Important Codes and Numbers Questions and Answers

Answer: C

Correct answer: Rs. 50000

Where no specific limit has been laid down for a category, the maximum value of a prepaid payment instrument is ₹50,000.

Answer: C

Correct answer: 20

The Legal Entity Identifier is a 20-character alphanumeric code issued under the global LEI system to identify a party to a financial transaction. In India the RBI has made it compulsory for large borrowers and for large-value RTGS and NEFT transactions.

Answer: B

Correct answer: Identifier

LEI is the Legal Entity Identifier, a 20-character code that identifies a party to a financial transaction anywhere in the world. The whole purpose of the scheme is identification, which is what the I carries.

Answer: A

Correct answer: Anyonya Co-operative Bank

Anyonya Co-operative Bank, founded at Baroda in 1889 by Vithalrao Kavthekar, was India’s first co-operative bank - started before the Co-operative Societies Act of 1904 gave such societies a legal framework.

Answer: D

Correct answer: Best

BFD is Best Finger Detection, a step in Aadhaar authentication that tells a resident which of their fingers gives the most reliable biometric match. Knowing it saves repeated failed attempts at the point of authentication.

Answer: C

Correct answer: Both (A) and (B)

A closed system instrument can be spent only with the company that issued it. Amazon’s and Cleartrip’s own wallets are both of that kind - the balance buys goods or tickets from that company alone, and no cash can be taken out. Such instruments need no RBI authorisation, precisely because no third party is exposed.

Answer: A

Correct answer: ICICI

ICICI Bank was the first in India to extend the EMI facility - until then available only on credit cards - to debit card holders, letting a customer split a purchase into instalments against the balance in a savings account.

Answer: C

Correct answer: Helsinki, Finland

The Nordic Investment Bank, owned by the five Nordic and three Baltic states, is headquartered at Helsinki.

Answer: C

Correct answer: Pension

DWP is the United Kingdom’s Department for Work and Pensions, the department responsible for welfare and the state pension. The P is Pensions.

Answer: C

Correct answer: Central Bank of India

Central Bank of India, founded in 1911 by Sir Sorabji Pochkhanawala, was the first Indian commercial bank wholly owned and managed by Indians, and was described by its founder as “the first truly Swadeshi bank”. Oudh Commercial Bank came earlier but is remembered as the first with Indian management rather than as the Swadeshi bank.