Quiz Details
QZ-20251029-28603
Topics:
Indian banking sector
Difficulty:
Level 2 - Easy
Questions:
15
Generated:
October 29, 2025 at 08:50 AM
Generated by:
Guest User
Instructions: Select an answer for each question and click "Check Answer" to see if you're correct. Then view the explanation to learn more!
1 What is the central bank of India?
Correct Answer:
A
Explanation: The Reserve Bank of India (RBI) is the central banking institution of India that regulates the country's monetary policy.
Explanation: The Reserve Bank of India (RBI) is the central banking institution of India that regulates the country's monetary policy.
2 Which of the following is a public sector bank in India?
Correct Answer:
D
Explanation: State Bank of India (SBI) is the largest public sector bank in India, whereas HDFC, ICICI, and Axis are private sector banks.
Explanation: State Bank of India (SBI) is the largest public sector bank in India, whereas HDFC, ICICI, and Axis are private sector banks.
3 What does ATM stand for in banking?
Correct Answer:
B
Explanation: ATM stands for Automated Teller Machine, which allows customers to perform financial transactions without human assistance.
Explanation: ATM stands for Automated Teller Machine, which allows customers to perform financial transactions without human assistance.
4 Which of the following is NOT a type of bank account?
Correct Answer:
A
Explanation: A Loan Account is not a type of bank account; instead, it is a liability for the customer who has taken a loan.
Explanation: A Loan Account is not a type of bank account; instead, it is a liability for the customer who has taken a loan.
5 Which act regulates banking companies in India?
Correct Answer:
B
Explanation: The Banking Regulation Act, 1949 provides the framework for the regulation of banking companies in India.
Explanation: The Banking Regulation Act, 1949 provides the framework for the regulation of banking companies in India.
6 Which is the largest private sector bank in India by assets?
Correct Answer:
A
Explanation: HDFC Bank is the largest private sector bank in India by assets and has a significant market presence.
Explanation: HDFC Bank is the largest private sector bank in India by assets and has a significant market presence.
7 What does NEFT stand for in Indian banking?
Correct Answer:
B
Explanation: NEFT stands for National Electronic Funds Transfer, which is a payment system to transfer funds electronically.
Explanation: NEFT stands for National Electronic Funds Transfer, which is a payment system to transfer funds electronically.
8 Which of the following is a digital payment platform launched by the National Payments Corporation of India?
Correct Answer:
B
Explanation: UPI, or Unified Payments Interface, is a digital payment system developed by the NPCI to facilitate instant money transfers.
Explanation: UPI, or Unified Payments Interface, is a digital payment system developed by the NPCI to facilitate instant money transfers.
9 Which bank is known as the 'Bank of Banks' in India?
Correct Answer:
B
Explanation: The Reserve Bank of India is often referred to as the 'Bank of Banks' as it oversees and regulates all commercial banks in India.
Explanation: The Reserve Bank of India is often referred to as the 'Bank of Banks' as it oversees and regulates all commercial banks in India.
10 Which of the following is a type of loan provided by banks?
Correct Answer:
C
Explanation: A Personal Loan is a type of loan that banks provide to individuals for personal use, often without needing collateral.
Explanation: A Personal Loan is a type of loan that banks provide to individuals for personal use, often without needing collateral.
11 What is the primary purpose of a savings account?
Correct Answer:
A
Explanation: The primary purpose of a savings account is to allow individuals to earn interest on their deposits while keeping their funds safe.
Explanation: The primary purpose of a savings account is to allow individuals to earn interest on their deposits while keeping their funds safe.
12 Which bank introduced the concept of 'no-frills' account in India?
Correct Answer:
B
Explanation: Canara Bank was one of the first banks to introduce the concept of 'no-frills' accounts to promote financial inclusion.
Explanation: Canara Bank was one of the first banks to introduce the concept of 'no-frills' accounts to promote financial inclusion.
13 What is the main function of the RBI?
Correct Answer:
C
Explanation: One of the main functions of the Reserve Bank of India is to issue and manage the currency notes in the country.
Explanation: One of the main functions of the Reserve Bank of India is to issue and manage the currency notes in the country.
14 What is 'KYC' in banking terms?
Correct Answer:
C
Explanation: KYC stands for 'Know Your Customer,' which is a process used by banks to verify the identity of their clients.
Explanation: KYC stands for 'Know Your Customer,' which is a process used by banks to verify the identity of their clients.
15 Which organization is responsible for the regulation of commercial banks in India?
Correct Answer:
B
Explanation: The Reserve Bank of India is the regulatory authority for commercial banks, ensuring their stability and compliance.
Explanation: The Reserve Bank of India is the regulatory authority for commercial banks, ensuring their stability and compliance.