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Daily Current Affairs
29 April, 2026
Q1. Which country recently announced its exit from OPEC to pursue an independent oil production strategy?
A. Saudi Arabia
B. Iran
C. United Arab Emirates
D. Qatar
E. Kuwait
Answer: C. United Arab Emirates
Explanation: The UAE decided to exit OPEC (effective May 1, 2026) to follow an independent oil production policy aligned with its national economic and strategic interests.
Q2. India signed a Free Trade Agreement (FTA) with which country in April 2026?
A. Australia
B. Canada
C. New Zealand
D. Japan
E. France
Answer: C. New Zealand
Explanation: India signed an FTA with New Zealand providing 100% duty-free access on tariff lines and boosting trade, investment, and services cooperation.
Q3. The NITI Aayog report titled “Moving Towards Effective City Government” focuses on:
A. Rural employment
B. Urban governance reforms
C. Defence strategy
D. Climate policy
E. Education reforms
Answer: B. Urban governance reforms
Explanation: The report highlights governance challenges in million-plus cities and suggests reforms to strengthen urban institutional capacity and service delivery.
Q4. Which country joined India-led global initiatives ISA, CDRI, and GBA in April 2026?
A. Egypt
B. Jordan
C. UAE
D. Israel
E. Saudi Arabia
Answer: B. Jordan
Explanation: Jordan joined India-led climate and energy initiatives including ISA, CDRI, and GBA to strengthen cooperation in sustainability and clean energy.
Q5. The Supreme Court declared ‘Right to Safe Road Travel’ as part of which constitutional provision?
A. Article 14
B. Article 19
C. Article 21
D. Article 32
E. Article 226
Answer: C. Article 21
Explanation: The Supreme Court held that safe road travel is part of the Right to Life under Article 21, emphasizing road safety and accountability.
Q6. The AI Data Centre Hub project worth $15 billion is being developed in which Indian state?
A. Karnataka
B. Telangana
C. Andhra Pradesh
D. Tamil Nadu
E. Gujarat
Answer: C. Andhra Pradesh
Explanation: Andhra Pradesh, in collaboration with Google and partners, is developing a massive AI data centre hub in Visakhapatnam to boost digital infrastructure.
Q7. The RBI’s Expected Credit Loss (ECL) framework replaces which earlier model?
A. Basel Model
B. Incurred Loss Model
C. Risk Weight Model
D. Capital Adequacy Model
E. Liquidity Coverage Model
Answer: B. Incurred Loss Model
Explanation: The ECL framework replaces the incurred loss model with a forward-looking approach to better manage NPAs and credit risks.
Q8. The Expected Credit Loss (ECL) framework introduced by RBI is based on which global accounting standard?
A. IFRS 7
B. IFRS 9
C. Basel III
D. GAAP
E. IFRS 16
Answer: B. IFRS 9
Explanation: The ECL model aligns with IFRS 9, which uses a forward-looking method to estimate credit losses.
Q9. The ECL framework will be applicable to which institutions?
A. Only Public Sector Banks
B. Only Private Banks
C. NBFCs only
D. All Scheduled Commercial Banks
E. Cooperative Banks only
Answer: D. All Scheduled Commercial Banks
Explanation: RBI has made the ECL framework applicable to all scheduled commercial banks to standardize credit risk assessment.
Q10. The primary objective of the Expected Credit Loss (ECL) framework is to:
A. Increase bank profits
B. Reduce interest rates
C. Improve forward-looking risk assessment
D. Promote digital payments
E. Control inflation
Answer: C. Improve forward-looking risk assessment
Explanation: The ECL framework helps banks anticipate potential credit losses in advance, improving financial stability and NPA management.
