Economics (Part – XIII)

Total Questions: 50

21. Which of the following options is not correct about Payment Bank? [S.S.C. Online MTS (T-I) 19.08.2019 (Shift-II)]

(a) Priority sector lending is not mandatory
(b) CRR/SLR requirements to be met
(c) Credit cards can be issued.
(d) No NRI deposits

Correct Answer: (c) Credit cards can be issued.

Solution:Payment banks cannot issue credit cards. Hence option (c) is not correct.

22. Paytm partnered with which of the following institutions to help customers make insurance premium payments online in November 2018? [S.S.C. Online MTS (T-I) 19.08.2019 (Shift-I)]

(a) Oriental Insurance Company
(b) General Insurance Company
(c) Life Insurance Corporation
(d) United India Insurance

Correct Answer: (c) Life Insurance Corporation

Solution:Paytm partnered with Life Insurance Corporation (LIC) in November, 2018 to help customers pay insurance premiums online.

23. Which of the following words is not related to credit? [S.S.C. Online Constable GD 18.02.2019 (Shift-I)]

(a) interest rate
(b) Required Documents
(c) Collateral
(d) Seal of the Finance Minister

Correct Answer: (d) Seal of the Finance Minister

Solution:The Finance Minister's seal is not related to credit, while the other three words are related to credit.

24. Which of the following is not a digital transaction? [SSC Online Constable GD 12.02.2019 (Shift-II)]

(a) Credit card transactions
(b) cash transactions
(c) Paytm
(d) ATM transaction

Correct Answer: (b) cash transactions

Solution:Cash transactions do not come under digital transactions. Transactions from credit cards, Paytm and ATMs are included in the category of digital transactions.

25. _________ is an Indian Government Savings Bond, primarily used for small savings and income tax saving investments in India. [S.S.C. Online CHSL (T-I) 23.01.2017(Shift-II)]

(a) Provident Fund
(b) Life Insurance Policies
(c) National Saving Certificate
(d) Long term government bonds

Correct Answer: (c) National Saving Certificate

Solution:National Saving Certificate is an Indian Government Savings Bond, primarily used for small savings and income tax saving investments in India. It is a savings bond scheme that encourages subscribers primarily small to mid-income investors to invest while saving on income tax under Section 80C.

26. Commercial Banks lend to which of the following Priority sectors? [S.S.C. Online C.G.L.(T-I) 28.08.2016 (Shift-III)]

(a) Heavy Industries
(b) Agriculture, Small scale industries
(c) Foreign Companies
(d) State government in an emergency situation

Correct Answer: (b) Agriculture, Small scale industries

Solution:Priority sector loans are given by commercial banks for agriculture, small scale industries and weaker sections.

27. Which one of the following is correct? [S.S.C. Online MTS (T-I) 15.10.2017 (Shift-II)]

(a) Income of bank Interest = charged from borrowers + interest paid to depositors
(b) Income of bank = Interest charged from borrowers x interest paid to depositors
(c) Income of bank = Interest charged from borrowers + interest paid to depositors
(d) Income of bank = Interest charged from borrowers - interest paid to depositors

Correct Answer: (d) Income of bank = Interest charged from borrowers - interest paid to depositors

Solution:

The income of the bank = interest charged from the borrowers - the interest paid to the depositors.

28. In April 2017, five associate banks and Bharatiya Mahila Bank were merged with the State Bank of India (SBI). What is the approximate Balance sheet size of SBI following the merger? [S.S.C. Online CHSL (T-I)22.03.2018 (Shift-I)]

(a) Rs. 41 lakh crore
(b) Rs. 55 lakh crore
(c) Rs. 65 lakh crore
(d) Rs. 75 lakh crore

Correct Answer: (a) Rs. 41 lakh crore

Solution:When the question was asked on the paper the correct answer was option (a). Approximate Balance sheet size of SBI following the merger was rupee 41 Lakh crores. With this merger SBI became the 45th largest bank in the world with this wealth.

29. In June 2020, launched 'Suraksha Salary Account' for Micro, Small and Medium Enterprises (MSME) to enable them to make cashless payments and provide a financial security blanket to their employees. [S.S.C. Online MTS (T-I) 22.10.2021 (Shift-III)]

(a) Airtel Payments Bank
(b) India Post Payment Bank
(c) Paytm Payment Bank
(d) Fino Payment Bank

Correct Answer: (a) Airtel Payments Bank

Solution:In June 2020, Airtel Payments Bank launched 'Surak-sha Salary Account' for Micro, Small and Medium Enterprises (MSME) to enable them to make cashless payments and provide a financial security blanket to their employees.

30. A paper instructing the bank to pay a specific amount from a person's account to another person in whose name it has been issued is known as: [S.S.C. Online MTS (T-I) 11.10.2021 (Shift-I)]

(a) cheque
(b) cash
(c) currency
(d) passbook

Correct Answer: (a) cheque

Solution:A paper instructing the bank to pay a specific amount from a person's account to another person in whose name it has been issued is known as a cheque.

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