The BHIM app was launched by Prime Minister Narendra Modi on:

The correct answer is D, Section 7. 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directions as it thinks necessary in the public interest, and it also allows the Governor and the Central Board to be superseded in that sense.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 power has never been used formally, but it was discussed publicly in 2018 when the government and the Reserve Bank differed over lending rules and liquidity, which is why the section became an exam favourite. A is wrong because Section 5 deals with the offices and branches of the Bank. B is wrong because Section 1 only gives the short title and extent of the Act. C is wrong because Section 3 provides for the establishment and incorporation of the Reserve Bank itself. Exam tip: RBI Act 1934, Section 7 for government directions, Section 3 for the Bank's establishment, and the Bank began work on 1 April 1935.

The correct answer is A, Punjab National Bank. 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. Taglines like this are asked often because each large bank keeps one for years, and PNB has used this line through its branding. B is wrong because the State Bank of India uses The Banker to Every Indian, and earlier With you all the way. C is wrong because HDFC Bank uses We understand your world. D is wrong because Canara Bank uses Together We Can. Exam tip: pair the bank with its line and its founding year, PNB 1894 Lahore and The Name you can Bank Upon, SBI 1955 and The Banker to Every Indian.

The correct answer is B, 2014. The Pradhan Mantri Jan Dhan Yojana was launched on 28 August 2014 as a national mission to give every household a bank account. The accounts opened under it are basic savings accounts with no minimum balance, and they carry a RuPay debit card, accident insurance cover and, after satisfactory operation, an overdraft facility of up to ten thousand rupees. The scheme also became the channel for direct benefit transfer of subsidies and pensions.

Option A, 2011, is the year the Reserve Bank deregulated savings interest rates and also the year of the earlier Swabhimaan campaign for village banking. Option C, 2016, is the year of demonetisation, of the launch of UPI and of the KYC Master Direction. Option D, 2019, saw the rollout of several digital payment measures. Only 2014 is the launch year of the Jan Dhan Yojana.

The correct answer is A, CERSAI, the Central Registry of Securitisation Asset Reconstruction and Security Interest of India. 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. A customer whose record is already in the registry need not repeat the whole process when dealing with another bank, insurer or mutual fund, which saves both time and paper.

Option B, the National Payments Corporation of India, runs retail payment systems such as UPI, RuPay, NACH and the IMPS service. Option C, SEBI, regulates the securities market. Option D, IRDAI, regulates insurance. All three are regulators or system operators in the financial sector, which makes them plausible, but the KYC registry belongs to CERSAI, a company set up under the SARFAESI framework.

The correct answer is C, FCNR (B) account, the Foreign Currency Non-Resident Bank account. 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 depositor. The exchange risk is carried by the bank.

Option A, the Non-Resident External account, is held in rupees; it is freely repatriable and the interest is exempt from income tax in India, but the depositor bears the exchange risk. Option B, the Non-Resident Ordinary account, is also in rupees and is meant for income earned in India such as rent, pension or dividend, with taxable interest and restricted repatriation. Option D, an escrow account, is a neutral account used to hold money until the conditions of a contract are met.