Essential Banking Awareness Questions for Bank PO Exam Preparation
Understanding Banking Awareness for Bank PO Exams
To excel in Bank PO, IBPS PO, SBI PO, or RRB PO examinations, candidates must focus on more than just reasoning and quantitative skills. A solid grasp of banking awareness and finance general knowledge is vital, yet often neglected. This knowledge not only enhances your overall score but also showcases your expertise during interviews and group discussions. Banking awareness encompasses various topics, including monetary policy, the role of the RBI, banking schemes, digital payment systems, financial terminology, and current banking events. Below are 50 key banking and finance general knowledge questions that are commonly featured in Bank PO exams.
Banking Awareness and Finance GK Questions
1. When was the Reserve Bank of India (RBI) established?
Answer: April 1, 1935
2. Where is the headquarters of RBI located?
Answer: Mumbai
3. When did RBI become nationalized?
Answer: January 1, 1949
4. Who was the inaugural governor of RBI?
Answer: Sir Osborne Smith
5. Who was the first Indian governor of RBI?
Answer: CD Deshmukh
6. Who is the current governor of RBI (2025)?
Answer: Sanjay Malhotra
7. How often is RBI's monetary policy announced?
Answer: 6 times a year (bi-monthly)
8. What does SDF stand for?
Answer: Standing Deposit Facility
9. What is the full form of CRR?
Answer: Cash Reserve Ratio
10. What does SLR stand for?
Answer: Statutory Liquidity Ratio
Banking Instruments and Services GK Questions
11. What does NEFT represent?
Answer: National Electronic Funds Transfer
12. What does RTGS stand for?
Answer: Real Time Gross Settlement
13. What is the full form of IMPS?
Answer: Immediate Payment Service
14. What does UPI stand for?
Answer: Unified Payments Interface
15. How many characters are in an IFSC code?
Answer: 11 characters
16. What is MICR code?
Answer: Magnetic Ink Character Recognition
17. What is the purpose of a SWIFT code?
Answer: For international transactions
18. What does NACH stand for?
Answer: National Automated Clearing House
19. What is the maximum validity period of a bank check?
Answer: 3 months
20. What does KYC stand for?
Answer: Know Your Customer
Banking Schemes and Insurance GK Questions
31. When was the PM Jan Dhan Yojana initiated?
Answer: August 28, 2014
32. Who is eligible for PM Jeevan Jyoti Bima Yojana?
Answer: Life insurance for individuals aged 18-50
33. What is the premium for PM Suraksha Bima Yojana?
Answer: ₹20 annually
34. What is the aim of the Atal Pension Yojana?
Answer: To provide pensions for unorganized sector workers
35. What is the digital currency pilot launched by RBI?
Answer: e₹ (digital rupee)
36. What does FCRA stand for?
Answer: Foreign Contribution Regulation Act
37. Which organization manages the Bharat Bill Payment System?
Answer: NPCI
38. What is the Pension Fund Regulatory Authority?
Answer: PFRDA
39. What is the role of IRDAI?
Answer: To regulate the insurance sector
40. What does LIC stand for?
Answer: Life Insurance Corporation
Financial Terms and Committees GK Questions
41. What does inflation signify?
Answer: Price rise
42. What does deflation indicate?
Answer: Decline in price levels
43. What is the repo rate?
Answer: The lending rate set by RBI for banks
44. What is the reverse repo rate?
Answer: Interest on deposits made by banks with RBI
45. What is the base rate?
Answer: The minimum interest rate at which a bank can lend
46. Who initiated the Bank Ombudsman scheme?
Answer: RBI
47. What does NPA stand for?
Answer: Non-Performing Asset
48. How is inflation quantified?
Answer: Using the Consumer Price Index (CPI)
49. Which organization is responsible for issuing credit scores?
Answer: CIBIL
50. What is the purpose of the Bharat QR Code?
Answer: To facilitate cashless digital payments