NABARD GK Questions 2026

The new Act carries the same name with the new year and takes the place of the colonial-era statute, which was framed at a time when banking systems were entirely paper-based.

Wheat bought at the floor price over the years from 2014-15 to 2025-26 added up to that quantity.

The rabi price revision for marketing season 2027-28 was described as being in line with the announcement made in that Budget, which set the benchmark of fixing a floor price at no less than one and a half times the all-India weighted average cost of production.

The expected return over the all-India weighted average cost of production works out to 106 per cent for wheat, the highest among the six mandated rabi crops of the season.

For marketing season 2027-28 the floor price of safflower was raised by Rs 675 a quintal, the biggest rupee increase among the six mandated rabi crops.

The sanction covers pulses and oilseeds only, and paddy is a cereal bought through a separate central pool arrangement rather than through the Price Support Scheme.

It was allotted Rs 3,992.57 crore of the sanction, the largest of the three state shares, almost all of it for tur: 4,66,000 metric tonnes worth Rs 3,937.70 crore, along with 6,250 metric tonnes of moong worth Rs 54.87 crore.

This is the full amount sanctioned for buying pulses and oilseeds at minimum support price in Uttar Pradesh, Karnataka and Telangana together for the kharif marketing season of 2026-27.

NACH is the bulk payment system for many credits or debits at once, such as salary, pension, dividend, subsidy and direct benefit transfer on the credit side and loan instalments, insurance premiums and utility bills on the debit side, and it took over the work of the older ECS with…

A FASTag is an RFID sticker on the windscreen which a reader at the toll plaza identifies from a distance, so the toll is debited from the linked account or wallet without the vehicle stopping; the programme is run by NPCI as National Electronic Toll Collection.

Under this Act no person may commence or operate a payment system in India without authorisation from the Reserve Bank, and it created the Board for Regulation and Supervision of Payment and Settlement Systems within the RBI.

BHIM stands for Bharat Interface for Money, and the acronym was chosen in honour of Dr Bhimrao Ramji Ambedkar, the chairman of the drafting committee of the Constitution and a trained economist.

RuPay was launched by NPCI in 2012 so that debit and credit card transactions between Indian cardholders and Indian merchants are authorised and settled within the country instead of being switched abroad, and its name joins Rupee with Payment.

A virtual payment address takes the form of a name followed by a bank handle and acts as a pointer to the underlying account, so a payment can be made or collected without revealing the account number or the branch code.

The Immediate Payment Service, launched in 2010, already moved money between banks instantly at every hour, and UPI uses that rail while adding the virtual payment address, interoperable applications and single click authentication.

UPI was launched by NPCI in 2016, and the BHIM application followed in December of the same year, which is why 2016 is the single most asked year in this topic.

NPCI was set up on the initiative of the Reserve Bank of India together with the Indian Banks Association, and ten core promoter banks held its first shareholding, which is why it is owned by the banking industry rather than by the government.

NPCI was incorporated in 2008 as a not for profit company under Section 25 of the Companies Act, 1956 to act as the umbrella organisation for all retail payment systems in India, and it began by taking over the National Financial Switch the following year.

The National Automated Clearing House is a bulk clearing service of that corporation, used for repeated credits such as salary, pension, dividend and subsidy and for repeated debits such as loan instalments and utility bills.

The Magnetic Ink Character Recognition code has nine digits, of which the first three stand for the city, the next three for the bank and the last three for the branch; it is printed in magnetic ink so that a sorting machine can read it during cheque clearing.