The question asks about the regional bloc with which the Union Cabinet of India approved a new Framework on Currency Swap Arrangement for the period 2024-2027.

Let's analyze the options:

1. South Asian Association for Regional Cooperation (SAARC): This bloc consists of countries from the South Asian region, including India, and aims to promote regional cooperation. Historically, India has engaged in currency swap arrangements with SAARC countries to promote financial stability and economic cooperation in the region.
2. African Union (AU): This organization consists of African countries and focuses on promoting unity and cooperation within Africa. Currency swap arrangements with the African Union would be less conventional, given the geographic and economic context.
3. Association of Southeast Asian Nations (ASEAN): This group consists of Southeast Asian nations. Given the existing frameworks and initiatives in the ASEAN region, a currency swap arrangement with this bloc would more likely involve countries like China or Japan.
4. European Union (EU): Comprising primarily of European nations, the EU focuses on economic and political integration within Europe. Currency swap arrangements are typically more complex due to the EU's use of the euro and existing monetary policies.

Given India's historical involvement and agreements, the South Asian Association for Regional Cooperation (SAARC) is the most likely choice for a currency swap arrangement aimed at enhancing economic stability and cooperation in the South Asian region.

Conclusion: The correct answer is the South Asian Association for Regional Cooperation (SAARC). This choice aligns with India's regional economic strategy and previous agreements with neighboring countries.