Banking & Financial Awareness MCQ Set-12

Find out the most important History of Banking in India GK MCQ for SBI PO, IBPS PO, IBPS RRB, Insurance examinations and various other competitive examinations of BFSI sector in India.

Q.1 The first bank to introduce ATM in India is:

A. SBI

B. HSBC Bank

C. ICICI Bank

D. HDFC Bank

Answer: B. HSBC Bank

Note: The first ATM in India was set up in 1987 by HSBC in Mumbai.

Q.2 Which of the following bank sponsored the first Regional Bank of India?

A. SBI

B. Syndicate Bank

C. PNB

D. Union Bank

Answer: B. Syndicate Bank

Note: Prathama Bank, with head office in Moradabad, Uttar Pradesh was the first RRB sponsored by the Syndicate Bank.

Q.3 Which among the following is the first Indian bank open branch outside India?

A. Punjab National Bank

B. Bank of India

C. State Bank of India

D. Canara Bank

Answer: B. Bank of India

Note: Bank of India was the first Indian bank to open a branch outside India in London in 1946 and the first to open a branch in continental Europe at Paris in 1974.

Q.4 As on March 2021, which of the following is the leading private sector bank in India?

A. ICICI Bank

B. HDFC Bank

C. Axis Bank

D. Federal Bank

Answer: B. HDFC Bank

Note: As of March 2021, HDFC Bank was the leading Indian private bank with total assets over 15 trillion Indian rupees. Within the banking sector, HDFC bank comes second after the public State Bank of India which is worth nearly 40 trillion Indian rupees in terms of assets during the same time period.

Q.5 Which among the following deputy governor of RBI is credited for constituting Public Credit Registry of India?

A. Viral Acharya

B. Mahesh Kumar Jain

C. T. Rabi Shankar

D. Urjit Patel

Answer: A. Viral Acharya

Q.6 The Regional Rural Bank Act came into force in which of the following year?

A. 1969

B. 1976

C. 1981

D. 1985

Answer: B. 1976

Note: Regional Rural Banks were established under the provisions of an ordinance passed on 26 September 1975 and the RRB Act, 1976 published on 9th February, 1976 to provide sufficient banking and credit facility for agriculture and other rural sectors. As a result, five RRBs were set up on 2 October 1975 on the recommendations of the Narasimhan Committee during the tenure of Indira Gandhi’s government.

Q.7 Who among the following is termed as the “Father of Banking Reform in India”?

A. Manmohan Singh

B. M. Narasimhan

C. Y.B. Reddy

D. None of these

Answer: B. M Narasimhan

Note: Maidavolu Narasimham was an Indian banker who served as the thirteenth governor of the RBI from 2 May 1977 to 30 November 1977.  Some of the reforms attributed to his recommendations include changes to banking structures, introduction of private sector banks, creation of asset recovery funds, rural banking, changes to capital adequacy and provisioning standards, technology upgradation and modernization of public sector banks, and capital market linked banking reforms.

Q.8 Which among the following country published the first plastic currency?

A. USA

B. China

C. Australia

D. India

Answer: C. Australia

Note: In 1988, after significant research and development by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Reserve Bank of Australia, Australia produced the first polymer banknote made from biaxially-oriented polypropylene (BOPP).

Q.9 FEMA Act, 1999 and Prevention of Money Laundering Act, 2002 is being enforced by which of the agency/institution of the Government of India?

A. Reserve Bank of India

B. Enforcement Directorate

C. Central Bureau of Investigation

D. None of these

Answer: B. Enforcement Directorate

Note: FEMA Act, 1999 stands for Foreign Exchange Management Act, 1999. Directorate of Enforcement is a Multi Disciplinary Organization mandated with the task of enforcing the provisions of two special fiscal laws – Foreign Exchange Management Act, 1999 (FEMA) and Prevention of Money Laundering Act, 2002 (PMLA).

Q.10 Indian Banks’ Association (IBA) was formed in which of the following year?

A. 1946

B. 1949

C. 1956

D. 1976

Answer: A. 1946

Note: The Indian Banks’ Association was formed on 26 September 1946 and it is headquartered in Mumbai.

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