Banking Awareness for Upcoming Exams Set 19

This set contains banking awareness questions for various upcoming exams like SBI PO, IBPS PO, Clerk, NIACL Assistant and various other competitive exams. This set contains questions from the topic: Important Deadlines in Banking Sector.

1. The Insolvency and Bankruptcy Board of India was set up on ____ ?
   A) April 1, 2016
   B) July 1, 2016
   C) October 1, 2016
   D) June 1, 2016
   
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   Option C
   Explanation: The Insolvency and Bankruptcy Board of India was established on October 1, 2016 in accordance with the provisions of The Insolvency and Bankruptcy Code, 2016.
2. What was the deadline set by the revenue department for reporting details of accounts under Foreign Account Tax Compliance Act (FATCA)?
   A) January 31, 2017
   B) December 31, 2016
   C) November 30, 2016
   D) October 31, 2016
   
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   Option B
3. The merger of State Bank of India with its 5 associate banks will become effective from which date?
   A) July 1, 2017
   B) October 1, 2017
   C) June 1, 2017
   D) April 1, 2017
   
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   Option D
   Explanation: 1 April, 2017
4. The Reserve Bank of India has extended the timeline for full implementation of the Basel III capital regulations to _________ .
   A) April 1, 2019
   B) March 31, 2019.
   C) July 31, 2019
   D) June 1, 2019
   
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   Option B
5. What is the deadline set by RBI for banks to clean up their balance sheet?
   A) April 2017
   B) October 2018
   C) March 2017
   D) April 2018
   
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   Option C
6. Non Resident Indian citizens who were abroad during the demonitisation period can exchange old notes till which date?
   A) March 31, 2017
   B) June 30, 2017
   C) July 31, 2017
   D) April 1, 2017
   
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   Option B
   Explanation: Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017. NRIs can deposit only Rs25,000 as per FEMA law restrictions. However, this facility is not available for Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh.
7. Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can exchange demonetized notes till which date?
   A) May 31, 2017
   B) April 1, 2017
   C) June 30, 2017
   D) March 31, 2017
   
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   Option D
   Explanation: March 31, 2017
8. The government has instructed banks to enable internet banking across all accounts and link them with aadhar number by _________.
   A) July 31, 2017
   B) March 31, 2017
   C) June 30, 2017
   D) October 31, 2017
   
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   Option B
   Explanation: The government has instructed banks to enable internet banking across all accounts by March 31 and mandatorily link them to the Aadhaar number to facilitate digital payments and online transactions. The measure has been approved at the “highest levels” in the government, and is aimed at facilitating digital payments across the banking system.
9. The Reserve Bank of India has advised bank-operated Financial Literacy Centers to conduct special camps on UPI and USSD from which date for 1 year?
   A) April 1, 2017
   B) October 1, 2017
   C) June 1, 2017
   D) July 1, 2017
   
   View Answer

   Option A
    
10. What is the deadline set by the Reserve Bank of India for banks to complete their migration to EMV chip-and-PIN payment cards?
    A) October 1, 2017
    B) March 31, 2017
    C) March 31, 2018
    D) December 31, 2018
    
    View Answer

    Option D
    Explanation: The Reserve Bank of India has set a Dec. 31, 2018, deadline for banks to complete their migration to EMV chip-and-PIN payment cards, rejecting calls for additional deadline extensions for issuing the cards.