Banking Quiz for IBPS | SBI – 299

Banking Quiz for IBPS | SBI – 299
1.What is full form STT?
a) Standard Transaction Tax
b) Securities transaction tax
c) Securities transfer tax
d) None of these

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Answer b) Securities transaction tax
Securities Transaction Tax (STT) is a type of financial transaction tax levied in India on transactions done on the domestic stock exchanges.

2.Which was the first Mutual Fund started in India _______?
a) Unit Trust of India
b) SBI Mutual Fund
c) HDFC Mutual Fund
d) None of these

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Answer a) Unit Trust of India
The mutual fund industry in India began in 1963 with the formation of the Unit Trust of India (UTI) as an initiative of the Government of India and the Reserve Bank of India. Much later, in 1987, SBI Mutual Fund became the first non-UTI mutual fund in India.

3.Kisan Credit Cards (KCC) Scheme was formulated in the year:
a) 1996
b) 1997
c) 1998-99
d) None of these

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Answer c) 1998-99
The Kisan Credit Card (KCC) scheme is a credit scheme introduced in August 1998 by Indian banks. This model scheme was prepared by the National Bank for Agriculture and Rural Development (NABARD) on the recommendations of R.V.GUPTA committee to provide term loans and agricultural needs.

4.When were banknotes in the Mahatma Gandhi Series introduced?
a) 1991
b) 1995
c) 1996
d) None of these

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Answer c) 1996
`500, banknote was introduced in October 1987 with the portrait of Mahatma Gandhi and the Ashoka Pillar watermark.The Reserve Bank has introduced banknotes in the Mahatma Gandhi Series since 1996.

5.”Ways and Means” advances are provided by Reserve Bank of India only to:
a) central Government
b) State Government
c) Both (a) and (b)
d) None of these

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Answer c) Both (a) and (b)
Ways and means advances (WMA) is a mechanism used by Reserve Bank of India (RBI) under its credit policy to provide to States, banking with it, to help them tide over temporary mismatches in the cash flow of their receipts and payments. This is guided under Section 17(5) of RBI Act, 1934, and are ‘..repayable in each case not later than three months from the date of making that advance

6.When a cheque is drawn on a bank, the bank is called the _______?
a) Payee
b) Drawee
c) Drawer
d) None of these

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Answer a) Payee

7.Balance in a current account is classified as ________.
a) Hybrid Deposit
b) Term Deposit
c) Demand Deposit
d) None of these

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Answer c) Demand Deposit

8.For opening a new branch, a Regional Rural Bank requires _________.
a) permission of NABARD
b) Approval of DRDA
c) RBI license
d) None of these

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Answer c) RBI license

9.Which of the following appears in the balance sheet of a company?
a) Authorized Capital
b) Partner’s Capital
c) Paid up Capital
d) None of these

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Answer c) Paid up Capital
The balance sheet is a report that summarizes all of an entity’s assets, liabilities, and equity as of a given point in time. It is typically used by lenders, investors, and creditors to estimate the liquidity of a business.

10.How many mints in India produce coins?
a) four mints
b) Two mints
c) Three mints
d) None of these

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Answer a) four mints
The India Government Mint operates four mints in the country for the production of coins: Mumbai, Maharashtra. Kolkata, West Bengal.

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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