Economics & Bank 2024 MCQs for Exams

Economics and banking form an integral part of the SSC, UPSC, PSCs of various states, and other competitive examinations. Thorough knowledge of the topics is surely the key to success since they frequently feature in the general awareness and current affairs sections. Some of the key concepts tested are monetary policies, inflation, banking reforms, recent economic developments, etc.

This blog post is a set of MCQs thoughtfully compiled on the vital topics concerning economics and banking. These questions are designed to help the aspirants prepare accordingly and focus on areas such as government schemes, RBI policies, financial markets, and recent economic trends. Be it any SBI PO or IBPS, these MCQs will lay out the strong foundation. Start practicing now and enhance your knowledge and boost your confidence for the upcoming exams!

MCQs on banks and econoics

Q1. What is the rank of India in global FDI recipients?
A. 10
B. 11
C. 13
D. 15
Ans : D
According to → UN Conference on Trade and Development (UNCTAD)

• IND’s FDI Decreased By 43 % @ 2023
• India Received → $28 billion FDI In 2023 {2022 – $49 B}
• Top FDI Recipients Countries : USA → China → Singapore

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FDI → Foreign Direct Investment

Individual or company from one country → invests in another country

Q2. 53rd meeting of GST Council held in which of the following City
A. New Delhi
B. Chandigarh
C. Pune
D. Mumbai

Ans : A
53rd meeting of GST Council

• Chaired By : Finance Minister → Nirmala Sitharaman
• Held → New Delhi

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Introduced by : 101st Constitution Amendment Act, 2016

GST Council : Constitutional Body Under Article : 279A

Q3. India’s Employment growth rate rose to _% in FY24?
A. 5 %
B. 6 %
C. 7 %
D. None
Ans : B
According to RBI’s Report

Total Employment In India By March 2024 → 643.3 million

India’s Employment Growth Rate → 6% In FY24

In FY23 → 3.2 % 46.7 million Jobs Created In FY24

Q4. Who has been selected as the next chairman of the State Bank of India ?
A. Aruna Sharma
B. Challa Sreenivasulu Setty
C. Rajiv Sinha
D. None
Ans : B
Appointed by : Financial Services Institution Bureau (FSIB)

• He Will Replace : Dinesh Khara

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SBI

HQ : Mumbai

Founded : 1 July 1955

Q5. Who Has Been Appointed As Chairman & MD Of SIDBI?
A. Manoj Mittal
B. Mahesh Kumar
C. Aravind Singh
D. None
Ans : A
Small Industries Development Bank of India (SIDBI)

HQ : Lucknow, Uttar Pradesh

Founded : 1990

Q6. Who Launched Saathi 2.0 Personal Finance App for Investors?
A. RBI
B. NABARD
C. SEBI
D. None
Ans : C
SEBI : Securities and Exchange Board of India

Chairperson : Madhabi Puri Buch (1st Female)

HQ : Mumbai

Q7. Which Institution won ‘risk manager of the year award 2024’ ?
A. RBI
B. UNCTAD
C. SEBI
D. None
Ans : A
Given by : London’s Central Banking publication

Q8. Which institution Honoured with ‘Best Conduct of Busines Regulator’ Award by The Asian Banker?
A. RBI
B. SEBI
C. BSE
D. ADB
Ans : B

Q9. Which ministry signed MoU with 4 Banks to Expand SPARSH Service Centers?
A. M/o Agriculture
B. M/o Defence
C. M/o Education
D. None
Ans : B
MoD Will establish → SPARSH service centers across 1,128 branches

• Facilitating easier pension processing → for defense pensioners
• MoU With 4 Banks

Utkarsh Small Finance Bank Defence

Bank of India

Canara Bank

Central Bank of India

Q10. Who has ranked top central banker for 2nd year in a row?
A. Dinesh Khara
B. Abhishek Sinha
C. Shaktikanta Das
D. Jerome Powell
Ans : C
Shaktikanta Das : RBI Governor

By : US-based Global Finance magazine

Ranked → A+ Grade

Q11. Recently Tata Group Unveiled ₹27,000 Crore Semiconductor Facility in which state?
A. Bihar
B. UP
C. MP
D. Assam
Ans : D

Air India-Vistara Merger

• Approved by NCLT – National Company Law Tribunal
  World Bank
• India’s FY25 Growth Forecast at → 7%
  RBI Cancelled Purvanchal Cooperative Bank’s Licence → Over Insufficient
  Capital
• Located : Ghazipur, Uttar Pradesh

ADB

• Approved $240.5 Mn Loan For Rooftop Solar Systems In India
• According To IMF

• India’s GDP Growth → 7% for 2024-25
  

KV Subramanian

• Appointed As Federal Bank MD & CEO

Mankind Pharma

• Acquired Bharat Serums and Vaccines For Rs 13,600 Crore

Q12. Chabahar Port Is Located in which country?
A. Bangladesh
B. India
C. Iran
D. Mayanmar
Ans : C
Why In News : India signed 10-year deal to operate Iran’s Chabahar Port

• Location → Gulf Of Oman

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Sittwe port (Myanmar) → It Is IND’s 2nd overseas port after Chabahar Port (IRAN)

Q13. Which Country Overtook US as India’s Largest Trading Partner in FY24?
A. Japan
B. UAE
C. USA
D. China
Ans : D
IND’s Largest Trading Partner in FY24

1. CHINA : Total Trading → $118.4 billion

• Import : $101.7 billion
• Export : $16.67 billion

USA : $77.5 Billion (Import + Export)

Q14. Who Has Been Appointed As President of GST Appellate Tribunal?
A. Akash Kumar
B. Sanjaya Kumar Mishra
C. Amit Sharma
D. None
Ans : B

GST Appellate Tribunal

• Formed to → Resolve GST-related disputes

Q15. American Express Announced Inauguration of 1 Million Sq Ft Campus in which city ?
A. Mumbai
B. Gurugram
C. Delhi
D. Surat
Ans : B

Q16. Who became new MD & CEO of Ujjivan Small Finance Bank ?
A. Amit Sharma
B. Sanjeev Nautiyal
C. Samir Kumar
D. None
Ans : B

HQ : Banglore (Karnataka)

Q17. Which Bank Introduced Pixel Play: India’s Premier Virtual Credit Card with Visa?
A. Axis Bank
B. HDFC Bank
C. Yes Bank
D. None
Ans : B

Q18. Who Has Been Appointed as IDFC FIRST Bank’s Whole Time Director?
A. Raju Bhai
B. Pradeep Natarajan
C. Anita Dosaj
D. None
Ans : B
IDFC FIRST Bank

HQ : Mumbai

Q19. Which bank Topped Among PSU Banks in Business Growth in FY24?
A. Axis Bank
B. Yes Bank
C. Bank of Maharashtra
D. None
Ans : C
Headquarters : Pune

NPCI Partnered with Bank of Namibia

• To Develop → UPI-Like Instant Payment System
  HDFC Life
• Introduced → “No Jhanjhat Life Insurance Fatafat” Campaign
  Rushabh Gandhi
• MD and CEO of→ IndiaFirst Life Insurance
  Reliance Industries Partners with Norway’s Nel
• To Boost → New Energy Investments

Q20. What is the current Repo Rate as fixed by the RBI
A. 5.5 %
B. 6.5 %
C. 6.6 %
D. 6.7 %
Ans : B

Recently RBI Monetary Policy Committee → Increased » Repo Rate

1. Repo Rate : 6.5%
2. Reverse Repo Rate : 3.35%
3. Marginal Standing Facility (MSF) : 6.75%
4. CRR (Cash reserve ratio) : 4.50%
5. SLR : 18%

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Repo Rate (Interest Rate) : RBI Lends Short Term Laon To → Commercial Bank

• Used To Control → Inflation
  Reverse Repo Rate : Interest Rate » When RBI Borrow Short Term Loan From
  Comercial Bank
  MSF : RBI Lends Short Term Loan → Commercial Banks

Q21. Which bank became the first private bank to open a branch in Lakshadweep?
A. ICICI Bank
B. Axis Bank
C. HDFC Bank
D. Yes Bank
Ans : C
HDFC BANK

Chairman : Atanu Chakraborty

HQ : Mumbai

Q22. India’s pharmaceuticals exports rise 10% to______ billion in FY24?
A. $28 Billion
B. $26 Billion
C. $20 Billion
D. $12 Billion
Ans : A
Top 3 IND’s Pharmaceutical Exports Market

• US (31%)
• UK,
• Netherlands

Q23. Sittwe Port Is Located in which country?
A. Bangladesh
B. India
C. Iran
D. Mayanmar
Ans : D
Why In News : INDIA Took Over The Operations Of The Entire Sittwe port

It Is IND’s 2nd overseas port after Chabahar Port (IRAN)

Built by : INDIA

Located On → Kaladan River, Myanmar.

Q24. Which Bank Received RBI Approval for Stake Acquisition in 6 Banks?
A. YES BANK
B. HDFC
C. Bandhan Bank
D. Kotak M Bank
Ans : B
HDFC’s → 9.1% Statke In 6 Banks

Suryoday Small Finance Bank (SFB) Banki

• ICICI Bank
• Axis Bank
• IndusInd Bank
• YES Bank
• Bandhan Bank

Q23. India signed $200 Million Loan for Brahmaputra River Project with which Bank ?
A. World Bank
B. ADB
C. NDB
D. HDFC Bank
Ans : B
Why : To tackle flood and erosion risk along Brahmaputra river

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Brahmputra River

Imp Tributaries : Subansiri, Dikrong,
Dibang, Dhansiri, Manas, Lohit, Teesta

Origin : Chemayungdung Glacier, Mansarovar

Q24. Who has been appointed as UCO Bank Chairman?
A. Aravamudan Kumar
B. M R Kumar
C. Srinivasan Sridhar
D. None
Ans : A
Appointments Committee of the Cabinet (ACC) Appointed

Aravamudan Kumar → UCO Banks Chairman

M R Kumar as → BOI (Bank Of India) Chairman

Srinivasan Sridhar → IOB {Indian Overseas Banks) Chairman

Q25. EPFO has fixed an __ percent interest rate on employees’ provident fund for 2023-24?
A. 8.25
B. 7.55
C. 6.00
D. 8.98
Ans : A

Under → Ministry of Labour and Employment

EPFO : Employees’ Provident Fund Organisation

World’s Largest Social Security Org

Founded : 1952

Q26. हाि ही में कौन सा देश जापान को पछाडकर तीसरी सबसे बडी अथाव्यवस्था बन गया है?
Which Country Recently Overtook Japan as Third-Largest Economy?
A. Germany
B. India
C. Brazil
D. Canada
Ans : A

Q27. Which Bank approved the $100 million for Sikkim INSPIRES project ?
A. ADB
B. NDB
C. World Bank
D. RBI
Ans : C

World Bank approved → $100 M For Sikkim INSPIRES project

• To upskill → 300,500 women and youth.

Banks

Q28. Who has launched umbrella organisation ‘NUCFDC’ for urban cooperative banks ?
A. RBI
B. Amit Shah
C. PM Modi
D. Sidbi
Ans : B
National Urban Cooperative Finance & Development Corporation Limited (NUCFDC)

Aim : To modernize Urban Cooperative Banks

Launched By : Amit Shah (Home & Cooperation Minister)

Q29. Which Bank Introduced ‘Samman RuPay Credit Card’ for Government Employees ?
A. Axis Bank
B. IndusInd Bank
C. HDFC
D. Yes Bank
Ans : B

IndusInd Bank

• HQ : Mumbai

Q30. Who Has Been Appointed as MD of NARCL?
A. P Santhosh
B. Natarajan Sundar
C. Amit Jain
D. Nupur Talwar
Ans : A
NARCL : National Asset Reconstruction Company Ltd

It Acquire Stressed Assets → From Commercial

» For Resolution Of NPAs (Non Performing Assets)

Banks

It Was Incorporated (शालमि) : @2021 As A ‘Bad Bank’ » Under Company Act

Also Read: Important Bills and Acts 2020 to 2024: Multiple Choice Questions

Also Read: Indian Rivers MCQs for SSC GD, CGL, State PSC , Railway, NDA & Banks

These are the major and important mcqs on the banks and economics which have high chances of coming in exams. Do comment below about the banks and economics mcqs if you have any doubt or want to give us any feedback regarding our work.