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Old 7th August 2015, 10:00 AM
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Join Date: May 2012
Default Re: IBPS clerk mock interview

Yes there are many sites guides for IBPS clerk interview , here I am giving below question which asking in interview

Tell us about yourself
What are your hobbies?
Did you get a chance to involve into any extracurricular activities during your academic days?
Why you have opted for a banking career
Why you are looking for a banking career even if you are an engineer by education?
Your qualification doesn’t match with what is required in a bank (if you are technically qualified).
Tell us your first interaction with a bank
What do you expect from a customer facing employee?
What do you like to change in a bank?
What is the career path that you are expecting from bank?
Where do you see yourself after 5 years?
What are your strengths and weaknesses?
Will you be ready to work in a rural place if you are posted in a rural branch?
Are you ready to be re-located to anywhere in the state?
What will be your reaction if you are not selected?
Why are you not joining any a private sector bank when there are lot of opportunities exist there?
Why you resigned your previous job / Why you are planning to change your current job ?
What do you think about new technical innovations in banking sector? How well the internet banking and phone banking helps people to do their day to day banking?
Do you have internet banking and/or phone banking?

IBPS clerk interview question with answer

What are the functions of a bank?

Banks are financial institutions that deal with common man on a day to day basis. Right from deposits to providing loans to being a collection or payment agents, banks play a critical role in today’s environment.

Functions of a bank can be summarised as below:

- Accepting deposits

- Providing loans

- Providing bank accounts

- Overdraft

- Investment of Funds

- Agency Functions (collection and paying agents)

- Issue circulating notes

Apart from these, banks provide many other services to the society as bank lockers. Now a days, banks are venturing into new areas that were not considered as part of traditional banking.

· What is an overdraft?

Overdraft is a credit facility provided by banks. Customers who have a current account with a bank is allowed to withdraw more than the amount of balance in his account. Hence the available balance goes below zero. There is an agreed limit of overdraft that a customer can get from bank.

· What are the functions of RBI ( Reserve bank of India)

The Reserve Bank of India was established on April 1, 1935 according to the Reserve Bank of India Act, 1934. The chief of RBI is RBI governor. Main functions of RBI are given below:

- Banker to the Government: RBI performs merchant banking function for the central and the state governments and also acts as their banker.

- Banker to banks: RBI maintains banking accounts of all scheduled banks.

- Monetary Authority: RBI formulates implements and monitors the monetary policy of India. The objective is to maintain price stability and ensure adequate flow of credit to productive sectors.

- Regulator and supervisor of the financial system: RBI prescribes broad parameters of banking operations within which the country's banking and financial system functions. This is to maintain public confidence in the system, protect depositors’interest and provide cost-effective banking services to the public.

- Regulator and supervisor of the payment systems: RBI authorises setting up of payment systems

- RBI lays down standards for operation of the payment system. Issues direction, calls for returns/information from payment system operators.

- RBI acts as the manager of Foreign Exchange based on the Foreign Exchange Management Act, 1999. This is to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.

- Issuer of currency: Issues and exchanges or destroys currency and coins not fit for circulation. This is to give the public adequate quantity of supplies of currency notes and coins and in good quality.

· What is KYC ?

KYC or “Know your Customer” is a term used for customer identification process. If you hold an account in a bank, the bank may ask for submitting proofs so that you are in sync with the KYC regulations. It involves making efforts to determine identity and ownership of accounts, source of funds, the nature of customer’s business etc . This helps the banks to manage their risks too. The objective of the KYC is to prevent criminal elements using banks for money laundering.

KYC has two components - Identity and Address. Identity of a customer will remain the same, but the address may change. This is the reason why banks ask you to provide KYC details periodically.

· What is banking ombudsman?

Banking ombudsman aims at resolution of complaints relating to services provided by banks. Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995. Banking Ombudsman is a senior official appointed by the Reserve Bank of India to address customer complaints against deficiency in banking services. All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.

· What is CAG? What are the functions of CAG?

The Comptroller and Auditor General (CAG) of India is a constitutional body of India. CAG is reposible for auditing all receipts and expenditure of the Government of India and the state governments. Government-owned companies too come under the umbrella of CAG audits. The reports of the CAG are taken into consideration by the Public Accounts Committees of parliament. Current CAG is Vinod Rai.

· What is a credit card and debit card?

Credit Card is a payment method that financial institutions or banks provide to customers so that they can use it to pay for goods and services without actual payment at the time of purchase. Ie this helps people to buy stuff on credit. There will be a credit limit set for each customer based on their financial history. Customers can use credit cards to buy goods and plan to re-pay to bank at a later point of time. In most of the cases, interest is not taken from customers if repayment is done before the due date. High interest rates are considered if you miss to re-pay the amount before due date.

On contrary, debit cards usually help people to access only the balance available on their accounts. Debit cards draw money directly from your account when you make the purchase. The card can be used instead of using cash while purchases are done.

· What is banking amendment act?

The Banking Amendment act 2011 was introduced in order to amend the Banking Regulation Act, 1949 and the Banking Companies Act, 1970/1980. The bill is passed by both the Houses of Parliament. The bill is aimed to strengthen the regulatory powers of RBI. The bill aims to open the doors for new banks and branches by issuing new bank licenses by RBI. The act aims at empowering RBI by rules like supersede the Board of Directors of bank if situation arises. This also aims to enable nationalized banks to raise capital through “bonus” and “rights” issue.

· What is RTI act?

RTI– Right to Information act mandates timely response to Indian citizens, if they request for government related information. The act guarantees citizens to get the desired information within 30 days. This law was passed by Parliament on 15 June 2005 and came fully into force on 12 October 2005. Central Intelligence and Security agencies are excluded from providing information.

· What is NPA?

If interest or installment of principal has remained ‘past due’ for a specified period of time, then it is declared as NPA or Non-performing Asset. If a loan re-payment is due for a long period of time, then it will become NPA. It is banks discretion to identify what should be the period within which a loan should be declared as NPA. Banks tends to reduce the period to reduce the risk element. Usually it is 90 days of non-repayment, after which the loan will be declared as NPA

· What is SARFESI?

SARFESI is - The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. This allows banks and financial institutions to auction properties when borrowers fail to repay their loans. It enables banks to reduce their non-performing assets (NPAs) by adopting measures for recovery. Usually 60 days after issue of SARFESI, banks may move to attachment of property.

· What is NEFT and RTGS?

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. This can be used to transfer funds to any banks or branches. Under this Scheme, customers can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country. There is no limit on the amount of funds that could be transferred using NEFT.

· What is RTGS?

This is a method of interbank fund transaction. The acronym 'RTGS' stands for Real Time Gross Settlement. It is the continuous (real-time) settlement of funds transfers individually on an order by order basis. These payments are final and irrevocable. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ` 2 lakh. There is no upper ceiling for RTGS transactions.

· What is the difference between NEFT and RTGS?

Fund transfer transactions are settled in batches for NEFT, while individual settlements are done in RTGS. Hence RTGS is a faster method compared to NEFT.

· What is IFSC?

IFSC is Indian Financial System Code, an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code. IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.

· What are different types of accounts in bank?

Banks in India have four types of deposit accounts

- Current Accounts

- Saving Banking Accounts

- Recurring Deposits

- Fixed Deposits.

· What is a current account?

Usually current accounts are held by business persons. The main purpose is to enable business folks to have easy transactions. There is no limit of transactions on a day on current accounts. Usually no interest is paid to the amount held in current accounts. Cheque facility is also provided for this account.
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