RBI GK Questions 2026

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 National Bank for Agriculture and Rural Development was set up on 12 July 1982 on the recommendation of the Shivaraman Committee, taking over the refinancing functions earlier performed by the Reserve Bank of India and the Agricultural Refinance and Development Corporation.

The Agriculture Census groups operational holdings by size into marginal below one hectare, small from one to two hectares, semi-medium from two to four, medium from four to ten and large above ten hectares.

e-NAM was launched on 14 April 2016, the birth anniversary of Dr B. R. Ambedkar, as an online trading platform that links the regulated mandis of the States into one national market.

The Fair and Remunerative Price is the minimum price a sugar mill is legally bound to pay a cane grower, fixed by the Central Government on the recommendation of the CACP under the Sugarcane Control Order.

Under it, central nodal agencies, chiefly NAFED, buy pulses, oilseeds and copra at the Minimum Support Price when prices in the mandis fall below that level, and the losses are borne by the Government.