Questions asked in IBPS PO/Clerks, SBI PO/Clerk Examinations --- QUICK REVISION FOR SBI CLERKS MAIN

Questions asked in IBPS PO/Clerks, SBI PO/Clerk Examinations

Ø  Indian Deposit Receipt is listed in India and trades in Rupees declaring ownership of shares of a foreign ownership of shares of a foreign company.

Ø  A Bank without any branch network that offers its service remotely through online banking, telephone/mobile banking and interbank ATM network alliance is known as Direct Bank.

Ø  The target set by the UIDAI for issuance of Aadhaar cards upto 2014 is 60 crore cards.

Ø  According to the provisions of the Income Tax Act, 1961, a resident individual is categorized as a `very senior citizen’ when he is 80 years of age or older.

Ø  Wealth Management is in investment advisory discipline.

Ø  The Aadhar-enabled Payment System (AEPS) is a bank – led model that facilities banking facilities through banking correspondents across banks. However, Aadhar-enabled basic types of banking transactions do `not’ include small overdraft facility.

Ø  A type of fraud wherein criminals use an innocent person’s details to open or use an account to carry out financial transactions, is known as phishing.

Ø  The part of a company’s earnings or profits which are paid out to shareholders, is known as dividends

Ø  NABARD is responsible for regulating and supervising the functions of Co-operative Banks and Regional Rural Banks.

Ø  The government of India has announced a `Funding for Lending’ scheme.  Who are the beneficiaries for this scheme? – Commercial Banks.

Ø  The arrangement under which banks sell insurance products acting as the agents of the respective companies, is called the Bancassurance Model.

Ø  The concept of `Micro Credit’ essentially concentrates on provision of credit to the poor.

Ø  July 1, 2012, for calculation of lending rates, the Reserve Bank of India has advised banks to switch over to the Base Rate System.

Ø  An Equity share is also commonly referred to as ordinary share.

Ø  LIC of India companies in India has a tie-up with the Japanese Financial Nomura for insurance market.

Ø  The seed capital of BhartiyaMahila Bank is  1000 crore.

Ø  The process by which a life insurance policyholder can transfer all rights, title and interest under a policy contract to a third person, is known as Assignment of the policy.

Ø  Reserve Bank of India is the institutions is regarded as the `Lender of the Last Resort’ by Banks in India.

Ø  A bank’s `fixed deposit’ is also referred to as a term deposit.

Ø  To improve access of the poor to banking, the RBI has advised banks to open branches with minimum infrastructure supporting up to 8 to 10 Business Correspondents (BCs) at  a reasonable distance of 3-4 km, such branches are known as Ultra small branches.

Ø  Retail Banking Services relate to execution of transaction directly with consumers, rather than corporations or other banks.

Ø  Banks’ mandatory lending to farmers for agriculture, micro and small enterprises and other weaker sections where in banks are required to lend up to 40% of the loans is generally described as priority sector lending.

Ø  The Direct Benefits Transfer Scheme (DBT) of the government of India is likely to increase the subsidy bill of the government.

Ø  A money deposited at a bank that cannot be withdrawn for a preset fixed period of time a known as a Term deposit.

Ø  A worldwide financial messaging network which exchange messages between banks and financial institutions is known as SFMS.

Ø  Ministry of Rural Development along with Planning Commission of India has decided to set up a Corpus Fund of  500 crore, so that Tribals in Naxal-hit areas can be provided proper means of livelihood.

Ø  The term `Smart Money’ refers to – Credit Cards.

Ø  Equity Sharesis  not a `Money Market instrument.

Ø  Home loans is the retail banking product.

Ø  In the summit of which of the organisations/ group of nations it was decided that all members should enforce Budget Discipline? – European Union.

Ø  Technological Advancement in the recent times has given a new dimension to banks, mainly to which is the aspects? – Service Delivery Mechanism.

Ø  Revenue Deficit is a difference between all receipts and expenditure of the government of India, both capital and revenue.

Ø  Fiscal Policy Function is not a function of the Reserve Bank of India.

Ø  Domicile Certificate is not required for opening a bank account.

Ø  What is the maximum deposit amount insured by DICGC? -  100000 per depositor across all banks.

Ø  With reference to a cheque which is the `drawee bank’? – The bank that collect the cheque.

Ø  RTGS is fund transfer mechanism, can funds be moved from one bank to another and where the transaction and where the transaction is settled instantly without being bunched with any other transaction.

Ø  The committee on review of National Small Savings Fund (NSSF) was headed by ShyamalaGopinath.

Ø  Banking Ombudsman Scheme is applicable to be business of all banking companies.

Ø  Nationalisation of banks aimed at all of the except – provision of credit to big industries only.

Ø  As per the revised RBI guidelines, provision on secured portion of loan accounts classified as doubtful assets for more than one year and up 3 (three) years is to be made at the rate of 30%.

Ø  Madhya Pradesh is the states has launched `PanchParmeshwarYojana’ under which panchayats are allowed to use the fund for developing infrastructure and basic amenities in village.

Ø  Base rate is the rate below which no bank can allow their lending to any one `Who sets up this `Base Rate’ for banks? – RBI

Ø  What is a `Debit Card’? – It is a card which can be used for withdrawing cash or making payment if there is balance in the account.

Ø  Bad advances of a Bank are called – Non Performing Asset.

Ø  Axis Bank is a – Private Sector Bank.

Ø  By increasing repo rate, the economy may observe the effects – rate of interest on loans and advances will be costlier.

Ø  Increased interest rates, as is existing in the economy at present will – mean higher cost of raw materials.

Ø  Finance Ministry has asked the Reserve Bank of India to allow common ATMs that will be owned and managed by non-banking entities hoping to cut transaction costs for banks, Such ATMs are known as White Label ATMs.

Ø  An ECs transaction gets bounced and you are unable to recover your money from your customer.  Under which Act, criminal action can be initiated? – Payment and Settlements Act.

Ø  Mr Rajendra had filed a complaint with Banking Ombudsman but is not satisfied with the decision.  What is the next option before him for getting his matter resolved? – File an appeal before the Dy. Governor RBI.

Ø  Banks can accept both demand and time deposits from public.

Ø  The government of India recently decided to raise the price of oil products like, diesel, petrol and cooking gas.  However, some taxes on these products were reduced or scrapped all together.  What were these taxes which were reduced or scrapped? – Custom Duty, VAT, Excise Duty.

Ø  The RBI is the sole authority to issue and manage currency in India.

Ø  Interest Payable on Savings bank account is Regulated by RBI.

Ø  The usual deposit accounts of banks are  Current Accounts, Savings Bank accounts and term deposit accounts.

Ø  Fixed deposit and recurring deposits are repayable after an agreed period.

Ø  Accounts are allowed to be operated by cheques in respect of Savings bank accounts and current accounts.

Ø  Normally no interest is paid on current deposit accounts.

Ø  Mortgage is a security on immovable property for a loan given by a bank.

Ø  Which is the known as cross selling by banks  - Sale of a debit card to a credit card holder, sale of insurance policy to a depositor, Issuance of cash against cheque presented a third party.

Ø  Financial inclusion means provision of – financial service namely, payments, remittances, savings, loans and insurance at affordable cost to persons not yet given the same.

Ø  When a bank returns a cheque unpaid, it is called – dishonor of the cheque.

Ø  Karnataka is the states became the first state in the country to launch RBI’s e-payment system for commercial tax payers.

Ø  YH Maleganis the chairman of the committee constituted by the RBI to study issues and concerns in the Micro Finance Institutions (MFI) sector.

Ø  Which is the types of accounts are known as “Demat Accounts?” – Accounts in which shares of various companies are traded in electronic form.

Ø  NEFT means – National Electronic Funds Transfer

Ø  MukeshAmbanihas been appointed as a director on board of Bank  of America – the first non-American on the board of the one of the largest financial institutions in the world.

Ø  Upper limit prescribed for RTGS transaction is  1 lakh.

Ø  Distribution of insurance products and insurance policies by banks as corporate agents, is known as Bancassurance.

Ø  In order to attract more foreign exchange, the government of India decided to allow foreign investment in LLP firms.  What is full form of “LLP” as used in this reference? – Limited Liability Partnership.

Ø  Aadhaar Card Scheme is launched by the government of India to provide an identity to its all resident citizens and also in identifying people who are poorest, often the last to stand up to ask for their share in government schemes or lack identity? –Interest on Savings Bank account is now calculated by banks on daily product basis.

Ø  Largest shareholder (in percentage shareholding) of a nationalised bank is Government of India.

Ø  Banks is our country normally publicise that additional interest rate is allowed on retail domestic term deposit of senior citizens.

Ø  When the rate of inflation increase purchasing power of money decreases.

Ø  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 knownas core banking.

Ø  Commercial paper is not considered a money market instrument.

Ø  A cheque may be drawn for a maximum period of Six months.

Ø  Guarantee is defined all of the above

Ø  Committee on Financial sector reforms recommended the setup of Debt Recovery Tribunals.

Ø  Partnership firm is all of the above.

Ø  As per explanation given in sub clause (2) (b) of section – 35 of Banking Regulation Act, inspection of branches of Indian Banks situated abroad is to be carried out by Reserve Bank of India.

Ø  A fraud involving a fake demand draft has taken place in X branch of Canara Bank which has paid this DD, purportedly issued by Y branch, Z branch of Axis Bank had presented this DD in clearing, Which branch will report this fraud? X  branch.

Ø  Borrower has raised an objection to a notice received from the Bank for taking possession of securities under SARFAESI Act – None of the above.

Ø  A cheque is presented for payment through clearing house but due to certain reasons, it is returned unpaid.  The returning memo is enclosed to comply with RBI clearing house rules.

Ø  Evidence means – all statements presented before a court by way of witnesses, it is in relation to a matter of fact under inquiry, such statements are called oral evidence.

Ø  Which is not a duty of pawner? – Not to sue pawnee for any default.

Ø  The maximum number of directors in public limited company can be No limit, but if the number goes beyond 12, government permission is required.

Ø  For which among the following instruments, the amount of stamp duty can be different in different states? – Guarantee deed.

Ø  Clean note policy has been framed by the RBI under the authority vested in it by RBI Act Section – 35.

Ø  The endorsement on a cheque is valid for a period of six months from  the date of endorsement, six months from the date of cheque, six months from the date of delivery.

Ø  Universal Bank decides to prefer an appeal against the decision of Debt Recovery Tribunal. What is the time period during which this appeal could be field DRT? – within 45 days of the receipt of order by the bank.

Ø  Customer can make appeal against the award of Ombudsman to the Appellate Authority within 45 days of date of award.

Ø  Under SARFAESI Act, borrower is required to be given a notice of days by the bank, for taking possession of the security 60days from date of notice.

Ø  Under which provisions, the RBI has introduced the Banking Regulation Act, 1949? – Section 33 of Banking Ombudsman Scheme, RBI Act, 1934 & Consumer Protection Act, 1986.

Ø  A cheque is payable on demand

Ø  Public seeking information under Section -6 (1) of the Right to Information Act should submit the application accompanied by a fee of  10.

Ø  Assignment is  taken by bank while financing against LIC policy.

Ø  Any implied warranty may be varied by express agreement or course of dealing between parties or if usage is such as to bind parties to the contract;

Ø  A quasi contract is a contract that exists by order of a court.

Ø  Can a minor become a partner? No (Reason, a minor can be admitted to the benefits of a partnership.  But he cannot become a partner also documents will be signed by the guardian on minor’s behalf).

Ø  Section -131 of NI Act provides statutory protection to a collecting banker if the cheque is crossed, the cheque is collected for a customer, the cheque is collected in good faith and without negligence.

Ø  `X’ and `Y’ agreed to marry each other on a certain date and before that `X’ goes mad. `Y’ cancelled the contract and sued for damages- On account of X’s going mad, the contract frustrated and void.  Y has no right to sue for damages.

Ø  An act done by a partner on behalf on the firm beyond the implied authority can be ratified expressily either can be ratified impliedly by conduct.

Ø  The liability by holding out can be incurred by a major

Ø  Once a minor, who has been admitted for benefits of the partnership severs his connection with that firm the minor has right to sua for dissolution of the firm.

Ø  The status of a partner who has been expelled is that of a retired partner

Ø  The parties to the arbitration agreement shall appoint arbitrator within 30 days.

Ø  Government as part of the recapitalization plan, infused capital in State Bank of India recently.  Indicate the approximate capital infusion. -  3000 crore.

Ø  The NRIs while investing in the equity of a company cannot buy more than prescribed percentage of the paid up capital of that company.  What is the prescribed percentage? – 5%

Ø  Invisible Export means export of Services

Ø  The European Union has adopted which of the following as a common currency? – Euro

Ø  Banks in India are required to maintain a portion of their demand and time liabilities with the Reserve Bank of India.  This portion is called cash reserve ratio.

Ø  Pre-shipment finance is provided by the banks only to exporters.

Ø  Banking Ombudsman is appointed by RBI

Ø  The Holidays for the banks are declared as per Negotiable instruments Act.

Ø  Interest on savings deposit now-a-days is fixed by the respective banks.

Ø  Interest below which a banks is not expected to lend to customers is known as base rate.

Ø  The customers by opening and investing in the Tax Saver Deposit Account Scheme in a Bank would get benefit under – Income Tax

Ø  In banking business, when the borrowers avail a term loan, initially they are given a repayment holiday and this is referred as moratorium.

Ø  Bombay Stock Exchange (BSE), the oldest stock exchange in Asia, has joined hands with one more international index in February, 2013.  This association has resulted in change of name of BSE Index.  What is the change of name effected? – S&P BSE Index.

Ø  A non-performing asset is an asset that cases to generate income.

Ø  The RBI has released its guidelines for entry of new banks in the private sector in the month of February, 2013.  One  of the norms is at least a prescribed percentage of branches of new bank should be set in unbanked rural centres with a population of up to 9999 people. What is the percentage of such branches prescribed in the norms? – 15%

Ø  The Union Budget 2013-14, proposed by the Finance Minister on February 28, 2013, announced introduction of new variety of bonds by the government.  What is the name of these bonds? – inflation indexed Bonds.

Ø  SIDBI is the organization is made specifically responsible for empowering Micro, Small and Medium Enterprises in India.

Ø  More than 20 acres of agricultural land is has not been included in one by six income tax scheme in India.

Ø  Thomas J. Stanely is the author of Millionaire Mind

Ø  Banks’ mandatory lending to farmers for agriculture, micro and small enterprises and other weaker sections where to banks are required to lend up to 40% of the loans is generally described as priority sector lending.

Ø  In October, 2013, which country has confirmed plans to create a secure mail service to protect its citizens and businesses against foreign espionage? – Brazil

Ø  Wealth Management is an investment advisory discipline.

Ø  Deciding Policy rates like CRR, SLR & Repco Rates is not a function of commercial bank.

Ø  What is money laundering? – Conversion of money which is illegally obtained

Ø  45 days credit is given to the card holder is not a salient feature of debit card.

Ø  Raising of Repco / Reserve Repco Rate is a measure taken by Reserve Bank of India to control inflation in our country.

Ø  Consumer durables loan is granted by banks for purchase of while goods.

Ø  A six months’ post dated cheque is a scale cheque.

Ø  Ram has been nominated in the Savings Account of Sita.  Ram requests the bank authorities to allow him to operate Sita’s account as she is unwell.  What will the bank do? As nomination will come into effect only after death of depositor, Bank will not allow.

Ø  Crossing of an uncrossed cheque is `material alteration’ of a negotiable instrument.

Ø  Making the security of immovable property available as a cover for a home loan by the borrower understand by the term `Mortgage.

Ø  Personal overdrafts is constitutes the largest percentage of Retail loans in India.

Ø  Credit risk to the bank is high from which of these cards? – Credit cards.

Ø  Call money borrowings is not a source of funds of a commercial bank.

Ø  Master Card is a Credit Card Association.

Ø  Mobile Vans is not an electronic banking delivery channel

Ø  The Rate at which the domestic currency can be converted into foreign currency and vice-versa is known as the Exchange rate

Ø  `Raymonds’ is not a major IT Company in India?

Ø  ARCIL is institutions is an asset reconstruction company.

Ø  Exchange Rate is terms is used in the field of Economics

Ø  Crossing on a cheque can be cancelled by the Payee of the cheque, under his full signature.

Ø  Standard account, Substandard account, Doubtful Account & Loss Account are  NPA’s.

Ø  Bank branches which can undertake foreign exchange business directly are known as authorized dealers in foreign exchange.

Ø  Insurance cover for bank deposits in our country is provided by DICGC

Ø  The Financial Literacy does not include – none of the above.

Ø  `Dinar’ is the currency of Libya.

Ø  Loans of very small amount given to low income group is called Micro Credit.

Ø  Lira is the name of the currency of a country.

Ø  When a banker talks about CDR,he is talking about Corporate Debt Restructuring

Ø  Expand the term ALM as used in Banking / Finance Sector? – Asset Liability Management

Ø  Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) are terms most closely related to which of the following industries .markets? – Banking industry.

Ø  10 yearsis the maximum period for which domestic term deposits are normally accepted by banks in our country.

Ø  If you wish to purchase some US Dollars for your travel abroad, you should approach – Any Bank Branch authorized to do such activity.

Ø  Liquidity is the letter `L’ stands for in the term LAF commonly used in financial / economic news.

Ø  The Banking Ombudsman – resolves complaints of customers

Ø  Urban Co-operative Bank is not classified as a Commercial Bank

Ø  SEBI is not the name of a Banking Organisation.

Ø  Money Laundering means process of conversion of money obtained illegally to appear to have originated from legitimate sources.

Ø  Monetary Policy as an arm of the economic policy is administered by – Reserve Bank of India.

Ø  Facilitating import of goods is not a primary function of a Bank.

Ø  The meaning of `Repco Rate’ – Rate for borrowing rupees by banks from RBI

Ø  Reserves which can act as a liquidity buffer for commercial Banks during crisis times are CRR & SLR

Ø  Savings Bank accounts are opened by individuals for savings purposes

Ø  A customer drawing a cheque on a bank has a right to? – stop payment of the cheque before it is paid.

Ø  A bank branch receives a counterfeit note of  100 from the customer, which customer wants it back which is action should be taken by the Bank? – Will impound and not return.

Ø  No frills accounts is not a mode of foreign capital inflow in India.

Ø  Exporters and importers in India are required to know “FEMA’ rules.  What does the letter `M’ denote in the term `FEMA’? – Mega.

Ø  In India, which is have the highest share in the disbursement of credit to agriculture and allied activities? – Commercial Banks.

Ø  State Bank of India is banks was not nationalized in 1969.

Ø  Bad debts mean – Amounts owed to a company that are not going to be paid.

Ø  Lufthansa is not bank or finance company.

Ø   70000 is the maximum permissible limit for investment in PPF account in a financial year.

Ø  In our country, a cheque remains valid for payment for 6 months from the date of issue.

Ø  The government of India, has acquired RBI’s stake in IDBI Bank, which is one of the major banks of India.

Ø  Credit Cards are known as Plastic Money

Ø  On domestic term deposits, banks in our country generally offer additional rate of interest on term deposits from Senior Citizens

Ø  Fixed deposit Receipt is the instruments cannot be transferred from one person to another by endorsement? –.

Ø  `Crossing’ applies to which is instruments? – Cheques

Ø  Which is a Development Bank? – National Housing Bank

Ø  Which of the assets can be mortgaged? – Land and Building

Ø  Pre-shipment packing credit advances are generally given by banks to exporters

Ø  Among the banks in our country, which is not a foreign Bank? – ING Vyasya Bank

Ø  Which is the Currency of Iran? – Rial

Ø  Which is a foreign bank having offices / branches in India? –Standard Chartered Bank.

Ø  What are teaser loans?  Rate of interest in the initial period is very less and increases steeply in later years.

Ø  Which is not a Public Sector Undertaking? – ACC Ltd.

Ø  Which is not the name of the sensitive Index of any global stock exchange? – Dow Jones

Ø  Which is aptly describes the business of Insurance? – Insurance is about collective bearing of risk

Ø  Poverty line is expressed in terms of an overall – Per capita consumption expenditure.

Ø  Which is a global international organization dealing with the rules of trade between nations? – WTO

Ø  Excise duty is the tax levied on import of goods

Ø  A tax based on the value of the property/ produce is called – Ad Valorem tax

Ø  The term `Plastic money’ refers to – ATM/ Credit Cards.

Ø  It is mandatory to quote the following identification number on all large value financial transactions – PAN Number

Ø  The Term `FTZ’ stands for Foreign Trade Zone

Ø  Which is an American multinational retailer corporation that runs chains of large discount department stores and warehouse stores? – Wal Mart

Ø  Outlook.com is a new e-mail service recently launched by Microsoft

Ø  The form `ITR-1’ is a form for thing - Income Tax Return

Ø  Which is effectively a tax on the carbon dioxide emissions from burning fossil fuels? – Carbon Tax

Ø  Term `ATM’ stands for – Automated Teller Mode

Ø  The Finance Bill 2012-2013 gave the Income Tax Department powers to revive its  11128 crore tax demand on Vodafone.

Ø  Which is not a public sector bank? – Federal Bank.

Ø  Which is India’s largest trading partner in the world? – UAE

Ø  Who amongst the persons is a former Governor of RBI? – Manmohan Singh

Ø  A new scheme has been announced in the budget 2012-13 giving tax exemptions to first time equity market investors.  The scheme is titled as “Rajiv Gandhi Equity Savings Scheme.

Ø  The Central Board of Direct Taxes has made e-filing of income tax returns mandatory for all assesses whose annual earnings exceed  10 lakh during the fiscal.

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