Banking GK Questions 2026

The Act provides that a buyer shall pay on or before the date agreed in writing and that in no case may the period exceed forty five days from the day the goods were delivered or the service rendered and accepted.

The employment generation programme gives a bank loan with a government margin money subsidy to help a person set up a micro enterprise, and the Commission, set up in 1957 under the Ministry of MSME, is the national nodal agency, working through state boards and district industries centres.

After the New Industrial Policy of 1991 licensing was abolished for almost all industries, and only a short list was kept under licence for reasons of security, health and social policy: defence equipment and aerospace, industrial explosives, specified hazardous chemicals, tobacco products such as cigarettes, and the distillation of alcoholic…

The MRTP Act had been framed for an economy of licences and was concerned with the size of firms; the Competition Act shifted the focus to conduct, prohibiting anti competitive agreements and the abuse of a dominant position and regulating combinations, and it created the Competition Commission of India to…

Under this Act a licence from the government was needed to set up a new factory, to expand capacity, to change the product line or to shift the location of a plant, which is how the state controlled the pattern of industrial growth until 1991.

It set the framework in which Indian industry worked for more than three decades, dividing industry into three schedules: Schedule A reserved seventeen industries for the state, Schedule B marked twelve for growing state participation and Schedule C left the rest to private enterprise.

The MSMED Act came into force on 2 October 2006. It defined micro, small and medium enterprises in law for the first time, provided for a National Board for MSME, required a memorandum of registration and laid down the rule that a buyer must pay a micro or small enterprise…

The National Small Industries Corporation was set up in 1955 to help small units with machinery on hire purchase, raw material supply, marketing and government purchase, and it works under the Ministry of Micro, Small and Medium Enterprises.

This Act of 1985 had created the Board for Industrial and Financial Reconstruction to deal with sick industrial units in the private sector.

Under the composite criteria notified in 2020, an enterprise with investment in plant, machinery or equipment up to one crore rupees and turnover up to five crore rupees is a micro enterprise, and the same ceilings apply whether it manufactures goods or renders services.

The expression comes from the Micro, Small and Medium Enterprises Development Act, which came into force on 2 October 2006 and gave the sector its first statutory definition, replacing the older language of small scale and ancillary industrial undertakings.

The International Court of Justice sits in the Peace Palace at The Hague in the Netherlands, and it is the only principal organ of the United Nations not based in New York.

By the middle of 1991 India's foreign exchange reserves had fallen to about one billion dollars, enough to pay for only about two weeks of imports, and the country stood close to default on its external payments.

BIMSTEC, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, has seven members: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.

The circular flow of income in a simple economy has only two sectors, households and firms, and it shows two streams running in opposite directions.

Stagflation is the awkward state in which prices keep rising while output stagnates and unemployment stays high, so the usual trade-off between inflation and unemployment breaks down.

Coal India, the largest coal producing company in the world, was granted Maharatna status in 2011 and remains on the list.

The National Housing Bank is one of the central nodal agencies through which the Centre passes the interest subsidy of the Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana (Urban) down to the lenders.

A 301 reply means Moved Permanently: the page now lives at a new address and the browser or search engine should use that address from now on.

It is the micro-finance scheme under which women borrow small sums at a concessional rate of interest, so the rebate in interest is built into the scheme itself.