IIBF EXAM QUESTION ANSWER (Short Question)

By | 23rd January 2020
  1. We should keep our savings with banks because
    1. It is safe
    1. Earns interest
    1. Can be withdrawn anytime
    1. All of above
  • Bank does not give loan against
    • Gold Ornaments
    • LIC policy
    • Lottery ticket
    • NSC
  • Bank having maximum number of branches in India
    • Reserve Bank of India
    • State Bank of India
    • Punjab National Bank
    • Bank of Baroda

  • 100/- Rupee note is signed by
    • Prime Minister
    • Finance Minister
    • RBI Governor
    • None of above
  • ATM password should be kept in
    • Personal diary
    • Office diary
    • Memory
    • All of above
  • ATM password to be shared only with
    • Spouse
    • Obedient son
    • Obedient daughter
    • None of above
  • Nomination can be done in
    • Savings Bank account
    • Recurring Deposit account
  • Fixed Deposit account
    • All of above
  • Who is the present Governor of RBI?
    • K.C. Chakrabarty
    • D K Mittal
    • Raghuram Rajan
    • Montek Singh Ahluwalia

9.

is the logo of

  1. Pradhan Mantri Jan Dhan Yojana
  2. Central Bank of India
  3. Reserve Bank of India
  4. None of above
  1. Minimum age required to open SB account in the bank
    1. 8 years
    1. 10 years
    1. 12 years
    1. None of above

  1. Bank does not provide loans for
    1. Crop loans
    1. Education loans
    1. Home loans
    1. Drinking & Gambling
  1. KYC means
    1. Know your customer
    1. Know your character
    1. Both of above
    1. None of above
  1. Loans from money lenders are
    1. With High rate of interest
    1. No proper accounting
    1. No transparency
    1. All of above
  1. ATM means
    1. Any Time Money
    1. Auto Truck of Mahindra
    1. Automated Teller Machine
    1. None of above
  1. Timely repayment of loans results
    1. Good reputation
    1. No tension
    1. Easily availability of loan in future
    1. All of above
  1. Defaulter of loan means
    1. Not paying loan instalments
    1. Bad reputation
    1. Illegal activities
    1. None of above
  1. Life insurance means
    1. Insurance of human
    1. Insurance of life of human and Cattle
    1. Insurance of Life of Machines
    1. All of above

  1. General Insurance relates to insurance against
    1. Fire
    1. Theft
    1. Burglary
    1. All of above
  1. Aadhaar is
    1. 12 digit number card
    1. Identity proof issued by UIDAI
    1. Both (a) & (b)
    1. None of above
  • E or S means
    • East or South zone
    • Easy and Swift
    • Either or Survivor
  • None of above
  • Which is prohibited for writing on currency notes?
    • Political message
    • Religious message
    • Personal message
    • All of above
  • PPF means
    • Pension Planning Funds
    • Person having Pension Facilities
    • Public Provident Fund
    • Permanent Practitioner’s

Forum

  • Highest denomination of currency notes issued by RBI is

a)         Rs.100/-

b)         Rs.500/-

c)         Rs.1,000/-

d)         Rs.10,000/-

  • NRI means
    • Non Rural Individuals
    • Non Rural Immigrants
    • Non Resident Indian
    • None of above
  • PAN means
    • A kind of utensil
    • Primary Account Number
    • Permanent Account Number
    • None of above
  • Who is the present Union Finance Minister of India?
    • Shri Arun Jaitley
    • Shri Rajnath Singh
    • Shri Manohar Parrikar
    • Shri Suresh Prabhu

  • Bank provides loans for
    • Home
    • Car
    • Education
    • All of above
  • Which currency note has security thread?

a)         Rs.50/-

b)         Rs.100/-

c)         Rs.500/-

d)         All of above

  • The safest place for keeping money
    • A pit dug in the ground
    • An iron box
    • Bank
    • Money lender
  • Gold and silver ornaments should be kept in bank lockers
    • It is safe
    • No risk of theft
    • Both (a) & (b)
    • None of above
  • Currency notes are issued by
    • RBI
    • NABARD
    • Public sector banks
    • Central Government
  • Coins are issued by
    • Government of India
    • NABARD
    • Public sector banks
    • State Bank of India
  • Bank Pass Book is
    • Issued by Bank
  • Contains transaction details of Bank account
    • Shows balance in account
    • All of above
  • Banks pays interest on
    • Deposits
    • Loans
    • Both (a) & (b)
    • None of above
  • Bank charges interest on
    • Deposits
    • Loans
    • Both (a) & (b)
    • None of above

  • Education Loans
    • Cover tuition fee & expenses
    • Are repayable after completion of course
    • Granted for studies in India & abroad
    • All of above
  • Business Correspondent means
    • An agent who provides banking services
    • An agent of business house
    • A type of money lender
    • None of above
  • Internet banking refers to
    • Operation of account through internet
    • Opening of account through ATM
    • Both (a) & (b)
    • None of above
  • Nomination once done can
    • Not be cancelled
  • Be cancelled
    • Not be changed
    • None of above
  • Who can open bank account?
    • Indian citizen
    • Non Resident Indian
    • Illiterate
    • All of above
  • PAN number is required for
    • Deposits less than Rs.50,000/-
    • Deposits in excess of Rs.1 lac
    • Deposits Rs.50,000/- & above
    • All transactions
  • TDS means
    • Time Deposit Scheme
    • Total Deposit Scheme
    • Tax Deducted at Source
    • None of above
  • Maximum amount of Cheque
    • Rs.100 crore
    • No limit
    • Rs.1 crore
    • None of above
  • Bank draft is issued by
    • Private Sector Banks
    • Regional Rural Banks
    • Public Sector Banks
    • All of above

  • Self Help Group involves
    • Group of 5 to 20 people
    • Regular saving habits
    • Inter-lending within the group members
    • All of above
  • Payment of cheque can be stopped by
    • Beneficiary
    • Nominee
    • Drawer of cheque
    • All of above
  • Account payee cheques can be paid
    • At cash counter of Bank
    • At ATM
    • By deposit in Bank account
    • None of above
  • In Recurring Deposits,
    • a fixed sum is deposited every month
    • period of deposit is a fixed tenure
    • interest is paid at FDR rate
    • All of above
  • While making nomination, signature of nominee is required on
    • Account Opening Form
    • Nomination form
    • Affidavit
    • None of above
  • Interest on Savings Bank Deposits is paid
    • Every month
    • Quarterly
    • Half yearly
    • Yearly
  • Mutilated notes
    • should be burnt away
    • should be thrown away
    • can be exchanged at Bank
    • None of above
  • ATM can be used for
    • Cash withdrawal
    • Account enquiry
    • Statement of account
    • All of above
  • Upon detection of a counterfeit note at the counter, Bank
    • Returns the note to the customer
    • Exchange with a genuine Note
    • Deposit in Account
    • Impound the Note and issue receipt
  • Fixed Deposit can
    • not be withdrawn before maturity
    • paid only after maturity
    • withdrawn before maturity
    • All of above
  • Interest on FDRs is compounded on
    • Monthly basis
    • Quarterly basis
    • Half yearly basis
    • Yearly basis

  • Contents of locker are
    • only known to hirer
    • known to Bank
    • Both (a) & (b)
    • None of above
  • If locker rent is not paid, Bank can
    • seal the locker
    • stop operation of locker
    • break open the locker after giving suitable notice
    • All of above
  • MGNREGS stands for
    • Mahatma Gandhi National Rural Employment Generation Scheme
    • Mahatma Gandhi Nutrition & Rural Employment Generation Scheme
    • Mahatma Gandhi National Rural Employment Guarantee Scheme
    • None of above
  • Maximum tenure of Fixed Deposit is
    • 5 years
    • 7 years
    • 8 years
    • 10 years
  • What is RuPay Debit Card?
    • Domestic debit card
    • Introduced by National Payments Corporation of India
    • Accepted at all ATMs & PoS machines
    • All of above
  • To whom Overdraft facility of Rs.5,000/- in PMJDY Account is available?
    • After 6 months of satisfactory conduct of account
    • One account per household
    • Customers in age group of 18-60 years
    • All of above
  • What is Direct Benefit Transfer?
    • Cash discount on goods
    • Remittance through Banks
    • Transfer of social benefits / subsidies directly in Bank accounts of beneficiaries
  • None of above
  • What is meant by Aadhaar seeding?
    • Linking of Aadhaar with Bank account
    • Duplicate issuance of Aadhaar
    • Transfer of Aadhaar
    • None of above
  • What are the benefits attached to PMJDY?
    • Accident insurance cover of Rs.1.00 lac
    • Life insurance cover of Rs.30,000/-
    • Overdraft facility up to Rs.5,000/-
    • All of above
  • Who can open an account under PMJDY?
    • Minor above the age of 10 years
    • Only lady of the house
    • Only head of the family
    • All of above

  • Who is Bank Mitra?
    • Banking Correspondents engaged by Banks
    • Valuable customer of Bank
    • Security guard in a branch
    • None of above
  • What is the maximum amount of deposits acceptable in Small accounts?

a)         Rs.30,000/-

b)         Rs.40,000/-

c)         Rs.50,000/-

d)         None of above

  • What kinds of services are available free in ‘Basic Savings Bank Deposit Account’?
    • Receipt / credit of money through NEFT / RTGS
    • No annual maintenance charges on ATM-cum-Debit card
    • 4 withdrawals in a month (including ATM withdrawals)
    • All of above
  • What is the minimum deposit required while opening a BSBD Account?

a)         Rs.100/-

b)         No minimum deposit required

c)         Rs.1,000/-

d)         Rs.500/-

70        What is Atal Pension Yojana (APY)?

  1. Provides social security to the unorganized sector
  2. Encourages workers to voluntarily save for their retirement
  3. Fixed pension is paid on attaining age of 60 years
  4. All of above
  • What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
    • Accidental insurance cover
    • Life insurance cover
    • Overdraft up to Rs.5,000/-
    • None of above
  • What is Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY)?
    • Covers life insurance up to Rs.2 lac
    • Accident insurance cover
  • Both (a) & (b)
    • None of above
  • Which type of deposits earns higher interest rate?
    • Current account
    • Savings Account
    • Fixed Deposits
    • None of above
  • Under PMSBY, accidental death claim is available for:
    • Rs.1 lac
    • Rs.2 lac
    • Rs.3 lac
    • None of above

  • What is validity period of cheque?
    • 4 months from date of issue
    • 3 months from date of issue
    • 1 month from date of issue
    • Unlimited
  • Under PMSBY, partial disability claim is available for:

a)         Rs.50,000/-

  • Rs.1 lac
    • Rs.2 lac
    • None of above
  • Can illiterate person be issued Debit card?
    • No
    • Yes
    • Only in case of joint account
    • Only in case he is head of family
  • Under APY, fixed pension can be chosen from:

a)         Rs.1,000/-, Rs.2,000/-,

Rs.3,000/-, Rs.4,000/-, Rs.5,000/-

b)         Rs.2,000/-, Rs.3,000/-,

Rs.4,000/-, Rs.5,000/-, Rs.6,000/-

c)         Rs.500/-, Rs.1,000/-,

Rs.2,000/-, Rs.3,000/-, Rs.4,000/-

d)         None of above

  • PMJDY LIC Insurance of Rs.30,000/- is available for first time accounts opened   a)                        On 15th August 2014
  • On 26th January 2015
  • Between 15th August 2014 and 26th January 2015
  • None of above
  •                are not covered under PMJDY Life Insurance Scheme of Rs.30,000/-
    • Employees of Central / State Govt. / Public Sector Undertakings / Banks
    • Income Tax Payee
    • Aam Aadmi Bima Yojana beneficiaries
    • All of above

Answer Key

Q. A. Q. A. Q. A. Q. A.
1 d 21 d 41 c 61 d
2 c 22 c 42 c 62 c
3 b 23 c 43 b 63 a
4 c 24 c 44 d 64 d
5 c 25 c 45 d 65 d
6 d 26 a 46 c 66 a
7 d 27 d 47 c 67 c
8 c 28 d 48 d 68 d
9 a 29 c 49 d 69 b
10 b 30 c 50 c 70 d
11 d 31 a 51 c 71 a
12 a 32 a 52 d 72 a
13 d 33 d 53 d 73 c
14 c 34 a 54 c 74 b
15 d 35 b 55 b 75 b
16 a 36 d 56 a 76 b
17 a 37 a 57 d 77 b
18 d 38 a 58 c 78 a
19 c 39 b 59 d 79 c
20 c 40 d 60 d 80 d

Multi Choice Questions on MUDRA Loans under PMMY

Q1.      What does PMMY Stand for?

  1. Pradhan Mantri Money
    1. Pradhan Mantri Mudra Yojana
    1. Primary Money Market Yojana
    Yojana

Q2.      What is the maximum loan amount available under PMMY?

  1. ` 5.00 lacs
  2. ` 10.00 lacs
  3. ` 50.00 lacs

Q3.      How much loan can be availed under “Shishu” Category?

a)         ` 10,000/-

b)         ` 50,000/-

c)         ` 1,00,000/-

Q4.      Loan of ` 5 lacs is covered under which category?

  1. Shishu
  2. Kishore
  3. Tarun

Q5.      What is the purpose for which MUDRA loan can be availed for carrying on any activity related to         ?

  1. Manufacturing, Processing, Trading, Services
  2. Personal loan
  3. Investment in Shares, commodities in Primary or Secondary Market Q6.      PMMY Loan is given for which purpose?
  4. Income Generation Purpose
  5. Consumption Purpose
  6. Both of above

Q7.      What are the Collateral /securities to be kept with Banks for getting loans for MSE under PMMY?

  1. Mortgage of movable or immovable Assets
  2. Third Party Guarantee
  3. NIL

Q8.      Who can avail the PMMY loan?                a)        Any Indian Citizen

  • Any firm, body corporate, company, or any other entity incorporated in India
  • Both (a) and (b)

Q9.      From where the PMMY loan can be availed?

  1. Public Sector Banks, Private Sector Banks, Foreign Banks, Cooperative Banks,

RRBs, NBFCs and MFIs

  • Directly from MUDRA
  • Both a) and b)

Q10.    PMMY Loan can be availed from the bank in which         ?

  1. the customer has the banking relation with the Bank
  2. the customer does not have the prior banking relationship (saving / current account) with the bank
  3. Both a) and b) c)

Q11.    What is the role of MUDRA under PMMY Loans?

  1. MUDRA is a direct lending Institution and lends to small /micro units entrepreneurs directly for PMMY
  2. Acts as a Refinance Agency and refinances to all banks, NBFCs, MFIs for onward lending to customers under different categories of PMMY loans, as per need of the customer.
  3. MUDRA is regulator of banks

Q12. The borrowers can avail the credit in a hassle free and flexible manner with the MUDRA CARD which is a       

  1. Debit Card with Sanctioned limit
  2. Credit Card
  3. Ordinary Debit Card

Q13.    MUDRA Card is a debit card on which payment platform?

  1. RuPay
  2. Visa
  3. MasterCard

Q14.    What is the use of MUDRA Card? And how it can be used?

  1. In drawing cash from ATM or Business Correspondent
  2. Make purchases using Point of Sale (POS) machine.
  3. Both of above

Q15.    Who issue the MUDRA Card to customer?

  1. Banks either directly or in association with MFIs
  2. MFIs directly
  3. MUDRA

Q16.    PMMY loans are applicable to                  ?

  1. all banks all over India
  2. within the Notified areas / locations in India
  3. all banks all over India and abroad

Q17.    What are the Interest rates of the PMMY loans extended by banks, NBFCs, MFIs to the borrowers?

  1. Reasonable rates decided by lending banks, NBFCs, MFIs that should fall within the overall RBI Guidelines
  2. The rates as prescribed by MUDRA
  3. Uniform rates as stipulated by the RBI Q18.        PPMY Loans are provided for what Tenure?
  4. 1 year
  5. 2 year
  6. depends on cash flows of the business and decided by the lending Institution Q19. What is the grievance redressal mechanism available against bank officials, in the event of non-sanction of loan?
  7. The matter can be escalated to the next higher office (region / Zone) on the Bank
  8. Customer can register complaint on Banks Nodal Officer-PMMY or PMMY Mission office or PMMY Toll Free
  9. Both of above

Q20.    What are the documents that are required to be submitted for availing loans under MUDRA?       a) Standard Loan Application Form

  • KYC, and other documents as may require as per internal guidelines of lending bank / NBFC / MFI
  • Both of above

Q21.    Who monitors the implementation of PMMY progress at National level?

  1. MUDRA/Department of Financial Services
  2. State Level Bankers Committee (SLBC)
  3. Both

Q22.    Where are the Frequently Asked Questions (FAQs) on PMMY Loans available for information of the Lending Institutions/public?

  1. DFS website
  2. PMO website
  3. MUDRA website

Q23.    Sample Project Profiles for running or setting up of micro/small enterprises is available at                   .

  1. DFS website
  2. MUDRA website
  3. PMO website

Q24.    MUDRA has been set up by whom?               a)        Government of India

  • RBI
  • SEBI

Q25.    The loans sanctioned by banks/ NBFCs/ MFIs on or after                  upto `10 lacs for small business income generating activities are known as PMMY loans.

a)         18-Mar-15

b)         08-Apr-15

c)         20-May-15

Q26.    What is the amount of overdraft facility sanctioned under PMJDY is classified as MUDRA loans under PMMY?

a)         `5,000/-

b)         `10,000/-

c)         `15,000/-

Q27.    Who is eligible to get the MUDRA Loans under PMMY out of following borrowers?

  1. Large Corporates
  2. Municipal Corporations
  3. Small fruit vendors, vegetables sellers etc.

Q28.    Total loans sanctioned/ disbursed under PMMY is accessible to         for information of the Banks/ NBFCs / MFIs, General Public at large.

  1. DFS website
  2. MUDRA Portal
  3. PMO website

Q29.    All PMMY loans will be governed by                         , formulated by MUDRA, in consultation with DFS, rating agencies, MFIN and Sa-Dhan and other stakeholders for adoption by all the lending institutions.

  1. MUDRA Loan Code of Lending
  2. MUDRA Loan Charter
  3. PMMY Loan Charter

Q30.    MUDRA scheme is applicable to which type of MSE businesses under Income Generation purpose

  1. Newly start ups
  2. Existing business for expansion or upgradation
  3. Both a) and b)

Answer Key

1 b) 11 b) 21 a)
2 b) 12 a) 22 c)
3 b) 13 a) 23 b)
4 b) 14 c) 24 a)
5 a) 15 a) 25 b)
6 a) 16 a) 26 a)
7 c) 17 a) 27 c)
8 c) 18 c) 28 b)
9 a) 19 c) 29 b)
10 c) 20 c) 30 c)