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. Micro or Small Enterprise (as defined in the MSMED Act 2006) may be said to have become Sick, if?
[A] Any of the borrowal account of the enterprise remains NPA for ten months or more
[B] Any of the borrowal account of the enterprise remains NPA for eight months or more
[C] Any of the borrowal account of the enterprise remains NPA for five months or more
[D] Any of the borrowal account of the enterprise remains NPA for three months or more
Show Answer
Correct Answer: D [Any of the borrowal account of the enterprise remains NPA for three months or more]
Notes:
Micro or Small Enterprise (as defined in the MSMED Act 2006) may be said to have become Sick, if any of the borrowal account of the enterprise remains NPA for three months or more.
62. What is the basic aim of Lead Bank Scheme?
[A] big banks should try to open offices in each district
[B] there should be stiff competition among the various nationalized banks
[C] individual banks should adopt particular districts for intensive development
[D] all the banks should make intensive efforts to mobilize deposits
Show Answer
Correct Answer: C [individual banks should adopt particular districts for intensive development ]
Notes:
The basic aim of Lead Bank Scheme is that there should be stiff competition among the various nationalized banks and big banks should try to open offices in each district.
63. 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.
64. 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.
65. Sukanya Samriddhi Yojana was launched in which year?
[A] 2015
[B] 2016
[C] 2014
[D] 2013
Show Answer
Correct Answer: A [2015]
Notes:
Sukanya Samriddhi Yojana is an ambitious small deposit savings scheme for a girl child. Under the scheme, a saving account can be opened in the name of girl child and deposits can be made for 14 years.
66. In Negotiable Instruments Act, the Bill of Exchange is covered under which section?
[A] Section 4
[B] Section 6
[C] Section 13
[D] Section 5
Show Answer
Correct Answer: D [Section 5]
Notes:
Section 5 of the Negotiable Instruments Act, 1881 defines bills of exchange. Bills of exchange are negotiable instruments which demand money from debtors within a stipulated period of time.
67. The Banking Ombudsman Scheme is introduced under which of the following sections in Banking Regulation Act, 1949?
[A] Section 25 A
[B] Section 30 A
[C] Section 40 A
[D] Section 35 A
Show Answer
Correct Answer: D [Section 35 A]
Notes:
The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949.
68. When was Liberalised Remittance Scheme established?
[A] February 1th, 2005
[B] February 4th, 2004
[C] February 7th, 2002
[D] February 8th, 2006
Show Answer
Correct Answer: B [February 4th, 2004]
Notes:
Liberalised Remittance Scheme (LRS) established by the Reserve Bank of India on February 4th, 2004 to permit citizens of India to transfer funds abroad for permitted current or capital account transactions or for both.
69. What is the maximum amount of balance can be maintained an individual in payments bank?
[A] 1,50,000
[B] 1,00,000
[C] 50,000
[D] 25,000
Show Answer
Correct Answer: B [1,00,000]
Notes:
Maximum deposit that can be maintained in payments bank is Rs 100000 per individual/business.
70. NEFT works on the principle of which of the following?
[A] Gross Batch Settlement
[B] Deferred Net Settlement
[C] Priority Net Settlement
[D] Domain Net Settlement
Show Answer
Correct Answer: B [Deferred Net Settlement]
Notes:
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
