Daily Quiz — 04 May 2026

1. Q1.According to the article on motor insurance, what percentage of India's vehicle fleet is estimated to be uninsured and is now being pulled into the formal system through digital enforcement?

   40–45%25–30%50–55%30–35%
   Explanation: The article states that an estimated 40–45% of the vehicle fleet was previously uninsured, and tighter enforcement via the digital VAHAN database is bringing these vehicles into the formal insurance system.

2. Q2.Punjab & Sind Bank plans to raise capital in FY27 through multiple instruments. What is the total capital-raising amount planned across its QIP, infrastructure bonds, and Tier I & II bonds combined?

   ₹8,000 crore₹6,000 crore₹9,000 crore₹7,000 crore
   Explanation: The bank plans ₹3,000 crore via QIP, ₹3,000 crore in infrastructure bonds, and ₹2,000 crore in Tier I and Tier II bonds, totalling ₹8,000 crore in planned capital raising.

3. Q3.As per the article on AI cybersecurity threats to public sector banks, how dramatically has the window between vulnerability disclosure and weaponisation compressed compared to 2023?

   From 19 days to under 72 hoursFrom 30 days to under 48 hoursFrom 19 days to under 24 hoursFrom 45 days to under 72 hours
   Explanation: The article states that the window between vulnerability disclosure and weaponisation has compressed from 19 days in 2023 to under 72 hours today, highlighting the urgency for banks to ramp up IT spending.

4. Q4.During the volatile 19-month period from September 2024 to April 2026, which mutual fund emerged as the top large-cap SIP performer, and what was its approximate XIRR?

   Bank of India Large Cap Fund with an XIRR of 4.3%SBI Bluechip Fund with an XIRR of 3.8%HDFC Top 100 Fund with an XIRR of 2.9%Nifty 100 TRI benchmark with an XIRR of 1.5%
   Explanation: Bank of India Large Cap Fund stood out as the top large-cap performer with an XIRR of 4.3%, driven by its exposure to PSU banks, capital goods, defence, and metals, while the active large-cap category average was -1.3%.

5. Q5.The Gujarat High Court's ruling on Section 16(2)(c) of the CGST Act upholds which condition for a buyer to be eligible to claim Input Tax Credit (ITC)?

   The supplier must have actually remitted the underlying tax to the governmentThe buyer must have obtained a valid tax invoice from the supplierThe goods or services must have been physically received by the buyerThe buyer must have filed a self-declaration of good-faith purchase
   Explanation: The Gujarat High Court upheld Section 16(2)(c), ruling that ITC can only be claimed by a buyer if the supplier has actually remitted the underlying tax to the government, placing the compliance risk on the buyer.

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