Business, Economy & Banking Current Affairs MCQs

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IDFC FIRST Bank, in partnership with Swift, has launched a real-time tracking service for international money transfers. It is the first Indian bank to provide end-to-end traceability for cross-border payments. Available on the bank’s mobile app and internet banking, this service supports the “Customer First” approach. The Swift GPI integration lets users track the status of funds, from in-transit to credited stages. It also alerts users to issues like missing recipient information, enabling quick corrections. This innovation brings the speed and transparency of UPI and IMPS payments to international transactions.

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Bibek Debroy, who passed away recently, was deeply interested in railways. His 2015 report on Railway Reforms led to a proposed overhaul of Indian Railways for better operational viability. Some recommendations have been implemented, like merging the Rail Budget, renaming Railway Board Chairman to CEO, and giving more authority to General Managers (GMs) and Divisional Railway Managers (DRMs). However, the key recommendation for liberalization of Indian Railways is yet to be implemented. His committee also emphasized empowering field officers and integrating technology, which is being executed with Vande Bharat Trains and KAVACH systems.

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The New Agriculture Wealth Opportunities – Driving Horticulture Agribusiness Networking (NAWO-DHAN) scheme aims to boost food crop production in Kerala. It engages farmer groups through Service Level Agreements (SLA) without transferring land ownership. The initiative targets unused land and addresses a significant production-demand gap in fruits and vegetables. The Kerala Agro Business Company (KABCO) facilitates this project, encouraging investment in high-tech agriculture while ensuring that income from farming remains non-taxable.

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Union Finance Minister Nirmala Sitharaman launched the National MSME Cluster Outreach Programme. The program is a joint effort by the Department of Financial Services and SIDBI. It aims to support Micro, Small, and Medium Enterprises (MSMEs) across India. The initiative will enhance financial access and resources for MSMEs, fostering their growth. The program also seeks to strengthen MSME clusters and address their specific needs.

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Hindalco Industries was ranked the world’s most sustainable aluminum company for the fifth year in the 2024 S&P Global Corporate Sustainability Assessment with 87 points. Hindalco scored in the 100th percentile for climate strategy, waste management, resource use, community engagement, and employee development. It achieved a 19.54% reduction in greenhouse gas emissions from its FY 2011-12 baseline. In FY24, Hindalco recycled 85% of its operational waste, aiming for zero waste to landfill by 2030, with three units already certified. The company targets sourcing 30% of its energy from renewable sources by 2030.

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The Reserve Bank of India (RBI) reaffirmed State Bank of India, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs). D-SIBs are classified as “Too Big To Fail” due to their size, interconnectedness, and key role in the economy. Their failure could disrupt the financial system and economic stability. SBI was designated a D-SIB in 2015, ICICI Bank in 2016, and HDFC Bank in 2017. D-SIBs help prevent systemic risks and ensure essential banking services remain available by adhering to stricter capital and regulatory requirements.

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India aims to develop the Andaman and Nicobar Islands as a tuna export hub under the Pradhan Mantri Matsya Sampada Yojana (PMMSY). The Department of Fisheries has already notified the formation of a Tuna Cluster in the region. The global tuna market is valued at $41.94 billion; the Indian Ocean is the second-largest producer, supplying 21% of global tuna. Andaman and Nicobar primarily harvest neritic tuna, with smaller quantities of skipjack, big-eye, and yellowfin. Tuna is a large, agile fish, part of the Thunnini tribe, found in tropical and temperate oceans. Rich in protein, omega-3s, vitamins, and minerals, tuna promotes heart and brain health.

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National Fertilizers Limited (NFL) has entered the nano liquid urea production market. Nano Urea, developed and patented by Indian Farmers Fertiliser Cooperative Limited (IFFCO), provides nitrogen to plants through nanotechnology. It is the only nano fertilizer approved by the Indian government and included in the Fertilizer Control Order. Nano Urea has a particle size of 20-50 nm, offering more surface area and nitrogen particles than conventional urea. It is energy-efficient, eco-friendly, and reduces nitrogen loss to the atmosphere.

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Masato Kanda was unanimously elected as ADB’s 11th president and will take office on February 24 next year. Kanda, 59, has 40 years of experience in international finance and policy. He is currently Special Advisor to Japan’s Prime Minister and Minister of Finance. He previously held roles such as Deputy Vice-Minister for Policy Planning and Vice-Minister of Finance for International Affairs. Kanda holds a Bachelor of Laws from the University of Tokyo and an M.Phil in Economics from Oxford University. His leadership in global forums like G7 and G20 highlights his focus on multilateral cooperation and addressing global challenges.

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Vadhavan greenfield port near Dahanu, Maharashtra, will double India’s container trade upon completion. It is an all-weather deep draft major port located in Palghar district, Maharashtra. It is developed by Vadhavan Port Project Limited (VPPL). VPPL is a joint venture between Jawaharlal Nehru Port Authority (74% share) and Maharashtra Maritime Board (26%). The project cost is ₹76,220 crore, with completion targeted by 2034. It will feature nine container terminals, multipurpose, liquid cargo, Ro-Ro, and Coast Guard berths.