LIC AAO 2019 – Financial Awareness Questions (Day – 61)

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.

[WpProQuiz 6435]

1) The Unit Trust of India (UTI) act was formed in which year?

a) 1948

b) 1964

c) 1952

d) 1976

e) 1986

2) India’s first share market was set up in which city?

a) Mumbai

b) Delhi

c) Chennai

d) Kolkata

e) Pune

3) What is the longest permissible period for which a fixed deposit can be accepted by a commercial bank?

a) 5 years

b) 8 years

c) 10 years

d) 15 years

e) None of these

4) The Overdraft limit under the PMJDY Scheme has been increased to Rs __________.

a) Rs 6,000

b) Rs 8,000

c) Rs 10,000

d) Rs 15,000

e) Rs 16,000

5) The headquarter of the Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is located in which city?

a) Kolkata

b) Bengaluru

c) Mumbai

d) Chennai

e) Delhi

6) ________, with India’s worst-bad loan ratio will sell 100 billion rupees of stressed assets.

a) SBI

b) IDBI Bank Ltd.

c) ICICI Bank

d) HDFC Bank

e) PNB

7) Which bank has decided to link the interest rate paid on the savings bank balance of over Rs. 1 lakh to the repo rate in March 2019?

a) Allahabad Bank

b) SBI

c) Dena Bank

d) UCO Bank

e) ICICI Bank

8) Insurance Regulatory and Development Authority (IRDAI) imposed a fine of Rs. _______ on United India Insurance Co (UIIC) Ltd for violating certain procedures.

a) 5 lakhs

b) 9 Lakhs

c) 2 lakhs

d) 10 Lakhs

e) 25 Lakhs

9) Which of the following Payments Banks partnered with Suryoday Small Finance Bank to launch a sweep account facility on 4 February 2019?

a) Airtel Payments Bank

b) Aditya Birla Idea Payments Bank

c) Jio Payments Bank

d) Fino Payments Bank

e) India Post Payments Bank

10) The Railways has been allocated Rs.________ Cr in the Interim Budget 2019-20.

a) 62,082

b) 64,587

c) 72,871

d) 78,279

e) 84,972

Answers:

1) Answer: b)

The Government of India made a financial set up i.e. ‘The Unit Trust of India’ by passing special Unit Trust of India Act 1963, on 1st of February 1964.

2) Answer: a)

The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai. The NSE was established in 1992 as the first demutualized electronic exchange in the country.

3) Answer: c)

The longest permissible period for which a fixed deposit can be accepted by a commercial bank is 10 years.

4) Answer: c)

The Overdraft limit under the PMJDY Scheme has been increased to Rs.10,000.

5) Answer: b)

The headquarter of the Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) is located in Bengaluru

6)Answer: b)

IDBI Bank Ltd., the lender with India’s worst-bad loan ratio will sell 100 billion rupees of stressed assets. It will be out of the RBI’s prompt corrective action framework by September as bad-loan ratio narrows and profits rise. IDBI’s gross bad loan ratio stood at about 30 percent as of December 31, 2018.

7) Answer: b)

IDBI Bank Ltd., the lender with India’s worst-bad loan ratio will sell 100 billion rupees of stressed assets. It will be out of the RBI’s prompt corrective action framework by September as bad-loan ratio narrows and profits rise. IDBI’s gross bad loan ratio stood at about 30 percent as of December 31, 2018.

8) Answer: b)

In a first of its kind, State Bank of India has decided to link the interest rate paid on the savings bank balance of over Rs. 1 lakh to the repo rate. It will also link cash credit accounts and overdrafts, with limits above Rs. 1 lakh, to the repo rate. The new system will come into effect from 1 May 2019. The aim of the system is to increase the effectiveness of monetary transmission.

9) Answer: b)

Insurance Regulatory and Development Authority (IRDAI) imposed a fine of Rs 9 lakh on state-owned United India Insurance Co (UIIC) Ltd for violating certain procedures.3 violations were found during the inspection, of which 2 attracted the fine. UIIC is headquartered in Chennai, while IRDAI is in Hyderabad.

10) Answer: d)

Fino Payments Bank partnered with Suryoday Small Finance Bank on 4th February to launch a sweep account facility.The partnership will help FPB address the issue of deposit limit that the payment banks are facing at the moment. This would also allow customers to seamlessly transfer excess amount from their account in FPB to SSFB.

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