05 July 2026 Current Affairs MCQs (All India Competitive Exams)
Useful for: UPSC, SSC CGL/CHSL, Banking, Railway, CDS, NDA, CAPF, State PSC, OSSC, OSSSC, Odisha Police SI, CT/B.Ed., and other competitive exams.
1. Which institution recently imposed a combined penalty of ₹66.7 lakh on Bank of Baroda and GIC Housing Finance?
A) SEBI
B) RBI
C) IRDAI
D) NABARD
✅ Answer: B) RBI
Brief Information:
The Reserve Bank of India (RBI) imposed a combined monetary penalty of ₹66.7 lakh on Bank of Baroda and GIC Housing Finance for non-compliance with regulatory directions, including KYC norms and lending guidelines.
2. The RBI penalty was mainly related to violations of:
A) GST Rules
B) KYC and Lending Guidelines
C) Income Tax Rules
D) Company Law
✅ Answer: B) KYC and Lending Guidelines
Brief Information:
The action was taken for deficiencies in compliance with Know Your Customer (KYC) norms and other banking regulations.
3. The Patent Mitra Platform, in the news on 5 July 2026, aims to:
A) Promote digital payments
B) Help innovators obtain patents and IP support
C) Improve railway services
D) Expand tourism
✅ Answer: B) Help innovators obtain patents and IP support
Brief Information:
The Patent Mitra Platform supports startups, researchers, MSMEs, and innovators in patent filing, intellectual property protection, and commercialization.
4. The Patent Mitra Platform is mainly associated with:
A) Agriculture
B) Intellectual Property Rights (IPR)
C) Defence Production
D) Healthcare Insurance
✅ Answer: B) Intellectual Property Rights (IPR)
Brief Information:
The platform promotes innovation by making patent-related assistance more accessible across India.
5. Which bank was among those penalized by the RBI in July 2026?
A) State Bank of India
B) Punjab National Bank
C) Bank of Baroda
D) Canara Bank
✅ Answer: C) Bank of Baroda
Brief Information:
Bank of Baroda (BoB) was penalized by the RBI for regulatory non-compliance.
6. GIC Housing Finance primarily operates in which sector?
A) Agriculture Finance
B) Housing Finance
C) Export Finance
D) Infrastructure Finance
✅ Answer: B) Housing Finance
Brief Information:
GIC Housing Finance Ltd. is a housing finance company that provides home loans and related financial services.
7. The main objective of Know Your Customer (KYC) norms is to:
A) Increase tax collection
B) Prevent fraud, money laundering and identity misuse
C) Promote exports
D) Improve stock markets
✅ Answer: B) Prevent fraud, money laundering and identity misuse
Brief Information:
KYC guidelines help financial institutions verify customer identities and reduce financial crimes such as money laundering.
8. Which organization regulates banks and monetary policy in India?
A) SEBI
B) RBI
C) IRDAI
D) PFRDA
✅ Answer: B) RBI
Brief Information:
The Reserve Bank of India (RBI) is India’s central bank and regulates banking operations, currency, and monetary policy.
9. Which of the following is correctly matched?
A) RBI – Banking Regulator
B) SEBI – Insurance Regulator
C) IRDAI – Stock Market Regulator
D) NABARD – Telecom Regulator
✅ Answer: A) RBI – Banking Regulator
Brief Information:
The RBI is the central banking authority responsible for supervising banks and maintaining financial stability in India.
10. The Patent Mitra Platform is expected to benefit:
A) Only Government Departments
B) Innovators, Startups, Researchers and MSMEs
C) Only Public Sector Banks
D) Only Educational Institutions
✅ Answer: B) Innovators, Startups, Researchers and MSMEs
Brief Information:
The initiative encourages innovation by simplifying access to patent-related support and intellectual property services.
📌 One-Liner Revision
- ✅ RBI imposed a ₹66.7 lakh penalty on Bank of Baroda and GIC Housing Finance.
- ✅ The penalty was related to KYC and regulatory compliance.
- ✅ Patent Mitra Platform supports innovators, startups, and MSMEs with patent filing and intellectual property assistance.
- ✅ RBI is India’s central bank and banking regulator.
- ✅ KYC (Know Your Customer) helps prevent money laundering and financial fraud.