UPSC Exam > UPSC Videos > Indian Economy (Prelims) by Shahid Ali > Banking - Economics, UPSC IAS Exam Preparation
Banking - Economics, UPSC IAS Exam Preparation Video Lecture | Indian Economy (Prelims) by Shahid Ali
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36 videos|62 docs|78 tests
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FAQs on Banking - Economics, UPSC IAS Exam Preparation Video Lecture - Indian Economy (Prelims) by Shahid Ali
| 1. What is the role of banks in the economy? |  |
Ans. Banks play a crucial role in the economy by facilitating the flow of funds between savers and borrowers. They offer various financial services such as accepting deposits, granting loans, providing credit, and facilitating payments. Banks also contribute to economic growth by promoting investments, supporting businesses, and generating employment opportunities.
| 2. What is the significance of banking in the UPSC IAS exam? | |
Ans. Banking is an important topic in the UPSC IAS exam, especially in the Economics section. Candidates are expected to have a sound understanding of the functioning of banks, their role in the economy, monetary policies, and financial inclusion. Questions related to banking reforms, financial institutions, and their impact on the economy are frequently asked in the exam.
| 3. How can I prepare for banking-related questions in the UPSC IAS exam? | |
Ans. To prepare for banking-related questions in the UPSC IAS exam, candidates should start by studying the basic concepts of banking, types of banks, and their functions. They should also familiarize themselves with the latest developments in the banking sector, such as digital banking, payment systems, and financial inclusion initiatives. Reading newspapers, referring to standard banking textbooks, and practicing previous years' question papers can be helpful in preparation.
| 4. What are some key challenges faced by the banking sector in India? | |
Ans. The banking sector in India faces several challenges, including non-performing assets (NPAs) or bad loans, inadequate capitalization, frauds, and cyber threats. Other challenges include financial inclusion, ensuring credit availability to the unbanked population, and improving the efficiency of banking operations. Additionally, the sector must adapt to technological advancements and changing customer preferences to remain competitive.
| 5. What are some recent banking reforms implemented in India? | |
Ans. In recent years, several banking reforms have been implemented in India to strengthen the sector and address various issues. Some notable reforms include the introduction of the Insolvency and Bankruptcy Code (IBC) to resolve the issue of NPAs, the merger of public sector banks to improve efficiency and governance, the implementation of the Pradhan Mantri Jan Dhan Yojana (PMJDY) for financial inclusion, and the promotion of digital banking through initiatives like Unified Payments Interface (UPI) and Aadhaar-enabled payment systems.
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Dec 21, 2024 Last updated |
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