Question 1

Indian banks were nationalised in the year

Accepted Answer

The major wave of nationalisation of Indian banks happened in 1969 when the Government of India nationalised 14 major commercial banks.

Question 2

Bankers are not only purveyors of money but also an important sense they are

Accepted Answer

B

Question 3

Primary functions of a commercial banks are ........... and lending

Accepted Answer

The primary functions of commercial banks include accepting deposits from the public and lending funds to those in need of finance.

Question 4

The total number of public sector banks in India is

Accepted Answer

The total number of public sector banks in India is 28.

Question 5

Indian Institute of Bankers is registered as.............

Accepted Answer

The Indian Institute of Bankers is registered as a joint stock company.

Question 6

The head quarters of National Housing Bank is

Accepted Answer

The answer of The head quarters of National Housing Bank...

Question 7

The Head quarters of Allahabad Bank is

Accepted Answer

The headquarters of Allahabad Bank was in Kolkata (Calcutta), West Bengal, India, before its merger with Indian Bank in April 2020.

Question 8

The 'Teller System' has been introduced by banks to.........

Accepted Answer

The 'Teller System' in banks is introduced to make quick payments of cheques, enhancing the efficiency of transaction processing for customers.

Question 9

Money at call and short notice of a bank is ............

Accepted Answer

Money at call and short notice refers to funds that banks lend to other financial institutions or large corporations for a very short period, typically overnight or up to 14 days. It is considered a second line of advance because it is a highly liquid asset that can be quickly converted to cash if needed.

Question 10

The terms drawer, drawee and payee are associated with;

Accepted Answer

These terms are associated with cheques. The drawer is the person who writes the cheque, the drawee is the bank that is directed to pay the amount, and the payee is the person or entity to whom the cheque is payable.

Question 11

Where the RBI has no branch the bank which can act as its agent is;

Accepted Answer

The State Bank of India (SBI) acts as an agent of the Reserve Bank of India (RBI) where the RBI does not have its own branch.

Question 12

Unless otherwise specified DD or cheques is valid for a period of;

Accepted Answer

Cheques and demand drafts (DD) are typically valid for a period of 3 months from the date of issue, unless otherwise specified.

Question 13

RBI was nationalised in the year

Accepted Answer

The Reserve Bank of India (RBI) was nationalised on January 1, 1949, under the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.

Question 14

The drawee of a cheque is always..........

Accepted Answer

The drawee of a cheque is always the bank on which the cheque is drawn. This means the bank is directed to pay the specified amount of money to the person or entity named on the cheque.

Question 15

Commercial banks in India was organised as.......

Accepted Answer

Commercial banks in India are primarily organized as joint stock companies. This means they are corporations with shares that can be bought and sold by the public.

Question 16

In India ............. banks are nationalised in the year 1969

Accepted Answer

14 banks were nationalised in India in the year 1969 to ensure more control over the banking sector and to serve the needs of the development of the economy.

Question 17

Second nationalisation of commercial banks (6 banks)was in the year

Accepted Answer

The second nationalisation of commercial banks in India, involving 6 banks, occurred in the year 1980. This move was part of the government's effort to spread banking infrastructure across the country and prioritize sectors that were not getting adequate financial support.

Question 18

Cooperative banks are registered under.............

Accepted Answer

Cooperative banks are registered under the Co-operative Societies Act, which governs the formation and functioning of cooperative societies in India.

Question 19

The first Regional Rural Bank came into existence on

Accepted Answer

The first Regional Rural Bank (RRB) was established in 1975, following the recommendations of the Narasimham Working Group. The aim was to provide sufficient banking and credit facility for agriculture and other rural sectors.

Question 20

The largest public sector bank in India is

Accepted Answer

The State Bank of India (SBI) is the largest public sector bank in India, both in terms of assets and market capitalization.

Quiz 1: Indian Banking System and Operations: A Comprehensive Overview