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IBPS RRB Office Assistant RBI Act & BR Act — practice questions

Explore 73 free RBI Act & BR Act questions in IBPS RRB Office Assistant Banking Awareness. Open each question or exercise to read its content, reference answers and available explanation.

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RBI Act & BR Act questions and exercises with answers

Showing questions 1–30 of 73.

CRR is maintained by banks under which provision?Read the answer and worked solution →SLR is maintained by banks under which provision?Read the answer and worked solution →Under Section 31 of the RBI Act, who may issue a promissory note payable to bearer on demand?Read the answer and worked solution →Nomination facility for deposit and locker accounts is provided under which sections of the BR Act?Read the answer and worked solution →Match each function of moneyRead the answer and worked solution →Sort each item on a bank balance sheetRead the answer and worked solution →Order the rounds of credit creationRead the answer and worked solution →True or false: money and banksRead the answer and worked solution →Key in the banking numberRead the answer and worked solution →The Banking Regulation Act was enacted in the year:Read the answer and worked solution →Commercial banks are defined under which section of the BR Act?Read the answer and worked solution →Which of these is excluded from the definition of a commercial bank?Read the answer and worked solution →The Bank Rate is published under which Act?Read the answer and worked solution →The Reserve Bank of India Act dates from:Read the answer and worked solution →The Bank Rate is published under which section of the RBI Act?Read the answer and worked solution →Which Act amended sections 45ZA, 45ZC and 45ZE of the BR Act?Read the answer and worked solution →The Banking Companies Nomination Rules came into force on:Read the answer and worked solution →Nomination in deposit accounts follows sections 45ZA, 45ZB and:Read the answer and worked solution →Nomination for safe deposit lockers follows sections 45ZC to:Read the answer and worked solution →An account kept for a proprietorship business is deemed to be:Read the answer and worked solution →At account opening, a bank must inform the customer about:Read the answer and worked solution →A customer declining nomination must give the bank a written:Read the answer and worked solution →If the customer will not sign that declaration, the bank must:Read the answer and worked solution →Can an account be denied only because nomination was refused?Read the answer and worked solution →In a simultaneous nomination, a nominee's death makes ineffective the:Read the answer and worked solution →Acknowledgement of a nomination form must be given within:Read the answer and worked solution →A rejected nomination request must be answered in writing within:Read the answer and worked solution →A passbook of an account with a nominee carries which legend?Read the answer and worked solution →Besides the legend, the passbook must also show the:Read the answer and worked solution →Which scheme is outside these settlement of claims directions?Read the answer and worked solution →

Worked practice questions

CRR is maintained by banks under which provision?

  1. Section 42(1) of RBI Act
  2. Section 24 of BR Act
  3. Section 45ZB of RBI Act
  4. Section 31 of RBI Act
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Correct answer: A. Section 42(1) of RBI Act

1. The question asks: CRR is maintained by banks under which provision. 2. Correct answer: Section 42(1) of RBI Act. 3. Section 42(1) of the RBI Act mandates the Cash Reserve Ratio. _Source: BOI Quick Revision — General Banking & Financial Awareness (2020), RBI Act §42(1)_

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SLR is maintained by banks under which provision?

  1. Section 42(1) of RBI Act
  2. Section 24 of BR Act
  3. Section 17 of RBI Act
  4. Section 35A of BR Act
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Correct answer: B. Section 24 of BR Act

1. The question asks: SLR is maintained by banks under which provision. 2. Correct answer: Section 24 of BR Act. 3. Section 24 of the Banking Regulation Act governs the SLR. _Source: BOI Quick Revision — General Banking & Financial Awareness (2020), BR Act §24_

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Under Section 31 of the RBI Act, who may issue a promissory note payable to bearer on demand?

  1. Any scheduled commercial bank
  2. Any registered NBFC firm
  3. The SEBI regulator only
  4. RBI and the Central Government
Show answer and solution

Correct answer: D. RBI and the Central Government

1. The question asks: Under Section 31 of the RBI Act, who may issue a promissory note payable to bearer on demand. 2. Correct answer: RBI and the Central Government. 3. Only the RBI and Central Government may issue bearer demand notes. _Source: BOI Quick Revision — General Banking & Financial Awareness (2020), RBI Act §31_

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