GK Questions for Bank Exam: Banking GK-

Answer:- D). No fixed maximum tenure

Fixed Deposits (FDs) offer a safe way to grow your money. You invest a lump sum for a chosen term (7 days to 10 years) and earn guaranteed interest.

Answer:- A.) Offshore banking

The biggest bank in India, SBI, offers competitive rates for its foreign exchange services. Travel cards, foreign currency accounts, and foreign currency loans are just a few of the FX goods it provides. SBI frequently offers competitive exchange rates for the US dollar, the euro, and the pound.

Answer:- C). NAV (Net Asset Value) Calculation

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Answer:- A). legal currency

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Answer:- A). IRDAI (Insurance Regulatory and Development Authority of India)

–IRDAI, is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999) for overall supervision and development of the Insurance sector in India–

Answer:-C). 11th

–The Indian city of Mumbai is home to the Bombay Stock Exchange (BSE). Founded in 1875, it is among the oldest stock exchanges in Asia. The BSE is primarily based in Mumbai, although despite this physical location, its influence and impact are felt throughout the nation because it is an important financial hub and contributor to the Indian economy.–

Answer:- A). Society for Worldwide Interbank Financial Telecommunication

–The Society for Worldwide Interbank Financial Telecommunications is what SWIFT is fully named. For its representatives, SWIFT is a member-owned cooperative that provides safe and secure money transactions.–

Answer:- C). On August 13, 1957

–Founded in 1875, the Bombay Stock Exchange (BSE) was the previous name of the Mumbai Stock Exchange. The Securities Contracts (Regulation) Act, 1956 granted it status as an official stock exchange in India. Since then, the BSE has developed into one of Asia’s and India’s top stock exchanges.–

Answer:- C). Axis Bank

–India’s first mobile banking service was introduced by ICICI Bank. In 2008, they introduced their mobile banking service, which lets users use their phones to access their bank accounts, conduct transactions, and carry out other financial tasks. This was a major turning point in India’s banking services’ digitalization.–

Answer:-C). in 15 knots

–The “Marine Series” of Indian Rupee notes mentions 20 rupees as the denomination. The phrase “Marine Series” refers to the trawler theme that appears on the back of these notes. In India, the 20-rupee note from this series is very common.–

Answer:- B). Providing credit ratings

–CIBIL (Credit Information Bureau India Limited) provides credit information, credit reports, and credit scores to banks and financial institutions, helping them assess the creditworthiness of individuals and businesses and manage credit risk effectively.–

Answer:- A). Redeemable debenture

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Answer:-C). Microfinance banking

–In India, microfinance banking is a legitimate category of banking. It focuses on giving low-income people or groups—who often don’t have access to standard banking services—financial services including savings accounts and small loans. Microfinance banking is therefore not the appropriate response to the query.–

Answer:- C). Irredeemable debentures

–The type of debenture that does not have any fixed period of repayment is called “Perpetual Debentures.” These debentures do not have a maturity date, meaning they do not have a fixed period of repayment.–

Answer:- B). Preventing money laundering and terrorist financing

–Fighting money laundering, financing of terrorism, and other challenges to the integrity of the global financial system is the main focus of the Financial Action Task Force (FATF). It establishes guidelines and encourages the efficient application of legislative, administrative, and operational measures to counter money laundering, the funding of terrorism, and other relevant dangers.–

Answer:- D). 1 September 1956

–Life Insurance Corporation of India (LIC) was established on September 1, 1956, when the Parliament of India passed the Life Insurance Corporation Act, nationalizing the private insurance industry in India.–

Answer:- A). President of India

–The Governor of the Reserve Bank of India (RBI) is appointed by the Government of India. Specifically, the appointment is made by the Prime Minister of India in consultation with the Union Cabinet.–

Answer:- C). Mumbai

–The head office of the Life Insurance Corporation of India (LIC) is situated at Yogakshema Building, Nariman Point, Mumbai, Maharashtra, India.–

Answer:- C). ICICI Bank

–It’s true that ICICI Bank does not operate in India’s public sector. The bank is in the private sector. Public sector banks are ones in which the government owns the vast majority of the shares. Conversely, private investors own the shares of ICICI Bank, which is a private sector bank.–

Answer:- C). Reserve Bank of India (RBI)

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Answer:- C). ₹ 2,000

–The ₹2000 note was the highest denomination of Indian money in use. Please be aware, nevertheless, that a number of variables, including inflation, economic policies, and the production of new banknotes, can cause changes over time to the denominations of currency and their status as legal tender.–

Answer:- C). A). Bangladesh

–Because of its vast river network, Bangladesh is frequently referred to as the “country of rivers”. Several rivers, notably the Brahmaputra, Meghna, and Ganges (called as the Padma in some parts of the country), crisscross the nation. These rivers are essential to the geography, culture, economics, and transportation network of the nation.–

Answer:- C). Reserve Bank of India

–The Reserve Bank of India (RBI), the nation’s central bank, launched the Banking Ombudsman Scheme. This program was designed to give bank customers a quick and affordable way to get concerns about banking services resolved. Its goal is to settle disagreements between clients and banks. All scheduled commercial banks, scheduled primary co-operative banks, and regional rural banks are covered by the program.–

Answer:-B). Punjab National Bank

–It seems that in an attempt to encourage financial inclusion, Punjab National Bank (PNB) set up its first biometric ATM in Gautam Budh Nagar, Uttar Pradesh. The bank’s dedication to using biometric technology to improve access to banking services, especially in rural areas, is demonstrated by this installation.–

Answer:- A). Interest rate at which RBI lends to commercial banks

–The Repo Rate is indeed the interest rate at which the central bank (such as the Reserve Bank of India in India) lends money to commercial banks. This rate is a crucial tool used by central banks to regulate liquidity in the economy and influence monetary policy. By adjusting the repo rate, central banks can control borrowing costs for banks, which in turn affects lending rates for businesses and consumers, thereby influencing economic activity and inflation.–

Answer:- C). Karur Vysya Bank

–In 2016, Karur Vysya Bank (KVB) was indeed adjudged the ‘Best Small Bank’ with a balance sheet size of less than Rs. 1 lakh crore. This recognition highlights the bank’s performance and standing within the banking industry during that period.–

Answer:- B). State Bank of India

–The first Indian bank to be nationalized was the Imperial Bank of India, which was subsequently transformed into the State Bank of India (SBI) in 1955. This move was part of the broader nationalization of banks in India, aimed at bringing about social and economic reforms and ensuring better allocation of credit resources to support national development goals.–

Answer:- C). Conversion of illegally obtained money

–Money laundering is the illegal process of making large amounts of money generated by criminal activities, such as drug trafficking or corruption, appear to have been obtained from legitimate sources.–

Answer:- A). National Electronic Fund Transfer

–NEFT stands for National Electronic Funds Transfer. It is an electronic funds transfer system in India that enables individuals, firms, and corporates to electronically transfer funds from one bank account to another across the country.–

Answer:-D). Are repayable on demand

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Answer:-B). Preventing corruption in public sector banks

–The Commission serves as the apex body for supervising and controlling vigilance matters in administration and ensuring probity in public life. It obtained statutory status on 25.8.1998 through “The Central Vigilance Commission Ordinance, 1998”.–

Answer:- A). Increasing the reverse repo rate.

–For enrollment with the Reserve Bank of India (RBI), entities must comply with legal regulations, obtain necessary licenses, meet capital requirements, ensure fit and proper criteria for management, establish operational infrastructure, and adhere to ongoing reporting and supervision.–

Answer:- B). International communication for financial transactions

–Secure messaging and global financial institution communication are the main uses of the SWIFT network in banking. It makes it easier to send instructions for financial transactions, including payment orders, funds transfers, and other banking and finance-related communications.–

Answer:- C). Consumer durables loan

— Consumer durables loans are typically availed by individuals to purchase durable goods such as electronic appliances, furniture, vehicles, etc. These loans are not specifically taken by banks for luxury objectives; instead, they cater to consumer needs for essential or semi-essential items. Banks may offer various types of loans for luxury objectives, such as personal loans, credit lines, or specialized financing for high-end purchases like luxury cars, yachts, or real estate.–

Answer:- A). National Automated Clearing House

— The acronym “NACH” represents the “National Automated Clearing House.” The National Payments Corporation of India (NPCI) developed this centralized electronic payment system to streamline high-volume, recurring, and interbank electronic transactions like interest, dividend, and salary payments. —

Answer:- B). Is regulated by the Reserve Bank of India

— Depending on the bank and the state of the market, different interest rates are paid on savings bank accounts. Although these rates can change over time, banks in India normally give interest rates on savings bank accounts that vary from 2.5% to 4% annually. It is imperative that you inquire about the current interest rate that applies to savings accounts from your particular bank or financial institution. —

Answer:- D). Goiporia Committee

— The establishment of the Banking Ombudsman Scheme in India was recommended by the Goiporia Committee. This committee was formed to examine and make recommendations on various aspects of banking services, including grievance redressal mechanisms for bank customers. —

Answer:-B). Credit card

— the credit card poses the highest credit risk to the bank. This is because credit cards allow users to borrow money from the bank up to a certain limit, known as the credit limit, without any collateral. Therefore, there is a higher risk of default or non-repayment associated with credit cards compared to other types of cards, such as debit cards or prepaid. —

Answer:- A). IRDAI (Insurance Regulatory and Development Authority of India)

— The Indian insurance industry is governed by the Insurance Regulatory and Development Authority of India (IRDAI). Its main duties include safeguarding policyholder interests, regulating and advancing the insurance sector, and assuring the financial soundness of insurance firms doing business in India. —

Answer:- D). MasterCard

— Master Card is a credit card association. It is a global payments technology company that operates a network connecting financial institutions, merchants, cardholders, and businesses worldwide. Along with Visa, American Express, and Discover, Master Card is one of the major credit card networks facilitating transactions and payments between cardholders and merchants. —

Answer:- C). State Bank of India

— In India, mobile banking was first offered by the State Bank of India (SBI). 2008 saw the introduction of the service by SBI under the moniker “State Bank Freedom.” It completely changed the way people could access banking services in the nation by enabling users to complete a variety of banking transactions with their mobile phones. —

Answer:- C). Mobile van

— An electronic digital stock channel is not a mobile van. Physical vehicles known as mobile vans are employed for a number of functions, including outreach in the healthcare industry, mobile banking services, and transportation. Generally speaking, online platforms, applications, or systems utilized for electronic stock and securities trading are referred to as electronic digital stock channels. Electronic communication networks (ECNs), smartphone trading apps, and internet trading platforms are a few examples. —

Answer:- A). Compound Annual Growth Rate

— The acronym for Compound Annual Growth Rate is “CAGR”. It’s a metric for expressing how a firm or investment is growing geometrically over a given time frame. Compound annual growth rate, or CAGR, is a smoothed yearly rate of growth that accounts for the impact of compounding. It is frequently employed in the analysis of investment returns and corporate performance over extended periods. —

Answer:-A). CIBIL

— CIBIL (Credit Information Bureau (India) Limited) does not provide lending infrastructure. Instead, it is a credit information company that maintains credit records and provides credit scores based on individuals’ and businesses’ credit histories. Lending infrastructure includes banks, financial institutions, credit bureaus, payment systems, and regulatory bodies facilitating borrowing and lending activities. —

Answer:- D). Charitable Trust

— One kind of financial entity is not what a charitable trust is. charity trusts are usually nonprofit institutions founded with the intention of pursuing charity goals, such as aiding the underprivileged, improving education, encouraging cultural or religious pursuits, or supporting various social causes. They do not offer investment services or banking or financial intermediation. —

Answer:- C). Temperature

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Answer:- C). Regulating the insurance sector

— The Securities and Exchange Board of India (SEBI) does not have the authority to regulate the insurance industry. The main responsibility of SEBI is to regulate the Indian securities markets, which include stock exchanges, brokers, merchant bankers, and other companies that trade and invest in securities. The Insurance Regulatory and Development Authority of India (IRDAI) is responsible for regulatory oversight of the insurance industry. —

Answer:-B). Reserve Bank of India

— The Security Printing and Minting Corporation of India Limited (SPMCIL), which is under the administrative direction of the Ministry of Finance, Government of India, is in charge of printing currency notes in India. The Reserve Bank of India (RBI), the nation’s central bank, provides instructions and specifications that are followed in the production of currency notes by SPMCIL, which operates printing presses around the nation. —