Banking Awareness Practice Set
1. Which committee has recommended the setting up of Special Tribunals to reduce the time reuired for settling cases and accepting the recommendations, Debt Recovery Tribunals (DRTs) were established?
Answer : Narasimham Committee
2. DRT has been constituted under Section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. DRT stands for
Answer : Debt Recovery Tribunals
3. What is the financial limit Under MUDRA’s Tarun scheme?
Answer : Rs. 5 lakh to Rs. 10 lakh
4. Who can set up an SEZ?
Answer : State government
5. Securitisation act 2002 is enables the banks to issue notices to defaulters who have to pay the debts within __________ days.
Answer : 60 days
6. ___________ is vested with the responsibility of conducting monetary policy.
Answer : RBI
7. In which year the Reserve Bank of India (RBI) Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework?
Answer : May 2016
8. Which scheme/act has enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks?
Answer : Banking Ombudsman Scheme
9. The Banking Ombudsman Scheme is introduced by RBI with effect from
Answer : 1995
10. IBA adopts a consultative approach to give its views on any issue pertaining to the banking sector. What is the meaning of “I” in IBA?
Answer : Indian