Frequently Asked Banking Awareness Quiz for SBI PO 2017

Banking & Financial Awareness Quiz for SBI PO 2017

Dear Aspirants,

Banking and Financial Awareness is an important part of any bank exam.With SBI PO Prelims round the corner, it should be your priority to cover every aspect of Banking and Financial Awareness Questions.

We are providing below Frequently Asked Banking Awareness Quiz for SBI PO examination 2017.

Q1. MICR code is used for

• Electronic Clearance of Cheques
• Electronic Funds Transfer
• Code Banking Solution
• Cheque Truncation Services
• None of the above

Ans: Electronic Clearance of Cheques

Q2. The rate at which the central bank of a country lends money to commercial banks in the event of any shortfall of funds is called-

•  Call Rate
• CRR
• Bank Rate
• Repo Rate
• SLR

Ans: Repo Rate

Q3. With reference to the insurance and banking sector, which of the following is the most appropriate explanation of "PIN"?

• Postal Index Number
• Personal Index Number
• Personal Identification Number
• Personal Information Number
• Permanent Identification Number

Ans: Personal Identification Number

Q4. Islamic Development Bank (IDB) in May 2016 announced to open its first branch in India at-

• Ahmedabad, Gujarat
• Lucknow, Uttar Pradesh
• Ajmer, Rajasthan
• Chennai, Tamil Nadu
• Kolkata, West Bengal

Ans: Ahmedabad, Gujarat

Q5. In a bid to curtail domestic black money flow, the finance ministry has announced that it will be mandatory to furnish permanent account number (PAN) for all transactions above Rs.________ through all payment modes with effect from January 1, 2016.

• Rs. 1 lakh
• Rs. 2 lakh
• Rs. 3 lakh
• Rs. 4 lakh
• Rs. 5 lakh

Ans: Rs. 2 lakh

Q6. Many a time we read in the newspapers that RBI has changed or revised a particular ratio/rate by a few basis points. What is basis point?

• Ten percent of one-hundredth point
• One hundredth of 1%
• One hundredth of 10%
• Ten per cent of 1000
• None of the above

Ans: One hundredth of 1%

Q7. Which of the following is NOT a type of cheque issued by an individual?

• Bearer cheque
• Order cheque
• Crossed cheque
• Savings cheque
• None of the above

Ans: Savings cheque

Q8. What is Financial Inclusion?

• To provide a permanent employment to the unemployment
• To provide a 100 days job to all those who are in need of a job
• Delivery of financial services at affordable costs to vast sections of disadvantaged and low-income groups
• To ensure that all financial transaction amounting Rs. 5,000/- and above are done through banks.
• None of the above

Ans: Delivery of financial services at affordable costs to vast sections of disadvantaged and low-income groups

Q9. Which of the following places in India does not have a stock Exchange?

• Kolkata
• Ahmedabad
• Mumbai
• Udaipur
• None of the above

Ans: Udaipur

Q10. Which of the following is the name of private sector Bank in India?

• IDBI Bank
• Axis Bank
• Corporation Bank
• UCO Bank
• Dena Bank

Ans: Axis Bank

Q11. Which of the following types of companies/organisation issue "ULIP"?

• Insurance Companies
• Banks
• NABARD
• RBI
• None of the above

Ans: Insurance Companies

Q12. In order to avoid crowding of customers wanting to withdraw cash in the branches, banks have provided many delivery channels. Which of the following is one of the most popular Channels of getting instant hard cash?

• Core Banking Solution
• Pay orders
• Demand Drafts
• Automated Teller Machines
• None of the above

Ans: Automated Teller Machines

Q13. Who amongst the following has suggested to the banks in India to give details of fund transfer to customers via SMS/ E-mails?

• Reserve Bank of India (RBI)
• India Bank's Association
• Indian Institute of Banking & Finance
• Securities & Exchange Board of India
• None of the above

Ans: Reserve Bank of India (RBI)

Q14. Which of the following products launched by most of the banks help farmers in getting instant credit for various agricultural purpose?

• Kisan Credit Card
• Personal Loan
• Business Loan
• All of the above
• None of the above

Ans: Kisan Credit Card

Q15. Which of the following policies of the financial sectors is basically designed to transfer local financial assets into foreign financial asset freely at market determined exchange rates?

• Capital Accounts Convertibility
• Financial Deficit Management
• Minimum Support Price
• Special Drawing Rights
• None of the above

Ans: Capital Accounts Convertibility

Stay tuned for more questions on SBI PO 2017.