BANKING & FINANCE
Banking Affairs
Union Finance Ministry Unveils 'PRARAMBH 2026' for Comprehensive Income Tax Awareness
Union Finance Minister Nirmala Sitharaman launched 'PRARAMBH 2026', a nationwide campaign designed to educate citizens on the provisions of the Income Tax Act, 2025.
The initiative is built on the 'M.A.N.A.V.' framework, emphasizing Moral systems, Accountable governance, National sovereignty, Accessible AI, and Valid systems.
As part of the digital overhaul, 'Income Tax Website 2.0' and an AI-enabled chatbot named 'Kar Saathi' were introduced to simplify taxpayer assistance and grievance redressal.
The campaign follows the guiding principle of 'Nagrik Devo Bhava' and is scheduled to become officially effective from April 1, 2026.
Perspective: This move signals the government's shift toward a trust-based, citizen-centric tax administration that leverages AI to reduce human interface and disputes.
The initiative is built on the 'M.A.N.A.V.' framework, emphasizing Moral systems, Accountable governance, National sovereignty, Accessible AI, and Valid systems.
As part of the digital overhaul, 'Income Tax Website 2.0' and an AI-enabled chatbot named 'Kar Saathi' were introduced to simplify taxpayer assistance and grievance redressal.
The campaign follows the guiding principle of 'Nagrik Devo Bhava' and is scheduled to become officially effective from April 1, 2026.
Perspective: This move signals the government's shift toward a trust-based, citizen-centric tax administration that leverages AI to reduce human interface and disputes.
Key Facts / Static GK
Union Finance Minister: Nirmala Sitharaman
CBDT Chairman: Ravi Agrawal
Principle of Campaign: Nagrik Devo Bhava
CBDT Chairman: Ravi Agrawal
Principle of Campaign: Nagrik Devo Bhava
Practice Quiz — 23 March 2026
Q1. Regarding the 'PRARAMBH 2026' initiative, what does the 'N' represent in the M.A.N.A.V. framework?
Answer: (B) National Sovereignty — In the PRARAMBH 2026 framework M.A.N.A.V., the acronym stands for: Moral & Ethical Systems, Accountable Governance, National Sovereignty, Accessible & Inclusive AI, and Valid & Legitimate Systems.
Q2. What is the specific duration covered by the newly approved 'Utkarsh 3.0' strategy framework of the RBI?
Answer: (C) 2026-2029 — Utkarsh 3.0 is the Medium-Term Strategy Framework approved by the RBI board to cover a three-year period from 2026 to 2029.
Q3. Which of the following statements is true regarding the new UPI-linked credit line launched by Bank of Baroda?
Answer: (C) It is the first bank in India to introduce such a facility for Women SHGs. — Bank of Baroda is the 1st bank in India to introduce a UPI-linked credit line (OD facility) specifically for Women SHG members holding PMJDY accounts, with a maximum limit of ₹5,000.
Q4. What was the total value of India's textile exports in FY25 according to the NIRYAT data?
Answer: (C) USD 36,610 million — India’s total textile exports for the fiscal year 2024-25 (FY25) stood at USD 36,610 million, with Tamil Nadu contributing the largest share.
Q5. What was the primary reason Kaveh Madani was awarded the Stockholm Water Prize 2026?
Answer: (B) Contributions to water governance and crisis management — Kaveh Madani was honored for his contributions to water governance and shifting the global focus from infrastructure-only to governance-based solutions for water crisis management.
Keep Learning with PrepZen
Get daily current affairs, live mock tests, mistake bank, vocab builder & more — all free on your phone.