By admin 28 January 2022 , , , , , ,

Excellent Banking GK Quiz by Best Online Coaching for IBPS

With the aim of aiding IBPS, SBI and RBI exam aspirants in cracking Banking GK Questions, Vidya Guru Faculty members have prepared the Quiz you will attempt today. It’s based on some important banking concepts and the latest developments to have taken place in India’s financial sector. As a student who is looking forward to a career as a Bank Probationary Officer or Clerk, you must attempt this Quiz with 100% focus and assimilate the information given.

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Question 1) Which of the following Payments Banks received ‘Scheduled Bank’ status from RBI recently?
A) Airtel Payments Bank
B) NSDL Payments Bank
C) Jio Payments Bank
D) Fino Payments Bank
E) India Post Payments Bank
Answer – A) Airtel Payments Bank
Explanation:
Airtel Payments Bank received ‘Scheduled Bank’ status from RBI recently.

Question 2) As per the framework related to small value digital payments in offline mode released by RBI, the upper limit of an offline payment transaction was fixed at _______, with a cumulative limit of Rs 2,000 at any point of time.
A) Rs. 100
B) Rs. 200
C) Rs. 500
D) Rs. 1000
E) None of these
Answer – B) Rs. 200
Explanation:
As per the framework related to small value digital payments in offline mode released by RBI, the upper limit of an offline payment transaction was fixed at Rs. 200 with a cumulative limit of Rs. 2,000 at any point of time.

Question 3) Which of the following banks has won the UiPath Automation Excellence Awards 2021 for Best Automation under Crisis for Business continuity?
A) Kotak Bank
B) South Indian Bank
C) IndusInd Bank
D) Union Bank of India(UBI)
E) ICICI Bank
Answer – B) South Indian Bank
Explanation:
South Indian Bank recently won the 2021 UiPath Automation Excellence Award for the Best Automation under Crisis for Business continuity.

Question 4) Which of the following banks appointed cricketer Shafali Verma as its brand endorser?
A) Kotak Bank
B) Bank Of Baroda (BOB)
C) IndusInd Bank
D) Union Bank of India (UBI)
E) ICICI Bank
Answer – B) Bank Of Baroda (BOB)
Explanation:
Bank Of Baroda(BOB) appointed Indian’s Women cricketer Shafali Verma as its brand endorser.

Question 5) Who among the following were appointed as the new Executive Directors of RBI?
A) Deepak Kumar and Atanu Kumar Das
B) Ajay Kumar Choudhary and Swarup Dasgupta
C) Deepak Kumar and Ajay Kumar Choudhary
D) Ajay Kumar Choudhary and Atanu Kumar Das
E) None of these
Answer – C) Deepak Kumar and Ajay Kumar Choudhary
Explanation:
Deepak Kumar and Ajay Kumar Choudhary have been appointed as new Executive Directors of RBI with effect from 3rd January, 2022.

Question 6) Which of the following has introduced a functionality called ‘Unified Presentment Management System’ (UPMS)?
A) RBI
B) GOI
C) Freecharge
D) Mobikwik
E) NBBL
Answer – E) NBBL
Explanation:
NPCI Bharat BillPay Ltd. (NBBL), which is a fully-owned subsidiary of National Payments Corporation of India (NPCI), has launched a functionality called ‘Unified Presentment Management System’ (UPMS).

Question 7) RBI has cancelled the Certificate of Authorization (CoA) of ____ Payment System Operators (PSOs).
A) 1
B) 2
C) 3
D) 4
E) 5
Answer – B) 2
Explanation:
The Reserve Bank of India has annulled the Certificate of Authorization (CoA) of two Payment System Operators (PSOs): Muthoot Vehicle and Asset Finance Limited and Eko India Financial Services Private Limited.

Question 8) Which of the following banks continue to be identified as Domestic Systemically Important Banks (D-SIBs)?
A) SBI
B) ICICI Bank
C) HDFC Bank
D) All of these
E) None of these
Answer – D) All of these
Explanation:
RBI has released the list of Domestic Systemically Important Banks (D-SIBs) for 2021. ICICI Bank, SBI and HDFC Bank continue to be Domestic Systemically Important Banks (D-SIBs) as per RBI.

Question 9) RBI recently appointed an Advisory Committee in order to advise the Administrator of ______
A) Tata Capital Financial Services Limited
B) Reliance Capital
C) LIC Housing Finance Ltd.
D) Cholamandalam Investment & Finance Co. Ltd.
E) Housing Development Finance Corporation Ltd. (HDFC)
Answer – B) Reliance Capital
Explanation: RBI has superseded the board of directors of Reliance Capital Lmited. It has also appointed Mr. Nageswara Rao Y, the ex-Executive Director of Bank of Maharashtra, as the Administrator.
Reserve Bank of India has constituted a 3-member Advisory Committee for assisting the Administrator in discharge of his duties. This Advisory Committee constitutes the following members:
Mr. Sanjeev Nautiyal, the ex-DMD of State Bank of India
Mr. Srinivasan Varadarajan, the ex-DMD of Axis Bank
Mr. Praveen P Kadle, the ex-MD & CEO of Tata Capital Limited

Question 10) The Reserve Bank of India (RBI) has imposed a monetary penalty on the ____ Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment & Settlement Systems Act, 2007 (PSS Act).
A) 1
B) 2
C) 3
D) 4
E) 5
Answer – B) 2
Explanation:
Reserve Bank of India has levied a monetary penalty on the following 2 Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment & Settlement Systems Act, 2007 (PSS Act). They are:
One Mobikwik Systems Private Limited
Spice Money Limited

Question 11) All the RBI issued bank notes are backed by assets like Govt. Securities, Foreign Currency Assets and Gold, as defined in ________ of RBI Act, 1934.
A) Section 35
B) Section 33
C) Section 32
D) Section 31
E) Section 30
Answer – B) Section 33
Explanation:
All the RBI issued bank notes are backed by assets such as Govt. Securities, Gold and Foreign Currency Assets, as defined in Section 33 of RBI Act, 1934.

Question 12) The paper that is currently being used for printing of bank notes in India is made of ______ cotton.
A) 50%
B) 30%
C) 20%
D) 40%
E) 100%
Answer – E) 100%
Explanation:
The paper that is currently being used for printing of bank notes in India is made of 100% cotton.

Question 13) The highest denomination note ever printed by the RBI was ______
A) ₹ 5000
B) ₹ 10000
C) ₹ 25000
D) ₹ 20000
E) None of these
Answer – B) ₹ 10000
Explanation:
The highest denomination note ever printed by the RBI was the ₹10000 note in 1938 which was demonetized in January 1946. The ₹10000 was again introduced in 1954 and demonetized in 1978.

Question 14) As per ______ of the Reserve Bank of India Act, 1934, the Bank is liable to pay the value of banknote.
A) Section 25
B) Section 23
C) Section 22
D) Section 26
E) Section 20
Answer – D) Section 26
Explanation:
As per Section 26 of the Reserve Bank of India Act, 1934, the Bank is liable to pay the value of banknote.

Question 15) As per ______ of the Reserve Bank of India Act, 1934, RBI has the sole right to issue banknotes in India.
A) Section 25
B) Section 23
C) Section 22
D) Section 26
E) Section 20
Answer – C) Section 22
Explanation:
As per Section 22 of the Reserve Bank of India Act, 1934, RBI has the sole right to issue banknotes in India.

Question 16) Which of the following sections of Reserve Bank of India Act, 1934 states that the design, form and material of bank notes?
A) Section 25
B) Section 23
C) Section 22
D) Section 26
E) Section 20
Answer – A) Section 25
Explanation:
As per Section 25 of the Reserve Bank of India Act, 1934, the design, form & material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board of RBI.

Question 17) Which of the following is responsible for the designing and minting of coins in various denominations as per the Coinage Act, 2011?
A) GOI
B) SPMCIL
C) BRBNMPL
D) RBI
E) None of these
Answer – A) GOI
Explanation:
The Government of India is responsible for the designing and minting of coins in various denominations as per the Coinage Act, 2011.

Question 18) A note which has become dirty due to usage and also includes a two piece note pasted together wherein both the pieces presented belong to the same note, and form the entire note is known as ___________
A) Forged note
B) Soiled note
C) Mutilated banknote
D) Imperfect banknote
E) None of these
Answer – B) Soiled note
Explanation:
A “soiled note” is a note that has become dirty due to usage and also includes a 2 piece note pasted together wherein both the pieces presented belong to the same note, and form the entire note.

Question 19) ______ is a banknote, of which a portion is missing or which is composed of more than two pieces.
A) Forged note
B) Soiled note
C) Mutilated banknote
D) Imperfect banknote
E) None of these
Answer – C) Mutilated banknote
Explanation:
A “mutilated bank note” means a bank note, in which a portion is missing or which is composed of more than 2 pieces.

Question 20) Any bank note, which is partially or wholly obliterated, washed, shrunk, altered or indecipherable but does not include a mutilated banknote is known as ________
A) Forged note
B) Soiled note
C) Counterfeit banknote
D) Imperfect banknote
E) None of these
Answer – D) Imperfect banknote
Explanation:
An “imperfect bank note” means a bank note, which is partially or wholly obliterated, shrunk, altered, washed, or indecipherable but doesn’t include a mutilated banknote.

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Summary
This Banking Awareness quiz has been designed keeping the latest pattern of PO & Clerk examinations conducted by IBPS and SBI. In fact, these questions are relevant for LIC, NICL, and SEBI exams as well. Finally, pls. note that our student support team can be reached at: 9650549487 / 9650549587.