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IBPS GK Questions 2026

Static GK in IBPS exams means banking awareness first. The awareness tests of PO, Clerk and RRB Mains name banking, economy, financial and digital awareness, and the questions that return every year are about the RBI and its functions, the monetary policy tools (repo, SDF, MSF, CRR, SLR), types of banks and accounts, NPAs, Basel norms, priority sector lending, payment systems such as UPI, NEFT, RTGS and IMPS, deposit insurance, financial inclusion schemes, and the regulators SEBI, IRDAI and PFRDA and institutions such as NABARD and SIDBI. Headquarters and taglines of banks, capitals and currencies, national parks, dams and important days appear too, though with a smaller share than in SSC. This page holds GK24's topic-wise GK notes for banking exams, written as short facts and tables so that a topic can be revised in one sitting, with the terms and abbreviations that IBPS papers use. Read a topic, then solve its previous-year questions and quiz on this site to check what you retained, and come back to the notes for the facts you missed.

IBPS GK Questions with Answers

Q3661.Indian EconomyEasy

A term loan is classified as a non-performing asset when interest or principal remains overdue for more than how many days?

  1. A.30 days
  2. B.60 days
  3. C.90 days
  4. D.180 days
Show answer
Correct answer: C. 90 days

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.

Q3662.Indian PolityHard

Consider the following statements about the appointment of the Chief Justice of India and identify the correct ones.

1. The Constitution expressly provides that the senior-most judge of the Supreme Court shall be appointed Chief Justice of India.
2. The convention of appointing the senior-most judge was set aside in 1973 and again in 1977.
3. The outgoing Chief Justice of India recommends the name of his successor.

  1. A.Only 1 and 2
  2. B.Only 2 and 3
  3. C.Only 1 and 3
  4. D.All of 1, 2 and 3
Show answer
Correct answer: B. Only 2 and 3

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.

Q3663.Indian PolityMedium

Under which Article can the President transfer a judge from one High Court to another?

  1. A.Article 219
  2. B.Article 221
  3. C.Article 222
  4. D.Article 224
Show answer
Correct answer: C. Article 222

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…

Q3664.Indian PolityMedium

Which of the following is a qualification for appointment as a judge of the Supreme Court of India?

  1. A.Five years of practice as an advocate of a High Court
  2. B.Ten years of service as a judge of a High Court
  3. C.Five years as a judge of a High Court
  4. D.Completion of 45 years of age
Show answer
Correct answer: C. Five years as a judge of a High Court

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.

Q3665.Indian PolityEasy

What is the age of retirement of a judge of a High Court, and which amendment fixed it?

  1. A.60 years, fixed by the original Constitution
  2. B.62 years, raised by the Fifteenth Amendment Act, 1963
  3. C.65 years, raised by the Fifteenth Amendment Act, 1963
  4. D.65 years, fixed by the original Constitution
Show answer
Correct answer: B. 62 years, raised by the Fifteenth Amendment Act, 1963

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.

Q3666.Indian PolityHard

The Fourth Judges Case of 2015 struck down the Ninety-ninth Constitutional Amendment by what majority, and which judge dissented?

  1. A.3:2, Justice Kurian Joseph dissenting
  2. B.4:1, Justice J. Chelameswar dissenting
  3. C.5:0, with no dissent
  4. D.4:3, Justice Madan Lokur dissenting
Show answer
Correct answer: B. 4:1, Justice J. Chelameswar dissenting

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.

Q3667.Indian PolityHard

Who among the following was NOT a member of the National Judicial Appointments Commission as provided by Article 124A?

  1. A.The Chief Justice of India
  2. B.The Union Minister of Law and Justice
  3. C.The Attorney General of India
  4. D.Two eminent persons nominated by a committee
Show answer
Correct answer: C. The Attorney General of India

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…

Q3669.Indian PolityMedium

After the Third Judges Case of 1998, the collegium that recommends appointments to the Supreme Court consists of the Chief Justice of India and how many other judges?

  1. A.Two senior-most judges
  2. B.Three senior-most judges
  3. C.Four senior-most judges
  4. D.Five senior-most judges
Show answer
Correct answer: C. Four senior-most judges

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.

Q3670.Indian PolityMedium

In which case did the Supreme Court first hold that the word "consultation" in Article 124 does not mean "concurrence"?

  1. A.S. P. Gupta v. Union of India (1981)
  2. B.Supreme Court Advocates-on-Record Association v. Union of India (1993)
  3. C.The Third Judges Case (1998)
  4. D.Kesavananda Bharati v. State of Kerala (1973)
Show answer
Correct answer: A. S. P. Gupta v. Union of India (1981)

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.

Q3671.Indian PolityEasy

Under which Article of the Constitution are the judges of the Supreme Court of India appointed?

  1. A.Article 122
  2. B.Article 124
  3. C.Article 127
  4. D.Article 217
Show answer
Correct answer: B. Article 124

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…

Q3672.Indian EconomyMedium

Engel's law states that as the income of a household rises

  1. A.The proportion of income spent on food falls
  2. B.The proportion of income spent on food rises
  3. C.Total spending on food falls in absolute terms
  4. D.Saving falls as a proportion of income
Show answer
Correct answer: A. The proportion of income spent on food falls

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.

Q3673.Indian EconomyMedium

Which of the following is the correct distinction between the cash reserve ratio and the statutory liquidity ratio?

  1. A.CRR is kept in cash with the Reserve Bank; SLR is kept by the bank itself in cash, gold or approved securities
  2. B.CRR is kept by the bank itself; SLR is kept with the Reserve Bank
  3. C.Both are kept with the Reserve Bank in cash
  4. D.Both are kept by the bank itself in government securities
Show answer
Correct answer: A. CRR is kept in cash with the Reserve Bank; SLR is kept by the bank itself in cash, gold or approved securities

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…

Q3674.Indian EconomyHard

Which curve is used to measure the inequality of income distribution, and what is the associated coefficient?

  1. A.Phillips curve and the misery index
  2. B.Laffer curve and the tax ratio
  3. C.Lorenz curve and the Gini coefficient
  4. D.Engel curve and the elasticity of demand
Show answer
Correct answer: C. Lorenz curve and the Gini coefficient

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.

Q3676.Indian EconomyHard

Which of the following correctly defines the primary deficit?

  1. A.Fiscal deficit minus interest payments
  2. B.Revenue expenditure minus revenue receipts
  3. C.Total expenditure minus total receipts including borrowings
  4. D.Revenue deficit minus grants for creation of capital assets
Show answer
Correct answer: A. Fiscal deficit minus interest payments

The fiscal deficit of a year contains the cost of servicing past borrowing as well as fresh spending, so taking out interest payments leaves the primary deficit, which shows how far the present year's expenditure exceeds its receipts on its own account.

Q3677.Indian EconomyMedium

Gross National Product is obtained by

  1. A.Adding net factor income from abroad to Gross Domestic Product
  2. B.Subtracting depreciation from Gross Domestic Product
  3. C.Adding indirect taxes to Net National Product
  4. D.Dividing Gross Domestic Product by the population
Show answer
Correct answer: A. Adding net factor income from abroad to Gross Domestic Product

Gross domestic product counts what is produced inside the domestic territory, whoever produces it, while gross national product counts what is produced by the normal residents of the country, wherever they are; the bridge between them is net factor income from abroad, which is the income Indians earn abroad minus…

Q3679.Indian EconomyAsked in: Delhi · 27 Aug, 2019, Shift 3Easy

What is Repo Rate?

  1. A.The short term rate at which the bank provides loans to the customers.
  2. B.Short term rate at which the government lends to the bank.
  3. C.The short-term rate at which the Reserve Bank of India lends to the bank.
  4. D.The bank gives loans to the Reserve Bank of India at short term rates.
Show answer
Correct answer: C. The short-term rate at which the Reserve Bank of India lends to the bank.

The repo rate is the rate at which the Reserve Bank of India lends short-term money to commercial banks against the collateral of government securities under a repurchase agreement, which is where the name repo comes from; it is the policy rate announced by the Monetary Policy Committee and the…

Q3680.Indian EconomyAsked in: SSC CGL · 03 Dec 2022, Shift 4Medium

Unemployment arising due to mismatch between job availability in the market and skills of available worker is called

  1. A.Seasonal
  2. B.Structural
  3. C.Economical
  4. D.Frictional
Show answer
Correct answer: B. Structural

It arises when the structure of the economy changes, so that the jobs being created need skills different from those the available workers possess; it lasts long and is cured by retraining and education rather than by a revival of demand.