NABARD GK Questions 2026

The correct answer is B, Anyonya Cooperative Bank of Vadodara in Gujarat, begun in 1889 as a mutual aid society among government servants and generally counted as the first urban cooperative bank in India, older even than the Cooperative Credit Societies Act of 1904.

In the short term cooperative credit structure the base is the Primary Agricultural Credit Society in the village, above it stands the District Central Cooperative Bank and at the apex of the state stands the State Cooperative Bank.

The correct answer is B, the Narasimham Working Group of 1975, which proposed a new kind of rural institution combining the local feel of a cooperative with the discipline of a commercial bank, and the first Regional Rural Banks followed on 2 October of that year.

Prathama Bank, with its head office at Moradabad in Uttar Pradesh and sponsored by Syndicate Bank, was the first of the five Regional Rural Banks set up on 2 October 1975, and its name, meaning the first, is itself the hint.

The capital of a Regional Rural Bank is shared in the ratio of fifty, thirty five and fifteen: the Central Government holds fifty per cent, the sponsor bank thirty five per cent and the State Government fifteen per cent.

The first five Regional Rural Banks were created on 2 October 1975 by an Ordinance, and that Ordinance was replaced the next year by the Regional Rural Banks Act, 1976, which fixes their objects, capital and shareholding.

The National Bank for Agriculture and Rural Development began work in 1982, set up on the recommendation of the Sivaraman Committee, and it is the apex development bank for agriculture and the rural economy, refinancing and supervising both Regional Rural Banks and cooperative banks.

A FASTag is a sticker on the windscreen that a reader at the toll plaza identifies by radio, so the toll is deducted from a linked account and the vehicle need not stop; the system is called National Electronic Toll Collection and is run by the National Payments Corporation of…

The system, run by the National Payments Corporation of India, lets a customer withdraw cash, deposit money or check a balance at a banking correspondent's micro ATM by giving the Aadhaar number, the name of the bank and a biometric authentication, without a card or a cheque.

Real Time Gross Settlement is meant for large value payments, which are settled one transaction at a time as they are received rather than in batches, and the system sets a floor of two lakh rupees with no upper limit.

The amount of a debit card payment leaves the account at once, which is the essential difference from a credit card, where the bank pays first from a limit it has granted and bills the holder later with an interest free period.

Such an operator is authorised under the Payment and Settlement Systems Act of 2007, the machine carries the operator's own brand instead of a bank's, cards of every bank work on it, and the cash is supplied through a sponsor bank.

The machine does the work of a teller at the counter, giving cash, accepting deposits, printing statements and taking requests, and it works at any hour without a member of the staff.

RuPay was launched as an Indian card network so that domestic card payments would be settled within the country instead of through foreign networks, and its cards are issued by banks for savings accounts and under government schemes.

UPI was launched in 2016 and allows a payment from one bank account to another through a mobile application, using a virtual payment address instead of the account number and a UPI PIN for authentication.

YONO, which stands for You Only Need One, was launched by the State Bank of India as a single application for banking, investment, insurance and online shopping, and it also allows cash withdrawal at the bank's machines without a card.

The Bharat Interface for Money application was released in December 2016 by the National Payments Corporation of India so that payments over the Unified Payments Interface, launched earlier that year, could be made from any smartphone with a bank account linked to it.

The Act states that it will be used in any legal proceeding, in arbitration, and in any investigation or inquiry under that Sanhita or under any other law for the time being in force, wherever evidence is or may be taken.

The Act allows the contents of a banker's book to be proved by a certified copy without producing the original, so an officer is not ordinarily compelled to appear, and it protects officers from routine appearance where the bank is not a party.

The backgrounder states plainly that the Act comes into force on that date and replaces the older law of the same name from then.