IBPS RRB PO/Clerk Main Banking Awareness Quiz: 23rd August 2019

IBPS RRB PO/Clerk Main Banking Awareness Quiz

Sol. The Reserve Bank of India has imposed a collective penalty of Rs 12 crores on 8 public sector banks. The penalty has been imposed for non-compliance with certain provisions of directions issued by RBI on ‘Code of Conduct for Opening and Operating Current Accounts. Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been imposed with a penalty of Rs 1.5 crore each.

Sol. In its 3rd Bi-monthly Monetary Policy Committee meeting, the Reserve Bank of India has reduced the policy repo rate by 35 basis points (bps). The MPC has also decided to maintain the accommodative stance of monetary policy. The reverse repo rate under the LAF stands revised to 5.15%.

Sol. The Reserve Bank of India will make available the National Electronic Funds Transfer system on a 24×7 basis from December 2019 as per the Payment System Vision 2021 document. Presently, the transfer of funds via NEFT can only be done during banks’ working hours. The facility of electronic transfer of funds is available from 8 am to 7 pm on all working days, except the second and the fourth Saturday of the month.

Sol. Mastercard announced the launch of Identity Check Express, a next-generation, mobile-first authentication solution that aims to redefine the e-commerce journey for Indian consumers. Mastercard Identity Check Express combines the latest technology, including device intelligence and behavioural biometrics, with the latest EMV 3-D Secure and FIDO authentication standards to deliver an uninterrupted mobile payment experience.

Sol. In its 3rd Bi-monthly Monetary Policy Committee meeting, the Reserve Bank of India has reduced the policy repo rate by 35 basis points (bps). RBI has also reduced the real GDP growth for 2019-20 from 7% to 6.9%.

Sol. National Electronic Funds Transfer is an electronic fund transfer system maintained by the Reserve Bank of India. Started in November 2005, the setup was established and maintained by the Institute for Development and Research in Banking Technology.

Sol. Mukesh Kumar Jain has been appointed as Managing Director & Chief Executive Officer, Oriental Bank of Commerce and assumed charge on 15th July 2017.

Sol. There is no limit – either minimum or maximum – on the amount of funds that could be transferred using NEFT. However, the maximum amount per transaction is limited to ? 50,000/- for cash-based remittances within India and also for remittances to Nepal under the Indo-Nepal Remittance Facility Scheme.

Sol. Mastercard Incorporated is an American multinational financial services corporation headquartered in the Mastercard International Global Headquarters in New York, United States.

Sol. United Bank of India is an Indian government-owned bank headquartered in Kolkata.

Sol. Private sector bank, RBL Bank and digital healthcare platform Practo have partnered to launch an industry-first co-branded health credit card. This credit card is powered by Mastercard. RBL Bank’s new credit card offers benefits like online consultations with doctors and a free health check-up.

Sol. Business-to-business payments startup EnKash has launched the country’s first corporate credit card called ‘Freedom Card’ for small and medium enterprises (SMEs).

Sol. National Payments Corporation of India has announced that Aadhaar enabled Payment System has crossed the milestone of over 200 million transactions during July 2019. The transaction count of AePS stood at 220 million in July 2019.

Sol. The Reserve Bank of India has permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments). The maximum limit for such a transaction will be Rs 2,000. While processing the first transaction in e-mandate-based recurring transaction series, additional factor authentication (AFA) validation should be performed.

Sol. Acko General Insurance, an insurtech company, has partnered with ZestMoney, a consumer lending fintech, to offer credit insurance. This insurance will help ZestMoney customers cover their monthly EMI payments during times of crisis. The headquarters of Acko General Insurance is in Mumbai.