MCQs on Banking Affairs -6

1. What does ‘Kite Flying’ refers to in the banking terminology?
(a) The practice of depositing and withdrawing frequently in a bank account.
(b) Opening of multiple accounts with different names by any individual
(c) Doing unauthorised business
(d) Permitting drawls against uncleared cheques

2. Under which of the following type of account is a specified amount deposited every month for a specified period, says, 12, 24, 36 and 60 months?
(a) Fixed Deposit Account
(b) Saving Bank Account
(c) Current account
(d) Recurring Account


3. RBI was established on ___________.
(a) April 1, 1925
(b) April 1, 1935
(c) April 1, 1945
(d) April 1, 1955



4. Under which act does RBI issue directives to banks?
(a) PMLA Act, 2002
(b) RBI Act, 1934
(c) DICGC Act, 1961
(d) Banking Regulation Act, 1949



5. When the Reserve Bank of India (RBI) is the lender of last resort, what does it mean?
(a) RBI advances money to public whenever there is any emergency
(b) Commercial banks give fund to the RBI
(c) RBI advances necessary credit against eligible securities
(d) All of the above


6. Which of the following conditions must be fulfilled before a bank is included in the Second Schedule to the Reserve Bank of India Act?
(a) It must be a State co-operative bank or a company as defined in the Companies Act, 1956 or an institution notified by the Central Government in this behalf or a corporation or a company incorporated by or under any law in force in any place outside In
(b) It must satisfy the Reserve Bank of India that its affairs are not being conducted in a manner detrimental to the interests of the depositors
(c) It must have a paid-up capital and reserves of an aggregate value of not less than Rs. 5 lakh
(d) All of the above


7. Which of the following banks was first to establish merchant banking business in India?
(a) ABN Amro Bank
(b) Citibank
(c) Standard chartered
(d) Grindlays Bank



8. ‘Swabhiman’, the financial inclusion scheme, comes under the purview of which ministry?
(a) Ministry of Commerce
(b) Ministry of Home Affairs
(c) Ministry of Finance
(d) Ministry of External Affairs


9. Which one of the following rates is not decided by RBI__________
(a) Bank rate
(b) Base rate
(c) Repo rate
(d) Prime Lending rate


10. Which of the following banks is not nationalized in 1969___________
(a) Central Bank of India
(b) Dena Bank
(c) Canara Bank
(d) Oriental Bank of Commerce



11. Regional rural banks were established in india on the recommendation of which committees_________
(a) Recommendations of Narsimham Committee
(b) Recommendations of Shivraman committee
(c) Recommendations of RG Saraiya Committee
(d) Recommendations of RN Mirdha committee



12. Regulatory Authority for Regional Rural Bank is of___________
(a) RBI and NABARD
(b) NABARD
(c) RBI
(d) State Government



13. Mutual Funds are regulated by________
(a) Reserve Bank of India
(b) Securities and Exchange Board of India
(c) Small industrial development bank of India
(d) State Bank of indi



14. Maximum age for retirement for MD/CEO of all private banks is__________
(a) 70
(b) 65
(c) 60
(d) 68


15. Which term is not associated with banking operations___________
(a) Repo rate
(b) Prime Lending Rate
(c) Equator
(d) None of these

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