If you ally craving such a referred banking awareness mcq book that will have the … Basic/Banking awareness is a part 100 random MCQs
61.One can file the appeal against the decision of the Banking Ombudsman rejecting the complaint within how many days of the date of receipt of the Award?
[A] 25 days
[B] 18 days
[C] 15 days
[D] 30 days
Correct Answer: D [30 days]
Notes:
One can file the appeal against the award or decision of the Banking Ombudsman rejecting the complaint within 3o days of the date of receipt of the Award.
62.Which of the following has availed the Liberalised Remittance Scheme?
[A] RBI
[B] NABARD
[C] Government of India
[D] None of the above
Correct Answer: A [RBI]
Notes:
Effective 1 June 2015, under the Liberalised Remittance Scheme made available by the Reserve Bank of India, (hereinafter referred to as the Scheme/LRS) resident individuals are allowed to remit up to USD$250,000 per financial year (April-March) for any permitted current or capital account transactions.
63.What is LRS a2?
[A] LRS Modulation
[B] LRS activation
[C] LRS Declaration
[D] None of the above
Correct Answer: C [LRS Declaration]
Notes:
Under the Liberalised Remittance Scheme (LRS), the Indian government and the Reserve Bank of India (RBI) now require an LRS Declaration form (fully titled “A2 cum LRS Declaration”) to transfer funds abroad.
64.What does a “bank” means in Payment and Settlement Systems Act, 2007, unless the context otherwise requires?
[A] a bank included in the Second Schedule to the RBI Act
[B] a post office savings bank
[C] a banking company as defined in clause c of section 5, of the Banking Regulation Act
[D] all of the above
Correct Answer: D [all of the above]
Notes:
In this Act, unless the context otherwise requires, “bank” means, a bank included in the Second Schedule to the Reserve Bank of India Act, 1934; a post office savings bank; a banking company as defined in clause (c) of section 5, of the Banking Regulation Act, 1949; a co-operative bank as defined in clause of section 5 of the Banking Regulation Act, 1949.
65.What is a “Settlement”?
[A] settlement of payment instructions which bank has send
[B] settlement of refunds
[C] settlement of payment instructions received
[D] none of the above
Correct Answer: C [settlement of payment instructions received]
Notes:
“Settlement” means the settlement of payment instructions received and these include settlement of securities, foreign exchange or derivatives or other transactions. Settlement can take place either on a net basis or on a gross basis. Both netting and gross settlement system are defined under the Act.
66.NEFT works on the principle of which of the following?
[A] Gross Batch Settlement
[B] Deferred Net Settlement
[C] Priority Net Settlement
[D] Domain Net Settlement
Correct Answer: B [Deferred Net Settlement]
Notes:
NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches.
67.In which year National Electronic Fund Transfer started in India?
[A] 2004
[B] 2002
[C] 2006
[D] 2005
Correct Answer: D [2005]
Notes:
The National Electronic Funds Transfer (NEFT) system has been successfully handling significant volumes, ever since its launch in November 2005.
68.Which out of the following is most popular channel of foreign inward remittances to India?
[A] SWIFT
[B] Rupee Drawing Arrangement (RDA)
[C] Direct transfers
[D] Cheques and Drafts
Correct Answer: B [Rupee Drawing Arrangement (RDA)]
Notes:
The rupee drawing arrangement (RDA) is the most popular channel of remittances which accounts for 75.2 per cent of remittances, followed by SWIFT (19.5 per cent), direct transfers (3.4 per cent) and cheques and drafts (1.9 per cent)
69.In which type of remittances, money is transferred from one country to another?
[A] Foreign Remittance
[B] Digital Remittance
[C] Blockchain Remittance
[D] None of the above
Correct Answer: A [Foreign Remittance]
Notes:
In banking terminology, remittance means transfer of fund one place to another. When money transferred from one country to another, this is called Foreign Remittance.
70.Which of the following is not true about Mobile Money Identifier (MMID)?
[A] Mobile Money Identifier (MMID) is a seven-digit number, issued by banks for effecting financial
[B] The user’s mobile number MMID are uniquely linked with his bank account number, and is one of the
[C] Both the remitter and the beneficiary are required to have their MMIDs to effect a fund transfer through
[D] A unique MMID and mobile number combination helps in identifying the beneficiary’s details. A single
Correct Answer: D [ A unique MMID and mobile number combination helps in identifying the beneficiary’s details. A single ]
Notes:
It should be Multiple MMIDs can be linked to same mobile number. If a person has accounts in more than 1 bank, he can use his same mobile number with all MMIDs.
