Banking Awareness Questions for Bank of India SO Exam | 4th June 2018

Dear Aspirants,

Banking Awareness for Bank of India SO Exam 2018

With the increased competition in the field of banking examinations, it has now become very important to cover up all the sections efficiently. One subject that can help you bagging graceful marks in the minimum time in these examinations is Banking Awareness. Banking Awareness Quiz not only helps you deal with the General Awareness Section of Banking Exams but also, the Personal Interview round of Banking Recruitment.

Q1. Consider the following statements-

1. Allahabad Bank was the first bank to be established exclusively by Indians.

2. Seven banks forming subsidiary of State Bank of India was nationalized in 1960.

3. SBI was formed in 1949.

Which of the statements given above is/are correct?

(a) Only 1

(b) Only 2

(c) Both 1 and 2

(d) Both 2 and 3

(e) Only 3

S1. Ans.(c)

Sol. Both 1 and 2 is correct. Allahabad Bank was the first bank to be established exclusively by Indians. Seven banks forming subsidiary of State Bank of India was nationalized in 1960. But, SBI was formed in 1955. 

Q2. Who regulates the money circulation in India?

(a) State Bank of India

(b) Reserve Bank of India

(c) NABARD

(d) Commercial Banks

(e) SBI

S2. Ans.(b)

Sol. RBI regulates the money circulation in India.

Q3. Which of the following is not an organized sector in India?

(a) Nationalised Bank

(b) Regional Rural Banks

(c) Cooperative Banks

(d) Chits and Money Lenders

(e) Private Banks

S3. Ans.(d)

Sol. Chits and Money Lenders is not an organized sector in India.

Q4. Who will settle the grievances of customers of banks?

(a) Reserve Bank of India

(b) State Bank of India

(c) Local Courts

(d) Banking Ombudsman

(e) Governor of RBI

S4. Ans.(d)

Sol. The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks.

Q5. Who introduced the Banking Ombudsmen Scheme?

(a) RBI

(b) SBI

(c) Ministry of Finance 

(d) NABARD

(e) None of the given options is true

S5. Ans.(a)

Sol. RBI introduced the Banking Ombudsmen Scheme.

Q6. When was Ombuds Men Scheme first introduced? 

(a) 2006

(b) 1981

(c) 1995

(d) 1998

(e) 1991

S6. Ans.(c)

Sol. The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

Q7. Which was the first bank corporated by the Indians? 

(a) Imperial Bank of India

(b) State Bank of India

(c) Oadh Commercial Bank

(d) Reserve Bank of India

(e) National Bank

S7. Ans.(c)

Sol. Oudh Commercial Bank is the first bank of limited liabilities managed by Indians and founded in 1881.

Q8. When was the Oudh Commercial Bank established?

(a) 1881

(b) 1894

(c) 1898

(d) 1899

(e) 1864

S8. Ans.(a)

Sol. Oudh Commercial Bank is the first bank of limited liabilities managed by Indians and founded in 1881.

Q9. When was Reserve Bank of India established?

(a) 1920

(b) 1925

(c) 1935

(d) 1948

(e) 1968

S9. Ans.(c)

Sol. The Reserve Bank of India is India’s central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934.

Q10. When was Reserve Bank of India Nationalised?

(a) 1947

(b) 1948

(c) 1949

(d) 1950

(e) 1960

S10. Ans.(c)

Sol. RBI was nationalized in 1949.

Q11. When was Indian Banking Act come into force?

(a) 1948

(b) 1949

(c) 1950

(d) 1951

(e) 1940

S11. Ans.(b)

Sol. Indian Banking Act come into force in 1949.

Q12. Imperial Banks were amalgamated and changed as……

(a) Reserve Bank of India

(b) State Bank of India

(c) Subsidiary Banks

(d) Union Bank of India

(e) Corporation Bank

S12. Ans.(b)

Sol. Imperial Banks were amalgamated and changed as State Bank of India.

Q13. When was Imperial Bank was changed as State Bank of India?

(a) 1st January 1935

(b) 26th February 1947

(c) 1st July 1955

(d) 1st July 1959

(e) 26th February 1955

S13. Ans.(c)

Sol. On 1st July 1955 Imperial Bank was changed as State Bank of India.

Q14. In the second nationalization of commercial banks, …………… were nationalized.

(a) 4

(b) 5

(c) 6

(d) 8

(e) 9

S14. Ans.(c)

Sol. In the second nationalization of commercial banks, 6 Banks were nationalized.

Q15. The first wholly Indian Bank was set-up in-

(a) 1794

(b) 1894

(c) 1896

(d) 1902

(e) 1918

S15. Ans.(b)

Sol. The first wholly Indian Bank was set-up in 1894.