Banking Awareness Questions for Dena Bank PO Exam 2018 | 23rd May

Dear Aspirants,

Banking Awareness for Dena Bank PO 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. RTGS is a faster mode of money transfer within the country. What is the full form of RTGS?

(a) Real Time Gross Solution

(b) Real Time Gross Settlement

(c) Real Transfer Gross Solution

(d) Ready Transfer Gross Settlement

(e) None of the given options is true

S1. Ans.(b)
Sol. The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time.’Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

Q2. Which technology initiative has enabled the concept of ‘any time anywhere’ banking in India?

(a) MICR technology

(b) Core banking solutions

(c) Biometric cards

(d) Cheque truncation

(e) None of the given options is true

S2. Ans.(b)
Sol. As per pure definition Core banking refers to a centralized system established by a bank which allows its customers to conduct their business irrespective of the bank’s branch. Thus, it removes the impediments of geo-specific transactions. In fact, CORE is an acronym for “Centralized Online Real-time Exchange”, thus the bank’s branches can access applications from centralized data centers.

Q3. Third party usage of ATMs has been restricted to the certain number of withdrawals/balance enquiries per month. What does it mean?

(a) Only card holders can use ATMs and not their representatives

(b) Use of ATMs of all banks restricted to specified number

(c) Customer of one bank can use ATMs of other banks upto a specified number without any charge

(d) ATMs of other banks can be used within a limit on payment of fees

(e) None of the given options is true

S3. Ans.(c)
Sol. Customer of one bank can use ATMs of other banks upto a specified number without any charge.

Q4. Currently, banks claim that they have achieved 100% CBS. What are they referring to?

(a) It means all their branches are technology driven with core banking solutions

(b) It suggests complete banking services

(c) It is an indication of customized banking services 

(d) All of the above

(e) None of the given options is true

S4. Ans.(a)
Sol. It means all their branches are technology driven with core banking solutions.

Q5. RBI has made it compulsory for banks to print the MICR and IFSC code on the passbook of the customers. What is this IFSC code?

(a) Internet financial system code

(b) Indian financial system code

(c) Indian financial structure code

(d) International financial system code

(e) None of the given options is true 

S5. Ans.(b)
Sol. IFSC stands for Indian Financial System Code. It is a 11-digit alpha-numeric code that uniquely identifies a bank branch participating in any RBI regulated funds transfer system. The IFSC code helps to transfer money using RTGS, NEFT or IMPS method.

Q6. In what way knowing this IFSC code helps the bank customer?

(a) This is necessary in electronic payment transfers 

(b) The code identifies every bank branch in the country

(c) This is necessary while making formal complaints

(d) Both (a) and (b)

(e) None of the given options is true

S6. Ans.(d)
Sol. Both (a) and (b).

Q7. SBI has launched a new product Mobi Cash which is a mobile wallet. What is this mobile wallet?

(a) It is a electronic purse

(b) It is a facility of payment while traveling 

(c) Meant for overseas payments

(d) It is a prepaid account with a mobile phone

(e) None of the given options is true

S7. Ans.(d)
Sol. State Bank MobiCash is a Mobile Wallet by State Bank of India in association with BSNL. It offers facilities like fund transfer, mobile recharge (BSNL Pre-paid), bill payment (BSNL landline and Post-paid), balance enquiry and mini statement. The wallet available on Smartphones as well as Basic/Feature phones. The wallet can be used in “self-mode” as well as in assisted mode through the help of BSNL CSPs. The wallet can be upgraded to Full-KYC wallet, which offers higher transaction limits and cash withdrawal at BSNL CSPs.

Q8. Tata group has launched e-commerce portal for its retail brand. What is e-commerce?

(a) It is business in electronics

(b) Shops selling electronic goods on the internet

(c) Business done on the internet

(d) All of the above

(e) None of the given options is true

S8. Ans.(c)
Sol. Business done on the internet.

Q9. National Financial Switch is an important element in card payments. How would you describe it?

(a) It enables payments through the ATM machine

(b) It is the terminal at merchant establishments

(c) It is releases the receipts for cash transactions at ATM machines 

(d) All of the above

(e) None of the given options is true

S9. Ans.(a)
Sol. It enables payments through the ATM machine

Q10. Which of the following can be considered as plastic money?

(a) Travelers cheque

(b) Credit card

(c) Mobile wallet

(d) Polymer notes

(e) None of the given options is true

S10. Ans.(b)
Sol. Credit card can be considered as plastic money.