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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

Q4384.Indian EconomyMedium

Primary deficit is equal to

  1. A.fiscal deficit minus interest payments
  2. B.fiscal deficit plus interest payments
  3. C.revenue deficit minus interest payments
  4. D.fiscal deficit minus revenue deficit
Show answer
Correct answer: A. fiscal deficit minus interest payments

Interest payments are the cost of borrowing done in earlier years, so taking them out of the fiscal deficit leaves the borrowing the government needs for this year's own activities; a zero primary deficit means the government is borrowing only to pay interest on past debt.

Q4385.Indian EconomyMedium

Fiscal deficit is best defined as

  1. A.revenue expenditure minus revenue receipts
  2. B.total expenditure minus total receipts excluding borrowings
  3. C.total expenditure minus interest payments
  4. D.capital expenditure minus capital receipts
Show answer
Correct answer: B. total expenditure minus total receipts excluding borrowings

The fiscal deficit is the gap between what the government spends and everything it receives other than borrowings, so it measures exactly how much the government must borrow during the year and is the headline figure watched in every Budget.

Q4386.Indian EconomyHard

The National Income Committee set up by the Government of India in 1949 was chaired by

  1. A.D. R. Gadgil
  2. B.P. C. Mahalanobis
  3. C.V. K. R. V. Rao
  4. D.Dadabhai Naoroji
Show answer
Correct answer: B. P. C. Mahalanobis

The National Income Committee was appointed in 1949 with Professor P. C. Mahalanobis as chairman and Professor D. R. Gadgil and Dr V. K. R. V. Rao as members; its reports in the early 1950s produced the first official estimates of national income for independent India and shaped the work…

Q4387.Indian EconomyMedium

Who made the first estimate of India's national income?

  1. A.V. K. R. V. Rao
  2. B.P. C. Mahalanobis
  3. C.Dadabhai Naoroji
  4. D.R. C. Desai
Show answer
Correct answer: C. Dadabhai Naoroji

He estimated India's national income for the year 1867-68 and used the figure in his argument about the drain of wealth from India under British rule, which is why he is remembered as the first to attempt the exercise.

Q4388.Indian EconomyEasy

The Economic Survey of India is prepared by which of the following?

  1. A.The Reserve Bank of India
  2. B.The Economic Division of the Department of Economic Affairs, Ministry of Finance
  3. C.NITI Aayog
  4. D.The National Statistical Office
Show answer
Correct answer: B. The Economic Division of the Department of Economic Affairs, Ministry of Finance

The Survey is written in the Economic Division of the Department of Economic Affairs in the Ministry of Finance, under the overall supervision of the Chief Economic Adviser, and is laid before both Houses of Parliament, usually a day before the Union Budget.

Q4389.Indian EconomyAsked in: SSC CHSL · 21 March, 2023, Shift 2Easy

Which of the following is correct regarding the National Income? I. Intermediate goods are not included in the calculation of national income. II. Final goods are included in the calculation of national income.

  1. A.Only II
  2. B.Neither I nor II
  3. C.Only I
  4. D.Both I and II
Show answer
Correct answer: D. Both I and II

Both statements state the same rule from opposite sides: national income is the value of final goods and services, and the value of intermediate goods is excluded so that the same output is not counted at every stage of production.

Q4391.Indian EconomyAsked in: SSC CGL · 21 April 2022, Shift 3Medium

The GDP deflator is also called:

  1. A.implicit price deflator
  2. B.explicit inflation index
  3. C.implicit inflation index
  4. D.explicit price deflator
Show answer
Correct answer: A. implicit price deflator

The deflator is nominal GDP divided by real GDP and multiplied by a hundred, so it is not computed from a fixed basket of goods at all; it is implied by the two GDP series, and that is exactly why it carries the word implicit.

Q4392.Indian EconomyAsked in: SSC CGL · 06 Dec 2022, Shift 1Medium

Which of the following is NOT a feature of National Income?

  1. A.It is a macroeconomic concept.
  2. B.It is a flow concept.
  3. C.It is always expressed with reference to the financial year.
  4. D.It is included only in intermediate goods.
Show answer
Correct answer: D. It is included only in intermediate goods.

National income counts only final goods and services; intermediate goods are deliberately left out, because counting the flour as well as the bread would mean counting the same value twice.

Q4394.Indian PolityMedium

Which constitutional amendment gave effect to the Land Boundary Agreement with Bangladesh, under which enclaves were exchanged?

  1. A.Ninth Amendment Act, 1960
  2. B.Thirty-sixth Amendment Act, 1975
  3. C.Hundredth Amendment Act, 2015
  4. D.Hundred and First Amendment Act, 2016
Show answer
Correct answer: C. Hundredth Amendment Act, 2015

It amended the First Schedule to give effect to the acquiring of territories by India and the transfer of certain territories to Bangladesh under the Land Boundary Agreement, settling a dispute that had lasted since Partition.

Q4396.Indian PolityHard

The States Reorganisation Act of 1956 was given effect along with which constitutional amendment?

  1. A.Fifth Amendment
  2. B.Sixth Amendment
  3. C.Seventh Amendment
  4. D.Ninth Amendment
Show answer
Correct answer: C. Seventh Amendment

The Seventh Constitutional Amendment Act of 1956 accompanied the States Reorganisation Act, abolished the old classification of States into Parts A, B, C and D, and reorganised the country into fourteen States and six Union territories.

Q4399.Indian PolityHard

In the Berubari Union case of 1960, the Supreme Court held that ceding Indian territory to a foreign State requires

  1. A.only a law under Article 3
  2. B.a constitutional amendment
  3. C.a resolution of the State legislature
  4. D.a decision of the Inter-State Council
Show answer
Correct answer: B. a constitutional amendment

The President sought the advisory opinion of the Supreme Court on whether the agreement to transfer part of the Berubari Union to Pakistan could be carried out under Article 3.

Q4400.Indian PolityHard

A law made under Article 3 that alters the First Schedule of the Constitution is passed by

  1. A.a simple majority, and is not deemed an amendment of the Constitution
  2. B.a special majority under Article 368
  3. C.a special majority and ratification by half the States
  4. D.a two-thirds majority of the Rajya Sabha alone
Show answer
Correct answer: A. a simple majority, and is not deemed an amendment of the Constitution

Article 4 states that a law made under Article 2 or Article 3 may contain provisions for amending the First Schedule, which lists the States and Union territories, and the Fourth Schedule, which allots Rajya Sabha seats, and that no such law shall be deemed to be an amendment of…