Bank Laws - Banking awareness questions on current affairs

1)   As per the RBI Guidelines, on which of the following days RTGS facility will not operate?
- Published on 08 Sep 15

a. 1st Monday of the month & 4th Saturday of the month
b. 2nd Saturday of the month & 4th Saturday of the month
c. All Saturdays of the month & 4th Saturday of the month
d. All Saturdays of the month & 2nd Saturday of the month
Answer  Explanation  Related Ques

ANSWER: 2nd Saturday of the month & 4th Saturday of the month

Explanation:
The Reserve Bank has said that the Real-time gross settlement - RTGS system will not be operated on second and fourth Saturdays with banks observing public holiday on those days. In a notification issued from Mumbai, RBI said that the system will operate for full days on working Saturdays of the month. The minimum amount to be remitted through RTGS is Rs 2 lakh while there is no upper ceiling.


2)   What is the name of the project that is an ambitious project of the Union Finance Ministry to bring into net black money hoarders and tax evaders by using optimum technology?
- Published on 08 Sep 15

a. Project Insight
b. Project Black Money
c. Project Money Laundering
d. Project Monitoring
Answer  Explanation  Related Ques

ANSWER: Project Insight

Explanation:
For this project ministry recently floated a tender worth over Rs. 150 crore to buy data analytics software and related infrastructure. It will primarily track the Permanent Account Numbers (PAN) being quoted on financial transactions and tally them with income tax filings.


3)   On 6th Aug’15 the Lok Sabha adopted the Negotiable Instruments (Amendment) Bill 2015 that enables the _________.
- Published on 08 Sep 15

a. Enable Cheque collections on Electronic Mode & Proposed to change the definition of Cheques
b. Proposed to change the definition of Cheques & Lift the penalty over bouncing cheques
c. Lift the penalty over bouncing cheques & Proposed to change the definition of Cheques
d. Increase the penalty over bouncing cheques & Enable Cheque collections on Electronic Mode
Answer  Explanation  Related Ques

ANSWER: Enable Cheque collections on Electronic Mode & Proposed to change the definition of Cheques

Explanation:
The proposed law seeks to amend the Negotiable Instruments Act of 1881 in tune with the modern day requirements for enabling electronic mode of operations. Nearly 40 thousand cheque bouncing cases are pending with High Courts and about 19 lakh cases in lower courts across the country.


4)   As per the notification by Reserve Bank of India (RBI) on 6th Aug’15, in which areas the banks are allowed to shift, merge or close branches without seeking its prior permission?
- Published on 08 Sep 15

a. Urban Areas
b. Rural Areas
c. Semi-Rural Areas
d. Semi-Urban Areas
Answer  Explanation  Related Ques

ANSWER: Urban Areas

Explanation:
In a notification on its website, RBI said banks can “shift, merge or close all branches except rural branches and sole semi-urban branches at their discretion”. Shifting, merging or closing a branch in a rural area or a sole branch in a semi-urban area would, however, continue to require prior permission from RBI.


5)   Name the body of 'eminent' professionals and officials, which will replace the Appointments Board for appointment of Whole-time Directors as well as non-Executive Chairman of PSBs?
- Published on 08 Sep 15

a. NITI Aayog
b. NIYATAM
c. Bank Board Bureau
d. Bureau of Banking Standards
Answer  Explanation  Related Ques

ANSWER: Bank Board Bureau

Explanation:
The government decided to set up a Bank Board Bureau, BBB through which two dozen state-run banks would be monitored for key performance indicators. The BBB will start the functioning from the 1st of April next year and the selection of its member will start in the next six months.


6)   Name the initiative launched by the Finance Minister Arun Jaitely to revamp functioning of public sector banks, PSBs on 14th Aug’15?
- Published on 08 Sep 15

a. Seven Plan
b. Maulik Niti
c. BankNiti
d. Indradhanush
Answer  Explanation  Related Ques

ANSWER: Indradhanush

Explanation:
Indradhanush is a seven pronged plan that includes appointments, capitalisation, de-stressing PSBs, empowerment, framework of accountability and governance reforms.


7)   With which country India has signed a Memorandum of Understanding (MoU) to tackle the menace of fake Indian currency notes (FICN) smuggling in Aug’15?
- Published on 08 Sep 15

a. Myanmar
b. China
c. Pakistan
d. Bangladesh
Answer  Explanation  Related Ques

ANSWER: Bangladesh

Explanation:
The MoU was signed during a maiden meeting of the Joint Task Force on Fake Currency Notes (JTFFC) in Dhaka.


8)   Name the committee to recommend that granting relief to FIIs on Minimum Alternate Tax (MAT) will be a positive thing for the market?
- Published on 08 Sep 15

a. C Rangarjan Committee
b. Bimal Jalan Committee
c. AP Shah Committee
d. K N Desai Committee
Answer  Explanation  Related Ques

ANSWER: AP Shah Committee

Explanation:
The AP Shah committee on minimum alternate tax (MAT) has recommended to the finance ministry that the levy shouldn't be imposed for the period preceding April 1, 2015. The panel, headed by Law Commission Chairman A P Shah, was set up to resolve the dispute between FIIs and the government after notices were served to 68 FIIs by the Income Tax Department demanding Rs 602 crore as MAT dues.


9)   For which of the following Income Tax Department has to open special return counters?
- Published on 08 Sep 15

a. Defence Personnel, Salaried Tax Payers & Pensioners
b. Salaried Tax Payers, Defence Personnel & Differently-abled Persons
c. Pensioners, Salaried Tax Payers & Differently-abled Persons
d. Salaried Tax Payers, Pensioners & Differently-abled Persons
Answer  Explanation  Related Ques

ANSWER: Salaried Tax Payers, Pensioners & Differently-abled Persons

Explanation:
Salaried tax payers and pensioners with annual income upto five lakh rupees and with no refund claim can file their returns at these counters upto 31st Aug’15. However, the income limit of 5 lakh rupees and no claim refund provision will not apply to tax payers over the age of 80 years deriving salary or pension income. There will be special facilitation counters for senior citizens and differently - abled persons. An official release said similar facilitation counters are being set up in other metro cities based on the local requirements.


10)   Which of the following requires lenders to provide standardized information?
- Published on 20 Jul 15

a. TILA
b. RESPA
c. NCUA
d. UCC
Answer  Explanation  Related Ques

ANSWER: TILA

Explanation:
The Truth in Lending Act (TILA) is a Federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. Lenders must provide information on what credit will cost the borrowers, when charges will be imposed, and what the borrower's rights are as a consumer.


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