Banking GK Questions 2026

The Export-Import Bank of India was established under an Act of Parliament passed in 1981 and commenced operations in 1982, taking over the international financing business of the Industrial Development Bank of India.

Packing credit is a pre-shipment advance given against a confirmed export order or a letter of credit, so that the exporter can procure raw material, manufacture, process and pack the consignment.

Here the export credit received by the middleman or manufacturer is used as the security for a second, usually smaller, credit issued in favour of the supplier of the goods or the raw material.

It lays down that the surety's liability is coextensive with that of the principal debtor unless it is otherwise provided by the contract, which is why a bank that gives an unconditional guarantee can be called upon for the whole amount without the creditor first exhausting its remedies against the…

On the day a guarantee is issued no money leaves the bank. The bank lends only its name, earns commission as fee income, and records the amount as a contingent liability that will become a real outflow only if the beneficiary invokes the guarantee and the bank has to pay.

Section 126 of that Act defines a contract of guarantee as a contract to perform the promise or discharge the liability of a third person in case of his default, and names the three parties: the surety who gives the guarantee, the principal debtor whose default is covered, and the…

Article 3 of UCP 600 states this in so many words, and Article 10 adds that an irrevocable credit can be amended or cancelled only with the agreement of the issuing bank, the confirming bank if any, and the beneficiary.

Article 14(b) of UCP 600 gives the issuing bank, a confirming bank and any nominated bank a maximum of five banking days following the day of presentation to determine whether the presentation is complying.

The applicant is the importer or buyer, who approaches its own bank, asks it to issue a credit in favour of the overseas seller, agrees the terms and documents that will be required, and pays the issuing commission.

The Uniform Customs and Practice for Documentary Credits is the International Chamber of Commerce code that banks worldwide incorporate into their letters of credit.

Three islands were renamed in 2018: Ross Island became Netaji Subhas Chandra Bose Dweep, Neil Island became Shaheed Dweep and Havelock Island became Swaraj Dweep, the words Shaheed and Swaraj being the names Netaji himself had used for the islands during the Second World War.

The city at the meeting of the Ganga and the Yamuna, where the Kumbh is held, was renamed Prayagraj in 2018, and in the same year the Faizabad district of the state was renamed Ayodhya and Mughalsarai Junction became Pandit Deen Dayal Upadhyaya Junction.

Parliament passed the law that changed the English spelling of the state's name to Odisha, together with a constitutional amendment that changed the name of its language from Oriya to Odia, so that both matched the local pronunciation.

Saigon was the capital of South Vietnam, and after the north and the south were united the city was renamed in 1976 after Ho Chi Minh, the leader of the Vietnamese independence movement.

Founded as Byzantium, the city became Constantinople as the capital of the eastern Roman empire and was officially renamed Istanbul in 1930; it straddles the Bosphorus and so lies partly in Europe and partly in Asia.

The small southern African monarchy announced the change in 2018 on the fiftieth anniversary of its independence, the new name meaning the land of the Swazi in the Swati language, and it is now listed at the United Nations as the Kingdom of Eswatini.

Northern Rhodesia became Zambia on independence in 1964 and Southern Rhodesia became Zimbabwe in 1980, the new name being taken from the stone ruins of Great Zimbabwe.

The correct answer is B, Burkina Faso, which was called Upper Volta after the branches of the river Volta that cross it and took its present name in 1984; the new name is drawn from two of its own languages and is read as the land of upright people.

The British colony of the Gold Coast, named for the gold traded from its shore, became independent in 1957 under the name Ghana, which was taken from a medieval West African empire, and it was the first colony of sub-Saharan Africa to win its freedom.

The correct answer is C, 1972, the year the island became a republic and took the name Sri Lanka in place of Ceylon.