Banking Awareness PYQs

The correct answer is ₹500 crore.

In News

• The Department of Financial Services (DFS) approved ₹500 crore capital infusion for IFCI Limited in January 2025.

Key Points

• The ₹500 crore capital infusion was sanctioned for FY 2024-25 to strengthen IFCI's financial position.
• This infusion aims to enhance IFCI's lending capacity and support infrastructure financing.
• The funds were released in January 2025 as part of the government's development financial institution (DFI) support.
• IFCI will utilize these funds to meet regulatory capital requirements and expand operations.

Additional Information

• About IFCI Limited
• Established: 1948 (India's first DFI)
• Headquarters: New Delhi
• Primary Role: Infrastructure and industrial project financing
• Recent Capital Infusions
• FY 2023-24: ₹200 crore infusion
• FY 2022-23: ₹300 crore infusion
• Government Support
• Ownership: 56.42% stake held by government entities
• Classification: Systemically Important Non-Deposit taking NBFC

The correct answer is All of the above.

In News

• The contributions of the Drafting Committee members were commemorated during National Constitution Day (Samvidhan Divas) on November 26, 2024.

Key Points

• All three mentioned individuals - Alladi Krishnaswami Ayyar, Gopalaswami Ayyangar, and K.M. Munshi - were members of the Drafting Committee.
• The Drafting Committee was formed on August 29, 1947, with Dr. B.R. Ambedkar as its Chairman.
• The committee had seven members who were responsible for preparing the draft of the Constitution.
• They worked for nearly three years to draft the world's longest written constitution.

Additional Information

• Complete Drafting Committee Members
• Dr. B.R. Ambedkar (Chairman)
• Alladi Krishnaswami Ayyar
• N. Gopalaswami Ayyangar
• K.M. Munshi
• Syed Mohammad Saadullah
• B.L. Mitter (later replaced by N. Madhava Rao)
• D.P. Khaitan (later replaced by T.T. Krishnamachari)
• Key Contributions
• Alladi Krishnaswami Ayyar: Expert in constitutional law
• Gopalaswami Ayyangar: Drafted provisions about states and judiciary
• K.M. Munshi: Worked on fundamental rights and language provisions
• Constitution Facts
• Adopted: November 26, 1949
• Came into effect: January 26, 1950
• Original copies: Handwritten in Hindi and English

The correct answer is Madhya Pradesh.

In News

• Pachmarhi Biosphere Reserve, located in Madhya Pradesh, is one of India's significant biodiversity hotspots.

Key Points

• Pachmarhi Biosphere Reserve is situated in the Satpura Range of Madhya Pradesh.
• It was designated as a Biosphere Reserve in 1999 by UNESCO.
• The reserve covers an area of 4,926 square kilometers.
• It includes three wildlife conservation units: Bori Sanctuary, Pachmarhi Sanctuary, and Satpura National Park.

Additional Information

• Flora and Fauna
• Rich biodiversity with over 50 mammal species and 254 bird species
• Home to endangered species like the Giant Squirrel and Flying Squirrel
• Contains rare medicinal plants and teak forests
• UNESCO Recognition
• Part of the World Network of Biosphere Reserves
• Recognized for its unique ecosystem of forests and grasslands
• Tourism Significance
• Pachmarhi hill station is located within the reserve
• Known for its scenic beauty and ancient caves

The correct answer is Karnataka.

In News

• Kasuti embroidery from Karnataka received the Geographical Indication (GI) tag for its unique traditional craftsmanship.

Key Points

• Kasuti embroidery originates from Karnataka and is traditionally practiced by women in the region.
• This intricate hand embroidery received the GI tag in 2008, recognizing its unique cultural heritage.
• The embroidery is characterized by its complex geometric patterns and is done without using knots.
• Kasuti work is traditionally done on Ilkal sarees, the other GI-tagged product from Karnataka.

Additional Information

• Kasuti Embroidery Features
• Four distinct styles: Gavanti, Murgi, Negi and Menthe
• Uses cotton thread on dark background fabric
• Traditionally takes 3-4 weeks to complete one saree
• Other GI Tags from Karnataka
• Mysore Silk
• Channapatna Toys
• Coorg Orange
• Dharwad Pedha
• Geographical Indication (GI) Tag
• Legal recognition for products originating from specific geographical locations
• Valid for 10 years, renewable
• Administered by the Controller General of Patents, Designs and Trademarks

The correct answer is PhonePe.

In News

• PhonePe continues to dominate India's UPI ecosystem with the highest transaction volume as of December 2024.

Key Points

• PhonePe processed over 4.9 billion UPI transactions in November 2024, maintaining its market leadership.
• The platform commands approximately 48.3% market share in UPI transactions as per latest NPCI data.
• PhonePe achieved this position through aggressive merchant onboarding and user-friendly features.
• The Walmart-owned company crossed 500 million registered users milestone in 2024.

Additional Information

• UPI Market Share (December 2024)
• PhonePe: 48.3%
• Google Pay: 34.7%
• Paytm: 12.5%
• Others: 4.5%
• PhonePe's Growth
• Founded: December 2015
• Parent Company: Walmart (acquired in 2018)
• Key Features: Instant money transfer, bill payments, investments
• UPI Ecosystem
• Launched: April 2016 by NPCI
• Monthly Volume: ~10 billion transactions (December 2024)
• Total Value: ₹18.2 lakh crore processed in November 2024

The correct answer is IIT Madras.

In News

• IIT Madras launched Asia's largest shallow wave basin research facility in January 2025 to study waves and currents for coastal engineering projects.

Key Points

• IIT Madras inaugurated the largest shallow wave basin facility in Asia in January 2025.
• The facility is designed to simulate and study complex wave and current patterns.
• It will support research for Indian ports, waterways, and coastal infrastructure development.
• The wave basin is part of IIT Madras' National Technology Centre for Ports, Waterways and Coasts (NTCPWC).

Additional Information

• National Technology Centre for Ports, Waterways and Coasts (NTCPWC)
• Established at IIT Madras with support from the Ministry of Ports, Shipping and Waterways.
• Aims to develop indigenous technologies for maritime infrastructure.
• Focus areas: Port engineering, coastal protection, and inland waterways.
• Shallow Wave Basin Facility
• Dimensions: 60m x 40m x 2.5m (one of the largest in the world).
• Capabilities: Can simulate tsunamis, storm surges, and regular wave patterns.
• Applications: Testing port designs, coastal protection structures, and offshore platforms.

The correct answer is Rs. 2250 per quintal.

In News

• The government has set the new reserve price of rice under the Open Market Sale Scheme (OMSS) at Rs. 2250 per quintal for 2024-25.

Key Points

• The new reserve price of Rs. 2250 per quintal for rice under OMSS was announced for the fiscal year 2024-25.
• This price is applicable for the sale of rice to states and other bulk buyers under the OMSS.
• The OMSS aims to stabilize market prices and ensure food security by releasing food grains from buffer stocks.
• The Food Corporation of India (FCI) is the nodal agency responsible for implementing the OMSS.

Additional Information

• Open Market Sale Scheme (OMSS)
• Objective: To moderate market prices and offload excess food grains.
• Grains sold: Rice and wheat from FCI's buffer stock.
• Target buyers: States, bulk consumers, and private traders.
• Food Corporation of India (FCI)
• Role: Procurement, storage, and distribution of food grains.
• Established: 1965 under the Food Corporations Act.
• Headquarters: New Delhi.

The correct answer is England – 2022.

In News

• India won the ICC Men’s T20 World Cup 2024 by defeating South Africa by 7 runs.

Key Points

• England won the ICC Men’s T20 World Cup in 2022 by defeating Pakistan in the final.
• The 2022 final was held at the Melbourne Cricket Ground (MCG), Australia.
• England scored 161/5, restricting Pakistan to 137/8, winning by 5 wickets.
• This was England’s second T20 World Cup title (first in 2010).

Additional Information

• ICC T20 World Cup 2024
• Winner: India (defeated South Africa by 7 runs).
• Final Venue: Kensington Oval, Barbados.
• Player of the Match: Virat Kohli (76 runs).
• Past Winners
• 2021: Australia (defeated New Zealand).
• 2016: West Indies (defeated England).
• 2009: Pakistan (defeated Sri Lanka).

The correct answer is Sooraj R. Barjatya.

In News

• Sooraj R. Barjatya wins Golden Lotus Award at 70^th National Film Awards.

Key Points

• Sooraj R. Barjatya received the Golden Lotus Award (Best Director).
• Awarded for his family drama "Uunchai" (2022).
• 70^th National Film Awards honored films released in 2022.
• Presented by President Droupadi Murmu in October 2024.

Additional Information

• About Sooraj R. Barjatya
• Known for family-centric films
• Famous works: Maine Pyar Kiya, Hum Aapke Hain Koun..!
• Rajshri Productions legacy
• Other Major Winners
• Best Feature Film: "Aattam" (Malayalam)
• Best Actor: Allu Arjun (Pushpa: The Rise)
• Best Actress: Alia Bhatt (Gangubai Kathiawadi)
• National Film Awards
• India's most prestigious film honors
• Established: 1954
• Golden Lotus (Swarna Kamal) is highest award

The correct answer is Botswana.

In News

• World's second largest diamond (2,492 carats) discovered in Botswana.

Key Points

• 2,492-carat diamond found in Botswana's Karowe mine (August 2024).
• Second only to the 3,106-carat Cullinan diamond (1905).
• Discovered by Lucara Diamond Corp.
• Type IIa diamond (chemically pure with exceptional clarity).

Additional Information

• Botswana's Diamond Industry
• Accounts for ~70% of Botswana's export earnings
• Karowe mine famous for large, high-quality diamonds
• World's top diamond producer by value
• Historical Large Diamonds
• Cullinan Diamond: 3,106 carats (South Africa, 1905)
• Sewelô Diamond: 1,758 carats (Botswana, 2019)
• Diamond Classification
• Type IIa: Most chemically pure (＜0.1% nitrogen)
• Often become D-color graded (highest quality)

The correct answer is 68%.

In News

• UN released a population of India report.

Key Points

• The UNFPA’s ‘The State of World Population Report, 2023’, titled ‘8 Billion Lives, Infinite Possibilities: The Case for Rights and Choices’ released India’s population is projected to be 1,428.6 billion while that of China’s 1,425.7 billion, a difference of 2.9 million.
• The latest figures were given under the category of ‘Demographic Indicators’ in the report.
• It was the first time that India’s population would overtake China’s since 1950 when the UN began to collect and release population data.
• The UNFPA report states that 25% of India’s population is in the age group of 0-14, 18% in 10-19, 26% in 10-24, 68% in 15-64, and 7% above 65.
• The corresponding figures for China are 17%, 12%, 18%, 69%, and 14%, which means the country has nearly 200 million above the age of 65.

Additional Information

• United Nations
• It is an International organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, and achieve international cooperation.
• Established in - 1945
• HQ - New York City
• President - Dennis Francis

The correct answer is Special Additional Excise Duty.

In News

• Government slashes windfall tax on crude petroleum.

Key Points

• The government has cut the windfall tax on domestically-produced crude oil to ₹1,700 per tonne from ₹2,300 per tonne with effect from January 16 2024.
• The tax is levied in the form of a Special Additional Excise Duty (SAED). According to an official notification, SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil.
• India first imposed windfall profit taxes on July 1, 2022, joining a growing number of nations that tax supernormal profits of energy companies.
• The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Additional Information

• Windfall tax​
• ​A windfall tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry.
• Windfall taxes are designed to tax the profits a company derives from an external, sometimes unprecedented event for instance, the energy price rise as a result of the Russia-Ukraine conflict.

The correct answer is All of the above.

In News

• The presence of Indian banks via subsidiaries increased to 417 in FY23

Key Points

• Indian banks increased their overseas presence through the subsidiaries route to 417 during 2022-23, from 399 at the end of the preceding fiscal, as per Reserve Bank data.
• Their employee strength, too, rose 0.5 percent and 6.2 percent for foreign branches and subsidiaries, respectively, during 2022-23, the Reserve Bank of India (RBI) survey on International Trade in Banking Services 2022-23 showed.
• The survey covers 14 Indian banks having overseas branches or subsidiaries and 44 foreign banks having branches or subsidiaries in India.
• On the other hand, the number of branches and employees of foreign banks in India contracted during 2022-23 to 774 from 858 in 2021-22.
• The bank has a commercial presence in the territory of the service-importing country and the service is delivered therein.
• The commercial presence can be through various investment vehicles like representative offices, branches, subsidiaries, associates and correspondents.

Additional Information

• Reserve Bank of India
• Established in 1935
• HQ - Mumbai
• Governor - ShaktiKanta Das

The correct answer is 5 crore.

In News

• MOSPI launches new eSakshi app to track MPLADS process.

Key Points

• The Ministry of Statistics and Programme Implementation launched a new app to track the fund flow under the Member of Parliament Local Area Development Scheme-2023.
• The new eSakshi app will provide an interface to capture the “entire MPLAD scheme cycle, providing convenience and accessibility like never before.
• The annual MPLADS fund entitlement per Member of Parliament (MP) constituency is Rs.5 crore, released in two instalments of Rs.2.5 crore each, subject to the fulfilment of conditions as per the MPLADS Guidelines.
• The Ministry will release MPLADS funds at the rate of Rs. 2 crore per Member of Parliament for the remaining period of FY 2021-22 in one instalment and the rate of Rs. 5.00 crore per annum per Member of Parliament during FY 2022-23 to FY 2025-26 in two instalments of Rs.2.5 crore each.
• Since the inception of the Scheme, a total of 19,86,206 works/projects have been completed with the financial implication of Rs. 54171.09 crore.

Additional Information

• MPLADS
• The MPLADS is a Central Sector Scheme fully funded by the Government of India.
• The objective of the scheme is to enable MPs to recommend works of a developmental nature with emphasis on the creation of durable community assets in the areas of drinking water, primary education, public health, sanitation and roads, etc. primarily in their Constituencies.

The correct answer is New Delhi.

In News

• Regional Rural Banks

Key Points

• RRBs are sponsored by Public Sector Banks (PSBs).
• There are currently 43 RRBs supported by 12 public sector banks with 21,856 branches across 26 states and 3 Union Territories - Puducherry, Jammu Kashmir, and Ladakh.
• Each RRB is operated within a certain limit only.
• RRBs provide 75% of their total credit as Priority Sector Lending to fulfill the criterion applicable to commercial banks.

Additional Information

• Jammu & Kashmir
• J&K Grameen Bank
• Ladakh
• Ellaquai Dehati Bank
• Puducherry
• Puduvai Bharathiar Grama Bank

The correct answer is Local Area Bank - 3.

In News

• No of Banks

Key Points

• Banks are financial institutions that perform deposit and lending functions.
• There are various types of banks in India and each is responsible for performing different functions.
• The Reserve Bank of India is the central bank of our country.

Each country has a central bank that regulates all the other banks in that particular country.

• In India, there are currently 12 PSBs including the State Bank of India (SBI), Bank of Baroda, etc, 21 private sector banks like Axis, and ICICI, 11 Small Finance Banks, 6 Payment Banks,  43 Regional Rural Banks, and 45 Foreign Banks.
• Local Area Bank - 4

The correct answer is 30.

Key Points

• As per the RBI's guidelines on Responsible Lending Conduct, the Regulated Entities (REs) shall release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/ settlement of the loan account.
• The borrower shall be given the option of collecting the original movable/immovable property documents either from the banking outlet/branch where the loan account was serviced or any other office of the RE where the documents are available, as per her / his preference.
• In case of delay in releasing of original movable/immovable property documents or failure to file charge satisfaction form with the relevant registry beyond 30 days after full repayment/ settlement of the loan, the RE shall communicate to the borrower the reasons for such delay.
• In the case where the delay is attributable to the RE, it shall compensate the borrower at the rate of ₹5,000/- for each day of delay.

The correct answer is All A, B, and C.

In News

• State Bank of India raises Rs 3,101 crore through AT1 bond at 8.1%.

Key Points

• The country’s largest lender, State Bank of India (SBI), has raised Rs 3,101 crore capital via additional tier I bonds (AT1) at a coupon of 8.1 percent.
• This is 15 basis points lower than the pricing for its previous AT1 bond issued at 8.25 percent in March.
• The base issue size for AT1 bonds was Rs 3,000 crore, with a green shoe of Rs 7,000 crore. Rating agency CRISIL has assigned an "AA+" rating to AT1 bonds (Under Basel III regulations).
• Out of the total Rs 50,000 crore bond issuance plan for FY24, Rs 20,000 crore will be from AT1 bonds, including this week’s proposed offering. It also has plans to issue tier-II bonds worth Rs 10,000 crore and the balance would be through infrastructure bonds in 2023-24.

Additional Information

• State Bank of India
• ​Founded in - 1955
• HQ - Mumbai
• Chairman - Dinesh Kumar Khara​

The correct answer is 11 lakh crore.

In News

• The total corpus under pension funds crosses Rs 11 trillion.

Key Points

• The Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty announced the total corpus under the National Pension System and Atal Pension Yojana has crossed Rs 11 lakh crore.
• The milestone of Rs 11 lakh crore asset under management (AUM) was achieved on January 10, 2024.
• The AUM has increased from Rs 10 lakh crore to Rs 11 lakh crore in 4 months and 18 days (August 24, 2023 to January 10, 2024).
• The authority in September revised the AUM target of Rs 12 lakh crore for the current fiscal.
• The pension authority is working on a minimum assured pension plan, and it could become a reality in the next financial year if the guarantee issued is resolved.
• The pension fund regulatory body was considering raising the current return of Rs 1,000-5,000 to Rs 2,500-7,500.

Additional Information

• PFRDA
• It is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.
• Established in 2003

The correct answer is 5 years.

In News

• Govt reconstitutes the central board of trustees of EPFO

Key Points

• In a revamp of the retirement fund body Employees’ Provident Fund Organisation (EPFO), the government has reconstituted the body’s Central Board of Trustees (CBT) after the completion of its five-year term.
• The CBT, EPFO is a tripartite, statutory body constituted by the central government under the provisions of section 5A of the Employees’ Provident Funds and Miscellaneous Provisions Act,1952, and has representatives of employees, employers, and government.
• The tenure of the Board is five years.
• In 2017, the clause was inserted in Section 5 of the EPF Scheme, 1952, under which “an outgoing trustee or member shall be eligible for re-appointment as member of the central board or the regional committee, as the case may be, for a maximum of not more than two terms”.

Additional Information

• EPFO
• ​Established in - 1952
• HQ - New Delhi
• Commissioner - Neelam Shami Rao