Banking Awareness Quiz With Explanation: Part 7

(1). What is the maximum amount of transaction per account per day in AADHAR Enabled Payment System(AEPS)?
(a) Rs. 25000
(b) Rs. 50000
(c) Rs. 1 lakh
(d) Rs. 2 lakh

(2). What is 'T' stand for in the MTSS which is a term often seen in the banking sector news?
(a) Transfer
(b) Transaction
(c) Tag
(d) Total 

(3). Which type of ATMs is set up, owned and operated by non-bank entities, which have been incorporated under Companies Act 1956, and after obtaining RBI’s approval?
(a) Off-site ATM
(b) Onsite ATM
(c) Brown Label
(d) White Label 

(4). What is the minimum validity period of 'Commercial Paper' in India?
(a) 7 days
(b) 14 days
(c) 21 days
(d) 1 month 

(5). P- Note (Participatory Note) in India are issued on the recommendation of
(a) RBI
(b) SEBI
(c) Finance Ministry
(d) EPFO 

(6). Who is the President of New Development Bank (NDB) of the BRICS countries?
(a) Jin Liqun
(b) Takehiko Nakao
(c) KV Kamath
(d) None is Correct 

(7). Current Banking Ombudsman Scheme was introduced in
(a) 2002
(b) 2004
(c) 2006
(d) 2008 

(8). What is 'I' stand for in the IPO which is a term often seen in the banking sector news
(a) Investment
(b) Initial
(c) India
(d) Index 

(9). When was Commercial Paper (CP) introduced in India for the first time?
(a) 1990
(c) 2000
(d) 2005 

(10). If any cheque issued by a holder does not get withdrawn from the bank till three months, then it is called
(a) Crossed Cheques
(b) Stale Cheque
(c) Post Dated Cheque
(d) Anti Dated Cheque 


(1). Answer Key: (b)
The maximum amount of transaction per account per day is Rs.50,000. These transactions are normally conducted by Business Correspondents (BCs) service centres.

(2). Answer Key: (a)
Money Transfer Service Scheme(MTSS) is a system of money transfer for transferring personal remittances from abroad to beneficiaries in India. Through this, only inward remittances into India are permissible. No outward remittance allowed. A maximum of Rs.50,000 can be remitted inwards as per the money value. And a maximum of 30 transactions per the calendar year.

(3). Answer Key: (d)
Automated Teller Machines (ATMs) set up, owned and operated by non-bank entities are called "White Label ATMs" (WLAs). Non-bank entities that set up, own and operate ATMs are called "White Label ATM Operators" (WLAO). The WLAO's role is confined to an acquisition of transactions of all banks' customers by establishing technical connectivity with the existing authorised, shared ATM Network Operators / Card Payment Network Operators.

(4). Answer Key: (a)
According to RBI, CP can be issued for maturities between a minimum of 7 days and a maximum of up to one year from the date of issue. However, the maturity date of the CP should not go beyond the date up to which the credit rating of the issuer is valid.

(5). Answer Key: (b)

(6). Answer Key: (c)
Kamath, is the chief of the New Development Bank of BRICS countries, he has served as the Chairman of Infosys Limited, the second-largest Indian IT services company, and as the Non-Executive Chairman of ICICI Bank, India's largest private bank.

(7). Answer Key: (c)
Current Banking Ombudsman Scheme introduced in 2006.

(8). Answer Key: (b)
An initial public offering, or IPO, is the very first sale of stock issued by a company to the public.

(9). Answer Key: (a)
CP was introduced in India in 1990 with a view to enabling highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. Subsequently, primary dealers and all-India financial institutions were also permitted to issue CP to enable them to meet their short-term funding requirements for their operations.

(10). Answer Key: (b)
If any cheque issued by a holder does not get withdrawn from the bank till three months, then that type of cheques are called stale cheque.
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