Business, Economy & Banking Current Affairs MCQs

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The Finance Ministry launched BAANKNET, a revamped e-auction portal, to streamline the auction of banks’ assets. It replaces e-BKray (launched in February 2019) and enhances transparency in disposing of non-performing assets (NPAs). BAANKNET integrates automated KYC, secure payment gateways, and verified property titles. 12 public sector banks and the Insolvency and Bankruptcy Board of India (IBBI) use BAANKNET for property auctions.

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In the Startup Ecosystem Report 2025, Uttar Pradesh ranks third in India, with Maharashtra and Karnataka holding the first and second positions, respectively. The state has witnessed over 14,000 startups, showing remarkable growth. 26 startups from Uttar Pradesh have achieved unicorn status. Uttar Pradesh is the first state where startups are active in 49 districts. Earlier, startups were concentrated in Noida, Ghaziabad, Lucknow, and Kanpur. Now, they are expanding rapidly in smaller cities, strengthening the state’s startup culture.

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NITI Aayog CEO BVR Subrahmanyam launched DX-EDGE (Empowering Excellence and Growth through Digital Transformation) to support Medium Small and Micro Enterprises (MSMEs). DX-EDGE aims to connect MSMEs, technology providers, and academic institutions for digital transformation. It will create a large pool of technical expertise, offering structured, cost-effective technology access to MSMEs. The initiative will help six crore MSMEs improve efficiency, revenue, and global competitiveness through Artificial Intelligence and advanced technology. The government has allocated significant funds in the 2025 Budget to support MSMEs and encourage digitalization.

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As per the Indian Tea Board, India became the world’s second-largest tea exporter in 2024, surpassing Sri Lanka. It exported a record 255 million kg of tea, a 10% increase from 231.69 million kg in 2023. Kenya remains the top tea exporter globally. India exports tea to over 25 countries, with major markets including the UAE, Iraq, Iran, Russia, the USA, and the UK. Assam, Darjeeling, and Nilgiri teas are among the finest in the world. Black tea dominates exports at 96%. The Tea Board of India is promoting production, branding, and welfare of tea-growing families.

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Tamil Nadu recorded the highest real economic growth rate in India for 2024–25 at 9.69%, the best in the State’s last 10 years. Real growth excludes inflation and is measured at constant prices (base year 2011–12), with Gross State Domestic Product (GSDP) rising from ₹15.71 lakh crore in 2023–24 to ₹17.23 lakh crore in 2024–25. The nominal growth rate, which includes inflation, is 14.02%, also the highest among States. The State’s growth aligns with projections by the Tamil Nadu Economic Survey and Madras School of Economics (MSE), exceeding both estimates. Growth was led by the tertiary (services) sector at 12.7% and secondary (industry) at 9%, while the primary sector (agriculture) was low at 0.15%. Real estate grew by 13.6%, communication services by 13%, and trade-hotel services by 11.7%, all under the tertiary sector. In the secondary sector, manufacturing grew by 8% and construction by 10.6%. The primary sector underperformed with crops at -5.93% and livestock at 3.84%.

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The Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs and India Post Payments Bank (IPPB) under the Department of Posts signed a Memorandum of Agreement (MoA) to launch Phase 2 of the “Niveshak Didi” initiative. “Niveshak Didi” trains women postal workers and community leaders as financial educators to improve financial literacy in rural and underserved areas. In Phase 1, over 55,000 people benefited from IPPB Financial Literacy Camps, with around 60% being women, mostly young and economically active from deep rural areas. Phase 2 will include 4,000 new camps led by 40,000 trained women promoting responsible investing, savings, digital banking, and fraud awareness.

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The Government of India launched the National Critical Mineral Mission (NCMM) in 2025 to reduce import dependence and promote self-reliance in critical minerals. The mission supports India’s clean energy goals by ensuring a steady supply of key raw materials. Critical minerals are important for making modern technologies like batteries, electronics, and renewable energy systems. These minerals are also vital for national security and economic development. They are called “critical” because their supply is limited or controlled by few countries, creating risks. Their importance can change over time based on new technologies and global supply-demand shifts.

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Juspay, a Bengaluru-based payments infrastructure company, became India’s first unicorn of 2025 after raising $60 million in a Series D funding round. The round was led by Kedaara Capital, with participation from SoftBank and Accel, pushing Juspay’s valuation over $1 billion. The company plans to improve its technology using Artificial Intelligence (AI) and expand into international markets like Asia-Pacific (APAC), Latin America, Europe, United Kingdom (UK), and North America. Despite losing major clients like Razorpay and PhonePe, Juspay remains focused on AI-driven productivity and global growth to sustain its momentum.

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Bank of Maharashtra, a public sector bank, has become the first bank to install an Automated Teller Machine (ATM) on a train in India. The ATM was installed on the Mumbai-Manmad Panchavati Express. This is the first time an ATM has been introduced on an Indian Railway train. Union Railway Minister Ashwini Vaishnaw shared this update through his social media account. According to Indian Railways, this was a pilot project aimed at improving passenger convenience. The ATM was placed in a modified pantry car cubicle at the rear end of the coach. The cubicle has a shutter door for safety and easy access. If successful, this facility will be expanded to other trains. The initiative is part of the Indian Railway’s Innovative and Non-Revenue Ideas Scheme.

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In line with the Union Budget 2025–26, the Central Board of Indirect Taxes and Customs (CBIC) has introduced major trade facilitative measures for air cargo and transshipment to enhance logistics efficiency and simplify customs procedures. The CBIC is part of the Department of Revenue under the Ministry of Finance. It administers Customs, Central Excise, Central Goods and Services Tax (CGST), Integrated Goods and Services Tax (IGST), and Narcotics, where applicable. The CBIC is headed by a Chairman, supported by Chief Commissioners and Director Generals across various zones. It also operates a Goods and Services Tax (GST) Intelligence Wing to monitor and prevent tax evasion.