Business, Economy & Banking Current Affairs MCQs

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In FY24, RBI relocated 100 metric tonnes of gold from the U.K. to Indian vaults in Mumbai and Nagpur. India’s gold reserves surged to 822 metric tonnes, with nearly 50% now stored domestically. RBI’s banknotes are secured by assets like gold, Government Securities, and Foreign Currency Assets, as per the RBI Act, 1934. The recent geopolitical tensions emphasized risks of storing gold abroad, exemplified by Western nations’ freezing of Russian assets.

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FSSAI and APEDA collaborated to create the Unified India Organic logo, replacing India Organic and Jaivik Bharat logos. India Organic denotes NPOP compliance, while Jaivik Bharat was for FSSAI-certified organics. The new logo aims for uniformity in organic product regulations. It distinguishes organic from non-organic, signifying adherence to National Standards for Organic Production, enhancing consumer trust and market clarity in India’s organic sector.

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The Netherlands became India’s third largest export destination in 2023-24, following the U.S. and UAE, despite a 3% dip in India’s overall merchandise shipments. Key exports to the Netherlands included petroleum products ($14.29 billion), electrical goods, chemicals, and pharmaceuticals. Consequently, India’s trade surplus with the Netherlands rose to $17.4 billion, up from $13 billion in 2022-23, according to the Commerce Ministry data .

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Adani Defence and Aerospace has signed a cooperation agreement with UAE-based EDGE Group, a leading advanced technology and defense company. This partnership aims to leverage both companies’ capabilities to offer comprehensive defense and aerospace solutions globally. The collaboration will evaluate joint efforts in areas such as missiles, weapons, unmanned systems, counter-drone technologies, electronic warfare, and cyber technologies, enhancing their product offerings and market reach.

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The State Bank of India (SBI) launched “MSME Sahaj”, a digital business loan solution tailored for micro, small, and medium enterprises (MSMEs). Key features include financing against GST-registered invoices, a quick process under 15 minutes from application to disbursement, automated loan closure, and data-driven assessment using machine learning models and authentic GST and credit data. This initiative aims to boost working capital and address liquidity challenges for MSMEs effectively.

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The RBI has mandated that all credit card bill payments via third-party apps must be routed through the Bharat Bill Payment System (BBPS). Managed by NPCI, BBPS offers a centralized platform for bill payments. This affects users of major banks and apps like CRED, PhonePe, Amazon Pay, and Paytm. The move aims to regulate peer-to-peer transactions and ensure centralized monitoring.

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Tata Power Solar Systems launched the ‘Ghar Ghar Solar’ project in Varanasi, Uttar Pradesh, to promote clean energy. About 10 lakh homes can install rooftop solar systems, benefiting from up to Rs. 1,08,000 in subsidies under PM Surya Ghar Yojana. Using advanced bifacial panels, installations take just 7 days. A typical 3 kW system can save households up to INR 27,000 annually and allows net metering for extra savings.

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The Common Services Centres Special Purpose Vehicle (CSC SPV) celebrated its 15th anniversary. Incorporated under the Companies Act, 1956 by the Ministry of Electronics and Information Technology (MeitY), CSC SPV oversees the CSC Scheme, part of the Digital India Programme. CSCs serve as access points for delivering government, private, and social sector services to rural citizens, promoting digital and financial inclusion across India.

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The MV Sea Change, the world’s first commercial passenger ferry powered by 100% hydrogen fuel, launched at the San Francisco Ferry Building. Built by All American Marine Shipyard for SWITCH Maritime and designed by Incat Crowther, it carries 75 passengers and operates for 16 hours, covering 300 nautical miles per refueling. Emitting only heat and water vapor, it reaches speeds up to 20 knots and features drinkable water emissions.

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The National Centre for Polar and Ocean Research (NCPOR) signed a contract with a Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) to construct an Indigenous Ocean Research Vessel for deep ocean exploration. Established in 1998 in Goa, NCPOR is an autonomous R&D institution under the Ministry of Earth Sciences. Its 13-member Governing Body is chaired by the Secretary of the Ministry. NCPOR facilitates scientific research in Antarctica, the Arctic, and the Indian Ocean, managing bases like “Maitri,” “Bharati,” and “Himadri.”