Daily Current Affairs — 29 August 2026
Daily Current Affairs · 29 August 2026
10 fully-analysed topics · 30 bilingual MCQs · 3 embedded videos · built for UPSC Prelims & Mains
🎯 30 MCQs
🎬 3 Videos
🇮🇳 Hindi + English
Current Affairs 29 August 2026 — Full Video (Hinglish)
Every major story of the day explained in Hinglish · by Current Affair Daily
Watch the full day's current affairs explained end to end, then test yourself on the topics below.
Economy
12 Years of Pradhan Mantri Jan Dhan Yojana
The Pradhan Mantri Jan Dhan Yojana (PM-JDY), the Government of India's flagship National Mission for Financial Inclusion, has completed 12 years of…
- PMJDY has transformed financial inclusion in India
- The next phase must focus on financial deepening
- About: Launched in August 2014, PMJDY aims to ensure access to financial services, namely, basic savings & deposit accounts, remittance, credit…
- PMJDY operates under the Department of Financial Services within the Ministry of Finance.
Show 6 more facts
- Banking the Unbanked: Beneficiaries can open a BSBD account without depositing any initial amount and are not penalized for maintaining a zero…
- Interest on Savings: Deposits kept in PMJDY accounts earn standard savings account interest rates, incentivizing the habit of saving.
- Small Account / Chota Khata: Enables individuals without formal documents to open a basic bank account
- Securing the Unsecured: Account holders receive a domestic RuPay debit card
- The JAM Trinity & Inclusive Governance: PMJDY is the central pillar of the Jan Dhan-Aadhaar-Mobile (JAM) trinity
- By minimizing subsidy leakages, the DBT mechanism saved the exchequer approximately Rs 3.48 lakh crore by 2023.
Which statement correctly describes 12 Years of Pradhan Mantri Jan Dhan Yojana?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
Economy
Pradhan Mantri Jan Dhan Yojana
The Finance Ministry stated that nearly one-fourth of PM Jan Dhan Yojana (PMJDY) accounts are inoperative, raising concerns about financial inclusion and account usage.
- Scale of Inoperative Accounts: Out of 56.04 crore PMJDY accounts, 13.04 crore (23%) are inoperative
- Account holders receive a RuPay debit card with Rs 2 lakh accident insurance cover and are eligible for an overdraft facility of up to Rs 10,000 to…
- The scheme also serves as a key platform for Direct Benefit Transfers (DBT) and subsidies
- Leveraging PMJDY's financial inclusion base, access to Mudra loans has expanded, recording a CAGR of 9.8% between 2019 and 2024.
Show 1 more facts
- The scheme has also boosted savings habits with an average deposit of Rs 4,352.
Which statement correctly describes Pradhan Mantri Jan Dhan Yojana?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
Economy
Launch of RuPay Services in Maldives
Maldives will soon launch India's RuPay service in its country.
- RuPay is the first-of-its-kind domestic Card payment network of India
- The Payment and Settlement Systems Act, 2007, gave authority to the Reserve Bank of India (RBI) and Indian Banks' Association (IBA) to establish a…
- NPCI International Payments Ltd (NIPL) is the international arm of (NPCI)
Which statement correctly describes Launch of RuPay Services in Maldives?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
Economy
NPCI Tech Solutions Limited
During the Global Fintech Fest 2025 in Mumbai, National Payments Corporation of India (NPCI) revealed the establishment of its new subsidiary, NPCI Tech Solutions Limited (NTSL)
- NTSL becomes the fourth subsidiary under the NPCI umbrella and is tasked with driving experimentation and pioneering innovations in the fintech…
- Previously, NPCI had incorporated NPCI BHIM Services Limited (NBSL), NPCI International Payments Limited (NIPL), and NPCI Bharat BillPay Limited…
- About: Global Fintech Fest serves as a global platform for innovation
- Organisers: It is jointly organized by the Payments Council of India (PCI), the NPCI, and the Fintech Convergence Council (FCC).
Show 6 more facts
- Fintech (short for Financial Technology) refers to the use of technology to deliver financial services and solutions more efficiently
- Common Examples: Digital Payments: UPI apps (PhonePe, Google Pay), mobile wallets (Paytm), contactless cards.
- P2P Lending: Platforms connecting borrowers directly with lenders, bypassing banks.
- Digital Banking: Online-only banks (Neo-banks) with no branches.
- Investment Apps: Platforms like Groww, Zerodha for buying stocks and mutual funds.
- InsurTech: Tech-enabled insurance purchase and claims (Acko, Policybazaar).
Which statement correctly describes NPCI Tech Solutions Limited?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
Economy
Direct Benefit Transfer Scheme
Most economists advocate the conversion of all agricultural subsidies into direct income support i.e., Direct Benefit Transfer to farmers.
- Aim: It has been visioned as an aid for simpler/faster flow of information and funds to the beneficiaries and to reduce the fraud in the delivery…
- Implementation: It is a mission or an initiative by the government of India started on 1st January 2013 as a way to reform the government delivery…
- Expanded the Coverage of Services: In a mission-mode approach
- Instant and Easy Money Transfer: It created the Aadhaar Payment Bridge to enable instant money transfers from the government to people's bank accounts
Show 5 more facts
- Lack of Accessibility: One of the most prominent issues faced by citizens attempting to enroll is the lack of accessibility/proximity to enrolment…
- Shortage of Facilities: Still there are many rural & tribal areas, which don't have banking facility and road connectivity
- Uncertainties: Delays in accepting and pushing the applications forward
- Disruption in the Process: In terms of receiving money in their bank accounts through DBT
- Systemising Innovation: Empowering innovation system are some of the aspects that would require continued focus
Which statement correctly describes Direct Benefit Transfer Scheme?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
💰 Indian Economy MCQ Quiz · भारतीय अर्थव्यवस्था
10 bilingual MCQs · Indian Economy · Members Only on YouTube
Today's rotation: Indian Economy. Take this break between news topics to sharpen the core concept.
Economy
World Bank
Recently, Indian American business executive Ajay Banga was nominated by US President to head the World Bank.
- If confirmed by the World Bank Board of directors
- About: It was created in 1944, as the International Bank for Reconstruction and Development (IBRD) along with the IMF
- The World Bank Group is a unique global partnership of five institutions working for sustainable solutions that reduce poverty and build shared…
- The World Bank is one of the United Nations' specialized agencies.
Show 6 more facts
- International Bank for Reconstruction and Development (IBRD)
- International Centre for the Settlement of Investment Disputes (ICSID) India is not a member of ICSID.
- The United States is the largest single shareholder
- While the World Bank provides support to developing countries
- The International Finance Corporation, which offers these bonds, is an arm of the World Bank.
- They are the rupee-denominated bonds and are a source of debt financing for the public and private sector.
Which statement correctly describes World Bank?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
Economy
11 Years of Jan Suraksha Schemes
The Government's flagship Jan Suraksha schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Over the years, these schemes have expanded affordable insurance and pension coverage to crores of citizens, especially the poor, vulnerable and…
- The Jan Suraksha schemes PMJJBY, PMSBY and APY have expanded affordable insurance and pension coverage for crores of citizens, especially the poor…
- Despite major achievements in enrolments and claim settlements
- About: The Jan Suraksha schemes were launched with the objective of providing low-cost insurance and pension benefits to economically weaker sections…
Show 6 more facts
- The schemes aim to strengthen financial inclusion by protecting citizens against death, accidents and old-age financial insecurity
- About: PMJJBY is a low-cost life insurance scheme that provides financial protection against death due to any reason
- Individuals aged between 18 and 50 years with a bank or post office account are eligible to enrol under the scheme through an auto-debit facility
- Under the scheme, an insurance amount of Rs 2 lakh is paid to the nominee in case of the subscriber's death due to any cause.
- The scheme has settled claims worth Rs 21,512.50 crore for more than 10.75 lakh claims.
- It has also witnessed strong participation from women and financially excluded households
3. What is the significance of APY? APY provides guaranteed monthly pension support after 60 years of age
Which statement correctly describes 11 Years of Jan Suraksha Schemes?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
Economy
RBI’s Financial Inclusion Index 2025
The Reserve Bank of India's Financial Inclusion Index (FI-Index) rose to 67 in March 2025
- FI-Index is a comprehensive measure of financial inclusion across banking
- Experts credit the rise to digital efforts and sustained financial literacy, marking a shift toward meaningful and inclusive financial empowerment.
Which statement correctly describes RBI’s Financial Inclusion Index 2025?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
Economy
Gaps in AePS Exploited by Cybercriminals
The Aadhaar-enabled Payment System (AePS) in India has recently faced exploitation by cybercriminals, leading to unauthorized access to users' bank accounts.
- Scammers have been using leaked biometric details to bypass the need for One Time Passwords (OTPs) and drain funds from unsuspecting victims.
- A series of recent scams have exposed the vulnerabilities of the AePS and how cybercriminals are exploiting the loopholes in the system to defraud…
- About: Th AePS is a bank-led model that allows online interoperable financial transactions at Point of Sale (PoS) or micro-ATMs through the Business…
- It was taken up by the National Payments Corporation of India (NPCI) – a joint initiative of Reserve Bank of India (RBI) and Indian Banks'…
Show 6 more facts
- The AePS is meant to provide easy and secure access to banking services for the poor and marginalized sections of society
- It eliminates the need for OTPs, bank account details, and other financial information.
- Transactions can be carried out with only the bank name, Aadhaar number, and captured fingerprint during Aadhaar enrollment.
- Deepening Social Security: The AePS helps in deepening social security by facilitating cash transfers from various government schemes such as PM-KISAN
- The AePS enables interoperability among different banks and financial institutions
- Neither Unique Identification Authority of India (UIDAI) nor NPCI mentions clearly whether AePS is enabled by default.
Which statement correctly describes Gaps in AePS Exploited by Cybercriminals?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
Economy
Revised Priority Sector Lending Guidelines
The Reserve Bank of India (RBI) has issued revised Priority Sector Lending (PSL) guidelines under the Banking Regulation Act, 1949.
- Higher Loan Limits for Education: The RBI has increased the loan limit under PSL for education from Rs 20 lakh to Rs 25 lakh per individual.
- Renewable Energy Loans: Loan limits for renewable energy projects like solar power
- About: PSL is an RBI-mandated requirement for banks to allocate a set portion of their loans to key priority sectors that face credit shortages but…
- Evolution of PSL: Gadgil Committee (1969) proposed the 'Area Approach', leading to the Lead Bank Scheme (LBS) for regional credit planning
Show 6 more facts
- PSL was formalized in 1972 based on the RBI's Informal Study Group's report (1971)
- Krishnaswamy Committee (1980) recommended a 40% PSL target by 1985, with sub-targets for agriculture and weaker sections.
- Usha Thorat Committee (2009) endorsed the continuation of the LBS for its role in the expansion of PSL.
- Consequences for Banks Missing Targets: Banks failing to meet PSL targets must contribute to the Rural Infrastructure Development Fund (RIDF) and…
- Sectoral Imbalances: Banks often prefer lending to MSMEs or housing sectors within PSL as they are commercially more viable
- Studies show PSL contributes to higher defaults due to borrower vulnerability and political interference (with initiatives like loan waivers) further…
Which statement correctly describes Revised Priority Sector Lending Guidelines?
✅ Correct! That fact belongs to this topic.
❌ Not quite — that fact is from another headline. The green option is right.
Simple Current Affairs MCQ — 29 August 2026
10 accessible MCQs covering the same topics · great for quick revision
End your study session with these simpler MCQs to lock in recall of today's current affairs.
