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Subject
Month
15 questions
- Economy & Banking25 Apr 2026
Rajasthan's oil and gas reserves are concentrated in which basin?
- A.Cambay basin
- B.Krishna-Godavari basin
- C.Barmer-Sanchore basin
- D.Cauvery basin
Show solution
Answer: C. Barmer-Sanchore basin
Rajasthan's oil and gas reserves are concentrated in the Barmer-Sanchore basin in western Rajasthan (Barmer and Jalore districts). It is one of India's largest inland hydrocarbon discoveries (made in the 2000s), with approximately 38 discovered oil fields and ~150 million barrels of proven crude oil reserves. Cambay basin is in Gujarat; Krishna-Godavari basin is offshore Andhra Pradesh; Cauvery basin is in Tamil Nadu.
Read source story → - Economy & Banking25 Apr 2026
India's largest onshore oil field — part of the MBA cluster in the Barmer-Sanchore basin — is:
- A.Bhagyam
- B.Aishwariya
- C.Mangala
- D.Saraswati
Show solution
Answer: C. Mangala
Mangala is India's largest onshore oil field, part of the Mangala-Bhagyam-Aishwariya (MBA) cluster in the Barmer-Sanchore basin of Rajasthan. Peak production reached around 200,000 barrels per day. Bhagyam and Aishwariya are major supporting fields in the same cluster.
Read source story → - Economy & Banking25 Apr 2026
Reserve Bank of India (RBI) typically uses forex reserves for which of the following purposes? (Select the most comprehensive answer)
- A.Only managing rupee volatility
- B.Only servicing external debt
- C.Only ensuring import cover
- D.Managing rupee volatility, ensuring import cover, servicing external debt, supporting investor confidence, and buffering external shocks
Show solution
Answer: D. Managing rupee volatility, ensuring import cover, servicing external debt, supporting investor confidence, and buffering external shocks
RBI uses forex reserves for multiple purposes: (1) managing rupee volatility through dollar sales/purchases; (2) ensuring adequate import cover (3-6 months minimum, India typically 10-12 months); (3) servicing external debt obligations; (4) supporting investor confidence and sovereign credit ratings; (5) buffering against capital-flow reversals and external shocks. All of these together make forex reserves a comprehensive macro-stability tool.
Read source story → - Economy & Banking25 Apr 2026
FASTag and NCMC services — both of which were prohibited for PPBL in January 2024 — are operated by:
- A.RBI directly
- B.Ministry of Finance
- C.National Payments Corporation of India (NPCI)
- D.Securities and Exchange Board of India (SEBI)
Show solution
Answer: C. National Payments Corporation of India (NPCI)
FASTag (electronic toll collection on national highways under the National Electronic Toll Collection or NETC framework) and NCMC ('One Nation One Card' launched March 2019) are both operated by the National Payments Corporation of India (NPCI). NPCI is the umbrella organisation for retail payments, established in 2008 as a Section 8 not-for-profit company.
Read source story → - Economy & Banking25 Apr 2026
Special Drawing Rights (SDRs) — one component of India's forex reserves — were created by which institution and in which year?
- A.World Bank, 1944
- B.International Monetary Fund (IMF), 1969
- C.Bank for International Settlements (BIS), 1973
- D.World Trade Organisation, 1995
Show solution
Answer: B. International Monetary Fund (IMF), 1969
Special Drawing Rights (SDRs) were created by the International Monetary Fund (IMF) in 1969 as a supplementary international reserve asset. SDR value is determined daily based on a basket of five major currencies — US dollar, euro, Chinese renminbi, Japanese yen, and British pound. India received around $17.86 billion in SDR allocation in August 2021.
Read source story → - Economy & Banking25 Apr 2026
What is the maximum deposit limit per individual customer in a payments bank in India (as raised in April 2021)?
- A.₹50,000
- B.₹1 lakh
- C.₹2 lakh
- D.₹5 lakh
Show solution
Answer: C. ₹2 lakh
The maximum deposit limit per individual customer in a payments bank was raised from ₹1 lakh to ₹2 lakh in April 2021. Payments banks cannot offer credit/loans — a key restriction that distinguishes them from commercial banks and small finance banks.
Read source story → - Economy & Banking25 Apr 2026
After cancellation of a banking licence, RBI must approach which forum for winding-up proceedings?
- A.NCLT (National Company Law Tribunal)
- B.Supreme Court of India
- C.High Court (under BR Act Section 38)
- D.Insolvency and Bankruptcy Board of India
Show solution
Answer: C. High Court (under BR Act Section 38)
Under Section 38 of the Banking Regulation Act, 1949, the RBI must approach the High Court (having jurisdiction over the bank's registered office) for winding-up proceedings of a banking company. While the Companies Act, 2013 generally vests winding-up jurisdiction with the NCLT, banking company winding-up has a specific BR Act framework that retains High Court jurisdiction.
Read source story → - Economy & Banking25 Apr 2026
The largest component of India's foreign exchange reserves is:
- A.Gold reserves
- B.Special Drawing Rights (SDRs)
- C.Reserve position in the IMF
- D.Foreign Currency Assets (FCA)
Show solution
Answer: D. Foreign Currency Assets (FCA)
Foreign Currency Assets (FCA) is the largest component of India's forex reserves — typically around 80% of total reserves. FCA includes foreign currencies, deposits with foreign central banks and the Bank for International Settlements (BIS), and foreign government securities (mainly US Treasuries). For week ended 17 April 2026, FCA stood at $557.46 billion.
Read source story → - Economy & Banking25 Apr 2026
India's Ethanol Blending Programme (EBP) targets achieving E20 (20% ethanol blending in petrol) by:
- A.2023-24
- B.2025-26
- C.2027-28
- D.2030
Show solution
Answer: B. 2025-26
India's target for E20 (20% ethanol blending) is 2025-26 — advanced from the original 2030 target. India achieved E10 (10% blending) in mid-2022, well ahead of schedule. The Programme is administered by the Ministry of Petroleum and Natural Gas through Oil Marketing Companies (IOC, BPCL, HPCL).
Read source story → - Economy & Banking25 Apr 2026
Payments Banks in India were introduced based on the recommendations of which committee?
- A.P.J. Nayak Committee
- B.Nachiket Mor Committee (2014)
- C.Bimal Jalan Committee
- D.Urjit Patel Committee
Show solution
Answer: B. Nachiket Mor Committee (2014)
Payments Banks were introduced based on the recommendations of the Nachiket Mor Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households (report submitted January 2014). RBI issued payments-bank guidelines in November 2014 and granted in-principle approvals to 11 entities in August 2015.
Read source story → - Economy & Banking25 Apr 2026
India's foreign exchange reserves stood at what level for the week ended 17 April 2026?
- A.$652.31 billion
- B.$700.946 billion
- C.$703.31 billion
- D.$728.494 billion
Show solution
Answer: C. $703.31 billion
India's forex reserves rose by $2.36 billion to $703.31 billion for the week ended 17 April 2026, according to RBI data. $700.946 billion was the previous week's level (10 April), and $728.494 billion was the all-time high reached in February 2026.
Read source story → - Economy & Banking25 Apr 2026
RBI's power to cancel a banking licence is provided under which provision of the Banking Regulation Act, 1949?
- A.Section 22
- B.Section 35
- C.Section 36AB
- D.Section 38
Show solution
Answer: C. Section 36AB
Section 36AB of the Banking Regulation Act, 1949 (added by amendment) explicitly empowers the RBI to cancel a banking licence where the operations of the bank are detrimental to depositor interests or public interest. Section 22 provides for INITIAL ISSUANCE of banking licences; Section 35 governs INSPECTIONS; Section 38 deals with WINDING-UP PROCEEDINGS in the High Court.
Read source story → - Economy & Banking25 Apr 2026
Which of the following is a key restriction on payments banks in India that distinguishes them from commercial banks?
- A.Cannot accept demand deposits
- B.Cannot offer credit/loans
- C.Cannot issue debit cards
- D.Cannot facilitate digital payments
Show solution
Answer: B. Cannot offer credit/loans
Payments banks CANNOT offer credit/loans — this is a key restriction distinguishing them from commercial banks and small finance banks. Payments banks CAN: accept demand deposits up to ₹2 lakh per customer, issue ATM/debit cards, facilitate payments and remittances, distribute non-risk-sharing financial products (mutual funds, insurance, pension).
Read source story → - Economy & Banking25 Apr 2026
For the week ended 17 April 2026, India's Foreign Currency Assets (FCA) — the largest component of forex reserves — stood at:
- A.$417.46 billion
- B.$497.46 billion
- C.$557.46 billion
- D.$617.46 billion
Show solution
Answer: C. $557.46 billion
Foreign Currency Assets (FCA) stood at $557.46 billion for the week ended 17 April 2026 — up $1.48 billion week-on-week. FCA is typically about 80% of India's total forex reserves and includes foreign currencies, deposits with foreign central banks and BIS, and foreign government securities (mainly US Treasuries).
Read source story → - Economy & Banking25 Apr 2026
Which country has recently overtaken India as the leading exporter of corn (maize) to Bangladesh?
- A.United States
- B.Argentina
- C.Brazil
- D.Ukraine
Show solution
Answer: C. Brazil
Brazil has overtaken India as the leading exporter of corn (maize) to Bangladesh. For years India had held the dominant position thanks to competitive pricing and geographical proximity, but since 2024 rising domestic demand — especially for ethanol production under India's Ethanol Blending Programme — has reduced India's export capacity. Brazil capitalised with large-scale production, efficient supply chains, and consistent supply volumes.
Read source story →