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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

Q3983.Indian States & UTsHard

Asia's first hydroelectric power station was set up at which place in Karnataka?

  1. A.Jog
  2. B.Shivanasamudra
  3. C.Linganamakki
  4. D.Hosapete
Show answer
Correct answer: B. Shivanasamudra

The hydroelectric station built at Shivanasamudra on the Kaveri in 1902 was the first of its kind in Asia, and its power was carried to the Kolar Gold Fields, then one of the deepest mining operations in the world, over what was at the time the longest transmission line in…

Q3986.Indian States & UTsHard

The monolithic statue of Gommateshwara at Shravanabelagola was raised by whom?

  1. A.Chavundaraya
  2. B.Krishnadevaraya
  3. C.Vishnuvardhana
  4. D.Pulakeshin II
Show answer
Correct answer: A. Chavundaraya

The figure of Gommateshwara, also called Bahubali, stands about fifty-seven feet high on Vindhyagiri hill at Shravanabelagola in Hassan district and was raised by Chavundaraya, a minister and general of the Western Ganga kingdom, towards the end of the tenth century.

Q3988.Indian States & UTsMedium

Which is the highest peak in Karnataka?

  1. A.Mullayanagiri
  2. B.Anamudi
  3. C.Kudremukh
  4. D.Doddabetta
Show answer
Correct answer: A. Mullayanagiri

Mullayanagiri, in Chikkamagaluru district in the Baba Budangiri range of the Western Ghats, rises to about one thousand nine hundred and thirty metres and is the highest point in Karnataka.

Q3989.Indian States & UTsMedium

Jog Falls in Karnataka is formed on which river?

  1. A.Kaveri
  2. B.Sharavathi
  3. C.Tungabhadra
  4. D.Krishna
Show answer
Correct answer: B. Sharavathi

The Sharavathi is a west-flowing river of Karnataka, and at Jog in Shivamogga district it drops in four separate cascades named Raja, Rani, Rocket and Roarer, making one of the highest waterfalls in India.

Q3991.Banking & Financial AwarenessEasy

Under FEMA, authorised persons such as authorised dealers and money changers are authorised by:

  1. A.The Reserve Bank of India
  2. B.The Ministry of Commerce and Industry
  3. C.The Directorate General of Foreign Trade
  4. D.The Indian Banks Association
Show answer
Correct answer: A. The Reserve Bank of India

Section 10 of FEMA empowers the Reserve Bank to authorise any person to deal in foreign exchange or in foreign securities as an authorised dealer, money changer, offshore banking unit or in any other way, and to revoke that authorisation in the public interest or for breach of its conditions.

Q3992.Banking & Financial AwarenessHard

An appeal against an order of the Appellate Tribunal under FEMA lies to:

  1. A.The Reserve Bank of India
  2. B.The Adjudicating Authority
  3. C.The High Court on a question of law
  4. D.The Directorate of Enforcement
Show answer
Correct answer: C. The High Court on a question of law

Under FEMA a contravention is adjudicated by an Adjudicating Authority, an appeal from that order goes to the Appellate Tribunal, and from the Tribunal an appeal lies to the High Court, but only on a question of law and within the period the Act allows.

Q3994.Banking & Financial AwarenessHard

Which committee gave a road map for fuller capital account convertibility of the Indian rupee?

  1. A.Narasimham Committee
  2. B.Tarapore Committee
  3. C.Rangarajan Committee
  4. D.Chakravarty Committee
Show answer
Correct answer: B. Tarapore Committee

The committee chaired by S. S. Tarapore examined capital account convertibility for the Reserve Bank and set out the preconditions and a phased road map; the rupee remains fully convertible on the current account but only partly on the capital account.

Q3995.Banking & Financial AwarenessMedium

Where the amount involved is quantifiable, the penalty for a contravention under FEMA may extend up to:

  1. A.The sum involved
  2. B.Twice the sum involved
  3. C.Thrice the sum involved
  4. D.Five times the sum involved
Show answer
Correct answer: C. Thrice the sum involved

Section 13 provides that a person contravening the Act is liable to a penalty of up to three times the sum involved where that sum is quantifiable, and up to two lakh rupees where it is not quantifiable, and a continuing contravention attracts a further five thousand rupees for every…

Q3997.Banking & Financial AwarenessMedium

What is the annual limit per resident individual under the Liberalised Remittance Scheme?

  1. A.USD 25,000
  2. B.USD 1,00,000
  3. C.USD 2,50,000
  4. D.USD 10,00,000
Show answer
Correct answer: C. USD 2,50,000

Under the Liberalised Remittance Scheme every resident individual, including a minor, may freely remit up to two lakh fifty thousand United States dollars in a financial year running from April to March, for any permitted current or capital account transaction or a combination of the two.

Q3998.Banking & Financial AwarenessMedium

Under FEMA, a person resident in India is one who has resided in India for more than how many days during the preceding financial year?

  1. A.90 days
  2. B.120 days
  3. C.182 days
  4. D.240 days
Show answer
Correct answer: C. 182 days

FEMA defines a person resident in India by a stay of more than one hundred and eighty-two days in the preceding financial year, with exceptions for a person who has gone abroad for employment, for business or for an uncertain period, and for a person who has come to India…

Q3999.Banking & Financial AwarenessMedium

Which agency is responsible for the enforcement of FEMA?

  1. A.Reserve Bank of India
  2. B.Directorate of Enforcement
  3. C.Central Bureau of Investigation
  4. D.Securities and Exchange Board of India
Show answer
Correct answer: B. Directorate of Enforcement

The Directorate of Enforcement, which works under the Department of Revenue in the Ministry of Finance, investigates contraventions of FEMA, conducts searches and places cases before the Adjudicating Authority.

Q4000.Banking & Financial AwarenessEasy

FEMA replaced which earlier law?

  1. A.Foreign Exchange Regulation Act, 1973
  2. B.Prevention of Money Laundering Act, 2002
  3. C.Banking Regulation Act, 1949
  4. D.Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974
Show answer
Correct answer: A. Foreign Exchange Regulation Act, 1973

FERA suited an economy short of foreign exchange: it presumed every transaction forbidden unless allowed, made a contravention a criminal offence punishable with imprisonment, and placed the burden of proof on the accused.