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Banking Awareness for IBPS Exam 2017

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Banking Awareness for IBPS Exam 2017


Q1. Which of the following Act provides provisions for regulation of credit information companies?
(a) Companies Act, 1956
(b) Credit Information (Companies Regulation Act, 2005)
(c) Information Technology Act, 2000
(d) Banking Regulation Act, 1949
(e) None of the given options is true
S1. Ans.(b)
Sol. Credit Information (Companies Regulation Act, 2005) provides for regulation of credit information companies and to facilitate efficient distribution of credit and for matters connected therewith or incidental thereto.

Q2. __________ are certificates issued by banks that have overreached their priority sector lending targets.
(a) Commercial Papers
(b) Certificate of Deposits
(c) Treasury Bills
(d) Priority Sector Lending Certificates
(e) None of the given options is true
S2. Ans.(d)
Sol. Domestic banks as well as foreign banks have to lend of their total loans to priority sectors which consist of agriculture, micro credits, education, social infrastructure and housing so that these unprivileged sections can get credit. To encourage lending to the priority sector, the central bank has introduced the concept of Priority Sector Lending Certificates (PSLC).
Q3. How many types of PSLCs can be issued by the Banks?
(a) Four
(b) Five
(c) Six
(d) Eight
(e) Ten
S3. Ans.(a)
Sol. There are only four eligible categories of PSLCs i.e. PSLC General, PSLC Small and Marginal Farmer, PSLC Agriculture & PSLC Micro Enterprises.
Q4. Which bank has launched India’s first golf-centric credit card?
(a) SBI
(b) UBI
(d) PNB
(d) RBL
(e) ICICI
S4. Ans.(d)
Sol. RBL Bank (formerly Ratnakar Bank) has launched India’s first golf-centric credit card. The card based on the premium MasterCard World platform was launched in association with the Indian Golf Union (IGU).
Q5. Which bank has launched India’s first contact less mobile payment solution-?
(a) ICICI Bank
(b) Kotak Mahindra Bank
(c) Indusind Bank
(d) South Indian Bank
(e) Axis Bank

S5. Ans.(a)
Sol. ICICI Bank has unveiled the country’s first contactless mobile payment solution to enable its credit and debit customers make in-store contactless payments by just waving their smartphones near an NFC-enabled merchant terminal. The mobile payment solution available in the Bank’s ‘Pockets’ app, provides improved convenience of ‘Touch & Pay’ as customers are no longer required to carry physical card or cash to pay in stores.
Q6. Many a time we read in the newspapers that RBI has changed or revised a particular ratio/rate by a few basis points. What is basis point? 
(a) Ten percent of one-hundredth point 
(b) One hundredth of 1%
(c) One hundredth of 10% 
(d) Ten per cent of 1000
(e) None of the given options is true
S6. Ans.(b)
Sol. A basis point is the smallest measure used in quoting yields on fixed income products. Basis points also pertain to interest rates. One basis point is equal to one one-hundredth of one percentage point (0.01%). Therefore, 100 basis points would be equivalent to 1%.
Q7. Which of the following is not a type of cheque issued by an individual? 
(a) Bearer cheque 
(b) Order cheque 
(c) Crossed cheque 
(d) Savings cheque
(e) None of the given options is true

S7. Ans.(d)
Sol. Savings cheque is not a type of cheque issued by an individual.
Q8. What is Financial Inclusion? 
(a) To provide a permanent employment to the unemployment 
(b) To provide a 100 days job to all those who are in need of a job 
(c) Delivery of financial services at affordable costs to vast sections of disadvantaged and low income groups
(d) To ensure that all financial transaction amounting Rs. 5,000/- and above are done through banks. 
(e) None of the given options is true
S8. Ans.(c)
Sol. Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost (The Committee on Financial Inclusion, Chairman: Dr. C. Rangarajan).
Q9. Which of the following places in India does not have a stock Exchange? 
(a) Kolkata 
(b) Ahmedabad 
(c) Mumbai 
(d) Udaipur
(e) None of the given options is true
S9. Ans.(d)
Sol. In Udaipur, Rajasthan does not have a stock Exchange.
Q10. Which of the following is the name of private sector Bank in India? 
(a) IDBI Bank 
(b) Axis Bank
(c) Corporation Bank 
(d) UCO Bank
(e) Dena Bank

S10. Ans.(b)
Sol. Axis Bank Ltd is one of the private-sector banks in India offering a comprehensive suite of financial products. The bank has its head office in Mumbai and Registered office in Ahmedabad.
Q11. _________ account is opened by the investor while registering with an investment broker.
(a) Fixed Deposit Account
(b) Savings Bank Account
(c) Recurring Account
(d) Demat Account
(e) None of the given options is true

S11. Ans.(d)
Sol. DEMAT or De-materialized Account refers to a deposit made at an Indian financial institution that can be used for investing in shares of stocks and other financial assets.Securities are held electronically in a DEMAT Account, thereby eliminating the need for physical paper certificates.
Q12. Which of the following bank launches India’s first Mobile ATM?
(a) HDFC Bank
(b) Axis Bank
(c) ICICI Bank
(d) SBI
(e) Bank of Baroda
S12. Ans.(c)
Sol. India’s largest private sector bank, ICICI launched the “ATM on Wheels” country first Mobile ATM, in Mumbai. It was connected to the bank through the GPRS technology.
Q13. World’s first Bitcoin ATM located in-
(a) US
(b) Brazil
(c) Canada
(d) UK
(e) Japan
S13. Ans.(c)
Sol. The world’s first-ever Bitcoin ATM opened in Vancouver, Canada. It enables Bitcoin owners to exchange the digital currency for cash, and vice versa. Bitcoin is a digital currency also called crypto-currency that is not backed by any country’s central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.
Q14. _______ is a financial market in which share prices are rising or expected to rise.
(a) Bear Market
(b) Bull Market
(c) Pig Market
(d) High Market
(e) None of the given options is true
S14. Ans.(b)
Sol. A bull market is a financial market of a group of securities in which prices are rising or are expected to rise. It means the economy is growing. The term “bull market” is most often used to refer to the stock market, but can be applied to anything that is traded, such as bonds, currencies and commodities.
Q15. Who was known as the “Father of Modern Economics”?
(a) Amartya Sen
(b) Karl Marx
(c) Adam Smith
(d) George Loewenstein
(e) None of the given options is true

S15. Ans.(c)
Sol. Adam Smith was an 18th-century philosopher renowned as the father of modern economics, and a major proponent of laissez-faire economic policies.
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