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October 2023 > Current Static Banking > Flashcards

Current Static Banking Flashcards

1
Q
  1. Indian Financial System Code (IFSC) is a unique ________ digit alphanumeric code to use for
    online fund transfer transactions done via National Electronic Funds Transfer (NEFT), Real-
    Time Gross Settlement (RTGS) and Immediate Mobile Payment Service (IMPS).
    1) 12
    2) 7
    3) 11
    4) 15
    5) 10
A

Answer- 3) 11
Explanation:
The Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code that is used for
online fund transfer transactions done via National Electronic Funds Transfer (NEFT), Real-Time
Gross Settlement (RTGS) and Immediate Mobile Payment Service (IMPS).

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2
Q
  1. Who is the current (as of Oct ‘23) Chief Executive Officer (CEO) of HDFC Pension Management
    Company?
    1) Jayanth Kumar
    2) Ajay Shamra
    3) Ganesh Ithape
    4) Vishwas Katela
    5) Sriram Iyer
A

Answer- 5) Sriram Iyer
Explanation:
About HDFC Pension Management Company Limited:
HDFC Pension Management Company Limited is a wholly owned subsidiary of HDFC Life Insurance
Company Limited.
Chief Executive Officer(CEO) – Sriram Iyer
Headquarters – Mumbai, Maharashtra
Established in – 2011

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3
Q
  1. In October 2023, Reserve Bank of India announced its core banking solution for the
    government, e-Kuber will be functional on _____________.
    1) 30th April 2024
    2) 1st May 2024
    3) 31st March 2024
    4) 1st January 2024
    5) 1st April 2024
A

Answer- 3) 31st March, 2024
Explanation:
Reserve Bank of India’s core banking solution for the government e-Kuber will be functional on
March 31, 2024. Usually e-Kuber is not operational on holidays like January 26 (Republic Day),
August 15 (Independence Day), and October 2 (Gandhi Jayanti), all second and fourth Saturdays of
every month and on all Sundays.
i. The office of Controller General of Accounts, Government of India has advised that in order to
account for all the government transactions relating to receipts and payments in the financial year
2023-24 itself, it has been decided that March 31, 2024 (Sunday) be marked as a working day for such
transactions

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4
Q
  1. Which bank has recently (in Sept ‘23) appointed PR Seshadri as Managing Director (MD) and
    chief executive officer (CEO)?
    1) South Indian Bank
    2) Karnataka Bank
    3) RBL Bank
    4) ICICI Bank
    5) IndusInd Bank
A

Answer- 1) South Indian Bank
Explanation:
South Indian Bank has appointed PR Seshadri as its managing director and chief executive officer
effective from October 1. He will succeed Murali Ramakrishnan who served at the post from October
1, 2020 till September 30, 2023.
i. With nearly 25 years of banking experience spanning domestic and international markets, Seshadri
has held senior leadership positions at prestigious institutions, including Karur Vysya Bank and
Citigroup.

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5
Q
  1. Name the company that has recently (in Sept ‘23) launched a USD 100 million venture fund
    for Generative artificial intelligence (AI) startups.
    1) Visa
    2) American Express
    3) Mastercard
    4) Capital One
    5) Discover Card
A

Answer- 1) Visa
Explanation:
Payments processor Visa launched a USD 100 million venture fund for generative artificial
intelligence (AI) startups, joining a list of investors who have flocked to the sector this year (2023).
Several high-profile names such as Microsoft and Alphabet’s Google have backed the AI space, a
buzzword in technology circles this year, after chatbot ChatGPT’s popularity.
i. Generative AI is a technology that creates brand new content based on what it has learnt from past
data.

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6
Q
  1. How many Small Finance Banks (SFB) are there in India?
    1) 14
    2) 12
    3) 15
    4) 10
    5) 16
A

Answer- 2) 12
Explanation:
According to the Reserve Bank of India (RBI), There are 12 Small Finance Banks (SFB) in India.
List of Small Finance Banks (SFB)
 Au Small Finance Bank Ltd.
 Capital Small Finance Bank Ltd
 Fincare Small Finance Bank Ltd.
 Equitas Small Finance Bank Ltd
 ESAF Small Finance Bank Ltd.
 Suryoday Small Finance Bank Ltd.
 Ujjivan Small Finance Bank Ltd.
 Utkarsh Small Finance Bank Ltd.
 North East Small Finance Bank Ltd
 Jana Small Finance Bank Ltd
 Shivalik Small Finance Bank Ltd
 Unity Small Finance Bank Ltd

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7
Q
  1. The National Asset Reconstruction Company Ltd (NARCL) that was established by the Central
    Government is set to deal with _________.
    1) Foreign Exchange Reserves
    2) Advance to Priority Sectors
    3) Bad Loans
    4) Repo Rate
    5) Inflation
A

Answer- 3) Bad Loans
Explanation:
The National Asset Reconstruction Company Ltd (NARCL) that was established by the Central
Government is set to deal with Bad Loans or Non Performing Assets(NPA).
i. The progress of the National Asset Reconstruction Co (NARCL), established as a state-backed bad
bank to address non-performing assets (NPAs) in the Indian banking sector, has encountered
significant hurdles. Despite its creation, NARCL has struggled to meet its objectives, with several
issues hindering its effectiveness.
ii. The gross non-performing assets in the Indian banking system currently stand at approximately Rs
13 lakh crore, including fully written-off accounts. However, NARCL has struggled to acquire a
significant portion of these assets, falling short of expectations.

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8
Q
  1. Who is the present (as of Oct ‘23) Managing Director(MD) & Chief Executive Officer(CEO) of
    Axis Bank?
    1) Rajiv Anand
    2) Rakesh Makhija
    3) Amitabh Chaudhry
    4) Ganesh Sankaran
    5) Subrat Mohanty
A

Answer- 3) Amitabh Chaudhry
Explanation:
About Axis Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Established in – 1993
Tagline – Badhti Ka Naam Zindagi

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9
Q
  1. Which is the 1st Regional Rural Bank of India that was sponsored by Syndicate Bank?
    1) Aryavart Bank
    2) Paschim Banga Gramin Bank
    3) Ellaquai Dehati Bank
    4) Utkal Grameen Bank
    5) Prathama Bank
A

Answer- 5) Prathama Bank
Explanation:
Regional Rural Banks were set up on the recommendations of the Narasimham Working Group. The
first RRB to be set up was the Prathama Bank, sponsored by Syndicate Bank on October 2, 1975 in
Uttar Pradesh. The head office is at Moradabad, UP.

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10
Q
  1. Name the bank that has introduced the 1st ATM in India?
    1) HDFC Bank
    2) HSBC Bank
    3) IndusInd Bank
    4) Axis Bank
    5) ICICI Bank
A

Answer- 2) HSBC Bank
Explanation:
HSBC banks introduced the first ATM in India. Hongkong and Shanghai Banking Corporation was the
first bank to introduce an ATM in India in the year of 1987.

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11
Q
  1. The National Electronic Funds __________ is an Indian system of electronic transfer of money
    from one bank or bank branch to another.
    1) Terms
    2) Trade
    3) Tax
    4) Transfer
    5) Time
A

Answer- 4) Transfer
Explanation:
National Electronic Funds Transfer (NEFT) is an Indian system of electronic transfer of money
from one bank or bank branch to another.
i. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any
bank branch to any individual, firm or corporate having an account with any other bank branch in the
country participating in the Scheme. NEFT presently operates in batches on half-hourly intervals
throughout the day.

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12
Q
  1. _____________ is a situation in an economy where inflation and unemployment are at higher
    levels.
    1) Disinflation
    2) Inflation
    3) Deflation
    4) Stagflation
    5) Hyperinflation
A

Answer- 4) Stagflation
Explanation:
Stagflation is a situation in an economy where inflation and unemployment both are at higher
levels. Stagflation occurs when the economy isn’t growing but prices are going up. Stagflation is
basically a combination of high inflation and low growth.

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13
Q
  1. Which committee recommended the introduction of a Liquidity adjustment facility in
    India?
    1) Narasimham Committee
    2) Rangarajan Committee
    3) Basel Committee
    4) SS Tarapore Committee
    5) A K Khandelwal Committee
A

Answer- 1) Narasimham Committee
Explanation:
Narasimham Committee was set up in 1998 on structural reforms, recommending merger of banks
to solve the problem of NPA.
i. It recommended the introduction of a Liquidity adjustment facility in India.

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14
Q
  1. CASA is a type of non-term deposit account and has a lower interest rate than term
    deposits.
    In CASA, what does CASA stand for?
    1) Capital Asset Strategy Account
    2) Current Account Savings Accounts
    3) Capital Account Savings Accounts
    4) Current Assets Saving Accounts
    5) Capital Account Strategy Accounts
A

Answer- 2) Current Account Savings Accounts

Explanation:
Current Account Savings Accounts (CASA) are a type of non-term deposit account. A CASA has a lower
interest rate than term deposits, such as a certificate of deposit, and is thus a cheaper source of funds
for the financial institution.
i. They are offered by some banks, combining the functions of a checking account and a savings
account. The customer gets little or no interest on the current account money that is used routinely to
pay bills but is paid interest on the savings portion.

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15
Q
  1. Which of the following facilities cannot be provided by Payment Banks in India?
    1) Credit Card
    2) ATM Card
    3) Debit Card
    4) Net banking
    5) Mobile banking
A

Answer- 1) Credit Card
Explanation:
RBI has taken an advanced step to push our financial inclusions by providing the guidelines for
licensing differentiated banks such as Payment Banks and Small Finance Banks.
 The main objective of the payment bank is providing small savings accounts and payments or
remittance services to low income households,small businesses,other unorganized sector
entities and other users.
i. These banks are able to operate current accounts and saving accounts.They can issue ATM or Debit
cards, Net Banking and Mobile Banking facilities to their customers.
ii. The payment banks can take restricted deposits which are currently limited to Rs. 1 lakh per
customer.
iii. They can distribute the non-risk financial products such as mutual funds and insurance.
iv. They don’t have rights to provide lending services such as credit cards and issue loans facilities.

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16
Q
  1. What is the Tagline of Punjab National Bank?
    1) Good People to Grow With
    2) Together We Can
    3) The Name You Can Bank Upon
    4) Support All the Way
    5) We understand your world
A

Answer- 3) The Name You Can Bank Upon
Explanation:
About Punjab National Bank (PNB):
Chief Executive Officer (CEO) & Managing Director (MD) – Atul Kumar Goel
Established –1894
Headquarters –New Delhi, Delhi
Tagline – The Name You Can Bank Upon

17
Q
  1. As of October 2023, How many Small Finance Banks (SFBs) are present in India?
    1) 8
    2) 20
    3) 10
    4) 15
    5) 12
A

Answer- 5) 12
Explanation:
In India, there are 12 Small Finance Banks (SFBs) as of October 2023.
 SFBs are specialized financial institutions in India that focus on providing basic banking and
financial services to underserved and unbanked sections of the population, especially in rural
and semi-urban areas.
 The following acts are applicable to Small Finance Banks: Banking Regulation Act, 1949,
Foreign Exchange Management Act, 1999, Reserve Bank of India Act, 1934, Payment &
Settlement Systems Act, 2007, Credit Information Companies (Regulation) Act, 2005 & Deposit
Insurance and Credit Guarantee Corporation Act, 1961.

18
Q
  1. How many credit Information companies are in India?
    1) Four
    2) Six
    3) Five
    4) Three
    5) Seven
A

Answer- 1) Four
Explanation:
The 4 Credit Information Companies (CICs) in India are CIBIL (Credit Information Bureau India
Limited), Experian Credit Information Company of India, Equifax Credit Information Services, and
CRIF High Mark Credit Information Services.

19
Q
  1. MDR is a fee charged from a merchant by a bank for accepting payments from customers
    through credit and debit cards in their establishments.
    In MDR, what does D stand for?
    1) Decreased
    2) Decedent
    3) Deferred
    4) Discount
    5) Debit
A

Answer- 4) Discount
Explanation:
Merchant Discount Rate (MDR) is a fee charged from a merchant by a bank for accepting payments
from customers through credit and debit cards in their establishments.
i. MDR compensates the card-issuing bank, the lender which puts the PoS terminal and payment
gateways such as Mastercard or Visa for their services.

20
Q
  1. Which of the following sections described the Negotiable Instruments, under the Negotiable
    Instruments Act, 1881?
    1) Section 10
    2) Section 13
    3) Section 17
    4) Section 11
    5) Section 15
A

Answer- 2) Section 13
Explanation:
According to Section 13 of the Negotiable Instruments Act, 1881, “A Negotiable Instrument means
a promissory note, bill of exchange or cheque payable either to order or to bearer.”

21
Q
  1. Permanent Retirement Account Number(PRAN) is a unique ____ digit number issued to the
    state & central employees to receive their pension throughout their life under the National
    Pension System.
    1) 7
    2) 12
    3) 10
    4) 9
    5) 11
A

Answer- 2) 12
Explanation:
Permanent Retirement Account Number(PRAN) is a unique 12 digit number issued to the state and
central employees to receive their pension throughout their life under the National Pension System
(NPS). (This NPS scheme was launched in 2004).
i. It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), created by an
Act of the Parliament of India.
ii. PRAN card registration is mandatory for Central and State Government employees and can be done
with National Securities Depository Limited (NSDL).

22
Q
  1. Reduction in the value of domestic currency by the government is called _________.
    1) Devaluation
    2) Revaluation
    3) Appreciation
    4) Depreciation
    5) Democratic
A

Answer- 1) Devaluation
Explanation:
In a fixed exchange rate system, when some government action increases the exchange rate ,thereby
making domestic currency cheaper (reduction) is called Devaluation. On the other hand, a
Revaluation is said to occur, when the Government decreases the exchange rate thereby, making
domestic currency costlier (Increased).

23
Q
  1. APBS is a gateway created by National Payments Corporation of India (NPCI) to enable
    departments & agencies administering government schemes to transfer funds to Aadhaar-
    enabled bank accounts of beneficiaries.
    In APBS, what does ‘S’ stand for?
    1) Saving
    2) System
    3) Safety
    4) Sales
    5) Service
A

Answer- 2) System
Explanation:
Aadhaar Payment Bridge System (APBS) is a gateway created by National Payments Corporation of
India (NPCI) to enable departments and agencies administering government schemes to transfer
funds to Aadhaar-enabled bank accounts of beneficiaries.
 It acts on the principle that a person’s Aadhaar number becomes their financial address.
Instead of providing multiple account details to receive a bank transfer, one only has to provide
their Aadhaar number which significantly eases out the entire process.

October 2023 (9 decks)

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