Banking Quiz for IBPS | SBI – 289

Banking Quiz for IBPS | SBI – 289

1.Interest on saving bank account is now calculated by banks on________.
a) Minimum balance during the month
b) Minimum balance from 7th to last day of the month
c) Daily product basis
d) None of these

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Answer c) Daily product basis

2.IFRS stands for________.
a) International Financial Reporting Standards
b) Indian Financial Reporting Standards
c) International Financial Rating Standards
d) None of these

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Answer a) International Financial Reporting Standards
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).

3.Short-term assets, representing amounts due to a vendor or suppliers of goods or services that were sold on credit terms is known as _______.
a) Deposit Asset
b) Current liabilities
c) Account Receivable
d) None of these

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Answer c) Account Receivable

4.A chit fund is a type of rotating savings and credit association system practiced in India, is governed / regulated by ________.
a) RBI
b) Central government
c) State government
d) None of these

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Answer c) State government
Chit funds in India are governed by the Chit Funds Act, 1982. Under this Act, the chit fund businesses can be registered and regulated only by the respective State Governments. Regulator of chit funds is the Registrar of Chits appointed by respective state governments under Section 61 of Chit Funds Act.

5.Who appoints the governor of Reserve Bank of India?
a) Central government
b) Financial Ministry
c) Financial secretary
d) None of these

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Answer a) Central government
The bank is headed by the governor, currently Shaktikanta Das. There are four deputy governors BP Kanungo, N S Vishwanathan, Viral Acharya and Mahesh Kumar Jain. Two of the four deputy governors are traditionally from RBI ranks and are selected from the Bank’s Executive Directors.

6.Which among the following committee constituted on Payment Banks license?
a) A C Shan
b) Nachiket Mor
c) B D Thakur
d) None of these

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Answer b) Nachiket Mor
In February 2015, RBI released the list of entities which had applied for a payments bank licence. There were 41 applicants. It was also announced that an external advisory committee (EAC) headed by Nachiket Mor would evaluate the licence applications.

7.SARFAESI Act 2002 related to _________.
a) Recovery of bad loans
b) Regulation of foreign exchange
c) Acquisition of small banks
d)None of these

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Answer a) Recovery of bad loans
The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law. It allows banks and other financial institution to auction residential or commercial properties(of Defaulter) to recover loans.

8.Headquarters of National Investment and Infrastructure Fund (NIIF) is located at ________.
a) New Delhi
b) Mumbai
c) Kolkata
d) None of these

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Answer b) Mumbai
National Investment and Infrastructure Fund (NIIF) is India’s first sovereign wealth fund that was set up by the Government of India in February 2015. The objective behind creating this fund was to maximize economic impact mainly through infrastructure investment in commercially viable projects, both Greenfield and Brownfield.

9.With which article of the Indian Constitution is Money Bill related?
a) Article 110
b) Article 112
c) Article 108
d) None of these

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Answer a) Article 110
A money bill is deemed to have passed both houses with any recommended amendments the Lok Sabha chooses to accept, and without any that it chooses to decline. The definition of “Money Bill” is given in Article 110 of The Constitution of India.

10.RBS Bank has been headquartered in-
a) Glasgow, United Kingdom
b) Edinburgh, United Kingdom
c) Skye, United Kingdom
d) None of these

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Answer b) Edinburgh, United Kingdom
The Royal Bank of Scotland Group plc (also known as RBS Group) is a private, but partly state-owned and subsidised, British banking and insurance holding company, based in Edinburgh, Scotland.

About the author

Richa

Richa Gupta is a Banking Aspirant. Her dream is to become a PO in Government Bank. Aptitude and Reasoning are her strong zones. Richa is a hard working person who loves to share the knowledge she acquired to other Aspirants.

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