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IBPS RRB Office Assistant RBI Basics — practice questions

Explore 95 free RBI Basics 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 Basics questions and exercises with answers

Showing questions 1–30 of 95.

The Reserve Bank of India was established in the year:Read the answer and worked solution →Match each RBI role to its meaningRead the answer and worked solution →True or false: the Reserve BankRead the answer and worked solution →Fill in the central bankRead the answer and worked solution →Which branches must provide the note exchange facility?Read the answer and worked solution →May a branch refuse coins tendered at its counter?Read the answer and worked solution →Which coins ceased to be legal tender from June 30, 2011?Read the answer and worked solution →Under the RBI Act, can a person claim the value of a lost note as a right?Read the answer and worked solution →Refund of a mutilated note is made as a matter of:Read the answer and worked solution →The Note Refund Rules of 2009 were amended in:Read the answer and worked solution →Exchange of mutilated and imperfect notes at a branch is:Read the answer and worked solution →A note dirtied by normal wear and tear is called a:Read the answer and worked solution →A note with a portion missing, or in more than two pieces, is:Read the answer and worked solution →A note that is washed, shrunk or indecipherable is called:Read the answer and worked solution →Soiled notes taken in over the counter must be sent to a:Read the answer and worked solution →How many notes may be exchanged over the counter free of charge?Read the answer and worked solution →For bulk tender, the probable payment date must not exceed:Read the answer and worked solution →If a branch cannot adjudicate, payment must follow within:Read the answer and worked solution →Who acts as the Prescribed Officer for adjudicating notes?Read the answer and worked solution →After adjudication the officer stamps the note PAY, REJECT or:Read the answer and worked solution →A note already bearing a PAID stamp, presented again, must be:Read the answer and worked solution →Branches must ensure the facility is not cornered by:Read the answer and worked solution →Which banks may exchange mutilated notes only at their option?Read the answer and worked solution →Soiled notes accepted at the counter must never be:Read the answer and worked solution →Match each note to its definitionRead the answer and worked solution →Small tender or bulk tender?Read the answer and worked solution →True or false about notes and coinsRead the answer and worked solution →Order a mutilated note's journeyRead the answer and worked solution →Fill the gaps in the note rulesRead the answer and worked solution →Sort each note into its classRead the answer and worked solution →

Worked practice questions

The Reserve Bank of India was established in the year:

  1. 1949
  2. 1947
  3. 1969
  4. 1935
Show answer and solution

Correct answer: D. 1935

1. The question asks: The Reserve Bank of India was established in the year. 2. Correct answer: 1935. 3. The RBI began operations on 1 April 1935. _Source: BOI Quick Revision — General Banking & Financial Awareness (2020), RBI_

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Match each RBI role to its meaning

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Matching pairs
  1. Left
    Issuer of currency
    Right
    Only body that can issue the country's notes
  2. Left
    Banker to govt
    Right
    Keeps the government's accounts and bonds
  3. Left
    Custodian of forex
    Right
    Holds the foreign exchange reserves
  4. Left
    Bank to the banks
    Right
    Holds reserves for commercial banks
  5. Left
    Last resort lender
    Right
    Stands ready to lend to banks at all times
Instructions
Tap a role on the left, then tap what it means.
_Source: syllabus Macroeconomics XII Ch3 Money and Banking, 3.2 DEMAND FOR MONEY AND SUPPLY OF MONEY_

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True or false: the Reserve Bank

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Questions
  1. Statement is true
    Yes
    Statement
    The Reserve Bank is the only institution which can issue currency.
  2. Statement is true
    No
    Statement
    Commercial banks issue their own currency notes.
  3. Statement is true
    Yes
    Statement
    The Reserve Bank acts as a banker to the government.
  4. Statement is true
    Yes
    Statement
    The Reserve Bank decides the percentage of deposits banks must keep as reserves.
Instructions
Decide whether each statement about the Reserve Bank is true or false.
_Source: syllabus Macroeconomics XII Ch3 Money and Banking, 3.4 POLICY TOOLS TO CONTROL MONEY SUPPLY_

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NPA & RecoveryBanker-Customer RelationshipNegotiable Instruments ActRBI Act & BR ActMonetary PolicyBasel Norms & CapitalFinancial InstitutionsDeposit Insurance