Banking General Awareness Modern Banking Question Bank

done Previous Years Questions - Modern Aspects of Banking Total Questions - 39

• question_answer1)
  Many a time we read in newspapers about the benefits of National Electronic Funds Transfer (NEFT), a dlivery service launched by the bank. Why do banks advocate for such delivery channels?                  [OBC 2008]

  (1) It is a system, in which no physical transfer takes place, hence risk is very low.

  (2) In this system banks are not required to transfer any money actually to the account of the customer. Only book adjustment is done. Hence actual fund is not needed.

  (3) This facility is available to anybody at any place. Even having a bank account is not at all necessary.

  A)
   Only (1) is correct done clear
  B)
   Only (2) is correct done clear
  C)
   Only (3) is correct done clear
  D)
   Both (1) & (2) are correct done clear
  E)
   All (1), (2) & (3) are correct done clear
  View Solution play_arrow

• question_answer2)
  Many times we see banks advertise -" anywhere Banking: Anytime Banking". Which of the following product/facilities launched by banks make it possible for the customers to avail banking services 24 hours all seven days?[OBC 2008]

  (1) ATM

  (2) Internet Banking

  (3) Universal cheque book facility

  A)
   Only (1)            done clear
  B)
   Only (2) done clear
  C)
   Both (1) & (2) done clear
  D)
   Only (3) done clear
  E)
   All (1), (2) & (3) done clear
  View Solution play_arrow

• question_answer3)
  As reported in some newspapers/ magazines, some banks have decided to install Biometric ATMs so that fraudulent withdrawals can be prevented. Biometric ATMs will be able to do so as it also checks [OBC 2008]

  (1) signatures of the card holders.

  (2) fingerprints of the card holders.

  (3) skin colour of the card holders.

  A)
   Only (1)                        done clear
  B)
   Only (2) done clear
  C)
   Only (3)                        done clear
  D)
   Both (2) & (3) done clear
  E)
   All (1), (2) & (3) done clear
  View Solution play_arrow

• question_answer4)
  Which of the following is known as Plastic money?                          [Vijaya Bank 2008]

  (1) Demand Draft

  (2) Credit Card

  (3) Debit Card

  A)
   Only (1) done clear
  B)
   Only (2) done clear
  C)
   Only (3) done clear
  D)
   Both (2) & (3) done clear
  E)
   All (1), (2) & (3) done clear
  View Solution play_arrow

• question_answer5)
  A lot of Banks in India these days are offering M-Banking Facility to their customers. What is the full form of 'M' in 'M-Banking'?           [BOB 2008]
  A)
   Money                          done clear
  B)
   Marginal done clear
  C)
   Message                        done clear
  D)
   Mutual Fund done clear
  E)
   Mobile Phone done clear
  View Solution play_arrow

• question_answer6)
  Which of the following is the limitation of the ATMs owing to which people are required to visit branches of the bank? [IOB 2008]

  (1) It does not accept deposits.

  (2) It has a limited cash disbursement capacity.

  (3) Lack of human interface.

  A)
   Only (1) done clear
  B)
   Only (2) done clear
  C)
   Only (3) done clear
  D)
   All (1), (2) & (3) done clear
  E)
   None of these are limitations done clear
  View Solution play_arrow

• question_answer7)
  As we all know, more and more countries/ organisations are now going for Non-Cash Transactions and accordingly Banks have launched many new products in the market for the same. Which of the following products is a non-cash transaction product?            [UBI 2009]
  A)
   Only ATM Card done clear
  B)
   Only Credit Card done clear
  C)
   Only Prepaid Card done clear
  D)
   Only Debit Card done clear
  E)
   All are non-cash transaction products. done clear
  View Solution play_arrow

• question_answer8)
  As per the news published in major newspapers journals hence forth the Credit Card holders will be able to access their credit card information though automated interactive voice response system over the phone instead of speaking to the staff. This decision of the banks/credit card companies will provide [Corporation Bank 2009]

  (1) an additional hurdle to the customers as people feel comfortable in talking to the staff instead of talking to a machine.

  (2) an additional security to the customers  as this does not allow any staff to handle any transaction directly.

  (3) Some comfort to the banks as they will be able to reduce their staff strength.

  A)
   Only (1) done clear
  B)
   Only (2) done clear
  C)
   Only (3) done clear
  D)
   All (1), (2) & (3) done clear
  E)
   Only (1) & (3) done clear
  View Solution play_arrow

• question_answer9)
  As per the notification issued by the banks, the "third party ATM usage" will now be restricted to certain withdrawals and limits only. What does it really mean?                  [Indian Bank 2010]

  (1) The ATM cardholders will not be able to withdraw from other banks' ATMs under any circumstances.

  (2) Customers of one bank may be able to withdraw only a limited amount from other banks' ATMs.

  (3) ATM card holders will have to pay a fee if they withdraw money from other banks' ATMs frequently.

  A)
   Only (1) done clear
  B)
   Only (2) done clear
  C)
   Only (3) done clear
  D)
   Only (2) & (3) done clear
  E)
   Only (1) & (3) done clear
  View Solution play_arrow

• question_answer10)
  Which of the following is an innovative mechanism adopted by banks to meet the targets fixed for lending to priority sector by the Banks?     [Corporation Bank 2010]
  A)
   Buying & Selling of Priority Sector Lending Certification done clear
  B)
   Sale of Kisan Vikas Patra done clear
  C)
   Inter Bank Participation Certificates done clear
  D)
   Adoption of Core Banking Solution done clear
  E)
   None of These done clear
  View Solution play_arrow

• question_answer11)
  As we all have notices/ banks these days are giving more emphasis on "Branchless Banking". What does this really mean?  [Syndicate 2010]

  (1) Banks will not have many branches as used to be in the good old days. Instead, the number of branches will be restricted and will conduct only a specified core business.

  (2) Banks will launch/operate many delivery channels like ATMs, Mobile Banking/Internet Banking etc so that people are not required to visit a branch for their usual banking needs.

  (3) This means banks will issue only debit or credit cards for all types of day-to- day financial transactions. Cheques/ cash payments will not be allowed.

  A)
   Only (1)                        done clear
  B)
   Only (2) done clear
  C)
   Only (1) & (2)   done clear
  D)
   Only (2) & (3) done clear
  E)
   All (1), (2) & (3) done clear
  View Solution play_arrow

• question_answer12)
  Many times we read a term CBS used in banking operation. What is the full form of the letter 'C in the term 'CBS'? [Corporation Bank 2011]
  A)
   Core                             done clear
  B)
   Credit done clear
  C)
   Continuous                   done clear
  D)
   Complete done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer13)
  Which of the following terms is NOT used in banking?          [Allahabad Bank 2011]
  A)
   Debit Card done clear
  B)
   Credit Card done clear
  C)
   Kisan Card done clear
  D)
   ELISA Test done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer14)
  Expand the term SWIFT. [Allahabad Bank 2011]
  A)
   Society for Worldwide International Financial Telecommunications done clear
  B)
   Society for Worldwide Interbank Financial Telecommunication done clear
  C)
   Society for Worldwide International Financial Transfers done clear
  D)
   Society for Worldwide Interbank Fiscal done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer15)
  Which of the following is known as Plastic Money?           [Indian Overseas Bank 2011]

  (1) Demand Draft

  (2) Credit Card

  (3) Debit Card

  A)
   Only (1) done clear
  B)
   Only (2) done clear
  C)
   Only (3) done clear
  D)
   Both (2) and (3) done clear
  E)
   All (1), (2) and (3) done clear
  View Solution play_arrow

• question_answer16)
  Many times we read a term CBS used is banking operations. What is the full form of the letter C in the term 'CBS'? [Indian Overseas Bank 2011]
  A)
   Complete                      done clear
  B)
   Credit done clear
  C)
   Continuous                   done clear
  D)
   Core done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer17)
  The full form of PIN in the parlance of an ATM card is                        [Corporation Bank 2011]
  A)
   Permanent Information Number done clear
  B)
   Personal Identification Number done clear
  C)
   Professional Identification Number done clear
  D)
   Permanent Identification Number done clear
  E)
   Personal Index Number done clear
  View Solution play_arrow

• question_answer18)
  NEFT means                              [IBPS 2011]
  A)
   National Electronic Funds Transfer system done clear
  B)
   Negotiated Efficient Fund Transfer System done clear
  C)
   National Efficient Fund Transfer Solution done clear
  D)
   Non Effective Fund Transfer System done clear
  E)
   Negotiated Electronic Foreign Transfer system done clear
  View Solution play_arrow

• question_answer19)
  A centralized database with online connectivity to branches. Internet as well as ATM network which has been adopted by almost all major banks of our country is known as                   [IBPS 2011]
  A)
   investment banking done clear
  B)
   core banking done clear
  C)
   mobile banking done clear
  D)
   national banking done clear
  E)
   specialised banking done clear
  View Solution play_arrow

• question_answer20)
  A lot of Banks in India these days are offering M-Banking Facility to their customers. What is the full form of 'M' in 'M-Banking'?           [BOB 2008]
  A)
   Money done clear
  B)
   Marginal done clear
  C)
   Message done clear
  D)
   Mutual Fund done clear
  E)
   Mobile Phone done clear
  View Solution play_arrow

• question_answer21)
  A centralised database with online connectivity to branches. Internet as well as ATM network which has been adopted by almost all major banks of our country is known as?                  [IBPS 2011]
  A)
   Investment banking        done clear
  B)
   Core banking done clear
  C)
   Mobile banking  done clear
  D)
   National banking done clear
  E)
   Specialised banking done clear
  View Solution play_arrow

• question_answer22)
  In which of the following fund transfer mechanisms, can funds be moved from one bank to another and where the transaction is settled instantly without being bunched with any other transaction?                 [IBPS 2012]
  A)
   RTGS                           done clear
  B)
   NEFT done clear
  C)
   TT                               done clear
  D)
   EFT done clear
  E)
   MT done clear
  View Solution play_arrow

• question_answer23)
  The Aadhar-enabled Payment System (AEPS) is a bank-led model that facilitates banking facilities through banking correspondents across banks. However, Aadhaar- enabled basic types of banking transactions do 'not' include [IBPS 2013]
  A)
   Aadhaar to Aadhaar funds transfer done clear
  B)
   Small overdraft faculty done clear
  C)
   Cash withdrawal done clear
  D)
   Balance enquiry done clear
  E)
   Cash deposit done clear
  View Solution play_arrow

• question_answer24)
  Where is the headquarters of SWIFT (Society for Worldwide Interbank Financial Telecommunication) located? [IBPS 2014]
  A)
   Vienna, Austria done clear
  B)
   Brussels, Belgium done clear
  C)
   Montreal, Canada done clear
  D)
   Durban, South Africa done clear
  E)
   Sydney, Australia done clear
  View Solution play_arrow

• question_answer25)
  Who decided the limits on cash withdrawal at ATMs and for purchase of goods and services?  [SBI 2014]
  A)
   Issuer Bank                   done clear
  B)
   RBI done clear
  C)
   Government                  done clear
  D)
   SEBI done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer26)
  The Reserve Bank of India (RBI) directed that all banks and white-label ATM operators should have................ chips and pin based card infrastructure on the cards.       [SBI 2016]
  A)
   EMP                            done clear
  B)
   MS-CHAP done clear
  C)
   Dual EC DRBG             done clear
  D)
   EMV done clear
  E)
   SHA-1 done clear
  View Solution play_arrow

• question_answer27)
  Which bank has launched India's first contactless credit card for small and mid- sized enterprises (SMEs)? [SBI 2016]
  A)
   Bank of Baroda             done clear
  B)
   ICICI done clear
  C)
   HDFC              done clear
  D)
   SBI done clear
  E)
   Punjab National Bank done clear
  View Solution play_arrow

• question_answer28)
  What is the full form of MTSS?     [IBPS 2014]
  A)
   Money Transfer Service Scheme done clear
  B)
   Money Transparency Service Scheme done clear
  C)
   Market Transfer Service Scheme done clear
  D)
   Market Tax Service Scheme done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer29)
  RuPay is an Indian domestic card scheme conceived and launched by           [IBPS 2014]
  A)
   National Payments Corporation of India (NPCI) done clear
  B)
   Industrial Finance Corporation of India (IFCI) done clear
  C)
   National Minorities Development & Finance Corporation (NDMC) done clear
  D)
   National Handicapped Finance and Development Corporation (NHFDC) done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer30)
  Which of the following is referred as fastest mode of transaction?                                [IBPS 2014]
  A)
   Transfer funds into different bank's accounts using NEFT (National Electronic Funds Transfer). done clear
  B)
   Transfer funds into other bank accounts using RTGS (Real Time Gross Settlement). done clear
  C)
   Transfer funds into various accounts using IMPS (Immediate Payment Service). done clear
  D)
   Transfer funds into different account of the same bank done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer31)
  What is the secured messaging system device used by IDBRT in the field of banking'?                  [SBI 2014]
  A)
   NEFT                           done clear
  B)
   SFMS done clear
  C)
   RTGS                           done clear
  D)
   EFT done clear
  E)
   All of the above done clear
  View Solution play_arrow

• question_answer32)
  Which of the following public sector banks recently became the first to launch the Instant Money Transfer (IMF) scheme which is innovative domestic money remittance facility from ATMs without an account in the bank? [SBI 2014]
  A)
   State Bank of India        done clear
  B)
   Axis Bank done clear
  C)
   Punjab National Bank    done clear
  D)
   Bank of India done clear
  E)
   Bank of Baroda done clear
  View Solution play_arrow

• question_answer33)
  Which bank has launched first equated EMI on debit cards?                          [IBPS 2014]
  A)
   ICICI               done clear
  B)
   HDFC done clear
  C)
   SBI                 done clear
  D)
   Indian done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer34)
  What does stand for "S" in RTGS?    [IBPS 2015]
  A)
   Security                        done clear
  B)
   Services done clear
  C)
   Settlement                    done clear
  D)
   System done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer35)
  What is the full form of NBFC as used in the financial sector?                        [IBPS 2015]
  A)
   New Banking Finance Company done clear
  B)
   National Banking & Finance Corporation done clear
  C)
   Non Business Fund Company done clear
  D)
   New Business Finance & Credit done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer36)
  'FLASHremit' service to offer an instant bank transfer service to the Indians residing in the Gulf nation has been launched by -which bank in association with UAE exchange?      [IBPS 2015]
  A)
   HDFC bank                   done clear
  B)
   SBI done clear
  C)
   Axis bank                     done clear
  D)
   ICICI bank done clear
  E)
   None of these done clear
  View Solution play_arrow

• question_answer37)
  EFTPOS is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. What is E in EFTPOS?[SBI Main 2016]
  A)
   Electronic done clear
  B)
   Essential done clear
  C)
   Every done clear
  D)
   Effective done clear
  E)
   None of the above done clear
  View Solution play_arrow

• question_answer38)
  Which is a hybrid security/ combining features of preferred stock and corporate bonds?            [SBI Main 2016]
  A)
   UPI                              done clear
  B)
   NPCI done clear
  C)
   NEFT               done clear
  D)
   MIPS done clear
  E)
   RTGS done clear
  View Solution play_arrow

• question_answer39)
  Bharat Bill Payment System is a major component of the retail payment transactions in India, and is characterized by the presence of large number of billers, who provide a variety of payment options to their customers. According to information available on the RBI website, the top 20 cities are generating INR how much amount in bill payments every year?      [SBI Main 2016]
  A)
   INR 16,810 billion done clear
  B)
   INR 4,703 billion done clear
  C)
   INR 10,172 billion done clear
  D)
   INR 6,223 billion done clear
  E)
   None of the above done clear
  View Solution play_arrow