What is the primary function of the Reserve Bank of India (RBI)?

• To manage personal savings accounts

• To issue credit cards

• To regulate the banking sector

• To provide loans to individuals

Which act regulates banking in India?

• Banking Regulation Act 1949

• Consumer Protection Act 1986

• Companies Act 1956

• Negotiable Instruments Act 1881

What type of account can a minor open?

• Foreign currency account

• Trust account

• Corporate account

• Joint account with a guardian

What is a key feature of a cheque?

• It is a type of loan

• It is a negotiable instrument

• It requires a credit card

• It is a savings account

Which of the following is NOT a type of negotiable instrument?

• Cheque

• Bill of exchange

• Promissory note

• Savings account

What does RTGS stand for?

• Real Time General Settlement

• Regular Transfer of Government Securities

• Rapid Transaction General Service

• Real Time Gross Settlement

Which of the following is a modern banking practice?

• Virtual banking

• Manual ledger maintenance

• In-person banking only

• Paper-based transactions

What is the meaning of 'endorsement' in banking?

• A type of loan

• A signature on a negotiable instrument

• A bank's approval of a transaction

• A method of account closure

Which of the following is a type of crossing for cheques?

• None of the above

• Both A and B

• Special crossing

• General crossing

What is the primary relationship between a banker and a customer?

• Employer-employee relationship

• Debtor-creditor relationship

• Partnership relationship

• Trustee-beneficiary relationship