Business, Economy & Banking Current Affairs MCQs

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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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The Union Minister for Road Transport and Highways announced that India became the third-largest automobile industry in the world with a market size of ₹22 lakh crore. Globally, the United States ranks first with ₹78 lakh crore, followed by China with ₹49 lakh crore. India’s automobile sector contributes 7.1% to the country’s Gross Domestic Product (GDP) and 49% to manufacturing GDP. It is a key driver of India’s manufacturing and economic growth. In FY25, two-wheelers dominated the domestic market with 76.57% share, while passenger cars held 16.80%.

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According to State Bank of India’s Economic Research Department (ERD), Maharashtra is number one in Unified Payments Interface (UPI) usage, followed by Karnataka, Uttar Pradesh, Telangana, and Tamil Nadu. Maharashtra led July 2025 with 9.8% share in transaction volume and 9.2% in value. UPI daily transaction value rose from ₹75,743 crore in January 2025 to ₹90,446 crore in August 2025. PhonePe is the top UPI app, followed by Google Pay and Paytm. SBI is the largest remitter with 5.2 billion transactions, 3.4 times HDFC Bank. UPI share in retail money value rose from 40% in 2019 to 91% in May 2025, showing cash replacement.

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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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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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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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Union Minister Nitin Gadkari unveiled a roadmap at the International Value Summit 2025, New Delhi, to make India a global hub for automobiles, green mobility, and infrastructure. India has surpassed Japan to become the third-largest automobile market, aiming for No. 1 position in five years. The top two countries for global automobile manufacturing are China and the United States. India leads in electric vehicles, hydrogen fuel, and alternative fuels, with hydrogen trucks launched and pilots on 10 routes.

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The Insurance Regulatory and Development Authority of India (IRDAI) has officially launched the Bima Sugam Portal. The launch was announced by the Bima Sugam India Federation (BSIF) at the Insurance Regulatory and Development Authority of India (IRDAI) headquarters in Hyderabad. It is a unified digital marketplace for insurance bringing insurers, intermediaries, and customers on one platform. The platform unifies life, health, motor, travel, property, agriculture, and commercial insurance on a single digital space. The portal is backed by the Life Insurance Council and the General Insurance Council (GIC).

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The Sevilla Forum on Debt was launched on October 22, 2025, at the 16th United Nations Conference on Trade and Development (UNCTAD16) in Geneva. It is a Spanish-led initiative supported by UNCTAD and the UN Department of Economic and Social Affairs (DESA). The Forum provides an open, inclusive platform for dialogue and action on sovereign debt reform. The Forum stems from the Fourth International Conference on Financing for Development (FfD4) and aligns with the Sevilla Platform for Action and Sevilla Commitment. Spain will host the Forum as a bridge between borrowers and creditors, tracking implementation of debt initiatives. Global debt reached $102 trillion in 2024; developing countries owe $31 trillion and pay $921 billion in interest

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State Bank of India (SBI) received two awards from Global Finance, New York at the World Bank/IMF Annual Meetings 2025: World’s Best Consumer Bank 2025 and Best Bank in India 2025. The recognition highlights SBI’s commitment to innovation, financial inclusion, and customer excellence. SBI serves 520 million customers, adding 65,000 new customers daily. Its digital-first strategy includes the YONO platform, with over 9.04 crore registered users and 10 million daily active users. SBI is the largest commercial bank in India by assets, deposits, branches, and customers.