Business, Economy & Banking Current Affairs MCQs

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Kotak Mahindra Bank became the first custodian in India to issue a Foreign Portfolio Investor (FPI) licence using only electronic signatures. It also completed the entire FPI account-opening process digitally, without any physical documents. The bank has already issued two FPI licences fully based on digitally signed papers. This marks a major step towards fully digital onboarding for overseas investors in India. The move follows the Securities and Exchange Board of India (SEBI) operationalising a unified digital workflow in January 2026. The initiative improves ease of doing business, speeds up compliance, and enhances transparency for foreign investors.

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Recently, the Union Cabinet chaired by the Prime Minister approved the establishment of the Startup India Fund of Funds 2.0 (Startup India FoF 2.0). The Fund has been launched under the Startup India initiative to promote innovation and entrepreneurship across the country. It aims to accelerate the next phase of India’s startup ecosystem by mobilising long-term domestic capital, strengthening the venture capital framework, and supporting innovation-led enterprises. The scheme adopts a targeted and segmented funding approach to support deep-tech and technology-driven innovative manufacturing sectors that require patient and long-term capital investment.

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Nagaland recorded the highest Goods and Services Tax growth in India at 37 percent, above the national average of 6.8 percent till December 2025. The achievement was announced by Governor Ajay Kumar Bhalla during the Budget Session of the Nagaland Assembly. Goods and Services Tax collections reached ₹987.38 crore by 31 January 2026. This exceeded the 2025–26 target of ₹949 crore. The figures show strong revenue performance and robust financial growth in the State.

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Tamil Nadu has become India’s top textile-exporting state, with shipments worth USD 7,997.17 million in 2024-25, a 29.12% increase over the last four years. In 2020-21, Tamil Nadu’s textile exports were USD 6,193 million, showing consistent growth under the Dravidian Model government, led by Chief Minister M. K. Stalin. The state now contributes 21.84% of India’s total textile exports, outpacing Gujarat (USD 5,646.01 million) and Maharashtra (USD 3,831.29 million). Data is reported through the National Import-Export Record for Yearly Analysis of Trade, providing real-time comprehensive foreign trade data.

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Project Insight (PI) is an AI-driven tax administration system in India that tracks financial transactions and detects tax evasion. It is implemented by the Income Tax Department (ITD), Ministry of Finance, Government of India. It aims to enhance voluntary tax compliance by nudging taxpayers to report accurate income and strengthen tax enforcement by identifying high-risk evasion cases.

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National Highways Authority of India (NHAI) launched its first public Infrastructure Investment Trust (InvIT), now listed on the Bombay Stock Exchange (BSE). InvIT (Infrastructure Investment Trust) is an investment vehicle similar to mutual funds/Real Estate Investment Trusts (REITs) for infrastructure assets. It allows investors to directly invest in infrastructure projects like highways. InvITs pool funds from investors, list on stock exchanges, and distribute income to unit holders. InvITs are regulated by Securities and Exchange Board of India (SEBI) under InvIT Regulations, 2014.

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The Insurance Regulatory and Development Authority of India has recently introduced Indian Accounting Standards (Ind AS) for the insurance sector to modernise financial reporting practices. Ind AS were originally notified in 2015 by the Ministry of Corporate Affairs and are largely converged with the International Financial Reporting Standards, thereby aligning India’s accounting system with global norms. These standards follow a principle-based approach, focusing on fair value measurement, improved transparency, and enhanced financial disclosures, which helps in better decision-making and comparability.

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Kar Saathi is an Artificial Intelligence (AI)-enabled taxpayer assistance platform launched by the Income Tax Department. It is a digital chatbot providing a one-stop solution for direct tax services like return filing, compliance, and grievance redressal. It supports implementation of the Income Tax Act, 2025 by ensuring smooth transition and better taxpayer experience. It offers 24×7 assistance for queries on Income Tax Return (ITR), deductions, refunds, notices, and forms.

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The Reserve Bank of India has launched a pilot Benchmark Issuance Strategy (BIS) to streamline state government borrowings starting from FY 2026–27. The strategy will be implemented across nine states, namely Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh. Under this strategy, states will issue State Development Loans in predefined benchmark tenor buckets based on a pre-announced borrowing calendar. The BIS aims to bring greater structure, predictability, and standardisation to state borrowings in the debt market.

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Amul became the first Fast-Moving Consumer Goods (FMCG) company in India to cross ₹1 lakh crore turnover in FY 2025–26. The company recorded a total group turnover of ₹1,00,000 crore, with around 11% growth over the previous year. Its marketing arm, Gujarat Cooperative Milk Marketing Federation, reported revenue of ₹73,450 crore in FY26, up from ₹65,911 crore in FY25. The milestone establishes Amul as the largest FMCG organisation in India.