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Banking Awareness Quiz For IBPS | RBI | SBI | NABARD | LIC | 18-11-2023

Swati Mahendras


Dear Readers,

Banking Awareness has been an important part of various competitive exams, so we are here with a series of Banking Awareness quizzes on a daily basis on our platform. Follow the quiz daily to improve your banking awareness.

Question 1: What is the primary function of a central bank?

a) Lending to the public

b) Regulating monetary policy

c) Managing retail banking

d) Providing insurance services

e) Real estate investments

Answer: b

Question 2 : What does the term "NPA" stand for in the banking sector?

a) National Payment Agency

b) Non-Performing Asset

c) Net Profit Analysis

d) New Pension Account

e) Nominal Purchase Agreement

Answer: b

Question 3 : What is the full form of "IFSC" in the context of banking?

a) Indian Financial System Code

b) International Financial Services Corporation

c) Interbank Fund Settlement Code

d) Integrated Fiscal System Code

e) Investment and Financial Securities Committee

Answer: a

Question 4 : What is the purpose of the KYC (Know Your Customer) process in banking?

a) To know the customer's yearly income

b) To identify and verify the customer's identity

c) To assess the customer's credit history

d) To understand the customer's spending habits

e) To evaluate the customer's investment portfolio

Answer: b

Question 5: Which of the following is not a type of banking account?

a) Current Account

b) Savings Account

c) Demat Account

d) Trading Account

e) Mortgage Account

Answer: e

Question 6 : What does the term "CRR" stand for in the context of banking?

a) Credit Risk Ratio

b) Currency Reserve Ratio

c) Cash Reserve Ratio

d) Capital Restriction Rate

e) Current Rate of Return

Answer: c

Question 7 : Which organization issues currency notes in India?

a) Reserve Bank of India (RBI)

b) Ministry of Finance

c) Securities and Exchange Board of India (SEBI)

d) State Bank of India (SBI)

e) Indian Banking Association (IBA)

Answer: a

Question 8 : What is the maximum limit of insurance provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC) in India?

a) ₹1 lakh

b) ₹2 lakhs

c) ₹5 lakhs

d) ₹10 lakhs

e) ₹50,000

Answer: c

Question 9 : Which of the following is a scheduled bank in India?

a) Regional Rural Bank (RRB)

b) Cooperative Bank

c) Non-Banking Financial Company (NBFC)

d) Microfinance Institution

e) Moneylender

Answer: a

Question 10 : What is the main objective of the Pradhan Mantri Jan Dhan Yojana (PMJDY)?

a) Promoting digital literacy

b) Providing free health insurance

c) Financial inclusion by providing bank accounts to all

d) Agricultural development

e) Housing for all

Answer: c


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