Banking Financial Awareness ยท General Awareness

Banking Services and Operations

1,373 Questions

Banking Services and Operations cover the fundamental principles of financial institutions, including credit markets, money supply, and risk management. It also addresses various transaction methods and account types used by businesses. This topic is crucial for candidates preparing for banking and insurance recruitment examinations.

Banking AbbreviationsCredit Market OperationsMoney Supply MetricsRisk Management MeasuresForeign Exchange RulesDigital Banking Technology

Banking Services and Operations Questions

Multiple choice

On which network infrastructure does SWIFT operate?

  1. IP

  2. X.25

  3. SONET

  4. SDH

  5. ARPANET
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

SWIFT moved to its current IP network infrastructure, known as SWIFTNet, from 2001 to 2005 providing a total replacement of the previous X.25 infrastructure

Multiple choice

What is a virtual bank?

  1. Virtual reality

  2. An imaginary bank

  3. Internet-only banks

  4. A bank with brick and mortar premises

  5. Automated teller machine
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The initial success of internet banking services provided by traditional banks led to the development of internet-only banks or virtual banks

Multiple choice

Which of these plastic cards has storable memory?

  1. Credit card

  2. ATM card

  3. Debit card

  4. Smart card

  5. PAN card
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A smart card, chip card, or integrated circuit card (ICC) is any pocket-sized card with embedded integrated circuits. The IC can be used for storing information.

Multiple choice

What kind of software is the 'Core Banking Solution' implemented in banks?

  1. Operating system

  2. System software

  3. Utility software

  4. Application level software

  5. Web page
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Applications software are designed to allow the user of the system complete a specific task or set of tasks. They include programs such as web browsers, office software, games and so on. CBS is an application software.

Multiple choice

Other name for bank's fixed deposit is

  1. term deposit

  2. saving bank deposit

  3. current deposit

  4. recurring deposit

  5. demand deposit
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

It is a deposit held at a financial institution that has a fixed term.

Multiple choice

Microfinance is the provision of financial service to people of low-income groups.This includes both the consumers and the self-employed. The service/services rendered under microfinance is/are:

  1. Credit facilities
  2. Savings facilities
  3. Insurance facilities
  4. Fund Transfer facilities

Select the correct answer using the codes gives below the lists:

  1. 1 only

  2. 1 and 4 only

  3. 2 and 3 only

  4. 1, 2, 3 and 4
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Microfinance includes basic financial services including small loans, savings accounts, fund transfers and insurance. Alongside non-financial services such as business training, microfinance assists people living in poverty who wouldn\'t usually qualify for regular banking services because they have no form of collateral or formal identification.

Multiple choice

Regarding the International Monetary Fund, which one of the following statements is correct?

  1. It can grant loans to any country.

  2. It can grant loans to only developed countries.

  3. It grants loans to only member countries.

  4. It can grant loans to the central bank of a country.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The International Monetary Fund (IMF) is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. The IMF monitors the world\'s economies, lends to members in economic difficulty, and provides technical assistance.