Banking & Financial Awareness Mixed Quiz: Set 7

NABARD was set up in 1982 on the recommendation of the committee headed by B Sivaraman, and its head office is at Mumbai.

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.

Under the Banking Regulation Act as amended, a bank must transfer to this fund, maintained by the Reserve Bank of India, any deposit that has not been operated or claimed for ten years.

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 Kisan Credit Card scheme was introduced in 1998 on the recommendation of the R V Gupta Committee and is worked by commercial banks, regional rural banks and cooperative banks.

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.

Section 6 of the Negotiable Instruments Act, 1881 defines a cheque as a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand.

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.

YONO, short for You Only Need One, is the State Bank of India's digital banking app, launched in November 2017.

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.

Microfinance means small loans to poor households that banks treat as too risky, so a large loan is the opposite of the idea.

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.

The Deposit Insurance and Credit Guarantee Corporation is a wholly owned subsidiary of the Reserve Bank of India, and it insures the deposits held in banks.

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.

It is a term deposit held in a permitted foreign currency such as the US dollar, pound sterling, euro or yen, for a period of one to five years, and both principal and interest are repaid in that currency, so a change in the rupee rate does not affect the…

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 South Asia Poverty Alleviation Programme model is called the international model of self help group formation because it was taken up with the support of the United Nations Development Programme and followed the same design across South Asian countries, beginning in India in the districts of Andhra Pradesh.

NSF stands for not sufficient funds, and a bank writes it on the return memo when the balance in the drawer's account is less than the amount of the cheque.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act was passed in 2002.

It keeps the Central KYC Records Registry, in which banks and other reporting entities file the KYC records of their customers with a unique KYC identifier.