IBPS Clerk General And Financial Awareness Flashcards

24 sample cards from the General And Financial Awareness deck

Sampled from the end of the deck, so these are different cards from the ones shown on the syllabus page.

1. Which regulator oversees the securities market, the insurance sector, and the pension sector in India?

   Securities market: SEBI (Securities and Exchange Board of India); Insurance: IRDAI (Insurance Regulatory and Development Authority of India); Pension: PFRDA (Pension Fund Regulatory and Development Authority).

2. When was SEBI established and given statutory status?

   SEBI was established in 1988 as a non-statutory body and given statutory powers through the SEBI Act, 1992. Its headquarters is in Mumbai.

3. What is the role of NABARD and when was it established?

   NABARD (National Bank for Agriculture and Rural Development) is the apex development bank for agriculture and rural development, established on 12 July 1982. It regulates RRBs and Cooperative Banks.

4. What does DICGC do and what is the current deposit insurance cover limit?

   DICGC (Deposit Insurance and Credit Guarantee Corporation), a subsidiary of RBI, insures bank deposits. The cover limit is Rs 5 lakh per depositor per bank.

5. What is the objective of the Pradhan Mantri Jan Dhan Yojana (PMJDY)?

   Launched in 2014, PMJDY aims at financial inclusion by providing universal access to banking with zero-balance accounts, RuPay debit cards, accident/life insurance cover, and overdraft facilities.

6. What insurance cover do PMJJBY and PMSBY provide, and at what premium?

   PMJJBY (Jeevan Jyoti Bima Yojana) gives Rs 2 lakh life cover at Rs 436/year. PMSBY (Suraksha Bima Yojana) gives Rs 2 lakh accidental death/disability cover at Rs 20/year (revised premiums).

7. What is the Atal Pension Yojana (APY) aimed at?

   APY is a guaranteed pension scheme for unorganised sector workers, providing a fixed pension of Rs 1,000 to Rs 5,000 per month after age 60, based on contributions made. It is administered by PFRDA.

8. What is the purpose of the PM MUDRA Yojana and its loan categories?

   Pradhan Mantri MUDRA Yojana provides loans up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises. Categories: Shishu (up to Rs 50,000), Kishore (Rs 50,000-Rs 5 lakh), and Tarun (Rs 5 lakh-Rs 10 lakh).

9. Who presents the Union Budget, under which constitutional article, and what is the Annual Financial Statement?

   The Finance Minister presents the Union Budget under Article 112 of the Constitution. The Annual Financial Statement is the official name for the Union Budget, showing estimated receipts and expenditure for the year.

10. What is the difference between Fiscal Deficit and Revenue Deficit?

    Fiscal Deficit = total expenditure minus total receipts (excluding borrowings); it shows total borrowing needs. Revenue Deficit = revenue expenditure minus revenue receipts; it shows shortfall in regular income.

11. What is the Economic Survey and who prepares it?

    The Economic Survey is an annual document reviewing the economy's performance, prepared by the Department of Economic Affairs (Finance Ministry) under the Chief Economic Adviser. It is tabled before the Union Budget.

12. What is the difference between Direct Tax and Indirect Tax, with examples?

    Direct Tax is paid directly by the person on whom it is levied and cannot be shifted (e.g., Income Tax, Corporate Tax). Indirect Tax is collected by an intermediary and shifted to the consumer (e.g., GST, Customs Duty).

13. What is National Income, and what are GDP and GNP?

    National Income is the total monetary value of all goods and services produced by a country in a year. GDP (Gross Domestic Product) = value produced within a country's borders; GNP = GDP plus net factor income from abroad.

14. What is the formula relating GDP, GNP, NNP, and National Income (NNP at factor cost)?

    GNP = GDP + Net Factor Income from Abroad. NNP = GNP - Depreciation. National Income (NNP at factor cost) = NNP at market price - Indirect Taxes + Subsidies.

15. What is the difference between Real GDP and Nominal GDP?

    Nominal GDP is measured at current market prices (includes inflation). Real GDP is measured at constant (base-year) prices, removing the effect of inflation, giving a true measure of economic growth.

16. What is the GDP Deflator?

    The GDP Deflator is a measure of price inflation/deflation across the whole economy, calculated as (Nominal GDP / Real GDP) x 100. Unlike CPI, it covers all goods and services produced domestically.

17. What is the difference between CPI and WPI inflation measures?

    CPI (Consumer Price Index) measures retail price changes for goods and services consumed by households, used for RBI's inflation targeting. WPI (Wholesale Price Index) measures price changes at the wholesale/producer level.

18. What is Per Capita Income and how is it calculated?

    Per Capita Income is the average income earned per person in a region during a year. It is calculated as National Income divided by the total population, indicating the standard of living.

19. Which body releases the Human Development Index (HDI) and what dimensions does it measure?

    The UNDP (United Nations Development Programme) releases the HDI annually. It measures three dimensions: a long and healthy life (life expectancy), knowledge (education), and a decent standard of living (GNI per capita).

20. What are the headquarters and heads of the IMF and World Bank?

    Both are headquartered in Washington D.C., USA. The IMF is headed by a Managing Director; the World Bank is headed by a President. Both were established at the Bretton Woods Conference (1944).

21. What is the SDR (Special Drawing Right) and which currencies make up its basket?

    The SDR is an international reserve asset created by the IMF. Its basket comprises five currencies: US Dollar, Euro, Chinese Renminbi (Yuan), Japanese Yen, and British Pound Sterling.

22. What is the Basel III framework and what does CRAR / CAR mean for banks?

    Basel III is a global regulatory framework by the Basel Committee strengthening bank capital and liquidity. CRAR/CAR (Capital to Risk-weighted Assets Ratio) measures a bank's capital against its risk-weighted assets; RBI mandates a minimum of 9% for Indian banks (Basel III norm 8% plus buffer).

23. What is Priority Sector Lending (PSL) and what overall target applies to commercial banks?

    PSL requires banks to lend a portion of credit to priority sectors like agriculture, MSMEs, education, housing, and weaker sections. The overall target is 40% of Adjusted Net Bank Credit (ANBC) for domestic commercial banks.

24. In current affairs terms, what are the categories 'Appointments', 'Resignations', and 'Obituaries' used to track, and why are they important for banking exams?

    They track recent changes in key positions: new appointments of officials/heads (e.g., RBI Governor, CEOs, sports/government leaders), resignations from major posts, and deaths of eminent personalities. They are important because static-plus-current GK questions frequently test the latest holders of key offices and recently deceased notable figures.

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General And Financial Awareness flashcards FAQ