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General Knowledge(GK) (or) General Awareness

Welcome to the General Knowledge Section of Free Time Learning. As we are aware General Knowledge (GK) is a very important area in all the competitive exams held in the country. Nowadays, a good knowledge of general awareness is very important in clearing any competitive and government recruitment examinations.

These General Knowledge Question are very important and usefull to UPSC, IAS/PCS, UPPSC, IBPS, SBI, RBI, SSC, CGL, Railway, APPSC, TSPSC, KPSC, TNPSC, TPSC, UPPSC, MPSC, RPSC, BPSC, MPPSC, UKPSC, MPSC, and other competitive exams.

A)
1957
B)
1959
C)
1968
D)
1975

Correct Answer :   1957


India became independent on 15 August 1947 and was left with a legacy of non-decimal coinage. One rupee was divided into 16 annas or 64 pice, with each anna therefore equal to 4 pice. In 1957, India shifted to the decimal system, but for a short period both decimal and non-decimal coins were in circulation. To distinguish between the two pice, the coins minted between 1957 and 1964 have the legend “Naya Paisa” (“new” paisa). The denominations in circulation were 1, 2, 5, 10, 20, 25, 50 (naya paise and one rupee which remained as the same pre-decimal value. Therefore pre-decimal coins of one, half and quarter rupees could remain in circulation after decimalisation. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 ‘paisa’ instead of 16 annas or 64 pice. For public recognition, the new decimal paisa was termed ‘Naya Paisa’ till 1 June 1964 when the term ‘Naya’ was dropped.

Published On : June 26, 2021
A)
to act as re-finance institution
B)
to provide term loans to state co-operative banks
C)
to assist state governments for share capital contribution
D)
All of the above

Correct Answer :   All of the above


NABARD is the apex institution in the country which looks after the development of the cottage industry, small industry and village industry, and other rural industries. Its other functions are: to coordinate the rural financing activities of all institutions engaged in developmental work at the field level and maintain liaison with Government of India, State Governments, Reserve Bank of India (RBI) and other national level institutions concerned with policy formulation; to re-finance the financial institutions which finances the rural sector; to regulate the cooperative banks and the RRB’s, etc. NABARD’s refinance is available to State Co-operative Agriculture and Rural Development Banks (SCARDBs), State Co-operative Banks (SCBs), Regional Rural Banks (RRBs), Commercial Banks (CBs) and other financial institutions approved by RBI.

Published On : June 26, 2021
A)
Canara Bank
B)
Bank of Baroda
C)
IDBI Bank
D)
Corporation Bank

Correct Answer :   IDBI Bank


The Industrial Development Bank of India (IDBI) was established in 1964 by the government of India under an act of the Indian Parliament called the IDBI Act. On December 15, 2003, the Indian Parliament approved the conversion of Industrial Development Bank of India’s (IDBI) into a universal bank. The government’s move was significant given the fact that the Development Financial Institution (DFI) had been struggling to sustain its growth in recent times. In India, the Development Financial Institutions were established and developed by Government of India and Reserve Bank of India (RBI) to meet the specific needs of the industry and were traditionally engaged in long term financing, as their main objective was to take care of the investment needs of industries and to contribute to a better industrial climate.

Published On : June 26, 2021
A)
Army
B)
Life Insurance Corporation
C)
Civil officers of Central Government
D)
Employees of postal department

Correct Answer :   Employees of postal department


Postal Life Insurance was started on 01.02.1884 as a welfare measure for the employees of Posts & Telegraphs Department under Government of India dispatch No. 299 dated 18 October, 1882 to the Secretary of State. Due to popularity of its schemes, various departments of Central and State Governments were extended its benefits. Now Postal Life Insurance is open for employees of all central and state government departments, nationalised banks, public sector undertakings, financial institutions, local municipalities and District councils and educational institutions aided by the Government.

Published On : June 26, 2021
A)
money value of stocks and shares of a country during a year.
B)
money value of capital goods produced by a country during a year.
C)
money value of consumer goods produced by a country during a year.
D)
money value of goods and services produced in a country during a year.

Correct Answer :   money value of capital goods produced by a country during a year.


National Income is one of the basic concepts in macroeconomics. National Income means the total income of the nation. The aggregate economic performance of the whole economy is measured by the national income data. National Income refers to the money value of all final goods and services produced by the normal residents of a country while working both within and outside the domestic territory of a country in an accounting year. National Income also includes net factor income from abroad. Symbolically, Y = PG + PS, where, Y = National Income; P = Price; G = Goods; and S = Service.

Published On : June 26, 2021
A)
To make ‘Made in India’ a label of quality.
B)
To provide venture capital to IT sector.
C)
To promote in-bound tourism.
D)
To organise trade fairs.

Correct Answer :   To make ‘Made in India’ a label of quality.


India Brand Equity Foundation is a Trust established by the Ministry of Commerce with the Confederation of Indian Industry (CII) as its associate. IBEF’s primary objective is to promote and create international awareness of the Made in India label in markets overseas and to facilitate the dissemination of knowledge of Indian products and services. Towards this objective IBEF works closely with stakeholders across government and industry. IBEF works with a network of stakeholders – domestic and international – to promote Brand India.

Published On : June 26, 2021
A)
borrowings from the Reserve Bank of India
B)
long term borrowing from the market
C)
drawing down of the cash balance
D)
borrowing from Reserve Bank in the form of ways and means advance

Correct Answer :   drawing down of the cash balance


When the government expenditure exceeds revenues, the government is having a budget deficit. Thus the budget deficit is the excess of government expenditures over government receipts (income). When the government is running a deficit, it is spending more than it’s receipts. Budgetary Deficit is the difference between all receipts and expenditure of the government, both revenue and capital. This difference is met by the net addition of the treasury bills issued by the RBI and drawing down of cash balances kept with the RBI. So when it is estimated, drawing down of cash balances is excluded.

Published On : June 26, 2021
A)
Ensure social justice
B)
Control inflationary pressure
C)
Boost economic development
D)
Direct credit in desirable direction

Correct Answer :   Ensure social justice


Monetary policy is the process by which monetary authority of a country, generally a central bank controls the supply of money in the economy by exercising its control over interest rates in order to maintain price stability and achieve high economic growth. In India, the central monetary authority is the Reserve Bank of India (RBI). It is so designed as to maintain the price stability in the economy.

Published On : June 26, 2021
A)
Fixed reserve ratio
B)
Minimum reserve ratio
C)
Floating reserve ratio
D)
Proportional reserve ratio

Correct Answer :   Minimum reserve ratio


The reserve requirement (or cash reserve ratio) is a central bank regulation that sets the minimum reserves each commercial bank must hold (rather than lend out) of customer deposits and notes. These required reserves are normally in the form of cash stored physically in a bank vault (vault cash) or deposits made with a central bank. The required reserve ratio is sometimes used as a tool in monetary policy, influencing the country’s borrowing and interest rates by changing the amount of funds available for banks to make loans with. The main objective of minimum reserves is the stabilisation of money market rates. Minimum reserves allow credit institutions to smooth out fluctuations in liquidity such as those caused by the demand for banknotes.

Published On : June 26, 2021
A)
Export—(Loan) Import
B)
Government annual revenue
C)
Surplus of the public sector enterprise
D)
Total productive income

Correct Answer :   Total productive income


National income measures the monetary value of the flow of output of goods and services produced in an economy over a period of time. National Income is the total economic activity (production of finished goods and services calculated in monetary value) within the economic territory of a country by its residents during the year of accounting. In other words National Income of a country is the Net National Product at factor cost.

Published On : June 26, 2021