Free · 10 questions · about 5 minutes

Daily Ten Tuesday, 3 November 2026

Tap an answer to see if you are right and why. Some questions come from today’s Morning Brief, the rest from the promotion and JAIIB/CAIIB syllabus.

1. Question 1 Banking reform

   The High Level Committee on Banking for Viksit Bharat, set up on 30 Oct 2026, is chaired by:

   1. A N. S. Vishwanathan
   2. B Shirish Chandra Murmu
   3. C Suresh N. Patel
   4. D Padmaja Chunduru
   Show the answer

   Answer: C. The Finance Ministry named former Central Vigilance Commissioner Suresh N. Patel as chair; the committee has six months.

   Source: Ministry of Finance, 30 Oct 2026

2. Question 2 Economic indicators

   India’s manufacturing PMI was 54.7 in October 2026. A PMI reading above 50 indicates:

   1. A Contraction
   2. B Expansion
   3. C No change
   4. D Deflation
   Show the answer

   Answer: B. PMI is a diffusion index: above 50 means activity expanded from the previous month, below 50 means it contracted.

   Source: HSBC India Manufacturing PMI (S&P Global)

3. Question 3 GST

   From 1 Nov 2026, businesses with an inverted duty structure can get what share of a GST refund claim provisionally?

   1. A 50%
   2. B 75%
   3. C 80%
   4. D 90%
   Show the answer

   Answer: D. Under the Finance Act, 2026 changes in force from 1 November, 90% of an inverted-duty refund claim can be paid provisionally, subject to risk checks.

   Source: CBIC notification under the Finance Act, 2026

4. Question 4 Insurance

   IRDAI has declared November 2026 as:

   1. A Grievance Resolution Month
   2. B Insurance Awareness Month
   3. C Claims Settlement Week
   4. D Bima Sugam Month
   Show the answer

   Answer: A. IRDAI asked insurers to clear long-pending policyholder grievances and disputes during November 2026.

   Source: IRDAI announcement, 29 Oct 2026

5. Question 5 Priority sector

   A domestic scheduled commercial bank’s overall priority sector lending target is what share of ANBC or CEOBE, whichever is higher?

   1. A 18%
   2. B 40%
   3. C 32%
   4. D 75%
   Show the answer

   Answer: B. RBI’s Master Directions on priority sector lending set 40% for domestic scheduled commercial banks; 18% is the agriculture sub-target.

   Source: RBI Master Directions – Priority Sector Lending

6. Question 6 Lead Bank Scheme

   The Lead Bank Scheme was introduced in:

   1. A 1969
   2. B 1975
   3. C 1980
   4. D 1991
   Show the answer

   Answer: A. It began in 1969, based on the Gadgil Study Group and the Nariman Committee, giving each district a lead bank.

   Source: RBI Master Circular – Lead Bank Scheme

7. Question 7 NI Act

   Under Section 25 of the NI Act, a bill or note that falls due on a public holiday is payable on:

   1. A The next business day
   2. B The same day, at any branch
   3. C The preceding business day
   4. D Three days later
   Show the answer

   Answer: C. Section 25 of the Negotiable Instruments Act, 1881 says such an instrument is deemed due on the next preceding business day.

   Source: Negotiable Instruments Act, 1881, Section 25

8. Question 8 Customer service

   Under the Insurance Ombudsman Rules, 2017, a policyholder may go to the Ombudsman if the insurer has not replied to the complaint within:

   1. A 15 days
   2. B 45 days
   3. C Three months
   4. D One month
   Show the answer

   Answer: D. The complaint must go to the insurer first; the Ombudsman can be approached if the insurer rejects it, does not reply within one month, or the reply is unsatisfactory.

   Source: Insurance Ombudsman Rules, 2017

9. Question 9 SARFAESI

   Under Section 13(2) of the SARFAESI Act, how long does a borrower get to pay after the demand notice?

   1. A 30 days
   2. B 45 days
   3. C 60 days
   4. D 90 days
   Show the answer

   Answer: C. The secured creditor must give the borrower 60 days from the notice to discharge the liability before taking measures under Section 13(4).

   Source: SARFAESI Act, 2002, Section 13(2)

10. Question 10 NPA

    A term loan becomes a non-performing asset when interest or an instalment remains overdue for more than:

    1. A 30 days
    2. B 60 days
    3. C 180 days
    4. D 90 days
    Show the answer

    Answer: D. Under RBI’s income recognition and asset classification norms, a term loan is an NPA when interest or principal is overdue for more than 90 days.

    Source: RBI Master Circular – IRACP norms