Advance MCQs: on Indian Financial System and Banking Reforms

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Advance MCQs on Indian Financial System & Banking Reforms

Test your knowledge with basic and advanced level MCQs on Indian Financial System, Financial Regulators (RBI, SEBI, IRDAI, PFRDA), and recent Banking Sector Reforms (NARCL, NaBFID, EASE initiatives).

MCQs

Q1. Who regulates the monetary policy in India?

a) SEBI
b) IRDAI
c) RBI
d) PFRDA
Answer: c) RBI

Q2. Which organization regulates stock exchanges?

a) RBI
b) SEBI
c) IRDAI
d) NABARD
Answer: b) SEBI

Q3. IRDAI regulates which sector?

a) Stock market
b) Banking
c) Insurance
d) Mutual Funds
Answer: c) Insurance

Q4. Which regulator manages pension schemes like NPS?

a) RBI
b) PFRDA
c) IRDAI
d) SEBI
Answer: b) PFRDA

Q5. RBI was established in?

a) 1935
b) 1949
c) 1955
d) 1934
Answer: a) 1935

Q6. SEBI was formed in the year?

a) 1988
b) 1992
c) 1985
d) 1995
Answer: b) 1992

Q7. What does IRDAI stand for?

a) Indian Reserve Development Authority
b) Insurance Regulatory and Development Authority of India
c) Insurance Reforms Department of India
d) None of these
Answer: b) Insurance Regulatory and Development Authority of India

Q8. Which body approves new insurance products?

a) SEBI
b) IRDAI
c) RBI
d) PFRDA
Answer: b) IRDAI

Q9. What is the role of PFRDA?

a) Regulate insurance
b) Regulate banking
c) Regulate pension funds
d) Regulate stock markets
Answer: c) Regulate pension funds

Q10. What is the full form of NARCL?

a) National Asset Restructuring Company Limited
b) National Asset Reconstruction Company Limited
c) National Agriculture Reconstruction Company Limited
d) National Asset Reserve Company Limited
Answer: b) National Asset Reconstruction Company Limited

Q11. NaBFID was set up under which act?

a) Banking Regulation Act
b) Companies Act
c) NaBFID Act, 2021
d) RBI Act, 1934
Answer: c) NaBFID Act, 2021

Q12. NaBFID is mainly set up for?

a) Funding startups
b) Infrastructure financing
c) Managing NPAs
d) Insurance
Answer: b) Infrastructure financing

Q13. What is the primary objective of Bad Banks like NARCL?

a) Promote financial literacy
b) Resolve NPAs
c) Promote digital banking
d) Fund infrastructure
Answer: b) Resolve NPAs

Q14. EASE stands for?

a) Enhanced Access and Service Excellence
b) Effective Access to Services for Everyone
c) Essential Access and System Efficiency
d) None of these
Answer: a) Enhanced Access and Service Excellence

Q15. EASE initiative was launched by?

a) Ministry of Finance
b) SEBI
c) RBI
d) IRDAI
Answer: a) Ministry of Finance

Q16. EASE focuses on improving?

a) Bank customer service
b) Mutual fund transparency
c) Insurance pricing
d) Pension disbursement
Answer: a) Bank customer service

Q17. RBI manages India's?

a) Currency printing only
b) Stock markets
c) Foreign exchange reserves
d) Mutual funds
Answer: c) Foreign exchange reserves

Q18. SEBI protects?

a) Depositors
b) Policyholders
c) Investors
d) Pensioners
Answer: c) Investors

Q19. Which one supervises cooperative banks?

a) SEBI
b) RBI
c) IRDAI
d) PFRDA
Answer: b) RBI

Q20. The role of financial regulators includes?

a) Setting rules
b) Monitoring compliance
c) Market intervention
d) All of the above
Answer: d) All of the above

Q21. Who issues Indian currency notes?

a) Government of India
b) RBI
c) SEBI
d) IRDAI
Answer: b) RBI

Q22. Financial regulators aim to maintain?

a) Market monopoly
b) Financial system integrity
c) Price instability
d) Loan defaults
Answer: b) Financial system integrity

Q23. NPS is regulated by?

a) IRDAI
b) SEBI
c) PFRDA
d) RBI
Answer: c) PFRDA

Q24. A Bad Bank mainly deals with?

a) Fresh lending
b) Managing NPAs
c) Foreign exchange
d) Financial education
Answer: b) Managing NPAs

Q25. NaBFID finances projects in?

a) Agriculture
b) Infrastructure
c) Insurance
d) Education
Answer: b) Infrastructure

Advanced MCQs

Q1. Who chairs the Financial Stability and Development Council (FSDC)?

a) Finance Minister
b) RBI Governor
c) SEBI Chairman
d) Prime Minister
Answer: a) Finance Minister

Q2. NARCL is supported financially by?

a) Private Banks
b) Government and Public Sector Banks
c) SEBI
d) IRDAI
Answer: b) Government and Public Sector Banks

Q3. EASE 5.0 mainly focuses on?

a) Financial inclusion only
b) Digital transformation and credit growth
c) Regulation tightening
d) Insurance penetration
Answer: b) Digital transformation and credit growth

Q4. SEBI regulates Mutual Funds under which regulations?

a) SEBI Mutual Fund Regulations, 1996
b) Banking Regulation Act
c) SEBI Act, 1992
d) Companies Act, 2013
Answer: a) SEBI Mutual Fund Regulations, 1996

Q5. RBI supervises NBFCs under which Act?

a) Companies Act
b) Banking Regulation Act
c) RBI Act, 1934
d) SEBI Act
Answer: c) RBI Act, 1934

Q6. Who grants license to new private banks in India?

a) SEBI
b) RBI
c) IRDAI
d) Ministry of Finance
Answer: b) RBI

Q7. PFRDA was established in which year?

a) 2000
b) 2003
c) 2013
d) 2015
Answer: c) 2013

Q8. Under which Act does SEBI derive its powers?

a) SEBI Act, 1992
b) Companies Act, 2013
c) Banking Regulation Act, 1949
d) RBI Act, 1934
Answer: a) SEBI Act, 1992

Q9. IRDAI is headquartered in?

a) Mumbai
b) Delhi
c) Hyderabad
d) Chennai
Answer: c) Hyderabad

Q10. RBI uses which tool to control inflation?

a) Cash Reserve Ratio (CRR)
b) SLR
c) Repo Rate
d) All of the above
Answer: d) All of the above

Q11. Which of the following is not regulated by SEBI?

a) Mutual Funds
b) Stock Exchanges
c) Insurance Companies
d) Portfolio Managers
Answer: c) Insurance Companies

Q12. Which is a key function of IRDAI?

a) Regulate Stock Markets
b) Manage NPAs
c) Protect Policyholders
d) Manage Currency
Answer: c) Protect Policyholders

Q13. Which financial regulator directly regulates credit rating agencies?

a) RBI
b) SEBI
c) IRDAI
d) PFRDA
Answer: b) SEBI

Q14. The Banking Regulation Act was enacted in?

a) 1934
b) 1949
c) 1956
d) 1965
Answer: b) 1949

Q15. Which bank was the first to be nationalized in India?

a) Punjab National Bank
b) Imperial Bank of India
c) Bank of Baroda
d) State Bank of India
Answer: d) State Bank of India

Q16. Bad banks help commercial banks by?

a) Increasing profits
b) Reducing staff
c) Cleaning balance sheets
d) Lowering interest rates
Answer: c) Cleaning balance sheets

Q17. EASE reforms are implemented for?

a) NBFCs
b) Private Banks
c) Public Sector Banks
d) Insurance companies
Answer: c) Public Sector Banks

Q18. Infrastructure projects often face funding challenges due to?

a) High returns
b) Short repayment periods
c) Asset-liability mismatch
d) Low demand
Answer: c) Asset-liability mismatch

Q19. NaBFID is classified as a?

a) Commercial Bank
b) Development Financial Institution (DFI)
c) Cooperative Bank
d) NBFC
Answer: b) Development Financial Institution (DFI)

Q20. In the context of SEBI, what does IPO stand for?

a) Initial Public Order
b) Internal Processing Office
c) Initial Public Offering
d) International Policy Office
Answer: c) Initial Public Offering

Q21. RBI maintains the foreign currency assets under?

a) SLR
b) CRR
c) Forex Reserves
d) Repo Assets
Answer: c) Forex Reserves

Q22. Which initiative focuses on "Customer Responsiveness" in Public Sector Banks?

a) NaBFID
b) EASE
c) Bad Banks
d) NARCL
Answer: b) EASE

Q23. Which document empowers RBI to regulate banking companies?

a) SEBI Act
b) RBI Act, 1934
c) Banking Regulation Act, 1949
d) IRDAI Act
Answer: c) Banking Regulation Act, 1949

Q24. Financial regulators help in maintaining?

a) Inflation
b) Loan defaults
c) Market confidence and stability
d) Only profitability
Answer: c) Market confidence and stability

Q25. Which phase of EASE focused on Institutionalizing Prudent Banking?

a) EASE 1.0
b) EASE 2.0
c) EASE 3.0
d) EASE 4.0
Answer: d) EASE 4.0

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