How much had IFSC Banking Units at GIFT City sanctioned under the RBI's FCNR(B) swap facility as on 31 August 2026?

The correct answer is the IFSCA Act, 2019. The release describes IFSCA as the unified regulatory authority set up by the Government of India under an Act of Parliament for the development and regulation of financial products, financial services and financial institutions in India's International Financial Services Centres. Its Chairperson is K. Rajaraman. Option A, the SEBI Act, created the securities market regulator and is not the statute behind IFSCA, although securities business inside an IFSC does fall within IFSCA's remit. Option C, the Banking Regulation Act, governs banking companies in the domestic market and is administered with the Reserve Bank of India. Option D, the Foreign Exchange Management Act, deals with foreign exchange transactions generally. Only the IFSCA Act is the founding law, and its year, 2019, is the detail most often asked.

The correct answer is USD 11.12 billion. Indian banks raised that amount through bond listings on IFSC exchanges over the five months from April to August 2026. Option A, USD 9.17 billion, is the part of that total listed in July and August alone, so it is a subset rather than the whole. Option C, USD 11.62 billion, belongs to a different channel entirely: it is the value of External Commercial Borrowings disbursed by IBUs in the same period, with monthly flows rising from USD 1.54 billion in April to USD 3.54 billion in August. The two numbers are close enough that they are easily swapped, so pair each with its channel when revising. Option D appears nowhere in the release. Together the three channels, swap mobilisation, ECB financing and bond issuance, are what the release presents as evidence of a deepening international banking ecosystem at GIFT-IFSC.

The correct answer is K. Rajaraman. He is quoted in the release saying that the rapid scale-up of banking activity at GIFT-IFSC shows the depth and growing international orientation of India's International Financial Services Centre, and that the centre is serving as an effective bridge between global pools of capital and India's financing needs. Option B names a former Governor of the Reserve Bank of India, an office quite separate from IFSCA, though the Reserve Bank is the body whose swap facility is being used here. Option C is not associated with IFSCA in this release. Option D names an official of a multilateral development bank and has nothing to do with the International Financial Services Centres Authority. For revision, tie the name to the institution and to the statute: K. Rajaraman, IFSCA, IFSCA Act, 2019.

The correct answer is record a special cause in writing. The release says the Act brings greater clarity on the summoning of bank officials in proceedings where the bank is not itself a party, and that a special cause has to be recorded in writing by the court before such a summons is issued. The purpose is to spare bank staff from being called routinely into disputes that do not involve their employer. Option A is wrong because no role for the central bank is mentioned in this provision. Option C is wrong because the release prescribes no notice period of any length. Option D is wrong because the Ministry's own part in the Act is different: it is the Central Government that may extend the provisions to specified financial sector entities or classes of entities. Note the wording special cause, since questions often test the exact phrase.

The correct answer is 1 October 2026. The Ministry of Finance says a notification appointed that day as the date on which the provisions of the Act take effect. Option A is the trap most often set on this item, since that is the day the President gave assent to the Act; assent and commencement are separate steps and a law may take effect weeks or months after it is assented to. Option B is the other trap, because that is the date of the gazette notification itself, which fixed the commencement date rather than starting the Act. Option D is wrong because no such date appears anywhere in the release. For the examination hall, hold the three dates in order as a single chain: assent in August, notification in September and commencement in October, all in the same year. Questions are set on each of the three links.