Daily Quiz — 28 May 2026

1. Q1.What was the net profit posted by state-owned banks in FY26, marking their fourth consecutive profitable year?

   ₹1.98 lakh crore₹1.72 lakh crore₹2.15 lakh crore₹1.45 lakh crore
   Explanation: According to the article, public sector banks posted a record net profit of ₹1.98 lakh crore in FY26, their fourth consecutive profitable year, ahead of the Finance Ministry review meeting on May 29.

2. Q2.Under which government-backed scheme did IDFC First Bank receive a ₹514.82 crore insurance payout on microfinance defaults?

   Credit Guarantee Fund for Micro Units (CGFMU)Pradhan Mantri Mudra Yojana (PMMY)Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)National Credit Guarantee Trustee Company (NCGTC)
   Explanation: IDFC First Bank received the payout under the Credit Guarantee Fund for Micro Units (CGFMU) scheme, which enabled a full write-back of earlier provisions and provided a one-time earnings boost.

3. Q3.According to McKinsey's warning on agentic AI in banking, how many years has the technology adoption curve been compressed to, compared to the traditional 5–10 years?

   2–3 years1–2 years3–5 years4–6 years
   Explanation: McKinsey warns that generative and agentic AI tools are compressing the technology adoption curve to just 2–3 years, far shorter than the traditional 5–10 years, putting banks at risk of losing customers before they can adapt.

4. Q4.What new regulatory directive has Irdai issued regarding senior executive performance assessments in insurance companies?

   Link executive pay to measurable customer service outcomes rather than purely financial metricsCap senior executive bonuses at a fixed percentage of net profitRequire board approval for all executive compensation above ₹1 crore annuallyMandate a minimum ratio of customer-facing staff to total headcount
   Explanation: Irdai directed insurers to link senior executive performance assessments to measurable customer service outcomes — such as claims handling and grievance redressal — rather than purely financial metrics, and also mandated public disclosure of standardised data on product performance.

5. Q5.What bilateral trade target did Commerce Minister Piyush Goyal set with Canada, and by which year is it to be achieved?

   $50 billion by 2030$75 billion by 2035$30 billion by 2028$50 billion by 2027
   Explanation: Commerce Minister Piyush Goyal met Canadian pension funds and institutional investors with the goal of expanding bilateral trade to $50 billion by 2030, alongside finalising a Comprehensive Economic Partnership Agreement by year-end.

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