Business, Economy & Banking Current Affairs MCQs

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Securities and Exchange Board of India proposed “GARUDA” (Green-Channel: AIF Rollout Upon Document Acknowledgement) to speed up the launch process of Alternative Investment Fund (AIF) schemes. Under the proposal, standard AIF schemes may be launched within 10 working days instead of 30 days if no objections are raised by SEBI. Schemes for accredited investors or angel funds may use direct filing without requiring a merchant banker. The initiative aims to improve ease of doing business and accelerate capital deployment in the AIF sector.

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Assam inaugurated India’s first AI-powered “phygital” banking branch in Guwahati. The branch was launched by Slice Small Finance Bank at GS Road. The AI-enabled branch combines physical and digital banking services through self-service kiosks, paperless cash transactions, and digital onboarding. The initiative aims to strengthen financial inclusion and improve access to banking services for underserved communities and small businesses. The branch will support responsible credit, savings, and digital payment solutions.

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Reserve Bank of India constituted an 8-member expert committee named Quantum Secure and Adaptive Financial Ecosystem (Q-SAFE). The committee will study the impact of quantum technology on the financial sector and recommend measures to strengthen banking security systems. Q-SAFE will examine risks posed by quantum computing to existing cryptographic standards protecting financial transactions and digital infrastructure. The panel will review the financial sector’s cryptographic inventory using a Cryptography Bill of Materials (CBOM).

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Reserve Bank of India in its Annual Report 2025–26 stated that it is exploring the introduction of a Kill Switch mechanism. A Kill Switch allows a system, device, account, or service to be immediately disabled or blocked during emergencies or suspected fraud. At present, customers can switch domestic and international card transactions on or off. The RBI plans to extend this facility to all digital payment modes, including Unified Payments Interface (UPI) and internet banking.

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Anaphalis sahyadrica is a newly discovered plant species from the southern Western Ghats. It belongs to the sunflower family. The species was discovered in high-altitude montane grasslands and shola forest margins. It has been found in regions such as Anamudi and Meesapulimala in Kerala.

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Meesho has partnered with Bombay Stock Exchange (BSE) to launch Project Shikhar, an initiative aimed at helping MSMEs and digital businesses become publicly listed companies. The initiative will support high-performing e-commerce sellers in getting listed on the BSE SME platform and gaining access to growth capital. Project Shikhar was launched through a Memorandum of Understanding (MoU) between Meesho and BSE. The programme aims to create a step-by-step roadmap for businesses to transition from informal enterprises to investor-ready public companies.

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India has become the world’s second-largest solar market by overtaking the United States in annual solar capacity additions in 2025. The achievement reflects India’s rapid progress in clean energy and sustainable infrastructure development. India’s solar capacity has increased from 2.8 GW in 2014 to over 155 GW in 2026. This represents a growth of about 5,370% in solar power capacity over the period. The expansion supports India’s renewable energy goals and strengthens energy security while reducing dependence on fossil fuels.

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Uzbekistan became the 10th member and shareholder of the New Development Bank (NDB) in June 2026 after ratifying the Articles of Agreement (AoA). It is the first Central Asian country to join the NDB. The NDB plans to support projects in Uzbekistan in sectors such as energy, water management, transport, municipal infrastructure, and social infrastructure. The bank will provide support through financing in national currencies, national procurement systems, and environmental risk assessment mechanisms.

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National Payments Corporation of India launched Drunix, an open-source blockchain platform. The purpose of this is to build and scale tokenisation platforms, support digital asset ecosystems and enable multi-organisation blockchain networks. Drunix is a high-performance distributed ledger platform designed for enterprise and public infrastructure adoption. Drunix is NPCI’s second major open-source blockchain contribution after Falcon.

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The Employees’ Provident Fund Organisation (EPFO) has launched the Amnesty Scheme, 2026 to provide a one-time opportunity for establishments operating exempted Provident Fund (PF) Trusts to regularise their status under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. The scheme, introduced by the Ministry of Labour and Employment, will remain open for six months from 29 June 2026. The scheme provides relief by waiving certain eligibility conditions, allowing retrospective regularisation, and withdrawing pending assessments related to PF dues, damages, and interest, subject to prescribed conditions.