Banking Awareness Quiz for Bank Exam: 25-June-2020

The Banking Awareness section constitutes a major part of a competitive examination and needs your undivided attention. 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 or Insurance Recruitment.

To complement your preparation for General Awareness section of the upcoming exams like SBI Clerk Mains and RBI Assistant Mains we are providing you Banking Awareness Quiz of 25th June 2020 covering the following topics: Ombudsman, Reserve Bank of India, Scheduled Bank, NABARD, RTGS.

Q1. Banking Ombudsman Scheme is applicable to the business of_______.
(a) All scheduled commercial banks excluding RRBs
(b) All scheduled commercial banks including RRBs
(c) Only Public Sector Banks
(d) Only Private Sector Banks
(e) All scheduled banks except private banks

Q2. Which of the following functions are not being performed by the Reserve Bank of India?
(a) Regulation of Banks in India
(b) Union Budget
(c) Foreign Currency Management in India
(d) Currency Management in India
(e) Control and Supervision of Money Supply

Q3. A bank is called as Scheduled Bank, when_________.
(a) Its business has crossed Rs. 1000 crore mark
(b) Its branch network is over 100
(c) It is included in the second Schedule of the RBI Act
(d) When it complies with all the three above
(e) None of the given options is true

Q4. National Bank for Agriculture and Rural Development is an apex development financial institution in India. It is an institution fully owned by-?
(a) Micro Finance Institutions
(b) SEBI
(c) Reserve Bank of India
(d) Government of India
(e) None of the given options is true

Q5. What is the upper limit prescribed for RTGS transaction?
(a) Rs. 5 lacs
(b) Rs. 1 lacs
(c) Rs. 25 lacs
(d) Rs. 50 lacs
(e) No upper limits is prescribe

Solutions

S1. Ans.(b)
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. All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.

S2. Ans.(b)
Sol. The Union Budget of India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it could be materialised before the beginning of new financial year in April.

S3. Ans.(c)
Sol. A scheduled bank, in India, refers to a bank which is listed in the 2nd Schedule of the Reserve Bank of India Act, 1934. Banks not under this Schedule are called non-scheduled banks. Scheduled banks are usually private, foreign and nationalised banks operating in India.

S4. Ans.(d)
Sol. National Bank for Agriculture and Rural Development is an apex development financial institution in India. It is an institution fully owned by Government of India, headquartered at Mumbai with regional offices all over India.

S5. Ans.(e)
Sol. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ?2,00,000/- with no upper or maximum ceiling.

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