Business, Economy & Banking Current Affairs MCQs

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Recently, the Reserve Bank of India (RBI) directed all Scheduled Commercial Banks, Small Finance Banks, Payments Banks, and Co-operative Banks to use the Financial Fraud Risk Indicator (FRI). FRI was launched by the Digital Intelligence Unit (DIU) of the Department of Telecommunications (DoT). It is a risk-based tool that marks a mobile number as Medium, High, or Very High financial fraud risk. It helps banks, Non-Banking Financial Companies (NBFCs), and Unified Payments Interface (UPI) providers protect customers.

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Recently, India became the world’s fourth largest biofuel consumer, overtaking China for the second year in a row in 2024. The data comes from the Statistical Review of World Energy 2025 by The Energy Institute (EI). India’s biofuel consumption increased by 40% year-on-year (Y-o-Y) to 77 thousand barrels of oil equivalent per day in 2024. Despite higher consumption, India still lags behind China in biofuel production. From 2014 to 2024, India’s biofuel consumption grew at an average annual rate of 31.8%.

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Recently, European Union ministers approved Bulgaria to adopt the Euro from January 1, 2026, making it the 21st member of the eurozone. Bulgaria is located in southeastern Europe, occupying the eastern part of the Balkan Peninsula. It shares borders with Romania to the north, Turkey and Greece to the south, North Macedonia to the southwest, and Serbia to the west. It is bounded by the Black Sea on the east. The Balkan Mountains cross the central part of the country.

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From July 16, 2025, the central government made it mandatory for departments and ministries to process payments above ₹75 crore via the e-Kuber system. The aim is to increase transparency and speed up fund reconciliation. This move will help provide real-time data on government spending and improve tracking of payments to vendors and contractors. E-Kuber is the Core Banking Solution (CBS) of the Reserve Bank of India (RBI), launched in 2012. It enables commercial banks to access their RBI accounts anytime and from anywhere.

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In July 2025, India is exploring the use of Catastrophe Bonds (Cat Bonds) to improve disaster risk financing and climate resilience. Cat Bonds are hybrid financial instruments combining features of insurance and debt. They help governments transfer risks from natural disasters like cyclones, floods, and earthquakes to global investors. If a defined disaster occurs, investors lose part or all of their principal, which is used for relief and reconstruction. If no disaster occurs during the bond term, investors get back their full principal with high interest.

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Recently, the Ambassador of Japan to India led a high-level business delegation to the Dholera Special Investment Region (SIR). The visit aimed to explore strategic cooperation in semiconductors and smart city development. Dholera SIR, India’s first greenfield smart industrial city, is located in Gujarat. The city focuses on advanced manufacturing, digital governance, and sustainable urban living. It is a key part of India’s vision to boost high-tech investments, particularly in the semiconductor sector

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Recently, CTBC Bank, the largest private bank in Taiwan, applied to set up an IFSC Banking Unit (IBU) in GIFT City, India. This move strengthens GIFT City’s global appeal as a financial hub. The International Financial Services Centres Authority (IFSCA) is the regulator for IFSC operations in India. IFSCA was established under the IFSCA Act, 2019 as a statutory authority. It regulates financial products, services, and institutions within India’s IFSC. IFSCA is headquartered at GIFT City, Gandhinagar, Gujarat. GIFT IFSC is currently India’s only International Financial Services Centre.

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Ministry of Statistics and Programme Implementation (MoSPI) has urged integration of the 8th Economic Census preliminary work with the 16th Population Census. The Economic Census aims to capture a full count of all entrepreneurial activities in India at a specific point in time. It is conducted by Ministry of Statistics and Programme Implementation (MoSPI) to strengthen data-driven policymaking. The census provides detailed data on ownership patterns, employment numbers, and geographic spread of economic activities.

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Recently, the Reserve Bank of India (RBI) announced that its Digital Payments Index (RBI-DPI) rose to 493.22 in March 2025. This is a sharp increase from 465.33 recorded in September 2024, showing rapid growth in digital transactions. The Digital Payments Index is a tool created by RBI to measure the extent of digitisation of payments across India. It was first launched in January 2021 to track and encourage the adoption of digital payment systems. It is the first-of-its-kind index to map the nationwide spread of digital transactions. The base year for the index is March 2018, with the score for that year set at 100.

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Hindustan Zinc Limited (HZL) became the first Indian company to join the International Council on Mining and Metals (ICMM). ICMM is a UK-based collaborative group of leading mining and metals companies. It aims to boost the industry’s contribution to sustainable development and promote strong environmental and social performance. ICMM works with various stakeholders to improve understanding of the benefits, costs, risks, and responsibilities of the mining and metals industry in today’s world.