Daily Current Affairs Quiz 12th March 2026 Check Important Questions Here

Practice Current Affairs Quiz to stay updated with national, international, economic, and banking news. This quiz is based on the previous day’s current affairs and is designed to boost your exam readiness, improve speed and accuracy, strengthen memory, and build confidence for competitive exams and interviews.

Daily Current Affairs: 12  March, 2026

Q1. In March 2026, the United States announced a historic partnership with an Indian conglomerate to establish “America First Refining,” the first new major oil refinery in the country in five decades. Which Indian company partnered in this $300 billion refinery project?

(a) Tata Group
(b) Reliance Industries Ltd
(c) Adani Group
(d) Indian Oil Corporation
(e) ONGC

Answer: b

Solution:

• In March 2026, Donald Trump, President of the United States, announced a $300 billion partnership with Reliance Industries Ltd.
• The partnership aims to establish “America First Refining”, which will be the first new major oil refinery in the United States in the last 50 years.
• The refinery will be located at the Port of Brownsville in Texas.
• The project is described as one of the largest investments in U.S. history.
• The refinery is expected to generate thousands of employment opportunities in the region.
• It is also projected to become the cleanest oil refinery in the world, focusing on advanced refining technologies and environmental sustainability.

Q2. The Union Cabinet approved revised guidelines on investments from countries sharing land borders with India, allowing certain investments under the automatic route subject to conditions. What is the maximum non-controlling beneficial ownership from land border countries allowed under the automatic route?

(a) 5%
(b) 8%
(c) 10%
(d) 15%
(e) 20%

Answer: c

Solution:

• The Union Cabinet of India, chaired by Narendra Modi, approved changes in guidelines governing investments from countries sharing land borders with India (LBCs) on 10 March 2026.
• The revised policy aims to streamline foreign investment approvals while ensuring national security and transparency.

1. Definition and Determination of Beneficial Owner (BO)

• The amendment introduces a clear definition and criteria for determining the “Beneficial Owner (BO)”, aligned with provisions under the Prevention of Money Laundering Rules, 2005.
• The Beneficial Ownership test will be applied at the level of the investor entity.
• Investors with non-controlling beneficial ownership of up to 10% from land border countries will now be allowed under the automatic route, subject to:
o Applicable sectoral caps
o Entry routes
o Relevant conditions.
• Such investments must be reported by the investee entity to the Department for Promotion of Industry and Internal Trade (DPIIT).

2. Expedited Clearance of Investments

• Investment proposals from land border countries (LBCs) in certain manufacturing sectors will receive expedited clearance within 60 days.
• The specified sectors include:
o Capital goods manufacturing
o Electronic capital goods
o Electronic components
o Polysilicon
o Ingot-wafer manufacturing.
• The Committee of Secretaries (CoS) under the Cabinet Secretary may revise the list of these sectors in the future.

3. Control Conditions

• In the approved investments:
o Majority shareholding and control must remain with resident Indian citizens or Indian entities owned and controlled by them at all times.
• The revised guidelines aim to balance economic growth, investment facilitation, and national security considerations.

Q3. The Union Cabinet approved the declaration of which of the following airports in Tamil Nadu as an International Airport in March 2026?

(a) Salem Airport
(b) Madurai Airport
(c) Thoothukudi Airport
(d) Vellore Airport
(e) Neyveli Airport

Answer: b

Solution:

• The Union Cabinet of India, chaired by Narendra Modi, approved the declaration of Madurai Airport as an International Airport on 10 March 2026.
• Madurai Airport is located in Madurai, Tamil Nadu, popularly known as the “Temple City”.
• The airport is one of the oldest airports in Tamil Nadu.
• It serves as a key gateway to Southern Tamil Nadu, improving connectivity for domestic and international travelers.
• The declaration of Madurai Airport as an international airport is expected to boost tourism, pilgrimage travel, and regional economic development.
• The move will also enhance international connectivity and facilitate increased passenger and cargo traffic in the region.

Q4. In March 2026, the Union Cabinet approved the restructuring of the Jal Jeevan Mission to shift its focus from infrastructure creation to service delivery supported by governance reforms and digital monitoring mechanisms. What is the revised total financial outlay approved for the Jal Jeevan Mission?

(a) ₹7.50 lakh crore
(b) ₹8.00 lakh crore
(c) ₹8.69 lakh crore
(d) ₹9.25 lakh crore
(e) ₹10.00 lakh crore

Answer: c

Solution:

• On 10 March 2026, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Ministry of Jal Shakti’s proposal to restructure and reorient the implementation of the Jal Jeevan Mission (JJM).
• The restructuring aims to shift the mission’s focus from infrastructure creation to service delivery, supported by improved drinking water governance and a stronger institutional ecosystem to ensure sustainable rural piped potable water supply.
• The Cabinet approved an enhancement of the total outlay to ₹8.69 lakh crore for the mission.
• The total central assistance has been increased to ₹3.59 lakh crore, up from ₹2.08 lakh crore approved in 2019–20, resulting in an additional central share of ₹1.51 lakh crore.
• A uniform national digital framework called “Sujalam Bharat” will be introduced to strengthen monitoring and management of drinking water systems.
• Under this framework, every village will be assigned a unique “Sujal Gaon / Service Area ID”, enabling the digital mapping of the entire drinking water supply system from the source to the tap.
• To ensure transparency and accountability, Gram Panchayats (GPs) and Village Water and Sanitation Committees (VWSCs) will be involved in the commissioning and formal handover of schemes through the “Jal Arpan” initiative.
• A Gram Panchayat will certify the completion of works and declare itself “Har Ghar Jal” only after confirming that adequate in-village operation and maintenance mechanisms have been established by the State Government.
• The programme will also promote “Jal Utsav” as an annual community-led event to review and maintain drinking water systems.
• This initiative emphasizes community participation, local cultural engagement, and collective responsibility to ensure a sustainable and secure drinking water future for rural areas.

Q5. The Reserve Bank of India issued revised prudential norms governing the declaration of dividends by commercial banks in India to ensure stronger capital buffers and financial stability. What is the maximum dividend payout permitted under the new RBI framework?

(a) 50% of Profit After Tax
(b) 60% of Profit After Tax
(c) 65% of Profit After Tax
(d) 75% of Profit After Tax
(e) 100% of Profit After Tax

Answer: d

Solution:

• In March 2026, the Reserve Bank of India (RBI) announced new prudential norms for the declaration of dividends by banks, limiting the maximum dividend payout to 75% of profit after tax (PAT).
• The new rules were issued through the Reserve Bank of India (Commercial Banks Prudential Norms on Declaration of Dividend and Remittances of Profits) Directions, 2026, after consultations with stakeholders.
• The revised guidelines will come into effect from the financial year 2026–27.
• Under the new framework, banks incorporated in India can declare dividends within the prescribed limits, but the total dividend payout cannot exceed 75% of PAT for the relevant financial year.
• The amount of dividend that a bank can distribute will depend on its Common Equity Tier-1 (CET1) capital ratio, which measures the bank’s core capital strength.
• Banks with CET1 ratios only slightly above the regulatory minimum will not be permitted to declare dividends, while banks with stronger capital buffers may have greater flexibility in dividend distribution.
• Even if banks have strong capital positions and are allowed to distribute up to 100% of adjusted PAT, the overall payout will still be capped at 75% of PAT.
• The RBI has also mandated that a bank’s regulatory capital must remain above the required minimum even after the payment of dividends.
• For foreign banks operating in India through branch mode, profit remittance to their head offices will be allowed only if they report a positive profit after tax for the relevant period.
• The directions also include prudential norms for dividend declaration by small finance banks, local area banks, payments banks, and regional rural banks (RRBs).
• The revised framework aims to strengthen capital buffers in the banking system while allowing banks to distribute profits to shareholders in a prudent manner.