Daily Quiz — 16 May 2026

1. Q1.According to the RBI's weekly statistical data, India's foreign exchange reserves as of May 8, 2026 stood at approximately how much, and what was the week-on-week gain?

   $696,988 million, gaining $6,295 million over the week$685,000 million, gaining $4,100 million over the week$710,500 million, gaining $8,750 million over the week$696,988 million, gaining $3,150 million over the week
   Explanation: India's forex reserves rose to $696,988 million (approximately $697 billion) as of May 8, 2026, gaining $6,295 million over the week, supported by a sharp increase in gold holdings.

2. Q2.What is the primary structural reform introduced by India's Goods and Services Tax Appellate Tribunal (GSTAT) regarding appeals involving legal questions?

   Division bench reviews are now mandatory for appeals involving legal questionsAll appeals must now be heard by a full bench of five membersSingle-bench reviews are now reserved exclusively for legal questionsAppeals involving legal questions are referred directly to the Supreme Court
   Explanation: GSTAT made division bench reviews mandatory for appeals involving legal questions, replacing the earlier single-bench approach, alongside introducing a three-category classification of disputes.

3. Q3.By how much did the RBI raise bond trading targets for primary dealers for FY2027, and what is the new minimum annual trading target per dealer?

   Raised by 48%, with a new minimum target of ₹4 lakh crore per dealerRaised by 35%, with a new minimum target of ₹3 lakh crore per dealerRaised by 48%, with a new minimum target of ₹6 lakh crore per dealerRaised by 60%, with a new minimum target of ₹4 lakh crore per dealer
   Explanation: The RBI raised bond trading targets for all 21 primary dealers by 48%, setting a new minimum of at least ₹4 lakh crore each for FY2027 to deepen sovereign debt market liquidity.

4. Q4.What is the estimated impact of the ₹3 per litre fuel price hike and milk price increases on India's retail inflation, according to economists?

   Up to 0.42 percentage pointsUp to 0.75 percentage pointsUp to 0.20 percentage pointsUp to 1.10 percentage points
   Explanation: Economists warned that the combination of fuel and milk price hikes could push retail inflation up by as much as 0.42 percentage points, with further indirect pressures through freight and logistics costs.

5. Q5.In the context of Arohan Financial Services' IPO filing, what was the key regulatory development in 2025 that enabled the company to return to the capital markets?

   The RBI lifted lending restrictions previously imposed on ArohanSEBI granted Arohan a special category NBFC licenceArohan received a strategic equity infusion from a government-backed fundThe RBI upgraded Arohan's credit rating to investment grade
   Explanation: The Reserve Bank of India lifted lending restrictions on Arohan Financial Services in 2025, clearing the path for the microfinance-focused NBFC to file its draft IPO papers, despite reporting a 65% decline in profit for FY2025.

You didn't attempt this quiz.