Important Abbreviations Questions and Answers

Answer: B

Correct answer: Scheduled Commercial Bank

A scheduled commercial bank is one listed in the second schedule of the Reserve Bank of India Act, which brings it under the RBI's regulation and gives it access to RBI facilities.

Answer: A

Correct answer: Industrial Credit and Investment Corporation of India

ICICI was set up in 1955 to provide long-term finance to Indian industry, and later became a commercial bank.

Answer: C

Correct answer: Industrial Investment Bank of India

The IIBI was the successor to the Industrial Reconstruction Bank of India, established to revive sick industrial units.

Answer: C

Correct answer: Balance of Payments

The balance of payments is the record of all economic transactions between a country and the rest of the world over a period.

Answer: A

Correct answer: Indian Bank Association

The IBA is the association of Indian banks, which negotiates on their behalf and frames common practice.

Answer: D

Correct answer: Consolidated Banking Statistics

CBS in the reporting context is Consolidated Banking Statistics. The same letters mean Core Banking Solution in the technology context.

Answer: B

Correct answer: Export Import Bank of India

EXIM Bank finances and promotes India's foreign trade.

Answer: D

Correct answer: Committee of Direction on Banking Statistics

The CDBS advises the Reserve Bank on the collection and presentation of banking statistics.

Answer: A

Correct answer: Debt Recovery Tribunals

DRTs were established under the 1993 Act to speed the recovery of debts owed to banks and financial institutions.

Answer: A

Correct answer: Uniform Balance Book

The UBB is the standard format in which cooperative banks record and report their balances.