Banking Awareness Quiz for SBI PO

Q1. In order to attract more foreign exchange the Govt of India decided to allow foreign investment in LLP firms. What is full form of “LLP” as used in this reference?
(a) Local Labour Promotion
(b) Low Labour Projects
(c) Limited Loan Partnership
(d) Longer Liability Partnership
(e) Limited Liability Partnership

Q2. The process by which a life insurance policyholder can transfer all rights, title and interest- under a policy contract to a third person is known as?
(a) Assignment of the policy
(b) Hypothecation of the policy
(c) Reinvestment of the policy
(d) Negotiation of the policy
(e) Nomination of the policy


Q3. Which of the following is the popular name of the norms by which a bank satisfies itself about the customer’s identity and activities?
(a) Basel norms
(b) KYC norms
(c) Service norms
(d) Lending norms
(e) None of the above


Q4. Today, Banks in addition to normal banking services, offer which of the following services? 
(a) Internet Banking
(b) Depository Services
(c) Financial Counseling Services
(d) Only (a) and (b) above
(e) All of the above 


Q5. KYC guidelines followed by the banks have been framed on the recommendations of the?
(a) Ministry of Home Affairs
(b) Ministry of Rural Development
(c) Indian Banks Association
(d) Financial Intelligence Unit
(e) Reserve Bank of India


Q6. As per RBI guidelines, when a counterfeit note is detected at the branch, it should be:
(a) Branded with a stamp “COUNTERFEIT BANKNOTE”
(b) Recorded in a separate register under authentication
(c) Acknowledged in the prescribed format of RBI and issued to the tendered
(d) All of the above
(e) None of the above


Q7. Asset Reconstruction Company is associated with……….?
(a) DICGC
(b) ECGC
(c) NPA
(d) SEBI
(e) None of the above


Q8. Association of National Exchange Members of India (ANMI) is a body consisting of?
(a) Bankers and SEBI
(b) SEBI and IBA
(c) Brokers Operating in the National Exchange
(d) Bankers, SEBI, IBA and RBI
(e) None of the above


Q9. At what stage of opening of bank account is the checking of Politically Exposed Persons (PEP) carried out:
(a) at the first point of customer interaction
(b) at the Account Services Level
(c) at the Central Account Services Level
(d) one month after the account is opened
(e) None of the above

Q10. Authorized Dealers for foreign exchange transactions are appointed by:
(a) Reserve Bank of India
(b) Government of India
(c) Individual Banks
(d) FEDAI
(e) None of the above


Q11. As per the reports, the collection of direct taxes has gone up by about 19% in last few months. Which of the following agencies releases the figures about tax collection?
(a) Central Statistical organisation
(b) Reserve Bank of India 
(c) Department of Income Tax 
(d) Central Board of Direct Taxes
(e) None of the above


Q12. MUDRA Bank will regulate and refinance all Micro-Finance Institutions (MFIs) in India.  What is the full form of ‘MUDRA’? 
(a) Micro and Universal Development Refinance Agency 
(b) Micro Units Development and Refinance Agency
(c) Micro-finance Units Development and Regulation Agency 
(d) Micro Units Development and Regulation Agency
(e) None of the above

Q13. What amount of corpus is allocated to set up MUDRA Bank? 
(a) Rs. 20,000 crore
(b) Rs. 25,000 crore
(c) Rs. 3,000 crore
(d) Rs. 3,500 crore
(e) None of the above

Q14. What percentage of Priority Sector Lending (PSL) is being created for Micro Enterprises by March 2017? 
(a) 10 % 
(b) 7.5 %
(c) 8.5 % 
(d) 9.5 % 
(e) None of the above

Q15. MUDRA Bank as a wholly owned subsidiary of which institutions? 
(a) Non-Banking Financial Companies (NBFCs) 
(b) Commercial Banks 
(c) Micro Finance Institutions (MFIs) 
(d) Small Industries Development Bank of India (SIDBI)
(e) None of the above