1) Which of the following is/are true?
1) Current bank interest rates change quickly as per changes in repo rate.
2) Marginal Cost of Funds based Lending Rate are less responsive to the RBI policy rates.
a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2
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Answer
Explanation
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ANSWER: Neither 1 nor 2
Explanation:
- The Reserve Bank of India has brought a new methodology of setting lending rate by commercial banks under the name Marginal Cost of Funds based Lending Rate (MCLR). It will modify the existing base rate system from April 2016 onwards.
- The present benchmark for lending rates is not responsive to rate reduction by RBI.
- With MCLR, the component is the marginal cost of fund which is more sensitive to the RBI policy rate.
- This has been done to improve transparency in methodology followed by banks to determine interest, and also ensure that interest rates are fair to both borrowers and banks.
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2) Which of the following are reasons for adverse impact on card use in India?
1) Less ATMs
2) Less number of cards
3) Less Point of Sales terminals
a. 1, 2
b. 1, 3
c. 2
d. All of the above
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Answer
Explanation
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ANSWER: 1, 3
Explanation:
- As per RBI, growth of card acceptance infrastructure like automated teller machines (ATMs) and point-of-sale (PoS) terminals is not on a par with that of card issuance.
- Debit cards vastly outnumber the volume of credit cards issued in the country. Further, a high number of debit cards have been issued in recent times under the Prime Minister’s Jan Dhan Yogana, especially to customers in rural areas and smaller towns.
- Cash continues to be the predominant mode of payment as it appears to be “costless” in comparison to the visible costs associated with card/electronic payments.
- Some of the factors that have inhibited growth in the acceptance infrastructure are lack of adequate and low-cost telecom infrastructure and lack of incentive for merchants for acceptance of cards, among others.
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3) Which of the following statements is/are correct about Deputy Governor of RBI?
1. The tenure of Deputy Governor is five years or till the age of 62, whichever is earlier.
2. RBI has provision for three deputy governors.
a. Only 1
b. Only 2
c. Both
d. None
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Answer
Explanation
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ANSWER: Only 1
Explanation:
- RBI has four Deputy Governors. Two are from outside, a commercial banker and an economist and two others are promoted from within its ranks.
- Deputy Governor of RBI can be appointed for a period of five years or till the age of 62, whichever is earlier. Current other three Deputy Governors of RBI are:R. Khan, S.S. Mundra and R. Gandhi.
- The Union Government has reappointed Dr Urjit Patel as Deputy Governor of Reserve Bank of India (RBI).
- Dr Urjit Patel headed committee to review the monetary policy framework.
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4) Which of the following statements is/are correct about RBI Governor?
1. RBI Governor is appointed for five year.
2. Central government appoints four deputy governors.
a. Only 1
b. Only 2
c. Both
d. None
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Answer
Explanation
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ANSWER: Only 2
Explanation:
- RBI Governor is appointed for four year.
- There are 4 Deputy Governors H R Khan, Dr Urjit Patel, R Gandhi and S S Mundra.
- Two of the four Deputy Governors are traditionally from RBI ranks, and are selected from the Bank's Executive Directors.
- One is nominated from among the Chairpersons of public sector banks and the other is an economist.
- Indian Administrative Service officer can also be appointed as Deputy Governor of RBI and later as the Governor of RBI as with the case of Y. Venugopal Reddy.
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5) Which of the following statements is/are correct about RBI?
1. Governor of RBI is not eligible for reappointment.
2. Deputy Governors are appointed by governor of RBI.
a. Only 1
b. Only 2
c. Both
d. None
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Answer
Explanation
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ANSWER: None
Explanation:
- Governor of RBI is eligible for reappointment.
Composition of board of directors of RBI:
1. Governor and not more than four Deputy Governors to be appointed by the Central Government;
2. Four Directors to be nominated by the Central Government, one from each of the four Local Boards as constituted by section 9;
3. Ten Directors to be nominated by the Central Government; and
4. One Government official to be nominated by the Central Government.
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6) Which of the following statements are correct about RBI?
1. The Reserve Bank's affairs are governed by a central board of directors.
2. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.
3. They are appointed/nominated for a period of four years.
a. 1,2
b. 2,3
c. 1,3
d. All
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Answer
Explanation
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ANSWER: All
Explanation:
Members of board -
- Full-time : Governor and not more than four Deputy Governors
- Non-Official Directors nominated by Government: Ten Directors from various fields and one government Official
- Others: four Directors - one each from four local boards
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7) Which of the following statements is / are correct?
1. National Housing Bank is subsidiary of State bank of India.
2. Its headquarter is in New Delhi.
a. Only 1
b. Only 2
c. Both 1 and 2
d. None of the above
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Answer
Explanation
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ANSWER: Only 2
Explanation:
National Housing Bank is subsidiary of Reserve Bank of India (RBI), was set up on July 9, 1988 under the National Housing Bank Act, 1987. NHB is an apex financial institution for housing. NHB has been established with an objective to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support incidental to such institutions and for matters connected therewith.
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8) RBI has launched a website called Paisa-Bolta-Hai. What is the purpose of that website?
a. To create awareness about investment
b. To provide knowledge about mutual funds
c. To tell risks about investing in fake hedge funds
d. To create awareness of counterfeit currency among users of the INR.
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Answer
Explanation
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ANSWER: To create awareness of counterfeit currency among users of the INR.
Explanation:
No explanation is available for this question!
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9) Consider the following statements
1. According to RBI rules citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan are forbidden from acquiring property in India.
2. Now Hong Kong and Macau administered by China are also forbidden from acquiring property in India
Which of the above statements are correct?
a. Only 1
b. Only 2
c. Both
d. None
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Answer
Explanation
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ANSWER: Both
Explanation:
No explanation is available for this question!
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10) Consider the following statements
1. GOI will print one rupee note with signature of RBI governor
2. It was discontinued in 1990.
3. The Government of India has the sole right to mint coins of all denominations.
4. While RBI has the authority to issue bank notes of denominational values of Rs. 1 ,Rs. 2, Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, Rs. 1,000, Rs. 5,000 and Rs. 10,000
Which of the above statements are not correct?
a. 1,3,4
b. 1,2,4
c. 1,2
d. All
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Answer
Explanation
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ANSWER: 1,2,4
Explanation:
Government of India will restart printing 1 rupee note, with bilingual signature of the finance Secretary Rajiv Mehrishi,under coinage act 2011.
It was discontinued in 1994.The one rupee note was printed and issued by the central government and circulated by RBI.
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