banking, security market & insurance section 5 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 5 EXERCISES
The following question based on Banking, Security Market & Insurance topic of indian economy mcq
- Issuing of general-purpose credit cards.
- Strict know your customer (KYC) norms
- Opening of Bank branches in unbanked rural areas.
- Opening of no-frills account.
(a) 1, 3 and 4 only
(b) 2, 3 and 4 only
(c) 1, 2 and 3 only
(d) 2 and 3 only
The correct answers to the above question in:
Answer: (a)
Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society.
For financial inclusion ‘Know your customer (KYC) norms should be relaxed and no-frills account should be opened for low-income segments which are looking for basic banking only.
Along with general-purpose credit cards should be issued and bank branches should be opened in unbanked rural areas.
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Read more banking security market insurance Based Indian Economy Questions and Answers
Question : 1
On which date is the establishment of State Bank of India celebrated?
a) 1st July
b) 19th June
c) 1st January
d) 15th October
Answer »Answer: (a)
1 st July is celebrated as the establishment date of the State Bank of India. On 1 July 1955, the Imperial Bank of India became the State Bank of India.
SBI is a multinational banking and financial services company based in India. It is a government-owned corporation with its headquarters in Mumbai.
SBI : Indian Multinational public sector banking and financial services company.
Chairperson : Rajnish Kumar.
Question : 2
The baseline ‘Aapka bhala, Sabki bhali’ is associated with
a) Yes Bank Limited
b) DCB Bank Limited
c) RBL Bank Limited
d) Bandhan Bank Limited
Answer »Answer: (d)
The baseline “Aapka bhala, Sabki bhalai” is associated with Bandhan Bank limited.
Question : 3
The recently launched ‘UPI’ is expected to make sending money easy. The letter ‘I’ in the abbreviation ‘UPI’ stands for
a) Institution
b) Infrastructure
c) Interface
d) International
Answer »Answer: (c)
A Unified Payment Interface (UPI) is a single window mobile payment system launched by the National Payments Corporation of India (NPCI). The letter “I” in the abbreviation UPI stands for interface.
Question : 4
An increase in CRR by the Reserve Bank of India results in
a) attracting more FDI in the country
b) reduction in liquidity in the economy
c) decrease in debt of the government
d) more flow of credit to desired sectors
Answer »Answer: (b)
The Cash Reserve Ratio is the amount of funds that the banks are bound to keep with the Reserve bank of India as a portion of their Net Demand and Time Liabilities (NDTL).
When RBI increases the CRR, fewer funds are available with banks as they have to keep larger portions of their cash in hand with RBI. This means that banks will now have less money to play with.
This resulted in a reduction in liquidity in the economy.
Question : 5
The ‘Gilt edge’ market deals in
a) Corporate Bonds
b) Bullion
c) Govt. Securities
d) Worn and torn currency notes
Answer »Answer: (c)
Question : 6
The microfinance institutions (MFI) registered as Non-Banking Finance Companies (NBFC) are presently regulated by
a) MUDRA (SIDBI) Bank
b) Reserve Bank of India
c) SEBI
d) NABARD
Answer »Answer: (b)
Microfinance Institutions (MFIs) regulated by the Reserve Bank of India (RBI).
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