Tuesday, 4 July 2017

Banking Awareness,


Q1. Under OLTAS, only a Single Copy Challan is used with a tear off portion for the Tax Payer. What does OLTAS stand for-
(a) On-line Tax Accounting Service
(b) On-line Tax Amounting System
(c) On-line Timing Accounting System
(d) On-line Tax Association Service
(e) On-line Tax Accounting System

S1. Ans.(e)
Sol. Under On-line Tax Accounting System (OLTAS), only a Single Copy Challan is used with a tear off portion for the Tax Payer.
Q2. What is the minimum period of maturity prescribed for Commercial Paper (CP)?
(a) 17 Months
(b) 14 Days
(c) 01 Year
(d) 07 days
(e) 05 years

S2. Ans.(d)
Sol. Commercial Paper (CP) can be issued for maturities between a minimum of 7 days and a maximum of up to one year from the date of issue.
Q3. Which banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC)?
(a) Foreign Banks functioning in India
(b) Local Area Banks
(c) Regional Rural Banks
(d) All of the above
(e) None of the given options is true

S3. Ans.(d)
Sol. All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.
Q4. What is the maximum period of maturity prescribed for Commercial Paper (CP)?
(a) 10 years
(b) 06 years
(c) 01 Year
(d) 02 years
(e) 05 years

S4. Ans.(c)
Sol. Commercial Paper (CP) can be issued for maturities between a minimum of 7 days and a maximum of up to one year from the date of issue.
Q5. Each depositor in a bank is insured by DICGC upto a maximum of _____________________ for both principal and interest amount held by him in the same capacity and same right as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.
(a) Rs.1,00,000
(b) Rs.2,00,000
(c) Rs.3,00,000
(d) Rs.4,00,000
(e) Rs.5,00,000

S5. Ans.(a)
Sol. Each depositor in a bank is insured upto a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same capacity and same right as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.
Q6. PSLCs are tradable certificates issued against priority sector loans of banks. What does meaning of "Cs" in PSLCs?
(a) Cess
(b) Cities
(c) Census
(d) Certificates
(e) None of the given options is true

S6. Ans.(d)
Sol. PSLCs stands for Priority Sector Lending Certificates.
Q7. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from -
(a) 1995
(b) 1999
(c) 1990
(d) 1982
(e) 1988

S7. Ans.(a)
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.
Q8. MTSS is a way of transferring personal remittances from abroad to beneficiaries in India. What does MTSS stand for-
(a) Mobile Transfer Service Scheme
(b) Money Transfer System Scheme
(c) Money Timing Service Scheme
(d) Market Transfer Service Scheme
(e) Money Transfer Service Scheme

S8. Ans.(e)
Sol. Money Transfer Service Scheme (MTSS) are the most common arrangements under which the remittances are received into the country.
Q9. How much cash can payment be made to the beneficiary in India under MTSS? 
(a) Rs 2,00,000
(b) Rs 50,000
(c) Rs 1,00,000
(d) Rs 10,000
(e) None of the given options is true

S9. Ans.(b)
Sol. Amounts up to INR 50,000/- may be paid in cash to a beneficiary in India under MTSS.
Q10. RDA is a channel to receive cross-border remittances from overseas jurisdictions. What does meaning of "A" in RDA?
(a) Account
(b) Assembly
(c) Arrangement
(d) Association
(e) Amount

S10. Ans.(c)
Sol. RDA stands for Rupee Drawing Arrangement.
Q11. NPCI is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). What does NPCI stands for-
(a) National Payments Corporation of Industry
(b) National Payments Council of India
(c) Nominal Payments Corporation of India
(d) National Payments Corporation of India
(e) National Product Corporation of India

S11. Ans.(d)
Sol. National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
Q12. In which among the following years NPCI was incorporated-
(a) December 2008
(b) January 2006
(c) April 2010
(d) July 2012
(e) None of the given options is true

S12. Ans.(a)
Sol. NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. It was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies Act 2013) and is aimed to operate for the benefit of all the member banks and their customers.
Q13. The Bank for International Settlements (BIS) is the world's oldest international financial organisation. BIS was established on-
(a) 26th May 1961
(b) 01st October 1949
(c) 14th February 1914
(d) 21st August 1945
(e) 17th May 1930

S13. Ans.(e)
Sol. Established on 17 May 1930, the Bank for International Settlements (BIS) is the world's oldest international financial organisation. The BIS has 60 member central banks, representing countries from around the world that together make up about 95% of world GDP.
Q14. Where is the head office of Bank for International Settlements (BIS)?
(a) Zurich, Switzerland
(b) New York, USA
(c) Basel, Switzerland
(d) Berlin, Germany
(e) Geneva, Switzerland

S14. Ans.(c)
Sol. Basel, Switzerland is the head office of Bank for International Settlements (BIS).
Q15. Under which act NPCI was incorporated as a Section 8?
(a) Banking Regulation Act, 1949
(b) Companies Act 2013
(c) Reserve Bank of India Act, 1934
(d) Societies Registration Act, 1860
(e) None of the given options is true

S15. Ans.(b)
Sol. NPCI was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies Act 2013) and is aimed to operate for the benefit of all the member banks and their customers.

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New Pattern Questions


Directions (1-15): In each of the questions, a word has been used in sentences in four different ways. Choose the option corresponding to the sentence in which the usage of the word is incorrect or inappropriate.

Q1. Account
(a) How will you account of the money you spent?
(b) He couldn’t account for his absence from college.
(c) How will you account for such a big difference?
(d) Hari was able to account for his actions.
(e) None of the above

Q2. Act
(a) When you read a story or a poem to your child, act it out with him or her.
(b) This computer’s acting up again.
(c) The children were acting over because their mother wasn’t there.
(d) The script itself is well written and well-acted out by the cast.
(e) None of the above

Q3. Add
(a) This just doesn’t add up.
(b) Slowly add in flour, baking powder and salt. Mix until well blended.
(c) She added up the bill.
(d) These are quite expensive though, by the time you’ve added in border taxes.
(e) None of the above

Q4. Answer
(a) Don’t answer back to your mother.
(b) You are answerable for your mistakes.
(c) You have to give me an answer.
(d) Answer up, or you will be punished.
(e) None of the above

Q5. Ask
(a) The next day, her brother came to ask after her.
(b) I’ll ask around and see if there’s a room vacant somewhere
(c) I’ll ask her over in to dinner next weekend.
(d) This is the third time he’s asked me out.
(e) None of the above

Q6. Back
(a) The company only backed in after a worldwide campaign by activists.
(b) He backed out at the last moment.
(c) We had to back up a long way and try a different route.
(d) Five witnesses backed him up.
(e) None of the above

Q7. Blow
(a) I don’t understand. It’s not like her to blow up over a silly little row like that.
(b) The politician is keeping a low profile until the scandal blow over.
(c) More volunteers are needed to blow up balloons.
(d) I blew out the candles and we ate cake.
(e) None of the above

Q8. Break
(a) When he told her he didn’t love her anymore, she broke down.
(b) I was extremely stunned when May and Brad broke off their engagement.
(c) The meeting broken up around 10 o’clock.
(d) The two criminals broke out of prison yesterday.
(e) None of the above

Q9. Bring
(a) Looking at the photos brought back a lot of memories of my visit to the place.
(b) It isn’t easy to bring up children nowadays.
(c) Madonna is just bringing out a new record.
(d) The early rains will bring a much needed relief from the heat.
(e) None of the above

Q10. Call
(a) Can you ask her to call me back, please?
(b) We had to call in a doctor.
(c) It’s too late to call off the ceremony now.
(d) Call up me when you get there.
(e) None of the above

Q11. Carry
(a) She got carried away in the shop and spent all her money on new dresses.
(b) He carried on as if nothing had happened.
(c) It’s going to be difficult to carry out that plan.
(d) If things get carried on the way they are, you’ll lose your job.
(e) None of the above

Q12. Check
(a) I arrived in Lucknow a few days ago and checked into the Taj Hotel.
(b) I will check out of the hotel after breakfast.
(c) You should check out your pockets before you leave home.
(d) Quickly check out of the hotel before they charge you for an additional day.
(e) None of the above

Q13. Clear
(a) The boy asked his friends to clear off before his father arrived.
(b) During the night the fog cleared off.
(c) I think this misunderstanding will be cleared up soon.
(d) Clear up the mess before you leave.
(e) None of the above

Q14. Come
(a) I had no idea what had happened to me when I came round.
(b) As new jobs come up, we will contact students who have signed the contract.
(c) Ram came up with a very good plan.
(d) When we came together we make things happen.
(e) None of the above

Q15. Cut
(a) For years, the country was part of the soviet union and was cut off from the rest of Europe.
(b) People with diabetes are usually advised to cut down on sugar.
(c) We will take a cut in our salaries.
(d) The tree was damaged in the storm so they had to cut down it.
(e) None of the above

Solutions
S1. Ans.(a)
Sol. One does not account of the money spent… one gives account of or accounts for is also acceptable.

S2. Ans.(c)
Sol. Children were acting up.
act up: [for a thing or a person] to behave badly.

S3. Ans.(d)
Sol. added on is the correct usage. add-on: something that has been or can be added to an existing object or arrangement.

S4. Ans.(d)
Sol. answer up is wrong usage. Incorrect use of preposition ‘up’.

S5. Ans.(c)
Sol. ask her over is correct, no need to add ‘in’

S6. Ans.(a)
Sol. Company only backed down. back down- withdraw a claim or assertion in the face of opposition.

S7. Ans.(b)
Sol. “Scandal blows over” is correct phrase.

S8. Ans.(c)
Sol. The meeting broke up.

S9. Ans.(c)
Sol. Madonna has just brought out a new record.

S10. Ans.(d)
Sol. Call me up when you get there.

S11. Ans.(d)
Sol. If things carry on the way they are, you’ll lose your job.

S12. Ans.(c)
Sol. You should check your pockets before you leave home.

S13. Ans.(a)
Sol. Wrong usage as when something clears off or you clear it off, it disappears or is removed.

S14. Ans.(d)
Sol. When we get together, we make things happen.

S15. Ans.(d)
Sol. Cut it down

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Daily GK Update 4th July 2017


i. The Centre and Asian Development Bank (ADB) has signed a 220 million dollar loan for improving connectivity as well as transport efficiency and safety on State Highways of Rajasthan. 

ii. The loan is the first tranche of the 500 million dollar Rajasthan State Highways Investment Program, approved by ADB Board in May this year. An official release said the first tranche loan will improve about one thousand kilometres of State Highways and major district roads. 

Important Takeaways from the above News:
  • The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
  • Takehiko Nakao is present president of the Asian Development Bank.
  • Manila, Philippines is headquarters of ADB.
i. The indigenously developed Quick Reaction Surface-to-Air (QRSAM) short-range missile, which has a capability of engaging multiple targets was successfully test-fired from a test range along the Odisha coast. 

ii. The missile has a strike range of 25 km to 30 km. Designed to be a quick reaction missile, it involves an all- weather weapon system capable of tracking and firing. The missile was test-fired from a truck-mounted canister launcher from launch complex-3 at the Integrated Test Range (ITR) at Chandipur, Odisha.

i. Aadhaar architect Nandan Nilekani and Helion Venture’s Sanjeev Aggarwal have launched an investment fund called Fundamentum with a corpus of $100 million to back startups looking for growth capital. 

ii. The corpus may be extended to $200 million if the fund sees more opportunities, the two founders said. The fund, which has so far closed $50 million, will see one-third of the corpus coming from Nilekani and Aggarwal. Fundamentum has already brought on board six entrepreneurs who will also invest in the fund. 



i. The Financial StabilityBoard (FSB), an international body for the global financial system, has placed India in the league of countries that are 'compliant or largely compliant’ on the implementation of priority area reforms. Ahead of the G20 Summit in Germany to be attended by Prime Minister Narendra Modi, among other world leaders, the FSB has submitted its status report on progress in financial regulatory reforms in various jurisdictions, including India.

ii. The report listed India as a ‘compliant’ jurisdiction with regard to Basel III reforms in risk-based capital and as ’largely compliant’ on liquidity coverage ratio. Other countries that have been found to be ‘compliant or largely compliant’ on these metrics include Argentina, Australia, Brazil, Canada, China, Hong Kong, Indonesia, Japan, Mexico, South Korea, Russia, Singapore, South Africa, Switzerland, Turkey and the US. At the same time, France, Germany, Italy, the Netherlands, Spain and the UK have been found to be ’materially non-compliant’ on at least one parameter.

Important Takeaways from the above News:
  • The FSB was established in April 2009 as the successor to the Financial Stability Forum (FSF).
  • Financial Stability Board (FSB) Secretariat in Basel, Switzerland.
i. Entire Nagaland has been declared as “disturbed area” for six more months under the Armed Forces (Special Powers) Act (AFSPA), which empowers security forces to conduct operations anywhere without any prior notice. In a gazette notification, the home ministry stated it is of the opinion that the area comprising the whole of Nagaland is in such a “disturbed and dangerous condition” that the use of armed forces in aid of the civil power is necessary.

ii. Now, therefore, in exercise of the powers conferred by Section 3 of the Armed Forces (Special Powers) Act, 1958, the central government hereby declares that whole of the said state to be a ‘disturbed area’ for a period of six months with effect from 30th June 2017 for the purpose of that Act.
Important Takeaways from the above News-
  • Dr Shurhozelie Liezietsu is Chief Minister of Nagaland.
  • Padmanabha Balakrishna Acharya is governor of Nagaland.
  • AFSPA which was enacted in 1958 amid the nascent Naga insurgency, gives powers to the army and state and central police forces to shoot to kill, search houses and destroy any property that is “likely” to be used by insurgents in areas declared as “disturbed” by the home ministry.
i. The President gave his assent to the bill passed by Karnataka Assembly to legalise traditional buffalo race 'Kambala'. In pursuance of the proviso to clause (1) of article 213 of the Constitution of India, the President of India hereby approves the promulgation of 'The Prevention of cruelty to Animals (Karnataka Amendment) Ordinance, 2017' by the Governor of Karnataka.

ii. Bowing to public pressure, a bill to legalise traditional buffalo race 'Kambala' and bullock cart races in Karnataka was passed by the state Assembly in February with all parties backing the move. The Prevention of Cruelty to Animals Act, 1960, was amended in its application to Karnataka by the bill which was tabled after the clamour for Kambala grew, spurred by the success of pro-jallikattu (taming of bull) stir in Tamil Nadu.

Important Takeaways from the above News-
  • Kambala is an annual Buffalo Race held traditionally under the sponsorship of local landlords and households, in coastal Karnataka, India.
  • Vajubhai Vala is Governor of Karnataka.
i. Achal Kumar Joti has been appointed as the next Chief Election Commissioner, the Law Ministry informed. Chief Election Commissioner Nasim Zaidi is demitting office later this week. Mr Joti, the former Chief Secretary of Gujarat, assumed the role of Election Commissioner in May 2015.Born on January 23, 1953, Mr Joti will have a tenure of less than 10 months as ECs demit office at the age of 65.

ii. Mr Joti is a 1975-batch Indian Administrative Service (IAS) officer who retired as Gujarat Chief Secretary in January 2013. He served in the top bureaucratic post of the State when Prime Minister Narendra Modi was Chief Minister. Mr. Joti (62) has also served as the State Vigilance Commissioner and worked in various capacities in his cadre including as Chairman of the Kandla Port Trust between 1999 and 2004 and Managing Director of the Sardar Sarovar Narmada Nigam Ltd (SSNNL).

Important Takeaways from the above News-
  • Election Commission of India is a permanent Constitutional Body. 
  • The Election Commission was established in accordance with the Constitution on 25th January 1950. 
  • The National Voters’ Day is celebrated every year on 25th January.

i. In pursuance of the proposed sale of a part of its shareholding in ICICI Lombard General Insurance Company (ICICI General) via an initial public offering, ICICI Bank said its joint venture agreement with Canada-based investment firm Fairfax Financial Holdings has been terminated.

ii. In 2015, Fairfax Financial Holdings had increased its stake in the Indian insurance firm to 35 percent by picking up an additional 9 per cent stake in ICICI Lombard for about Rs. 1,600 crore. The Insurance Regulatory and Development Authority of India (IRDAI) has already given its initial approval to Fairfax’s new insurance venture.

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QUIZ-04


Q1. Who among the following regulates the Indian Corporate Debt Market?
(a) RBI
(b) NABARD
(c) SIDBI 
(d) SEBI
(e) PFRDA
S1. Ans.(d)
Sol. Regulator for the Indian Corporate Debt Market is the Securities and Exchange Board of India (SEBI). SEBI controls the bond market and corporate debt market in cases where entities raise money from the public through public issues.

Q2. _______ is integrated bill payment systems which will offer interoperable bill payment service to customers online as well as through a network of agents on the ground.
(a) BBPS
(b) IMPS
(c) AEPS
(d) APBS
(e) None of the given options is true
S2. Ans.(a)
Sol. The Bharat Bill Payment System (BBPS) is a RBI mandated system which will offer integrated and interoperable bill payment services to customers across geographies with certainty, reliability and safety of transactions.

Q3. To become BBPOUs, Banks and non-bank entities are mandatorily required to apply for approval/authorisation to Reserve Bank of India under ________
(a) Payment and Settlement Systems (PSS) Act 2007
(b) Foreign Exchange Management Act, 1999
(c) Banking Regulation Act, 1949
(d) SARFAESI Act, 2002
(e) None of the given options is true
S3. Ans.(a)
Sol. To become BBPOUs, Banks and non-bank entities are mandatorily required to apply for approval/authorisation to Reserve Bank of India under Payment and Settlement Systems (PSS) Act 2007. Bharat Bill Payment Operating Units (BBPOUs) will be the authorised operational units.
Q4. Which of the following will function as the Bharat Bill Payment Central Unit (BBPCU), single authorised entity operating the BBPS?
(a) RBI
(b) NPCI
(c) GOI
(d) SEBI
(e) NABARD
S4. Ans.(b)
Sol. National Payments Corporation of India (NPCI) will function as the authorised Bharat Bill Payment Central Unit (BBPCU), which will be responsible for setting business standards, rules and procedures for technical and business requirements for all the participants. NPCI, as the BBPCU, will also undertake clearing and settlement activities related to transactions routed through BBPS.
Q5. As per the Reserve Bank of India, BBPS will initially accept utility bill payments such as-
(a) Telephone Bill
(b) Electricity Bill
(c) DTH services
(d) All of the Above
(e) None of the given options is true
S5. Ans.(d)
Sol. As per the Reserve Bank of India, BBPS will initially accept utility bill payments such as electricity, water, gas, telephone and direct-to-home services and will later include other repetitive payments including school and university fees and municipal taxes.

Q6. ___________ to provide guaranteed clearing and settlement functions for transactions in Money, G-Secs, Foreign Exchange and Derivative markets.
(a) NPCI
(b) SEBI
(c) GOI
(d) RBI
(e) CCIL
S6. Ans.(e)
Sol. The Clearing Corporation of India Ltd. (CCIL) was set up in April 2001 to provide guaranteed clearing and settlement functions for transactions in Money, G-Secs, Foreign Exchange and Derivative markets. The introduction of guaranteed clearing and settlement led to significant improvement in the market efficiency, transparency, liquidity and risk management/measurement practices in these market along with added benefits like reduced settlement and operational risk, savings on settlement costs, etc.
Q7. _________ will be authorised operational entities, adhering to the standards for facilitating bill payments online as well as through a network of agents, on the ground.
(a) BBPCU
(b) BBPOU
(c) Biller Payment
(d) Creditor
(e) Assets and Liabilities
S7. Ans.(b)
Sol. Bharat Bill Payment Operating Units (BBPOUs) will be authorised operational entities, adhering to the standards set by the BBPCU for facilitating bill payments online as well as through a network of agents, on the ground.
Q8. ___________ a/an electronic trading platform, operated by the Reserve Bank of India, used to facilitate the exchange of government securities and other money market instruments. 
(a) Delivery versus Payment (DvP)
(b) Negotiated Dealing System (NDS)
(c) Risk Mitigation
(d) Competition Commission of India (CCI)
(e) None of the given options is true

S8. Ans.(b)
Sol. Till 2002, the Government securities market was mainly a telephone market. Buyers and sellers traded over the telephone and submitted physical Subsidiary General Ledger (SGL) transfer forms for transfer of the Government securities and cheques for settlement of the funds to the Reserve Bank of India. These manual operations were inefficient and often resulted in delays. In order to improve efficiency in the market, the Reserve Bank of India took steps to automate the process of trading and settlement of Government securities transactions and the Negotiated Dealing System (NDS) was introduced in February 2002.
Q9. The Clearing Corporation of India Ltd. (CCIL) was set up in-
(a) December 2010
(b) February 1995
(c) September 2006
(d) April 2001
(e) March 1999

S9. Ans.(d)
Sol. The Clearing Corporation of India Ltd. (CCIL) was set up in April, 2001 to provide guaranteed clearing and settlement functions for transactions in Money, G-Secs, Foreign Exchange and Derivative markets.

Q10. Which of the following is the mode of settlement of securities wherein the transfer of securities and funds happen simultaneously?
(a) Delivery versus Payment (DvP)
(b) Negotiated Dealing System
(c) Clearing Corporation of India Ltd. (CCIL)
(d) All of the Above
(e) None of the given options is true
S10. Ans.(a)
Sol. Delivery versus Payment (DvP) is the mode of settlement of securities where in the transfer of securities and funds happen simultaneously. This ensures that unless the funds are paid, the securities are not delivered and vice versa. DvP settlement eliminates the settlement risk in transactions.

Q11. How many module/modules have Negotiated Dealing System (NDS)?
(a) Five
(b) One 
(c) Three
(d) Six
(e) Two
S11. Ans.(e)
Sol. The Negotiated Dealing System (NDS) have two modules – one for the primary market and the other for the secondary market.
Q12. The monetary ceiling of the amount for settlement through Lok Adalat is?
(a) 5 lakh
(b) 10 lakh
(c) 15 lakh
(d) 20 lakh
(e) 25 lakh
S12. Ans.(d)
Sol. The monetary ceiling of the amount for settlement through Lok Adalat is INR 20 Lakh.

Q13. EEFC is an account maintained in foreign currency with an Authorised Dealer Category. EEFC stands for- 
(a) Exchange Effective' Foreign Cash Account
(b) Exchange Earners' Financial Currency Account
(c) Exchange Earners' Foreign Core Amount
(d) Electronic Earners' Foreign Currency Account
(e) Exchange Earners' Foreign Currency Account
S13. Ans.(e)
Sol. Exchange Earners' Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Category - I bank i.e. a bank authorised to deal in foreign exchange. It is a facility provided to the foreign exchange earners, including exporters, to credit 100 percent of their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into Rupees and vice versa, thereby minimising the transaction costs.
Q14. Under the provisions of Section _______ of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), primary (urban) cooperative banks are required to obtain permission from the Reserve Bank of India for opening branches.
(a) Section 25
(b) Section 45
(c) Section 52
(d) Section 23
(e) Section 35
S14. Ans.(d)
Sol. Under the provisions of Section 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), primary (urban) cooperative banks are required to obtain permission from the Reserve Bank of India for opening branches.
Q15. An EEFC account can be held only in the form of a-
(a) Saving Account
(b) Current Account
(c) Recurring Deposit Account
(d) Loan Account
(e) Dematerialised (Demat) Account

S15. Ans.(b)
Sol. An EEFC (Exchange Earners’ Foreign Currency Account) account can be held only in the form of a current account. No interest is payable on EEFC accounts.

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