Business, Economy & Banking Current Affairs MCQs

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India ranks second in global fish production, after China. Union Minister of Fisheries and Animal Husbandry stated this at a recent programme in Kolkata. Fish production in India rose by 103% in 2024–25 compared to 2013–14. Inland fisheries contribute nearly 75% of total fish production in India. Fisheries sector forms 1.12% of national Gross Value Added (GVA) and 7.26% of agricultural GVA. Around 30 million people are involved in the fisheries value chain. Union Budget 2025–26 proposed the highest ever financial support for fisheries sector.

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IDFC FIRST Bank launched RemitFIRST2India, a zero-fee digital remittance platform for Non-Resident Indians (NRIs) to send money to India. It was introduced in partnership with SingX and currently operates from Singapore and Hong Kong. The service offers competitive foreign exchange (forex) rates, real-time transaction tracking, and fully digital, paperless transfers to any Indian bank account. Existing NRI customers can use it via the bank’s mobile app, while new users have a simple online onboarding process. The initiative reflects the bank’s customer-first approach, focus on digital innovation, and commitment to ethical, socially responsible, and inclusive banking.

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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.

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The Reserve Bank of India (RBI) will shift the Cheque Truncation System (CTS) from batch processing to continuous clearing with settlement on realisation in two phases. The Cheque Truncation System (CTS) in India was introduced by the Reserve Bank of India (RBI). It is an online image-based cheque clearing system where cheque images and Magnetic Ink Character Recognition (MICR) data are sent electronically, stopping physical cheque movement. Benefits include same-day realisation, shorter clearing cycles, easy data storage, and reduced risks. Currently, cheques clear in up to two working days. After the new RBI measures, clearance will happen within hours of submission.

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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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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 Ministry of Finance removed the 11% import duty on cotton from 19 August to 30 September 2025. Imports earlier had 11% duty since February 2021, including 5% Basic Customs Duty and 5% Agriculture Infrastructure and Development Cess. India imported 39 lakh bales of cotton in the 2024-2025 season, with 2 lakh bales in transit to benefit from this waiver. Cotton imports rose 107.4% from 579.2 million in FY24 to 1.20 billion in FY25, with suppliers like Australia, United States, Brazil, and Egypt. The waiver will ease high input costs, support yarn and fabric exporters, and stabilise markets until the new crop.

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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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Recently, the Prime Minister inaugurated India’s first bamboo-based ethanol plant in Golaghat district, Assam. The Prime Minister also laid the foundation stone for a modern polypropylene plant in the same district. The bamboo-based bioethanol plant aims to boost industrial growth, green energy, renewable power, and create opportunities for farmers and youth. A steady supply of bamboo will be ensured with government support for local farmers in cultivation and procurement. Bamboo, previously restricted, is now allowed for industrial use, benefiting tribal communities in Northeast India.