Banking & Financial Awareness Mixed Quiz: Set 5

The Reserve Bank of India set up this sub committee of its Central Board under Y. H. Malegam in October 2010, after complaints of very high interest rates and harsh recovery in the microfinance business.

The Basel Norms are international standards for banking supervision. They are issued by the Basel Committee on Banking Supervision, which works under the Bank for International Settlements at Basel in Switzerland.

Section 7 of the Reserve Bank of India Act, 1934 lets the Central Government, after consulting the Governor, give the Reserve Bank such directions as it thinks necessary in the public interest, and it also allows the Governor and the Central Board to be superseded in that sense.

The Banking Ombudsman is a senior officer appointed by the Reserve Bank of India to hear and settle customer complaints about deficiency in banking service.

RTGS is the system in which a transfer instruction is settled singly and immediately, rather than being held and netted off with others.

Section 4 of the Negotiable Instruments Act, 1881 defines a promissory note as an instrument in writing, signed by the maker, containing an unconditional undertaking to pay a certain sum of money to or to the order of a certain person.

A current account is meant for traders, firms and companies that need to receive and pay money many times a day.

IMPS is an interbank money transfer service run by the National Payments Corporation of India, launched in November 2010. Its great advantage is that it works round the clock, on holidays and at night, and the money reaches the beneficiary within seconds.

Prime Minister Narendra Modi launched the BHIM app on 30 December 2016, a few weeks after the note ban of November 2016, to push people towards digital payment.

ATM stands for Automated Teller Machine. A teller is the bank employee who takes and pays out cash at the counter, and the machine was built to do that same job without a person, which is how it got the name.

An ATM set up, owned and operated by a non-bank company registered under the Companies Act is called a white label ATM, because it carries no bank's logo.

RBL Bank, a private sector bank, has its corporate office in Mumbai, the financial capital of the country, while its registered office stays in Kolhapur in Maharashtra, where the bank was founded in 1943 as the Ratnakar Bank.

A microfinance institution exists to lend small sums to poor and low-income people who cannot offer the security an ordinary bank asks for.

The Reserve Bank opened in 1935 as a shareholders' bank with privately held share capital.

The slogan The Name you can Bank Upon belongs to Punjab National Bank. PNB was set up in 1894 at Lahore and was the first Indian bank started wholly with Indian capital, with Lala Lajpat Rai among those behind it; its head office is now in New Delhi.

The Reserve Bank is banker to banks: every scheduled bank keeps an account with it, holds its cash reserve ratio there, settles payments with other banks through those accounts and can borrow from it when short of funds.

Under Section 22 of the Reserve Bank of India Act, 1934, the RBI alone has the right to issue currency notes in the country, and it decides how many notes of each denomination are printed.

All three belong to the monetary policy toolkit of the Reserve Bank of India. SLR, the Statutory Liquidity Ratio, is the part of its deposits that a bank must keep with itself in cash, gold or approved securities, and raising or lowering it changes how much a bank can lend.

Know Your Customer rules exist to stop the banking system being used to launder the proceeds of crime or to finance terrorism.

A debit card carries a 16-digit card number printed on its front, and this is the number a shop or a website reads to route the payment.