SBI General Flashcards

Which of the following is not acceptable as address verification for a person opening a bank account?

Answer: Letter from any recognized public authority

For opening a bank account, banks require valid proof of address to comply with Know Your Customer (KYC) norms. While a domicile certificate and a registered rent agreement are generally accepted, a generic 'letter from any recognized public authority' is usually not sufficient on its own as it lacks the specific verification details required by banks. Banks typically require standardized documents like utility bills, passport, or Aadhaar card for address verification.

How many digits are there in the IFSC code?

Answer: 11

The Indian Financial System Code (IFSC) is an 11-character alphanumeric code used to identify individual bank branches participating in the NEFT and RTGS systems. The first four characters represent the bank name, the fifth character is always zero, and the last six characters represent the specific branch code. This unique identifier ensures accurate and efficient fund transfers.

What is the name of the savings bank account that is inactive for more than 24 months?

Answer: Dormat account

A savings bank account that remains inactive for more than 24 months (i.e., no customer-initiated transactions like deposits or withdrawals) is typically classified as a dormant account. Banks classify such accounts to protect customers from potential fraud and to manage their operational risks. To reactivate a dormant account, customers usually need to complete KYC formalities.

The National Investment and Infrastructure Fund (NIIF) was created in accordance with

Answer: SEBI

The National Investment and Infrastructure Fund (NIIF) is a quasi-sovereign wealth fund established by the Government of India. As an investment fund, its structure and operations, particularly if it involves public offerings or specific investment vehicles, would be regulated by the Securities and Exchange Board of India (SEBI), which governs capital markets and investment funds in India.

Which of the following organizations serves as the nodal agency for licensing e-commerce businesses (including foreign ones)?

Answer: Department of Industrial Policy and Promotion (DIPP)

The Department of Industrial Policy and Promotion (DIPP), now known as the Department for Promotion of Industry and Internal Trade (DPIIT), is the nodal agency in India responsible for formulating and implementing policies related to foreign direct investment (FDI), including those in the e-commerce sector. It sets the guidelines for licensing and operating e-commerce businesses, including foreign ones, to ensure compliance with national industrial and trade policies.

National Electronic Fund Transfer, or NEFT, can be used to

Answer: Account holders

National Electronic Funds Transfer (NEFT) is a system that facilitates one-to-one funds transfer from an account in one bank to an account in another bank. While some banks might allow cash deposits for NEFT by non-account holders up to a certain limit, the primary and most common use of NEFT is for transfers between bank accounts held by individuals or entities. Therefore, it is fundamentally designed for account holders.

The Department of Divestment is now known as DIPAM by the Union Government of India. What does "A" in DIPAM stand for?

Answer: Asset

DIPAM stands for the Department of Investment and Public Asset Management. It was formerly known as the Department of Disinvestment. The 'A' in DIPAM specifically refers to 'Asset,' as the department is responsible for managing the government's investments in public sector undertakings and for strategic disinvestment of public assets.

How much may a user send through Immediate Payment Services (IMPS) at one time?

Answer: Rs. 2,00,000

Immediate Payment Service (IMPS) facilitates instant interbank electronic fund transfers. Historically, and in many contexts, the maximum amount a user could send through IMPS in a single transaction was Rs. 2,00,000. This limit was set to ensure security and manage transaction risks within the digital payment ecosystem.

Which of the following organizations serves as the Unstructured Supplementary Service Data (USSD) Service nodal agency?

Answer: NPCI

The National Payments Corporation of India (NPCI) serves as the nodal agency for the Unstructured Supplementary Service Data (USSD) service in India. NPCI is an umbrella organization for operating retail payments and settlement systems in India, and it developed the *99# service (USSD-based mobile banking) to enable financial transactions for feature phone users without internet access.

The SDR is calculated using a basket of five different foreign currencies. Among the five currencies are

Answer: US Dollar, Euro, Yen, Pound and Yuan

The Special Drawing Right (SDR) is an international reserve asset created by the International Monetary Fund (IMF) to supplement its member countries' official reserves. Its value is determined by a basket of five major international currencies: the US Dollar, the Euro, the Japanese Yen, the British Pound Sterling, and the Chinese Renminbi (Yuan). These currencies represent the world's principal trading and financial currencies.

An arm of the UN is the International Development Association (IDA).

Answer: World Bank

The International Development Association (IDA) is an arm of the World Bank that provides concessional loans and grants to the world's poorest developing countries. It is one of the five institutions that comprise the World Bank Group, focusing on poverty reduction and sustainable development in low-income nations. IDA is often referred to as the World Bank's 'soft loan window'.

How much FDI is permitted in Indian e-commerce firms?

Answer: 100%

In India, 100% Foreign Direct Investment (FDI) is permitted under the automatic route in the marketplace model of e-commerce. This policy allows foreign entities to fully own and operate e-commerce platforms that act as facilitators between buyers and sellers. However, FDI is generally not permitted in the inventory-based model of e-commerce.

A service known as Unstructured Supplementary Service Data (USSD)

Answer: Mobile Service

Unstructured Supplementary Service Data (USSD) is a communication protocol used by GSM cellular telephones to communicate with the service provider's computers. In the context of banking, USSD is a mobile banking service that allows users, especially those with feature phones, to perform banking transactions like balance inquiry, mini-statement, and fund transfers by dialing a short code (e.g., *99#). It is fundamentally a mobile-based service.

A new deposit program proposed by a bank must now be approved by:

Answer: respective Bank's Board

While the Reserve Bank of India (RBI) sets broad guidelines and regulations for deposit products, the final approval for a new deposit program proposed by an individual bank typically rests with that bank's own Board of Directors. The Board ensures the product aligns with the bank's strategy, risk appetite, and regulatory compliance before launch. This internal governance is crucial for product development.

Among the following, which one has the largest network, accounts, and annual deposits:

Answer: Post office saving bank

The Post Office Savings Bank (POSB) in India has the largest network of branches across the country, reaching even remote rural areas where commercial banks may not have a presence. This extensive network, combined with its long history and trust, results in a vast number of accounts and significant annual deposits, making it the largest in terms of reach and customer base among the given options.

Which of the following individuals stepped down as the Supreme Court panel's chairman regarding the Char Dham project?

Answer: Ravi Chopra

Ravi Chopra had resigned as the chairman of the Supreme Court-appointed high-powered committee on the Char Dham project. The Char Dham project aims to improve the connectivity and infrastructure for pilgrims visiting the four holy shrines in Uttarakhand, India, namely, Badrinath, Kedarnath, Gangotri, and Yamunotri.