IBPS SO 2021 Prelims on 26th December: Practice 20 Important Banking Awareness Questions with Answers

IBPS SO 2021 Prelims: Practice Important General Awareness (with Special Reference to Banking Industry) Questions with Answers for the posts of Law Officer and Rajbhasha Adhikari.

Created On: Dec 24, 2021 16:39 IST
Modified On: Dec 24, 2021 16:39 IST
IBPS SO 2021 Prelims: Practice 20 Important General Awareness (with Special Reference to Banking Industry) Questions with Answers
IBPS SO 2021 Prelims: Practice 20 Important General Awareness (with Special Reference to Banking Industry) Questions with Answers

IBPS SO 2021 Prelims General Awareness (with Special Reference to Banking Industry): The IBPS SO 2021 Prelims will be held on 26th December 2021. The Institute of Banking Personnel Selection (IBPS) will be conducting the IBPS SO 2021 in two phases – Online Preliminary and Online Main exams. The IBPS SO 2021 Mains will be on 30th January 2022 to fill up 1,828 Specialist Officers (SO) – Scale I across 11 participating Public Sector Banks during the CRP SPL-XI Recruitment Drive. The 1,828 Specialist Officers (SO) – Scale I posts include IT Officer, Rajbhasha Adhikari, Agricultural Field Officer, Law Officer, Marketing Officer, and HR/Personnel Officer. Only shortlisted candidates in the IBPS SO 2021 Mains exam will be called for the Interview phase. The IBPS SO 2021 Prelims Admit Card is available to download till 26th December 2021. In this article, candidates can practice 20 Important General Awareness (with Special Reference to Banking Industry) Questions with Answers for the posts of Law Officer and Rajbhasha Adhikari.

   IBPS SO 2021 Important Links

IBPS SO 2021 Law Officer, Rajbhasha Adhikari posts: Job Profile, Salary, Vacancies, Prelims Exam Pattern & Syllabus

IBPS SO 2021: Important Dates

IBPS SO 2021 Recruitment Process

Important Dates

Online Application Registration Date

3rd November 2021 to 23rd November 2021

Last Date for Online application

23rd November 2021

IBPS SO Prelims Admit Card Download

10th December 2021 to 26th December 2021

IBPS SO Prelims Exam Date

26th December 2021

IBPS SO Mains Exam Date

30th January 2022

IBPS SO Interview Date

February 2022/ March 2022 (Tentative)

IBPS SO 2021 Exam Pattern: Prelims

The IBPS SO 2021 Prelims includes English Language, Reasoning Ability, General Awareness (special reference to banking industry), and Quantitative Aptitude. Each section will be allotted 40 minutes. There will be a total of 150 Objective Multiple Choice Questions (MCQs).  The medium of exam for Reasoning Ability, Quantitative Aptitude, and General Awareness (with Special Reference to Banking Industry) will be English & Hindi. The paper for the English Language will be conducted in English only.  The IBPS SO 2021 Prelims exam will be conducted in online mode (post-wise).

NOTE: For the post of Law Officer and Rajbhasha Adhikari, the sections in the IBPS SO 2021 Prelims will be English Language, Reasoning Ability, and General Awareness (special reference to banking industry). 

For the post of Law Officer and Rajbhasha Adhikari

Section  No. of
Questions
Maximum
Marks
Medium of Exam Duration 
English Language 50 25 English 40 Minutes
Reasoning 50 50 English & Hindi 40 Minutes
General Awareness (with Special Reference to Banking Industry) 50 50 English & Hindi 40 Minutes
Total 150 125    

IBPS SO 2021: 20 Important General Awareness (with Special Reference to Banking Industry) Questions with Answers (Law Officer and Rajbhasha Adhikari)

Q1 When did the Banking Regulation Act come into effect?

  1. 16th January 1949
  2. 16th April 1949
  3. 16th March 1949
  4. 16th February 1949
  5. 16th May 1949

Answer: C

The Banking Regulation Act, 1949 came into effect on 16th March 1949. It was passed as the Banking Companies Act, 1949 and was changed to Banking Regulation Act, 1949 on 1st March 1966.

Q2 What is the rank of India in the Foreign Exchange Reserve?

  1. 15th
  2. 2nd
  3. 4th
  4. 1st
  5. 12th

Answer: C

India currently ranks 4th among the largest Foreign Exchange Reserves in the world with a Forex Reserve at USD 640.4 billion.

Q3. UIDAI (Unique Identification Authority of India) was established under which of the following?

  1. Ministry of Finance
  2. Ministry of Corporate Affairs
  3. NITI Aayog
  4. Ministry of Electronics & Information Technology
  5. Ministry of Communications

Answer: D

The Unique Identification Authority of India is a statutory authority established under the provisions of the Aadhaar Act 2016 by the Government of India under the Ministry of Electronics & Information Technology.

Q4. What does FEMA stand for?

  1. Foreign Exchange Management Agency
  2. Foreign Exchange Management Act
  3. Federal Exchange Management Authority
  4. Foreign Exchange Management Administration
  5. Federal Emergency Management Agency

Answer: B

FEMA stands for Foreign Exchange Management Act. It was passed on 29th December 1999 as an Act of the Parliament of India to replace the Foreign Exchange Regulation Act (FERA).

Q5. When was the Financial Literacy Week observed in India?

  1. 8th to 12th December 2021
  2. 8th to 12th February 2021
  3. 8th to 12th September 2021
  4. 8th to 12th April 2021
  5. 8th to 12th August 2021

Answer: B

The Reserve Bank of India (RBI) observes Financial Literacy Week (FLW) every year since 2016 to raise awareness around financial education. In 2021, the RBI observed FLW from 8th to 12th February with the theme ‘Credit Discipline and Credit from Formal Institutions’.

Q6. Bank of Baroda has launched bob World Wave. What is it?

  1. Wearable Payment Solution
  2. Banking Virtual Reality (VR) Solution
  3. AI-enabled Chat Robot
  4. Debit Card
  5. Cryptocurrency

Answer: A

Bank of Baroda in collaboration with the National Payments Corporation of India (NPCI) on 14th December 2021 launched the bob World Wave as a wearable device that will monitor its customers’ SpO2, heart rate, body temperature, and blood pressure. It includes a 3-months free wellness package, contactless payment up to Rs 5,000 in all NFC enabled PoS devices, and a dummy plastic card with the serial number as printed on the bob World Wave wearable device.

Q7. After the amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, bank account holders in India can now access their insured deposit within how many days?

  1. 180 days
  2. 60 days
  3. 90 days
  4. 120 days
  5. 40 days

Answer: C

The Centre had amended the DICGC Act in August 2021 to ensure that the bank account holders in India can access their insured deposit within 90 days in case of a bank coming under the moratorium imposed by the Reserve Bank of India (RBI).

Q8. What is the first bank in India that uses satellite data for assessing the creditworthiness of farmers?

  1. Indian Overseas bank
  2. Axis Bank
  3. HDFC Bank
  4. ICICI Bank
  5. Punjab National Bank

Answer: D

ICICI Bank in August 2020 introduced the usage of satellite data including imagery from Earth observation satellites for assessing the creditworthiness of its farmer customer base. It measures a host of parameters such as land, irrigation, crop patterns in combination with demographic & financial paraments to issue faster lending decisions for farmers.

 Q9. Who regulates the Non-Banking Financial Companies (NBFCs)?

  1. Reserve Bank of India (RBI)
  2. National Bank for Agriculture and Rural Development (NABARD)
  3. Securities and Exchange Board of India (SEBI)
  4. Ministry of Finance
  5. Banking Codes and Standards Board of India (BCSBI)

Answer: A

The Reserve Bank of India (RBI) under the RBI Act 1934 regulates the working and operations of the NBFCs. The RBI has the power to register, formulate policies, issue directives, inspect, supervise & regulate the NBFCs.

Q10. What will be the minimum percentage shares holding of government in the Public Sector Banks (PSBs)?

  1. 26 per cent
  2. 70 per cent
  3. 45 per cent
  4. 51 per cent
  5. 65 per cent

Answer: A

The Banking Laws (Amendment) Bill, 2021, is slated to be introduced in the Winter session of the Indian Parliament that will bring down the minimum percentage shares holding of Government in the Public Sector Banks (PSBs) from 51 per cent to 26 per cent. As per the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, the Government must hold 51 per cent in Public Sector Banks (PSBs).

Q11 Which of the following launched Kisan Credit Card for the first time?

  1. SEBI
  2. RBI
  3. NABARD
  4. World Bank
  5. Ministry of Finance

Answer: C

The Kisan Credit Card scheme was launched in 1998 by the National Bank for Agriculture and Rural Development (NABARD) to aid farmers in purchasing agriculture inputs such as seeds, fertilizers, pesticides etc, and avail cash for their production requirements.

Q12 In regard to the functions of NITI Aayog, which of the following statements are true?

Statement 1: To develop mechanisms to formulate credible plans at the village level and aggregate these progressively at higher levels of government

Statement 2: To create a knowledge, innovation and entrepreneurial support system through a collaborative community of national and international experts, practitioners and other partners.

Statement 3: To ensure that the interests of national security are incorporated in economic strategy and policy

Statement 4: Management of foreign exchange reserves

  1. Statement 1 and 3
  2. Only Statement 1 and 4
  3. Only Statement 2 and 3
  4. Statement 1, 2, and 3
  5. All of the above

Answer: D

The functions of NITI Aayog include statements 1, 2, and 3.  Statement 4 is a function of the Reserve Bank of India (RBI).

Q13 Which of the following Indian Bank is the first to open its branch in China?

  1. ICICI Bank
  2. Axis Bank
  3. HDFC Bank
  4. State Bank of India (SBI)
  5. Indian Overseas Bank

Answer: D

The State Bank of India (SBI) is the first Indian Bank that opened its branch in China. It is also the only Indian bank that got inducted to China’s National Advance Payment System (CNAPS) by People’s Bank of China (PBOC) and also obtained the license to conduct business in local currency.

Q14 When was Goods and Services Tax (GST) was introduced in India?

  1. 1st July 2017
  2. 1st March 2017
  3. 1st August 2017
  4. 1st February 2017
  5. 1st October 2017

Answer: A

Goods and Services Tax (GST) was launched on the 1st July 2017.

Q15 What is referred to as Bankers Cheque?

  1. Credit Card
  2. Debit Card
  3. Demand Draft (DD)
  4. Fixed Deposit (FD)
  5. Recurring Deposit (RD)

Answer: C

Demand Draft (DD) is referred to as Bankers Cheque. Demand Draft is a non-negotiable instrument issued by the bank.

Q16 The Reserve Bank of India follows which system to issue currency notes?

  1. Maximum Fiduciary System
  2. Minimum Reserve System
  3. Fixed Fiduciary System
  4. Proportional Reserve System
  5. Simple Deposit System

Answer: B

The Reserve Bank of India (RBI) follows the Minimum Reserve System under which the RBI has to maintain a minimum reserve of Rs 200 crore comprising gold coin, gold bullion, and foreign currencies. There is no limit for the RBI to issue currencies under Minimum Reserve System.

Q17 Who among the following is the present Governor of the RBI?

  1. Raghuram Rajan
  2. Shaktikanta Das
  3. Urijit R Patel
  4. Y V Reddy
  5. D Subbarao

Answer: B

The present Governor of the RBI is Shaktikanta Das (12th December 2018-Present). Urijit R Patel (2016-2018), Raghuram Rajan (2013-2016), D Subbarao (2008-2013), Y V Reddy (2003-2008).

Q18 Under which regulation, Know Your Customer (KYC) has been introduced in financial transactions?

  1. Banking Regulation Act
  2. Regional Rural Banks Act
  3. Deposit Insurance and Credit Guarantee Corporation Act
  4. Reserve Bank of India Act
  5. Prevention of Money Laundering Act

Answer: E

The Prevention of Money Laundering Act was introduced by the Reserve Bank of India (RBI) in 2002 under which the RBI regulated the Know Your Customer (KYC) norms under PMLA, 2002.

Q19 When was the Regional Rural Banks Act passed?

  1. 2003
  2. 1986
  3. 1976
  4. 1980
  5. 1990

Answer: C

The Regional Rural Banks Act was passed in 1976 with an aim of incorporation, regulation and winding up of Regional Rural Banks to develop the rural economy.

Q20 What does BHIM stand for?

  1. Bharat Interface for Money
  2. Bharat Insta Money
  3. Bharat Internet for Money
  4. Bharat Immediate Money Service
  5. Bharat Instant Money Service
  6. Bharat Interface for Instant Money

Answer: A

BHIM (Bharat Interface for Money) is an Indian mobile payment app that has been developed by the National Payments Corporation of India based on the Unified Payments Interface. It was launched on 30th December 2016 to enable e-payments and cashless transactions.

IBPS SO 2021 Admit Card – Download Link 

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