GK Trick

Banking Awareness for IBPS Clerical and PO Exams

1. Currency notes deposited in the currency chest are the property of ____?
a) Respective bank
b) RBI
c) SBI
d) Government of India
e) Respective state Government

2. A fixed deposit receipt is kept with the bank for its safety, is known as ___?
a) Safe custody
b) Safe deposit
c) Locker
d) Valid safe deposit
e) None of the above

3. Who among the following is the primary regulator of Banking business?
a) Reserve Bank of India
b) Central Government
c) State Government
d) Parliament
e) a and b both the above

4. The main business of banks is to accept deposits from the public. However, a bank can refuse to permit opening an account on behalf of _______:
a) Undesirable persons
b) Artificial persons
c) Arrested persons
d) Convicted persons
e) All of the above

5. Banks are required to monitor transactions of suspicious nature for reporting to the authorities under anti- money laundering measures. The purpose of reporting is:
a) Combating finance of terrorism
b) To check hawala transactions
c) To check the inflow of crime money
d) To check inflow of the money earned out of sale of narcotics
e) All the above

6. Acceptance of deposits by non - banking financial companies is regulated by RBI under:
a) Non - banking financial companies acceptance of public deposits (Revenue Bank) directions 1998
b) Non - banking financial companies acceptance of government deposits (Revenue Bank) directions, 1998
c) Non - banking financial companies acceptance of public deposits (Revenue Bank) directions, 1998
d) Non- banking financial companies acceptance of deposits money lenders (Revenue
Bank) directions, 1998
e) None of the above

7. If a company, which is not a non - banking financial company wants to collect public deposits, it is governed by ___ Act:
a) RBI Act 1934
b) Banking companies Act
c) Companies Act 1956
d) Central Government
e) None of the above

8. Companies whose main business is not financing or lending are permitted to accept deposits under section 45(s) of RBI Act only from:
a) Public
b) Relatives in the from of loans
c) Friends
d) All of the above
e) None

9. Every Banking company is required to use the word Bank in its name and no company other than a Banking company can use the words Bank, Banker or Banking as a part of its name as per:
a) Section 7 of Banking Regulation Act
b) Section 7 of RBI Act
c) Section 7 of SEBI Act
d) Section 7 of Nationalization Act
e) None of the above

10. In India, it is necessary to have license from the RBI for opening a new branch. This is a requirement under ____ Act
a) Section 22 of banking Regulation Act
b) Section 22 of RBI Act
c) Section 22 of NABARD
d) KYC Guidelines by RBI
e) a and b above









Solutions

1.B
2.A
3.A
4.A
5.E
6.A
7.C
8.B
9.A
10.A







5 Banking and SSC : Banking Awareness for IBPS Clerical and PO Exams 1. Currency notes deposited in the currency chest are the property of ____? a) Respective bank b) RBI c) SBI d) Government of India e)...

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