LIC AAO 2019 – Financial Awareness Questions (Day – 24)

Dear Aspirants, LIC AAO is one the most important exam in the competitive examination. LIC AAO mains exam consists of four sections i.e. Reasoning ability, Data Analysis & Interpretation, General knowledge & Current affairs and Insurance & Financial Market Awareness. Insurance & Financial Market Awareness section comprises of 30 questions.  Insurance & Financial Market Awareness questions plays an important role in boosting up the score in mains examination and also helps in interview. Here we are providing new series of Practice Questions on Financial awareness. Aspirants can make use of it, to improve score in Insurance & Financial Market Awareness section.

LIC AAO 2019 – Financial Awareness Questions (Day – 24)

maximum of 10 points
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1) In National Financial Switch service, the limit per transaction is restricted to less than _________.

a) ₹ 20000

b) ₹ 25000

c) ₹ 50000

d) ₹ 10000

e) ₹ 40000

2) What is the dimension of the new 50 rupee note?

a) 63 mm * 123 mm

b) 66 mm * 142 mm

c) 66 mm * 150 mm

d) 66 mm * 146 mm

e) 66 mm * 135 mm

3) Which among the following is authorized by RBI to store rupee notes and coins?

a) Currency Bag

b) Currency Block

c) Currency Chest

d) Currency Reserve

e) None of these

4) If the credit balance in a savings account has not been operated for ten years, the amount should be transferred to which fund?

a) Unpaid Contract Fund

b) Cash Reserve Fund

c) Unclaimed Bank Deposit Fund

d) Inactive Deposit Fund

e) Depositor Education and Awareness Fund

5) To use the services of which of the following, you do not need to have your KYC done with the services?

a) Amazon Pay

b) Mobikwik

c) ICICI salary account

d) Paytm e-wallet

e) None of the above

6) Which organization has launched its $1 billion masala bond programme in the US and Europe recently?

a) International Centre for Settlement of Investment Disputes

b) International Bank for Reconstruction and Development

c) International Finance Corporation

d) Multilateral Investment Guarantee Agency

e) International Development Association

7) The World Bank has approved Rs.6000 crore to Central Sector Scheme of the Ministry of Water Resources, River Development and Ganga Rejuvenation for which scheme?

a) Pradhan Mantri Fasal Bima Yojana

b) Atal Bhujal Yojana

c) Atal Pension Yojana

d) Pradhan Mantri Garib Kalyan Yojana

e) Atal Mission for Rejuvenation and Urban Transformation

8) According to SEBI, investors will be permitted to purchase mutual funds worth up to Rs ______________ through digital wallets.

a) Rs 1,50,000

b) Rs 1,00,000

c) Rs 50,000

d) Rs 5,000

e) Rs 25,000

9) The Union Government, Rajasthan and the World Bank signed a _______________________ million Development Policy Loan (DPL) to support Rajasthan in improving the performance of its Electricity Distribution Sector under the State’s ‘24×7 Power for All’ program.

a) USD 1200 million

b) USD 725 million

c) USD 500 million

d) USD 250 million

e) USD 400 million

10) The government of India has doubled the monetary limit to _________________ rupees for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions.

a) 20 lakh rupees

b) 30 lakh rupees

c) 10 lakh rupees

d) 60 lakh rupees

e) 50 lakh rupees

Answers :

1) Answer: c)

In National Financial Switch service, the limit per transaction is restricted to less than ₹ 50000. National Financial Switch (NFS) is the largest interconnected network of automated teller machines (ATMs) in India. It was taken over by NPCI from Institute for Development and Research in Banking Technology (IDRBT) in 2009.

2) Answer: e)

The dimension of the new 50-rupee note is 66 mm * 135 mm. The colour of the note is Fluorescent blue and motif is Hampi with Chariot. Rupee Note Dimension 10-rupee note 63 mm * 123 mm 100-rupee note 66 mm * 142 mm 500-rupee note 66 mm * 150 mm 200-rupee note 66 mm * 146 mm

3) Answer: c)

Currency chests are branches of selected banks authorized by the RBI to stock rupee notes and coins. The main function of currency chests is to facilitate note supply. The cash reserve ratios of the commercial banks are also kept at currency chests. Currency chests are usually located at authorized select branches of the scheduled bank.

4) Answer: e)

As per the Reserve Bank of India, the bank deposit which has not been claimed for 10 years or more would be transferred to Depositor Education and Awareness Fund Scheme. Reserve Bank of India established a Fund under the Section 26A of the Banking Regulation Act, 1949.The amounts to be credited to the Fund by banks shall be deposited in the specified account maintained with the RBI.

5) Answer: e)

Know Your Customer commonly known as KYC, enables a bank/financial institution to validate the identity of its servicing customers. In order to open a bank account, one needs to submit Aadhaar/enrolment number and PAN as ‘proof of identity and proof of address’ For using the e-wallet services like Amazon Pay & Mobikwik, one needs to have their KYC done by providing any one of the identity proof as applicable

6) Answer: c)

IFC or International Finance Corporation, the World Bank’s lending arm, has launched its $1 billion masala bond programme in the US and Europe. These bonds are aimed at funding the rapidly expanding investment activities of IFC in India.

7) Answer: b)

The World Bank has approved Atal Bhujal Yojana (ABHY), a Rs.6000 crore Central Sector Scheme of the Ministry of Water Resources, River Development and Ganga Rejuvenation. The scheme is to be implemented over a period of five years from 2018-19 to 2022-23, with World Bank assistance. The scheme proposal has already been recommended by the Expenditure Finance Committee and the Ministry will be seeking Cabinet approval for the project shortly.

8) Answer: c)

Investors will be permitted to purchase mutual funds worth up to Rs 50,000 through digital wallets, the market regulator, Sebi said in a release. “Investments up to Rs 50,000 per mutual fund per financial year can be made using e-wallets,” the regulator said while redemptions of such investments can be made only to the bank account of a unit holder.

9) Answer: d)

The Union Government, Rajasthan and the World Bank signed a USD 250 million Development Policy Loan (DPL) to support Rajasthan in improving the performance of its Electricity Distribution Sector under the State’s ‘24×7 Power for All’ program.

10) Answer: a)

The government of India has doubled the monetary limit to 20 lakh rupees for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions. As per the Finance Ministry, the move is aimed at helping reduce pendency of cases in DRTs.

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