Banking Awareness Questions Set 94 (Incorporation of Companies – Part II)

 

 

Banking Awareness Questions on Incorporation of Financial Companies under various acts – for upcoming banks and insurance exams SBI PO, IBPS PO/Clerk, RRB PO/Clerk, RBI, BoB, IPPB and other exams.

Click here for Part – I

  1. The Securities and Exchange Board of India was established in accordance with the provisions of which of the following acts?
    A) Securities and Exchange Board of India Act, 1974
    B) Securities and Exchange Board of India Act, 1992
    C) Securities and Exchange Board of India Act, 1999
    D) Securities and Exchange Board of India Act, 1985
    View Answer
    Option B
    Some Extra:
    The Securities and Exchange Board of India was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.

  2. Security Printing and Minting Corporation of India Limited (SPMCIL) was incorporated under which of the following acts?
    A) Banking Regulation Act, 1949
    B) Reserve Bank of India Act, 1934
    C) Companies Act, 1956
    D) Payment and Settlement Systems Act, 2007
    View Answer
    Option C
    Some Extra:
    Security Printing and Minting Corporation of India Limited (SPMCIL) was formed after corporatisation of nine units including four mints, four presses and one paper mill which were earlier functioning under the Ministry of Finance. The Company was incorporated on 13.01.2006 under the Companies Act, 1956 with its headquarters at New Delhi.

    SPMCIL, a Miniratna Category-I CPSE, and wholly owned Schedule ‘A’ Company of Government of India, is engaged in the manufacture of security paper, minting of coins, printing of currency and bank notes, non-judicial stamp papers, postage stamps, travel documents, etc.
  3. Small Industries Development Bank of India (SIDBI) is established and incorporated under Section 3 which of the following acts?
    A) Small Industries Development Bank of India Act 1989
    B) Small Industries Development Bank of India Act 1981
    C) Companies Act, 1956
    D) Companies Act, 2013
    View Answer
    Option A
    Some Extra:
    National Bank for Agriculture and Rural Development (NABARD) is an apex development financial institution in India, headquartered at Mumbai with branches all over India.
    NABARD was established on the recommendations of B.Sivaraman Committee, (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
  4. As per the advisory of the Reserve Bank of India, only non-bank entities authorised by it under the ______________________ can issue Pre-paid Payment Instrument (PPI) wallets.
    A) Banking Regulation Act, 1949
    B) Reserve Bank of India Act, 1934
    C) Companies Act, 1956
    D) Payment and Settlement Systems Act, 2007
    View Answer
    Option D
    Some Extra:
    On March 31, 2017, RBI issued advisory on E-wallets.
    It told the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by it under the Payment and Settlement Systems Act, 2007 can issue PPI wallets for purchase of goods and services from third parties and money transfer within India.
  5. Export–Import Bank of India was incorporated under which of the following acts?
    A) Export-Import Bank of India Act 1981
    B) Export-Import Bank of India Act 1982
    C) Export-Import Bank of India Act 1984
    D) Export-Import Bank of India Act 1985
    View Answer
    Option A
    Some Extra:
    Export–Import Bank of India is the premier export finance institution in India, established in 1982 under Export-Import Bank of India Act 1981.

  6. Micro Units Development & Refinance Agency Ltd. is registered as a company under which of the following acts?
    A) Companies Act, 2013
    B) Companies Act, 1956
    C) Banking Regulation Act, 1949
    D) Reserve Bank of India Act, 1934
    View Answer
    Option A
    Some Extra:
    The Union Budget presented by the Finance Minister Shri Arun Jaitley, for FY 2015-16, announced the formation of MUDRA Bank. Accordingly MUDRA was registered as a Company in March 2015 under the Companies Act 2013 and as a Non Banking Finance Institution with the RBI on 07 April 2015.

  7. The Insurance Regulatory and Development Authority of India (IRDAI) was constituted by which of the following acts?
    A) Companies Act, 2013
    B) Companies Act, 1956
    C) Insurance Regulatory and Development Authority Act, 1995
    D) Insurance Regulatory and Development Authority Act, 1999
    View Answer
    Option D
    Some Extra:
    The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency’s headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

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