IBPS PO General Awareness: Indian Economy and Banking Awareness questions with solutions

Q1. The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 introduces an alternate insolvency resolution process for MSMEs, called PIRP. What does 'R' stand for in PIRP?

1. Recovery
2. Resolution
3. Rental
4. Retire

Answer: Resolution

PIRP stands for Pre-packaged Insolvency Resolution Process. Therefore, the letter 'R' stands for Resolution.

Q2. The Negotiable Instruments Act, 1881 was enacted on 9 December 1881 and came into force on 1 March 1882. How many total sections are there in the Negotiable Instruments Act, 1881?

1. 147
2. 23
3. 149
4. 162

Answer: 147

The Negotiable Instruments Act, 1881 contains 147 sections. It is an important law related to cheques, promissory notes, and bills of exchange.