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 GKToday’s Academy app for android mobiles.
61. What is LRS a2?

[A] LRS Modulation
[B] LRS activation
[C] LRS Declaration
[D] None of the above

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62. 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

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63. 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

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64. How many payments banks have actually started operations since RBI has granted the in-principle approval?

[A] 3
[B] 5
[C] 9
[D] 6

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65. When did Payment and Settlement Systems Act, 2007 (PSS Act, 2007) came into force?

[A] 12th August 2008
[B] 12th September 2008
[C] 12th August 2009
[D] 12th December 2007

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66. What is a “Payment Obligation”?

[A] ontractual obligations of bank to pay an amount owed to another bank
[B] contractual obligations of a Person to pay an amount owed to another
[C] obligations of a Person to pay an amount distributed in a group
[D] none of the above

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67. What does S stands for in SFMS in relation to NEFT payment method?

[A] Statutory
[B] Systematic
[C] Structured
[D] Savings

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68. How many digits are present in IFSC code?

[A] 9
[B] 15
[C] 10
[D] 11

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69. Which out of the following is most popular channel of foreign inward remittances to India?

[A] SWIFT
[B] Rupee Drawing Arrangement (RDA)
[C] Direct transfers
[D] Cheques and Drafts

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70. Which of the following is not true about Bharat Interface for Money (BHIM) app?

[A] BHIM framework allows its usage without internet also.
[B] Money can also be sent to non-UPI supported banks using IFSC code and account number.
[C] BHIM allows daily transaction limit of Rs 20,000.
[D] Through BHIM app, a maximum of Rs 5,000 is allowed per transaction.

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