Banking Awareness for IBPS Exam

General Awareness & Banking Awareness questions for IBPS RRB,Clerk, IBPS PO, Bank Clerk, Bank PO and MT Exams are listed below for the candidates who are preparing for bank exams. Read all the General awareness, General knowledge & Banking awareness  Questions and answers

Banking Awareness

IBPS extraordinarily concentrates on managing an account mindfulness in CWE. Since the heating division is firmly identified with cash, business, and strategies that influence the managing an account industry, it gets to be essential to know current undertakings and have enough information about the regular saving money terms. The managing an account or general mindfulness area in the Common Written Examination holds forty imprints weightage. The inquiries identified with keeping money mindfulness are asked in the MAINS exam yet a hopeful ought to know the subtle elements heretofore. The meeting procedure will be in view of the information of this segment. these are some topics, student must be aware of following:

Abbreviations: The abbreviations of common banking terms, currencies, or policies are asked under these types of questions. The abbreviations are related to bank’s functioning, common terms that are related to day to day transactions, the policies which are initiated for mass levels, new schemes for customer benefits, names of organizations, etc. are asked under this topic. Going through the abbreviations will help answering multiple choice questions easily.

Awards and Honors: This section includes questions about recent winnings of popular awards in national and international context. The yearly awards or honors in gallantry, literature, sciences, etc. are asked under this topic. The famous awardees of the year, people who were honored in different fields, prizes won by champions in national, international games. It also includes famous prizes like Wimbledon, Pulitzer, Noble Prizes, etc.

Banks: Candidates should know about different banks, the leading organizations, history of banks, the working methods of banks etc. There are different types of banks like public sector banks, private banks, co-operative banks, and regional rural banks that were created with different motives. A candidate attempting IBPS should have proper knowledge about the area of working of a bank and what a particular bank is built for. The history of banks with Indian context, privatization of banks, capitol regulations on banks, etc. should be included in studies too.

Banking OmbudsmanThe banking ombudsman scheme provides a judicial authority that looks over the complaints of customers against banks for services provided by them. It was first introduced in the year 1995 in India and with years, amendments were made to take care of customers with a proper judicial authority. Different types of complaints can be registered through it using complaint forms, the candidates should know the functioning of ombudsman, the amendments made, the annual reports etc.

Banking Terms: A candidate should know what are repo rates, reverse repo rates, check bouncing, bank rate, core banking solutions, demat accounts, fiscal deficit, forex, inflation, leverage ratio, liquidity, market capitalization, mortgage, mutual funds, statutory liquidity ratio (SLR), etc. The knowledge of banking terms and common economic terms used in finance and banks, determine the aptitude of a person preparing for IBPS.

Cashless ATM withdrawal:The technique behind using the cashless transactions for a secure and efficient money exchange has to be known considering the future of banking industry. The first of organizations utilizing the cashless schemes must be known to candidates. The cashless ATM withdrawal scheme involves online account of sender and mobile number of recipient. With these simple needs and security measures considered people will not need ATM cards in future.

Countries/ Currencies:The general knowledge regarding recent currency problems, role of currency regulating factors, institutions that maintain currency regulations, role of RBI,  countries, their capitals, the currencies etc. The banking relations of a country with another, monetary policies applicable to a country, exchange rates of currencies, market value of countries in international share markets etc. should be known.

E-Banking:The shift of paper work from banks to computer has helped create a totally new are of E-Banking where all the transactions and work happens through electronic media. The payments made from phone or computer comes under e-banking. The widespread usage of internet and security measures has evolved a new platform for banking activities.

Enterprises (Micro, small and medium):The MSME act, division of enterprises into micro, small and medium scale etc. There are standards that define the classification of enterprises into categories, according to the participation of workforce, monetary value involved and machinery.

Finance: The questions related to financial policies, budgets, allotment of funds etc. are asked under this topic. Which new policies are include, improvement of the GDP, inflation rate issues etc. Questions closely associated with Indian and International economy, World Bank, International Monetary Fund etc. should be known.

Financial Inclusion:It refers to the delivery of financial services to customers who cannot get affordable financial services. The services are priced and strategized in such ways that the consumers with low income can easily pay their loans and fund small scale production of goods.

Financial and Banking sector reforms: The policies made to enhance the working conditions of small, medium or large sized industries comes under the financial and banking sector reforms. These reforms or amendments in laws and policies state that whatever the state of an industry may be, on some specified conditions, it holds the power of sharing resources equally, period of repayment of loans is longer, financial assistance are provided to seeking organizations.

Fund Transfer Schemes: The technology and schemes used to transfer funds or money from one bank account to another, comes under this topic. The details of IFSC code, NEFT, RTGS etc. are key features of the banking industry. The allotment of codes, branches and their usage is asked in banking awareness.

Government Schemes:The schemes initiated by government, changes in prior schemes, etc. are asked in form of general knowledge. Candidates should know about MGNREGA, BHARAT NIRMAN or MAKE IN INDIA, finance commission programs, one rank pension scheme, Pradhan mantri jan dhan yojna, rural employment schemes, women empowerment schemes, etc. These were some common schemes which should be on tips of aspirants.

Important Banking Committees:The knowledge about leading committees that decide the policies related to banking sectors should be known. The committees and benches that decide what should be the preferential policies required to improve the bank qualities, customer relationships, business and financial shares, should be understood and known prior examination.

List of RBI governors:The candidates should know a bit of background about the governors of RBI, because significance of RBI cannot be ruled out in Indian banking sector. RBI is the governing body of all the financial policies related to Indian Banking sector, therefore every governor contributes to a significant amount of ground breaking policies that inflict monetary valuation in market and business.

NABARD:The National Bank for Agriculture and Rural Development is a apex development bank instituted to increase the credit flow in agriculture and rural development. It closely associated for planning matters and operations to enhance the development of rural area and agriculture.

Negotiable Instruments:The negotiable instruments are documents that guarantee payment of specific amount of money by the payer at a set time. These instruments are commonly known as promissory notes, bills, bank notes and cheques. They are valid documents for production of money from a bank or institution.
Technology used in ATM, Credit Cards, Debit Cards, Internet Banking, Wallets: The technological aspect behind different modes of payment is asked in banking awareness paper. The features of using one mode or other, the usage, technology, etc. are also asked. The security measures, the availability according to capacity etc. should be known beforehand.

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