Business, Economy & Banking Current Affairs MCQs

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Recently, the Skill Impact Bond (SIB) was highlighted by the Ministry of Skill Development and Entrepreneurship for delivering measurable social impact. It aims to train 50,000 youth, with at least 30,150 retained in jobs for a minimum of 3 months. More than 23,700 youth have been trained so far across 30 job roles in 13 sectors. Skill Impact Bond (SIB) is India’s first development impact bond focused on employment outcomes. It was launched in November 2021 by National Skill Development Corporation (NSDC) to improve skilling and job placement for youth. It is backed by Ministry of Skill Development and Entrepreneurship through the National Skill Development Corporation (NSDC).

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The Geological Survey of India (GSI) discovered huge gold deposits in Mahgawan Keolari area of Sihora tehsil, Jabalpur district, Madhya Pradesh. Samples confirmed the presence of gold along with valuable metals like iron, manganese, and copper. The deposits span about 100 hectares and are estimated to be in lakhs of tonnes. This is the first gold discovery in Jabalpur, which is already known for iron, manganese, and limestone exports. Earlier, gold was found in Katni, Madhya Pradesh.

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The Reserve Bank of India (RBI) released a report on Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector. FREE-AI Committee was constituted on 6th December 2024 to promote innovation while safeguarding consumer interests. The report prescribes 7 guiding sutras and 26 recommendations under six strategic pillars for responsible AI adoption. Objectives include transparency, accountability, fairness, customer protection, and balancing innovation with risk mitigation. AI benefits include efficiency, automation, data-driven decisions, improved customer experience, fraud prevention, and regulatory compliance.

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Dubai International Airport (DXB), the world’s busiest hub for international travel, launched an AI-powered passenger corridor under the “Travel Without Borders” initiative. The corridor lets up to 10 passengers clear immigration in just 14 seconds using facial recognition and pre-registered biometric data. It eliminates the need for passports, smart gates, or physical checks. Initially, it is rolled out in Terminal 3’s First and Business Class lounges. The system builds on Dubai’s “smart tunnel” introduced in 2020. Artificial Intelligence (AI) verifies passenger data, while suspicious cases are flagged for review.

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According to State Bank of India’s Economic Research Department (ERD), Maharashtra is number one in Unified Payments Interface (UPI) usage, followed by Karnataka, Uttar Pradesh, Telangana, and Tamil Nadu. Maharashtra led July 2025 with 9.8% share in transaction volume and 9.2% in value. UPI daily transaction value rose from ₹75,743 crore in January 2025 to ₹90,446 crore in August 2025. PhonePe is the top UPI app, followed by Google Pay and Paytm. SBI is the largest remitter with 5.2 billion transactions, 3.4 times HDFC Bank. UPI share in retail money value rose from 40% in 2019 to 91% in May 2025, showing cash replacement.

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Punjab National Bank (PNB) is the first Public Sector Bank in India to adopt the .bank.in domain, enhancing cybersecurity and public trust. The .bank.in domain is reserved exclusively for banks to reduce fraud, phishing, and cyber threats. The move aligns with RBI policies post Monetary Policy Committee meeting on February 7, 2025, addressing increasing digital payment frauds. This step reinforces PNB’s commitment to safe and secure digital banking for its customers.

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India has become the world’s third-largest solar power producer, surpassing Japan, as per International Renewable Energy Agency (IRENA). India generated 1,08,494 GWh of solar energy, while Japan produced 96,459 GWh. China is the world’s largest solar power producer, generating the highest amount of solar electricity annually. United States holds the second position with large-scale solar farms and widespread adoption of rooftop systems. As of July 2025, India’s total solar capacity is 119.02 GW, with 90.99 GW from ground-mounted plants, 19.88 GW from rooftop systems, 3.06 GW from hybrid projects, and 5.09 GW from off-grid installations.

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The Union Finance Ministry has introduced a one-time one-way switch facility from the Unified Pension Scheme (UPS) to the National Pension System (NPS). The facility is available to UPS subscribers up to one year before superannuation or three months before voluntary retirement. Employees facing dismissal, removal, or disciplinary action are not eligible for the switch. Once exercised, employees will forfeit UPS benefits, including assured payouts. The move aims to streamline pension benefits and reinforce NPS as a long-term retirement solution.

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Unity Small Finance Bank (Unity Bank) and BharatPe launched Unity Bank BharatPe Credit Card, India’s first Equated Monthly Instalment (EMI)-driven credit card on the RuPay network. The card allows customers to pay in full or convert spends into EMIs up to 12 months. It has been developed in partnership with National Payments Corporation of India (NPCI). It can be linked to Unified Payments Interface (UPI) for payments at merchants nationwide. It marks a major innovation in India’s digital credit and payments ecosystem.

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The Insurance Regulatory and Development Authority of India (IRDAI) has officially launched the Bima Sugam Portal. The launch was announced by the Bima Sugam India Federation (BSIF) at the Insurance Regulatory and Development Authority of India (IRDAI) headquarters in Hyderabad. It is a unified digital marketplace for insurance bringing insurers, intermediaries, and customers on one platform. The platform unifies life, health, motor, travel, property, agriculture, and commercial insurance on a single digital space. The portal is backed by the Life Insurance Council and the General Insurance Council (GIC).