Business, Economy & Banking Current Affairs MCQs

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The National Consumer Helpline (NCH), under the Ministry of Consumer Affairs, has adopted an AI-driven system for sector-wise grievance analysis. The number of calls received has grown from 12,553 in Dec 2015 to 1,55,138 in Dec 2024. Monthly complaints registered have increased from 37,062 in 2017 to 1,12,468 in 2024. Grievance disposal time has reduced from 66.26 days in 2023 to 48 days in 2024. 1,038 companies have become convergence partners to resolve issues faster. Success stories from sectors like e-commerce, broadband, and banking show improved grievance resolution, boosting consumer trust.

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SEBI has introduced the digital platform MITRA (Mutual Fund Investment Tracing and Retrieval Assistant). MITRA helps investors track and reclaim inactive or unclaimed mutual fund folios. It addresses issues like lost investments due to outdated contact details or unawareness. Investors can identify overlooked investments and update KYC details. It is developed by Registrar and Transfer Agents (RTAs), it provides a searchable database at the industry level. SEBI has revised the Unit Holder Protection Committee (UHPC) mandate to review inactive folios, unclaimed dividends, and redemptions.

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Axis Bank became the first Indian bank to implement compliance for the Digital Personal Data Protection Act (DPDP Act) 2023 in partnership with Privy by IDfy. The DPDP Act 2023 sets new standards for data protection and accountability. It requires privacy notices in 22 languages, maintaining consent records, obtaining parental consent for minors, and reporting privacy breaches. The initiative reflects Axis Bank’s commitment to customer privacy, ethics, and transparency.

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India became the second country after China to launch an Electronic Personnel License (EPL) for pilots. Union Civil Aviation Minister K Rammohan Naidu launched the EPL on 20 February 2025 at Udaan Bhawan, New Delhi. The EPL is part of the Digital India initiative and aims to improve Ease of Doing Business. It replaces the existing smart card with a digital license accessible through the eGCA Mobile App.

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India’s Purchasing Managers’ Index (PMI) rose for the first time after three quarters. PMI measures business activity in manufacturing and services sectors through surveys. It helps assess whether market conditions are expanding, contracting, or stable. There are two types: Manufacturing PMI and Services PMI. Manufacturing PMI is based on new orders, output, employment, supplier delivery times, and stock purchases. A PMI above 50 indicates expansion, while below 50 shows contraction. PMI is released monthly by S&P Global, a global financial analytics firm.

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The Ministry of Mines reclassified Barytes, Feldspar, Mica, and Quartz as major minerals through a gazette notification. Major minerals are regulated by the Central Government under the MMDR Act, 1957 and have high economic and strategic significance. These minerals are now governed by the Indian Bureau of Mines (IBM) with a lease period of up to 50 years and revenue accruing to state governments.

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Former RBI Governor Shaktikanta Das has been appointed Principal Secretary-2 to Prime Minister Narendra Modi. His selection was approved by the Appointments Committee of the Cabinet. He is a 1980-batch IAS officer from the Tamil Nadu cadre. His tenure will last until the Prime Minister’s term ends or until further orders.

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Amazon launched a quantum computing chip named Ocelot. It is a prototype with limited computing power. It consists of two integrated silicon microchips. Its high-quality oscillators are made from superconducting Tantalum. It uses cat qubits, inspired by Schrödinger’s cat experiment. Ocelot can reduce quantum error correction costs by up to 90% compared to current methods.

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The Union Minister of Ports, Shipping & Waterways launched the One Nation-One Port Process (ONOP). ONOP aims to standardize port operations across India’s major ports. The initiative removes inconsistencies in documentation, reduces inefficiencies, lowers costs, and minimizes delays. The Ministry reduced container operation documents by 33%, from 143 to 96. Bulk cargo documents were cut by 29%, from 150 to 106.

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The RBI released its quarterly House Price Index (HPI) for the December 2024-25 quarter on February 27, 2025. The all-India HPI grew by 3.1% in Q3 2024-25, lower than 4.3% in the previous quarter and 3.8% a year ago. Data is based on transactions from 10 major cities: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai. Kolkata saw the highest annual HPI growth (8.1%), while Kanpur had the lowest (0.1%). On a quarterly basis, HPI rose by 0.4%, with most major cities recording a price increase.