Daily Quiz — 05 Aug 2026

1. Q1.At its 62nd meeting in August 2026, what policy stance did the RBI's Monetary Policy Committee adopt alongside holding the repo rate at 5.25 per cent?

   Neutral stanceHawkish stanceDovish stanceAccommodative stance
   Explanation: The article explicitly states that the RBI retained its neutral stance amid persistent global inflation concerns and geopolitical volatility.

2. Q2.Which bank emerged as the largest mobiliser of foreign currency deposits under the RBI's special scheme, garnering $6.1 billion in the first half of 2026?

   HSBC IndiaState Bank of IndiaICICI BankAxis Bank
   Explanation: According to the article, HSBC India surpassed State Bank of India to become the largest mobiliser, with HSBC garnering $6.1 billion versus SBI's $4.1 billion.

3. Q3.India's remittance inflows in FY26 reached a record ₹155.1 billion, representing what percentage of GDP according to the article?

   Approximately 4% of GDPApproximately 3% of GDPApproximately 6% of GDPApproximately 5% of GDP
   Explanation: The article explicitly states that the $155.1 billion in remittances was equivalent to approximately 4% of India's GDP.

4. Q4.ESAF Small Finance Bank's Q1 FY27 financial performance marked what significant turnaround from Q1 FY26?

   From ₹81 crore loss to ₹80 crore profitFrom ₹50 crore loss to ₹100 crore profitFrom breakeven to ₹80 crore profitFrom ₹80 crore loss to ₹81 crore profit
   Explanation: The article states that ESAF swung from a net loss of ₹81 crore in Q1 FY26 to a net profit of ₹80 crore in Q1 FY27, driven by loan diversification away from microfinance.

5. Q5.What was the key reason cited by FISME for GST reform demands aimed at protecting MSME taxpayers?

   Protecting good-faith buyers from ITC denial due to supplier defaultsIncreasing the GST rate for small businessesEliminating the annual turnover thresholdMandating quarterly GST filings instead of monthly
   Explanation: FISME urged protection of good-faith buyers from input tax credit (ITC) denial caused by supplier defaults, alongside demanding a 30–45 day refund timeline and automatic interest on delays.

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