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IIBF Exam Question Answer Key 2024 pdf

Now it is very easy to pass IIBF examination. In this article you will find all probable question and answer key of CSC IIBF examination. It has been observed that below questions are coming in latest CSC IIBF examination. before appearing for final IIBF examination, go through below questions.

Question and answer key of 2024

Q. PAN means
Ans. Permanent Account Number

Q. Currency notes are issued by
Ans. RBI

Q. The Modern Bank Ltd., should have minimum of Rs. Crores as Tier I capital at the rate of minimum of % respectively as per RBI guidelines applicable to Indian Banks.
Ans. 2700,4.50%

Q. A firm has an opening of stock of Rs.70,000, Closing stock of Rs.90,000 and Cost of goods sold Rs.2,40,000. What the Inventory Turnover Ratio?
Ans. 3

Q. Which of the following statement is correct?
Ans. Foreign Exchange markets are dynamic and round the clock markets.

Q. Which of the following definitions is most correct? UCPDC 500 is :
Ans. Set of rules framed by ICC governing LC business globally .

Q. If market quotes USD/INR as 43.61/63, at what rate can you buy USD at the given quote:
Ans. 43.63

Q. A correspondent in Japan wants to fund his Vostro account for Rs 10.00 million. At USD/INR at 63.56/57 and JPY at 109.60/70, how much JPY should the correspondent pay into your Nostro account with him, assuming no margins are loaded:
Ans. 251762

Q. We should keep our savings with banks because
Ans. All of above

Q. Coins are issued by
Ans. Government of India

Q. Bank does not give loan against
Ans. Lottery ticket

Q. Bank having maximum number of branches in India
Ans. State Bank of India

Q. 100/- Rupee note is signed by
Ans. RBI Governor

Q. ATM password should be kept in
Memory

Q. ATM password to be shared only with
Ans. None of above

Q. Nomination can be done in
Ans. All of above

Q. Who is the present Governor of RBI?
Ans. Shaktikanta Das

Q. Minimum age required to open SB account in the bank
Ans. 10 years

Q. Bank Pass Book is
Ans. All of above

Q. General Insurance relates to insurance against
Ans. All of above

Q. Aadhaar is
Ans. Both (a) & (b)

Q. E or S means
Ans. Either or Survivor

Q. Which is prohibited for writing on currency notes?
Ans. All of above

Q. PPF means
Ans. Public Provident Fund

Q. Highest denomination of currency notes issued by RBI is
Ans. Rs.1,000/-

Q. NRI means
Ans. Non Resident Indian

Q. PMMY Loan is given for which purpose?
Ans. Income Generation Purpose

Q. Gold and silver ornaments should be kept in bank lockers
Ans. Both (a) & (b)

Q. Who is the present Union Finance Minister of India?
Ans. Nirmala Sitharaman

Q. Bank provides loans for
Ans. All of above

Q. Which currency note has security thread?
Ans. All of above

Q. The safest place for keeping money
Ans. Bank

Q. Banks pays interest on
Ans. Deposits

Q. Bank charges interest on
Ans. Loans

Q. Business Correspondent means
Ans. An agent who provides banking services

Q. Internet banking refers to
Ans. Operation of account through internet

Q. Nomination once done can
Ans. Be cancelled

Q. The loans sanctioned by banks/ NBFCs/ MFIs on or after upto `10 lacs for small business income generating activities are known as PMMY loans.
Ans. 08-Apr-15

Q. What is the amount of overdraft facility sanctioned under PMJDY is classified as MUDRA loans under PMMY?
Ans. 5,000/-

Q. Who is eligible to get the MUDRA Loans under PMMY out of following borrowers?
Ans. Small fruit vendors, vegetables sellers etc.

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

Q. 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.
Ans. MUDRA Loan Charter

Q. MUDRA scheme is applicable to which type of MSE businesses under Income Generation purpose
Ans. Both a) and b)

Q. The Basel Committee has defined gross income as net interest income and plus net non-interest income and has allowed each relevant national supervisor to define gross income in accordance with the prevailing accounting practices. Accordingly the Reserve Bank of India in the draft guidelines issued on 11.03.2005 for implementation of the new capital adequacy framework has modified the Gross Income definition slightly. The Net Interest Income has been replaced by
Ans. Net Profit

Q. Based on the Gross Income given above, the likely Capital Charge for Modern Bank Ltd., as on March 31, 2007 to cover Operational Risk under Basic Indicator Approach shall be
Ans. 450 crores

Q. The Modern Bank Ltd., will require total Capital Funds for covering Credit Risk. As on March31,2007 to comply Basel II norms of Rs. crores.
Ans. 5400 crore

Q. Payment of cheque can be stopped by
Ans. Drawer of cheque

Q. Account payee cheques can be paid
Ans. By deposit in Bank account

Q. In Recurring Deposits,
Ans. All of above

Q. Interest on Savings Bank Deposits is paid
Ans. Half yearly

Q. Mutilated notes
Ans. Can be exchanged at Bank

Q. ATM can be used for
Ans. All of above

Q. Upon detection of a counterfeit note at the counter, Bank
Ans. Impound the Note and issue receipt

Q. Fixed Deposit can
Ans. Withdrawn before maturity

Q. Interest on FDRs is compounded on
Ans. Quarterly basis

Q. Contents of locker are
Ans. Only known to hirer

Q. If locker rent is not paid, Bank can
Ans. All of above

Q. MGNREGS stands for
Ans. Mahatma Gandhi National Rural Employment Guarantee Scheme

Q. Net Interest income is
Ans. Difference between interest earned and interest paid

Q. Interest rate risk is a type of
Ans. Market risk

Q. European option can be exercised on any day at the option of the buyer on or before the expiry of the option.
Ans. False

Q. If the volatility per annum is 25% and the number of trading days per annum is 252, find the volatility per day.
Ans. 1.58%

Q. As per Reserve Bank of India directives the Minimum Capital Adequacy Ratio and minimum Tier I capital the Modern Bank is required to maintain as on 31.03.2007 should be respectively.
Ans. 9% and 4.5%

Q. Maximum tenure of Fixed Deposit is
Ans. 10 years

Q. What is RuPay Debit Card?
Ans. All of above

Q. To whom Overdraft facility of Rs.5,000/- in PMJDY Account is available?
Ans. All of above

Q. What is Direct Benefit Transfer?
Ans. Transfer of social benefits / subsidies directly in Bank accounts of beneficiaries

Q. What is meant by Aadhaar seeding?
Ans. Linking of Aadhaar with Bank account

Q. What are the benefits attached to PMJDY?
Ans. All of above

Q. Who can open an account under PMJDY?
Ans. All of above

Q. Who is Bank Mitra?
Ans. Banking Correspondents engaged by Banks

Q. What is the maximum amount of deposits acceptable in Small accounts?
Ans. Rs.50,000/-

Q. What kinds of services are available free in ‘Basic Savings Bank Deposit Account’?
Ans. All of above

Q. What is the minimum deposit required while opening a BSBD Account?
Ans. No minimum deposit required

Q. What is Atal Pension Yojana (APY)?
Ans. All of above

Q. What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
Ans. Accidental insurance cover

Q. What is Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY)?
Ans. Covers life insurance up to Rs.2 lac

Q. Which type of deposits earns higher interest rate?
Ans. Fixed Deposits

Q. Under PMSBY, accidental death claim is available for:
Ans. Rs.2 lac

Q. What is validity period of cheque?
Ans. 3 months from date of issue

Q. Can illiterate person be issued Debit card?
Ans. Yes

Q. Under APY, fixed pension can be chosen from:
Ans. Rs.1,000/-, Rs.2,000/-, Rs.3,000/-, Rs.4,000/-, Rs.5,000/-

Q. PMJDY LIC Insurance of Rs.30,000/- is available for first time accounts opened
Ans. Between 15th August 2014 and 26th January 2015

Q. Bank does not provide loans for
Ans. Drinking & Gambling

Q. KYC means
Ans. Know your customer

Q. Loans from money lenders are
Ans. All of above

Q. ATM means
Ans. Automated Teller Machine

Q. Timely repayment of loans results
Ans. All of above

Q. Defaulter of loan means
Ans. Not paying loan installments

Q. Life insurance means
Ans. Insurance of human

Q. are not covered under PMJDY Life Insurance Scheme of Rs.30,000/-
Ans. All of above

Q. What does PMMY Stand for?
Ans. Pradhan Mantri Mudra Yojana

Q. What is the maximum loan amount available under PMMY?
Ans. 10.00 lacs

Q. How much loan can be availed under “Shishu” Category?
Ans. 50,000/-

Q. Loan of ` 5 lacs is covered under which category?
Ans. Kishore

Q. What is the purpose for which MUDRA loan can be availed for carrying on any activity related to ?
Ans. Manufacturing, Processing, Trading, Services

Q. Who can open bank account?
Ans. All of above

Q. PAN number is required for
Ans. Deposits Rs.50,000/- & above

Q. TDS means
Ans. Tax Deducted at Source

Q. Maximum amount of Cheque
Ans. No limit

Q. Under PMSBY, partial disability claim is available for:
Ans. Rs.1 lac

Q. Bank draft is issued by
Ans. All of above

Q. Self Help Group involves
Ans. All of above

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

Q. Education Loans
Ans. All of above

Q. Who can avail the PMMY loan?
Ans. Both (a) and (b)

Q. From where the PMMY loan can be availed?
Ans. Public Sector Banks, Private Sector Banks, Foreign Banks, Cooperative Banks,

Q. PMMY Loan can be availed from the bank in which ?
Ans. Both a) and b) c)

Q. What is the role of MUDRA under PMMY Loans?
Ans. 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.

Q. The borrowers can avail the credit in a hassle free and flexible manner with the MUDRA CARD which is a
Ans. Debit Card with Sanctioned limit

Q. MUDRA Card is a debit card on which payment platform?
Ans. RuPay

Q. What is the use of MUDRA Card? And how it can be used?
Ans. Both of above

Q. Who issue the MUDRA Card to customer?
Ans. Banks either directly or in association with MFIs

Q. PMMY loans are applicable to ?
Ans. all banks all over India

Q. What are the Interest rates of the PMMY loans extended by banks, NBFCs, MFIs to the borrowers?
Ans. Reasonable rates decided by lending banks, NBFCs, MFIs that should fall within the overall RBI Guidelines

Q. PPMY Loans are provided for what Tenure?
Ans. Depends on cash flows of the business and decided by the lending Institution

Q. What is the grievance redressal mechanism available against bank officials, in the event of non-sanction of loan?
Ans. Both of above

Q. What are the documents that are required to be submitted for availing loans under MUDRA?
Ans. Both of above

Q. Who monitors the implementation of PMMY progress at National level?
Ans. MUDRA/Department of Financial Services

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

Q. Sample Project Profiles for running or setting up of micro/small enterprises is available at .
Ans. MUDRA website

Q. MUDRA has been set up by whom?
Ans. Government of India

CSC IIBF Exam Question Answer Key 2021
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