IBPS PO Flashcards

Which type of account in India allows joint operation where 'Either or Survivor' condition means:

Answer: Either holder can operate the account, and upon death of one, the survivor gets full rights

In an 'Either or Survivor' joint account, either holder can transact independently, and the surviving holder inherits full rights upon the other's death.

The 'Pradhan Mantri Jan Dhan Yojana' (PMJDY) primarily aims to:

Answer: Ensure universal access to banking facilities for every household

PMJDY is a financial inclusion scheme launched in 2014 to provide every Indian household access to a bank account with basic banking services.

In reasoning ability, a 'syllogism' question tests the candidate's ability to:

Answer: Draw logical conclusions from given statements regardless of real-world truth

Syllogisms require candidates to evaluate logical conclusions from premises based purely on logical rules, not factual accuracy.

Which among the following is classified as a 'Non-Performing Asset' (NPA)?

Answer: A loan where interest or principal has been overdue for more than 90 days

An asset becomes NPA when interest or principal payment has remained overdue for a period of more than 90 days for a term loan.

The headquarters of the Reserve Bank of India (RBI) is located in:

Answer: Mumbai

The Reserve Bank of India's central office and headquarters have been located in Mumbai since 1937.

In the context of banking, 'KYC' stands for:

Answer: Know Your Customer

KYC (Know Your Customer) is a mandatory process by which banks verify the identity and address of their customers to prevent fraud and money laundering.

A shopkeeper marks up an item by 40% over cost price and then offers a 20% discount. What is the net profit percentage?

Answer: 12%

If CP=100, SP after markup=140, after 20% discount SP=140×0.8=112; profit=12%.