Banking GK Questions 2026

The Royal Commission on Indian Currency and Finance of 1926, named after its chairman Edward Hilton Young, recommended that the functions of currency and credit be taken away from the Government and handed to a central bank; the recommendation was carried out by the Reserve Bank of India Act, 1934…

All seven members of the Indian Statutory Commission were British members of Parliament, among them Clement Attlee, and Indians of every party read this as a declaration that they were unfit to decide their own constitution; hence the boycott and the slogan 'Simon, go back'.

The annual session of the Indian National Congress held at Madras in December 1927, presided over by Dr M. A. Ansari, resolved to boycott the Simon Commission at every stage and in every form, and the same session passed a resolution on complete independence.

The British Government announced the Indian Statutory Commission in November 1927 under Sir John Simon to review the working of the Government of India Act, 1919; the commission itself reached Bombay on 3 February 1928 and submitted its report in 1930.

If two goods are perfect substitutes, such as two brands of identical salt, the consumer is willing to exchange them at a fixed rate whatever quantity he already holds, so the marginal rate of substitution is constant and a constant slope means a straight line.

The law of equi-marginal utility, called Gossen's second law and also the law of maximum satisfaction, says that a consumer distributes his income among goods so that the last rupee spent on each gives him the same marginal utility; he reaches that position by substituting the good with the higher…

In their joint work of 1934, and later in Hicks's Value and Capital, they replaced the measurement of utility with the ranking of preferences and rebuilt the theory of demand on indifference curves, the marginal rate of substitution and the budget line.

Equilibrium is the point at which the budget line is tangent to the highest indifference curve the consumer can reach, and at a point of tangency the slopes of the two are equal, which means MRS of X for Y equals Px divided by Py; a second condition is that…

The budget line is the equation Px·X + Py·Y = M, which on rearranging gives Y = M ÷ Py minus (Px ÷ Py)·X, so the intercept is income divided by the price of Y and the slope is the ratio of the price of the good on the horizontal…

If two curves crossed, the combination at the crossing point would belong to both and would therefore give two different levels of satisfaction at the same time, a logical contradiction; for the same reason they cannot even be tangent.

As a consumer moves down an indifference curve he holds more and more of the first good and less of the second, so each extra unit of the first is worth fewer units of the second to him; the slope therefore becomes flatter from left to right and the curve…

The marginal rate of substitution of X for Y is the number of units of Y a consumer is willing to give up to get one more unit of X while remaining on the same indifference curve, and it equals the ratio of the marginal utility of X to the…

Marginal utility is the addition made to total utility by one more unit, so as long as it is positive total utility keeps rising; the moment it becomes zero nothing more is being added and total utility stands at its highest point, called the point of satiety.

Marshall, in his Principles of Economics, built the theory of demand on the assumption that utility is measurable in imaginary units, so that a consumer can compare the ten utils of a cup of tea with the six utils of a samosa; from this assumption he derived the law of…

Article 94(b) provides that the Speaker may resign his office by writing under his hand addressed to the Deputy Speaker, and the Deputy Speaker resigns by writing addressed to the Speaker.

Article 164(1A), inserted by the Ninety-first Amendment Act of 2003, provides that the total number of Ministers, including the Chief Minister, in the Council of Ministers of a State shall not exceed fifteen per cent of the total number of members of the Legislative Assembly, and that the number shall…

Article 148(1) provides that the Comptroller and Auditor General shall be removed from office only in like manner and on the like grounds as a judge of the Supreme Court, which means an address by each House supported by the special majority of Article 124(4), on the ground of proved…

Article 124(4) provides that a judge of the Supreme Court may be removed by an order of the President only after an address by each House of Parliament, supported by a majority of the total membership of that House and by a majority of not less than two-thirds of the…

Under Article 67(b), the Vice-President may be removed by a resolution of the Rajya Sabha passed by a majority of all the then members of that House and agreed to by the Lok Sabha, and no such resolution may be moved unless at least fourteen days' notice has been given.

Article 61 lays down the procedure for impeaching the President for violation of the Constitution: the charge must be preferred by either House after at least fourteen days' notice signed by not less than one-fourth of the members of that House, and must be passed by not less than two-thirds…