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Banking Awareness Quiz: 10 Questions for Bank Exams

Written by the Quizzeela team
Last checked · 10 questions · Medium

Preparing for a bank exam or just curious? These 10 questions cover the banking basics every exam asks about.

Play as a timed quiz and earn coins

1In which year was the Reserve Bank of India set up?

  1. 1935
  2. 1969
  3. 1947
  4. 1950
Show answer
Answer: A. 1935. The RBI was established on 1 April 1935 under the RBI Act, 1934.

2What is the rate at which the RBI lends to banks for a short time called?

  1. CRR
  2. Repo rate
  3. PAN rate
  4. Bank rate of GST
Show answer
Answer: B. Repo rate. The repo rate is what banks pay to borrow short-term from the RBI against securities.

3CRR stands for:

  1. Current Repo Rate
  2. Central Reserve Return
  3. Cash Reserve Ratio
  4. Credit Rating Rule
Show answer
Answer: C. Cash Reserve Ratio. Cash Reserve Ratio is the share of deposits banks must keep with the RBI as cash.

4Which organisation developed UPI?

  1. SBI
  2. NABARD
  3. SEBI
  4. NPCI
Show answer
Answer: D. NPCI. UPI was developed by the National Payments Corporation of India (NPCI).

5KYC stands for:

  1. Know Your Credit
  2. Know Your Customer
  3. Key Yearly Charge
  4. Keep Your Cash
Show answer
Answer: B. Know Your Customer. KYC is the process banks use to verify who their customers are.

6How many characters does an IFSC code have?

  1. 8
  2. 11
  3. 9
  4. 12
Show answer
Answer: B. 11. An IFSC has 11 characters: 4 letters for the bank, a zero, and 6 characters for the branch.

7Where is the RBI headquartered?

  1. New Delhi
  2. Mumbai
  3. Chennai
  4. Kolkata
Show answer
Answer: B. Mumbai. The RBI moved its central office to Mumbai in 1937.

8NEFT stands for:

  1. National Exchange for Trade
  2. New Easy Fund Transfer
  3. Net Earning Fund Tax
  4. National Electronic Funds Transfer
Show answer
Answer: D. National Electronic Funds Transfer. NEFT is a nationwide system for moving money between bank accounts.

9DICGC deposit insurance covers up to how much per depositor per bank?

  1. ₹2 lakh
  2. ₹5 lakh
  3. ₹10 lakh
  4. ₹1 lakh
Show answer
Answer: B. ₹5 lakh. Since 2020, deposits are insured up to ₹5 lakh per depositor per bank, principal and interest together.

10Which should you never share with anyone, even someone saying they are from your bank?

  1. Your city
  2. Your OTP
  3. Your bank's name
  4. Your branch timing
Show answer
Answer: B. Your OTP. Banks never ask for your OTP, PIN or password. Anyone asking for them is trying to cheat you.
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Sources: Reserve Bank of India, NPCI and DICGC official websites. Found a mistake? Use "Report a mistake" in the timed quiz.