Business, Economy & Banking Current Affairs MCQs

Notes:
The Ministry of Finance is launching the One State-One Regional Rural Bank (RRB) policy to improve efficiency and cut costs by reducing RRBs from 43 to 28. This is part of the fourth phase of RRB consolidation, with 15 RRBs set to be merged across several states. Andhra Pradesh, with four RRBs, will see major restructuring, while Uttar Pradesh and West Bengal, each with three RRBs, will also undergo consolidation. States like Bihar, Gujarat, Jammu and Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha, and Rajasthan, each having two RRBs, will see mergers. RRBs were created under the Regional Rural Bank Act, 1976 to support rural credit for farmers, artisans, and workers.

Notes:
The Government of India launched the National Critical Mineral Mission (NCMM) in 2025 to reduce import dependence and promote self-reliance in critical minerals. The mission supports India’s clean energy goals by ensuring a steady supply of key raw materials. Critical minerals are important for making modern technologies like batteries, electronics, and renewable energy systems. These minerals are also vital for national security and economic development. They are called “critical” because their supply is limited or controlled by few countries, creating risks. Their importance can change over time based on new technologies and global supply-demand shifts.

Notes:
The unemployment rate in rural areas has slightly decreased from 4.3 percent to 4.2 percent, showing a small improvement in job availability. As per the Annual Report of the Periodic Labour Force Survey (PLFS) from January to December 2024, the labour force participation rate (LFPR) in urban areas has gone up from 50.3 percent to over 51 percent. The worker population ratio (WPR), which measures the percentage of working people in the population, has also improved. In urban areas, the overall WPR increased from 47 percent to 47.6 percent, indicating better employment engagement.

Notes:
Chhattisgarh has laid the foundation stone for India’s first Gallium Nitride (GaN)-based semiconductor plant in Raipur, marking a major step in electronics manufacturing. Gallium Nitride (GaN) is a wide bandgap semiconductor material made from gallium and nitrogen, known for better performance than traditional materials like silicon. A semiconductor is a material that partly conducts electricity, used to control signals in all electronic devices. GaN provides high efficiency, thermal stability, and fast switching speeds, lowering system and operation costs. It powers next-generation 5G and 6G networks, advanced laptops, defence tech, data analytics, and power electronics.

Notes:
Bank of Maharashtra, a public sector bank, has become the first bank to install an Automated Teller Machine (ATM) on a train in India. The ATM was installed on the Mumbai-Manmad Panchavati Express. This is the first time an ATM has been introduced on an Indian Railway train. Union Railway Minister Ashwini Vaishnaw shared this update through his social media account. According to Indian Railways, this was a pilot project aimed at improving passenger convenience. The ATM was placed in a modified pantry car cubicle at the rear end of the coach. The cubicle has a shutter door for safety and easy access. If successful, this facility will be expanded to other trains. The initiative is part of the Indian Railway’s Innovative and Non-Revenue Ideas Scheme.

Notes:
In 2024–25, the United States (US) remained India’s largest trading partner for the fourth year in a row. Bilateral trade between India and the US reached $131.84 billion. China continued as India’s second-largest trading partner, with trade rising to $127.7 billion. India’s trade deficit with China increased sharply to $99.2 billion, marking a 17% rise from the previous year. China was India’s top trading partner from 2013–14 to 2017–18 and again in 2020–21. Since 2021–22, the US has consistently held the top position in India’s global trade rankings.

Notes:
Reliance NU Suntech recently signed a 25-year Power Purchase Agreement with the Solar Energy Corporation of India Limited (SECI) to build Asia’s largest single-location integrated solar and Battery Energy Storage System (BESS) project. SECI is a Central Public Sector Undertaking (CPSU) under the Ministry of New and Renewable Energy (MNRE), dedicated to expanding Renewable Energy (RE) in India. SECI was formed in 2011 as a not-for-profit company and later became a commercial entity in 2015. It was established to support the National Solar Mission and has Miniratna Category-I status. SECI acts as the main agency for implementing solar, wind, and hybrid energy projects across India. It also helps fulfill India’s Nationally Determined Contributions (NDCs) by inviting developers through tenders for RE projects.

Notes:
Bhutan recently launched the world’s first national-level cryptocurrency tourism payment system in partnership with Binance Pay and DrukPay Kunzang Bank (DK Bank). Tourists can now use their Binance accounts to pay for services like airfares, visas, hotels, and even local fruits using cryptocurrencies. The system is built into the Binance app and supports over 100 digital currencies, including Binance Coin (BNB), Bitcoin (BTC), and USD Coin (USDC). Payments are made in real-time using QR codes, and settlements are done instantly in Bhutanese currency through DK Bank. This helps local artisans and small businesses, especially in remote areas, accept digital payments easily and boosts financial inclusion.

Notes:
Goods and Services Tax (GST) was introduced on July 1, 2017, to simplify and unify India’s complex tax system. It merged multiple central and state taxes into a single tax, making compliance easier and improving transparency. In 2024, India’s total GST revenue collection reached ₹21.36 lakh crore, the highest since the GST launch, showing an 8.86% rise from the previous year. In April 2025, gross GST revenue was ₹2.36 lakh crore, marking a 12.6% year-on-year growth, as per the Ministry of Finance. Maharashtra topped GST collections for FY 2024 and April 2025 but saw slower growth at 11% in April. Gujarat showed the highest growth, with a 13% rise and ₹14,970 crore collection in April 2025. Gujarat’s total GST revenue for FY 2024–25 stood at ₹1.74 lakh crore, the highest ever, according to GST Council data shared via Forbes.

Notes:
India’s first hydrogen fuel cell truck was launched by Adani Enterprises for mining logistics at the Gare Pelma III coal block in Raigarh, Chhattisgarh. The truck can carry up to 40 tons of coal over a 200-kilometre range using three hydrogen tanks and smart technology. It will transport coal to the Chhattisgarh State Power Generation Company Limited’s power plant. Adani Enterprises was selected as mine developer and operator through competitive bidding. Hydrogen fuel cell trucks emit only water vapour and warm air with less noise, unlike diesel vehicles. The shift from diesel to hydrogen will cut emissions, reduce oil imports, and support cleaner energy use in mining.