Daily Quiz — 23 Aug 2026

1. Q1.According to the RBI's special USD-INR forex swap facility launched on June 8, 2026, what was the total contribution of FCNR(B) deposits to the overall forex inflows of USD 72.8 billion as of August 21, 2026?

   USD 65,397 millionUSD 72,848 millionUSD 7,451 millionUSD 58,000 million
   Explanation: The article explicitly states that FCNR(B) deposits contributed USD 65,397 million out of the total USD 72,848 million in forex inflows, representing the largest component of the facility's success.

2. Q2.According to ICICI Securities' analysis of Q1FY27 banking results, which funding lever is flagged as a key strategy for Indian banks to support accelerating loan growth in FY27?

   Foreign Currency Non-Resident (FCNR) depositsDomestic Certificate of Deposits (CDs)Equity capital infusions from the governmentRetail savings accounts and Current Accounts
   Explanation: The article identifies FCNR (Foreign Currency Non-Resident) deposits as a key funding lever for Indian banks in FY27, particularly as private banks gain sequential momentum over PSBs amid 18% loan growth led by NBFC lending and retail gold loans.

3. Q3.The EPFO's Employees' Enrolment Campaign (EEC) 2026 offers employers a specific relaxation regarding contribution deductions. What is this relaxation?

   Waiver of the employee's share of contributions not previously deductedComplete exemption from employer contributions for three yearsRetroactive recovery of all missed contributions at double the rateMandatory government subsidy of 50% of all contributions
   Explanation: The article states that employers can declare eligible employees and benefit from relaxations including waiver of the employee's share of contributions not previously deducted, allowing them to bring previously uncovered workers into schemes without having to retroactively collect missed employee contributions.

4. Q4.SEBI Chairman Tuhin Kanta Pandey's proposal to eliminate duplicate financial penalties is aimed at addressing which specific compliance challenge faced by listed companies?

   Multiple stock exchanges imposing separate penalties for the same compliance violationInconsistent audit standards across different custodiansDuplicate listing requirements for foreign companiesOverlapping jurisdiction between SEBI and RBI on derivatives trading
   Explanation: SEBI's proposal targets the issue of multiple stock exchanges imposing separate financial penalties on the same listed company for the same compliance violation, which SEBI views as disproportionate and burdensome. This initiative is part of broader regulatory proportionality reforms.

5. Q5.According to CareEdge Ratings' FY27 projection, what is the primary reason for the expected divergence between GDP growth and Gross Value Added (GVA) growth?

   A sharp 19% contraction in net indirect tax collections due to GST rate cuts and excise duty reductionsDifferential depreciation rates in the manufacturing and services sectorsStructural shift in foreign direct investment patterns toward non-taxable SEZ operationsMethodological changes in RBI's base year for national accounting calculations
   Explanation: CareEdge projects a 19% contraction in net indirect tax collections linked to GST rate cuts and excise duty reductions, which creates a divergence between measured GDP growth (7%) and underlying Gross Value Added growth, as the latter excludes tax-driven distortions.

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