Banking Awareness Questions for IBPS RRB PO and Clerk

Dear Aspirants,

Banking Awareness for IBPS RRB PO and Clerk 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. IFSC Code consists of ____________- alpha-numeric characters that uniquely identifies a bank-branch participating in the RTGS and NEFT system.

Solution:

IFSC Code is the acronym for Indian Financial System Code developed by RBI - Reserve Bank Of India as a unique Identification code to each of the bank branches in India. The Bank IFSC Code consists of 11 alpha-numeric characters that uniquely identifies a bank-branch participating in the RTGS and NEFT system.

Q2. MICR code and its technology used to verify the legitimacy or originality of paper documents, especially checks. MICR stands for-

Magnetic Ink Character Recognition

Management Ink Character Recognition

Magnetic Ink Conclusion Recognition

Magnetic Ink Character Restructure

Magnetic Indian Character Recognition

Solution:

MICR (Magnetic Ink Character Recognition) is a 9 digit code and its technology used to verify the legitimacy or originality of paper documents, especially checks. Special ink, which is sensitive to magnetic fields, is used in the printing of certain characters on the original documents.

Q3. PAN is a _____________ digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any "person" who applies for it or to whom the department allows the number.

Solution:

Permanent Account Number or PAN is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any "person" who applies for it or to whom the department allows the number.

Q4. IFSC Code identifies a bank-branch participating in the RTGS and NEFT system. What is the meaning of "I" in IFSC code?

Initial

Indian

International

Immediate

Ink

Solution:

IFSC Code is the acronym for Indian Financial System Code developed by RBI as a unique Identification code to each of the bank branches in India.

Q5. MICR is a ______ digit code.

Solution:

Q6. PAN is a code that acts as an identification for individuals, families and corporates (Indian and Foreign as well), especially those who pay Income Tax. PAN stands for-

Permanent Account Number

Permanent Amount Number

Permanent Account News

Personal Account Number

People Account Number

Solution:

Permanent Account Number (PAN) is a code that acts as an identification for individuals, families and corporates (Indian and Foreign as well), especially those who pay Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act, 1961.

Q7. Tax Deduction Account Number or Tax Collection Account Number is a ____________ digit alpha-numeric number issued by the Income-tax Department.

Solution:

Tax Deduction Account Number or Tax Collection Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).

Q8. MMID is a ____________ digit number of a bank customer.

Solution:

Mobile Money Identifier or MMID is a 7 digit number of a bank customer.

Q9. The UAN is prearranged to each member of Employee Provident Fund, EPF. UAN stands for-

Universal Account New

Universal Amount Number

Unique Account Number

Universal Account Number

Universal Access Number

Solution:

The UAN is a Universal Account Number with is a 12-digit pin prearranged to each member of Employee Provident Fund, EPF.

Q10. PRAN, which is the unique and portable number provided to each subscriber under NPS and remains with him throughout. What is the full form of PRAN?

Personal Retirement Account Number

Permanent Retirement Account Number

Permanent Rental Account Number

Permanent Retirement Amount Number

People Retirement Account Number

Solution:

PRAN is an acronym for Permanent Retirement Account Number, which is the unique and portable number provided to each subscriber under NPS and remains with him throughout.

Q11. UAN is a _________ digit pin prearranged to each member of Employee Provident Fund, EPF.

Solution:

The UAN is a Universal Account Number with is a 12-digit pin prearranged to each member of Employee Provident Fund, EPF. The number if issued by the Ministry of Labour and Employment, Government of India. The number lets the employee connect his PF across organisations.

Q12. MMID is issued by banks for effecting financial transactions through the user’s mobile phone. What is the meaning of "I" in MMID?

Indian

Identifier

Interface

Initial

International

Solution:

Mobile Money Identifier (MMID)- Mobile Money Identifier or MMID is a 7 digit number of a bank customer. This number is used when you try to send or receive money using the IMPS method.

Q13. The ISIN standard is used worldwide to identify specific securities such as bonds, stocks (common and preferred), futures, warrant, rights, trusts, commercial paper and options. ISIN stands for-

Indian Securities Identification Number

International System Identification Number

International Securities Interface Number

International Securities Identification Number

International Service Identification Number

Solution:

International Securities Identification Number (ISIN)- The ISIN standard is used worldwide to identify specific securities such as bonds, stocks (common and preferred), futures, warrant, rights, trusts, commercial paper and options.

Q14. Legal Entity Identifier (LEI) is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction. It is a unique ______________ digit alphanumeric code that is assigned to a legal entity.

Solution:

Legal Entity Identifier (LEI)- The LEI is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction. It is a unique 20 digit alphanumeric code that is assigned to a legal entity.

Q15. A SWIFT code is an international bank code that identifies particular banks worldwide. SWIFT stands for-

Society for Worldwide Interbank Funding Telecommunication

Society for Worldwide Indian Financial Telecommunication

Society for Worldwide Interbank Financial Telecommunication

System for Worldwide Interbank Financial Telecommunication

Society for Worldwide International Financial Telecommunication

Solution:

Society for Worldwide Interbank Financial Telecommunication or SWIFT code is an international bank code that identifies particular banks worldwide. It's also known as a Bank Identifier Code (BIC). CommBank uses SWIFT codes to send money to overseas banks. A SWIFT code consists of 8 or 11 characters.