Daily Current Affairs Quiz – 06 February 2026 (MCQs for UPSC, SSC, Banking & Railways)

Question 1

Who tabled the 16th Finance Commission report in Parliament?

Accepted Answer

Nirmala Sitharaman - The Union Finance Minister Nirmala Sitharaman tabled the 16th Finance Commission report along with Budget 2026–27.

Question 2

The award period of the 16th Finance Commission is

Accepted Answer

2026–31 - The 16th FC recommendations apply for five years from 2026 to 2031.

Question 3

States’ share in Central taxes under the 16th FC is retained at

Accepted Answer

41% - The report retained the same 41% devolution followed by the 15th Finance Commission.

Question 4

Who chaired the 16th Finance Commission?

Accepted Answer

Arvind Panagariya - Economist Arvind Panagariya chaired the 16th Finance Commission.

Question 5

Which new parameter was added in horizontal devolution by the 16th FC?

Accepted Answer

GDP contribution - Contribution to GDP was newly introduced to reward economic performance of states.

Question 6

Income distance weightage under 16th FC is

Accepted Answer

42.50% - Income distance continues to have the highest weight to address inter-state inequality.

Question 7

Goldman Sachs raised India’s CY26 GDP growth to

Accepted Answer

6.90% - Growth forecast was upgraded by 20 basis points to 6.9%.

Question 8

The GDP forecast upgrade was mainly due to

Accepted Answer

India–USA trade deal - Reduced tariffs and trade certainty improved export and investment outlook.

Question 9

India’s Current Account Deficit in CY26 is expected near

Accepted Answer

0.80% - Lower tariffs are expected to narrow the CAD to about 0.8%.

Question 10

RBI imposed a penalty on One97 Communications under

Accepted Answer

FEMA - The violation was related to foreign investment norms under FEMA, 1999.

Question 11

FEMA was enacted in which year?

Accepted Answer

1999 - FEMA replaced FERA to align with liberalised economic policies.

Question 12

The total compounding fee imposed on One97 Communications was

Accepted Answer

₹18.76 lakh - RBI levied ₹18.76 lakh for contraventions during 2016–17.

Question 13

Equitas Small Finance Bank entered bancassurance tie-up with

Accepted Answer

Bharti AXA Life - The partnership aims to expand life insurance reach across India.

Question 14

Equitas SFB headquarters is located in

Accepted Answer

Chennai - Equitas Small Finance Bank is headquartered in Chennai, Tamil Nadu.

Question 15

USA approved $200 million security aid for which countries?

Accepted Answer

Latvia, Estonia, Lithuania - The Baltic nations received aid under the Baltic Security Initiative.

Daily Current Affairs 28 October 2026: Important GK Updates for UPSC, SSC, Banking & Railways Exams