Free · 10 questions · about 5 minutes

Daily Ten Monday, 2 November 2026

Tap an answer to see if you are right and why. Some questions come from today’s Morning Brief, the rest from the promotion and JAIIB/CAIIB syllabus.

1. Question 1 Digital fraud

   On 29 Oct 2026 the Supreme Court said that where a bank’s weak safeguards contributed to a digital fraud, the victim’s compensation should be at least:

   1. A Half of the amount lost
   2. B The full amount lost
   3. C ₹1 lakh per victim
   4. D Whatever is recovered from the fraudster
   Show the answer

   Answer: B. The court said RBI’s framework must make banks compensate victims with no less than the amount lost where weak safeguards or poor due diligence let the fraud through. RBI rules are expected by 30 Nov.

   Source: Supreme Court hearing, 29 Oct 2026 (Business Standard)

2. Question 2 Customer protection

   Under RBI’s rules on unauthorised electronic transactions, a customer has zero liability for a third-party breach if it is reported within:

   1. A 3 working days
   2. B 7 working days
   3. C 10 days
   4. D 30 days
   Show the answer

   Answer: A. Zero liability applies when the fault lies elsewhere in the system and the customer reports within three working days. Reporting within 4 to 7 working days brings a capped, limited liability.

   Source: RBI circular on limiting customer liability in unauthorised electronic banking transactions, 6 July 2017

3. Question 3 Monetary policy

   After the RBI MPC decision of 7 October 2026, the repo rate is:

   1. A 5.25%
   2. B 5.50%
   3. C 5.75%
   4. D 6.00%
   Show the answer

   Answer: B. The MPC raised the repo rate by 25 basis points, from 5.25% to 5.50%, and changed its stance to ‘calibrated tightening’.

   Source: RBI Monetary Policy Statement, 7 Oct 2026

4. Question 4 Monetary policy

   If the repo rate is 5.50%, the Standing Deposit Facility (SDF) rate is:

   1. A 5.00%
   2. B 5.25%
   3. C 5.50%
   4. D 5.75%
   Show the answer

   Answer: B. Since April 2022 the SDF has been the floor of the liquidity corridor, 25 bp below the repo rate. The Marginal Standing Facility (MSF) is the ceiling, 25 bp above.

   Source: RBI Monetary Policy Statement, 8 April 2022

5. Question 5 Payments

   In October 2026, UPI recorded about how many transactions?

   1. A 20.7 billion
   2. B 22.1 billion
   3. C 25.5 billion
   4. D 31.5 billion
   Show the answer

   Answer: C. NPCI data show 25.47 billion transactions worth ₹31.53 lakh crore, up 23% in number from October 2025 (20.70 billion).

   Source: NPCI UPI statistics, 1 Nov 2026

6. Question 6 Payments

   A UPI payment debits the customer but never reaches the beneficiary. By when must it be auto-reversed?

   1. A T+1 day
   2. B T+3 days
   3. C T+5 days
   4. D T+7 days
   Show the answer

   Answer: A. RBI’s harmonised turnaround-time rules require auto-reversal by T+1 for such UPI failures; beyond that the bank pays the customer ₹100 a day.

   Source: RBI circular on harmonisation of TAT and customer compensation for failed transactions, 20 Sep 2019

7. Question 7 KYC

   Periodic KYC updation for a high-risk customer is due at least once every:

   1. A 1 year
   2. B 2 years
   3. C 8 years
   4. D 10 years
   Show the answer

   Answer: B. Under RBI’s KYC rules, updation is due every 2 years for high-risk, every 8 years for medium-risk and every 10 years for low-risk customers.

   Source: RBI Know Your Customer Directions

8. Question 8 NPA

   Bank of Baroda reported gross NPA of 1.78% and net NPA of 0.37% for Q2 FY27. Net NPA is gross NPA minus, mainly:

   1. A Provisions held
   2. B Restructured standard assets
   3. C Loans written off in the year
   4. D Standard asset provisions
   Show the answer

   Answer: A. Net NPA is gross NPA less provisions held (and items such as DICGC or ECGC claims received and part payments kept in suspense). It shows bad loans not yet provided for.

   Source: RBI prudential norms on income recognition and asset classification

9. Question 9 SGB

   Sovereign Gold Bonds pay a fixed interest rate of:

   1. A 1.5% a year
   2. B 2.0% a year
   3. C 2.5% a year
   4. D 3.0% a year
   Show the answer

   Answer: C. SGBs pay 2.5% a year on the issue price, half-yearly, for 8 years. Early redemption is allowed from the fifth year on interest dates, as for Series 2021-22 VII on 2 Nov 2026.

   Source: Sovereign Gold Bond Scheme, Government of India and RBI

10. Question 10 Interest rates

    The MCLR system replaced the base rate system for new loans from:

    1. A 1 July 2010
    2. B 1 April 2016
    3. C 1 April 2019
    4. D 1 October 2019
    Show the answer

    Answer: B. MCLR applies to loans sanctioned from 1 April 2016. The base rate began on 1 July 2010, and new floating-rate retail and MSE loans moved to an external benchmark from 1 October 2019.

    Source: RBI Master Direction on Interest Rate on Advances