Banking Awareness Quiz for bankers with answers SBI PO NIACL

Important Banking Awareness Questions for SBI PO and Upcoming bank exams like NIACL Assistant, NICL AO, IBPS PO, IBPS RRB, etc. As questions from Banking Awareness is asked in all banks and insurance exams it is important to know some banking terms and concepts

_________ is the be a single authorized entity operating the Bharat Bill Payment System (BBPS)?
A) RBI
B) NPCI
C) MPC
D) GOI

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Option B
Explanation: Bharat Bill Payment Central Unit (BBPCU) will be a single authorized entity operating the BBPS. National Payment Corporation (NPCI) has been identified to act as BBPCU. It will be an authorized entity under the Payment and Settlement Systems Act, 2007.
ATMs set up, owned and operated by non-banks are called __________
A) Brown Label ATM
B) External ATM
C) Black Label ATM
D) White Label ATM

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Option D
Explanation: ATMs set up, owned and operated by non-banks are called White Label ATMs.
Virtual Card can be defines as ____ .
A) It’s a one-time use online card with no physical existence
B) It is the duplicate copy of Debit Card
C) It is the duplicate copy of Credit card
D) Blocked Credit/Debit card

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Option A
Explanation: It’s a one-time use online card with no physical existence
A bank note of which a portion is missing is called ______
A) soiled note
B) mutilated note
C) imperfect note
D) mismatched note

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Option B
Explanation: mutilated note means a note of which a portion is missing
A bank note which is composed of more than two pieces is called __________
A) soiled note
B) mutilated note
C) imperfect note
D) mismatched note

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Option B
Explanation: mutilated note’; means a note of which a portion is missing or which is composed of more than two pieces;
A bank note which is composed of two pieces is called _______
A) soiled note
B) mutilated note
C) imperfect note
D) mismatched note

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Option A
Explanation: Soiled notes are those which have become dirty and slightly cut. Notes which are in two pieces, are also treated as soiled note.
___________ means a mutilated note which has been formed by joining a half note of any one note to a half note of another note:
A) soiled note
B) mutilated note
C) imperfect note
D) mismatched note

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Option D
Explanation: mismatched note’; means a mutilated note which has been formed by joining a half note of any one note to a half note of another note:
Applications Supported by Blocked Amount (ASBA) is related to ____ .
A) Mutual Funds
B) Fixed Deposits
C) IPO
D) ATM cards

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Option C
Explanation: ASBA (Applications Supported by Blocked Amount) is a process developed by the India’s Stock Market Regulator SEBI for applying to IPO. In ASBA, an IPO applicant’s account doesn’t get debited until shares are allotted to them.
What does P stands for in LLP?
A) Partnership
B) Public
C) Private
D) Proprietor

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Option A
Explanation: limited liability partnership (LLP)
KYC norms were introduced in ______ by the Reserve Bank of India (RBI)
A) 2000
B) 2001
C) 2002
D) 2003

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Option C
Explanation: 2002