Banking Awareness Quiz for Bank Exams 2021- 24th May

Q1. Who has the authority to issue, manage and distribute currency notes and coins in India?
(a)IRDAI
(b)SEBI
(c)RBI
(d)SIDBI
(e)None of these

Q2.The Indian currency system was converted into a decimal system by……………….which was brought into force from April 1, 1957.
(a)Banking Regulation Act 1949
(b)Indian Coinage Act 1955
(c)Banking Companies Act, 1946
(d)SIDBI Act, 1989
(e)None of these

Q3. In which year, the Government of India introduced its first paper currency?
(a)1861
(b)1865
(c)1879
(d)1851
(e)None of these

Q4. All the currency notes except………………..bear the signature of RBI governor.
(a)10 Rupee note
(b)100 Rupee note
(c)50 Rupee note
(d)1 Rupee note
(e)None of these

Q5. On 8 November 2016, the Government of India announced the demonetisation of……………………..banknotes.
(a)₹500 and ₹2,000 banknotes
(b)₹500 and ₹1,000 banknotes
(c)₹100 and ₹500 banknotes
(d)₹200 and ₹1,000 banknotes
(e)None of these

Q6. When was Indian currency devalued first time?
(a)1959
(b)1955
(c)1949
(d)1951
(e)None of these

Q7. The Reserve Bank of India has the power to issue currency under the Act of ______
(a)Reserve Bank of India Act, 1934
(b)Reserve Bank of India Act, 1931
(c)Reserve Bank of India Act, 1947
(d)Reserve Bank of India Act, 1939
(e)None of these

Q8.The 2000 rupee note has the image of……………………….
(a)Red Fort
(b)Tiger
(c)Taj Mahal
(d)Mangalyaan
(e)None of these

Q9. Whose signature is found on one rupee note in India?
(a)SBI Chairman
(b)SEBI Chairman
(c)Finance Secretary
(d)RBI Governor
(e)None of these

Q10. The currency notes are issued by the RBI under the signature of ……………
(a)Deputy Governor
(b)Governor
(c)Executive Director
(d)Chief General Manager
(e)None of these

Practice More Questions of Banking Awareness for Competitive Exams:

Solutions

S1.Ans.(c)
Sol. The Reserve Bank of India has the authority to issue, manage and distribute currency notes and coins in India.

S2.Ans.(b)
Sol. The 1955 Indian Coinage (Amendment) Act, which came into force on April 1, 1957, introduced a ‘decimal series’. The rupee was now divided into 100 paisa instead of 16 annas or 64 pice.

S3.Ans.(a)
Sol. In 1861, the Government of India introduced its first paper money: ₹10 note in 1864, ₹5 note in 1872, ₹10,000 note in 1899, ₹100 note in 1900, ₹50 note in 1905, ₹500 note in 1907 and ₹1,000 note in 1909.

S4.Ans.(d)
Sol. The One Rupee note is issued by Ministry of Finance and it bears the signatures of Finance Secretary, while other notes bear the signature of Governor RBI.

S5.Ans.(b)
Sol. On 8 November 2016, the Government of India announced the demonetisation of ₹500 and ₹1,000 banknotes.

S6.Ans.(c)
Sol. The Indian Rupee was devalued in 1949, 1966 and 1991. But in 1991, it was carried out in two steps – on July 1 and July 3.

S7.Ans.(a)
Sol. All banknotes issued by RBI are backed by assets such as gold, Government Securities and Foreign Currency Assets, as defined in Section 33 of Reserve Bank of India Act, 1934.

S8.Ans.(d)
Sol. The Reverse side of Rs 2000 note has an image of Mangalyaan representing India’s first interplanetary space mission.

S9.Ans.(c)
Sol. The one rupee note is the only note bearing the signature of the Finance Secretary and not the Governor of the RBI.

S10.Ans.(b)
Sol. RBI has sole right to issue currency notes of various denominations except one rupee notes. The One Rupee note is issued by Ministry of Finance and it bears the signatures of Finance Secretary, while other notes bear the signature of Governor RBI.

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