Banking Quiz for IBPS | SBI – 295

Banking Quiz for IBPS | SBI – 295

1.IFSC in a cheque means:
a) Indian Financial System Code
b) It has 11 digits alpha numeric
c) First 4 digits represent Bank Name
d) All the above

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Answer d) All the aboveFSC (Indian Financial System Code) is an 11-digit alphanumeric code that helps to identify different bank branches that deal with online fund transfers either via NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service) or RTGS (Real Time Gross Settlement).

2.The announcement of Bank holidays on 2nd and 4th Saturday will be effective from-
a) 31st August 2015
b) 1st September 2015
c) 30th August 2015
d) None of these

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Answer b) 1st September 2015

3.Which committee is heading the conversion of Urban Cooperative Banks into Regular Banks?
a) R Gandhi
b) Urjit R. Patel
c) H R Khan
d) None of these

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Answer a) R Gandhi
High Powered Committee on UCBs headed by its Deputy Governor R Gandhi.

4.Which of the following is not the function of
Payment bank?
a) Issue of ATM /Debit card
b) Issue of Credit Card
c) Accepts Deposits
d) None of these

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Answer b) Issue of Credit Card
The main objectives of setting up of payments banks is to ensure the financial inclusion by providing payments/remittance services to migrant labour workforce, opening up small savings accounts of small business holders, low income households, workers of the unorganised sector.

5.When the conversion rate of our currency goes high in compared to other currency , it is known as-
a) Rupee Devaluation
b) Rupee Demodulation
d) Rupee Depreciation
d) None of these

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Answer d) Rupee Depreciation

6. NEFT is useful because:-
a) The remitter need not send the physical cheque or
Demand Draft to the beneficiary.
b) The beneficiary need not visit his/ her bank for
depositing the paper instruments
c) Cost effective
d) All the above

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Answer d) All the above
National Electronic Funds Transfer (NEFT) is an Indian system of electronic transfer of money from one bank or bank branch to another. The banks or their branches that support such transactions have to participate in the NEFT network.

7.Maximum age for retirement for MD/CEO of all private banks is__________
a) 70
b) 65
c) 60
d) None of these

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Answer a) 70
The Reserve Bank today fixed 70 years as the maximum age for a person to hold office of MD & CEO and other Whole Time Director (WTD) in a private bank as stipulated in the new Companies Act.

8.What does AGM stand for in business?
a) American General Meeting
b) Academic General Meeting
c) Annual General Meeting
d) None of these

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Answer c) Annual General Meeting
annual general meeting (an important meeting which the members of an organization hold once a year in order to elect officers, discuss past and future activities and examine the accounts)

9.Which among the following is at times mentioned as a kind of Direct Debit Facility?
a) RTGS
b) ECS
c) NEFT
d) None of these

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Answer b) ECS

10.Which term refers closure of the loan account prior to the tenure fixed for the account?
a) Pre Approved
b) Pre Closure
c) Personal Disposable
d) None of these

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Answer b) Pre Closure
Pre-payment or pre-closure of a personal loan refers to repaying the entire loan amount or a few parts of the loan before the original due date of the loan.

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