The sections of General Awareness and Banking Awareness in the important competitive exams like IBPS Clerk Exam of 2017 play a vital role for the candidates who have been preparing for these exams for a long time. In this article, we aim to tell you all about the Banking Awareness Sections in order to prepare you for the IBPS Clerk Mains Exam 2017.
The Banking Awareness section tests the mindfulness of the candidate. Apart from the general information regarding how a bank works and the strategies that are involved in managing a bank, you should be aware of the current affairs relating to this industry. The primary reason behind this section is to evaluate the level of knowledge the candidate has been able to grasp from the news and the banking environment in general. This is a clear indicator of how interested the candidate is in a banking job and how he will actually perform if he clears the exam.
The important sections to look out for when preparing for Banking Awareness of IBPS Clerk Mains Exam are –
1. Abbreviations – The full forms and short forms of common banking terms, policies and currencies are the commonly asked questions of this type. The abbreviations can also be related to how bank functions, common daily terms used in banks about transactions and the government policies that affect the working of banks in the entire country. You should be aware of the company’s policies that are available to the public, new schemes that the company has been promoting in the market and the names of various organizations that are related to the bank. These abbreviations are used in the daily life and hence the exam setters feel you should be aware of them if you want to work in the industry.
2. Awards and Honours – Just like an athlete must be aware of the different competitions and prestigious awards that the nation gives to great sportsmen, the candidates of banking exams should be aware of the popular national and international awards. The yearly awards and honors in the fields of science, literature, and gallantry are the popularly asked questions in this topic. The famous people who have been awarded these honors in various fields in the recent years are also a quite frequently asked question. These prizes include the national awards, Nobel Prize, Pulitzer Prize, Sahitya Academy Awards, Wimbledon etc.
3. Banks and Banking Practices – Candidates must have the basic knowledge about the most popular private and public banks of India. They should be aware of their history. For example, when was the bank started and how many branches does it have currently. People in pivotal management positions for these banks are one of the most commonly asked questions. You should have a good resource of facts about public sector banks, private sector banks, co-operatives, rural banks and lending organizations. Bank logos and mottos are also an important topic to study.
4. Banking Terms – The terms like repo rates and reverse repo rates, demat accounts, forex, inflation, liquidity, fiscal deficit, inflation, leverage ratio, mortgage, statutory liquidity ratio, check bouncing, capitalization. The knowledge of banking terms and common economy related terms like GDP, Per Capita Income, and National Income is able to determine the aptitude of the person preparing for the banking section in IBPS Clerk Exam.
5. Banking Ombudsman – This scheme provides a judicial authority that overlooks the complaints of the customers against banks for the services that are provided to them. This was a redressal system for banking customers so that banks can be regulated in a timely and well-structured manner. This was introduced in the year 1995 in India. Over the years, amendments have been made to this by the judicial authorities if India. Different types of complaints can be registered through complaint forms. The candidates are required to know about the initial working of the ombudsman, why it came into the picture, what are the amendments, why was there a need for these amendments and the annual reports of the banks.
6. Currencies – The general knowledge regarding various currencies, roles of currency regulation factors, the role of RBI, demonetization and its impact on the economy, countries and their capitals, institutions that regulate the role of currency and foreign exchange values, how values of currencies change is vital in order to clear the exam. The monetary policies of each country in relation to the banking policy for relation with other countries, market values of countries in share markets etc. should be well known to the candidates.
7. Cashless payment services – These days the use of cashless payments in order to ease the process of making payments has risen highly due to the advent of technology and the increased security in making cashless payments. The first organizations that started using cashless payments must be known. The first time that important services like Debit Cards, Credit Cards, Net Banking, and Wallets were introduced must also be known. The most popular service providers for all these variants of cashless payments and their parent companies are also frequently asked questions.
8. E-banking – The concept of modern banking or e-banking services that provide the customer with various banking services at the click of a button is a new concept that make life easy for the busy people of this century. The widespread usage of internet and the security improvements in internet and ethical hacking have lead people to enforce their trust on e-banking services. The candidate must be aware of most popular services available online for e-banking.
The other important concepts related to banking that can be asked in the exam are –
9. NABARD – National Bank for Agriculture and Rural Development
10. RBI, its functioning, and the RBI important personnel
11. Important National and International Banking Committees
12. Money Transfer Schemes
13. Financial Inclusion
14. Banking Sector Reforms
Hope, that this list of concepts will give you an exact idea of the topics that you should study in order to prepare for the IBPS Clerk Exam. For Banking Awareness & General Awareness notes & study material, download GradeUp app! It provides free notes, mock test, quiz, question papers for all Bank exam preparation.
#This post is contributed by Subject Matter Experts at Exam preparation site Gradeup.