Business, Economy & Banking Current Affairs MCQs

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The Reserve Bank of India (RBI) will shift the Cheque Truncation System (CTS) from batch processing to continuous clearing with settlement on realisation in two phases. The Cheque Truncation System (CTS) in India was introduced by the Reserve Bank of India (RBI). It is an online image-based cheque clearing system where cheque images and Magnetic Ink Character Recognition (MICR) data are sent electronically, stopping physical cheque movement. Benefits include same-day realisation, shorter clearing cycles, easy data storage, and reduced risks. Currently, cheques clear in up to two working days. After the new RBI measures, clearance will happen within hours of submission.

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The Globally Important Agricultural Heritage Systems (GIAHS) is a programme of the Food and Agriculture Organization (FAO) launched in 2002 at the World Summit for Sustainable Development. It was created to address threats to family farming and traditional agriculture such as climate change, displacement and biodiversity loss. Recently, the Minister of State for Agriculture informed the Lok Sabha that India has three GIAHS sites. Koraput in Odisha is known for paddy diversity, medicinal plants and tribal knowledge systems. Kuttanad in Kerala is a unique below-sea-level farming area with paddy, coconut, fishing and shell collection. Saffron Park in Kashmir is rich in saffron cultivation.

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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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Unity Small Finance Bank (Unity Bank) and BharatPe launched Unity Bank BharatPe Credit Card, India’s first Equated Monthly Instalment (EMI)-driven credit card on the RuPay network. The card allows customers to pay in full or convert spends into EMIs up to 12 months. It has been developed in partnership with National Payments Corporation of India (NPCI). It can be linked to Unified Payments Interface (UPI) for payments at merchants nationwide. It marks a major innovation in India’s digital credit and payments ecosystem.

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Recently, the National Consumer Disputes Redressal Commission (NCDRC) ruled that companies in India must follow fair pricing policies and avoid gender-based price discrimination. Currently, there are no specific laws in India to directly address the Pink Tax. Pink Tax refers to higher prices charged for products marketed to women compared to similar products for men. It affects items such as toys, haircuts, dry cleaning, razors, shampoos, body lotions, deodorants, skincare, beauty products, clothing, jeans, T-shirts, and salon services. The extra cost benefits companies and is not a government-imposed tax. The term originated in California, USA, in 1994 after observing consistent gender-based price differences.

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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 Employees’ Provident Fund Organisation (EPFO), with a corpus over ₹25 lakh crore, announced Shri Vivekanand Gupta, Regional Provident Fund Commissioner, selected for the Public Financial Asset Management (PFAM) Program 2025–26. PFAM is a prestigious initiative jointly organised by the World Bank and Milken Institute. Shri Gupta is the first-ever participant from EPFO and the sole representative from India. Selection was made by Pandit Deendayal Upadhyay National Academy of Social Security (PDUNASS) through an internal nomination process. PFAM, hosted at Bayes Business School, City, University of London, trains senior professionals in capital markets, governance, and strategic asset management.

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On the decade-long celebrations of “Make in India,” the Industrial Park Rating System (IPRS) 3.0 was launched in New Delhi. Industrial Park Rating System (IPRS) 3.0 is developed by the Department for Promotion of Industry and Internal Trade (DPIIT) with support from the Asian Development Bank (ADB). The initiative aims to strengthen India’s industrial ecosystem and enhance competitiveness of industrial infrastructure. The system assesses and benchmarks facilities, infrastructure, and performance of industrial parks across India. IPRS 3.0 provides stakeholders with reliable data, encourages best practices, and supports world-class infrastructure creation.

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Recently, Hindustan Zinc Ltd (HZL) received a licence to explore and mine a tungsten block in Andhra Pradesh. Tungsten is a chemical element with the symbol W and atomic number 74. It is a naturally occurring transition metal found in minerals like wolframite and scheelite, not as a pure metal. It has the highest melting point of all metals at 3410 °C and the lowest vapor pressure at that temperature. It also has the highest tensile strength above 1650 °C and remains solid at room temperature.

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Recently, India’s electronics sector gained momentum through the Electronics Development Fund (EDF) launched on 15 February 2016. EDF promotes innovation in electronics, nano-electronics, and Information Technology (IT). It works as a Fund of Funds, investing in Daughter Funds like angel and venture funds that support technology startups. Electronics Development Fund’s (EDF’s) anchor investor is Ministry of Electronics and Information Technology (MeitY).