Business, Economy & Banking Current Affairs MCQs

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The Ministry of Statistics and Programme Implementation launched the National Industrial Classification (NIC) 2025 during the 75th anniversary of the National Sample Survey Office (NSSO) in Udaipur. NIC-2025 is a new six-digit system replacing the five-digit NIC-2008 to classify all economic activities in India. It updates earlier versions from 1962 to reflect India’s changing economy and aligns with the United Nations International Standard Industrial Classification (ISIC) Revision-5. It adds new sectors like cloud services, blockchain, renewable energy, waste management, platform services, and AYUSH. It also includes new classes for logistics, real estate, food services, and environmental remediation.

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Reserve Bank of India (RBI) has listed State Bank of India (SBI), HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs) for 2025. The three banks continue under the same bucketing structure as the previous year. D-SIBs are banks whose failure can severely affect the financial system and national economy. They are considered “too big to fail” due to size, interconnectedness, and critical banking role. RBI identifies D-SIBs based on systemic importance. D-SIBs must maintain additional CET1 capital above regular norms. Banks are categorized into buckets depending on their systemic criticality.

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The Department of Telecommunications (DoT) said the Financial Fraud Risk Indicator (FRI) stopped possible losses of ₹660 crore in six months. Financial Fraud Risk Indicator (FRI) was launched in May 2025 by the Department of Telecommunications (DOT’S) Digital Intelligence Unit (DIU). It is a risk-based system that marks mobile numbers as Medium, High, or Very High fraud risk. The classification uses data from the National Cybercrime Reporting Portal (NCRP), Chakshu platform, banks, and financial institutions. It helps banks, Non-Banking Financial Companies (NBFCs), and Unified Payments Interface (UPI) providers protect customers.

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The Reserve Bank of India (RBI) released the Report on Trend and Progress of Banking in India 2024-25. The report highlighted the banking sector’s continued resilience, supported by strong balance sheet growth, improved asset quality, and robust profitability. Scheduled Commercial Banks (SCBs) saw double-digit growth in both deposits and credit in FY25, though at a slower pace than FY24. Asset quality improved, with gross non-performing assets (GNPA) ratio falling to 2.2% by March 2025 and 2.1% by September 2025. Strong stress resolution and better credit underwriting contributed to low GNPA levels. Bank profitability remained robust, with return on assets (RoA) at 1.4% and return on equity (RoE) at 13.5% in FY25

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According to recent 2025 data, the three countries with the largest rare earth oxide (REO) reserves are China, Brazil, and India. India has the world’s third-largest rare earth reserves with about 6.9 million tonnes of Rare Earth Oxide (REO). It ranks after China with 44 million tonnes and Brazil with 21 million tonnes of reserves. Despite this, India produced only 2,900 tonnes of rare earths in 2024, ranking seventh globally. China led production with 270,000 tonnes, followed by the United States with 45,000 tonnes. India holds 6–7% of global reserves but contributes less than 1% of global production.

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As per recent report by Indian government, India surpassed Japan to become the world’s fourth-largest economy with Gross Domestic Product (GDP) of USD 4.18 trillion. India is expected to overtake Germany to become the third-largest economy by 2030 with projected GDP of USD 7.3 trillion. India remains the world’s fastest-growing major economy despite global trade uncertainties. Real GDP grew 8.2% in Quarter 2 of 2025–26, rising steadily from previous quarters. Growth is driven mainly by strong private consumption and domestic demand. The United States (US) ranks first and China second in global economy size.

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The Agricultural and Processed Food Products Export Development Authority (APEDA) launched an initiative to support agri-food and agri-tech startups. APEDA is a statutory body under the Government of India, established by the APEDA Act in December 1985. It replaced the Processed Food Export Promotion Council (PFEPC) and works under the Ministry of Commerce and Industry. The objective is to develop and promote the export of scheduled products like fruits, vegetables, meat, poultry, dairy, confectionery, biscuits, bakery products, honey, and jaggery.

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Karnataka Bank won the Best Fintech & DPI (Digital Public Infrastructure) Adoption award at the Indian Banks’ Association (IBA) Banking Technology Awards. It was adjudged runner-up in Best Tech Talent category. The bank also received Special Mention for Best Technology Bank, Best Digital Financial Inclusion, and Best Digital Sales. The recognition highlights the bank’s focus on digital innovation, technology talent, and customer-centric banking solutions. Karnataka Bank reaffirmed its commitment to expanding digital capabilities to meet evolving customer needs.

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The Engineering Export Promotion Council of India (EEPC India) demanded lower income tax for non-corporate manufacturing Micro, Small and Medium Enterprises (MSMEs) and faster Goods and Services Tax (GST) refunds in the Union Budget. EEPC India is the premier trade and investment promotion body for India’s engineering sector. It is sponsored by the Ministry of Commerce and Industry and advises the Government of India. It acts as an interface between the engineering industry and the government.

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The Pension Fund Regulatory and Development Authority (PFRDA) launched the NPS Swasthya Pension Scheme (NSPS) as a pilot project. It is introduced as a Proof of Concept under the Regulatory Sandbox Framework of PFRDA. The scheme links health-related financial support with the existing National Pension System (NPS). It aims to support out-patient and in-patient medical expenses along with pension savings. It will operate as a sector-specific contributory pension scheme under the Multiple Scheme Framework of NPS. The scheme is voluntary and open to Indian citizens for a limited period.