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Which of the following best defines the ...

Which of the following best defines the term 'Letter of Credit' as used frequently in bank transactions?

A

An order from a bank to another bank abroad authorizing the payment of a particular amount to a person named in the letter

B

An unconditional undertaking given by a bank ensuing the payment of a particular amount to the drawee at a given date

C

Letter by a bank ot a person starting the terms and conditions of the loan sanctioned to him by the bank

D

Statement showing outstanding deposits and credits of a bank for a particular period

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The correct Answer is:
A
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IBPS & SBI PREVIOUS YEAR PAPER-LATEST CURRENT AFFAIRS & BANKING MCQS-MCQ
  1. The oldest stock exchange of India is :

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  2. EXIM Bank was set-up in :

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  3. Which of the following best defines the term 'Letter of Credit' as use...

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  4. The lmperial Bank of India, in 1955 after nationalization was given th...

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  5. Consumer get maximum satisfaction at the point where

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  6. Oudh Commercial Bank was founded in.

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  7. Which was the second bank in India with limited liability ?

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  8. Punjab National Bank was established in.

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  9. Which movement encouraged the formation of commercial banks?

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  10. When did the banking crisis of 1913-1917 end ?

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  11. In which year was the Banking Regulation Act passed?

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  12. Imperial Bank of India was nationalised in

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  13. Which bank was baptised as the State Bank of India?

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  14. Which bank was united with the Punjab National Bank in 1993 ?

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  15. Which of the following is not a Public Sector Bank?

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  16. The performance of which scheme does the National Housing Bank monitor...

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  17. When did the National Bank of Agriculture and Rural Development establ...

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  18. When did the government acquire RBI's shareholding (72.5%) in NABARD?

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  19. The duration of fund raising from the commercial banks to the extent o...

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  20. When did the Government of India set up the Export-Import Bank of Indi...

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