Banking GK Questions 2026

The licence of a payments bank excludes credit altogether: it may not lend to anyone and may not issue credit cards, and this single prohibition is what separates it from every other kind of bank in India.

A payments bank may accept demand deposits, that is savings and current accounts, but the total balance of an individual customer with the bank cannot exceed two lakh rupees at the end of the day.

The Reserve Bank released the final guidelines for licensing both payments banks and small finance banks on the twenty seventh of November 2014, acting on the report of the Nachiket Mor Committee on Comprehensive Financial Services for Small Businesses and Low Income Households.

The Param Vir Chakra is the highest wartime gallantry decoration of the Indian armed forces, given for the most conspicuous bravery in the presence of the enemy, and its peacetime equivalent is the Ashoka Chakra; neither belongs to the civilian order of precedence.

Sri Lankabhimanya, which means the pride of Sri Lanka, is the highest national honour of that country and is awarded for exceptional and outstanding service to the nation; the name itself carries the clue, since the country is named in the award.

The Supreme Order of the Chrysanthemum is the senior order of Japan, and the chrysanthemum is the emblem of the imperial house, which is why the flower gives the order its name and why the Japanese throne is called the Chrysanthemum Throne.

Until December 2011 the Bharat Ratna could be given only for exceptional service in art, literature and science or for public service of the highest order, and sport was outside its scope.

The rules of the Bharat Ratna provide that not more than three awards may be made in a particular year, and there is no obligation to make any award at all in a given year, which is why several years have passed with none.

The Presidential Medal of Freedom was established in 1963 by President John F. Kennedy, replacing an earlier Medal of Freedom of 1945, and it is awarded for especially meritorious contribution to the security or national interests of the United States, to world peace, or to cultural and other significant public…

Nishan-e-Pakistan, which means the order of Pakistan, is the highest civilian decoration conferred by that country and is usually given to heads of state and to those who have rendered outstanding service to Pakistan; the word nishan denotes the highest class in its system of awards, above hilal, sitara and…

The Legion of Honour was instituted by Napoleon Bonaparte in 1802 to reward civil and military merit, and it remains the highest decoration of France, awarded in five classes of which the Grand Cross is the highest.

Both the Bharat Ratna and the Padma series were instituted on the second of January 1954, during the presidency of Dr Rajendra Prasad, and the first Bharat Ratna awards went that year to C. Rajagopalachari, C. V. Raman and S. Radhakrishnan.

The Indian civilian honours run in a fixed order of precedence: the Bharat Ratna first, then Padma Vibhushan, then Padma Bhushan and then Padma Shri. Counting from the top, Padma Bhushan is therefore the third highest, and it is given for distinguished service of a high order in any field.

The Goa, Daman and Diu Reorganisation Act of 1987 raised Goa from a union territory to a full state with effect from the thirtieth of May 1987, making it the twenty-fifth state of the Union, while Daman and Diu continued as a separate union territory.

The State of Nagaland Act of 1962 gave effect to an agreement with Naga leaders and brought the new state into being on the first of December 1963, carved out of Assam; Article 371A was inserted in the Constitution to give Nagaland special provisions covering Naga customary law and land.

Bihar Diwas recalls the twenty-second of March 1912, when Bihar was separated from the Bengal Presidency and constituted as a province of its own, along with Orissa; the two were separated from each other later.

The date carries a double significance for Karnataka. The States Reorganisation Act of 1956 brought the Kannada speaking areas together as an enlarged state on the first of November 1956, though it was then called Mysore State; and it was again on the first of November, in 1973, that the…

Sikkim's entry into the Union came in two steps. The Thirty-fifth Amendment of 1974 first made it an associate state, a status created for it alone.

The States Reorganisation Act of 1956 had left Bombay as a large bilingual state containing both Marathi and Gujarati speaking areas, and the demand for separate linguistic states continued in both.

The North-Eastern Areas (Reorganisation) Act of 1971 came into force on the twenty-first of January 1972 and raised Manipur and Tripura from union territories to full states while making Meghalaya, until then an autonomous state within Assam, a state in its own right; the same Act created the union territories…