Business, Economy & Banking Current Affairs MCQs

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Union Finance and Corporate Affairs Minister Nirmala Sitharaman launched Mission Jagrook on April 25, 2026. It is a nationwide investor awareness initiative launched in collaboration with Securities and Exchange Board of India. The launch took place during the 38th Foundation Day of SEBI in Mumbai. The mission aims to educate retail investors about market risks and financial frauds, including AI-based deepfakes. It promotes financial literacy and safe investment practices among the public

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The Reserve Bank of India launched Mission SAKSHAM for strengthening the Urban Co-operative Banks (UCBs) sector. It is a nationwide capacity-building initiative focused on improving managerial and operational efficiency. The mission aims to enhance compliance culture, governance, and institutional resilience in UCBs. It will include training programmes (offline and e-learning) covering around 1.4 crore participants.

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The Securities and Exchange Board of India has operationalised the Past Risk and Return Verification Agency (PaRRVA). PaRRVA aims to enhance transparency and investor protection in financial markets. CARE Ratings Limited has been recognised as the PaRRVA agency. National Stock Exchange of India Limited will act as the PaRRVA Data Centre (PDC). The system allows entities like investment advisers and research analysts to display verified performance data. It helps investors access authentic risk-return information for better decision-making. The pilot phase began in December 2025, and full operations start from May 4, 2026.

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The Unified Payments Interface completed 10 years (2016–2026), becoming the world’s largest real-time payments platform. It was launched by the National Payments Corporation of India under the supervision of the Reserve Bank of India. Transaction volume surged from 2 crore (2016–17) to over 24,162 crore (2025–26). UPI accounts for nearly 49% of global real-time payment transactions. The International Monetary Fund recognised UPI as the world’s largest real-time payment system.

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The Reserve Bank of India informed the Supreme Court that 30 banks have been integrated into the UDGAM portal to help legal heirs trace funds of deceased account holders. UDGAM stands for “Unclaimed Deposits-Gateway to Access inforMation” and is an online portal developed by the Reserve Bank of India. The portal was developed in collaboration with Reserve Bank Information Technology Private Limited (ReBIT), Indian Financial Technology and Allied Services (IFTAS), and selected banks. UDGAM enables registered users to search unclaimed deposits and accounts across multiple banks through a single centralized platform.

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The Department of Financial Services under the Ministry of Finance launched the Bharat Maritime Insurance Pool (BMIP) with a coverage capacity of USD 1.5 billion. The initiative includes a sovereign guarantee of ₹12,980 crore to ensure uninterrupted maritime insurance amid global geopolitical tensions, especially in the Middle East. BMIP covers maritime risks such as Hull and Machinery, Cargo, Protection and Indemnity (P&I), and War Risk for Indian vessels and cargo operations linked to India. The pool aims to strengthen India’s maritime risk protection framework and enhance sovereign control over maritime trade and insurance.

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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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India has become the second-largest trading partner of Bangladesh, overtaking the United States. According to the Bangladesh Bureau of Statistics, India accounted for 8.47% of Bangladesh’s total trade in February, valued at Tk 123.28 billion. The United States followed closely with an 8.46% share worth Tk 123.17 billion. The development reflects Bangladesh’s increasing economic dependence on regional trade and imports from neighbouring countries.

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Nirmala Sitharaman launched three major digital and cluster-based initiatives during the 37th Foundation Day celebrations of Small Industries Development Bank of India in Mumbai to strengthen the MSME ecosystem. The initiatives include SIDBI MachFin Mart for machinery access and financing, the RRB Co-Lending Portal to improve rural credit flow through Regional Rural Banks, and Modernisation of Rural Enterprises (MoRE) aimed at modernising 10,000 rural micro and artisanal enterprises between 2026 and 2029. MSMEs contribute nearly 30% to India’s GDP, 45% to manufacturing output, over 48% to exports, and provide employment to more than 11 crore people.

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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.