Banking Awareness – 2020 for IBPS, RBI, SBI, NABARD and other Bank Examinations
Welcome to GKToday’s Banking Awareness Section. This section shows 100 random questions from GKToday’s Banking Awareness MCQs.
A chapterwise course of all the 925 questions divided into 88 Chapters in Banking Awareness is Available in
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51. Which of the following is another name for Self help groups?
[A] mutual aid
[B] support groups
[C] groups of people
[D] All of the above
Show Answer
Correct Answer: D [All of the above]
Notes:
Self-help groups—also called mutual help or mutual aid groups—are composed of peers who share a similar mental, emotional, or physical problem, or who are interested in a focal issue, such as education or parenting.
52. Which of the following is an account at a bank or credit union that earns interest over a specified amount of time?
[A] Interest Bearing Account
[B] Regular Checking Account
[C] De-materialized Account
[D] Savings Bank Account
Show Answer
Correct Answer: A [Interest Bearing Account]
Notes:
An interest-bearing account that typically pays a higher interest rate than a savings account, and which provides the account holder with limited check-writing ability.
53. The term Negotiable Instruments is associated with which of the following?
[A] A written document that transfers the value in it from one person to other
[B] A written document entitled on an individual by delivery or endorsement
[C] A written document, entitled on a person to receive money
[D] All of the above
Show Answer
Correct Answer: D [All of the above]
Notes:
The Negotiable Instrument is a written document, that entitles a person to a sum of money, which is transferable from one party (payer) to another party (payee) by means of delivery or endorsement & delivery.
54. Which of the following defines ‘At sight’ under section 21 of the Negotiable Instrument Act, 1881?
[A] on presentation
[B] on demand
[C] on coming into vision
[D] none of the above
Show Answer
Correct Answer: A [on presentation]
Notes:
If the payment is to be made immediately on its presentation is c/a a sight bill or on a fixed date is c/a a term bill.
55. What is the maximum amount of loan can be extended by payments banks?
[A] 25000
[B] 50000
[C] 100000
[D] No lending power
Show Answer
Correct Answer: D [No lending power]
Notes:
Payments banks cannot lend. They cannot provide credit facilities.
56. What is the minimum capital required to set up payments bank?
[A] Rs 100 crore
[B] Rs 75 crore
[C] Rs 50 crore
[D] Rs 25 crore
Show Answer
Correct Answer: A [Rs 100 crore]
Notes:
The minimum capital required to start payments bank is Rs 100 crore.
57. Which section of PSS Act, 2007 defines a payment system?
[A] Section 1
[B] Section 2(3)
[C] Section 2(1)
[D] Section 3(1)
Show Answer
Correct Answer: C [Section 2(1)]
Notes:
Section 2(1) of the PSS Act 2007 defines a payment system to mean a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them, but does not include a stock exchange.
58. What does S stands for in SFMS in relation to NEFT payment method?
[A] Statutory
[B] Systematic
[C] Structured
[D] Savings
Show Answer
Correct Answer: C [Structured]
Notes:
NEFT SFMS message” means an electronic Structured Financial Messaging Solution (SFMS) message containing a batch of NEFT payment instructions for funds transfer, processed and consolidated in the manner specified for transmission of payment instructions from NEFT Service Centre to the NEFT Clearing Centre
59. Under Liberalised Remittance Scheme, PAN card need not be insisted upon for remittance made towards permissible current account transactions up to how much amount?
[A] USD 25,000
[B] USD 20,000
[C] USD 15,000
[D] USD 10,000
Show Answer
Correct Answer: A [USD 25,000]
Notes:
PAN card need not be insisted upon for remittance made towards permissible current account transactions up to USD 25,000 per financial year.
60. Which of the following remittances payments is one area that is a lifeline for millions of people across the globe, especially in rural areas?
[A] Digital remittance
[B] Ion remittance
[C] Blockchain remittance
[D] None of the above
Show Answer
Correct Answer: C [Blockchain remittance]
Notes:
A Blockchain Staple is a remittance payments in which one area that is a lifeline for millions of people across the globe, especially in rural areas. People are finding work outside of their homelands and are needing to send money home to friends and family to support them.
