RBI Grade B Officer General Awareness and Current Affairs Flashcards

24 sample cards from the General Awareness and Current Affairs deck

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

1. What is the PM-KISAN scheme?

   PM-KISAN (Pradhan Mantri Kisan Samman Nidhi) provides income support of Rs 6,000 per year to eligible landholding farmer families, paid in three equal installments of Rs 2,000 directly into bank accounts.

2. What is the Goods and Services Tax (GST) and which body governs it?

   GST is a comprehensive, multi-stage, destination-based indirect tax on the supply of goods and services that subsumed multiple central and state taxes from 1 July 2017. It is governed by the GST Council.

3. What does FDI stand for, and what is the difference between the automatic and government route?

   FDI (Foreign Direct Investment) is investment by a foreign entity into Indian businesses. Under the automatic route, no prior government approval is needed; under the government route, prior approval from the concerned ministry is required.

4. What is the BRICS grouping and which countries joined in its 2024 expansion?

   BRICS originally comprised Brazil, Russia, India, China, and South Africa. In 2024 it expanded (BRICS+) to include Egypt, Ethiopia, Iran, and the UAE (and later others), forming a major emerging-economy bloc.

5. What is the New Development Bank (NDB) and where is it headquartered?

   The NDB is a multilateral development bank established by BRICS nations to fund infrastructure and sustainable development projects. It is headquartered in Shanghai, China.

6. What is the G20, and what was significant about India's role in 2023?

   The G20 is a forum of 19 countries plus the EU and African Union representing major economies. India held the G20 Presidency in 2023, hosting the summit in New Delhi under the theme 'Vasudhaiva Kutumbakam - One Earth, One Family, One Future'.

7. What is the Shanghai Cooperation Organisation (SCO)?

   The SCO is a Eurasian political, economic, and security alliance. Founding members include China, Russia, and Central Asian states; India became a full member in 2017.

8. What is the World Bank's Ease of Doing Business successor, the Business Ready (B-READY) report?

   B-READY is the World Bank's annual report (launched 2024) assessing the business and investment climate across economies, replacing the discontinued Doing Business report. It evaluates regulatory framework, public services, and operational efficiency.

9. What does India's Human Development Index (HDI), published by UNDP, measure?

   The HDI measures average achievement in three dimensions: a long and healthy life (life expectancy), knowledge (years of schooling), and a decent standard of living (Gross National Income per capita).

10. What is the Global Hunger Index (GHI) and who publishes it?

    The GHI measures hunger using four indicators: undernourishment, child stunting, child wasting, and child mortality. It is jointly published by Concern Worldwide and Welthungerhilfe.

11. What is India's nominal GDP world ranking, and which economy does it aim to surpass to become third-largest?

    India is the world's 5th-largest economy by nominal GDP (having surpassed the UK). It aims to surpass Germany and Japan to become the 3rd-largest economy by around 2027-28.

12. What does the Gini coefficient measure?

    The Gini coefficient measures income or wealth inequality within a population on a scale of 0 to 1, where 0 represents perfect equality and 1 represents maximum inequality.

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

    Fiscal Deficit = Total Expenditure - Total Receipts (excluding borrowings), indicating total borrowing needs. Revenue Deficit = Revenue Expenditure - Revenue Receipts, indicating shortfall in meeting routine expenses.

14. What is the FRBM Act and its fiscal deficit target?

    The Fiscal Responsibility and Budget Management (FRBM) Act, 2003, aims to ensure fiscal discipline. Its medium-term target is to keep the fiscal deficit at 3% of GDP and to reduce government debt.

15. What are the three lists in the Seventh Schedule of the Indian Constitution?

    The Union List (Centre's exclusive powers), the State List (states' powers), and the Concurrent List (both Centre and states can legislate). In case of conflict on the Concurrent List, central law prevails.

16. Which Article of the Constitution deals with the Right to Constitutional Remedies, and which writs can be issued under it?

    Article 32 (and Article 226 for High Courts) provides the Right to Constitutional Remedies. The five writs are Habeas Corpus, Mandamus, Prohibition, Certiorari, and Quo Warranto.

17. What is the difference between Fundamental Rights and Directive Principles of State Policy (DPSP)?

    Fundamental Rights (Part III) are justiciable (enforceable in court) and limit state power. DPSPs (Part IV) are non-justiciable guidelines for the state to achieve socio-economic justice.

18. What is the Finance Commission and under which Article is it constituted?

    The Finance Commission is a constitutional body constituted under Article 280, set up every five years. It recommends the distribution of tax revenues between the Centre and states (vertical and horizontal devolution).

19. What does GST compensation cess and the 101st Constitutional Amendment relate to?

    The 101st Constitutional Amendment Act, 2016, introduced GST in India, inserting Article 246A and creating the GST Council under Article 279A.

20. What is NITI Aayog and what did it replace?

    NITI Aayog (National Institution for Transforming India) is the government's premier policy think tank, established in 2015. It replaced the Planning Commission and functions as an advisory body, not a fund-allocating one.

21. What is the Securities and Exchange Board of India (SEBI) and what does it regulate?

    SEBI is the statutory regulator of India's securities and capital markets, established in 1992. It protects investor interests and regulates stock exchanges, mutual funds, and market intermediaries.

22. Which body regulates the insurance sector and the pension sector in India?

    IRDAI (Insurance Regulatory and Development Authority of India) regulates insurance; PFRDA (Pension Fund Regulatory and Development Authority) regulates the pension sector, including the National Pension System (NPS).

23. What is the highest civilian award of India, and what is the highest gallantry award during wartime?

    The Bharat Ratna is the highest civilian award. The Param Vir Chakra (PVC) is the highest military gallantry award, given for valour during wartime.

24. In cricket, what is the ICC Test Championship final trophy called, and which trophy is contested in the men's ODI World Cup?

    The ICC World Test Championship awards the Test Mace (and a trophy). The men's ODI Cricket World Cup awards the ICC Cricket World Cup Trophy; India won it in 1983 and 2011.

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General Awareness and Current Affairs flashcards FAQ