Daily Quiz — 02 Sep 2026

1. Q1.According to HSBC India CEO Hitendra Dave, what is the expected nature of the RBI's rate-hike cycle in FY27?

   The tightening cycle will be shallower than previous onesThe tightening cycle will be more aggressive than previous onesThere will be no rate hikes in FY27The RBI will cut rates multiple times in FY27
   Explanation: The article explicitly states that HSBC India CEO expects the RBI to hike the repo rate at least once in FY27, and that the tightening cycle will be shallower than previous ones.

2. Q2.From October 1, 2026, under new cross-border payment rules, what must banks independently verify according to the regulatory framework?

   Payment legitimacy, service contracts, and third-party payment approvalsOnly the creditworthiness of foreign counterpartiesOnly compliance with customer KYC requirementsOnly the tax implications of cross-border transfers
   Explanation: The article states that banks must independently verify cross-border payment legitimacy, certify service contracts, and decide on third-party payment approvals under the new trade rules effective October 1.

3. Q3.What was India's current account deficit as a percentage of GDP in Q1 FY27, and what was the primary driver?

   0.5% of GDP, primarily driven by oil import surge of 26%1.0% of GDP, primarily driven by service sector contraction0.3% of GDP, primarily driven by foreign portfolio investment outflows0.7% of GDP, primarily driven by remittance decline
   Explanation: The article specifies that India's current account deficit was $4.2 billion (0.5% of GDP) in Q1 FY27, driven primarily by a merchandise trade gap of $86.1 billion as oil import bills surged 26% to $49 billion.

4. Q4.By what percentage did banks' direct microfinance loan portfolios decline year-on-year as of June 2026?

   28.5%18.5%6.9%12.5%
   Explanation: The article directly states that banks' direct microfinance loan portfolios fell 28.5% year-on-year to ₹83,080 crore as of June 2026, as lenders shifted preference toward funding non-bank microfinance institutions.

5. Q5.What is the primary objective of IRDAI's proposed Public Insurance Registry using federated data architecture?

   Enable secure consent-based data sharing and provide consolidated policy view with unclaimed benefits discoveryEstablish mandatory insurance coverage requirements for all Indian citizensMonitor and prevent insurance fraud through centralized surveillanceRegulate premium pricing across all insurance companies uniformly
   Explanation: The article explains that the PIR aims to enable secure, consent-based sharing of policyholder, claims, and intermediary data across insurers, giving policyholders a consolidated view of all their policies and helping them discover unclaimed benefits.

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