Banking GK Questions 2026

Section 12 of the Code gives the resolution process 180 days from the date of admission, allows the adjudicating authority to extend it once by up to 90 days on a resolution of the Committee of Creditors, and the amendment of 2019 added the outer limit of 330 days, which…

Created under the Code of 2016, it registers and oversees insolvency professionals, insolvency professional agencies and information utilities, and makes the regulations under which the resolution process runs, which makes it both a regulator and a rule-maker.

For companies and limited liability partnerships the application for insolvency is filed before the Tribunal, which admits or rejects it, declares the moratorium and appoints the interim resolution professional; appeals lie to the National Company Law Appellate Tribunal and then to the Supreme Court.

The Code was passed in 2016 on the recommendations of the Bankruptcy Law Reforms Committee and replaced a scatter of older laws, among them the Sick Industrial Companies Act and parts of the Companies Act, with a single time-bound process in which control passes from the defaulting promoter to the…

The classification runs in a sequence: an account that has just become non-performing is sub-standard for the first twelve months, after which it becomes doubtful, and it is called a loss asset when recovery is no longer expected.

Under the Reserve Bank's prudential norms on income recognition and asset classification, an asset stops being a performing asset when interest or an instalment of principal remains overdue for more than ninety days, and the bank must then stop treating the interest as income and start making provisions.

Statement 1 is wrong: the Constitution nowhere says that the senior-most judge must become Chief Justice of India; seniority is a convention and the Memorandum of Procedure records it, not Article 124.

The correct answer is C, Article 222, which empowers the President to transfer a judge from one High Court to any other High Court after consultation with the Chief Justice of India; by the collegium practice laid down in the Third Judges Case, the Chief Justice forms that opinion with…

Article 124(3) requires a citizen of India who either has been a judge of a High Court for at least five years, or has been an advocate of a High Court for at least ten years, or is in the opinion of the President a distinguished jurist.

Article 217(1) originally fixed the retirement age of a High Court judge at 60 years, and the Fifteenth Constitutional Amendment Act of 1963 raised it to 62.

A five-judge Constitution Bench held that the Ninety-ninth Amendment and the NJAC Act violated the independence of the judiciary, which is part of the basic structure, mainly because the Union Law Minister and two eminent persons would sit on a body selecting judges.

Article 124A gave the National Judicial Appointments Commission six members: the Chief Justice of India as ex officio chairperson, the two next senior-most judges of the Supreme Court, the Union Minister of Law and Justice, and two eminent persons nominated by a committee consisting of the Prime Minister, the Chief…

It was brought into force in April 2015 along with the NJAC Act, 2014, and struck down by a Constitution Bench the same year.

The Second Judges Case of 1993 required the Chief Justice of India to form his opinion in consultation with his two senior-most colleagues, so the first collegium had three members.

The Court there read "consultation" literally, holding that the Chief Justice of India's opinion was not binding on the government, which therefore kept the final say in appointments.

Article 124(1) establishes the Supreme Court, and Article 124(2) provides that every judge of the Supreme Court shall be appointed by the President by warrant under his hand and seal after consultation with such judges of the Supreme Court and the High Courts as the President may deem necessary; its…

Engel's law, named after the nineteenth century statistician Ernst Engel, says that the share of a household's spending that goes on food falls as its income rises, even though the amount spent on food may well go up.

The cash reserve ratio is the proportion of a bank's net demand and time liabilities that it must keep as cash with the Reserve Bank of India, on which it earns no interest, and the statutory liquidity ratio is the proportion it must maintain in its own hands in the…

The Lorenz curve plots the cumulative share of income against the cumulative share of population, so a straight diagonal would mean perfect equality and the more the curve sags away from that line the greater the inequality.

It is the hardest condition for policy to handle, because the remedy for inflation is to squeeze demand while the remedy for unemployment is to expand it, so no single step cures both; the classic episode followed the oil price shocks of the nineteen seventies.