Business, Economy & Banking Current Affairs MCQs

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Indian banks must strengthen credit risk management by adopting International Financial Reporting Standards (IFRS 9) and improving loan supervision, collateral valuation, and borrower group assessments. The International Monetary Fund (IMF) highlighted this in its Financial System Stability Assessment (FSSA) report. The Reserve Bank of India (RBI) released the report’s findings on 24 March. The Financial Sector Assessment Program (FSAP) is a joint initiative of the IMF and World Bank for financial sector analysis. The last FSAP for India was in 2017, with the FSSA report published on December 21, 2017. India’s financial system has become more resilient and diverse since 2017, driven by rapid economic growth. India remains committed to adopting global financial standards while considering domestic needs and economic conditions.

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The Finance Ministry launched BAANKNET, a revamped e-auction portal, to streamline the auction of banks’ assets. It replaces e-BKray (launched in February 2019) and enhances transparency in disposing of non-performing assets (NPAs). BAANKNET integrates automated KYC, secure payment gateways, and verified property titles. 12 public sector banks and the Insolvency and Bankruptcy Board of India (IBBI) use BAANKNET for property auctions.

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National Payments Corporation of India (NPCI) launched BHIM (BHarat Interface for Money) 3.0 with new features. It supports 15+ Indian languages. The app allows users to track, manage, and split expenses. It optimized for low internet areas, ensuring uninterrupted transactions. It includes a built-in task assistant for bill reminders, UPI Lite activation, and low balance alerts.

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NITI Aayog CEO BVR Subrahmanyam launched DX-EDGE (Empowering Excellence and Growth through Digital Transformation) to support Medium Small and Micro Enterprises (MSMEs). DX-EDGE aims to connect MSMEs, technology providers, and academic institutions for digital transformation. It will create a large pool of technical expertise, offering structured, cost-effective technology access to MSMEs. The initiative will help six crore MSMEs improve efficiency, revenue, and global competitiveness through Artificial Intelligence and advanced technology. The government has allocated significant funds in the 2025 Budget to support MSMEs and encourage digitalization.

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The National Technical Textiles Mission (NTTM) completes five years since its launch in 2020 by the Ministry of Textiles. It aims to boost research, market growth, exports, and skill development in technical textiles. The mission promotes innovation, startups, and applications in agriculture, infrastructure, and healthcare. With a budget of ₹1,480 crore till 2025-26, it seeks to make India a global leader in technical textiles. It supports 168 research projects worth ₹509 crore. NTTM also aims to train 50,000 individuals in the field of technical textiles.

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Pakistan has reportedly found a huge deposit of antimony in Balochistan, a region troubled by conflict. Antimony is a chemical element with the symbol Sb and atomic number 51, and it is a metalloid that is solid at room temperature. It has poor conductivity of heat and electricity and comes in forms like ingots, granules, or cast pieces. Its main ore is stibnite, and it is also found as a byproduct in lead-zinc-silver mines. China is the world’s largest producer of the chemical element antimony. China produces 88% of the world’s antimony, followed by Bolivia, Russia, and Tajikistan. It is used in electronics, batteries, bullets, flame-retardants, and glassware.

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India became the third-largest producer of electricity from wind and solar energy in 2024, overtaking Germany, as per Ember’s Global Electricity Review. Wind and solar generated 10% of India’s electricity in 2024, and 15% globally. Clean energy sources like renewables and nuclear power made up 40.9% of global electricity – the highest since the 1940s. India added 24 gigawatts (GW) of solar in 2024, becoming the third-largest market after China and the US. Solar power contributed 7% of India’s electricity, doubling since 2021. India aims for 50% of installed power capacity from non-fossil sources by 2030 under its Nationally Determined Contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC). India also targets 500 GW of non-fossil fuel capacity by 2030, but needs 20% more annual funding to meet it, according to Ember.

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The Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs and India Post Payments Bank (IPPB) under the Department of Posts signed a Memorandum of Agreement (MoA) to launch Phase 2 of the “Niveshak Didi” initiative. “Niveshak Didi” trains women postal workers and community leaders as financial educators to improve financial literacy in rural and underserved areas. In Phase 1, over 55,000 people benefited from IPPB Financial Literacy Camps, with around 60% being women, mostly young and economically active from deep rural areas. Phase 2 will include 4,000 new camps led by 40,000 trained women promoting responsible investing, savings, digital banking, and fraud awareness.

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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.

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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.