Labour Organisation (ILO) in Geneva, Switzerland. Labour Minister Bandaru Dattatreya, who is in Geneva stated that the ratification reaffirmed India’s “commitment to a child labor free society”.

ii. According to ILO, the Government of India deposited with the International Labour Office the instruments of ratification of the two fundamental ILO Conventions concerning the elimination of child labor, the Minimum Age Convention (No 138) and the Worst Forms of Child Labour Convention (No 182).
iii. India is the 170th ILO member state to ratify Convention No 138, which requires states to set a minimum age under which no one shall be admitted to employment or work in any occupation, except for light work and artistic performances.

Important Takeaways from Above News-

ILO Director-General is Guy Ryder.
The ILO was created in 1919.
ILO Headquarters in Geneva, Switzerland.

NASA confers Exceptional Public Service Medal to Michael A'Hearn posthumously

i. NASA has posthumously awarded the Exceptional Public Service Medal to Michael A’Hearn, one of the world’s leading comet scientists. A’Hearn died at the age of 76.

ii. The NASA Medal is for “fundamental work on comets and small bodies of the solar system, leadership in space missions, and ensuring public access to data from NASA missions and related projects.”

Takeaways from above News-

National Aeronautics and Space Administration is the full form of NASA.
Robert M. Lightfoot Jr. is NASA Acting Administrator.
NASA was established in 1958.

Virat Kohli becomes No.1 ranked ODI batsman

i. In a major shakeup at the top of the rankings after the group stages of the ICC Champions Trophy 2017, Indian captain Virat Kohli displaced South Africa’s AB de Villiers as the No.1 ranked ODI batsman in the world while Australian fast bowler Josh Hazlewood took over from Proteas pacer Kagiso Rabada as the No.1 ranked bowler.

Top three ODI Batsman are-

Virat Kohli (IND)
David Warner (AUS)
AB de Villiers (SA)

Top Three ODI Bowlers are-

Josh Hazlewood (AUS)
Imran Tahir (SA)
Mitchell Starc (AUS)

Ex-Uttarakhand CM Pokhriyal authors book on Vajpayee ‘Yug Purush, Bharat Ratna, Atal Ji’

i. Former Uttarakhand Chief Minister Ramesh Pokhriyal ‘Nishank, has officially handed over the first copy of the 450-page book titled -‘Yug Purush, Bharat Ratna, Atal Ji’ to the President of India Shri Pranab Mukherjee.

Banking Awareness,

Q1. The World Bank Group consists of how many organisations-

(a) One

(b) Two

(d) Four

(e) Five

(a) 189

(b) 193

(d) 173

(e) 187

Q3. Name the agency, Which is an agency to provide ‘soft-loans’ to developing countries?

(a) Asian Infrastructure Investment Bank (AIIB)

(b) Organization of the Petroleum Exporting Countries (OPEC)

(d) World Trade Organization (WTO)

(e) International Development Association (IDA)

Q4. On July 15, 2014 at the sixth summit in Fortaleza, Brazil the member countries signed the Articles for the New Development Bank (NDB). What is the authorised capital of NDB?

(a) USD 200 billion

(b) USD 300 billion

(d) USD 100 billion

(e) None of the above

Q5. The first Board of Governors meeting of the BRICS New Development Bank was held in ____________ on July 7, 2015 where the Bank formally came into existence as a legal entity.

(a) Brazil

(b) Russia

(d) India

(e) China

Q6. With effect from March 31, 2005, an asset would be classified as _____________ if it has remained in the substandard category for a period of 12 months.

(a) Substandard Assets

(b) Profit Assets

(d) Loss Assets

(e) None of the above

Q7. What is the financial limit Under MUDRA's Shishu scheme?

(a) Rs. 5,00,000

(b) Rs. 50,000

(d) Rs. 10,000

(e) Rs. 1,50,000

Q8. What is the financial limit Under MUDRA's Kishor scheme?

(a) Rs. 50,000 to Rs. 10 lakh

(b) Rs. 50,000 to Rs. 3 lakh

(d) Rs. 50,000 to Rs. 2 lakh

(e) Rs. 50,000 to Rs. 5 lakh

Q9. Which among the following Incentives and facilities offered to the SEZs is not correct-

(a) Duty-free import/domestic procurement of goods for development, operation and maintenance of SEZ units.

(b) Exemption from State sales tax and other levies as extended by the respective State Governments. (c) Exemption from minimum alternate tax under section 115JB of the Income Tax Act.

(d) 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for 10 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years.

(e) Exemption from Central Sales Tax.

Q10. ___________ is a specifically delineated duty-free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs.

(a) SEZs

(b) FDI

(d) CDR

(e) CSR

Q11. IBA was set up in ________ with 22 members to discuss issues of common interests.

(a) 1946

(b) 1955

(d) 1921

(e) 1961

Q12. What is the effort of IBA?

(a) Assist and provide common services to members.

(b) Promote sound and progressive banking principles and practices.

(d) Build Image of banking industry through publicity and public relations.

(e) All of the above

Q13. Central Government has notified in the Official Gazette ___________ CPI inflation as the target for the period from August 5, 2016 to March 31, 2021 with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent.

(a) 4 percent

(b) 3 percent

(d) 2 percent

(e) None of the above

Q14. What is the full form of CPI?

(a) Customer Price Index

(b) Consumer Price Index

(d) Consumer Price Indian

(e) Custom Price Index

Q15. What is the focus & Priorities of IBA?

(a) The Government of India on policy related issues

(b) Industry unions on wage negotiations and improving industrial relations

(d) Members to encourage inter-bank co-operation and co-ordination

(e) All of the above

Solutions

S1. Ans.(e)
Sol. The World Bank Group consists of five organizations. These are:-
1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)

S2. Ans.(a)
Sol. The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank.

S3. Ans.(e)
Sol. International Development Association (IDA) is an agency to provide ‘soft-loans’ to developing countries.

S4. Ans.(d)
Sol. At the fourth BRICS Summit in New Delhi (2012), the leaders of Brazil, Russia, India, China and South Africa considered the possibility of setting up a New Development Bank (NDB) to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries. the authorised capital of NDB is USD 100 billion.

S5. Ans.(b)
Sol. The inaugural meeting of the Board of Governors of the NDB was chaired by Russia and held on the eve of the Ufa Summit on 7 July 2015, when the Bank formally came into existence as a legal entity.

S6. Ans.(c)
Sol. With effect from March 31, 2005, an asset would be classified as doubtful if it has remained in the substandard category for a period of 12 months. A loan classified as doubtful has all the weaknesses inherent in assets that were classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full,– on the basis of currently known facts, conditions and values – highly questionable and improbable.

S7. Ans.(b)
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

S8. 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

S9. Ans.(d)
Sol. The incentives and facilities offered to the units in SEZs for attracting investments into the SEZs, including foreign investment include:-
(a) Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units
(b) 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years.
(c) Exemption from minimum alternate tax under section 115JB of the Income Tax Act.
(d) External commercial borrowing by SEZ units up to US $ 500 million in a year without any maturity restriction through recognized banking channels.
(e) Exemption from Central Sales Tax.
(f) Exemption from Service Tax.
(g) Single window clearance for Central and State level approvals.
(h) Exemption from State sales tax and other levies as extended by the respective State Governments.

S10. Ans.(a)
Sol. Special Economic Zones (SEZs) is a specifically delineated duty-free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs.

S11. Ans.(a)
Sol. Indian Banks' Association (IBA) set up in 1946 with 22 members to discuss issues of common interests. Over the years, IBA emerged as the Voice of Indian Banking Industry. IBA adopts a consultative approach to give its views on any issue pertaining to the banking sector.

S12. Ans.(e)
Sol. Effort of IBA is-
1. Promote sound and progressive banking principles and practices.
2. Assist and provide common services to members.
3. Co-ordinate and co-operate on procedural, legal, technical, administration, professional matters.
4. Collate, classify and circulate statistical and other information.
5. Pool expertise towards common objectives of reduction in costs, increase efficiency, productivity and improve systems, procedures and banking practices.
6. Build Image of banking industry through publicity and public relations.

S13. Ans.(a)
Sol. The amended RBI Act also provides for the inflation target to be set by the Government of India, in consultation with the Reserve Bank, once in every five years. Accordingly, the Central Government has notified in the Official Gazette 4 per cent Consumer Price Index (CPI) inflation as the target for the period from August 5, 2016 to March 31, 2021 with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent.

S14. Ans.(b)
Sol. CPI stands for Consumer Price Index.

S15. Ans.(e)
Sol. Focus & Priorities of IBA is:-
1. The Government of India on policy related issues
2. Industry unions on wage negotiations and improving industrial relations
3. Members to encourage inter-bank co-operation and co-ordination
4. Foreign counterparts to widen the horizon and perspectives
5. Other trade bodies for better co-ordination
6. Its constituents and stakeholders for new initiatives
7. The Reserve Bank of India on regulatory issues

Banking Awareness,

Q1. Cheque which is truncated during the course of clearing cycle is called __________

(a) Stale Cheque

(b) Mutilated Cheque

(d) Truncated Cheque

(e) None of the given options is true

S1. Ans.(d)

Sol. A truncated cheque means a cheque which is truncated during the course of clearing cycle either by the clearing house or by the bank.

Q2. Person named in the instrument to whom or to whose order the money is to be paid is known as-?

(a) Drawer

(b) Drawee

(d) Payee

(e) Receivable

S2 Ans.(d)

Sol. A person to whom money is paid or is to be paid is called payee, especially the person to whom a cheque is made payable.

Q3. National Housing Bank (NHB), a wholly owned subsidiary of the central bank (RBI) was established in 1988 under the-

(a) National Housing Bank Act, 1987

(b) National Housing Bank Act, 1988

(d) National Housing Bank Act, 1985

(e) None of the given options is true

S3. Ans.(a)
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. Following that, the National Housing Bank Bill (91 of 1987) providing the legislative framework for the establishment of NHB was passed by Parliament in the winter session of 1987 and with the assent of the Hon’ble President of India on December 23, 1987, became an Act of Parliament. The National Housing Policy, 1988 envisaged the setting up of NHB as the Apex level institution for housing. In pursuance of the above, NHB was set up on July 9, 1988 under the National Housing Bank Act, 1987. NHB is wholly owned by Reserve Bank of India, which contributed the entire paid-up capital.

Q4. The Banking Ombudsman Scheme was introduced under __________ of the Banking Regulation Act, 1949 by RBI with effect from 1995.

(a) Section 25A

(b) Section 35A

(d) Section 15A

(e) Section 55A

S4. Ans.(b)
Sol. The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

Q5. National Housing Bank (NHB), is an apex financial institution for housing, having headquarters in-?

(a) Mumbai

(b) New Delhi

(d) Hyderabad

(e) Kolkata

S5. Ans.(b)
Sol. National Housing Bank (NHB), a wholly owned subsidiary of RBI, was set up by an Act of Parliament in 1987 having headquarters in New Delhi.

Q6. Which of the following Act provides provisions for the regulation of credit information companies?

(a) Companies Act, 1956

(b) Credit Information (Companies Regulation Act, 2005)

(d) Banking Regulation Act, 1949

(e) None of the given options is true

S6. Ans.(b)
Sol. Credit Information (Companies Regulation Act, 2005) provides for regulation of credit information companies and to facilitate efficient distribution of credit and for matters connected therewith or incidental thereto.

Q7. __________ are certificates issued by banks that have overreached their priority sector lending targets.

(a) Commercial Papers

(b) Certificate of Deposits

(d) Priority Sector Lending Certificates

(e) None of the given options is true

S7. Ans.(d)
Sol. Domestic banks as well as foreign banks have to lend of their total loans to priority sectors which consist of agriculture, micro credits, education, social infrastructure and housing so that these unprivileged sections can get credit. To encourage lending to the priority sector, the central bank has introduced the concept of Priority Sector Lending Certificates (PSLC).

Q8. How many types of PSLCs can be issued by the Banks?

(a) Four

(b) Five

(d) Eight

(e) Ten

S8. Ans.(a)
Sol. There are only four eligible categories of PSLCs i.e. PSLC General, PSLC Small and Marginal Farmer, PSLC Agriculture & PSLC Micro Enterprises.

Q9. Which bank has launched India’s first golf-centric credit card?

(a) SBI

(b) UBI

(d) PNB

(d) RBL

(e) ICICI

S9. Ans.(d)
Sol. RBL Bank (formerly Ratnakar Bank) has launched India’s first golf-centric credit card. The card based on the premium MasterCard World platform was launched in association with the Indian Golf Union (IGU).

Q10. Which bank has launched India’s first contactless mobile payment solution-?

(a) ICICI

(b) Kotak Mahindra Bank

(d) South Indian Bank

(e) Axis Bank

S10. Ans.(a)
Sol. ICICI Bank has unveiled the country’s first contactless mobile payment solution to enable its credit and debit customers make in-store contactless payments by just waving their smart phones near an NFC-enabled merchant terminal. The mobile payment solution available in the Bank’s ‘Pockets’ app, provides improved convenience of ‘Touch & Pay’ as customers are no longer required to carry physical card or cash to pay in stores.

Q11. Which bank has launched India’s first digital branch in Gurugram, Haryana?

(a) ICICI

(b) Axis Bank

(d) South Indian Bank

(e) State Bank of India

S11. Ans.(c)
Sol. Induslnd Bank has launched India’s first digital branch at IndusInd Cyber city Rapid Metro station, Gurugram, Haryana. This video branch machine allows customers to connect with the remote teller over a real-time video call and perform regular banking transactions like statement printing, cheque deposits, opening of FD account and encashment, funds transfer along with dispensation of cash.

Q12. _______ is a deposit account provided by a bank or other financial institutions for individuals to save money and earn the modest interest for that money held in the account.

(a) Fixed Deposit Account

(b) Savings Bank Account

(d) Current Account

(e) Escrow Account

S12. Ans.(b)
Sol. A savings account is an account maintained by a bank or other financial institutions for individuals to save money and earn interest on the cash held in the account.A savings account is an account maintained by a bank or other financial institutions for individuals to save money and earn interest on the cash held in the account.

Q13. __________ is a deposit of money that has a fixed time and pays higher interest than a Saving Bank Account.

(a) Fixed Deposit Account

(b) Savings Bank Account

(d) All of the above

(e) None of the given options is true

S13. Ans.(a)
Sol. A deposit of money that pays higher interest than a savings account but imposes conditions on the amount, frequency, and/or period of withdrawals. It is also called time deposit.

Q14. First Indian bank to provide Internet Banking facility is-?

(a) SBI

(b) ICICI Bank

(d) BOI

(e) PNB

S14. Ans.(b)
Sol. First Indian bank to introduce internet banking – ICICI bank.

Q15. Which of the following was implemented by National Payments Corporation of India (NPCI) for Banks, Financial Institutions and Corporate etc.?

(a) National Automated Clearing House (NACH)

(b) National Automatic Clearing House (NACH)

(d) National Automatic Cleared House (NACH)

(e) Nominal Automatic Cleared House (NACH)

S15. Ans.(a)
Sol. A web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature. National Automated Clearing House (NACH) System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc.
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