Business, Economy & Banking Current Affairs MCQs

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The Ministry of Statistics and Programme Implementation (MoSPI) launched the eSankhyiki portal to provide real-time data for planners, policy-makers, and researchers. It aims to streamline data management and sharing, offering access to key datasets like National Accounts Statistics and Consumer Price Index. The portal’s Data Catalogue Module houses over 2291 datasets with detailed metadata and visualizations, enhancing data accessibility and re-usability for informed decision-making and public use.

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Several high-street banks have restricted opening accounts for firms less than a year old due to suspicions of money mule activities linked to laundering and digital fraud. A money mule transfers illegally acquired money for criminals, aiding in laundering proceeds from crimes like human trafficking and drug trafficking. Criminals use fake job adverts or social media posts to recruit money mules, who move funds via bank accounts, checks, virtual currency, or prepaid cards.

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The Ministry of New and Renewable Energy issued guidelines for funding under the National Green Hydrogen Mission, approved by the Union Cabinet on January 4, 2023. The mission aims to make India a global hub for producing, utilizing, and exporting green hydrogen. Key components include financial incentives for domestic electrolyser manufacturing and green hydrogen production, pilot projects, development of Green Hydrogen Hubs, the Strategic Hydrogen Innovation Partnership (SHIP) for R&D, and a coordinated skill development program.

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NABARD recently announced the Agri-SURE fund to support start-ups and rural enterprises in agriculture. The ₹750 crore fund, with contributions from NABARD, the Ministry of Agriculture, and other institutions, will back 85 agri start-ups with investments up to ₹25 crore each. Agri-SURE focuses on innovation, technology, enhancing the value chain, creating rural linkages, generating employment, and supporting Farmers Producer Organisations. NABVENTURES will manage the fund.

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The Union Minister of Coal and Mines launched the Mineral Exploration Hackathon and the National District Mineral Foundation (DMF) Portal in Hyderabad. This centralized platform provides data on 645 DMFs, enhancing transparency and tracking developments. DMFs, non-profit trusts established under the MMDR Amendment Act 2015, aim to benefit mining-affected areas. Funded by contributions from mineral concession holders, the portal offers centralized visibility, project oversight, dynamic analytics, and best practices for effective implementation.

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The Ministry of MSME launched the “MSME Trade Enablement and Marketing Initiative” (MSME-TEAM Initiative) under the RAMP scheme. It aims to assist five lakh MSMEs, including two and a half lakh women-owned MSEs, in onboarding the Open Network Digital Commerce (ONDC) platform. The initiative offers financial assistance for catalogue preparation, logistics, and packaging. Awareness workshops will target Tier 2 and Tier 3 cities. The sub-scheme runs until March 2027.

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The Economic Survey noted the European Union’s Carbon Border Adjustment Mechanism (CBAM) conflicts with the Paris Agreement’s spirit. CBAM is an EU tariff on carbon-intensive products, ensuring imported goods pay for their carbon emissions, aligning their carbon price with domestic products. EU importers must buy carbon certificates based on embedded emissions. This encourages cleaner production globally by pricing carbon emissions fairly. CBAM aims to prevent undermining the EU’s climate objectives.

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The Reserve Bank of India (RBI) introduced a Prompt Corrective Action (PCA) framework to improve weak Urban Cooperative Banks (UCBs). This framework aims for timely supervisory intervention, ensuring UCBs initiate remedial measures to restore financial health. The PCA will focus on monitoring capital, asset quality, and profitability. It replaces the existing Supervisory Action Framework (SAF) and will apply to UCBs with deposits exceeding Rs 100 crore. The PCA framework serves as an early intervention tool to enhance the stability and performance of UCBs.

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The Asian Development Bank (ADB) has approved a $200 million loan to improve solid waste management and sanitation in 100 Indian cities under the Swachh Bharat Mission 2.0. This funding will be used for building waste processing facilities and community sanitation projects. The agreement, signed by Juhi Mukherjee and Mio Oka, aims to strengthen urban waste management systems and advance India’s environmental and public health goals.

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India has exported its first GI-tagged fig juice to Poland, marking a major achievement for Indian agriculture. This follows the export of GI-tagged Purandar figs to Hong Kong. The Purandar Highlands Farmers Producer Company Ltd, with government support, facilitated these exports. This milestone highlights the quality of Indian figs and opens up new opportunities for expanding Indian agricultural products in global markets.