Q51. What is the primary purpose of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
a) To provide life insurance coverage
b) To offer car insurance
c) To give scholarships to students
d) To provide home loans
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Correct Answer: a) To provide life insurance coverage
Explanation: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance coverage to individuals, offering a death benefit to the beneficiaries in case of the policyholder’s demise.
Q52. What is a cheque primarily used for in banking?
a) To withdraw cash from an ATM
b) To instruct a bank to pay a specific amount from one account to another
c) To open a fixed deposit account
d) To buy insurance
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Correct Answer: b) To instruct a bank to pay a specific amount from one account to another
Explanation: A cheque is a written order instructing a bank to pay a specific amount from one person’s account to another, commonly used for payments and money transfers.
Q53. Which of the following is a key feature of Pradhan Mantri Jan Dhan Yojana (PMJDY)?
a) High-interest savings account
b) Free RuPay debit card
c) Guaranteed pension
d) Investment in stocks
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Correct Answer: b) Free RuPay debit card
Explanation: Pradhan Mantri Jan Dhan Yojana (PMJDY) provides a free RuPay debit card to account holders, allowing them to perform transactions and access their funds conveniently.
Q54. What is the primary focus of the Pradhan Mantri Mudra Yojana (PMMY)?
a) To provide loans for small and micro-businesses
b) To offer scholarships to students
c) To provide health insurance
d) To fund large corporate projects
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Correct Answer: a) To provide loans for small and micro-businesses
Explanation: Pradhan Mantri Mudra Yojana (PMMY) is aimed at providing financial support to small and micro-businesses through loans, helping them grow and contribute to the economy.
Q55. What is the benefit of password security in online banking?
a) Ensures interest on deposits
b) Protects accounts from unauthorized access
c) Increases credit limits
d) Offers discounts on transactions
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Correct Answer: b) Protects accounts from unauthorized access
Explanation: Password security is crucial in online banking to protect accounts from unauthorized access, ensuring that only the account holder can perform transactions and manage the account.
Q56. What is a key advantage of using an ATM card?
a) Provides high-interest rates
b) Allows easy cash withdrawals and balance inquiries
c) Offers life insurance coverage
d) Guarantees a loan
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Correct Answer: b) Allows easy cash withdrawals and balance inquiries
Explanation: An ATM card offers convenience by allowing easy cash withdrawals, balance inquiries, and other banking transactions without the need to visit a bank branch.
Q57. What is the primary purpose of the KYC process in banking?
a) To enhance customer service
b) To verify customer identity and prevent fraud
c) To offer higher interest rates
d) To provide investment advice
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Correct Answer: b) To verify customer identity and prevent fraud
Explanation: The KYC (Know Your Customer) process is designed to verify the identity of customers and prevent fraud, money laundering, and other financial crimes, ensuring the integrity of the banking system.
Q58. Which of the following is a common document required for KYC verification?
a) Utility bill
b) Movie ticket
c) Gym membership card
d) Flight boarding pass
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Correct Answer: a) Utility bill
Explanation: A utility bill is commonly used as proof of address for KYC verification, along with other documents like a passport or driving license for identity verification.
Q59. What type of insurance is offered under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
a) Health insurance
b) Life insurance
c) Car insurance
d) Travel insurance
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Correct Answer: b) Life insurance
Explanation: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers life insurance coverage to individuals, providing financial support to their families in the event of the policyholder’s death.
Q60. What is the main benefit of using mobile banking apps?
a) Limited access to banking services
b) 24/7 access to banking services
c) Only accessible during banking hours
d) No need for internet connectivity
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Correct Answer: b) 24/7 access to banking services
Explanation: Mobile banking apps provide 24/7 access to a wide range of banking services, enabling customers to manage their accounts, transfer money, and pay bills anytime, anywhere.