Banking Awareness Quiz For IBPS | RBI | SBI | NABARD | LIC | 19-11-2023

 

Dear Readers,

Banking Awareness has been an important part of various competitive exams, so we are here with a series of Banking Awareness quizzes on a daily basis on our platform. Follow the quiz daily to improve your banking awareness.

Question 1 : The term "Repo Rate" is associated with:

a) Foreign exchange market

b) Real estate market

c) Interbank lending

d) Stock market

e) Gold market

Answer: c

Question 2 : What is the minimum voting age for an individual to be eligible for becoming a member of a Public Sector Bank's Board of Directors in India?

a) 18 years

b) 21 years

c) 25 years

d) 30 years

e) 35 years

Answer: e

Question 3 : Who regulates the insurance sector in India?

a) Reserve Bank of India (RBI)

b) Securities and Exchange Board of India (SEBI)

c) Insurance Regulatory and Development Authority of India (IRDAI)

d) Ministry of Finance

e) Indian Banks' Association (IBA)

Answer: c

Question 4 : What is the purpose of the SWIFT code in banking?

a) Identifying the bank branch

b) Verifying customer identity

c) Regulating interest rates

d) Facilitating international money transfers

e) Calculating credit risk

Answer: d

Question 5 : Who issues the PAN (Permanent Account Number) card in India?

a) Income Tax Department

b) Reserve Bank of India (RBI)

c) State Bank of India (SBI)

d) Ministry of Finance

e) Securities and Exchange Board of India (SEBI)

Answer: a

Question 6 : What is the purpose of the MICR (Magnetic Ink Character Recognition) code on a cheque?

a) Identifying the bank branch

b) Verifying customer identity

c) Regulating interest rates

d) Facilitating international money transfers

e) Ensuring the authenticity of the cheque

Answer: e

Question 7 : Which of the following is not a credit rating agency in India?

a) CRISIL

b) ICRA

c) CIBIL

d) SEBI

e) CARE

Answer: d

Question 8 : What is the full form of "IMPS" in the context of banking transactions?

a) Immediate Money Purchase System

b) Interbank Mobile Payment System

c) International Money Processing Service

d) Integrated Mutual Fund Platform

e) Indian Merchant Payment System

Answer: b

Question 9 : In the context of banking, what does the term "ECS" stand for?

a) Electronic Clearing System

b) Efficient Customer Service

c) Emergency Cash Support

d) External Credit Source

e) Equity and Commodity Services

Answer: a

Question 10: What is the primary function of the Small Industries Development Bank of India (SIDBI)?

a) Regulating interest rates for small industries

b) Providing insurance to small businesses

c) Promoting and financing small-scale industries

d) Managing agricultural loans

e) Facilitating international trade for small enterprises

Answer: c