Dear Aspirants,
Welcome to Mentor for Bank Exams. One
section that can help you bagging graceful marks in these examinations is
General Awareness, that comprises of numerous sections like Banking Awareness,
Static GK, and Current Affairs. Here is the General Awareness Quiz to help you practice with the best
of latest pattern questions for the upcoming SBI PO 2019, SBI Clerk, IBPS PO,
IBPS Clerk and other bank and Insurance Exams.
1. The Postal Service Board is ________ of the Department of Posts.
a) apex management body
b) regulatory management body
c) financial management body
d) statutory authority
e) None of the given options is true
Answer: A)
Explanation:
The Postal Service Board, the apex
management body of the Department of Posts, comprises the Chairman and six
Members.
2. Insurance regulator IRDAI has raised the minimum insurance cover for
owner-driver to Rs. ____.
a) 5 lakh
b) 15 lakh
c) 10 lakh
d) 12 lakh
e) 2 lakh
Answer: B)
Explanation:
Insurance regulator IRDAI has raised
the minimum insurance cover for owner-driver to Rs. 15 lakh for a premium of
Rs. 750 per annum, a move to provide some succour to road accident victims.
3. _______ is a quick and easy way of transferring personal remittances
from abroad to beneficiaries in India by India Post.
a) EMO network
b) International Financial System
c) Money Transfer Service Scheme
d) National Electronic Funds Transfer
e) Society for Worldwide Interbank
Financial Telecommunication
Answer: C)
Explanation:
Money Transfer Service Scheme is a
quick and easy way of transferring personal remittances from abroad to
beneficiaries in India. Only inward personal remittances into India such as
remittances towards family maintenance and remittances favoring foreign
tourists visiting India are permissible. No outward remittance from India is
permissible under MTSS.
4. FICCI is the largest and oldest apex business organization in India.
In which year FICCI was established?
a) 1967
b) 1957
c) 1947
d) 1927
e) 1937
Answer: D)
Explanation:
Established in 1927, Federation of
Indian Chambers of Commerce & Industry (FICCI) is the largest and oldest
apex business organization in India. Its history is closely interwoven with
India's struggle for independence, its industrialization, and its emergence as
one of the most rapidly growing global economies.
5. What is the maximum balance of account that can be retained of 5-Year
Post Office RD Account?
a) 10 lakh
b) 1 crore
c) No limit
d) 1 lakh
e) 50 lakh
Answer: C)
Explanation:
There is no limit of maximum balance
of account that can be retained of 5-Year Post Office RD Account.
6. What is the interest rate of Post Office RD Account (As on 01st
January 2019)?
a) 6.1% per annum (quarterly
compounded)
b) 6.3% per annum (quarterly
compounded)
c) 6.9% per annum (quarterly
compounded)
d) 7.1% per annum (quarterly
compounded)
e) 7.3% per annum (quarterly
compounded)
Answer: E)
Explanation:
The interest rate of Post Office RD
Account (As on 01st January 2019) is 7.3% per annum (quarterly compounded).
7. _______________ are quite simply assets that are valued based on a
currency other than the firm's "home" currency.
a) Foreign currency assets
b) Forex reserve
c) Data Dissemination Standards
d) Foreign Institutional Investor
e) Industrial Finance Corporation of
India
Answer: A)
Explanation:
Foreign currency assets are quite
simply assets that are valued based on a currency other than the firm's "home"
currency. Technically, these can be any type of asset, including inventory and
fixed assets, but the term most often applies to liquid assets, such as cash.
8. The NCMC is a contactless smart card. NCMC stands for-
a) National Common Mobility Commission
b) National Common Mobility Card
c) National Common Mobility Committee
d) National Common Mobility
Corporation
e) National Common Mobility Credit
Answer: B)
Explanation:
NCMC stands for National Common
Mobility Card. NCMC is an interoperable transport card conceived by the
Ministry of Urban Development of the government of India. The card will be of
an open system based on EMV standards. The model will have a stored value,
helpful in maintaining the identity.
9. NPCI, an organization for operating retail payments and settlement
systems, is an initiative of Reserve Bank of India (RBI) and Indian Banks’
Association (IBA) under the provisions of-
a) Securities and Exchange Board of
India Act, 1992
b) Banking Regulation Act, 1949
c) Securities Laws (Amendment) Act,
1996
d) Reserve Bank of India Act, 1934
e) Payment and Settlement Systems
Act, 2007
Answer: E)
Explanation:
National Payments Corporation of
India (NPCI), an umbrella organisation for operating retail payments and
settlement systems in India, is an initiative of Reserve Bank of India (RBI)
and Indian Banks’ Association (IBA) under the provisions of the Payment and
Settlement Systems Act, 2007, for creating a robust Payment & Settlement
Infrastructure in India.
10. In context of RTGS, which of the following is incorrect?
a) It stands for Real Time Gross
Settlement System.
b) It has been developed &
implemented by the NPCI.
c) The minimum transaction amount is
Rs 50,000
d) Both 2 and 3
e) Both 3 and 1
Answer: D)
Explanation:
In RTGS (real time gross settlement),
the minimum transaction amount is Rs 2 lakh and these transactions can
be done only during a bank's business hours. The RTGS system is primarily meant
for large value transactions. The minimum amount to be remitted through RTGS is
Rs.2 lakh. There is no upper ceiling for RTGS transactions. Reserve Bank of
India introduced the RTGS System in March 2004
It is a fund transfer system where
transfer of money takes place from one bank to another on a "real
time" and on "gross" basis.
Settlement in "real time"
means payment transaction is not subjected to any waiting period. "Gross
settlement" means the transaction is settled on one to one basis without
bunching or netting with any other transaction.
It is better for transactions that
are high-value and need to be processed in real time.
11. ______________allows banks to borrow money through repurchase
agreements.
a) MSF
b) OMO
c) SLR
d) LAF
e) CRR
Answer: D)
Explanation:
Liquidity adjustment facility (LAF) allows banks to borrow money through
repurchase an agreement. It is used to aid banks in adjusting the day to day
mismatches in liquidity. It helps banks to quickly borrow money in case of any
emergency or for adjusting in their SLR/CRR requirements. It consists of repo
and reverse repo operations.
12. Assets which have remained NPA for a period less than or equal to 12
months are termed as _________assets.
a) Substandard
b) Standard
c) Doubtful
d) Loss
e) None of the above
Answer: A)
Explanation:
Assets which have remained NPA for a
period less than or equal to 12 months are termed as Sub-standard
assets.
1.
Standard Asset, Standard
asset for a bank is an asset that is not classified as an NPA., 0-89 days
2. NPA, It is a loan or advance for which
the principal or interest payment remains overdue for a period of 90 days, 90
days
3.
Sub-Standard, Assets
which have remained NPA for a period less than or equal to 12 months, Less
than 12 months
4.Doubtful, An asset would be classified as
doubtful if it has remained NPA for a period exceeding 12 months, More than 12
months
5.Loss, Loss assets are those where loss
has been identified by the bank and remains uncollectable,
13. ________________are fixed income debt instruments which are issued
for the purpose of raising capital & providing the borrower with external
funds to finance long-term investments.
a) Equities
b) Real Estate
c) Bonds
d) Mutual Funds
e) Depository receipts
Answer: C)
Explanation:
Bonds are fixed income debt instruments
which are issued for the purpose of raising capital & provide the borrower
with external funds to finance long-term investments.
Equities- are traded (bought and sold) in
stock markets. A equity refers to describe the ownership in a company. It does
not provide fixed income.
Mutual Fund - It is formed when capital collected
from different investors is invested in company shares, stocks or bonds.
Depository receipts are issued by a bank to represent a
foreign company's publicly traded securities.
14. Which of the following is not a function of RBI?
a) Formulating, implementing and
monitoring the monetary policy.
b) Managing the Foreign Exchange
Management Act (FEMA), 1999.
c) Maintaining banking accounts of
all scheduled banks.
d) Registering and regulating the
working of mutual funds etc.
e) Facilitating external trade and
payment
Answer: D)
Explanation:
Registering and regulating the
working of mutual funds is a function of SEBI. The Securities and Exchange Board of India was
established on April 12, 1992 in accordance with the provisions of the
Securities and Exchange Board of India Act, 1992.
Other functions of SEBI are-
1. Promotes training of
intermediaries of the securities market.
2. Registers and regulates the
working of stock brokers, sub-brokers, share transfer agents, trustees,
merchant bankers.
3. SEBI is empowered to investigate
cases of insider trading.
Major Functions of the Reserve Bank
of India:
1. Issue of Bank Notes
2. Banker to Government
3. Custodian of Cash Reserves of
Commercial Banks
4. Custodian of Country's Foreign
Currency Reserves
5. Lender of Last Resort
6. Central Clearance and Accounts
Settlement
7. Controller of Credit
8. Formulating, implementing and
monitoring the monetary policy
15. The index of REER reflects the external competitiveness of a country
based on Consumer Price Index. What does second 'E' in REER stands
for_____________.
a) External
b) Exchange
c) Effective
d) Export
e) Explicit
Answer: B)
Explanation:
REER is an acronym for Real Effective
Exchange Rate. It is
based on Consumer Price Index (CPI) and reflects the external competitiveness
of a country. Conceptually, it is defined as a weighted average of nominal
exchange rates adjusted for relative price differential between the domestic
and foreign countries, relates to the purchasing power parity (PPP) hypothesis.
