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Banking Awareness Quiz for IBPS PO/RRB

1. The bank rate means
1)  Rate of interest charged by commercial banks from borrowers
2) Rate of interest at which commercial banks discounted bills of their borrowers
3) Rate of interest allowed by commercial banks on their deposits
4) Rate at which RBI purchases or rediscounts bills of exchange of commercial banks
5) None of these
2. What is the Statutory Liquidity Ratio (SLR) at present?
1) 19%
2) 20%
3) 20.50%
4) 21%
5) None of these
3. An agreement, which in fact is a contract, between the RBI and Banks for the sale and repurchase of Govt securities and short term treasury bills at a future date and for which the RBI indicates “the interest rate”, is  generally known as
1) Repo Rate
2) Bank Rate
3) Reverse Repo Rate
4) Prime Lending Rate
5) None of these
4. What is the full form of ‘ULIP’, the term which was in the news recently?
1) Universal Life & Investment Plan
2) Unit Loan & Insurance Plan
3) Universal Loan & Investment Plan
4) Uniformly Loaded Investment Plan
5) Unit Linked Insurance Plan
5. Reverse Repo is a tool used by RBI to
1) Inject liquidity
2) Absorb liquidity
3) Increase the liquidity with banking system
4) To keep the liquidity at one level
5) None of these
6. Banks and other financial institutions in India are required to maintain a certain amount of liquid assets like cash,  precious metals and other short-term securities as a reserve all the time in banking world, this is known as
1) CRR
2) Fixed asset
3) SLR
4) PLR
5) None of these
7. In terms of Section 5(1) (5) of the Banking Regulation Act, 1949, a ‘banking company’ means any company which
1) accepts deposits from the public
2) undertakes lending of money
3) transacts the business of banking in
4) All of the above
5) None of the above
8. Which of the following acts helps a bank in its day-to-day activities?
1) Competition Act
2) Negotiable Instruments Act
3) Hindu Marriage Act
4) Hindu Succession Act
5) NRI Act
9. What is the full form of ‘FSDC’ which is used in financial sectors?
1) Financial Security and Development Council
2) Financial Stability and Development Council
3) Fiscal Security and Development Council
4) Fiscal Stability and Development Council
5) None of the given options is true
10. Drawing, accepting, making or issuing of any promissory note, hundi or bill of exchange expressed to be payable to bearer on demand by a person other than the Reserve Bank of India or the Central Government is prohibited  under 
1) Banking Regulation Act, 1949
2) Section 31 (1) of the Reserve Bank of India Act, 1934
3) Negotiable Instruments Act, 1881
4) Indian Contract Act, 1872
5) None of the above

Answers: 
  1. 4
  2. 2
  3. 1
  4. 5
  5. 2
  6. 3
  7. 3
  8. 2
  9. 2
  10. 2
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