PO interview.docx - IBPS PO/Clerk Interview Questions and Answers Why did you choose so-and-so bank in your preference list 1 Why do you want to join

PO interview.docx - IBPS PO/Clerk Interview Questions and...

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IBPS PO/Clerk Interview Questions and Answers Why did you choose so-and-so bank in your preference list? 1. Why do you want to join banking sector? Ans. Banking is one of the fastest growing sectors in India providing a wide range of career opportunities to graduates/post graduates like me. Besides Banking requires maintaining excellent rapport with the customers. As Banking is a service sector, by working in a Bank I can serve the people and thus contribute to our country's growth 2. What is a Bank? Ans. A bank is a financial institution that accepts money from it's customers for the purpose of lending. 3. What is a Cheque? Ans. A Cheque is a negotiable instrument instructing a bank to pay a specific amount from a specific account . A cheque can be dishonored for variety of reasons such as insufficient funds, signature mismatch, overwriting, etc. PS: Cross Questions: What's a bearer cheque? What's an Account Payee Cheque? what is a STALE cheque and what is a Post dated cheque? 4. What is a Demand Draft? Ans. Demand Draft is a negotiable instrument that is used for effecting transfer of money . Since it's a banker's check, it can't be dishonored. PS: Cross Question: What is the difference between Cheque and Demand Draft? 5. What is KYC? Ans. KYC stands for 'Know Your Customer' . As per KYC guidelines prescribed by RBI, The ID Proof and Address proof of the customer is to be obtained for opening an account or renewal of old accounts. The objective is to prevent money laundering. The documents as mandated under KYC guidelines are: Photograph
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Proof of identity. This includes Aadhar, Pan Card, Driving license, Govt ID, or any other document acceptable to Branch Manager Proof of address. This includes Ration Card, Electricity Bill, or any other document acceptable to Branch Manager PS: Cross Questions can be asked about money laundering. 6. What is Money Laundering ? Ans. Money laundering means entry of unaccounted/illegal or black money into the banking or financial system. 7. What do you know about RBI? Ans. The Reserve Bank of India is the central bank of India. On the recommendation of Young Hilton Committee, it was established on 1st April,1935 in accordance with Reserve Bank of India Act, 1934. 8. What are the functions of RBI? Monetary Authority Issuer of currency Regulator and supervisor of financial system and banker to banks and Govt. Foreign exchange management Financial inclusion and currency management 9. What is a Monetary policy? The primary motive for this policy is to maintain price stability, arrest inflation & achieve high economic growth. 11. What is aRepo Rate? Ans. Repo Rate is the rate at which RBI lends money to commercial banks. Whenever any bank faces shortage of funds, it can borrow from RBI. Decreasing Repo Rate will help banks avail more money at a cheaper rate. Vice versa, Increasing Repo rate will make borrowing money from RBI more expensive.
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