Bank basics - Banking awareness questions on current affairs
Dear Readers, Welcome to Banking Awareness objective type questions (MCQ) with answers on Bank basics. These questions on Bank basics are useful for bank exams and interviews like IBPS, Bank PO, SBI PO, RRB, Specialist Officer, Clerk, SSC, UPSC etc.
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1) As per the announcement made by RBI on 3rd Sep’15, the Reserve Bank of India will shortly put into circulation ____coins to commemorate golden jubilee of Indo-Pak War 1965.
- Published on 08 Sep 15
a. Rs.1
b. Rs.2
c. Rs.5
d. Rs.10
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Answer
Explanation
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ANSWER: Rs.5
Explanation:
RBI said in a release that the coins will be legal tender as provided in the Coinage Act 2011. Existing coins in this denomination will also continue to be legal tender. The new coin in the obverse will bear Lion Capital of Ashoka Pillar in the centre with Satyamev Jayate inscribed below it, the release said.
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2) On 21st July’15 the Supreme Court rejected plea of applicants for OBC status in Bank PO exam. The applicants belong to which community?
- Published on 08 Sep 15
a. Bengali
b. Marwari
c. Gurjar
d. Jaat
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Answer
Explanation
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ANSWER: Jaat
Explanation:
A bench of Justices Ranjan Gogoi and R F Nariman said that the issue has already been decided and there was no vested right in favour of Jaat applicants. The apex court on March 17 had set aside the erstwhile UPA government's notification to include Jats in the central list of OBCs to accord quota benefits to them.
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3) Which of the following belongs to the time when a company makes the first offering of the shares to the public?
- Published on 20 Jul 15
a. CSO
b. IPO
c. REPO
d. WTO
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Answer
Explanation
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ANSWER: IPO
Explanation:
Initial Public Offering (IPO) or stock market launch is a type of public offering. A private company transforms into a public company through this process.
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4) Which of the following depicts the financial position of a bank or business enterprise at a given point of time?
- Published on 20 Jul 15
a. Balance sheet
b. Cash flow statement
c. Income statement
d. Model audit
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Answer
Explanation
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ANSWER: Balance sheet
Explanation:
A balance sheet is described as a " snapshot of a company's financial condition "
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5) What is the full form of NAV?
- Published on 20 Jul 15
a. Net Actual Value
b. Net Annual Value
c. Net Asset Value
d. Net Average Value
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Answer
Explanation
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ANSWER: Net Asset Value
Explanation:
NAV is calculated by the Asset Management Company (AMC) at the end of every business day.
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6) Which is the largest public sector bank in India?
- Published on 20 Jul 15
a. Bank of Baroda
b. Canara Bank
c. Central Bank of India
d. State Bank of India
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Answer
Explanation
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ANSWER: State Bank of India
Explanation:
It is a government-owned corporation with its headquarters in Mumbai.
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7) Which one of the following allow bank customers to effect transfers of funds from their deposit accounts and other financial transactions at retail establishments?
- Published on 20 Jul 15
a. CBS
b. DBS
c. IBS
d. POS
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Answer
Explanation
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ANSWER: POS
Explanation:
At the Point of Sale (POS), the retailer would calculate the amount owed by the customer and provide options for the customer to make payment.
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8) In which type of banking, electronic financial transactions are done?
- Published on 20 Jul 15
a. E-Banking
b. POS Banking
c. M-Banking
d. Universal Banking
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Answer
Explanation
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ANSWER: E-Banking
Explanation:
E-banking enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services.
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9) If a cheque is dishonoured it is called ____________ .
- Published on 20 Jul 15
a. Settlement of the cheque
b. Withdrawing of the cheque
c. Nullifying of the cheque
d. Return of the cheque unpaid
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Answer
Explanation
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ANSWER: Return of the cheque unpaid
Explanation:
Insufficient fund, the death of the drawer, irregular signature, non-existing account, bankruptcy, frozen account, when there is attention, a post-dated cheque, if there is difference between the amount written in words and that in figures, when payment is stopped are the reasons why most bank cheques are being dishonoured.
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10) What is the full-form of HDFC?
- Published on 20 Jul 15
a. Housing Department Finance Corporation
b. Housing Development Financial Corporation
c. Housing Development Finance Corporation
d. Housing Development Finance Company
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