General Knowledge: Static Institutions and Core Facts
General Knowledge in LIC AAO tests stable awareness of India's polity, economy, banking, geography, history, science and institutions, plus a thin layer of current events. The aim is recognition, not deep scholarship.
Core rules
- Polity: know Articles 12-35 (fundamental rights), 40-51 (DPSP), 72 (pardon), 76 (Attorney General), 148 (CAG), 280 (Finance Commission) and 324 (Election Commission).
- Banking: RBI was established on 1 April 1935 under the RBI Act, 1934, and nationalised in 1949; it regulates banks and monetary policy.
- Insurance: IRDAI is the insurance regulator, set up under the IRDA Act, 1999; LIC was formed in 1956 by nationalising life insurance.
- Geography: match national parks, rivers and passes to states; do not rely on approximate maps.
- Economy: distinguish repo, reverse repo, CRR, SLR and MSF; know which is a rate and which is a ratio.
Worked example
Question: Which body regulates the insurance sector in India? Reason: SEBI handles securities, RBI handles banking and payment systems, and IRDAI handles insurers and intermediaries. Answer: IRDAI.
Traps
- Mixing LIC, an insurer, with IRDAI, the regulator.
- Confusing the RBI Act, 1934 with the Banking Regulation Act, 1949.
- Using outdated capital names or discontinued schemes.
- Confusing fundamental rights with directive principles.
- Over-preparing for obscure current affairs and missing static banking terms.