Banking Awareness Quiz With Explanations: Part 10

(1). Which among the following is the first company in India to receive a payments bank license from the RBI?
(a) FINO PayTech.
(b) Reliance Industries
(c) Sun Pharmaceuticals
(d) Airtel Payments Bank

(2). Which Organisation/Institution/Ministry has initiated the UPI Interface?
(a) National Payment Corporation of India (NPCI)
(b) SEBI
(c) State Bank of India (SBI)
(d) Finance Ministry

(3). The term 'Riba' is related to
(a) Interest-free banks
(b) Merchant banks
(c) Cash Banks
(d) Payment banks

(4). 'Easwar committee', recently in news is related to
(a) Indirect tax laws
(b) Direct tax laws
(c) Payment Banks
(d) Small Finance Banks

(5). Which among the following National/International Organisation had issued 'Green Bonds' in 2007?
(a) Reserve Bank of India
(b) IMF
(c) World Bank
(d) OECD

(6). India Post Payment Bank(IPPB), the first Public Sector Undertaking (PSU) under the Department of Posts has Union Government equity of
(a) 49%
(b) 51%
(c) 100%
(d) 26%

(7). Which among the following countries has the 2nd largest shareholding in the The International Bank for Reconstruction and Development(IBRD)?
(a) India
(b) Japan
(c) China
(d) France

(8). According to recent restrictions made by Government of India on maintaining Gold, a married woman can keep(gold in gm)
(a) 100 gm
(b) 200 gm
(c) 300 gm
(d) 500 gm

(9). Financial Inclusion Fund (FIF) was established by
(a) Regional Rural Banks(RRBs)
(b) Reserve Bank of India(RBI)
(c) Finance Ministry
(d) NABARD

(10). According to RBI guidelines, Payment banks in India can receive deposits up to
(a) Rs. 1 Laks
(b) Rs. 2 Lakh
(c) Rs. 50000
(d) There is no such limit

EXPLANATION:

(1). Answer Key: (d)
Airtel M-Commerce Services Limited, a subsidiary of Bharti Airtel Limited, has been renamed as Airtel Payments Bank Limited after receiving necessary approvals from RBI.

(2). Answer Key: (a)
By keeping all these aspects in mind the central bank of India (RBI) has taken a big step in terms of making India a cashless economy as it has launched Unified Payment Interface (UPI) initiated by National Payment Corporation of India (NPCI).

(3). Answer Key: (a)
Riba is a concept in Islamic/interest free banking that refers to charged interest. It is forbidden under Sharia, Islamic religious law, because it is thought to be exploitive.

(4). Answer Key: (b)
Retired High court Judge Easwar committee was formed by GOI to change the direct tax laws. The committee recommends for simplification in TDS.

(5). Answer Key: (c)
Initially, green bonds were issued by World Bank, multilateral organizations and few nations from 2007. Green bonds are pioneered by development banks in few nations.

(6). Answer Key: (c)
IPPB becomes the first Public Sector Undertaking (PSU) under the Department of Posts with 100 percent Union government equity.

(7). Answer Key: (b)
THE FIVE LARGEST OF IBRD’S SHAREHOLDERS ARE
The United States of America(with 16.63% of the total voting power),
Japan (7.19%),
China (4.64%),
Germany (4.21%), and
France and the United Kingdom (with 3.94% each)

(8). Answer Key: (d)
A married woman can keep 500 grams of gold. A male can keep 100 grams of gold. An unmarried female can keep 250 grams of gold.

(9). Answer Key: (b)
Financial Inclusion Fund (FIF) was formed by merging FIF and Financial Inclusion Technology Fund (FITF) and established by the RBI.

(10). Answer Key: (a)
Payment banks are specialized banks to receive deposits up to 1 lakh.

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