IBPS SO 2021 Prelims: Practice Important General Awareness (with Special Reference to Banking Industry) Questions with Answers for the posts of Law Officer and Rajbhasha Adhikari.

IBPS SO 2021 Prelims General Awareness (with Special Reference to Banking Industry): The IBPS SO 2021 Prelims will be held on 26th December 2021. The Institute of Banking Personnel Selection (IBPS) will be conducting the IBPS SO 2021 in two phases – Online Preliminary and Online Main exams. The IBPS SO 2021 Mains will be on 30th January 2022 to fill up 1,828 Specialist Officers (SO) – Scale I across 11 participating Public Sector Banks during the CRP SPL-XI Recruitment Drive. The 1,828 Specialist Officers (SO) – Scale I posts include IT Officer, Rajbhasha Adhikari, Agricultural Field Officer, Law Officer, Marketing Officer, and HR/Personnel Officer. Only shortlisted candidates in the IBPS SO 2021 Mains exam will be called for the Interview phase. The IBPS SO 2021 Prelims Admit Card is available to download till 26th December 2021. In this article, candidates can practice 20 Important General Awareness (with Special Reference to Banking Industry) Questions with Answers for the posts of Law Officer and Rajbhasha Adhikari.

IBPS SO 2021: Important Dates

IBPS SO 2021 Recruitment Process

Important Dates

Online Application Registration Date

3rd November 2021 to 23rd November 2021

Last Date for Online application

23rd November 2021

IBPS SO Prelims Admit Card Download

10th December 2021 to 26th December 2021

IBPS SO Prelims Exam Date

26th December 2021

IBPS SO Mains Exam Date

30th January 2022

IBPS SO Interview Date

February 2022/ March 2022 (Tentative)

IBPS SO 2021 Exam Pattern: Prelims

The IBPS SO 2021 Prelims includes English Language, Reasoning Ability, General Awareness (special reference to banking industry), and Quantitative Aptitude. Each section will be allotted 40 minutes. There will be a total of 150 Objective Multiple Choice Questions (MCQs). The medium of exam for Reasoning Ability, Quantitative Aptitude, and General Awareness (with Special Reference to Banking Industry) will be English & Hindi. The paper for the English Language will be conducted in English only. The IBPS SO 2021 Prelims exam will be conducted in online mode (post-wise).

NOTE: For the post of Law Officer and Rajbhasha Adhikari, the sections in the IBPS SO 2021 Prelims will be English Language, Reasoning Ability, and General Awareness (special reference to banking industry).

For the post of Law Officer and Rajbhasha Adhikari

Section No. of
Questions		 Maximum
Marks		 Medium of Exam Duration
English Language 50 25 English 40 Minutes
Reasoning 50 50 English & Hindi 40 Minutes
General Awareness (with Special Reference to Banking Industry) 50 50 English & Hindi 40 Minutes
Total 150 125

IBPS SO 2021: 20 Important General Awareness (with Special Reference to Banking Industry) Questions with Answers (Law Officer and Rajbhasha Adhikari)

Q1 When did the Banking Regulation Act come into effect?

  1. 16th January 1949
  2. 16th April 1949
  3. 16th March 1949
  4. 16th February 1949
  5. 16th May 1949

Answer: C

The Banking Regulation Act, 1949 came into effect on 16th March 1949. It was passed as the Banking Companies Act, 1949 and was changed to Banking Regulation Act, 1949 on 1st March 1966.

Q2 What is the rank of India in the Foreign Exchange Reserve?

  1. 15th
  2. 2nd
  3. 4th
  4. 1st
  5. 12th

Answer: C

India currently ranks 4th among the largest Foreign Exchange Reserves in the world with a Forex Reserve at USD 640.4 billion.

Q3. UIDAI (Unique Identification Authority of India) was established under which of the following?

  1. Ministry of Finance
  2. Ministry of Corporate Affairs
  3. NITI Aayog
  4. Ministry of Electronics & Information Technology
  5. Ministry of Communications

Answer: D

The Unique Identification Authority of India is a statutory authority established under the provisions of the Aadhaar Act 2016 by the Government of India under the Ministry of Electronics & Information Technology.

Q4. What does FEMA stand for?

  1. Foreign Exchange Management Agency
  2. Foreign Exchange Management Act
  3. Federal Exchange Management Authority
  4. Foreign Exchange Management Administration
  5. Federal Emergency Management Agency

Answer: B

FEMA stands for Foreign Exchange Management Act. It was passed on 29th December 1999 as an Act of the Parliament of India to replace the Foreign Exchange Regulation Act (FERA).

Q5. When was the Financial Literacy Week observed in India?

  1. 8th to 12th December 2021
  2. 8th to 12th February 2021
  3. 8th to 12th September 2021
  4. 8th to 12th April 2021
  5. 8th to 12th August 2021

Answer: B

The Reserve Bank of India (RBI) observes Financial Literacy Week (FLW) every year since 2016 to raise awareness around financial education. In 2021, the RBI observed FLW from 8th to 12th February with the theme ‘Credit Discipline and Credit from Formal Institutions’.

Q6. Bank of Baroda has launched bob World Wave. What is it?

  1. Wearable Payment Solution
  2. Banking Virtual Reality (VR) Solution
  3. AI-enabled Chat Robot
  4. Debit Card
  5. Cryptocurrency

Answer: A

Bank of Baroda in collaboration with the National Payments Corporation of India (NPCI) on 14th December 2021 launched the bob World Wave as a wearable device that will monitor its customers’ SpO2, heart rate, body temperature, and blood pressure. It includes a 3-months free wellness package, contactless payment up to Rs 5,000 in all NFC enabled PoS devices, and a dummy plastic card with the serial number as printed on the bob World Wave wearable device.

Q7. After the amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, bank account holders in India can now access their insured deposit within how many days?

  1. 180 days
  2. 60 days
  3. 90 days
  4. 120 days
  5. 40 days

Answer: C

The Centre had amended the DICGC Act in August 2021 to ensure that the bank account holders in India can access their insured deposit within 90 days in case of a bank coming under the moratorium imposed by the Reserve Bank of India (RBI).

Q8. What is the first bank in India that uses satellite data for assessing the creditworthiness of farmers?

  1. Indian Overseas bank
  2. Axis Bank
  3. HDFC Bank
  4. ICICI Bank
  5. Punjab National Bank

Answer: D

ICICI Bank in August 2020 introduced the usage of satellite data including imagery from Earth observation satellites for assessing the creditworthiness of its farmer customer base. It measures a host of parameters such as land, irrigation, crop patterns in combination with demographic & financial paraments to issue faster lending decisions for farmers.

Q9. Who regulates the Non-Banking Financial Companies (NBFCs)?

  1. Reserve Bank of India (RBI)
  2. National Bank for Agriculture and Rural Development (NABARD)
  3. Securities and Exchange Board of India (SEBI)
  4. Ministry of Finance
  5. Banking Codes and Standards Board of India (BCSBI)

Answer: A

The Reserve Bank of India (RBI) under the RBI Act 1934 regulates the working and operations of the NBFCs. The RBI has the power to register, formulate policies, issue directives, inspect, supervise & regulate the NBFCs.

Q10. What will be the minimum percentage shares holding of government in the Public Sector Banks (PSBs)?

  1. 26 per cent
  2. 70 per cent
  3. 45 per cent
  4. 51 per cent
  5. 65 per cent

Answer: A

The Banking Laws (Amendment) Bill, 2021, is slated to be introduced in the Winter session of the Indian Parliament that will bring down the minimum percentage shares holding of Government in the Public Sector Banks (PSBs) from 51 per cent to 26 per cent. As per the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, the Government must hold 51 per cent in Public Sector Banks (PSBs).

IBPS SO 2021 Admit Card – Download Link


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