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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NTPC, India’s largest power producer, inaugurated the world’s first Carbon Dioxide-to-methanol conversion plant at its Vindhyachal facility on its 50th Raising Day. NTPC Chairman Gurdeep Singh called it a historic milestone in carbon management and sustainable fuel production. The company is working on green technologies like Gen-4 ethanol, green urea, and sustainable aviation fuel. NTPC developed and tested India’s first indigenous catalyst for methanol synthesis. The company has also made progress in hydrogen, carbon capture, and other innovative technologies. During the event, NTPC launched hydrogen-fueled buses in Leh and new IT applications.

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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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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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The Chennai-Vladivostok Eastern Maritime Corridor (EMC) is now operational, transporting oil, food, and machinery. The EMC links Russia’s east coast with South India, reducing cargo transit time by up to 16 days and distance by 40%. The current Mumbai-St. Petersburg route spans 8,675 nautical miles, taking about 40 days. The Chennai-Vladivostok route is only 5,647 nautical miles, saving 5,608 km and reducing logistical costs. The EMC passes through key seas and straits, including the Sea of Japan and Malacca Straits, with port options in major cities like Shanghai, Singapore, and Colombo.

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SECI (Solar Energy Corporation of India) is facing bribery allegations. It is a major public sector undertaking in India’s renewable energy sector, under the Ministry of New and Renewable Energy (MNRE). Established in 2011, SECI was originally a not-for-profit company and became a commercial entity in 2015. SECI is the only Central Public Sector Undertaking (CPSU) dedicated to renewable energy. It plays a key role in implementing India’s National Solar Mission and renewable energy projects like solar, wind, and hybrid. SECI holds the status of Mini-Ratna Category-I CPSU.

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Around 500 miners protested against the privatization of the Cayirhan coal mine and power plant near Ankara, Turkey. The Cayirhan mine is located in Ankara Province, Turkey and produces lignite, a low-grade coal. It supplies the nearby 620 MW Cayirhan coal-fired power station. The mine is vital for Turkey’s energy production and local employment. Proposed extensions have raised concerns over inefficiency, pollution, and environmental impact.

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The Advertising Standards Council of India (ASCI) released its Half-Yearly Complaints Report for 2024-25, highlighting a significant number of misleading ads, especially in real estate and offshore betting. ASCI, established in 1985, is a non-profit, voluntary self-regulatory body that ensures ads follow its Code for Self-Regulation, promoting legal, decent, honest, and truthful advertisements. ASCI investigates complaints across various media including TV, print, and online. It is mandatory for new TV ads in India to comply with ASCI codes starting June 18, 2024. ASCI is recognized by the Ministry of Information and Broadcasting and is part of the International Council on Ad Self-Regulation (ICAS).

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The Central Board of Indirect Taxes and Customs (CBIC) held a global India Authorised Economic Operator (AEO) programme with the World Bank on November 28-29, 2024, in New Delhi. AEO is part of the World Customs Organization’s (WCO) SAFE Framework to secure global trade and enhance supply chain security. It grants AEO status to businesses that comply with supply chain security standards, offering benefits like simplified procedures and faster customs clearance. It was introduced in India in 2011.