GK Quiz - Banking

Q1)-The term “Bill of exchange” is defined under _____

Section 6 – Negotiable Instrument Act–1881

Section 5(b) – Banking Regulation Act –1949

Section 6 – Credit Information Companies (Rules & Regulation) Act–2005

Section 5 – Negotiable Instrument Act–1881

Ans.- D
Explanation: Section 5 – Negotiable Instrument Act–1881: A “bill of exchange” is an instrument containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.

Q2)-Which of the following defines “Promissory Notes”?

Negotiable Instrument Act–1881

Credit Information Companies (Rules & Regulation) Act–2005

Banking Regulation Act –1949

None of these

Ans.- A
Explanation: Section 4 – Promissory note A “promissory note” is an instrument containing an unconditional undertaking, signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.

Q3)-An account is considered dormant when there is no transaction through it for more than _____

12 months

6 months

18 months

24 months

Ans.- D
Explanation: An account is considered inactive or unclaimed when there is no transaction through it for more than 24 months.

Q4)-An account is considered inactive or unclaimed when there is no transaction through it for more than _____

6 months

18 months

12 months

24 months

Ans.- C
Explanation: An account is considered inactive or unclaimed when there is no transaction through it for more than 12 months.

Q5)-An Agreement to exchange one currency with another, at a specific rate of exchange is known as _____

Bank Rate

Base Rate

ECB

Currency Swap

Ans.- D
Explanation: An Agreement to exchange one currency with another, at a specific rate of exchange is known as Currency Swap.

Q6)-Which of the following is an instrument used in India to facilitate the access to foreign money by Indian corporations and PSUs?

Base Rate

ECB

Bank Rate

Currency Swap

Ans.- B
Explanation: External Commercial Borrowing(ECB) is an instrument used in India to facilitate the access to foreign money by Indian corporations and PSUs.

Q7)-The term “Cheque” is defined under _____

Section 6 – Credit Information Companies (Rules & Regulation) Act–2005

Section 6 – Negotiable Instrument Act–1881

Section 5(b) – Banking Regulation Act –1949

Section 5 – Negotiable Instrument Act–1881

Ans.- B
Explanation: The term “Cheque” is defined under Section 6 of the Negotiable Instrument Act–1881

Q8)-The ____ of Banking Regulation Act, 1949 deals with “Reserve Fund”

Section 16

Section 17

Section 18

Section 19

Ans.- B
Explanation: The Section 17 of Banking Regulation Act, 1949 deals with “Reserve Fund”

Q9)-Which of the following section of Banking Regulation Act, 1949 deals with “Cash Reserve”?

Section 16

Section 17

Section 18

Section 19

Ans.- C
Explanation: The Section 18 of Banking Regulation Act, 1949 deals with “Cash Reserve”

Q10)-Which of the following section of Banking Regulation Act, 1949 deals with licensing of banking companies?

Section 16

Section 22

Section 23

Section 24

Ans.- B
Explanation: The Section 22 of Banking Regulation Act, 1949 deals with licensing of banking companies.

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