Business, Economy & Banking Current Affairs MCQs

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The Department of Consumer Affairs warned about ‘drip pricing’, a strategy where only part of an item’s price is advertised, with total costs revealed later. Common in hospitality and travel, it can surprise consumers with hidden charges, complicating comparison shopping. This practice undermines transparency and penalizes sellers who disclose full prices upfront. The impact extends to misleading ‘headline prices’, affecting consumer trust and market fairness.

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In 2022, India made history by receiving over $100 billion in remittances, as reported by the International Organization for Migration (IOM). India’s remittances surged to $111 billion, surpassing all other nations. This milestone underscores India’s position as the leading recipient of remittances globally. Mexico followed as the second-largest recipient, a position it held in 2021. The report highlights India’s significant economic ties with its diaspora worldwide.

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In FY24, Bank of Maharashtra led public sector banks with a 15.94% rise in total business, outpacing the State Bank of India. The Pune-based bank excelled in deposit mobilization, achieving a significant 52.73% growth in low-cost CASA deposits, highlighting its strategic advantage in maintaining a healthy cost of funds despite industry-wide challenges.

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To address economic instability, the Reserve Bank of Zimbabwe launched a gold-backed currency, the ZiG, on April 5, 2024. The ZiG is Zimbabwe’s sixth currency, with denominations from 1 to 200 ZiG. Backed by gold reserves, it aims to stabilize the economy and prevent devaluation. Zimbabwe has faced severe inflation, surpassing 500%, leading to the collapse of the Zimbabwean dollar in 2009 and reliance on foreign currencies.

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Delhi- based think tank Centre for Science and Environment (CSE) praised SEBI’s Business Responsibility and Sustainability Reporting (BRSR) initiative. Introduced in May 2021, BRSR mandates the top 1000 listed companies to disclose their performance on environmental, social, and governance (ESG) aspects. This aims to showcase their commitment to responsible business practices and provides policymakers and investors with crucial data for informed decision-making.

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The Asian Development Bank (ADB) sanctioned $2.6 billion in sovereign lending to India in 2023. The loan will fund urban development, power sector promotion, industrial corridor development, horticulture support, connectivity enhancement, and climate resilience building. Sovereign loans are given to the Indian government for various projects across states. ADB aims to drive India’s structural transformation, job creation, infrastructure development, green growth, and social inclusiveness, including funding for the Visakhapatnam–Chennai Industrial Corridor.

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The National Stock Exchange of India Indices introduces India’s inaugural Electric Vehicle (EV) index, named Nifty EV & New Age Automotive Index. It monitors companies within the EV ecosystem and those developing new-age automotive technologies. Launched with a base date of April 2, 2018, and a value of 1000, it includes stocks from the Nifty 500. The index undergoes semi-annual reconstitution and quarterly rebalancing.

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In 2023-24, India received the highest foreign direct investment (FDI) from Singapore, amounting to $11.77 billion despite a 31.55% decline, according to government data. Overall, FDI into India contracted by about 3.5% due to global economic uncertainties. However, Singapore remained the top source of FDI for India during this period.

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The Department of Telecommunications (DoT) launched a 60-day survey to identify challenges faced by MSMEs in adopting new technologies. Covering five sectors in both North and South India, the survey will explore AI, IoT, cloud computing, and 5G/6G integration needs across ten industries. The findings will inform policies to help MSMEs remain competitive in increasingly digitized global markets.

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The Securities and Exchange Board of India (SEBI) launched ‘Saarthi 2.0’, a mobile app aiding investors in managing finances. The app simplifies complex financial concepts, offers financial calculators for informed decisions, and includes educational modules on KYC, mutual funds, ETFs, and stock trading. It also provides investor support through grievance redressal and Online Dispute Resolution (ODR) platforms, along with video content on personal finance planning.