Banking and Financial Institutions MCQ Questions and Solutions with Explanations

Banking and Financial Institutions MCQ Questions and Solutions with Explanations | Commerce

Banking and Financial Institutions MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Banking and Financial Institutions MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-9 section-4

Match the following items of List-I with List-Il:

List-I	List-II
a. SWIFT	1. 1996
b. NEFT	2. 1988
c. BASEL I Accord	3. 1973
d. BASEL II Accord	4. 2004

A) a-1, b-2, c-4, d-3 B) a-3, b-1, c-2, d-4 C) a-4, b-3, c-2, d-1 D) a-3, b-1, c-4, d-2

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Answer & Solution

Answer: Option B

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Insurance is legislated by

A) Insurance Company B) State Government C) Central Government D) Government of India

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Answer & Solution

Answer: Option C

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The Gresham's law specifies that

A) New money drives old money out of circulation B) Good money drives bad money out of circulation C) Bad money drives good money out of circulation D) Paper money drives metallic money out of circulation

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Answer & Solution

Answer: Option C

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Which one of the following statement is correct?

A) A bank can also exercise the right of set-off in respect of the future or contingent debts B) Minimum paid-up capital for entry of new private sector banks is Rs. 200 crore C) Ancillary services are also known as supplementary functions of a commercial banks D) Provisions of Banking Regulation Act are not applicable to cooperative banks

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Answer & Solution

Answer: Option C

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All banks registered under the . . . . . . . . are considered co-operative banks.

A) Banking Regulation Act 1949 B) The Bankers' Books Evidence Act-1891 C) Cooperative Societies Act, 1912 D) Both A and C

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Answer & Solution

Answer: Option C

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UCO bank is a

A) private sector bank B) public sector bank C) non-scheduled bank D) None of these

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Answer & Solution

Answer: Option B

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Rupee coins are the legal tender in India under the provisions of:

A) The Reserve Bank of India Act, 1934 B) Negotiable Instrument Act, 1881 C) Banking Regulation Act, 1949 D) Indian Coinage Act, 1906

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Answer & Solution

Answer: Option D

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IBAI was incorporated as a company under Section 25 of the Companies Act, 1956. What is the meaning of 'B' in IBAI?

A) Basel B) Broadcasting C) Brokers D) Board

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Answer & Solution

Answer: Option D

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Consider the following statements about India INX:
1. India INX is India's first international exchange.
2. It will work for 22 hours in a day, working from sunrise to sunset, i.e., starting when Japan exchanges begin and close when the US markets end.
3. India lNX is a wholly owned subsidiary of the Bombay Stock Exchange (NSE).
Which of the statements given above is/are correct?

A) 1 and 3 only B) 1, 2 and 3 C) 2 and 3 only D) 1 only

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Answer & Solution

Answer: Option B

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FEMA provides that a person becomes a resident if he stays in India for . . . . . . . . or more in the previous year.

A) 180 days B) 181 days C) 182 days D) 183 days

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Answer & Solution

Answer: Option C

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