1) How many years deferment for General Anti-Avoidance Rules (GAAR) was announced in the Budget 2015-16?
a. 1 year
b. 2 year
c. 3 year
d. 4 year
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Answer
Explanation
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ANSWER: 2 year
Explanation:
GAAR are framed to minimize tax avoidance, for example by siphoning off profits to tax havens. GAAR could be termed as a general set of rules enacted to limit tax avoidance. It was proposed by the Union Budget 2012-13. The finance bill 2012 introduced chapter X-A to the income Tax Act-1961. Tax avoidance rule GAAR was proposed to be effective from April 2015 for those claiming tax benefits of over Rs 3 crore but the present Finance Minister Arun Jaitley deferred the roll out of the GAAR by two years to April 1, 2017.
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2) The new privately-owned domestic banks that started functioning with the approval of the RBI as per the issue of guidelines in January 1993 include:
(i) UTI Bank Ltd.
(ii) IndusInd Bank Ltd.
(iii) ICICI Bank Ltd.
(iv) Global Trust Bank Ltd.
(v) HDFC Ltd.
(vi) Centurion Bank Ltd. (Since amalgamated with HDFC Bank in 2008)
(vii) Bank of Punjab Ltd.
(viii) Times Bank Ltd.
(ix) IDBI Bank Ltd.
(x) Development Credit Bank Ltd.
a. Both (i) and (viii)
b. Only (ii), (iii), (iv), (v), (vi), (vii), (ix), and (x)
c. None of the above
d. All the above
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Explanation
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ANSWER: All the above
Explanation:
Subsequent to the issue of guidelines in January 1993 for the entry of new private sector banks, the RBI granted approval for the setting up of 13 new privately owned domestic banks.
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3) When was the General Insurance Corporation of India incorporated?
a. 1971
b. 1972
c. 1973
d. 1993
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4) Under whose chairmanship did RBI constitute a Working Group for making balance of payments manual?
a. Anand Sinha
b. Deepak Mohanty
c. Harun Rashid Khan
d. Kamalesh Chandra Chakrabarty
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5) Which one of the following is the special drawing right given by the International Monetary Fund to its member countries?
a. Cold money
b. Hot money
c. Paper gold
d. None of these
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Answer
Explanation
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ANSWER: Paper gold
Explanation:
It is an accounting entry. It is used only among governments and IMF for balance of payment settlements.
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6) In pursuance of which one of the following was the General Insurance Corporation of India formed?
a. General Insurance Business (Nationalisation) Act, 1972
b. Insurance Act, 1938
c. Insurance Amendment Act, 2002
d. IRDA Act 1999
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Answer
Explanation
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ANSWER: General Insurance Business (Nationalisation) Act, 1972
Explanation:
The entire general insurance business in India was nationalised by the Government of India through the General Insurance Business (Nationalisation) Act of 1972.
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7) If a cheque is dishonoured it is called ____________ .
a. Settlement of the cheque
b. Withdrawing of the cheque
c. Nullifying of the cheque
d. Return of the cheque unpaid
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Answer
Explanation
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ANSWER: Return of the cheque unpaid
Explanation:
Insufficient fund, the death of the drawer, irregular signature, non-existing account, bankruptcy, frozen account, when there is attention, a post-dated cheque, if there is difference between the amount written in words and that in figures, when payment is stopped are the reasons why most bank cheques are being dishonoured.
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8) What does RBI regulate through Open Market Operation Transactions?
a. Flow of Foreign Direct Investment
b. Borrowing powers of the banks
c. Inflation
d. Liquidity in economy
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Answer
Explanation
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ANSWER: Liquidity in economy
Explanation:
Outright purchase and Repurchase agreement are the two traditional type of OMO's used by RBI.
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9) What is the full form of EFT?
a. Electronic Funds Transfer
b. Efficient Funds Transfer
c. Effective Funds Transfer
d. Electronic Foreign Transfer
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Explanation
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ANSWER: Electronic Funds Transfer
Explanation:
Electronic Funds Transfer is the transfer of money from one account to another through computer-based systems.
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10) Which of the following organisations has been set up to facilitate connectivity between the Bank's switches and their ATMs, and inter bank payment gateway for authentication and routing the payment details of various e-commerce transactions?
a. IBA
b. IDRBT
c. IRDA
d. SIDBI
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Answer
Explanation
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ANSWER: IDRBT
Explanation:
Institute for Development & Research in Banking Technology is a banking research institute established by Reserve Bank of India in 1996.
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11) Which of the following is known as "the real return to the investor getting reduced due to sudden rise in the prices of the commodities"?
a. Cost risk
b. Demand risk
c. Market risk
d. Systemic risk
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Answer
Explanation
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ANSWER: Market risk
Explanation:
Market risks include equity risk, interest rate risk, currency risk, and commodity risk.
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12) In which type of banking, electronic financial transactions are done?
a. E-Banking
b. POS Banking
c. M-Banking
d. Universal Banking
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Explanation
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ANSWER: E-Banking
Explanation:
E-banking enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services.
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13) Which one of the following allow bank customers to effect transfers of funds from their deposit accounts and other financial transactions at retail establishments?
a. CBS
b. DBS
c. IBS
d. POS
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Explanation
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ANSWER: POS
Explanation:
At the Point of Sale (POS), the retailer would calculate the amount owed by the customer and provide options for the customer to make payment.
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14) Who was the first governor of RBI?
a. James Braid Taylor
b. Mihir Sen
c. Nagendra Singh
d. Osborne Smith
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Answer
Explanation
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ANSWER: Osborne Smith
Explanation:
Osborne Smith was the Governor of Reserve Bank of India from 1 April 1935 to 30 June 1937.
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15) Which was the first bank to introduce Internet banking?
a. Canara Bank
b. ICICI Bank
c. Punjab National Bank
d. State Bank of India
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16) What is the full form of FCCB?
a. Foreign Currency Convertible Bond
b. Foreign Currency Convertible Bank
c. Foreign Currency Convertible Board
d. Foreign Convertible Currency Board
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Explanation
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ANSWER: Foreign Currency Convertible Bond
Explanation:
Corporates issue Foreign Currency Convertible Bonds (FCCBs) to raise money in foreign currencies.
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17) Which one of the following belongs to Bank Capitalization?
a. Basel II norms
b. Basel III norms
c. Basel I norms
d. Solvency II norms
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Explanation
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ANSWER: Basel III norms
Explanation:
Basel III or the Third Basel Accord is a global, voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity risk.
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18) What is the tagline of SBI?
a. Pure Banking Nothing Else
b. You can always bank on us
c. Working for a better tomorrow
d. Experience Next Generation Banking
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Answer
Explanation
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ANSWER: Pure Banking Nothing Else
Explanation:
Government of India owned the Imperial Bank of India in 1955 and renamed it the State Bank of India.
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19) On which rate bases, overnight money is needed by bank from RBI?
a. MSF
b. Repo rate
c. Reverse repo
d. Bank rate
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Explanation
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ANSWER: MSF
Explanation:
Marginal Standing Facility (MSF) has been introduced by RBI with the main aim of reducing volatility in the overnight lending rates in the inter-bank market and to enable smooth monetary transmission in the financial system.
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20) What is the full form of CBS?
a. Core Banking Solution
b. Core Banking Software
c. Core Banking System
d. Core Banking Service
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Explanation
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ANSWER: Core Banking Solution
Explanation:
Core Banking Solution (CBS) is a delivery channel for quick and fast delivery.
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21) What does 'MAT' stand for?
a. Maximum Alternate Tax
b. Minimum Alternate Tax
c. Maximum Alternate Time
d. Minimum Alternate Time
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Explanation
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ANSWER: Minimum Alternate Tax
Explanation:
The intent of introducing MAT was to ensure that no taxpayer with substantial income can avoid tax liability by using exclusions, deductions and incentives.
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22) Which was the first bank to introduce credit card in India?
a. Canara Bank
b. Central Bank of India
c. Bank of Baroda
d. ICICI Bank
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Answer
Explanation
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ANSWER: Central Bank of India
Explanation:
Central Bank was the first public bank to introduce credit card in India.
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23) Which is the largest public sector bank in India?
a. Bank of Baroda
b. Canara Bank
c. Central Bank of India
d. State Bank of India
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Answer
Explanation
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ANSWER: State Bank of India
Explanation:
It is a government-owned corporation with its headquarters in Mumbai.
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24) Which is the largest private sector bank in India ?
a. ICICI
b. Axis
c. HDFC
d. HSBC
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25) Punjab National Bank was established in ________.
a. 1881
b. 1894
c. 1913
d. 1917
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Answer
Explanation
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ANSWER: 1894
Explanation:
Punjab National Bank is an Indian financial services company based in New Delhi founded in 1894.
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26) Imperial Bank of India was nationalised in _______.
a. 1949
b. 1955
c. 1959
d. 1969
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27) What type of tax has been abolished with a CESS in this budget 2015-16?
a. Entertainment Tax
b. Income Tax
c. Transaction Tax
d. Wealth Tax
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Answer
Explanation
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ANSWER: Wealth Tax
Explanation:
Wealth tax has been replaced with a 2% cess on super rich individuals. When tax is applied to a particular purpose, it is called CESS.
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28) Under which act, Yoga was included in the ambit of charitable purposes as announced in the Union Budget 2015-16?
a. Income Tax Act
b. Fundamental Rights Act
c. Co-operative Societies Act
d. Emergency Provisions Act
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Answer
Explanation
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ANSWER: Income Tax Act
Explanation:
The government has decided to accord special status to Yoga by categorizing its promotion as a charitable activity. The institutions which, as part of genuine charitable activities, undertake activities like publishing books or holding programme on yoga or other programs as part of actual carrying out of the objects which are of charitable nature are being put to hardship due to first and second provision to section 2(15).
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