Exercise Quiz & Test -4

1. NEFT(National Electronic Fund Transfer) is used for electronic transfer of funds between two bank accounts. Which of the following is not mandatory for a NEFT transaction?
1)IFSC code
2)MICR code
3)Funds recipient’s Bank account number
4)Funds recipient’s Bank account name

View Answer
Answer – 2)MICR code
Explanation :
MICR(Magnetic Ink Character Recognition) is used in banking sector to ease the processing and clearance of cheques and other documents.

2. The recent Gold scheme will offer option to resident Indians to deposit gold and earn an interest of ……….percent.

View Answer
Answer – 2)2.5
Explanation :
PM has launched 3 gold schemes(Gold Monetization Scheme, Gold sovereign Bond, Bullion Scheme) and national gold coin. India has surpassed China as world’s largest gold consumer.

3. RBI has imposed Rs. 1 crore penalty on which bank?
1)Bank of Baroda
2)Bank of India
3)Dhanalakshmi Bank
4)None of these

View Answer
Answer – 3)Dhanalakshmi Bank
Explanation :
The penalty has been imposed for the violation of KYC  norms and AML(anti money laundering) standards.

4. Why can’t any country print the money instead of borrowing it?
1)Cause inflation
2)Decrease economic output
3)Both A and B
4)None of these

View Answer
Answer – 3)Both A and B
Explanation :
If the government doubled the money supply the shopkeeper would still have the same vegetables,fruits etc but you and we have more money so demand will increase firms would push up prices and   will cause inflation and decrease economic output.

5.Who is the Corporation Bank chairman and MD?
1)Amit chowdhary
2)S R Bansal
3)Mohan Kumar
4)None of these

View Answer
Answer – 2)S R Bansal
Explanation :
Recently corporation bank has written off a Rs.532 crore loan given to REI Agro(Basmati rice exporter) and CBI had registered case against them. UCO bank alleged that company had defrauded them to extent of Rs.3815 crore since 2013 through cheating.

6. IFMR capital, Asian Development Bank(ADB) and ………. Signed a partial guarantee programme to provide local currency financing to Microfinance Institutions(MFI)
1)YES Bank
2)IndusInd Bank
3)Axis Bank
4)ICICI Bank

View Answer
Answer – 2)IndusInd Bank
Explanation :
ADB and IFMR capital will cover default risk of selected MFIs. IndusInd bank will be local currency lender with USD20 million of guaranteed limits.

7. Recently, RBI has allowed ……. to subscribe to the National Pension System(NPS).
2)Foreign residents
3)Both A and B
4)None of these

View Answer
Answer – 1)NRIs
Explanation :
NRIs would subscribe through normal Banking channels and the amounts shall be paid by inward remittances. No restriction on the repatriation of the annuity/accumulated savings.

8. HDFC ranked ………. globally among 250 banks as the safest bank in the world.

View Answer
Answer – 3)27
Explanation : AXIS bank(71), ICICI(85), SBI(201)

9. RBI recently signed MOU with which country for exchange of supervisory information.

View Answer
Answer – 4)Bangladesh
Explanation : With this RBI has signed 30 such Memorandum of understandings.

10. Which bank is among the scrutiny of SEBI and stock exchanges in the alleged Forex based Black money case.
2)Bank of Baroda
3)AXIS bank
4)None of these

View Answer
Answer – 2)Bank of Baroda
Explanation :
Bank Of Baroda and Oriental bank of commerce are among those facing the scrutiny. The matter relates to alleged illegal money transfers over several years to HONG KONG and other countries.