(a) Bank provides this facility to current account holders.
(b) Account holder can withdraw money anytime up to the provided limit.
(c) Account holder needs to pay interest only on borrowed amount for the period for which he took loan.
(d) All are Correct
(2). Which of the following statement is incorrect about the 'Current Account'?
(a) Banks offered no rate of interest on money held in current account.
(b) There is not limit on deposit or withdrawal in current account.
(c) A special type of passbook is issued for current account holders.
(d) Current account are opened for business transactions.
(3). If a cheque bears the date later than the date on which it is drawn, then this type of check is known as
(a) Post-Dated Cheque
(b) Ante-Dated cheque
(c) Not Negotiable
(d) Out-dated cheque
(4). Brown Label ATMs are owned and maintained by
(a) non-bank entities, which have been incorporated under Companies Act 1956.
(b) a service provider, but cash management and connectivity to banking networks is provided by a sponsor bank.
(c) Bank
(d) None is Correct
(5). In which kind of 'crossing of cheques', the payment can be made through bank account only?
(a) Special Crossing
(b) Restrictive Crossing
(c) Double Crossing
(d) General Crossing
(6). What is 'C' stand for in the CORE of CORE Banking Solutions(CBS)?
(a) Centralized
(b) Core
(c) Computerized
(d) Cost
(7). Usha Thorat Committee is related to
(a) RNBCs
(b) NBFCs
(c) Small Finance Banks
(d) Public Sector Banks
(a) Rs. 100 Crore
(b) No such minimum figure
(c) Rs. 500 Crore
(d) 50 Crore
(9). Which type of Non-Banking financial Company(NBFC) Receives deposits under any scheme or arrangement by government?
(a) Mutual Benefit Financial Companies (MBFC)
(b) Residuary Non- Banking Company (RNBC)
(c) Miscellaneous Non- Banking Company (MNBC)
(d) None is Correct
(10). ‘Masala Bond’ term is coined by which organization/institution?
(a) Reserve Bank of India (RBI)
(b) Securities and Exchange Board of India (SEBI)
(c) State Bank of India
(d) International Financial Corporation (IFC)
Explanations:
(1). Answer Key: (d)Overdraft Facility: It is a credit agreement made with a bank that permits an account holder to use or withdraw more than they have in their account, without exceeding a specified maximum negative balance.
(2) Answer Key: (c)
Current account are opened for business transactions , on the name of firm or company .Banks offered no rate of interest on money held in current account but provide extra features as compared to current account like there is not limit on deposit or withdrawal in current account but no passbook is issued for current account holder.
(3). Answer Key: (a)
If the cheque bears the date later than the date on which it is drawn, is called Post-Dated Cheque. This cheque can not be honoured before the date written on it.
(4). Answer Key: (b)
Brown Label ATMs are owned and maintained by service provider whereas bank whose brand is used on ATM takes care of cash management and network connectivity.
(5). Answer Key: (d)
When a cheque bears two transverse parallel lines at the left hand of its top corner. Words such as 'and company' or any other abbreviation (such as & co.) may be written between these two parallel lines, either with or without words 'not negotiable', is called General Crossing. In this type of crossing payment can be paid through bank account only, and should not be made at counter of paying bank.
(6). Answer Key: (a)
CBS is an acronym of Core Banking Solutions. Again one will wonder what the meaning of core is, core is also an acronym. It stands for "Centralized On-line Real-time Exchange".
(7). Answer Key: (c)
Usha Thorat was the head of the committee constituted by the Reserve Bank of India on 3 February 2015 to evaluate applications received for the proposed small finance banks.
(8). Answer Key: (a)
The Reserve Bank of India (RBI) has set a minimum paid-up capital of Rs.100 crore for those who wish to set up payments and small banks.
(9). Answer Key: (b)
RNBC receives deposits under any scheme or arrangement , by whatever name called, in one lump-sum or in installment by way of contributions or subscriptions or by sale or units or certificates or other instruments, or in any manner.
(10). Answer Key: (d)
The term Masala bond was coined by IFC and it recognized globally. 'Masala' refers to spices and it evokes the culture and cuisines of India. These bonds can be issued by Indian corporates only. No bank is allowed to issue Masala bonds.
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