Money and Banking Objective Questions

1. The largest revenue in India is obtained from __________
(A) Railways
(B) Excise Duty
(C) Sales Tax
(D) Direct Taxes
Ans : (B)

2. The tax levied by Central Government and collected by State Government is ________
(A) Stamp Duty
(B) Excise Duty
(C) Income Tax
(D) Gift Tax
Ans : (A)

3. What is the major share in revenue of State Governments?
(A) Stamp Duty
(B) Excise Duty
(C) Sales Tax
(D) Income Tax
Ans : (C)

4. The tax levied by Local Governments i.e. Municipal Corporations and municipalities is ____________
(A) Income Tax
(B) Wealth Tax
(C) House Tax
(D) Gift Tax
Ans : (C)

5. The tax collected by the State Governments and given to local bodies is __________
(A) Income Tax
(B) Wealth Tax
(C) House Tax
(D) Professional Tax
Ans : (D)

6. The period for Call Money is ________
(A) 10 to 15days
(B) 1 to 14 Days
(C) 15 to 30 Days
(D) One Month
Ans : (B)

7. Who regulates the money circulation in India?
(A) State Bank of India
(B) Reserve Bank of India
(C) NABARD
(D) Commercial Banks
Ans : (B)

8. Which of the following is not an organized sector in India?
(A) Nationalised Banks
(B) Regional Rural Banks
(C) Cooperative Banks
(D) Chits and Money lenders
Ans : (D)

9. Who will settle the grievances of customers of banks?
(A) Reserve Bank of India
(B) State Bank of India
(C) Local Courts
(D) Ombuds Men
Ans : (D)

10. Who introduced the Banking Ombudsmen Scheme?
(A) ARBI
(B) SBI
(C) Ministry of Finance
(D NABARD
Ans : (A)

11. When was OMBUDS MEN SCHEME first introduced?
(A) November 2006
(B) October 1981
(C) June 1995
(D) January 1998
Ans : (C)

12. Which was the firth Bank corporated by the Indians? (1881)
(A) Imperial Bank of India
(B) State Bank of India
(C) Avadh Commercial Bank
(D) Reserve Bank of India
Ans : (C)

13. When was the Avadh Commercial Bank established?
(A) 881
(B) 1894
(C) 1898
(D) 1899
Ans : (A)

14. When was Reserve Bank of India established?
(A) 1920
(B) 1925
(C) 1935
(D) 1948
Ans : (C)

15. When was Reserve Bank of India Nationalised?
(A) 1947
(B) 1948
(C) 1949
(D) 1950
Ans : (C)

16. When was Indian Banking Act come into force?
(A) 1948
(B) 1949
(C) 1950
(D) 1951
Ans : (B)

17. Imperial Banks were amalgamated and changed as _________
(A) Reserve Bank of India
(B) State Bank of India
(C) Subsidiary Banks
(D) Union Bank of India
Ans : (B)

18. When was Imperial Bank was Changed as State Bank of India?
(A) January 1st 1935
(B) Feb 26 1947
(C) July 1st 1955
(D) July 1st 1959
Ans : (C)

19. How many banks were first nationalised?
(A) 10
(B) 12
(C) 14
(D) 16
Ans : (C)

20. When was the second phase of nationalisation done?
(A) 9th July 1969
(B) 10th July 1968
(C) 16th August 1985
(D) 15th April, 1980
Ans : (D)

21. How many banks were in second phase of nationalisation?
(A) 4
(B) 5
(C) 6
(D) 7
Ans : (C)

22. Who will act as the banker to the Government of India?
(A) State Bank of India
(B) Reserve Bank of India
(C) NABARD
(D) Nationalised Banks
Ans : (B)

23. Where is the Head Quarter of Reserve Bank of India?
(A) Mumbai
(B) Delhi
(C) Kolkotta
(D) Ahmedabad
Ans : (A)

24. Who was first governor of Reserve Bank of India?
(A) K. A. Narasimham
(B) V. K. Malhotra
(C) A. K. Vadia
(D) A. B. A Smith
Ans : (D)

25. When was Lead Bank Scheme introduced?
(A) 1967
(B) 1968
(C) 1969
(D) 1974
Ans : (C)