Banking and Financial Awareness for SBI, IBPS RRB & NABARD Exam 2021
Banking and Financial Awareness for SBI, IBPS RRB & NABARD Exam 2021

Banking and Financial Awareness for Banking Exams 2021

Current Banking Awareness PDF 2021. Important Banking and Financial Awareness Questions for SBI Clerk Mains, IBPS RRB & NABARD Grade-A Exam. If you are preparing for upcoming SBI Clerk Mains, IBPS PO/Clerk, and IBPS RRB Officer Scale-I and Office Assistant, NABARD Grade-A 2021, you will come across a section on Banking Awareness. Here we are providing you “Banking and Financial Awareness Questions” for upcoming Banking and Insurance Exams based on the latest pattern for your daily practice.

Banking and Financial Awareness Questions will help you learn concepts on important topics in Banking Awareness Section. These Banking and Financial Awareness Questions are also important for other banking exams such as IBPS PO, IBPS Clerk, SBI Clerk, IBPS RRB Officer, IBPS RRB Office Assistant, IBPS SO, SBI SO, NABARD Grade-A, RBI Assistant, LIC and other competitive exams.

Banking and Financial Awareness Questions 2021

1. The government notified a hike in the foreign direct investment (FDI) limit in pension fund management to what percent under the national pension system (NPS)?

  1. 74%
  2. 70%
  3. 64%
  4. 100%
  5. State Bank of India

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Correct Answer – A. 74%

Explanation: The government notified a hike in the foreign direct investment (FDI) limit in pension fund management to 74% from 49% under the national pension system (NPS), opening doors for experienced foreign partners in this space and facilitating more competition in the fledgling segment. The higher foreign investment limit in pension fund managers (PFMs) follows a Parliament nod in March to hike FDI limit in insurance business to 74% from 49%.The Pension Fund Regulatory and Development Authority (PFRDA) Act links the FDI ceiling in the sector to the same in the insurance sector.  Four out of seven PFMs managing the NPS corpus namely HDFC Pension Management, ICICI Prudential Pension Funds, Kotak Mahindra Pension Fund and Aditya Birla Sun Life Pension Management have significant foreign investments.

2. The Central government increased the Minimum Support Price (MSP) of kharif crops for the 2021-21 crop season (July-June) recently, maximum hike reserved for which crop this year?

A. HDFC Bank
B. ICICI Bank
C. IndusInd Bank
D. Axis Bank
E. None of these

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Correct Answer – C. IndusInd Bank

Explanation:IndusInd Bank announced that it has partnered with TP Central Odisha Distribution Limited (TPCODL), a joint venture between Tata Power and the Government of Odisha to launch a fully digital network for facilitating electricity bill payment across the state. Through its vast network of ‘Bharat Money Stores’, a proposition by Bharat Financial Inclusion Limited, which is a 100 per cent subsidiary, the bank will enable nearly 30 lakh customers of TPCODL, who are residing in semi-urban and rural areas of the state to pay their bills seamlessly.

3. What does ‘S’ stand for in “SOFR” which is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing the London interbank offered rate (LIBOR)?

A. Several
B. Sequential
C. Secured
D. Small
E. None of these

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Correct Answer –C. Secured

Explanation: The secured overnight financing rate (SOFR) is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing the London interbank offered rate (LIBOR).

4. BUSY, a business accounting software, partners with which bank for banking solutions?

A. Axis Bank
B. ICICI Bank
C. HDFC Bank
D. Yes Bank
E. None of these

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Correct Answer – B. ICICI Bank

Explanation:BUSY, a business accounting software, partners with ICICI Bank for banking solutions. The integration will help BUSY users gain better accessibility in managing their banking, improving their business efficiencies. Under this partnership, ICICI Bank’s current account holders can securely connect their bank account to BUSY Accounting Software. This integration will allow BUSY users to reconcile their bank statements automatically, do accounting, fetch bank details, make payments, etc. 

5. Recently Indian Finance Minister Nirmala Sitharaman has launched launched BHIM–UPI services in which country?

A. Nepal
B. Maldives
C. Sri Lanka
D. Bhutan
E. None of these

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Correct Answer – D. Bhutan

Explanation: Finance Minister, Nirmala Sitharaman along with Finance Minister of Bhutan, Lyonpo Namgay Tshering has jointly launched BHIM–UPI in Bhutan. With launch of BHIM-UPI in Bhutan, payment infrastructures of the two countries are seamlessly connected and will benefit a large number of tourists and businessmen from India who travel to Bhutan each year. Bhutan is the first country to adopt UPI standards for its QR deployment, and the first country in our immediate neighbourhood to accept mobile based payments through the BHIM App.

6. RBI has introduced RBI Retail Direct facility to facilitate investment in _____ by individual investors.

A. Mutual Funds
B. Electoral Bonds
C. Gold Bonds
D. Government Securities
E. None of these

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Correct Answer – D. Government Securities

Explanation: RBI has introduced RBI Retail Direct facility to facilitate investment in Government Securities (G-sec) by individual investors. Under this facility, retail investors will have the facility to open and maintain the Retail Direct Gilt (RDG) Account with RBI. RDG account can be opened through an Online portal provided for the scheme. Saving Account holders in India with PAN, Valid KYC documents, email ID and Registered number are eligible to open this account.

7. The Reserve Bank of India (RBI) approved which Small Finance Bank (SFB) to apply for the amalgamation of its promoter into itself?

A. Utkarsh Small Finance Bank
B. Equitas Small Finance Bank
C. Au Small Finance Bank
D. Capital Small Finance Bank
E. None of these

  1. Power Grid Corporation of India Limited

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Correct Answer – B. Equitas Small Finance Bank

Explanation: The Reserve Bank of India (RBI) approved the Equitas Small Finance Bank (SFB) to apply for the amalgamation of its promoter ‘Equitas Holdings’ into itself. Equitas SFB is the subsidiary of Equitas Holdings. As per the RBI’s SFB licensing guidelines, the promoter of SFB should exit or cease to be a promoter after a lock-in period of 5 years. In the case of Equitas SFB, the initial promoter lock-in period for Equitas Holdings expires on September 4, 2021, hence the Equitas SFB requested RBI for amalgamation of its promoter before completion of the lock-in period. Now RBI has approved the bank to apply for amalgamation of its promoter into itself.

8. Under the modified risk management guidelines of Reserve Bank of India (RBI), the bank staff working in sensitive positions like treasury operations and currency chests will get how many days mandatory leave in a single spell every year?

A. 16 days
B. 14 days
C. 10 days
D. 7 days
E. None of these

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Correct Answer – C. 10 days

Explanation: Under the modified risk management guidelines of RBI, the bank staff working in sensitive positions like treasury operations and currency chests will get a 10-day mandatory leave in a single spell every year. RBI has given banks six months to comply with these directions.  It asked banks to ensure that employees, while on ‘mandatory leave’, do not have access to physical or virtual resources related to their work responsibilities, with the exception of internal/ corporate email which is usually available to all employees for general purposes. Mandatory leave for staff was first introduced in May 2011 after the RBI saw a sharp increase in frauds in banks following forensic studies.

9. NIIT Institute of Finance Banking and Insurance (NIIT IFBI) and which bank have launched a fintech professional programme to build future-ready professionals for the private sector lender?

A. Yes Bank
B. HDFC Bank
C. ICICI Bank
D. Axis Bank
E. None of these

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Correct Answer – D. Axis Bank

Explanation:  NIIT Institute of Finance Banking and Insurance (NIIT IFBI) and Axis Bank have launched a fintech professional programme to build future-ready professionals for the private sector lender. The programme offers graduates with zero to three years of experience an opportunity to join Axis Bank as a deputy manager (IT). NIIT the programme is immersive in nature where the learners perform tasks of similar complexity as they would face in their role.

10. Which bank has signed a Memorandum of Understanding (MoU) with the Indian Army to offer a defence service salary package to the Indian Army under its ‘Power Salute’ initiative?

A. Axis Bank
B. HDFC Bank
C. ICICI Bank
D. Yes Bank
E. None of these

Show Correct Answers

Correct Answer – A. Axis Bank    

Explanation:  Axis Bank signed a Memorandum of Understanding (MoU) with the Indian Army at Army Headquarters, New Delhi to offer a defence service salary package to the latter under its ‘Power Salute’ initiative. The MoU will cover all ranks of army officers viz. serving Defence personnel as well Defence pensioners under its ambit.  During the signing ceremony IndianIndian Army was represented by Lt Gen (Lieutenant General) Rana Pratap Kalita, and Axis Bank was represented by Reynold D’ Souza, Executive Vice President and Lt Col MK Sharma National Accounts Head, Axis Bank.

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