Formula One: notes for bank exams

At a glance

Formula One (F1) is the highest class of single-seater car racing, run as a world championship of Grands Prix across several continents. The FIA (Fédération Internationale de l'Automobile) sets and enforces the rules, while the commercial side is run by the Formula One Group, owned by Liberty Media. Each season crowns a Drivers' champion and a Constructors' (team) champion.

Key facts

Governing body: FIA, headquartered in Paris
Commercial rights holder: Formula One Group (Liberty Media)
First World Championship: 1950; first race at Silverstone, UK, on 13 May 1950; first champion Giuseppe Farina
Most Drivers' titles: 7 each, Michael Schumacher and Lewis Hamilton
Youngest champion: Sebastian Vettel (2010, aged 23)
2025 champion: Lando Norris (McLaren)
2026 grid: 11 teams, with Cadillac as the new team and Audi taking over Sauber
First night race: Singapore Grand Prix, 2008 (Marina Bay)
Indian Grand Prix: 2011–2013 at the Buddh International Circuit, Greater Noida; Vettel (Red Bull) won all three
First Indian F1 driver: Narain Karthikeyan (2005, Jordan); the second was Karun Chandhok (2010)
India's motorsport body: Federation of Motor Sports Clubs of India (FMSCI)
Last F1 race in Africa: South African Grand Prix, 1993

How it works

Scoring. Points go to the top ten finishers in each Grand Prix: 25, 18, 15, 12, 10, 8, 6, 4, 2, 1. Some weekends also have a shorter Sprint race with fewer points. Both drivers' points count towards their team's Constructors' total.

A race weekend. Practice, then qualifying (which sets the starting grid, with the fastest driver on "pole position"), then the Grand Prix on Sunday.

2026 rule change. New power units with a much larger share of electric power and fully sustainable fuel, plus smaller, lighter cars.

India and F1. The Indian GP ended after 2013 mainly over tax disputes: the Uttar Pradesh government treated F1 as entertainment rather than sport and taxed it accordingly, and customs duties on team equipment were another hurdle. Force India (2008–2018) was an Indian-owned team; it later became Racing Point and then Aston Martin.

Recent developments

25 Oct 2026: Mercedes driver Kimi Antonelli, 20, went into the US Grand Prix at Austin with 340 points, 102 ahead of teammate George Russell, needing a win plus other results to clinch the title there. He would become F1's youngest champion and the first Italian champion since Alberto Ascari (1953).
13 Oct 2026: F1 announced a 10-year deal for an African Grand Prix at a new circuit in Bugesera, near Kigali, Rwanda, expected from the early 2030s. In India, a NITI Aayog task force is working on the tax and customs issues, and the Sports Minister hopes for a return by 2028.
11 Oct 2026: Max Verstappen won the Singapore Grand Prix for the first time, from pole, leading every lap.

Exam traps

The FIA (Paris) governs F1; the FIM governs motorcycle racing (MotoGP).
India hosted three Grands Prix (2011–2013), all at Buddh International Circuit, all won by Vettel.
Narain Karthikeyan was India's first F1 driver; Karun Chandhok was the second.
The youngest champion record (Vettel, 2010) is different from the youngest race winner record (Max Verstappen, 2016).
Singapore (2008) was the first night race; it is not the first street race.

Quick check

Q: Which body governs Formula One? A: The FIA.
Q: Where was the Indian Grand Prix held? A: Buddh International Circuit, Greater Noida (2011–2013).
Q: Which country will host F1's return to Africa? A: Rwanda (Bugesera, near Kigali).

Sources

In the news

Every time this topic has appeared in our current affairs, newest first:

25 October 2026Kimi Antonelli on the brink of becoming F1's youngest champion
25 October 2026F1 to return to Africa via Rwanda; India's task force eyes a comeback
Week of 8–14 October 2026Verstappen wins the Singapore Grand Prix for the first time