Banking Awareness Test Set 4

ANSWER: Bank of Hindustan

Explanation:
Bank of Hindustan was established in 1770.

ANSWER: Shanghai

Explanation:
The New Development Bank is multilateral development bank. It is operated by BRICS states (Brazil, Russia, India, China and South Africa).

ANSWER: 4

Explanation:
The general superintendence and direction of the RBI is entrusted with the 21-member Central Board of Directors. They are the Governor, 4 Deputy Governors, 2 Finance Ministry representatives, 10 government-nominated directors, and 4 directors to represent local boards headquartered at Mumbai. Kolkata, Chennai and New Delhi.

ANSWER: Money Transfer Service Scheme

Explanation:
Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India.

ANSWER: 11

Explanation:
The Indian Financial System Code (IFSC) is a 11 character code for identifying the bank and branch which holds the account. The IFSC code is used by the NEFT, RTGS and IMPS finance transfer systems.

ANSWER: Underwriting

Explanation:
Underwriting is provided by a bank, insurer or investment house.

ANSWER: Net Demand & Time Liabilities

Explanation:
The Cash Reserve Ratio of scheduled banks is fixed at a certain percentage of their NDTL.

ANSWER: Standard Chartered Bank

Explanation:
Standard Chartered Bank have been operating in India since 1858.

ANSWER: Syndicate Bank

Explanation:
The bank was known as Canara Industrial and Banking Syndicate Limited at the time of establishment.

ANSWER: April 5, 2006

Explanation:
The Reserve Bank of India (RBI) notified the draft regulations relating to the Credit Information Companies (Regulation) Act, 2005 on April 5, 2006. Among the major features of the regulations is the inclusion of stock brokers and telecommunication companies in the category of 'specified users' of services of credit information companies. It is expected that there will be a boost to the development of credit, based on a more reliable information base, once the regulations are finalised.

ANSWER: 1999

Explanation:
The Insurance Regulatory and Development Authority (IRDA) was set up as an autonomous body under the IRDA Act, 1999.

ANSWER: Bad debts

Explanation:
The bad debts associated with accounts receivable is reported on the income statement as Bad Debts Expense or Uncollectible Accounts Expense.

ANSWER: Utility services provided by banks

Explanation:
Para Banking activities that a bank normally involves are Global Debit Card, Global Credit Card, Bancassurance, Life insurance products, Non life insurance products, cash management.

ANSWER: RBI does not regulate the flow of credit

Explanation:
The Reserve Bank of India, as the central bank of the country, regulates the flow of credit.

ANSWER: Service sector

Explanation:
No explanation is available for this question!

ANSWER: Ineligible to endorse to a person other than the payee

Explanation:
Crossing ensures security to the holder of the cheque.

ANSWER: 1920

Explanation:
The Land Development Banks grant medium term loan for Land Development against the mortgage of lands. In some states these banks are known as Land Mortgage Banks. Land Mortgage Bank provides long term credit against the security of mortgage of land for a period of 5 to 20 years. The main objective of Land Development Bank is providing investment credit for agriculture.

ANSWER: Society for Worldwide Interbank Financial Telecommunication

Explanation:
The Society for Worldwide Interbank Financial Telecommunication provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.

ANSWER: The currency backed by Government Guarantee

Explanation:
A fiat-money currency generally loses value once the issuing government or central bank either loses the ability to or refuses to further guarantee its value.

ANSWER: No frill account

Explanation:
No explanation is available for this question!

ANSWER: FDCPA

Explanation:
The Fair Debt Collection Practices Act (FDCPA) was approved on September 20, 1977.

ANSWER: NCUA

Explanation:
NCUA stands for National Credit Union Administration.

ANSWER: Punjab National Bank

Explanation:
It was founded in 1894.

ANSWER: C. D. Deshmukh

Explanation:
Sir Chintaman Dwarakanath Deshmukh was the first Indian to be appointed as the Governor of the Reserve Bank of India in 1943 by the British Raj authorities.

ANSWER: Australia

Explanation:
The Reserve Bank of Australia released the world's first long lasting and counterfeit resistant polymer (plastic) banknotes in 1988.

ANSWER: RBI Governor

Explanation:
The Reserve Bank derives its role in currency management from the Reserve Bank of India Act, 1934.

ANSWER: ICICI Bank

Explanation:
It is a savings account that can be opened and operated by minors above 10 years of age.

ANSWER: Double-dip Recession

Explanation:
A "double-dip recession" is also referred to as a "W-shaped" recession.

ANSWER: HSBC

Explanation:
Hongkong and Shanghai Banking Corporation introduced ATM in 1987.

ANSWER: Swadeshi movement

Explanation:
Swadeshi movement encouraged the formation of a number of commercial banks.

ANSWER: 25000

Explanation:
The limit of reduction of health insurance premium was enhanced from Rs 15,000 to Rs 25,000. For senior citizens. This limit has been increased from Rs 20,000 to Rs 30,000.

ANSWER: 1600

Explanation:
The transport allowance for salaried, which currently stands at Rs 800 per month was increased to Rs 1,600 per month.

ANSWER: No Change

Explanation:
However government proposed to levy a surcharge at the rate of 12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding Rs 1 Crore.

ANSWER: 8-8.5%

Explanation:
No explanation is available for this question!

ANSWER: 2022

Explanation:
The year 2022 will be celebrated as the Amrut Mahotsav as it would be the occasion of 75th year of India's Independence.