IIBF - BC / BF Exam Question and Answer
1.Deposit under the Foreign Currency Non-Resident (FCNR) Scheme can be accepted for a minimum of
A. 15 days
B. 3 months
C. 6 months
D. 1 year
Ans: D
2. Who issue the Mudra Card to customer?
A.Banks either directly or in association with MFLs
B.MFls directly
C. Mudra
D.None of these
Ans: A
3. Which of the following Accounts are intended for keeping savings of individuals and small businesses for meeting their future money needs and banks pay interest on these accounts?
A.Savings Account
B.Fixed Deposit
C. Current Account
D.Recurring Account
Ans: A
4. Gold and Silver ornaments should be kept in bank lockers
A.It is safe
B.No risk of theft
C. Both (a) & (b)
D.None of above
Ans: C
5. A unit will be classified as a Medium Enterprise in the Service Sector if it's investment in equipment not exceeding Rs.
A.5 Crores
B.10 Crores
C. 2 Crores
D.1 Crores
Ans: A
6. The relationship between Banker and Customer in case of safe deposit Locker
A.Bailee & Bailor
B.Creditor & Debtor
C. Lessor & Lessee
D.Debtor & Creditor
Ans: C
7. We should keep our savings with banks because
A.It is safe
B.Earns Interest
C. Can be withdrawn anytime
D.All of above
Ans: D
8. When the income is less and expenses are more, a person need to
A.Spend
B.Save
C. Gamble
D.Lend
Ans: B
9. A "Standard Asset" of a bank is defined as an asset which is ___________
A.Not a non-performing asset (NPA)
B.A doubtful asset
C. A loan asset
D.None of these
Ans: A
10. What is the USP of a current account?
A.No restrictions on transctions
B.Low TDS
C. High minimum balance
D.High Interest payable
Ans: A
11. Current account deposits are not entitled to ____________
A.Cheque book above 100 leaves
B.Monthly Statement
C. Cash Payment
D.Interest
Ans: D
12. Commercial papers are issued by
A.Company to a bank
B.Banks to companies
C. Bank to banks
D.Company to its suppliers
Ans: C
13. What is Direct Benefit Transfer?
A.Cash discount on goods
B.Remittance through Banks
C.Transfer of social benefits / subsidies directly in Bank accounts of beneficiaries
D.None of above
Ans: C
14.ICICI Provides financial assistance to ______
A.Small-Scale industries
B.Medium-Scale industries
C.Long and medium-term funds in the private sector
D.All of the above
Ans: C
16.Saving Accounts can be opened by whom?
A.All individual fulfilling KYC norms
B.All tax payer only
C.All individuals above the age of 18
D.All businessmen only
Ans: C
17.When will a loan be NPA?
A.Interest and /or loan instalments overdue for more than 90 days
B.A/c is out of order for more than 90 days in case of overdrft/Cash
C.Bill remains overdue for more than 90 days in BP/BD
D.All of above
Ans: D
18.Who regulates monetary policy?
A.IRDA
B.RBI
C.SIDBI
D.All of above
Ans: C
19.What are the operating hours of NEFT on saturday
A.Up to 12 Noon
B.Up to 11:00 AM
C.Up to 11:30 AM
D.Up to 7:00 PM
Ans: D
20.Most of the people amoung us are____________
A.Risk lovers
B.Risk enhancers
C.Risk averse
D.Risk tolerating
Ans: C
21.In a Bank's Balance Sheet, Loans and advances will appear in _____________Column
A.Liabilities
B.Assets
C.Capital
D.Income
Ans: A
22.Which of the following scheme was formulated by RBI?
A.Banking Ombudsman Scheme
B.Jan Dhan Yojana
C.MUDRA Bank Yojana
D.Boutique Financing Scheme
Ans: A
23.Where is the headquarter of Reserve Bank of India?
A.Mumbai
B.Delhi
C.Kolkata
D.Ahmadabad
Ans: A
24.Who can avail the PMMY loan?
A.Any Indian Citizen
B.Any firm, body corporate, the company, or any other entity incorporated in India
C.Both (a) and (b)
D.None of these
Ans: C
25.MGNREGS stands for
A.Mahatma Gandhi
B.Mahatma Gandhi National Rural Employment Gurantee Scheme
C.None of above
D.All of these
Ans: B
26.When did Indian Banking Act come into force?
A.1948
B.1949
C.1950
D.1951
Ans: B
27.Which of the following banks has acquired the centurion Bank of Punjab?
A.ICICI Bank
B.IDIBI Bank
C.HDFC Bank
D.AXIS Bank
Ans: C
28.What is RuPay Debit Card?
A.Domestic debit card
B.Introduced by National payments Corporation of India
C.Accepted at all ATMs & PoS machines
D.All of above
Ans: D
29.Who is administers Atal Pension Yojana?
A.LIC
B.GIC Re
C.PFRDA
D.IRDAI
Ans: C
30.What is the maximum loan amount available under PMMY?
A.5.00 Lacs
B.10.00 Lacs
C.50.00 Lacs
D.60.00 Lacs
Ans: B
31.Who can open bank account?
A.Indian citizen
B.Non Resident Indian
C.Illiterate
D.All of above
Ans: D
32.What is the tax benefit under Atal Pension Yojana?
A.10,000
B.50,000
C.1,00,000
D.2,00,000
Ans: B
33.TDS means
A.Time Deposit Scheme
B.Total Deposit Scheme
C.Tax Deducted at Source
D.None of above
Ans: C
34.Who is eligible to get the MUDRA Loans under PMY out of following borrowers?
A.Large Corporates
B.Municipal Corporations
C.Small fruit vendors, vegetables sellers etc.,
D.None of above
Ans: C
35.What is the full form of PMJJBY
A.Pradhan Mantri Jagriti Jyoti Bima Yojna
B.Pradhan Mantri Jyoti Jeevan Bima Yojna
C.Pradhan Mantri Jeevan Jyoti Bima Yojna
D.Pradhan Mantri Jagruk Jyoti Bima Yojna
Ans: C
36.Bank Pass Book is
A.Issued by Bank
B.Contains transaction details of Bank account
C.Shows balance in account
D.All of above
Ans: D
37.Atal Pension Yojana was launced by Prime Minister Narendra Modi on?
A.1 June 2015
B.2 October 2014
C.17 September 2016
D.9 May 2015
Ans: D
38.Internet Banking Transactions Excludes
A.Withdrawal of cash anywhere in India
B.Statment for Account for A specific Period
C.Transfer of funds from one A/C to A/C
D.Balance Enquiry
Ans: A
39.Aadhaar Number is a _____________ digit number
A.8
B.10
C.12
D.15
Ans: C
40.Communication skill is a _____________
A.Acadamic Skill
B.Hard Skill
C.Soft Skill
D.None of the above
Ans: C
41.Nomination facilities are available
A.In deposit accounts
B.On safe deposit lockers
C.On articles deposited for safe custody
D.In all the above cases
Ans: D
42.Expand 'AEPS'
A.Account Enable Payment System
B.Aadhaar Enable Payment & Settlement
C.Aadhaar Enable Payment System
D.Anywhere Electronic Payment Solution
Ans: C
43.What does Marketing of Internet Banking mean?
A.Meeting of banks of the net
B.Net practice
C.Marketing the usage of banking transactions through Internet
D.Transactions with foreign countries
Ans: C
44.Explained 'NPCI'
A.National Payments Corporation of India
B.National Payments Co-operative Institute
C.New Payments Co-operative of India
D.New Payments Co-operative Institute
Ans: A
45.ATM is one of the banking channels. Here, the abbreviation 'ATM'refers to ________
A.Any Time Money
B.Automated Teller Machine
C.Automated Transaction Money
D.All Time Money
Ans: B
46.__________is a service provided by a bank which allows its customers to perform transactions over the telephone
A.e-banking
B.Mobile Banking
C.Phone Banking
D.None of these
Ans: B
47.Rupay Debit Card is Introduced by
A.RBI
B.NPCI
C.IBA
D.GOVT.OF INDIA
Ans: B
48.Which of the following is known as a Savings Bank Account opened with a commercial bank with zero balance or very minimum balance?
A.Current Account
B.No frill Account
C.Saving Bank-ordinary Account
D.Students Saving Bank Account
Ans: B
49.Development financial institution in India that has got merged with a bank is
A.IDBI
B.ICICI
C.IDFC
D.UTI
Ans: B
50.MUDRA has been set up whom?
A.Goverment of India
B.RBI
C.SEBI
D.None of these
Ans: A
51.What is the use of MUDRA Card? And how it can be used?
A.In drawing cash from ATM or Business Correspondent
B.Make purchases using Point of Sale (PoS) machine
C.Both of above
D.None of these
Ans: C
52.What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
A.Accidental Insurance cover
B.Life Insurance cover
C.Ovrdraft up to Rs.5,000/-
D.None of the above
Ans: A
53.PMMY Loan is given for which purpose?
A.Income Generation Purpose
B.Consumption Purpose
C.Both A and B
D.None of the above
Ans: A
53.PMMY Loan is given for which purpose?
A.Income Generation Purpose
B.Consumption Purpose
C.Both A and B
D.None of the above
Ans: A
54.How much interest savings would earn in PMJDY Account?
A.Interest rate applicable for Saving Bank Accounts
B.Interest rate will be decided by the Finance Ministry
C.No interest will be provided
D.Interest at 2% for the time being
Ans: A
55.Can a minor open an Account under PMJDY?
A.A minor above the age of 18 years can open his/her saving bank account in any bank
B.A minor above the age of 10 years can open his/her saving bank account in any bank
C.A minor above the age of 12 years can open his/her saving bank account in any bank
D.A minor cannot open the account under the scheme
Ans: B
56.From where the PMMY loan can be availed?
A.Public Sector Banks, Private Sector Banks, Foreign Banks, Cooperative Banks
B.Directly from MUDRA
C.Both A and B
D.None of these
Ans: A
57.PMJDY means
A.Prime Minister Jan-Dhan Yojana
B.Pradhan Mantri Jan-Dhan Yojana
C.Pradhan Mantri Janandolan Yojana
D.Primary Money Jodan Yojana
Ans: B
58.Who is the present Governor of RBI?
A.K.C.Chakrabarty
B.D.K.Mittal
C.Shaktikant Das
D.Montek Singh Ahluwalia
Ans: C
59.Payment of cheque can be stopped by
A.Beneficiary
B.Nominee
C.Drawer of cheque
D.All of above
Ans: C
60.Which one of the following statements is incorrect as regards Rupay Debit Card?
A.This card is accepted for cash withdrawal at all ATMs within india.
B.This card is accepted for making cashless payment for purchases at all PoS in the country.
C.It is a debit card introduced by NPCI.
D.It is an indigenous domestic debit card.
Ans: C
61.To whom the Overdraft facility of Rs.10,000/- in PMJDY Account is available?
A.After 6 months of satisfactory conduct of account.
B.One account per household
C.Customers in age group of 18-60 years
D.All of above
Ans: D
62.What is Pradhan Mantri Jan-Dhan Yojana?
A.National Mission for Financial Inclusion
B.It ensures access to financial services in an affordable
C.It ensures Insurance, Pension in an affordable manner
D.All of above
Ans: D
63.Where are the Frequently Asked Questions (FAQs) on PMMY Loans available for information of the Lending Institution/Public
A.DFS website
B.PMO website
C.MUDRA website
D.None of these
Ans: C
64.What is the premium per annum that is to be paid under PMSBY?
A.Rs. 6
B.Rs. 12
C.Rs. 100
D.Rs. 330
Ans: B
65.The long term vision of Jan Dhan Yojana Lay foundation of a ______________ economy
A.Cash
B.Barter
C.Cashless
D.Palnned
Ans: C
66.Which deposits are a combination of demand & fixed deposits for meeting customer's financial needs in a flexible manner?
A.Recurring deposits
B.Fixed deposits
C.Hybrid deposits
D.Term deposits
Ans: C
67.What does Effective Bank marketing require?
A.Proper pricing
B.Customized products
C.Simple Procedures
D.All of the above
Ans: D
68.The three stages of money laundering are:
A.Layering, Placement, Refining
B.Placement, Refining, Integration
C.Refining, Integration, Layering
D.Integration, Layering, Placement
Ans: D
69.What is the full form of CRR?
A.Cash Reserve Rate
B.Cash Reserve Raio
C.Cash Recession Ratio
D.Core Reserve Rate
Ans: B
70.What is the amount of insurance up to which a deposit is insured?
A.Rs. 1 Lac per depositor per branch of the bank
B.Rs. 1 Lac per depositor per bank
C.Rs. 1 Lac per depositor from the banking system
D.Rs. 1 Lac per depositor held singly or jointly
Ans: B
71.What does Retail Banking mean?
A.Retail shopkeepers
B.Banks financing to retail traders
C.Same as universal banking
D.Giving consumer loans to various public
Ans: D
72.Maintanance of the following books / registrars is not compulsory for SHG
A.Minutes Book
B.Saving and Loan registrar
C.Visitors Books
D.Members Passbook
Ans: C
73.What are the documents that are required to be submitted for availing loans under MUDRA?
A.Standard Loan Application Form
B.Proof of income - Latest ITR Financial Docs of Income
C.Last 6 months Bank Statement
D.All of the above
Ans: D
74.Amoung the following the correct share of central state and Sponsor Bank in RRBs is ___________?
A.35%, 40%, 25%
B.15%, 35%, 50%
C.30%, 35%, 35%
D.50%, 15%, 35%
Ans: D
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