Banking & Finance GK Questions and Answers (2026 Edition)
Preparing for IBPS, SBI PO/Clerk, RBI Grade B, SSC, UPSC, or any other competitive exam? Banking and Finance General Knowledge (GK) is one of the highest-scoring sections if you prepare it right. This guide brings together 400+ updated questions and answers covering RBI, monetary policy, banking terms, government schemes, financial regulators, and the latest 2026 current affairs — all organized into easy-to-revise topic-wise sections.
Bookmark this page and revise it a day before your exam for a quick, reliable refresher.
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1. Banking Basics
1. Q: Which is the central bank of India?
A: Reserve Bank of India (RBI)
2. Q: When was RBI established?
A: 1 April 1935
3. Q: Where is RBI headquartered?
A: Mumbai
4. Q: Who is the current RBI Governor (2026)?
A: Sanjay Malhotra — the 26th Governor of RBI, in office since 11 December 2024, succeeding Shaktikanta Das.
5. Q: Which is the largest public sector bank in India?
A: State Bank of India (SBI)
6. Q: Which is the largest private sector bank in India?
A: HDFC Bank
7. Q: Which was the first bank in India?
A: Bank of Hindustan (1770)
8. Q: What is the minimum age to open a savings account in India?
A: 10 years (with a guardian's permission for younger children)
9. Q: What is Repo Rate?
A: The rate at which RBI lends money to commercial banks
10. Q: What is Reverse Repo Rate?
A: The rate at which RBI borrows money from banks
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2. Financial Terms
11. Q: What is CRR (Cash Reserve Ratio)?
A: The portion of deposits banks must keep with RBI
12. Q: What is SLR (Statutory Liquidity Ratio)?
A: The portion of deposits banks must keep in cash, gold, or approved securities
13. Q: What is NPA (Non-Performing Asset)?
A: A loan or advance that remains unpaid for 90+ days
14. Q: What is Inflation?
A: A general rise in prices and a fall in purchasing power
15. Q: What is Fiscal Deficit?
A: When government expenditure exceeds government income (excluding borrowings)
16. Q: What is Monetary Policy?
A: RBI's policy to control money supply and manage inflation/growth
17. Q: What is RTGS?
A: Real Time Gross Settlement — for instant, large-value transfers
18. Q: What is NEFT?
A: National Electronic Funds Transfer (NEFT) — operates 24×7×365 and is processed in 48 half-hourly settlement batches each day.
19. Q: What is IMPS?
A: Immediate Payment Service — instant transfers, available 24x7
20. Q: What is UPI?
A: Unified Payments Interface — instant mobile-based payments
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3. Schemes & Acts
21. Q: Full form of PMJDY?
A: Pradhan Mantri Jan Dhan Yojana
22. Q: When was PMJDY launched?
A: 28 August 2014
23. Q: Which act regulates banks in India?
A: Banking Regulation Act, 1949
24. Q: Which act helps banks recover bad loans (NPAs)?
A: SARFAESI Act, 2002
25. Q: What is "Financial Inclusion"?
A: Providing affordable banking and financial services to all sections of society
26. Q: Which scheme provides accident insurance at ₹12/year?
A: PMSBY (Pradhan Mantri Suraksha Bima Yojana)
27. Q: Which scheme provides life insurance at ₹330/year?
A: PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana)
28. Q: Which pension scheme is for unorganized-sector workers?
A: Atal Pension Yojana
29. Q: Who regulates the insurance sector in India?
A: IRDAI (Insurance Regulatory and Development Authority of India)
30. Q: Who regulates the stock market in India?
A: SEBI (Securities and Exchange Board of India)
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4. Important Organizations
31. Q: Where is the World Bank headquartered?
A: Washington, D.C., USA
32. Q: Where is the IMF headquartered?
A: Washington, D.C., USA
33. Q: Where is the Asian Development Bank (ADB) headquartered?
A: Manila, Philippines
34. Q: Where is the New Development Bank (BRICS Bank) headquartered?
A: Shanghai, China
35. Q: Who is called the "Banker to the Government"?
A: RBI
36. Q: Who issues currency notes in India?
A: RBI (except the ₹1 note, issued by the Ministry of Finance)
37. Q: Which note is not issued by RBI?
A: The ₹1 note (issued by the Ministry of Finance)
38. Q: Which bank is known as "India's International Bank"?
A: Bank of Baroda
39. Q: Which bank was India's first fully digital-only bank?
A: DBS digibank — a digital banking service launched by DBS in Indua.
40. Q: Which bank launched India's first ATM?
A: HSBC (Mumbai, 1987)
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5. Current Affairs (2026)
41. Q: Which payment system dominates India's monthly digital transaction volumes?
A: UPI, which now regularly processes well over 15–20 billion transactions a month
42. Q: Which bank merged with HDFC Ltd in 2023?
A: HDFC Bank
43. Q: Which is the world's largest stock exchange by market cap?
A: New York Stock Exchange (NYSE)
44. Q: Which is India's largest stock exchange by trading volume?
A: NSE (National Stock Exchange)
45. Q: What is India's digital currency called?
A: e-Rupee (CBDC – Central Bank Digital Currency)
46. Q: Who issues the e-Rupee in India?
A: RBI
47. Q: Who is the current Chairperson of SEBI (2026)?
A: Tuhin Kanta Pandey, the 11th Chairman of SEBI, appointed in February 2025, succeeding Madhabi Puri Buch.
48. Q: Who is the current President of the World Bank?
A: Ajay Banga
49. Q: Which is the largest mutual fund company in India?
A: SBI Mutual Fund
50. Q: What is India's current global ranking by nominal GDP?
A: The world's 4th largest economy (behind the US, China, and Germany), having overtaken Japan
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6. Banking History
51. Q: Which was the first bank to be nationalized in India?
A: State Bank of India (SBI) was established in 1955 by taking over the Imperial Bank of India.
52. Q: In which year was the first phase of bank nationalization done?
A: 1969 (14 major banks)
53. Q: In which year was the second phase of bank nationalization done?
A: 1980 (6 banks)
54. Q: How many public sector banks are there in India today?
A: 12
55. Q: Which Indian bank was the first to introduce internet banking?
A: ICICI Bank
56. Q: Which Indian bank was the first to launch a credit card?
A: Central Bank of India (1980)
57. Q: Which bank introduced mobile banking in India?
A: ICICI Bank (i-Mobile app)
58. Q: Which bank introduced "Talking ATMs" for the visually impaired?
A: Union Bank of India
59. Q: Which bank is known as "India's premier development bank"?
A: IDBI Bank (before its conversion into a commercial bank)
60. Q: Which was India's first Regional Rural Bank?
A: Prathama Grameen Bank (Uttar Pradesh, 1975)
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7. RBI & Monetary Policy
61. Q: When was RBI nationalized?
A: 1 January 1949
62. Q: How many members are there on RBI's Monetary Policy Committee (MPC)?
A: 6
63. Q: Who chairs the Monetary Policy Committee?
A: The RBI Governor
64. Q: Which body recommends changes to the repo rate?
A: The Monetary Policy Committee (MPC)
65. Q: Is the ₹2000 note still in circulation?
A: ₹2,000 banknotes were withdrawn from circulation, but they continue to be legal tender.
66. Q: Which Indian note features Hampi with the stone chariot?
A: ₹50 note
67. Q: Which Indian note features the Red Fort?
A: ₹500 note
68. Q: Which Indian note features Rani ki Vav?
A: ₹100 note
69. Q: Which Indian note features the Sanchi Stupa?
A: ₹200 note
70. Q: Which Indian note features the Konark Sun Temple?
A: ₹10 note
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8. Banking Technology
71. Q: What does IFSC stand for?
A: Indian Financial System Code
72. Q: How many characters are there in an IFSC code?
A: 11
73. Q: What does MICR stand for?
A: Magnetic Ink Character Recognition
74. Q: How many digits are there in a MICR code?
A: 9
75. Q: What is a SWIFT code used for?
A: International fund transfers
76. Q: What does CBS stand for in banking?
A: Core Banking Solution
77. Q: What is the full form of ATM?
A: Automated Teller Machine
78. Q: Which is India's most widely used UPI app?
A: PhonePe, followed closely by Google Pay
79. Q: What does NACH stand for?
A: National Automated Clearing House
80. Q: What does CTS stand for in banking?
A: Cheque Truncation System
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9. International Banking
81. Q: Where is the Bank for International Settlements (BIS) headquartered?
A: Basel, Switzerland
82. Q: Where is the European Central Bank (ECB) headquartered?
A: Frankfurt, Germany
83. Q: Where is the African Development Bank headquartered?
A: Abidjan, Ivory Coast
84. Q: Where is the World Trade Organization (WTO) headquartered?
A: Geneva, Switzerland
85. Q: Which Indian was the first to become Chief Economist of the IMF?
A: Raghuram Rajan
86. Q: Who is the current Managing Director of the IMF?
A: Kristalina Georgieva
87. Q: Which country holds the highest voting power in the IMF?
A: United States
88. Q: What is the IMF's unit of account called?
A: SDR (Special Drawing Rights)
89. Q: In which currencies does the World Bank lend?
A: It doesn't issue its own currency — it lends primarily in USD and other major currencies
90. Q: Where is the Asian Infrastructure Investment Bank (AIIB) headquartered?
A: Beijing, China
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10. Miscellaneous Banking GK
91. Q: Which was among the first Indian banks to launch an AI-powered chatbot?
A: HDFC Bank (Eva)
92. Q: Which was India's first Payments Bank?
A: Airtel Payments Bank
93. Q: Which was India's first Small Finance Bank?
A: Capital Small Finance Bank (2016)
94. Q: Which bank's tagline is "Pure Banking, Nothing Else"?
A: State Bank of India (SBI)
95. Q: Which bank's tagline is "We Understand Your World"?
A: HDFC Bank
96. Q: Which bank's tagline is "India's International Bank"?
A: Bank of Baroda
97. Q: Which bank was founded by Lala Lajpat Rai?
A: Punjab National Bank (PNB)
98. Q: Which bank is known as "The Banker to Every Indian"?
A: State Bank of India (SBI)
99. Q: Which bank is often called a "technology-driven bank" in India?
A: ICICI Bank
100. Q: Which bank was established in 1943 and later nationalized?
A: UCO Bank
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11. Indian Banking Structure
101. Q: What is a scheduled bank?
Answer: A bank included in the Second Schedule of the RBI Act, 1934.
102. Q: What does "Scheduled Bank" mean?
A: A bank listed in the Second Schedule of the RBI Act, 1934
103. Q: What is the minimum capital requirement for a Small Finance Bank?
DA: ₹300 crore.
104. Q: What is the minimum capital requirement for a Payments Bank?
A: ₹100 crore
105. Q: Which committee recommended the formation of Regional Rural Banks (RRBs)?
A: The Narasimham Committee (1975)
106. Q: Who regulates Regional Rural Banks (RRBs)?
A: RBI regulates the banking functions of RRBs, while NABARD supervises RRBs under the applicable framework.
107. Q: In which year were RRBs established in India?
A: 1975
108. Q: What is the ownership structure of RRBs?
A: Central Government (50%), State Government (15%), Sponsor Bank (35%)
109. Q: Which bank is known as the "Apex Bank for Agriculture and Rural Development"?
A: NABARD
110. Q: What does NBFC stand for?
A: Non-Banking Financial Company
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12. Financial Regulators in India
111. Q: What does SEBI stand for?
A: Securities and Exchange Board of India
112. Q: In which year was SEBI established, and when did it get statutory powers?
A: Established in 1988; given statutory powers in 1992
113. Q: Where is SEBI headquartered?
A: Mumbai
114. Q: Who regulates the insurance sector in India, and where is it headquartered?
A: IRDAI, headquartered in Hyderabad
115. Q: Who regulates the pension sector in India?
A: PFRDA (Pension Fund Regulatory and Development Authority)
116. Q: Where is PFRDA headquartered?
A: New Delhi
117. Q: Which organization regulates NBFCs in India?
A: RBI
118. Q: Which body regulates the commodity market in India?
A: SEBI (since 2015, after merging with the erstwhile FMC)
119. Q: Who is the current SEBI Chairperson?
A: Tuhin Kanta Pandey (since February 2025)
120. Q: Who was SEBI's first woman Chairperson?
A: Madhabi Puri Buch (2022–2025)
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13. Bank Taglines (Popular Slogans)
121. Q: Which bank's tagline is "The Name You Can Bank Upon"?
A: Punjab National Bank (PNB)
122. Q: Which bank's tagline is "The Power of Dreams"?
A: Canara Bank
123. Q: Which bank's tagline is "Together We Can"?
A: Indian Bank
124. Q: Which bank's tagline is "Trusted Family Bank"?
A: Dhanlaxmi Bank
125. Q: Which bank's tagline is "Banking That's Twice As Good"?
A: IDBI Bank
126. Q: Which bank's tagline is "A Tradition of Trust"?
A: Bank of India
127. Q: Which bank's tagline is "Good People to Bank With"?
A: Union Bank of India
128. Q: Which bank's tagline is "Your Perfect Banking Partner"?
A: Federal Bank
129. Q: Which bank's tagline is "Smart Way to Bank"?
A: Karur Vysya Bank
130. Q: Which bank's tagline was "Prosperity for All"?
A: Allahabad Bank (now merged into Indian Bank)
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14. Indian Financial Market
131. Q: What is Sensex?
A: The benchmark stock market index of BSE, comprising 30 companies
132. Q: What is Nifty 50?
A: The benchmark stock market index of NSE, comprising 50 companies
133. Q: Where is the Bombay Stock Exchange (BSE) located?
A: Mumbai
134. Q: Which is the oldest stock exchange in Asia?
A: Bombay Stock Exchange (BSE, established 1875)
135. Q: Which is India's largest stock exchange by trading volume?
A: NSE
136. Q: What is market capitalization?
A: The total market value of a company's outstanding shares
137. Q: What is an IPO?
A: Initial Public Offering — when a company lists its shares on a stock exchange for the first time
138. Q: What is an FII?
A: Foreign Institutional Investor
139. Q: What is FDI?
A: Foreign Direct Investment
140. Q: Which Indian company had the highest market capitalization as of 2026?
A: Reliance Industries Limited (RIL), which has led the rankings for several years, followed closely by HDFC Bank and Bharti Airtel
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15. Important Banking Committees
141. Q: The Narasimham Committee is related to which reform?
A: Banking sector reforms
142. Q: The Nachiket Mor Committee is related to which reform?
A: Financial inclusion
143. Q: The Urjit Patel Committee is related to which reform?
A: The Monetary Policy Framework
144. Q: The P.J. Nayak Committee is related to which reform?
A: Governance of banks
145. Q: The Deepak Mohanty Committee is related to which reform?
A: Financial inclusion
146. Q: The Ghosh Committee is related to which area?
A: The rural credit system
147. Q: The Khan Committee is related to which reform?
A: Financial inclusion (banking correspondents)
148. Q: The Raghuram Rajan Committee is related to which reform?
A: Financial sector reforms
149. Q: The Malhotra Committee is related to which reform?
A: Insurance sector reforms
150. Q: The Rangarajan Committee is related to which reform?
A: Computerization of banks
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16. Indian Currency System
151. Q: Who signs the Indian ₹1 note?
A: The Finance Secretary (Ministry of Finance)
152. Q: Who signs Indian currency notes other than the ₹1 note?
A: The RBI Governor
153. Q: What is the motto printed on Indian currency notes?
A: "Satyameva Jayate"
154. Q: When was decimal currency introduced in India?
A: 1 April 1957
155. Q: What was the smallest coin denomination before decimalization?
A: 1 anna (16 annas = 1 rupee)
156. Q: Which was the first polymer note trialled in India?
A: The ₹10 polymer note (limited field trial, 2015)
157. Q: What is the currency symbol of the Indian Rupee, and who designed it?
A: ₹ — designed by D. Udaya Kumar
158. Q: What is a "latent image" on a banknote?
A: A hidden number visible only when the note is tilted at an angle
159. Q: What does the watermark on Indian currency notes show?
A: The Mahatma Gandhi portrait and the denominational numeral
160. Q: What is forged currency called?
A: Counterfeit currency
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17. Bank Mergers in India
161. Q: In 2017, which banks merged with State Bank of India (SBI)?
A: Five associate banks and Bharatiya Mahila Bank
162. Q: In 2019, which banks merged with Bank of Baroda?
A: Vijaya Bank and Dena Bank
163. Q: In 2020, which banks merged with Punjab National Bank (PNB)?
A: Oriental Bank of Commerce and United Bank of India
164. Q: In 2020, which bank merged with Canara Bank?
A: Syndicate Bank
165. Q: In 2020, which banks merged with Union Bank of India?
A: Andhra Bank and Corporation Bank
166. Q: In 2020, which bank merged with Indian Bank?
A: Allahabad Bank
167. Q: Which merger, completed in 2023, created a merged entity that ranks among India's largest banks by market value?
A: The merger of HDFC Bank and HDFC Ltd.
168. Q: How many public sector banks existed before the 2017–2020 mergers?
A: 27
169. Q: How many public sector banks remain after the mergers?
A: 12
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18. Banking Abbreviations
170. Q: What does NABARD stand for?
A: National Bank for Agriculture and Rural Development
171. Q: What does SIDBI stand for?
A: Small Industries Development Bank of India
172. Q: What does EXIM Bank stand for?
A: Export-Import Bank of India
173. Q: What does NHB stand for?
A: National Housing Bank
174. Q: What does RRB stand for?
A: Regional Rural Bank
175. Q: What does CBS stand for?
A: Core Banking Solution
176. Q: What does UPI stand for?
A: Unified Payments Interface
177. Q: What does NEFT stand for?
A: National Electronic Funds Transfer
178. Q: What does RTGS stand for?
A: Real Time Gross Settlement
179. Q: What does IMPS stand for?
A: Immediate Payment Service
180. Q: What does ECS stand for?
A: Electronic Clearing Service
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19. Financial Inclusion & Digital Banking
181. Q: When was Pradhan Mantri Jan Dhan Yojana (PMJDY) launched?
A: 28 August 2014
182. Q: Which scheme offers an overdraft facility of up to ₹10,000?
A: Pradhan Mantri Jan-Dhan Yojana (PMJDY) — eligible account holders may get an overdraft facility of up to ₹10,000, subject to applicable conditions.
183. Q: Which card is issued under PMJDY accounts?
A: RuPay Debit Card
184. Q: Which is India's domestic card payment network?
A: RuPay, developed by NPCI
185. Q: Which system enables Aadhaar-linked bank payments?
A: AEPS (Aadhaar Enabled Payment System)
186. Q: What is the Bharat Bill Payment System (BBPS)?
A: Bharat Bill Payment System (BBPS) is an integrated bill-payment ecosystem operated under NPCI Bharat BillPay Ltd.
187. Q: What is BHIM?
A: A UPI-based mobile payment app launched by NPCI in 2016
188. Q: Which organization manages UPI?
A: NPCI (National Payments Corporation of India)
189. Q: What is India's central bank digital currency called?
A: Digital Rupee (e₹), India's Central Bank Digital Currency (CBDC), issued by RBI.
190. Q: What is e-KYC?
A: A paperless Know-Your-Customer process using Aadhaar OTP or biometrics
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20. Important Banking Persons
191. Q: Who was the first Governor of RBI?
A: Sir Osborne Smith
192. Q: Who was the first Indian Governor of RBI?
A: C.D. Deshmukh
193. Q: Who was the first woman to become RBI Deputy Governor?
A: K.J. Udeshi
194. Q: Who was the first woman to head a public sector bank in India?
A: Arundhati Bhattacharya (SBI)
195. Q: Who was the first woman CEO of ICICI Bank?
A: Chanda Kochhar
196. Q: Who is the current Finance Minister of India (2026)?
A: Nirmala Sitharaman (in office since 31 May 2019 — India's first full-time woman Finance Minister)
197. Q: Who was the first Finance Minister of independent India?
A: R.K. Shanmukham Chetty
198. Q: Who presented India's first Union Budget?
A: R.K. Shanmukham Chetty (1947)
199. Q: Which former RBI Governor went on to become Prime Minister of India?
A: Dr. Manmohan Singh (Governor 1982–1985; Prime Minister 2004–2014)
200. Q: Who was the longest-serving RBI Governor?
A: Sir Benegal Rama Rau (over 7 years, 1949–1957)
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21. Banking & Economy
201. Q: What is GDP?
A: Gross Domestic Product — the value of all goods and services produced within a country
202. Q: What is GNP?
A: Gross National Product — GDP plus net income earned from abroad
203. Q: What is PPP in economics?
A: Purchasing Power Parity
204. Q: What is Per Capita Income?
A: National Income divided by population
205. Q: What is India's current rank by nominal GDP?
A: India's nominal-GDP ranking should always be given with the year and source.
206. Q: Which is the largest economy in the world?
A: United States
207. Q: Which is the second-largest economy in the world?
A: China
208. Q: What does "recession" mean?
A: A recession is a significant decline in economic activity spread across the economy and lasting for a sustained period.
“Two consecutive quarters of negative GDP growth is a commonly used rule of thumb.”
209. Q: What does "stagflation" mean?
A: A combination of high inflation, high unemployment, and stagnant economic growth
210. Q: What is Fiscal Deficit expressed as?
A: A percentage of GDP
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22. Indian Financial Institutions
211. Q: When was NABARD established?
A: 1982
212. Q: When was SIDBI established?
A: 1990
213. Q: When was EXIM Bank established?
A: 1982
214. Q: When was NHB (National Housing Bank) established?
A: 1988
215. Q: Who regulates NHB?
A: RBI
216. Q: What is the main function of NABARD?
A: Financing agriculture and rural development
217. Q: What is the main function of SIDBI?
A: Promoting small-scale industries
218. Q: What is the main function of EXIM Bank?
A: Financing and promoting foreign trade
219. Q: What is the main function of NHB?
A: Housing finance
220. Q: Where is NABARD headquartered?
A: Mumbai
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23. Banking Services
221. Q: What is a Current Account?
A: A bank account meant for business transactions, typically without interest
222. Q: What is a Savings Account?
A: A deposit account for individuals that earns interest
223. Q: What is a Fixed Deposit (FD)?
A: A deposit with a fixed tenure and a higher, fixed interest rate
224. Q: What is a Recurring Deposit (RD)?
A: A deposit scheme where a fixed amount is deposited monthly
225. Q: What is a Demand Draft (DD)?
A: A prepaid negotiable instrument used to transfer money
226. Q: What is a Cheque?
A: A written order to a bank to pay money from an account
227. Q: What is a Post-dated Cheque?
A: A cheque bearing a future date
228. Q: What is a Dishonoured Cheque?
A: A cheque that is returned unpaid by the bank
229. Q: What is a Bearer Cheque?
A: A cheque payable to whoever presents it
230. Q: What is a Crossed Cheque?
A: A cheque payable only into a bank account, not over the counter
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24. International Banking Terms
231. Q: What is LIBOR?
A: London Interbank Offered Rate
232. Q: What replaced LIBOR globally?
A: There was no single global replacement for LIBOR. Different currencies and jurisdictions adopted different alternative reference rates. SOFR replaced USD LIBOR for US-dollar markets.
233. Q: What does SWIFT stand for?
A: Society for Worldwide Interbank Financial Telecommunication
234. Q: What is the Basel Committee?
A: An international banking regulation body under the Bank for International Settlements (BIS)
235. Q: What is Basel III?
A: A global regulatory framework for bank capital adequacy and risk management
236. Q: What does FATF stand for?
A: Financial Action Task Force — an anti-money-laundering body
237. Q: Where is FATF headquartered?
A: Paris, France
238. Q: What is the G20?
A: The G20 comprises 19 countries plus the European Union and African Union.
239. Q: Which country hosted the G20 Summit in 2023?
A: India (New Delhi)
240. Q: Which country hosted the G20 Summit in 2025?
A: South Africa — the first G20 Summit held on African soil
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25. Banking Security & Laws
241. Q: What does KYC stand for?
A: Know Your Customer
242. Q: What documents are commonly accepted for KYC?
A: Aadhaar, PAN, Passport, Voter ID, Driving License
243. Q: What does AML stand for?
A: Anti-Money Laundering
244. Q: What does CFT stand for in banking?
A: Combating the Financing of Terrorism
245. Q: What is the full form of DICGC?
A: Deposit Insurance and Credit Guarantee Corporation
246. Q: What is the maximum deposit insurance cover in India?
A: ₹5 lakh per depositor per bank
247. Q: DICGC is a subsidiary of which organization?
A: RBI
248. Q: What does the SARFAESI Act deal with?
A: Recovery of bad loans (NPAs) by banks
249. Q: What does FEMA stand for?
A: Foreign Exchange Management Act (1999)
250. Q: What does PMLA stand for?
A: Prevention of Money Laundering Act (2002)
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26. Banking & Insurance
251. Q: What does Bancassurance mean?
A: Selling insurance products through banks
252. Q: What is Reinsurance?
A: Insurance purchased by insurance companies themselves, to spread risk
253. Q: Which is the largest insurance company in India?
A: Life Insurance Corporation of India (LIC)
254. Q: When was LIC established?
A: 1956
255. Q: Where is LIC headquartered?
A: Mumbai
256. Q: In which year was LIC listed on the stock exchange?
A: 2022
257. Q: Which was the first private life insurance company in India after liberalization?
A: ICICI Prudential Life Insurance
258. Q: What does ULIP stand for?
A: Unit Linked Insurance Plan
259. Q: What does an actuary do?
A: Calculates financial risks and insurance premiums
260. Q: What does Motor Third-Party Insurance cover?
A: Liability for injury or death caused to third parties in road accidents
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27. Indian Economy — Reports & Surveys
261. Q: Who publishes the Economic Survey of India?
A: The Ministry of Finance
262. Q: When is the Union Budget usually presented?
A: 1 February each year
263. Q: Who publishes the "Global Competitiveness Report"?
A: The World Economic Forum (WEF)
264. Q: Who publishes the "World Economic Outlook"?
A: IMF
265. Q: Who publishes the "Human Development Report"?
A: UNDP
266. Q: Who used to publish the "Ease of Doing Business Report"?
A: World Bank (the report was discontinued in 2021)
267. Q: Who publishes the "Global Hunger Index"?
A: Concern Worldwide and Welthungerhilfe
268. Q: Who publishes the "World Happiness Report"?
A: The United Nations Sustainable Development Solutions Network
269. Q: What is GST?
A: Goods and Services Tax, introduced in India in 2017
270. Q: What does CBDT stand for?
A: Central Board of Direct Taxes
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28. Digital Banking & Fintech
271. Q: What does FinTech mean?
A: Financial Technology
272. Q: What is a Digital Wallet?
A: A software application used to store money for digital payments
273. Q: Name two popular Indian digital wallets.
A: Paytm and PhonePe
274. Q: What does NPCI stand for?
A: National Payments Corporation of India
275. Q: What does BBPS stand for?
A: Bharat Bill Payment System
276. Q: What does AEPS stand for?
A: Aadhaar Enabled Payment System
277. Q: What does API stand for in the context of FinTech?
A: Application Programming Interface
278. Q: What is "Open Banking"?
A: The practice of securely sharing banking data with third parties via APIs, with customer consent
279. Q: Which country was among the first to adopt India's UPI outside India?
A: Singapore was among the early countries to enable UPI-linked cross-border payment connectivity with India.
280. Q: What is CIBIL Score?
A: A three-digit credit score reflecting an individual's creditworthiness in India
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29. Banking Awareness — Miscellaneous
281. Q: What is MSF (Marginal Standing Facility)?
A: An RBI lending facility that helps banks meet emergency liquidity needs
282. Q: What is Bank Rate?
A: Bank Rate is the rate at which RBI is prepared to buy or rediscount eligible bills of exchange or commercial paper.
283. Q: What is the Call Money Market?
A: A market where banks lend to and borrow from each other overnight
284. Q: What is a White Label ATM?
A: An ATM owned and operated by a non-banking company
285. Q: What is a Brown Label ATM?
A: An ATM owned by a third party but operated by a bank
286. Q: What is Green Banking?
A: Environmentally sustainable banking practices
287. Q: What is Offshore Banking?
A: Banking services offered in a foreign jurisdiction, often to non-residents
288. Q: What is Shadow Banking?
A: Financial activities carried out by NBFCs and similar entities outside the traditional regulated banking system
289. Q: What is CASA?
A: Current Account, Savings Account — a measure of a bank's low-cost deposit base
290. Q: What is the validity period of a demand draft?
A: 3 months
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30. Indian Banking Structure & History (Extra)
291. Q: Which is India's oldest major banking institution whose history traces back to the Bank of Calcutta?
A: State Bank of India (SBI), whose history traces back to 1806.
292. Q: When was SBI nationalized?
A: 1955
293. Q: When was Punjab National Bank established, and where?
A: 1894, in Lahore
294. Q: In which year did ICICI Bank begin operations?
A: 1994
295. Q: What is a Payments Bank?
A: A limited-scope bank that can accept deposits and offer payment services but cannot lend
296. Q: Which was India's first Payments Bank?
A: Airtel Payments Bank
297. Q: What is a Small Finance Bank?
A: A bank focused on serving small businesses, farmers, and unbanked sections through basic banking services
298. Q: Who regulates Payments Banks and Small Finance Banks in India?
A: RBI
299. Q: What is a Universal Bank?
A: A universal bank is a bank that provides a broad range of banking and financial services, subject to the applicable regulatory framework.
300. Q: Which bank is widely regarded as an early Indian pioneer of universal banking?
A: ICICI Bank
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Quick Revision: First-in-India Banking Facts
1. India's first bank?
Bank of Hindustan (1770)
2. RBI's first Governor?
Sir Osborne Smith
3. RBI's first Indian Governor?
C.D. Deshmukh
4. Bank that introduced ATMs in India?
HSBC (Mumbai, 1987)
5. Bank that introduced the cheque system?
Bank of Bengal
6. Bank that introduced the savings bank scheme?
Presidency Bank
7. Bank that introduced internet banking?
ICICI Bank
8. Bank that introduced mutual funds?
SBI
9. Bank that introduced the credit card?
Central Bank of India
10. India's first foreign bank?
Comptoired'Escompted Paris
11. India's first joint stock bank?
Allahabad Bank
12. First Indian bank to open a branch abroad?
Bank of India
13. First bank established with Indian capital?
Punjab National Bank
14. India's first universal bank?
ICICI Bank
15. First Indian bank listed on the NYSE?
ICICI Bank
16. First Indian bank to open a branch in Africa?
ICICI Bank
17. First bank to execute a blockchain transaction in India?
ICICI Bank
18. India's first Regional Rural Bank?
Prathama Grameen Bank
19. First bank to introduce Talking ATMs for the visually impaired?
Union Bank of India
20. First bank to launch its own payment aggregator (SBI ePay)?
SBI
21. India's first women-focused bank?
Bharatiya Mahila Bank (since merged into SBI)
22. First bank to open a dedicated branch for startups?
RBL Bank
23. First bank to introduce Aadhaar-based ATMs?
DCB Bank
24. First bank to sell gold coins to customers?
Indian Overseas Bank
25. India's first Small Finance Bank?
Capital Small Finance Bank (2016)
26. First Indian bank to issue a certified Green Bond on the London Stock Exchange?
Axis Bank
27. First Indian bank to issue a Masala Bond?
HDFC Bank
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Final Tips for Banking & Finance GK Preparation
Revise current affairs monthly— RBI Governor, SEBI Chairperson, repo rate, and top company rankings are among the most frequently changed facts in this section, so always cross-check them close to your exam date.
Group facts by theme(regulators, headquarters, abbreviations, "first in India") rather than memorizing them as one long list — it makes recall far easier under exam pressure.
Practice with mock tests regularly to see how these facts are actually asked in IBPS, SBI, and RBI Grade B papers.
Note the "current" facts separately in your own revision sheet, since these are the ones exam-setters most often flag as outdated in older GK material.
All the best for your exam preparation!
