Business, Economy & Banking Current Affairs MCQs

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The Globally Important Agricultural Heritage Systems (GIAHS) is a programme of the Food and Agriculture Organization (FAO) launched in 2002 at the World Summit for Sustainable Development. It was created to address threats to family farming and traditional agriculture such as climate change, displacement and biodiversity loss. Recently, the Minister of State for Agriculture informed the Lok Sabha that India has three GIAHS sites. Koraput in Odisha is known for paddy diversity, medicinal plants and tribal knowledge systems. Kuttanad in Kerala is a unique below-sea-level farming area with paddy, coconut, fishing and shell collection. Saffron Park in Kashmir is rich in saffron cultivation.

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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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State Bank of India (SBI) has launched a Centre of Excellence (CoE) for Micro, Small and Medium Enterprises (MSMEs) at the State Bank Academy (SBA), Gurugram. The Centre of Excellence (CoE) aims to strengthen the MSME ecosystem through capacity building, research, and industry collaboration, supporting India’s vision of becoming a developed nation. State Bank Academy (SBA) provides specialised training in Credit, International Banking, Risk & Compliance, and conducts Research & Development (R&D) in banking. Centre of Excellence (CoE) will develop case studies, research, and online knowledge repositories for MSMEs, including remote areas.

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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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On 3rd September 2025, the GST Council announced rationalisation of the Goods and Services Tax (GST) slab structure. The 12% and 28% tax slabs were abolished and a 40% GST rate introduced for luxury and sin goods. Fast-Moving Consumer Goods (FMCG) and consumer durable products will benefit from the revised rates. The reform is part of India’s 2025 GST policy transformation, the most ambitious fiscal reform in recent years. It aims to simplify tax structure, reduce rates on essential goods, and improve administrative efficiency. The changes balance government revenue needs with economic growth objectives.

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The Employees’ Provident Fund Organisation (EPFO), with a corpus over ₹25 lakh crore, announced Shri Vivekanand Gupta, Regional Provident Fund Commissioner, selected for the Public Financial Asset Management (PFAM) Program 2025–26. PFAM is a prestigious initiative jointly organised by the World Bank and Milken Institute. Shri Gupta is the first-ever participant from EPFO and the sole representative from India. Selection was made by Pandit Deendayal Upadhyay National Academy of Social Security (PDUNASS) through an internal nomination process. PFAM, hosted at Bayes Business School, City, University of London, trains senior professionals in capital markets, governance, and strategic asset management.

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On 25 September 2025, Union Minister Sarbananda Sonowal flagged off India’s first fleet of electric heavy trucks with swappable batteries at Nhava Sheva Distribution Terminal, Jawaharlal Nehru Port Authority (JNPA), Maharashtra. Jawaharlal Nehru Port Authority (JNPA) now has the largest electric vehicle (EV) truck fleet at any Indian port. 50 electric heavy trucks were launched, with expansion to 80 by year-end. A heavy-duty battery swapping station was commissioned for operations. Jawaharlal Nehru Port Authority (JNPA) ranks in the World Bank’s Top 25 Container Port Performance Index (CPPI). The launch marks a major step towards sustainable and green logistics in India.

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Union Finance Minister Nirmala Sitharaman launched the nationwide ‘Aapki Punji Aapka Adhikar’ campaign from Gandhinagar, Gujarat. The campaign aims to ensure speedy settlement of unclaimed financial assets across banks, insurance companies, pension funds, stock, and mutual fund companies. It focuses on returning deposits to legitimate claimants and bridging the gap between financial institutions and citizens. Currently, ₹1,82,000 crore of unclaimed assets lie with financial institutions nationwide. Certificates were awarded to claimants confirming the retrieval of their unclaimed assets. The initiative promotes financial empowerment and awareness among citizens.

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Around 10 Indian marine and saline fish and shrimp varieties are soon to receive the Marine Stewardship Council (MSC) certification. Marine Stewardship Council (MSC) certification is an international non-profit organisation that sets science-based standards for sustainable fishing and seafood traceability. Its certification recognises and rewards sustainable fishing practices to promote a sustainable seafood market. The certification is based on independent third-party assessments focusing on stock health, environmental impact, and effective management. It is voluntary, open to all fisheries regardless of location, size, or fishing gear. Astamudi clam (Paphia malabarica) was India’s first MSC-certified fishery.

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On October 7, 2025, Union Finance Minister Nirmala Sitharaman launched the Foreign Currency Settlement System (FCSS) at Gujarat International Finance Tec-City (GIFT City) IFSC. FCSS allows real-time or near real-time settlement of foreign currency transactions within GIFT IFSC, replacing delays of 36–48 hours via traditional correspondent banking. GIFT City is India’s first special economic zone (SEZ) for global finance, insurance, fintech, and capital markets, spread over 886 acres between Ahmedabad and Gandhinagar. FCSS reduces settlement time, improves liquidity management, lowers settlement risk, and enhances operational efficiency.