money supply, banking & financial institutions section 10 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 12 EXERCISES
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The following question based on Money Supply, Banking and Financial Institutions topic of indian economy mcq
(a) Electronic Banking
(b) Expansion Banking
(c) Essential Banking
(d) Economic Banking
The correct answers to the above question in:
Answer: (a)
‘e-banking’ stands for electronic banking which involves the use of computers to carry out banking transactions such as withdrawals through cash dispensers or transfer of funds at point of sale. It is also known as online or interne banking.
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Read more money and supply banking financial institutions Based Indian Economy Questions and Answers
Question : 1
What is ‘Future Trading’?
- It is a trade between two stock exchanges wherein it is decided to purchase stocks of each other on a fixed price throughout the year
- It is an agreement between two parties to buy or sell an underlying asset in the future at a predetermined price
- It is an agreement between stock exchange that they will not trade in stocks of each other in future or for a predetermined period of time
a) 2 only
b) 1 only
c) 3 only
d) All 1, 2 and 3
Answer »Answer: (a)
Question : 2
Consider the following statements regarding the "Banks Board Bureau (BBB)" constituted in 2016:
- It will be responsible for the appointment of heads in PSBs and Financial Institutions
- It will help PSBs in developing strategies and capital raising plans
- It will improve the governance of the Public Sector Banks (PSBs)
a) (i) & (iii) only
b) (ii) & (iii) only
c) (i) only
d) All of the above
Answer »Answer: (d)
With a view to improving the Governance of Public Sector Banks (PSBs), the GoI appointed an autonomous Banks Board Bureau (BBB) which started functioning from 1st April 2016. The Board has three ex-officio members and three expert members in addition to a Chairman. The following are the functions of the BBB
It will be responsible for the selection and appointment of Board of Directors in PSBs and Financial Institutions (FIs) It will advise the Government on matters relating to appointments, confirmation or extension of tenure and termination of services of the Board of Directors
It will help banks to develop a robust leadership succession plan for critical positions
It will build a data bank containing data relating to the performance of PSBs/FIs and their officers It will advise the Government on the formulation and enforcement of a code of conduct and ethics for managerial personal in PSBs/FIs
It will advise the Government on evolving suitable training and developmentØ programmes for management personnel in PSBs/FIs
It will help banks in terms of developing business strategies and capital raising planØ etc.
Question : 3
In India, regional rural banks were established in the year
a) 1975
b) 1982
c) 1980
d) 1976
Answer »Answer: (b)
Question : 4
Name the 3 commodities in the Wholesale Price Index.
- Primary articles
- Fuel, power, light and lubricants
- Manufactured products
- Food articles and industrial raw materials
a) 2, 3 and 4
b) 1, 2 and 3
c) 1, 3 and 4
d) 1 and 3
Answer »Answer: (b)
Question : 5
Consider the following statements regarding the insurance cover provided to depositors by Deposit Insurance and Credit Guarantee Corporation (DICGC)
- All commercial banks and urban cooperative banks have to register with DICGC for providing insurance to depositors
- RBI incurs the insurance premium burden
- Government incurs the insurance premium burden
a) (i) & (ii) only
b) (iii) only
c) (i) only
d) (i) & (iii) only
Answer »Answer: (c)
As per "The Deposit Insurance and Credit Guarantee Corporation (DICGC) Act 1961", DICGC must register all commercial banks (scheduled and non-scheduled both) and Urban Cooperative Banks (UCB) and State and District Central Cooperative Banks (StCB/DCCB) as an insured bank. (StCB/DCCB are rural cooperative banks)
And every insured bank is liable to pay a premium to DICGC as may be notified by DICGC after the approval of RBI. But the premium shall not exceed fifteen paise per annum for every hundred rupees of the total amount of the deposits in that bank.
This means the premium has been capped under the DICGC Act. As per the rules, the premium cost is required to be borne by the bank themselves and cannot be passed on to depositors.
Since the insurance cover has been increased from the present Rs. 1 lakh per depositor per bank to Rs. 5 lakh per depositor per bank, the insurance premium has also been increased from presently 10 paise per Rs. 100 of deposit to 12 paise per Rs. 100 of deposit.
Deposits of foreign governments, deposits of central and state governments, and interbank deposits are not covered/insured.
Question : 6
Indian rupee had been made fully convertible on
a) current account in August, 1994
b) current account in April, 1995
c) capital account in August, 1994
d) current account on March 1, 1993
Answer »Answer: (d)
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