Banking Quiz for Bank | SSC – 287
1. Which one of the following methods is currently used in India to issue note?
(a) Maximum Fiduciary System
(b) Minimum Reserve System
(c) Percentage Reserve System
(d) None of these
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Ans- (b) Minimum Reserve System
The following points highlight the top five methods used for issuing notes. The methods are:
1. Simple Deposit System
2. Fixed Fiduciary System
3. Maximum Fiduciary System
4. Proportional Reserve System
5. Minimum Reserve System.
At present, the Issue Department is still following the minimum reserve system of note issue which has provided greater elasticity to the Indian currency system. The present currency system has provided ample scope to the government for adopting deficit financing, especially for financing its plans since the Second Plan on wards.
2. What is reason for cost push inflation?
(a) Increase in wage rate
(b) Decrease in cost production
(c) Increase in the raw material
(d) None of these
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Ans- (c) Increase in the raw material
Cost push inflation is inflation caused by an increase in prices of inputs like labour, raw material, etc. The increased price of the factors of production leads to a decreased supply of these goods.
3. The number of the regional offices of RBI is –
(a) 19
(b) 18
(c) 22
(d) None of these
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Ans- (a) 19
The Reserve Bank of India has four zonal offices at Chennai, Delhi, Kolkata andMumbai. It has 19 regional offices and 10 sub-offices.
4. How many board of directors are there in RBI?
(a) 20
(b) 22
(c) 21
(d) None of these
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Ans- (c) 21
The general superintendence and direction of the RBI is entrusted with the 21-member central board of directors: the governor; four deputy governors; two finance ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary); ten government-nominated directors to represent important elements of India’s economy; and four directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and the capital New Delhi.
5. An account in which trading of shares in theft electronic from is done is known as-
(a) Demat account
(b) NRI account
(c) Current account
(d) None of these
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Ans-(a) Demat account
An account that is used to hold shares and securities in electronic format is called a Demat account. The full form of Demat account is a dematerialised account.
6. MAT provision in income tax stands for –
(a) Medium Alternate Tax
(b) Minimum Alternate Tax
(c) Maximum Alternate Tax
(d) None of these
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Ans-(b) Minimum Alternate Tax
MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT.
7. How many non scheduled banks are there in India?
(a) 19
(b) 7
(c) 4
(d) None of these
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Ans -(c) 4
Those banks that abide by this regulation are called as Scheduled Banks and banks that do not come under this regulation are called as Non-Scheduled Banks.
At present, there are 170 scheduled commercial banks in the country, which includes 91 regional rural banks (RRBs), 19 nationalised banks, 8 banks in State Bank of India group and the Industrial Development Bank of India Limited (IDBI Ltd).Besides, there are only four non-scheduled commercial banks in the country.
These four Non-scheduled banks under operation in India are:
1.Akhand Anand Co-operative Bank Limited
2.Alavi Co-Operative Bank Limited
3.Amarnath Co-Operative Bank Limited
4.Amod Nagrik Sahakari Bank Limited
8. Treasury bill means-
(a) A bill drawn on a treasury
(b) An instrument is used by central government for short –term borrowing
(c) A bill drawn by member of parliament
(d) None of these
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Ans- (b) An instrument is used by central government for short –term borrowing
Treasury Bills are basically instruments for short term (maturities less than one year) borrowing by the Central Government. Treasury Bills were first issued in India in 1917. At present, the active T-Bills are 91-days T-Bills, 182-day T-Bills and 364-days T-Bills.
9. NABARD is responsible for regulating and supervising the function of –
(a) Co-operative banks and Regional Rural Banks
(b) Private sector bank
(c) Regional Rural Banks
(d) None of these
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Ans- (a) Co-operative banks and Regional Rural Banks
NABARD is responsible for regulating and supervising the functions of Co-operative banks and RRBs. In this direction NABARD has been taking various initiatives in association with Government of India and RBI to improve the health of Co-operative banks and Regional Rural Banks.
10. When did credit cards get invented?
(a) 1935
(b) 1920
(c) 1950
(d) None of these
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Ans-(c) 1950
The first universal credit card, which could be used at a variety of establishments, was introduced by the Diners’ Club, Inc., in 1950. Another major card of this type, known as a travel and entertainment card, was established by the American Express Company in 1958.
