Question 1

In which year was the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched to promote financial inclusion?

Accepted Answer

PMJDY was launched on 28 August 2014 by Prime Minister Narendra Modi with the objective of ensuring access to financial services, especially banking, to all citizens.

Question 2

Which ministry is responsible for implementing the Pradhan Mantri Mudra Yojana (PMMY)?

Accepted Answer

The Pradhan Mantri Mudra Yojana (PMMY) was launched in April 2015 by the Ministry of Micro, Small and Medium Enterprises (MSME). It aims to provide collateral-free loans up to ₹10 lakh to non-corporate, non-farm small/micro enterprises.

Question 3

In the context of RBI's monetary policy, what is the Statutory Liquidity Ratio (SLR)?

Accepted Answer

The Statutory Liquidity Ratio (SLR) is the percentage of deposits that commercial banks must maintain in the form of liquid assets (cash, gold, or approved securities) with the RBI. As of 2024, the SLR is 18% of net demand and time liabilities (NDTL).

Question 4

Which of the following is the primary objective of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme?

Accepted Answer

PM-KISAN was launched in February 2019 by the Ministry of Agriculture & Farmers Welfare to provide direct income support to small and marginal farmers. Each eligible farmer receives ₹6,000 per annum in three equal instalments.

Question 5

What is the primary purpose of the Cash Reserve Ratio (CRR) as a monetary policy tool used by the RBI?

Accepted Answer

The Cash Reserve Ratio (CRR) is the percentage of deposits that commercial banks must maintain as cash reserves with the RBI. As of 2024, the CRR stands at 4.5% of NDTL. It is used to control money supply and inflation in the economy.

Question 6

What is the current Statutory Liquidity Ratio (SLR) requirement set by the RBI as of 2024?

Accepted Answer

The SLR is the percentage of deposits that commercial banks must maintain in the form of liquid assets (cash, gold, or approved securities). As of 2024, the SLR is set at 18% of net demand and time liabilities (NDTL).

Question 7

In which year was the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched, and what is its primary objective?

Accepted Answer

The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched on August 28, 2014, by the Ministry of Finance. Its primary objective is to provide universal access to banking services, including savings accounts, remittance facilities, credit, insurance, and pension schemes to all unbanked and underbanked sections of the population.

Question 8

India follows which type of economic system that combines elements of both capitalism and socialism?

Accepted Answer

India follows a Mixed Economy system, where both the private sector and public sector (government) coexist and play important roles. This model was adopted after independence, drawing elements from capitalist and socialist economies.

Question 9

According to the Union Budget 2024-25, what does 'Fiscal Deficit' primarily represent?

Accepted Answer

Fiscal Deficit is the difference between total government expenditure (revenue + capital) and total government revenue (tax + non-tax). It represents the amount the government needs to borrow to meet its spending obligations.

Question 10

Which of the following statements about the Pradhan Mantri Jan Dhan Yojana (PMJDY) is correct?

Accepted Answer

PMJDY was launched on August 28, 2014, by the Ministry of Finance to provide universal access to banking services. It aims to ensure every household has at least one bank account with basic financial services.

Question 11

Which ministry is responsible for the implementation of the Pradhan Mantri Mudra Yojana (PMMY)?

Accepted Answer

PM Mudra Yojana was launched in April 2015 by the Ministry of Micro, Small and Medium Enterprises (MSME) to provide collateral-free loans up to ₹10 lakh to non-corporate, non-farm small/micro enterprises.

Question 12

Which of the following best describes the primary objective of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme launched in 2019?

Accepted Answer

PM-KISAN was launched in February 2019 by the Ministry of Agriculture & Farmers Welfare to provide direct income support to small and marginal farmers. Each eligible farmer receives ₹6,000 per annum in three equal installments of ₹2,000 each.

Question 13

Which ministry is responsible for the implementation of the Pradhan Mantri Mudra Yojana (PMMY), and what is its primary target?

Accepted Answer

The Pradhan Mantri Mudra Yojana was launched in April 2015 by the Ministry of Micro, Small and Medium Enterprises (MSME). It aims to provide collateral-free loans up to ₹10 lakh to non-corporate, non-farm small/micro enterprises.

Question 14

Which of the following best describes the primary objective of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme?

Accepted Answer

PM-KISAN was launched in February 2019 by the Ministry of Agriculture & Farmers Welfare to provide direct income support to small and marginal farmers. Each eligible farmer receives ₹6,000 per annum in three equal installments of ₹2,000 each.

Question 15

As per the Union Budget 2024-25, what is the primary distinction between Revenue Deficit and Fiscal Deficit?

Accepted Answer

Revenue Deficit = Revenue Receipts minus Revenue Expenditure (both recurring). Fiscal Deficit = Total Receipts minus Total Expenditure (includes capital). Fiscal Deficit is always larger and includes capital investments.

Question 16

According to the 2024 data, India's rank in terms of nominal GDP globally is approximately:

Accepted Answer

As of 2024, India is the 5th largest economy by nominal GDP, after the USA, China, Germany, and Japan. India's nominal GDP is approximately $3.7 trillion (2024 estimates).

Question 17

As per the latest RBI monetary policy framework (2024), what is the primary tool used by the Reserve Bank of India to regulate money supply in the economy?

Accepted Answer

The RBI uses the Repo Rate (repurchase rate) as its primary policy rate to regulate liquidity and inflation. The Repo Rate is the rate at which the RBI lends money to commercial banks against government securities.

Question 18

In the context of RBI's monetary policy, what is the relationship between the Repo Rate and Reverse Repo Rate?

Accepted Answer

Repo Rate is the rate at which RBI lends to banks; Reverse Repo Rate is the rate at which RBI borrows from banks. Reverse Repo Rate is always lower than Repo Rate to incentivize lending rather than deposits with RBI.

Question 19

Under the Pradhan Mantri MUDRA Yojana, what is the maximum loan amount available under the 'Shishu' category for micro-entrepreneurs?

Accepted Answer

The Pradhan Mantri MUDRA Yojana, launched in April 2015 by the Ministry of Finance, provides loans to non-corporate, non-farm small/micro businesses. The 'Shishu' category offers loans up to ₹50,000 with no collateral requirement.

Question 20

The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in which year, and which ministry oversees its implementation?

Accepted Answer

PMJDY was launched on August 28, 2014, by the Ministry of Finance (Department of Financial Services). It aims to provide universal access to banking services and financial inclusion for all Indian citizens.

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