Banking Awareness Quiz (Set - 1)

Dear Aspirants. 

Welcome to Online Banking Awareness Quiz. Here we are covering some important Banking Awareness Questions. Do study this banking quiz thoroughly as it may prove to be helpful in upcoming exams.

1. On the recommendation of which committee was NABARD established?
a) Shivraman
b) Rangarajan
c) Malegam
d) Vijay Kelkar

2. ‘Swabhiman’, the financial inclusion scheme, comes under the purview of which ministry?
a) Ministry of Commerce
b) Ministry of Home Affairs
c) Ministry of Finance
d) Ministry of External Affairs

3. RBI was established on ___________.
a) April 1, 1925
b) April 1, 1935
c) April 1, 1945
d) April 1, 1955

4. The one-rupee note bears the signature of____________.
a) RBI Governor
b) Deputy Governor
c) Finance Secretary
d) Finance Minister

5. Which among the following does the RBI not decide?
a) CAR
b) CRR
c) Base Rate
d) Bank Rate

6. What does ‘T’ in RTGS stand for?
a) Transaction
b) Transfer
c) Tax
d) Time

7. In banking, IFSC code stands for_________________.
a) International Format System Code
b) Indian Function System Code
c) International Forex System Code
d) Indian Financial System Code

8. If a customer does not get a satisfactory response to his grievance from the bank within _____ days, then he can approach the Banking Ombudsman.
a) 60
b) 90
c) 30
d) 15

9. Which of the following organizations is the Mutual Fund Market regulator?

10. Which of the following statements is incorrect regarding RTGS system?
a) The transactions take place in real time
b) The system operates on DNS (Deferred Net Settlement) basis
c) The minimum amount that can be remitted is Rs. 2 lakh
d) Service charges for RTGS transactions vary from one bank to another

1. (a) NABARD (National Bank for Agriculture and Rural Development) was established in 1982 on the recommendation of Shivraman Committee.

2. (c) Ministry of Finance.

3. (b) RBI was established on 1st of April 1935.

4. (c) Finance secretary.

5. (c) Base rate is decided by commercial banks, not the RBI.

6. (d) RTGS-Real Time Gross Settlement system is a funds transfer systems where transfer of money or securities takes place from one bank to another on a “real time”. (Real time means within fraction of seconds.)

7. (d) Indian Financial System Code.

8. (c) 30 days.

9. (b) SEBI is also known as Capital regulator or Mutual funds regulator or Market regulator. SEBI is also created investors protection fund and SEBI is the only organization which regulate the credit rating agencies in India such as CRISIL and CIBIL.

10. (b) NEFT-National Electronic Fund Transfer. This is a method used for transferring funds across banks in a secure manner. It usually takes 1-2 working days for the transfer to happen. NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. RTGS does not works on DNS.