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Banking

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Banking MCQ & Objective Questions

Banking is a crucial topic in various school and competitive exams, making it essential for students to grasp its concepts thoroughly. Practicing MCQs and objective questions on Banking not only enhances understanding but also boosts confidence in tackling exam scenarios. By engaging with practice questions, students can identify important questions and improve their exam preparation strategies effectively.

What You Will Practise Here

  • Fundamentals of Banking: Definitions and key concepts
  • Types of Banks: Commercial, Cooperative, and Central Banks
  • Banking Operations: Deposits, Withdrawals, and Loans
  • Banking Regulations: RBI guidelines and policies
  • Financial Instruments: Understanding savings accounts, fixed deposits, and bonds
  • Banking Technology: Online banking and digital payment systems
  • Current Trends: Impact of fintech on traditional banking

Exam Relevance

The topic of Banking is frequently featured in CBSE, State Boards, and competitive exams like NEET and JEE. Students can expect questions that assess their understanding of banking principles, operations, and regulations. Common question patterns include multiple-choice questions that require students to apply their knowledge to real-world scenarios, making it vital to be well-versed in this subject.

Common Mistakes Students Make

  • Confusing different types of banks and their functions
  • Misunderstanding banking terminologies and their implications
  • Overlooking the importance of RBI's role in the banking system
  • Failing to connect theoretical concepts with practical applications

FAQs

Question: What are the key functions of a commercial bank?
Answer: Commercial banks primarily accept deposits, provide loans, and facilitate payment services.

Question: How does the RBI influence the banking sector?
Answer: The RBI regulates monetary policy, supervises banks, and ensures financial stability in the economy.

Now is the time to enhance your understanding of Banking! Dive into our practice MCQs and test your knowledge to excel in your exams. Remember, consistent practice leads to success!

Q. In 2021, which bank was fined $400 million for failing to maintain adequate anti-money laundering controls?
  • A. Wells Fargo
  • B. Deutsche Bank
  • C. Citigroup
  • D. Barclays
Q. In 2021, which major bank was fined $1.5 billion for its role in the 1MDB scandal?
  • A. Deutsche Bank
  • B. Goldman Sachs
  • C. Barclays
  • D. UBS
Q. In 2022, which bank was fined $1.5 billion for violating anti-money laundering regulations?
  • A. Wells Fargo
  • B. Deutsche Bank
  • C. Citigroup
  • D. Barclays
Q. In 2022, which country’s central bank became the first to adopt a digital currency for retail use?
  • A. China
  • B. Sweden
  • C. Bahamas
  • D. Estonia
Q. In 2022, which country’s central bank raised interest rates to combat rising inflation, marking its largest hike in 28 years?
  • A. United States
  • B. United Kingdom
  • C. Brazil
  • D. Turkey
Q. In 2022, which country’s government announced a plan to nationalize its largest bank to stabilize its economy?
  • A. Argentina
  • B. Turkey
  • C. Venezuela
  • D. Zimbabwe
Q. In 2022, which major bank announced it would stop financing new oil and gas projects as part of its climate strategy?
  • A. Goldman Sachs
  • B. JP Morgan Chase
  • C. HSBC
  • D. Bank of America
Q. In 2023, which country became the first to adopt Bitcoin as legal tender?
  • A. El Salvador
  • B. Venezuela
  • C. Ukraine
  • D. Japan
Q. In 2023, which major bank announced a significant restructuring plan that included job cuts?
  • A. Deutsche Bank
  • B. HSBC
  • C. Goldman Sachs
  • D. JP Morgan
Q. In 2023, which major financial institution announced a partnership with a fintech company to enhance its digital banking services?
  • A. Bank of America
  • B. Citi
  • C. Wells Fargo
  • D. Chase
Q. In 2023, which major financial institution announced it would no longer finance fossil fuel projects?
  • A. Goldman Sachs
  • B. Morgan Stanley
  • C. JP Morgan
  • D. HSBC
Q. What is the name of the central bank that raised interest rates in the United States in March 2022?
  • A. European Central Bank
  • B. Federal Reserve
  • C. Bank of England
  • D. Bank of Japan
Q. What is the name of the digital payment system launched by the Reserve Bank of India in 2021?
  • A. UPI 2.0
  • B. Bharat QR
  • C. e-RUPI
  • D. Digital India Payment
Q. What is the name of the European Central Bank's digital currency initiative launched in 2021?
  • A. Digital Euro
  • B. EuroCoin
  • C. ECB Coin
  • D. Euro Digital
Q. What is the name of the financial technology company that went public in 2021 and is known for its buy now, pay later services?
  • A. Affirm
  • B. PayPal
  • C. Square
  • D. Afterpay
Q. What is the primary purpose of the Basel III framework introduced in 2021?
  • A. To regulate cryptocurrency
  • B. To enhance bank capital requirements
  • C. To promote digital banking
  • D. To eliminate cash transactions
Q. What was the primary reason for the collapse of Silicon Valley Bank in March 2023?
  • A. Fraudulent activities
  • B. Poor investment decisions
  • C. Liquidity crisis
  • D. Cyber attack
Q. Which bank became the first to issue a green bond in the Indian market in 2021?
  • A. State Bank of India
  • B. ICICI Bank
  • C. HDFC Bank
  • D. Axis Bank
Q. Which bank was fined $2.5 billion in 2022 for its role in the Libor scandal?
  • A. Barclays
  • B. Wells Fargo
  • C. Citigroup
  • D. Deutsche Bank
Q. Which country launched its first digital currency, the e-krona, in 2022?
  • A. Sweden
  • B. China
  • C. Japan
  • D. United States
Q. Which country launched its first digital currency, the eNaira, in October 2021?
  • A. Ghana
  • B. Nigeria
  • C. Kenya
  • D. South Africa
Q. Which country’s central bank announced a pilot program for a digital currency in 2022, called the Digital Pound?
  • A. Canada
  • B. Australia
  • C. United Kingdom
  • D. Sweden
Q. Which country’s central bank announced a pilot program for a digital currency in 2022?
  • A. India
  • B. Canada
  • C. Australia
  • D. South Africa
Q. Which country’s central bank raised interest rates to combat inflation in 2022, marking its highest level in over a decade?
  • A. United States
  • B. United Kingdom
  • C. Canada
  • D. Australia
Q. Which cryptocurrency exchange filed for bankruptcy in November 2022, causing significant market turmoil?
  • A. Coinbase
  • B. Binance
  • C. FTX
  • D. Kraken
Q. Which cryptocurrency exchange filed for bankruptcy in November 2022, leading to significant market turmoil?
  • A. Coinbase
  • B. Binance
  • C. FTX
  • D. Kraken
Q. Which fintech company became the first to achieve a valuation of $100 billion in 2021?
  • A. Stripe
  • B. Square
  • C. PayPal
  • D. Ant Group
Q. Which fintech company went public through a SPAC merger in 2021, becoming one of the largest in the sector?
  • A. Robinhood
  • B. SoFi
  • C. Affirm
  • D. Chime
Q. Which major bank announced a partnership with a fintech company to enhance its digital banking services in 2021?
  • A. Citi
  • B. Wells Fargo
  • C. Bank of America
  • D. Chase
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