Banking Quiz for NABARD Assistant Manager (Grade-A) | 19th April 2018

Dear Aspirants,

Banking Awareness for NABARD Assistant Manager 2018

With the increased competition in the field of banking examinations, it has now become very important to cover up all the sections efficiently. One subject that can help you bagging graceful marks in the minimum time in these examinations is Banking Awareness. Banking Awareness Quiz not only helps you deal with the General Awareness Section of Banking Exams but also, the Personal Interview round of Banking Recruitment.

Q1. Bharat BillPay transaction can be initiated through multiple payment channels like-
(a) Internet Banking
(b) Mobile-Banking
(c) Point of Sale terminal
(d) Mobile Point of Sale terminal
(e) All of the above

S1. Ans.(e)
Sol. Bharat BillPay transaction can be initiated through multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, POS (Point of Sale terminal), Mobile Wallets, MPOS (Mobile Point of Sale terminal), Kiosk, ATM, Bank Branch, Agents and Business Correspondents.

Q2. Which of the following is not an objective of IMPS?
(a) To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner
(b) Making payment simpler just without the mobile number of the beneficiary
(c) To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds
(d) To build the foundation for a full range of mobile based Banking services
(e) To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments

S2. Ans.(b)
Sol. Objectives of IMPS is given below-
1. To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds
Making payment simpler just with the mobile number of the beneficiary
2. To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments
3. To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment
4. Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner
5. To build the foundation for a full range of mobile based Banking services.

Q3. MMID is a ____________ digit unique number issued by the bank upon registration.
(a) 7 digits
(b) 8 digits
(c) 9 digits
(d) 6 digits
(e) 4 digits

S3. Ans.(a)
Sol. Mobile Money Identifier (MMID) is a seven digit unique number issued by the bank upon registration.

Q4. MMID stands for-
(a) Mobile Money Interface
(b) Mobile Management Identifier
(c) Mobile Money Identifier
(d) Mutual Money Identifier
(e) Mobile Money International

S4. Ans.(c)
Sol. MMID stands for Mobile Money Identifier.

Q5. *99#, a USSD based mobile banking service of NPCI was initially launched in-
(a) November 2010
(b) November 2012
(c) November 2011
(d) November 2013
(e) November 2015

S5. Ans.(b)
Sol. *99#, a USSD based mobile banking service of NPCI was initially launched in November 2012.

Q6. ___________ is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques.
(a) IMPS
(b) CBS
(c) NPCI
(d) CTS
(e) NFS

S6. Ans.(d)
Sol. Cheque Truncation System (CTS) is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques.

Q7. NFS is the largest network of shared automated teller machines in India. What is the full form of NFS?
(a) National Financial Switch
(b) National Financial Service
(c) National Financial System
(d) National Financial Security
(e) National Financial Solutions

S7. Ans.(a)
Sol. National Financial Switch is the largest network of shared automated teller machines in India. It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT).

Q8. What is the meaning of "T" in CTS?
(a) Target
(b) Transport
(c) Transfer
(d) Timing
(e) Truncation

S8. Ans.(e)
Sol. CTS stands for Cheque Truncation System.

Q9. What is the silent features of NFS?
(a) NFS has introduced sub-membership model which enables smaller, regional banks including RRBs and local co-operative banks to participate in the ATM network.
(b) NFS has maintained high standards of application and network uptime of above 99.50% which has helped our member banks ensure enhanced customer experience.
(c) The Dispute Management System (DMS), has benefitted members with high operational efficiency and ease of online transaction life cycle management (chargeback, representment, etc.) in the network apart from being compliant with local regulatory requirements.
(d) The Fraud Risk Management (FRM) solution is offered as a value added service to monitor transactions (in real time) and to generate alert or decline the transaction in the NFS network
(e) All of the above are silent features of NFS

S9. Ans.(e)
Sol. Salient Features of NFS are given below

1. NFS has introduced sub-membership model which enables smaller, regional banks including RRBs and local co-operative banks to participate in the ATM network.
2. NFS has maintained high standards of application and network uptime of above 99.50% which has helped our member banks ensure enhanced customer experience.
3. The Dispute Management System (DMS), has benefitted members with high operational efficiency and ease of online transaction life cycle management (chargeback, representment, etc.) in the network apart from being compliant with local regulatory requirements.
4. NPCI has also tied up with International card schemes like Discover Financial Service (DFS), Japan Credit Bureau (JCB) and China UnionPay International (CUPI) which allows their cardholders to use ATMs connected to NFS network.
5. The Fraud Risk Management (FRM) solution is offered as a value added service to monitor transactions (in real time) and to generate alert or decline the transaction in the NFS network.

Q10. _____________ is a bank led model which allows online interoperable financial transaction at PoS (Point of Sale/Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication.
(a) UPI
(b) NFS
(c) AEPS
(d) NACH
(e) CTS

S10. Ans.(c)
Sol. AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.AePS allows you to do six types of transactions.

Q11. The Reserve Bank of India has imposed a monetary penalty of _____________ on State Bank of India for non-compliance of its directions on detection and impounding of counterfeit notes.
(a) Rs 40 lakh
(b) Rs 20 lakh
(c) Rs 30 lakh
(d) Rs 10 lakh
(e) Rs 60 lakh

S11. Ans.(a)
Sol. The Reserve Bank of India has imposed a monetary penalty of Rs 40 lakh on State Bank of India for non-compliance of its directions on detection and impounding of counterfeit notes. An RBI notification issued from Mumbai informs that the action is based on deficiencies in regulatory compliance found at two of the bank’s currency chests.

Q12. The country’s largest lender, SBI has slashed charges for non-maintenance of AMB in savings accounts by nearly 75 percent. AMB stands for-
(a) Average Management Balance
(b) Average Monthly Bill
(c) Average Monthly Basic
(d) Average Monthly Balance
(e) Annually Monthly Balance

S12. Ans.(d)
Sol. The country’s largest lender, SBI has slashed charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts by nearly 75 percent. The revised charges will be effective from April 01, 2018 and will benefit over 25 crore customers.

Q13. Which Bank has launched instant overdraft ‘InstaOD’ facility for MSME (Micro, Small and Medium Enterprises) customers in a completely online and paperless manner?
(a) Punjab National Bank
(b) ICICI Bank
(c) State Bank of India
(d) HDFC Bank
(e) Bank of Baroda

Q14. Capital markets regulator SEBI raised the exposure limit under exchange-traded currency derivatives trading for residents and FPIs to USD 100 million across all currency pairs involving the Indian rupee. What is the meaning of "P" in FPIs?
(a) Foreign Portfolio Initial
(b) Foreign Portfolio International
(c) Foreign Portfolio Indian
(d) Foreign Portfolio Installment
(e) Foreign Portfolio Investment

S14. Ans.(e)
Sol. Capital markets regulator SEBI raised the exposure limit under exchange-traded currency derivatives trading for residents and Foreign Portfolio Investment (FPIs) to USD 100 million across all currency pairs involving the Indian rupee.

Q15. Name the private sector bank, which had opened a representative office in Sharjah (UAE), to better serve its customers in the emirate and to expand its retail offerings to customers in the neighbouring northern emirates recently.
(a) Kotak Mahindra Bank
(b) ICICI Bank
(c) Axis Bank
(d) HDFC Bank
(e) South Indian Bank

S15. Ans.(c)

Sol. Axis Bank had opened a representative office in Sharjah, to better serve its customers in the emirate and to expand its retail offerings to customers in the neighbouring northern emirates. The representative office is the third such Axis Bank office in the UAE after Dubai and Abu Dhabi.