Banking GK Questions 2026

The Estimates Committee was set up in 1950 on the suggestion of John Mathai, who was then the Union Finance Minister, and it consists of thirty members, all elected from the Lok Sabha; the Rajya Sabha has no representation on it.

The Public Accounts Committee has twenty-two members, fifteen elected by the Lok Sabha and seven by the Rajya Sabha, each by proportional representation through the single transferable vote, for a term of one year.

Article 100(1) provides that the Speaker or the person acting as Speaker shall not vote in the first instance, but shall have and exercise a casting vote in the case of an equality of votes.

The proviso to Article 94 states that the Speaker shall not vacate office on the dissolution of the House of the People but shall continue to hold it until immediately before the first meeting of the next Lok Sabha.

Article 94(c) says the Speaker or Deputy Speaker may be removed from office by a resolution of the House of the People passed by a majority of all the then members of the House, and the proviso requires fourteen days notice of the intention to move such a resolution.

Article 93 of the Constitution provides that the House of the People shall, as soon as may be, choose two members of the House to be respectively Speaker and Deputy Speaker, and that whenever either office becomes vacant the House shall choose another member to fill it.

It was created under the General Insurance Business Nationalisation Act of 1972 as a holding company with four subsidiaries, namely National Insurance, New India Assurance, Oriental Insurance and United India Insurance.

The Pradhan Mantri Fasal Bima Yojana, launched in 2016, fixes the farmer share of the premium at two per cent of the sum insured for kharif food and oilseed crops, with the rest of the actuarial premium shared by the central and state governments.

The Insurance Amendment Act of 2021 amended the Insurance Act of 1938 to raise the permissible foreign direct investment in an Indian insurance company to seventy-four per cent, subject to conditions designed to keep management and control in Indian hands.

It functions under the Ministry of Labour and Employment and administers three schemes under the Employees Provident Funds and Miscellaneous Provisions Act of 1952: the Employees Provident Fund Scheme of 1952, the Employees Pension Scheme of 1995 and the Employees Deposit Linked Insurance Scheme of 1976.

The principle of indemnity means a general insurance claim restores the insured to the position held before the loss but never pays more than the loss actually suffered, which is why a motor or fire claim is settled on the value of the damage.

The Atal Pension Yojana was launched in 2015 in place of the earlier Swavalamban scheme and is aimed at workers of the unorganised sector.

Under the National Pension System a subscriber holds a Permanent Retirement Account Number and a Tier I account, which is the pension account proper and permits only restricted withdrawal before retirement, and may additionally open a Tier II account, which is a voluntary savings account from which money can be…

The National Pension System, a defined contribution arrangement, applies compulsorily to central government employees who joined service on or after 1 January 2004, with the armed forces excluded; employees recruited before that date remain under the older defined benefit pension.

The authority first worked as an interim body set up by a government resolution in October 2003, and it was given statutory status by the Pension Fund Regulatory and Development Authority Act of 2013, which came into force on 1 February 2014.

The Life Insurance Corporation of India came into being on 1 September 1956 under the Life Insurance Corporation Act, which nationalised life insurance in India and took over the business of about two hundred and forty-five insurers; its head office is at Mumbai.

The committee on insurance sector reforms was appointed in 1993 under R. N. Malhotra, a former Governor of the Reserve Bank of India.

The Insurance Regulatory and Development Authority of India was constituted under the Act of 1999, became a statutory body in April 2000 and has its head office at Hyderabad, having moved there from Delhi in its early years.

Zone 6 covers the far south of the peninsula together with the Lakshadweep islands, so PIN codes in Thiruvananthapuram and Chennai both begin with 6.

India Post Payments Bank was launched on 1 September 2018 and is wholly owned by the Government of India under the Department of Posts.