Banking Awareness Quiz 2015 - Set 11

Hello and welcome to ExamPundit. Here is a set of Banking Awareness Quiz 2015.

1. IFSC in a cheque means:
(a) Indian Financial System Code
(b) It has 11 digits alpha numeric
(c) First 4 digits represent Bank Name
(d) This code is used in remitting funds through RTGS and NEFT
(e) All the above

2. "Hundi" is a
(a) Draft
(b) Cheque
(c) Bill of exchange
(d) Promissory note
(e) None of these

3. Banking Industry has been declared as public utility service for purpose of
(a) Negotiable Instruments ACT, 1881
(b) Reserve bank of India Act, 1934
(c) Banking regulation Act, 1949
(d) Industrial Disputes Act
(e) None of these

4. Bank would prefer to mobilize deposits under Savings Bank accounts, because:
(a) Account holders will be motivated to save since savings account offer interest also
(b) It is a low cost deposit for the bank and banks can profitably deploy such funds
(c) Banks want to inculcate the savings habit among the public
(d) All of the above
(e) None of the above

5. Basic Objective of SEBI is/are:
(a) To promote the interests of investors in securities
(b) To promote the development of Securities Market
(c) To regulate the securities market
(d) To protect the interest of the investors to improve the stock market investments
(e) All of the above

6. Customer Day in the bank is on and customers are allowed to meet the top officials of the bank on this day in every month:
(a) 5th
(b) 10th
(c) 15th
(d) 30th
(e) Any of the above dates

7. "Allonge" is
(a) A piece of paper for making endorsements
(b) A piece of paper attached to a negotiable instrument for making available more space for further endorsements
(c) Both a and b
(d) Duplicate DD issued to a customer
(e) Bill payable after sight

8. NEFT is useful because:
(a) The remitter need not send the physical cheque or Demand Draft to the beneficiary.
(b) The beneficiary need not visit his/ her bank for depositing the paper instruments
(c) The beneficiary need not be apprehensive of loss/ theft of physical instruments or the likelihood of fraudulent encashment thereof
(d) Cost effective
(e) All the above

9. Mutual Fund Scheme that operates continuously without any limit entry for subscriptions and redemptions is:
(a) Fixed Income
(b) Specific Fund
(c) Close Ended
(d) Open Ended
(e) Mixed Fund

10. PAN number is required for all transactions above:
(a) Rs. 25,000
(b) Rs. 50,000
(c) Rs. 1 lakh
(d) Rs. 10 lakh
(e) No such restriction


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