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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61. Which of the following microfinance institution is Universal Bank?
[A] SKS Microfinance Private Ltd
[B] Disha Microfinance Private Ltd
[C] Arohan Financial Services Private Ltd
[D] Bandhan Financial Services Private Ltd
Show Answer
Correct Answer: D [Bandhan Financial Services Private Ltd]
Notes:
A microfinance institution is an organization that offers financial services to low income populations. Almost all give loans to their members, and many offer insurance, deposit and other services.
62. In which pension plans, the specific percentage of an employee pay is contributed by an employer to employees pension plans?
[A] cash balance plans
[B] severance pay plans
[C] early retirement window plans
[D] employee stock ownership plans
Show Answer
Correct Answer: A [cash balance plans]
Notes:
A cash balance plan is a twist on the traditional pension plan. Like a traditional pension, a cash balance plan provides workers with the option of a lifetime annuity.
63. Lead Bank scheme was introduced to provide lead roles to which of the following banks?
[A] Public sector banks
[B] Private sector banks
[C] Both 1 and 2
[D] Neither 1 nor 2
Show Answer
Correct Answer: C [Both 1 and 2 ]
Notes:
Lead Bank scheme was introduced to provide lead roles to both public sector and private sector banks.
64. Which of the following has a fixed time and pays higher interest than a SB Acccount?
[A] Savings Bank Account
[B] Fixed Deposit Account
[C] Recurring Account
[D] Current Account
Show Answer
Correct Answer: A [Savings Bank Account]
Notes:
Fixed Deposit Account is 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.
65. What is Bancassurance?
[A] an insurance scheme to insure bank deposits
[B] an insurance scheme exclusively for the employees of banks
[C] a composite financial service offering both bank and insurance products
[D] a bank deposit scheme exclusively for employees of insurance companies
Show Answer
Correct Answer: C [a composite financial service offering both bank and insurance products]
Notes:
Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers.
66. The term “a cheque in the electronic form” is defined in the Negotiable Instruments Act, 1881 – under which of the following sections?
[A] Section 6
[B] Section 6(l)
[C] Section 6A
[D] None of the above
Show Answer
Correct Answer: A [Section 6]
Notes:
Section 6 of the Negotiable Instruments Act, 1881 (26 of 1881) defines “a cheque in the electronic form” means a cheque drawn in electronic form by using any computer resource and signed in a secure system with digital signature and asymmetric crypto system.
67. A bill of exchange contains which of the following?
[A] Unconditional order
[B] Unconditional undertaking
[C] Conditional undertaking
[D] Conditional order
Show Answer
Correct Answer: A [Unconditional order]
Notes:
The bill of exchange contains an unconditional order to pay a certain amount on an agreed date while the promissory note contains an unconditional promise to pay a certain sum of money on a certain date.
68. The Banking Ombudsman charge how much fee for filing and resolving customers’ complaints?
[A] No Fee
[B] Rs. 100
[C] Rs. 200
[D] Rs. 500
Show Answer
Correct Answer: A [No Fee]
Notes:
The banking ombudsman is appointed by the RBI to resolve customers’ complaints regarding banking services and does not charge a fee.
69. If a complaint is not settled by an agreement within a period of ____ month, the Banking Ombudsman proceeds further to pass an Award.
Show Answer
70. Which of the following was the reason to establish Liberalised Remittance Scheme?
[A] to permit citizens of India to transfer funds abroad for permitted current or capital account transactions
[B] to permit foreigners to transfer funds abroad for permitted current or capital account transactions
[C] to permit NRI to transfer funds to India for permitted current or capital account transactions
[D] None of the above
Show Answer
Correct Answer: A [to permit citizens of India to transfer funds abroad for permitted current or capital account transactions]
