Business, Economy & Banking Current Affairs MCQs

Notes:
The Union Government has released the Fifteenth Finance Commission (XV FC) Grants for rural local bodies in Uttar Pradesh and Andhra Pradesh for FY 2024–25. Uttar Pradesh received Rs. 1598.80 crore for 75 District Panchayats, 826 Block Panchayats, and 57,691 Gram Panchayats. Andhra Pradesh received Rs. 420.99 crore for 13,097 Gram Panchayats, 650 Block Panchayats, and 13 District Panchayats, with an additional Rs. 25.49 crore for the withheld 1st installment. These funds are aimed at improving local governance and will be used for specific rural needs, excluding salaries. This initiative empowers Panchayati Raj Institutions (PRIs) to drive inclusive growth and accountability.

Notes:
The Finance Ministry launched the revamped ‘Baanknet’ e-auction portal as a one-stop platform for buyers and investors. It consolidates e-auction information from all Public Sector Banks (PSBs) on properties like flats, houses, plots, shops, industrial land, vehicles, and machinery. The portal simplifies property discovery and participation in auctions, enhancing transparency and efficiency. It aids PSBs in recovering distressed assets, improving their balance sheets, and boosting credit availability. More than 1,22,500 properties are listed, and PSB executives received training for effective use.

Notes:
India has the third-largest operational metro rail network globally, after China and the USA. India’s metro network serves over 1 crore passengers daily, surpassing Japan in metro projects by 2022. Metro development in India began in 1969 with the Metropolitan Transport Project. PM Modi launched metro projects worth over ₹12,200 crore in Delhi on January 5.

Notes:
The government shifted revenue secretary Arunish Chawla to the Department of Investment and Public Asset Management (DIPAM) ahead of the Union Budget. Tuhin Kanta Pandey, the DIPAM Secretary, is now appointed as the new revenue secretary and designated finance secretary. Chawla, a 1992-batch IAS officer from Bihar, was previously Secretary in the Department of Pharmaceuticals. Pandey, a 1987-batch IAS officer from Odisha, is known for his role in the disinvestment of Air India and Neelanchal Ispat Nigam Ltd to Tata Group. Chawla will also handle additional responsibilities as Secretary of the Department of Public Enterprises.

Notes:
The overestimation of gold import figures from April to November was due to a data migration error. The error occurred during the shift from the SEZ Online system to ICEGATE, causing double counting of imports into Special Economic Zones and domestic zones. As a result, the gold import figures for November were revised down by $5 billion, from $14.8 billion to $9.9 billion. ICEGATE (Indian Customs Electronic Gateway) is an online portal that offers electronic services for customs-related activities. It is a part of the Central Board of Indirect Taxes and Customs (CBIC). It facilitates the electronic filing of import and export documents.

Notes:
SEBI plans to launch a “when-listed” platform for trading shares of companies after their initial public offering (IPO) but before listing on stock exchanges. This aims to reduce grey market activity, which is unregulated and influences IPO listings. Currently, shares are listed T+3 days after an IPO, with allotment on T+1. Between allotment and listing, trading occurs in the grey market, an unofficial, unregulated market where shares are traded based on supply and demand. Investors often check the grey market premium before deciding to invest in an IPO.

Notes:
The Finance Minister announced that National Bank for Financing Infrastructure and Development (NaBFID) will establish a partial credit enhancement facility for corporate bonds in the infrastructure sector. NaBFID is a specialized Development Finance Institution (DFI) supporting infrastructure development in India. It was established in 2021 under the National Bank for Financing Infrastructure and Development Act, 2021. Its objectives include filling gaps in long-term infrastructure financing, developing bond and derivatives markets, and boosting economic growth. NaBFID is regulated and supervised by the RBI as an All-India Financial Institution (AIFI). It focuses on long-term credit solutions for infrastructure projects in India.

Notes:
Agricultural and Processed Food Products Export Development Authority (APEDA), in collaboration with AgroStar and Kay Bee Exports, completed India’s first-ever commercial trial shipments of premium Sangola and Bhagwa pomegranates to Australia by sea. APEDA was established in 1985 under the Agricultural and Processed Food Products Export Development Authority Act. It replaced the Processed Food Export Promotion Council (PFEPC) and functions under the Ministry of Commerce and Industry. APEDA promotes and develops the export of scheduled products, requiring exporters to register. It provides financial assistance, information, and guidelines to support scheduled product exports.

Notes:
The Insurance Regulatory and Development Authority of India (IRDAI) has set up a high-powered Dinesh Khara Committee, led by former SBI chairman Dinesh Khara, to review and update the Insurance Act, 1938. The committee will assess the feasibility of 100% FDI in the insurance sector and propose the introduction of composite insurance companies offering life, non-life, and health insurance under one entity. It also aims to enhance policyholder protections and ensure revenue retention within India. The committee’s recommendations will be submitted to the Union Finance Ministry for legislative amendments to align the sector with modern needs.

Notes:
The Reserve Bank of India (RBI) launched the 10th Financial Literacy Week (FLW) 2025 with the theme “Financial Literacy: Women’s Prosperity.” The event will be observed from February 24 to 28, 2025. RBI Governor Sanjay Malhotra inaugurated the event, emphasizing women’s role in inclusive and sustained economic growth. RBI planned multimedia campaigns to promote financial literacy for women. Banks were encouraged to conduct awareness activities. The initiative aligns with RBI’s goal of financial inclusion and gender equality in economic participation.