Banking Awareness Practice Set
1. Under OLTAS, only a Single Copy Challan is used with a tear off portion for the Tax Payer. What does OLTAS stand for
Answer : On-line Tax Accounting System
2. What is the minimum period of maturity prescribed for Commercial Paper (CP)?
Answer : 07 days
3. Which banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC)?
Answer : Regional Rural Banks
4. What is the maximum period of maturity prescribed for Commercial Paper (CP)?
Answer : 01 Year
5. Each depositor in a bank is insured by DICGC upto a maximum of _____________________ for both principal and interest amount held by him in the same capacity and same right as on the date of liuidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.
Answer : Rs.1,00,000
6. PSLCs are tradable certificates issued against priority sector loans of banks. What does meaning of “Cs” in PSLCs?
Answer : Certificates
7. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from
Answer : 1995
8. MTSS is a way of transferring personal remittances from abroad to beneficiaries in India. What does MTSS stand for-
Answer : Money Transfer Service Scheme
9. How much cash can payment be made to the beneficiary in India under MTSS?
Answer : Rs 50,000
10. RDA is a channel to receive cross-border remittances from overseas jurisdictions. What does meaning of “A” in RDA?
Answer : Arrangement