1. In Deposits Account “KYC” (Know Your Customer) has been implemented in 2002 as per directive of –
A. IBA
B. RBI
C. Ministry of Finance
D.SEBI
E. IRDAA
2. Which of the following indexes used as the key measure of inflation in India?
A. Wholesale Price Index
B. Consumer Price Index
C. Sensex and Nifty
D. Interest rate offered by banks on deposits
E. None of these
3. With which of the following is SARFAESI Act 2002 related?
A. Recovery of bad loans
B. Regulation of foreign exchange
C. Fixation of interest rates
D. Acquisition of small banks
E. None of these
4. What is the full form of the term NDTL, as used in banking environment?
A Net Demand and Term Liability
B Net Demand and Time Liability
C Net Demand and Term Liquidity
D Net Demand and Time Liquidity
E None of the above
5. Which among the following committee constituted on Payment Banks license?
(A) Dr. Nachiket Mor
(B) R. Gandhi
(C) Anand Sinha
(D) Deepak Mohanty
(E) None of these
6. As per the Banking Ombudsman Scheme, any person can file a complaint before the Banking Ombudsman, if the satisfied reply is not received from the bank within a period of ____.
A. one month
B. three months
C. two months
D. six months
E. None
7. cheque is considered a valid cheque if the date entered on the cheque is within ______of the actual date on which it is presented.
A. 6 months
B. 3 months
C. 9 months
D. 1 months
E. None of these
8. Under Pradhan Mantri Jan-Dhan Yojana (PMJDY), the accidental insurance cover of _____will be provided to all the beneficiaries.
A. Rs.1.00 lac
B. Rs.2.00 lac
C. Rs.3.00 lac
D. Rs.30,000
E. Rs.50,000
9. Treasury bills or T-bills, which are money market instruments, are short term debt instruments issued by ____.
A. Reserve Bank of India
B. Individual Banks
C. Government of India
D. IRDA
E. Corporate & Financial Institutions
10. is the rate at which banks borrow funds overnight from the Reserve Bank of India (RBI) against approved government securities.
A. CRR
B. SLR
C. Call Money
D. MSF
E. Repo Rate
ANSWERS WITH EXPLANATION
1.(B) KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. KYC has been implemented in 2002 as per directive of Reserve Bank of India.
2.(B) The Central Bank of India (RBI) had adopted the new Consumer Price Index (CPI) as the key measure of inflation. Earlier, RBI had given more weightage to Wholesale Price Index (WPI) than CPI as the key measure of inflation for all policy purposes.
3.(A) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) empowers Banks / Financial Institutions to recover their non-performing assets (bad loans) without the intervention of the Court.
4.(B) NDTL full form is - Net Demand and Time Liability
It is a sum of demand and time liabilities (deposits) of banks with public and other banks wherein assets with other banks is subtracted to get net liability of other banks. Deposits of banks are its liability and consist of demand and time deposits of public and other banks.
5. (A)Payment Banks applicant applications are analyzed and evaluated by an External Advisory Committee (EAC). The EAC Committee for Payment Banks is chaired by Dr. Nachiket Mor, Director, Central Board of the Reserve Bank of India.
6. (A) One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one s representation, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
7. (B) A cheque is considered a valid cheque if the date entered on the cheque is within 3 months of the actual date on which it is presented. For example, a cheque with the date of 10th Jan 2015 will be valid if it is presented to the bank on or before 10th April 2015.
8. (A) Under Pradhan Mantri Jan-Dhan Yojana (PMJDY), the accidental insurance cover of Rs. 1 lakh will be provided to all the beneficiaries. Life insurance cover of Rs.30,000.
9. (C) Treasury bills or T-bills, which are money market instruments, issued by the Government of India and are presently issued in three tenors, namely, 91 day, 182 day and 364 day. Treasury bills are zero coupon securities and pay no interest.
10. (D) Marginal Standing Facility (MSF) is a new scheme announced by the Reserve Bank of India (RBI) in its Monetary Policy (2011-12) and refers to the penal rate at which banks can borrow money from the central bank over and above what is available to them through the LAF window.
A. IBA
B. RBI
C. Ministry of Finance
D.SEBI
E. IRDAA
2. Which of the following indexes used as the key measure of inflation in India?
A. Wholesale Price Index
B. Consumer Price Index
C. Sensex and Nifty
D. Interest rate offered by banks on deposits
E. None of these
3. With which of the following is SARFAESI Act 2002 related?
A. Recovery of bad loans
B. Regulation of foreign exchange
C. Fixation of interest rates
D. Acquisition of small banks
E. None of these
4. What is the full form of the term NDTL, as used in banking environment?
A Net Demand and Term Liability
B Net Demand and Time Liability
C Net Demand and Term Liquidity
D Net Demand and Time Liquidity
E None of the above
5. Which among the following committee constituted on Payment Banks license?
(A) Dr. Nachiket Mor
(B) R. Gandhi
(C) Anand Sinha
(D) Deepak Mohanty
(E) None of these
6. As per the Banking Ombudsman Scheme, any person can file a complaint before the Banking Ombudsman, if the satisfied reply is not received from the bank within a period of ____.
A. one month
B. three months
C. two months
D. six months
E. None
7. cheque is considered a valid cheque if the date entered on the cheque is within ______of the actual date on which it is presented.
A. 6 months
B. 3 months
C. 9 months
D. 1 months
E. None of these
8. Under Pradhan Mantri Jan-Dhan Yojana (PMJDY), the accidental insurance cover of _____will be provided to all the beneficiaries.
A. Rs.1.00 lac
B. Rs.2.00 lac
C. Rs.3.00 lac
D. Rs.30,000
E. Rs.50,000
9. Treasury bills or T-bills, which are money market instruments, are short term debt instruments issued by ____.
A. Reserve Bank of India
B. Individual Banks
C. Government of India
D. IRDA
E. Corporate & Financial Institutions
10. is the rate at which banks borrow funds overnight from the Reserve Bank of India (RBI) against approved government securities.
A. CRR
B. SLR
C. Call Money
D. MSF
E. Repo Rate
ANSWERS WITH EXPLANATION
1.(B) KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. KYC has been implemented in 2002 as per directive of Reserve Bank of India.
2.(B) The Central Bank of India (RBI) had adopted the new Consumer Price Index (CPI) as the key measure of inflation. Earlier, RBI had given more weightage to Wholesale Price Index (WPI) than CPI as the key measure of inflation for all policy purposes.
3.(A) The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) empowers Banks / Financial Institutions to recover their non-performing assets (bad loans) without the intervention of the Court.
4.(B) NDTL full form is - Net Demand and Time Liability
It is a sum of demand and time liabilities (deposits) of banks with public and other banks wherein assets with other banks is subtracted to get net liability of other banks. Deposits of banks are its liability and consist of demand and time deposits of public and other banks.
5. (A)Payment Banks applicant applications are analyzed and evaluated by an External Advisory Committee (EAC). The EAC Committee for Payment Banks is chaired by Dr. Nachiket Mor, Director, Central Board of the Reserve Bank of India.
6. (A) One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one s representation, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
7. (B) A cheque is considered a valid cheque if the date entered on the cheque is within 3 months of the actual date on which it is presented. For example, a cheque with the date of 10th Jan 2015 will be valid if it is presented to the bank on or before 10th April 2015.
8. (A) Under Pradhan Mantri Jan-Dhan Yojana (PMJDY), the accidental insurance cover of Rs. 1 lakh will be provided to all the beneficiaries. Life insurance cover of Rs.30,000.
9. (C) Treasury bills or T-bills, which are money market instruments, issued by the Government of India and are presently issued in three tenors, namely, 91 day, 182 day and 364 day. Treasury bills are zero coupon securities and pay no interest.
10. (D) Marginal Standing Facility (MSF) is a new scheme announced by the Reserve Bank of India (RBI) in its Monetary Policy (2011-12) and refers to the penal rate at which banks can borrow money from the central bank over and above what is available to them through the LAF window.
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