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JAIIB Previous Year Question Paper: Indian Economy and Indian Financial System (May 2023)
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Page 2
2. What is the sum insured under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
(Select the most appropriate answer among from the given options)
I. 1 lakh
II. 2 lakh
III. 3 lakh
IV. 4 lakh
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (2)
3. What are the tenures of Treasury bills in India? (Select the most appropriate answer
among from the given options)
I. 60, 120, 240 days
II. 30, 90, 180 days
III. 91, 182, 364 days
IV. 80, 160, 320 days
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
4. What is the paid-up capital of the Reserve Bank of India (RBI)? (Select the most
appropriate answer among from the given options)
I. 500 crore
II. 600 crore
III. 700 crore
IV. 800 crore
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
Page 3
2. What is the sum insured under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
(Select the most appropriate answer among from the given options)
I. 1 lakh
II. 2 lakh
III. 3 lakh
IV. 4 lakh
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (2)
3. What are the tenures of Treasury bills in India? (Select the most appropriate answer
among from the given options)
I. 60, 120, 240 days
II. 30, 90, 180 days
III. 91, 182, 364 days
IV. 80, 160, 320 days
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
4. What is the paid-up capital of the Reserve Bank of India (RBI)? (Select the most
appropriate answer among from the given options)
I. 500 crore
II. 600 crore
III. 700 crore
IV. 800 crore
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
5. The Narasimham Committee, set up for banking sector reforms, provided its
recommendations in two parts. When were these given? (Select the most appropriate
answer among from the given options)
I. 1991 and 1998
II. 1992 and 2002
III. 1993 and 1998
IV. 1994 and 2000
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
6. What is a Floater Mutual Fund? (Select the most appropriate answer among from the
given options)
I. A fund that invests primarily in fixed-rate bonds
II. A fund that invests only in equities
III. A fund that invests primarily in floating-rate debt instruments
IV. A fund that invests only in government securities
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
7. Which act regulates foreign exchange in India? (Select the most appropriate answer
among from the given options)
I. The Foreign Exchange Management Act, 2000
II. The Foreign Exchange Management Act, 1999
III. The Foreign Exchange Regulation Act, 1999
IV. The Foreign Exchange Regulation Act, 2000
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (2)
Page 4
2. What is the sum insured under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
(Select the most appropriate answer among from the given options)
I. 1 lakh
II. 2 lakh
III. 3 lakh
IV. 4 lakh
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (2)
3. What are the tenures of Treasury bills in India? (Select the most appropriate answer
among from the given options)
I. 60, 120, 240 days
II. 30, 90, 180 days
III. 91, 182, 364 days
IV. 80, 160, 320 days
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
4. What is the paid-up capital of the Reserve Bank of India (RBI)? (Select the most
appropriate answer among from the given options)
I. 500 crore
II. 600 crore
III. 700 crore
IV. 800 crore
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
5. The Narasimham Committee, set up for banking sector reforms, provided its
recommendations in two parts. When were these given? (Select the most appropriate
answer among from the given options)
I. 1991 and 1998
II. 1992 and 2002
III. 1993 and 1998
IV. 1994 and 2000
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
6. What is a Floater Mutual Fund? (Select the most appropriate answer among from the
given options)
I. A fund that invests primarily in fixed-rate bonds
II. A fund that invests only in equities
III. A fund that invests primarily in floating-rate debt instruments
IV. A fund that invests only in government securities
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
7. Which act regulates foreign exchange in India? (Select the most appropriate answer
among from the given options)
I. The Foreign Exchange Management Act, 2000
II. The Foreign Exchange Management Act, 1999
III. The Foreign Exchange Regulation Act, 1999
IV. The Foreign Exchange Regulation Act, 2000
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (2)
8. If goods worth 50 lakhs are insured for 40 lakhs and are destroyed due to fire, what
would be the claim amount? (Select the most appropriate answer among from the given
options)
I. 40 lakhs
II. 50 lakhs
III. 45 lakhs
IV. 35 lakhs
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
9. The term 'Primary Territory' in marketing refers to: (Select the most appropriate answer
among from the given options)
I. The market segment where the business aims to be the market leader
II. The market segment that the business plans to enter in the future
III. The geographical area where a business makes the majority of its sales
IV. The geographical area where the business has its production units
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
10. Priority Sector Lending by banks in India refers to lending to: (Select the most
appropriate answer among from the given options)
I. Large scale industries
II. The government sector
III. Sectors of the economy which may not get timely and adequate credit
IV. Multinational companies
A. Only III
B. Only IV
C. II, III
D. I, II, III, IV
Answer (1)
Page 5
2. What is the sum insured under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
(Select the most appropriate answer among from the given options)
I. 1 lakh
II. 2 lakh
III. 3 lakh
IV. 4 lakh
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (2)
3. What are the tenures of Treasury bills in India? (Select the most appropriate answer
among from the given options)
I. 60, 120, 240 days
II. 30, 90, 180 days
III. 91, 182, 364 days
IV. 80, 160, 320 days
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
4. What is the paid-up capital of the Reserve Bank of India (RBI)? (Select the most
appropriate answer among from the given options)
I. 500 crore
II. 600 crore
III. 700 crore
IV. 800 crore
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
5. The Narasimham Committee, set up for banking sector reforms, provided its
recommendations in two parts. When were these given? (Select the most appropriate
answer among from the given options)
I. 1991 and 1998
II. 1992 and 2002
III. 1993 and 1998
IV. 1994 and 2000
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
6. What is a Floater Mutual Fund? (Select the most appropriate answer among from the
given options)
I. A fund that invests primarily in fixed-rate bonds
II. A fund that invests only in equities
III. A fund that invests primarily in floating-rate debt instruments
IV. A fund that invests only in government securities
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
7. Which act regulates foreign exchange in India? (Select the most appropriate answer
among from the given options)
I. The Foreign Exchange Management Act, 2000
II. The Foreign Exchange Management Act, 1999
III. The Foreign Exchange Regulation Act, 1999
IV. The Foreign Exchange Regulation Act, 2000
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (2)
8. If goods worth 50 lakhs are insured for 40 lakhs and are destroyed due to fire, what
would be the claim amount? (Select the most appropriate answer among from the given
options)
I. 40 lakhs
II. 50 lakhs
III. 45 lakhs
IV. 35 lakhs
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
9. The term 'Primary Territory' in marketing refers to: (Select the most appropriate answer
among from the given options)
I. The market segment where the business aims to be the market leader
II. The market segment that the business plans to enter in the future
III. The geographical area where a business makes the majority of its sales
IV. The geographical area where the business has its production units
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
10. Priority Sector Lending by banks in India refers to lending to: (Select the most
appropriate answer among from the given options)
I. Large scale industries
II. The government sector
III. Sectors of the economy which may not get timely and adequate credit
IV. Multinational companies
A. Only III
B. Only IV
C. II, III
D. I, II, III, IV
Answer (1)
11. A joint venture is characterized by: (Select the most appropriate answer among from
the given options)
I. Ownership and control by one organization
II. Temporary partnership without the creation of a new entity
III. A business arrangement where two or more parties agree to pool their resources for a specific
task
IV. A long-term partnership where each party has control over its own resources
A. Only I
B. Only III
C. II, III
D. I, II, III, IV
Answer (2)
12. Which of the following is not a characteristic of a Hire Purchase agreement? (Select
the most appropriate answer among from the given options)
I. Ownership of the goods is transferred after the last payment is made
II. The goods are repossessed if the hirer fails to pay an installment
III. A large down payment is needed to begin the agreement
IV. The hirer has the right to use the goods from the commencement of the agreement
A. Only I
B. Only II
C. Only III
D. I, II, III, IV
Answer (3)
13. Venture capital can be described as: (Select the most appropriate answer among from
the given options)
I. Financing provided to early-stage, high-potential, growth startup companies
II. Loans provided by banks to small businesses
III. Money provided by the government to industries
IV. Funds provided by shareholders to a company
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (1)
14. The term NNP refers to: (Select the most appropriate answer among from the given
options)
I. Net National Profit
II. Net National Product
III. National Net Product
IV. National Net Profit
A. Only I
B. Only II
C. II, III
D. I, II, III, IV
Answer (2)
Read MoreFAQs on JAIIB Previous Year Question Paper: Indian Economy and Indian Financial System (May 2023)
| 1. What are the key components of the Indian financial system? |  |
Ans. The Indian financial system comprises various components including financial institutions, financial markets, financial instruments, and regulatory bodies. Financial institutions include banks, non-banking financial companies (NBFCs), and insurance companies, which facilitate the flow of funds. Financial markets encompass the money market, capital market, and foreign exchange market, providing platforms for trading financial instruments such as stocks, bonds, and currencies. Regulatory bodies like the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) oversee and ensure the stability and integrity of the financial system.
| 2. How does the Indian economy function in terms of its sectors? | |
Ans. The Indian economy functions through three main sectors: agriculture, industry, and services. The agricultural sector, although contributing a smaller percentage to GDP compared to others, employs a significant portion of the population. The industrial sector includes manufacturing and construction, playing a crucial role in economic development and job creation. The services sector has emerged as a dominant force, contributing the largest share to GDP, encompassing IT, telecommunications, finance, and hospitality services.
| 3. What role does the Reserve Bank of India play in the Indian financial system? | |
Ans. The Reserve Bank of India (RBI) serves as the central bank and plays a pivotal role in the Indian financial system. Its primary functions include regulating the issuance of currency, managing the country's monetary policy, overseeing financial institutions, and maintaining financial stability. The RBI also acts as the banker to the government and facilitates external trade and payment systems, ensuring the smooth operation of the economy.
| 4. What is the significance of the Indian money market? | |
Ans. The Indian money market is significant as it provides a platform for short-term borrowing and lending, facilitating liquidity management for financial institutions and the government. It involves instruments such as treasury bills, commercial papers, and certificates of deposit, which help in meeting the short-term funding requirements of various entities. The money market plays a crucial role in the overall stability of the financial system by ensuring that funds are available when needed.
| 5. How do recent changes in the Indian economy impact financial inclusion? | |
Ans. Recent changes in the Indian economy, such as the push for digital payments and the implementation of the Pradhan Mantri Jan Dhan Yojana, have significantly impacted financial inclusion. These initiatives aim to provide banking services to the unbanked population, encouraging savings, access to credit, and insurance. The emphasis on technology in banking services has made it easier for individuals in remote areas to access financial products and services, thus promoting economic participation and reducing poverty levels.
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