Business, Economy & Banking Current Affairs MCQs

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Navratna Companies are public sector companies that are given financial autonomy to invest up to Rs.1,000 crore without the Indian government’s approval.
The Union Finance Ministry recently upgraded the status of the Rail Vikas Nigam Limited (RVNL) from Category-I Miniratna to Navratna Central Public Sector Enterprise (CPSE).

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Union Budget announced the Mahila Samman Savings Certificate (MSSC), a new small-savings scheme for women and was launched for investments from April 1, 2023. The interest rate on deposits made under this Program is 7.5% per year.
The Union Minister Smriti Irani opened the Mahila Samman Savings Certificate (MSSC) account recently.

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The IFRS 17 is an international financial reporting standard that was issued by the International Accounting Standards Board in 2017. It has become effective on January 1, 2023.
It will replace IFRS 4 on accounting for insurance contracts. The earlier application permitted as long as IFRS 9 is also applied.

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Legal Entity Identifier is a unique 20-character global identifier for legal entities taking part in financial transactions.
The SEBI has introduced LEI for issuers that are planning to list or has already listed non-convertible securities, securitized debt instruments and security receipts.

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The Indian government has expanded the scope of the Prevention of Money Laundering Act (PMLA), 2002 to include company establishment, property acquisition, and financial transactions carried out by chartered accountants, company secretaries, and cost and works accountants on behalf of their clients.
These professionals will be responsible for examining clients’ sources of funds, ownership, and financial position, as well as recording the purpose of specified transactions. They will be held accountable under the PMLA if they assist in any transactions that violate the law.

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The capital markets regulator Securities Exchange Board of India (SEBI) has introduced a comprehensive testing framework for IT systems of stock exchanges and other market infrastructure institutions.
It will cover stock exchanges, clearing corporations and depositories throughout their lifecycle.

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Securities Exchange Board of India (SEBI) has proposed the granting of special board nomination rights for unitholders of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
This is expected to strength corporate governance norms. Under the current regulations, no unitholder of these trusts can enjoy superior voting rights.

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The Central Government has recently revamped the rules governing the approval for mergers and acquisitions (M&As) of startups and MSMEs.
The aim of the new rules is to simplify the M&A process to enable the securing of approval within 15 to 60 days, as per a  Corporate affairs ministry (MCA) notification.

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To help investors make better decisions, the Securities and Exchange Board of India (SEBI) has announced a risk disclosure framework for individual traders in the equity Futures & Options (F&O) segment.
Starting from July 1, all stock brokers will be required to display risk disclosures on their websites and inform their clients accordingly.

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Axis Bank launched ‘Sarathi,’ a first-of-its-kind digital onboarding journey for merchants to adopt Electronic Data Capture (EDC) or Point of Sale (PoS).
Sarathi offers merchants a streamlined and hassle-free experience. Sarathi’s features include immediate status updates, eliminating the need for follow-up visits, and the ability to transact on the same day their application is processed.