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.
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) 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
3) 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
4) The interest rates on banks’ contribution to Rural Infrastructure Development Fund should be fixed by ________.
a) Ministry of Finance
b) National Bank for Agriculture and Rural Development
c) Ministry of Rural Development
d) Reserve Bank of India
e) Individual Banks
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
c) ICICI salary account
d) Paytm e-wallet
e) None of the above
6) What is India’s GDP growth rate for October- December 2018 quarter?
7) Total gross GST revenue collected in the month of February 2019 is ₹ ________ crores.
8) The Asian Development Bank (ADB) and the Government of India signed a $_____ Million Loan Agreement today to operationalize two lines for the Mumbai Metro Rail System.
9) As per Moody’s report, Indian economy is expected to grow at ____________ in calendar year 2019 and 2020
10) Recently, the government approved a Rs. 14,000 crore special economic zone (SEZ) project of Adani Power in _____________.
a) Uttar Pradesh
d) Tamil Nadu
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: 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.
3) 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.
4) Answer: d)
The interest rates on banks’ contribution to RIDF, other Funds, the tenure of deposits should be fixed by Reserve Bank of India from time to time. The Scheduled Commercial Banks having any shortfall in lending to priority sector shall be allocated amounts for contribution to the Rural Infrastructure Development Fund (RIDF) established with NABARD by RBI. Also, the contribution amount to the other Funds with NABARD/NHB/SIDBI/ MUDRA Ltd. Are also decided by the Reserve Bank from time to time.
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: e)
India’s GDP growth moderated to 6.6% in the Oct-Dec quarter of 2018-19, the lowest in five quarters, from 7% in the previous quarter. India is still the fastest-growing major economy. GDP growth forecast was revised for the current fiscal from 7.2 to 7%.
7) Answer: d)
Total gross GST revenue collected in the month of February 2019 is ₹ 97,247 crore of which CGST is ₹ 17,626 crore, SGST is ₹ 24,192 crore, IGST is ₹ 46,953 crore& cess is ₹ 8,476 crore. Revenue in February 2018 was ₹ 85,962 crore.
8) Answer: c)
The Asian Development Bank (ADB) and the Government of India signed a $926 Million Loan Agreement today to operationalize two lines for the Mumbai Metro Rail System. The Project also marks ADB’s first co-financing with NDB, which will provide $260 million. ADB President-TakehikoNakao Headquarters- Mandaluyong, Philippines.
9) Answer: d)
As per Moody’s report, Indian economy is expected to grow at 7.3 per cent in calendar year 2019 and 2020. In 2018-19 fiscal Indian economy is estimated to have grown 7%, lower than 7.2% in 2017-18
10) Answer: b)
The government approved a Rs. 14,000 crore special economic zone (SEZ) project of Adani Power in Jharkhand, which will export entire power generated to Bangladesh. It will be ready by the end of 2022.Exports from SEZs grew by about 15% to ₹5.52 trillion in 2017-18.