Basic Banking Awareness 100 MCQs

If you ally craving such a referred banking awareness mcq book that will have the … Basic/Banking awareness is a part 100 random MCQs

1.What were the correct locations of three presidency banks during British India?

[A] Calcutta, Madras, Bombay
[B] Surat, Calcutta, Madras
[C] Surat, Madras, Bombay
[D] Bombay, Calcutta, Surat

 

Correct Answer: A [ Calcutta, Madras, Bombay ]

Notes:
British East India Company had set up various factories or trading posts in India with the permission of the local Mughal emperors. In this process, they had established three presidency towns viz. Madras in 1640, Bombay in 1687 and Bengal Presidency in 1690.

2.Which of the following was first bank managed by Indians?

[A] Bank of Baroda
[B] Bank of India
[C] Punjab National Bank
[D] Central Bank of India

 

Correct Answer: C [ Punjab National Bank ]

Notes:
The first bank purely managed by Indians was Punjab National Bank, established in Lahore in 1895. The Punjab national Bank has not only survived till date but also is one of the largest banks in India.

3.The UIDAI data centre is located at which of the following places?

[A] Manesar
[B] Uri
[C] Jhabua
[D] Patiala

 

Correct Answer: A [Manesar]

Notes:
The UIDAI data centre is located at the Industrial Model Township (IMT), Manesar, Haryana. It was inaugurated by the then Chief Minister of Haryana Bhupinder Singh Hooda on 7 January 2013. Aadhaar data is kept in about 7,000 servers in Bengaluru and Manesar.

4.KYC guidelines have been issued under which section of Banking Regulation ACT 1949?

[A] Section 35 A
[B] Section 45
[C] SECTION 36 A
[D] Section 123 B

 

Correct Answer: A [Section 35 A]

Notes:
KYC guidelines were issued under Section 35 A of the Banking Regulation Act, 1949.These were introduced in year 2002 by RBI and all banks were asked to make all accounts KYC compliant by 31 December 2005.Banks are also required to periodically update their customers’ KYC details.

5.What was the name of the first person in India who was given an Aadhaar Identity number?

[A] Sonia Gandhi
[B] Nandan Nilekani
[C] Ranjana Sonawane
[D] Atul Bhushan Pandey

 

Correct Answer: C [Ranjana Sonawane]

Notes:
Ranjana Sonawne has become the first Indian to get an Aadhaar identity number. The number allotted to her was 782474317884. She is from Tembhli village in the state of Maharashtra.She got her Unique Identitification on september 28, 2010.

6.Which of the following correctly define India’s Foreign Exchange rate system?

[A] Fixed
[B] Free float
[C] Managed float
[D] Fixed target of band

 

Correct Answer: C [Managed float]

Notes:
In India, the exchange rate system is managed floating from 1994 onwards and hence the relevant currency movements are appreciation and depreciation. Managed float regime is the environment in which exchange rates fluctuate from day to day.

7.Who manages the Foreign Exchange control in India?

[A] RBI
[B] SEBI
[C] NABARD
[D] Central Government

 

Correct Answer: A [RBI]

Notes:
RBI i.e. Reserve Bank of India has an important role in regulating & managing Foreign Exchange of the country. It manages forex and gold reserves of the nation. The RBI’s Financial Markets Department (FMD) participates in the foreign exchange market by undertaking sales / purchases of foreign currency.

8.Foreign Exchange is also called as which of the following?

[A] Domestic Monetary Unit
[B] Foreign Monetary Unit
[C] International Monetary Unit
[D] None of the Above

 

Correct Answer: B [Foreign Monetary Unit]

Notes:
In any Economy there are two types of Monetary Units: 1.Domestic Monetary Unit 2.Foreign Monetary Unit The Foreign Monetary Unit is also called as Foreign Exchange.

9.Any act of interference by a Central Bank like the RBI in influencing the exchange rate is referred to as which of the following in India?

[A] Dirty Floats
[B] Managed Floats
[C] Fixed Floats
[D] Market Stabilization Floats

 

Correct Answer: B [Managed Floats]

Notes:
Any act of interference by a Central Bank like the RBI in influencing the exchange rate is called as ‘dirty floats’. But in India it is referred to as ‘Managed floats’.

10.Who is the current head of Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) ?

[A] Praveen Kumar Sharma
[B] Naveen Kumar Sharma
[C] Laxmi Niwas Mittal
[D] Nandan Nilekani

 

Correct Answer: A [Praveen Kumar Sharma]

Notes:
CERSAI is a central online security interest registry of India. It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks. It was founded on march 11,2011 and is headed by Praveen Kumar Sharma.

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