Banking Awareness Quiz with Explanation: Part 11

(1). Union Government of India has renamed the Department of Divestment to DIPAM. What is 'A' stand for in DIPAM?
(a) Asset
(b) Account
(c) Audit
(d) Amount

(2). NEFT(National Electronic Fund Transfer) is applicable to
(a) Account holders
(b) Non-Account holders
(c) DEMAT Account holders
(d) Both (a) and (b) 

(3). What is the maximum amount that can be transfer through Immediate Payment Services(IMPS)?
(a) Rs. 1,00,000
(b) Rs. 2,00,000
(c) Rs. 3,00,000
(d) Rs. 4,00,000 

(4). Which of the following is the nodal agency to provide licenses to e-commerce companies(including foreign)? 

(a) Reserve Bank of India(RBI)
(b) Foreign Investment Promotion Board (FIPB)
(c) Department of Industrial Policy and Promotion (DIPP)
(d) SEBI 

(5). National Investment and Infrastructure Fund(NIIF) is established under the regulations of
(a) Department of Industrial Policy and Promotion (DIPP)
(b) SEBI
(c) World Bank
(d) IMF 

(6). Which of the following is the nodal agency of Unstructured Supplementary Service Data (USSD) Service?
(a) NPCI
(b) RBI
(c) SBI
(d) SEBI 

(7). The International Development Association (IDA) is an arm
(a) IMF
(b) World Bank
(c) Organisation for Economic Co-operation and Development (OECD)
(d) Asian Development Bank 

(8). SDR is calculated based on the basket of five international currencies. The five currencies include
(a) US Dollar, Euro, Yen, Pound and Yuan
(b) US Dollar, Euro, Yen, Pound and Dinar
(c) US Dollar, Euro, Rubble, Pound and Yuan
(d) US Dollar, Euro, Yen, Pound and Australian Dollar 

(9). Unstructured Supplementary Service Data (USSD) Serivce is a
(a) Online banking service
(b) Digital India Service
(c) Credit Card Service
(d) Mobile Service 

(10). How much FDI is allowed in e-commerce companies in India?
(a) 100%
(b) 49%
(c) 51%
(d) 26% 

EXPLANATION:

(1). Answer Key: (a)
Union Government of India renamed the Department of Divestment to DIPAM (Department of Investment and Public Asset Management) on April 20, 2016. This was formally announced in the Union budget 2016 - 2017 by Finance Minister Mr. Arun Jaitley.

(2). Answer Key: (d)
NEFT is applicable to both Account holders and Non-Account holders.

(3). Answer Key: (b)
For transferring of funds under the IMPS the Minimum & Maximum amount is to be Rs.1 and Rs.2,00,000.

(4). Answer Key: (c)
Department of Industrial Policy and Promotion (DIPP) is the nodal agency to provide licenses to e-commerce companies. DIPP works under ministry of commerce and industry.

(5). Answer Key: (b)
NIIF is established under SEBI regulations. It will be financed by GOI with 49% equity. The rest of the funds will be done through foreign and domestic partners. Initial corpus amount of NIIF is 40000 crore rupees.

(6). Answer Key: (a)
National Payments Corporation of India (NPCI) is the nodal agency of USSD USSD establishes a network between Banks and Telecom Service Providers (TSP).

(7). Answer Key: (b)
The International Development Association (IDA) is an arm of the World Bank, that supports the world’s poorest countries. It was established in 1960, IDA aims to reduce poverty by providing loans (credits) and grants for programs that enrich economic growth, reduce inequalities, and improve people’s living standards.

(8). Answer Key: (a)
US Dollar, Euro, Yen, Pound and Yuan.

(9). Answer Key: (d)
Unstructured Supplementary Service Data (USSD) (*99#) is a mobile banking service that allows customers to access the financial and non-financial services of the banks.

(10). Answer Key: (a)
100 % FDI is allowed in e-commerce.

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