Banking Quiz PDF

## Banking Quiz ### Question 1 Which act gives the right to RBI to transact Government business in India? * **Option A:** Section 20 of RBI Act * **Option B:** Section 21 of RBI Act * **Option C:** Section 22 of BR Act * **Option D:** Section 20 of BR Act * **Correct Answer:** Section 21 of RBI Ac...

## Banking Quiz ### Question 1 Which act gives the right to RBI to transact Government business in India? * **Option A:** Section 20 of RBI Act * **Option B:** Section 21 of RBI Act * **Option C:** Section 22 of BR Act * **Option D:** Section 20 of BR Act * **Correct Answer:** Section 21 of RBI Act * **Points:** 2 ### Question 2 The Monetary Policy Committee (MPC) constituted by the Central Government under which to determine the policy interest rate required to achieve the inflation target? * **Option A:** Section 42Z of RBI Act * **Option B:** Section 45ZB of RBI Act * **Option C:** Section 45A of RBI Act * **Option D:** None of the above * **Correct Answer:** Section 45ZB of RBI Act * **Points:** 2 ### Question 3 The maximum denomination of coins which can be issued is * **Option A:** Rs. 1000/- * **Option B:** Rs. 150/- * **Option C:** Rs. 500/- * **Option D:** Rs. 50/- * **Correct Answer:** Rs. 1000/- * **Points:** 2 ### Question 4 As on date how many sections are there in NI Act? * **Option A:** 147 * **Option B:** 148 * **Option C:** 139 * **Option D:** 162 * **Correct Answer:** 148 * **Points:** 2 ### Question 5 Protection to Paying Banker against forged endorsement in Bearer Cheques is available as per which section of NI Act? * **Option A:** 129 * **Option B:** 131 * **Option C:** 85 (1) * **Option D:** 85 (2) * **Correct Answer:** 85 (2) * **Points:** 2 ### Question 6 Promissory Note which is payable after a certain pre-decided period is called? * **Option A:** Demand Promissory Note * **Option B:** Usance Promissory Note * **Option C:** Singht Promissory Note * **Option D:** All of the above * **Correct Answer:** Usance Promissory Note * **Points:** 2 ### Question 7 As per which act, Demand Promissory Notes/ Demand Bill of Exchange/ Hundis payable to bearer can't be issued by anybody except RBI and Govt. Of India since that is as good as Currency Notes and governed by Indian Currency Act? * **Option A:** Section 21 of BR Act * **Option B:** Section 131 of RBI Act * **Option C:** Section 31 of RBI Act * **Option D:** Section 89 of RBI Act * **Correct Answer:** Section 31 of RBI Act * **Points:** 2 ### Question 8 Which of the following is not a foreign bill? * **Option A:** A bill drawn outside India on a person residing outside India and payable outside India. * **Option B:** A bill drawn outside on a person residing outside India and is payable outside India. * **Option C:** A bill drawn in India and payable outside India by a person other than an Indian resident. * **Option D:** None of the above * **Correct Answer:** None of the above * **Points:** 2 ### Question 9 What will be the due date of a bill dated 15.02.2008, payable two months after sight and accepted on 20.02.2008? * **Option A:** 18.04.2008 * **Option B:** 21.04.2008 * **Option C:** 22.04.2008 * **Option D:** 23.04.2008 * **Correct Answer:** 23.04.2008 * **Points:** 2 ### Question 10 What will be the due date of a bill dated 12.05.2010, payable three months after date and accepted on 17.05.2010? * **Option A:** 14.08.2010 * **Option B:** 15.08.2010 * **Option C:** 19.08.2010 * **Option D:** 20.08.2010 * **Correct Answer:** 19.08.2010 * **Points:** 2 ### Question 11 What is the relationship between Bank and customer when Bank purchases cheque from customer. * **Option A:** Agent and principal * **Option B:** Pawnee and pawner * **Option C:** Trustee and endorser * **Option D:** Holder for value and endorser * **Correct Answer:** Holder for value and endorser * **Points:** 2 ### Question 12 Declaration from customer not to create any further encumbrance over the securities charged in favour of Bank is termed as; * **Option A:** Reverse Mortgage * **Option B:** Negative Lien * **Option C:** Declaration of oath English mortgage * **Option D:** Negative Lien * **Correct Answer:** Negative Lien * **Points:** 2 ### Question 13 In which of the following cases Garnishee order has to be applied by Bank upon its receipt. **Table:** | Cheque deposited in the account and sent for clearing at the time of receipt of order. The order will be applicable to the cheque amount if it gets cleared | Garnishee order received in the name of A&B jointly but the account is in the name of A only. | Available Balance in Cash Credit Account (not credit balance)| None of the above | Garnishee order received in the name of A&B jointly but the account is in the name of A only. | |---|---|---|---|---| | Jointly but the account is in the name of A only | | | | | | | | | | | * **Correct Answer:** Garnishee order received in the name of A&B jointly but the account is in the name of A only. * **Points:** 2 ### Question 14 Which of the following doesn't applies both for garnishee order and Income Tax attachment order? **Table:** | Only the balance in the account at the time of order and no future credits | When the relationship between Bank and customer is Debtor also and creditor | Applies to deceased accounts also | None of the above | Only the balance in the account at the time of order and no future credits | |---|---|---|---|---| | Account of a partnership firm | | | | | | | | | | | * **Correct Answer:** Only the balance in the account at the time of order and no future credits * **Points:** 2 ### Question 15 Nomination is allowed in which of the following accounts? * **Option A:** Account of a partnership firm * **Option B:** Account operated by a minor himself * **Option C:** Account of a Proprietorship firm * **Option D:** All of the above * **Correct Answer:** Account of a proprietorship firm * **Points:** 2 ### Question 16 Hindi was accepted as the Official language of India on * **Option A:** 14.09.1949 * **Option B:** 14.09.1961 * **Option C:** 15.09.1951 * **Option D:** 14.09.1949 * **Correct Answer:** 14.09.1949 * **Points:** 2 ### Question 17 Settlement of deceased claims should be made within a period of .... from the date of receipt of application along with all required documents. * **Option A:** 7 days * **Option B:** 15 days * **Option C:** One Month * **Option D:** 60 days * **Correct Answer:** 15 days * **Points:** 2 ### Question 18 An account is operated by A, B and C jointly. Who can give the stop payment instructions to Bank on the cheques issued jointly by them? * **Option A:** A, B or C any one * **Option B:** Surviver only * **Option C:** Any two of them * **Option D:** All of the above options are correct * **Correct Answer:** All of the above options are correct * **Points:** 2 ### Question 19 Whose signature is required for premature payment of a Fixed Deposit with operating instruction either or surviver when one of the account holder gets expired? * **Option A:** Surviver only * **Option B:** Surviver along with legal heirs of the deceased customer * **Option C:** Surviver along with legal heirs of the deceased customer * **Option D:** Jointly by all with any survivor * **Correct Answer:** Surviver along with legal heirs of the deceased customer * **Points:** 2 ### Question 20 In which of the following cases, there can be more than one nominee? **Table:** | Joint locker account with operating instruction either or surviver or any one or surviver | Surviver and Nominee | Joint locker account with operating instruction jointly by all or surviver or any two or surviver | Articles in safe custody in joint names | Both B & C | Joint locker account with operating instruction jointly by all or surviver or any two or surviver | |---|---|---|---|---|---| | 10 pieces and Rs.10000/- | 20 pieces and Rs.5000/- | 20 pieces and Rs.20000/- | | | 20 pieces and Rs.5000/- | * **Correct Answer:** Joint locker account with operating instruction jointly by all or surviver or any two or surviver * **Points:** 2 ### Question 21 Soiled Notes presented in small number up to ..... pieces with a maximum value of .... per day, banks should exchange them over the counter, free of charge. * **Option A:** 10 pieces and Rs.10000/- * **Option B:** 20 pieces and Rs.5000/- * **Option C:** 20 pieces and Rs.20000/- * **Option D:** None of the above * **Correct Answer:** 20 pieces and Rs. 5000/- * **Points:** 2 ### Question 22 For cases of detection of Counterfeit Notes of .... or more pieces by Banks, in a single transaction, the Counterfeit Notes should be forwarded immediately by the Nodal Bank Officer to the local police authorities or the Nodal Police Station for investigation by filing FIR. * **Option A:** 50 * **Option B:** 500 * **Option C:** 20 * **Option D:** 100 * **Correct Answer:** 5 * **Points:** 2 ### Question 23 The banks should ensure that that cash receipts in the denominations of .... and above are not put into re-circulation without the notes being machine processed for authenticity. * **Option A:** NIL * **Option B:** 50/- per piece * **Option C:** 20 * **Option D:** 100 * **Correct Answer:** 50 * **Points:** 2 ### Question 24 What is the penalty levied by RBI to Banks for shortages in soiled note remittances and currency chest balances for notes up to denomination of Rs.50/- **Table:** | NIL | 50/- per piece in addition to the loss | 50/- per piece irrespective of the denomination | Equal to the value of the denomination per piece in addition to the loss | 50/- per piece in addition to the loss | |---|---|---|---|---| | Rs.10000/- | Rs.50000/- | | | | | * **Correct Answer:** 50/- per piece in addition to the loss * **Points:** 2 ### Question 25 Refusal by any bank branch to exchange soiled notes / refusal by any currency chest branch to adjudicate mutilated notes tendered by any member of public if detected by RBI Officials will attract a penalty of Rs . .... at first instance. * **Option A:** Rs. 10000/- * **Option B:** Rs. 50000/- * **Option C:** Rs. 500000/- * **Option D:** Rs. 5000/- * **Correct Answer:** Rs. 10000/- * **Points:** 2 ### Question 26 As per KYC Norms, where the customer is a partnership firm, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person, has/have ownership of/entitlement to more than .... per cent of capital or profits of the partnership. * **Option A:** 25 * **Option B:** 20 * **Option C:** 15 * **Option D:** 26 * **Correct Answer:** 15 * **Points:** 2 ### Question 27 As per KYC guidelines, utility bills like electricity / telephone bill which is not more than ..... months oldcan be accepted as proof of address. * **Option A:** 1 Month * **Option B:** 2 months * **Option C:** 3 months * **Option D:** 6 months * **Correct Answer:** 2 months * **Points:** 2 ### Question 28 In case of accounts opened using OTP based e-KYC, in non-face-to-face mode, the aggregate of all credits in a financial year, in all the deposit accounts taken together, shall not exceed rupees ..... * **Option A:** Rs. 50000/- * **Option B:** Rs. 100000/- * **Option C:** Rs. 200000/- * **Option D:** Rs. 1000000/- * **Correct Answer:** Rs. 200000/- * **Points:** 2 ### Question 29 A small account shall remain operational initially for a period of ..... * **Option A:** 24 Months * **Option B:** 12 Months * **Option C:** 6 Months * **Option D:** No such limit * **Correct Answer:** 12 Months * **Points:** 2 ### Question 30 In case of NRO Accounts opened for foreign students without obtaining local address proof, foreign remittances not exceeding USD .... or equivalent into the account till pending verification of address is permissible up to 30 days. * **Option A:** 1000 * **Option B:** 50000 * **Option C:** 2000 * **Option D:** 3000 * **Correct Answer:** 1000 * **Points:** 2 ### Question 31 Banks shall, at their option, collect third party account payee cheques drawn for an amount not exceeding .... to the account of their customers who are co-operative credit societies, provided the payees of such cheques are the constituents of such co-operative credit societies. * **Option A:** Rs. 10000/- * **Option B:** Rs. 25000/- * **Option C:** Rs. 100000/- * **Option D:** Rs. 50000/- * **Correct Answer:** Rs. 50000/- * **Points:** 2 ### Question 32 Cases of cash shortage more than ..../- if detected by management/auditor/inspecting officer and not reported on the day of occurrence by the persons handling cash shall be reported as fraud. * **Option A:** Rs. 10000/- * **Option B:** Rs .5000/- * **Option C:** Rs. 20000/- * **Option D:** None of the above * **Correct Answer:** Rs. 5000/- * **Points:** 2 ### Question 33 Banks should report all frauds of .... and above to their Boards promptly on their detection. * **Option A:** Rs. 1.00 Crore * **Option B:** Rs. 10.00 Lakhs * **Option C:** Rs. 1.00 Lakh * **Option D:** Rs. 50.00 Lakhs * **Correct Answer:** Rs. 1.00 Crore * **Points:** 2 ### Question 34 Public Sector Banks should lodge complaints with whome for frauds of Rs.3.00 crores and above and up to Rs.25.00 Crores comitted by other than Banks staff? * **Option A:** State Police * **Option B:** Anti Corruption Branch of CBI * **Option C:** Economic Offences Wing of CBI * **Option D:** Banking Security and Fraud Cell (BSFC) Of CBI * **Correct Answer:** Economic Offences Wing of CBI * **Points:** 2 ### Question 35 Inorder to prevent cheque related frauds, all cheques beyond Rs .... should be examined under UV Lamp before making payment or presenting in clearing. * **Option A:** Rs. 1.00 Lakh * **Option B:** Rs. 2.00 Lakhs * **Option C:** Rs. 5.00 Lakhs * **Option D:** Rs. 10.00 Lakhs * **Correct Answer:** Rs. 2.00 Lakhs * **Points:** 2 ### Question 36 A customer can approach Banking Ombudseman within a period of .... if no reply is received within one month of making complaint with Bank or the reply is not satisfactory. * **Option A:** 1 Year * **Option B:** 2 Years * **Option C:** 6 Months * **Option D:** 1 Month * **Correct Answer:** 1 Year * **Points:** 2 ### Question 37 What is the maximum award by the Banking Ombudseman? * **Option A:** Rs. 2.00 Lakh * **Option B:** Rs. 1.00 Lakh * **Option C:** Rs. 2.00 Lakhs * **Option D:** Rs. 20.00 Lakh * **Correct Answer:** Rs. 20.00 Lakh * **Points:** 2 ### Question 38 What is the maximum insurance coverage for customers deposits in a Bank under DICGC? * **Option A:** Rs. 1.00 Lakh * **Option B:** Rs. 1.00 Lakh * **Option C:** Rs. 100/- and Rs. 100/- * **Option D:** None of the above * **Correct Answer:** Rs. 5.00 Lakhs * **Points:** 2 ### Question 39 PPF Account shall be opened with a minimum deposit of Rs. .... and thereafter in multiple of Rs. .... up to a maximum of Rs.1,50,000/- in a year. * **Option A:** Rs. 100/- and Rs. 500/- * **Option B:** Rs. 500 and Rs. 50/- * **Option C:** Rs. 100/- and Rs. 100/- * **Option D:** None of the above * **Correct Answer:** Rs. 500 and Rs. 50/- * **Points:** 2 ### Question 40 Retired personal of Defence Services (Excluding civilians) may open Senior Citizens Deposit Scheme account on attaining age of .... * **Option A:** 35 Years * **Option B:** 55 Years * **Option C:** 60 Years * **Option D:** 50 Years * **Correct Answer:** 50 Years * **Points:** 2 ### Question 41 What is the period of maturity of Sr. Citizens Deposit Scheme account? * **Option A:** 5 Years * **Option B:**3 Years * **Option C:** 15 Years * **Option D:** 10 Years * **Correct Answer:** 5 Years * **Points:** 2 ### Question 42 Which of the following is not correct with respect to Soverign Gold Bond? **Table:** | Subscriber should be resident in india excluding trusts | Maximum investment limit is 20 kg for institutions per calender year | Interest and capital gains are tax free | All of the above | All of the above | |---|---|---|---|---| | | | | | | * **Correct Answer:** All of the above * **Points:** 2 ### Question 43 The payments bank shall be required to maintain a minimum capital adequacy ratio of .... per cent of its risk weighted assets (RWA). * **Option A:** 10 * **Option B:** 15 * **Option C:** 9 * **Option D:** 12 * **Correct Answer:** 15 * **Points:** 2 ### Question 44 Where is the Head Quarter of AU Small Finance Bank? * **Option A:** Mangalore * **Option B:** Chennai * **Option C:** Mumbai * **Option D:** Jaipur * **Correct Answer:** Jaipur * **Points:** 2 ### Question 45 What is the FDI limit in Pvt. Sector Banks in India under Automatic route? * **Option A:** 74 percent * **Option B:** 60 percent * **Option C:** 24 percent * **Option D:** 100 percent * **Correct Answer:** 74 percent * **Points:** 2 ### Question 46 In case of unauthorised digital transactions due to third party breach where the deficiency lies neither with the bank nor with the customer but lies elsewhere in the system, the customer should not incurr any loss if he/she notifies the bank within a maximum period of .... of receiving the communication from the bank regarding the unauthorised transaction. * **Option A:** Seven Working Days * **Option B:** Seven days * **Option C:** Three days * **Option D:** Three working days * **Correct Answer:** Three working days * **Points:** 2 ### Question 47 Under the Consumer Protection Act 2019, State Council has the jurisdiction to handle complaints where the value of the goods or services paid as consideration are; **Table:** | More than Rs.1.00 crore and up to Rs.20.00 crore. | More than Rs.20.00 Lakhs and up to Rs.1.00 crore. | More than Rs.1.00 crore and up to Rs.10.00 crore. | More than Rs.10.00 crore and up to Rs.50.00 crore | More than Rs. 1.00 crore and up to Rs. 10.00 crore. | |---|---|---|---|---| | | | | | | * **Correct Answer:** More than Rs.1.00 crore and up to Rs.10.00 crore. * **Points:** 2 ### Question 48 What is the present RBI Marginal Standing Facility Rate? * **Option A:** 4.00 percent * **Option B:** 4.25 percent * **Option C:** 3.75 percent * **Option D:** 3.35 percent * **Correct Answer:** 4.25 percent * **Points:** 2 ### Question 49 What is the present Policy rate corrider gap? * **Option A:** 0.50 percent * **Option B:** 0.35 percent * **Option C:** None of the above * **Option D:** 0.65 percent * **Correct Answer:** 0.65 percent * **Points:** 2 ### Question 50 The draft scheme of amalgamation of Banks shall be approved by the shareholders of each banking company by a resolution passed by a majority in number representing two-thirds in value of the shareholders according to which act? * **Option A:** Section 242 of Companies Act 2013 * **Option B:** The Banking Regulation Act, 1949 * **Option C:** Section 44A of the Banking Regulation Act, 1949 * **Option D:** Section 36 AAA of the Banking Regulation Act, 1949 * **Correct Answer:** Section 44A of the Banking Regulation Act, 1949 * **Points:** 2 ### NP * **3** * **1** * **6** * **3**