General Awareness Multiple Choice Question with Answer

Quiz ( General Awareness )

Optimal time: 1.67 min

1.Which of the following is False regarding the Indian Currency ?

A ) it issues Rs. 1 note and coin.
B) It issues Rs. 2 and above paper currency till Rs. 1000 paper currency.
C) It was given power to issue the paper currency denomination up to Rs. 10000.
D) It acts as the governments agents for issue and distribution of coins.
E) None of these
Correct answer: A
2. What is the name of the Tool through which bank park excess liquidity with the RBI ?

A) Repo
B) Reverse Repo
C) MSF
D) Bank Rate
E) None of these
Correct answer: B

Solution :
Reverse Repo rate is the short term borrowing rate at which RBI borrows money from banks. The Reserve bank uses this tool when it feels there is too much money floating in the banking system. An increase in the reverse repo rate means that the banks will get a higher rate of interest from RBI.

3. If a senior citizen, wants exemption from deduction of tax at source, he is required to submit which form ?

A) Form No. 15 G
B) Form No. 15 – H
C) Form No. 24
D) Form No. 26
E) Form No. 10 – G
Correct answer: B

4. The network for data communication for banks and FIS has been launched by RBI is known as ––––
A) Swift
B) Internet
C) Infi net
D) Nice net
E) Bank net
Correct answer: E
5.Which of the following types of technologies used by the banks under automated clearing system ?

A) MICR and ACS
B) OCR and ACS
C) MICR and OCR
D) OCR and OPEL
E) None of these
Correct answer: C
6.. The timing for banking transaction under RTGS for a normal day in ––––
A) 9 am to 5 pm
B) 9 am to 4 pm
C) 9 am to 6 pm
D) 8 am to 5 pm
E) 8 am to 6 pm
Correct answer: C

7.. A person is returning permanently to India after 9 years stay in UK and he wants to retain the repatriation benefits of the money he is bringing with him. Which of the following accounts can be opened to suit his needs ?
A) RFC (D) Account
B) NRO Account
C) EEFC Account
D) RFC Account
E) None of these
Correct answer: D
Solution :
An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies – USD and GBP – for NRIs who have returned to India and hold funds in foreign currency.

8.Which of the following interest rate accounts is linked with LIBOR/SWAP ?
A) NRO Account and FCNR
B) NRE (RA) and FCNR
C) EEFC Account and NRO
D) RFC – Domestic
E) None of these

Correct answer: B
9.Who among the following cannot set up an overseas banking unit in SEZs ?
A) Private Sector Banks
B) Public Sector Banks
C) Rural Banks
D) Foreign Banks
E) None of these
Correct answer: C

10.Which accounts are called ‘Your Account’ with us’ ?

A) Vostro Account
B) Nostro Account
C) Loro Account
D) None of these
E) Saving Account
Correct answer: A

Solution :
A vostro account is the account a correspondent bank holds on behalf of another bank. These accounts are an essential aspect of correspondent banking in which the bank holding the funds acts as custodian for or manages the account of a foreign counterpart. For example, if a Spanish life insurance company approaches a U.S. bank to manage funds on the Spanish life insurer’s behalf, the account is deemed by the holding bank as a vostro account of the insurance company.

Source http://bit.ly/2ccBOIG

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