Daily Current Affairs (DCA) 19 June, 2025

Daily Current Affairs Quiz
19 June, 2025

International Affairs

1. G-7 Summit in Kananaskis, Canada

Context:

The 50th G-7 Summit in Kananaskis, Canada, highlighted growing internal divisions amid global turmoil, including the Russia-Ukraine war, Israel-Iran tensions, and Gaza bombardment.

Summit Disruptions and U.S. Influence

• Canada’s recent elections delayed outreach, with PM Modi invited only days before the summit.
• U.S. President Trump proposed expanding G-7 to include Russia and China, angering other leaders and Ukraine.
• He rejected a Gaza ceasefire statement and insisted on blaming Iran.
• Trump’s early exit further weakened summit cohesion.

Failure on Key Global Issues

• No joint communiqué issued due to lack of consensus.
• Only Chair’s Summary and statements on non-controversial topics like AI, quantum tech, minerals, wildfires, and transnational repression were released.
• India’s anti-terrorism push was excluded from final outcomes.

India-Canada Bilateral Reset

• PM Modi and PM Carney agreed to reinstate High Commissioners.
• Ties damaged over the Nijjar case showed limited improvement.
• Canada’s stance on Khalistani extremism remains unchanged.
• G-7’s Transnational Repression statement indirectly referenced Canada’s allegations against India.

Group of Seven (G7)

What is the G7?

The Group of Seven (G7) is a high-level intergovernmental forum comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, with the European Union participating as a non-enumerated member. The G7 promotes shared values of pluralism, liberal democracy, and representative governance.

Key Features:

• Origins: Began in 1973 as an informal meeting of finance ministers; evolved into a platform for global coordination on key issues.
• Scope of Discussions: Global trade, security, economics, public health, and climate change.
• Annual Summit: Attended by heads of government and EU representatives; 2025 presidency is held by Canada.
• Structure:
  • No formal treaty or permanent secretariat.
  • Operates via a rotating presidency that sets the agenda and hosts meetings.
• Russia’s Status: Was a member (G8) from 1997–2014 but was expelled after Crimea’s annexation.

Global Impact & Criticism:

• Major Contributions:
  • AIDS and global health initiatives.
  • Support for the Paris Climate Agreement (2015).
  • Development aid and pandemic response coordination.
• Criticism:
  • Limited membership—does not include major emerging economies.
  • Seen as less inclusive in the face of rising influence from blocs like BRICS+.
  • Accused of ineffectiveness on global reform issues.

2. The UN Ocean Conference (UNOC) 2025

Context:

The UN Ocean Conference (UNOC) 2025, held in Nice, France, from June 9-13, focused on accelerating action to conserve and sustainably use the ocean. Co-hosted by France and Costa Rica, the conference brought together heads of state, ministers, scientists, and other stakeholders to address Sustainable Development Goal 14 (Life Below Water). 

Key Outcomes:

• BBNJ Treaty (High Seas Treaty): 56 of 60 required countries have ratified; triggers legal enforcement after 60 ratifications and a 120-day countdown.
• Objective: Protect biodiversity in international waters by creating marine protected areas (MPAs), regulating genetic resource access, conducting impact assessments, and supporting developing nations.
• Challenge: Disagreements over fair sharing of commercial benefits from deep-sea resources; calls for stricter extraction limits.
• India’s Status: Yet to ratify but is in process; U.S. also has not ratified.

India is actively involved, having recently hosted the second Blue Talks in New Delhi to prepare for the conference. The Blue Talks focused on India’s blue economy and sustainable growth, aligning with the UNOC’s theme of “Accelerating action and mobilizing all actors to conserve and sustainably use the ocean”. 

National Affairs

1. Operation Sindhu

Context:

Amid escalating conflict between Israel and Iran, India has launched Operation Sindhu to evacuate Indian nationals. The first batch of evacuees—110 students—will reach New Delhi on Thursday.

Evacuation Details

• 110 Indian students, mostly from Jammu & Kashmir, evacuated from northern Iran via Yerevan, Armenia.
• Special flight departed Wednesday, routed via Doha.
• Students were earlier moved from Tehran to Qom for safety following Israeli airstrikes.

TH

2. India–Croatia Ties Deepen

Context:

During his visit to Zagreb, Prime Minister Narendra Modi held bilateral talks with Croatian PM Andrej Plenković, focusing on expanding cooperation in defence, space, infrastructure, and technology.

Key Announcements

• Defence cooperation to include long-term plans for production, training, and military exchanges.
• India to boost investments in Croatian sectors such as pharmaceuticals, IT, agriculture, clean tech, semiconductors, and digital technology.
• Joint work planned on space ventures.

Coastal Infrastructure & Economic Opportunities

• Croatian firms invited to participate in India’s Sagarmala Project, focusing on port modernization, multimodal logistics, and coastal development.
• Emphasis on shipbuilding collaboration and strengthening maritime connectivity.

TH

3. India Hits Record High in QS World University Rankings 2026

Context:

India achieved its strongest-ever presence in the QS World University Rankings 2026, with 54 institutions featured — up from 46 in 2025 and 45 in 2024, marking a 390% rise since 2014.

Key Highlights

• India is now the 4th most represented country, after the US, UK, and China.
• IIT Delhi rose to a joint 123rd position (its best ever), improving significantly in:
  • Employer Reputation: 50th globally
  • Citations per Faculty: 86th
  • Academic Reputation: 142nd
• IIT Bombay slipped to 129th (from 118 in 2025) but retained a strong Employer Reputation rank (39th).
• IIT Madras made a major leap, moving up 47 places to 180th, entering the global top 200 for the first time.
• Other top institutions:
  • IIT Kharagpur: 215
  • IISc Bangalore: 219
  • IIT Kanpur: 222
  • Delhi University: 328
  • Anna University: 465

New Entrants and Trends

• Eight new Indian universities were included — the highest among all countries this year.
• India’s research output and academic reputation have strengthened.

Challenges Remain

• International Students Ratio declined in 78% of Indian institutions; none ranks in the top 500 on this metric.
• Faculty-Student Ratio continues to lag; only OP Jindal Global University features in the top 350 globally for this.

Global Context

• MIT topped the rankings for the 14th year.
• Top 5 globally:
  1. MIT
  2. Imperial College London
  3. Stanford University
  4. University of Oxford
  5. Harvard University

TOI

Banking/Finance

1. SEBI Approves Compliance Easing, IPO Reforms to Aid Startups, PSUs, and FPIs

Context:

In its latest board meeting, SEBI introduced major relaxations to boost IPO participation, ease startup compliance, and support foreign fund flows into government securities. These steps also aid reverse flipping—startups shifting domicile back to India.

Key Announcements

• ESOP Retention for Startups
  • Founders/promoters can retain ESOPs granted at least 1 year before filing DRHP.
  • Fresh ESOP grants during IPO filing phase remain disallowed.
• Reverse Flipping & CCS Norms Relaxed
  • Investors in fully paid CCS can now convert and sell shares without 1-year lock-in.
  • Helps enable smoother Offer for Sale (OFS) during IPO.
• Promoter Contribution Rule Tweaked
  • Shares held by foreign VCs, AIFs, and public financial institutions now count toward minimum promoter contribution.
• PSU Delisting Simplified
  • PSUs where Govt or promoter group holds over 90% can now pursue delisting more easily.
• Foreign Portfolio Investors (FPIs)
  • Compliance eased for FPIs investing solely in G-secs.
• Market Intermediaries Freed from Non-Core Carve-Outs
  • Investment bankers, debenture trustees, custodians can now retain non-core activities, no longer required to hive them off.
• Settlement Scheme for Legacy Cases
  • Scheme introduced for NSEL brokers and venture capital funds seeking to migrate under AIF regulations.

BS

2. SEBI Approves Major Regulatory Reforms

Context:

In a major step to enhance ease of doing business, investor access, and startup ecosystem participation, the Securities and Exchange Board of India (SEBI) approved several key reforms during its latest board meeting chaired by Tuhin Kanta Pandey. The reforms span ESOP eligibility, PSU delisting, AIF flexibility, and FPI norms for government securities.

Key Reforms Announced by SEBI

Founders Allowed to Retain ESOPs Post-IPO

• Founders can now retain employee stock options (ESOPs) after a company goes public.
• Applies to ESOPs granted at least one year prior to IPO filing.
• Aims to align founders’ incentives with long-term shareholder value.
• Recognizes founders’ contribution who often take lower salaries in return for equity.

Voluntary Delisting Framework for PSUs

• SEBI approved voluntary delisting of public sector undertakings (PSUs) where government shareholding exceeds 90%.
• This is a shift from earlier restrictive delisting rules.
• Expected to aid strategic disinvestment and improve disinvestment efficiency.
• Five PSUs are currently eligible.

Co-Investment Vehicle (CIV) Framework for AIFs

• Category I and II AIFs can now offer co-investment schemes through separate CIVs.
• Select investors can invest directly alongside AIFs in unlisted companies.
• Each co-investment must be structured as an independent scheme under the AIF framework.
• AIF managers can also offer advisory services across investor categories, boosting flexibility and professionalism.

Simplified FPI Framework for Government Bond Investors

• FPIs investing exclusively in Indian government securities (G-secs) will now benefit from a simplified registration and compliance regime.
• Resident Indians, NRIs, and OCIs can also invest in these funds.
• Aimed at attracting long-term foreign capital to India’s sovereign debt market.

One-Time Settlement Scheme for Delayed VCF Wind-Ups

• SEBI introduced a one-time settlement scheme for venture capital funds (VCFs) that failed to wind up schemes within prescribed timelines.
• Settlement includes:
  • ₹1 lakh penalty for delay up to 1 year.
  • ₹50,000 for each additional year.
  • ₹1–6 lakh depending on the cost of unliquidated investments.

Relaxation for Merchant Bankers

• Merchant bankers may now undertake non-SEBI-regulated activities provided they are:
  • Fee-based and non-fund-based.
  • Related to the financial services sector.
  • Within the jurisdiction of another financial sector regulator or outside SEBI’s purview.
• A relaxation from the December 2024 rule, which had mandated the hiving off of such functions.

Angel Investors Must Be Accredited Investors (AIs)

• Angel investors must now be accredited and will be classified as Qualified Institutional Buyers (QIBs) for investment in angel funds.
• This change aims to increase transparency and safeguard retail participants.

Settlement Scheme for NSEL Brokers

• SEBI approved a settlement scheme for brokers involved in the National Spot Exchange Ltd (NSEL) case, excluding those who are charge-sheeted or declared defaulters.
• Scheme allows for monetary and non-monetary settlements to conclude proceedings efficiently.

Mint

3. SEBI Approves Key Regulatory Reforms for REITs, InvITs, and Merchant Bankers

Easing Regulations for REITs and InvITs

• Related Parties Clarification: Units held by related parties of sponsors, investment/project managers will not count as “public” unless they are Qualified Institutional Buyers (QIBs); even then, they remain excluded from the public category.
• Cash Flow Adjustment by HoldCos: HoldCos can now offset their own negative net distributable cash flows against cash received from Special Purpose Vehicles (SPVs) before distributing to REITs/InvITs—subject to disclosures.
• Aligned Reporting Timelines: SEBI has harmonized the submission timelines for quarterly and valuation reports with those for financial results to enhance operational efficiency.
• Primary Market Reforms: Minimum allotment size in the primary market for privately placed InvITs has been reduced from ₹1–25 crore to a uniform ₹25 lakh, aligning with the secondary market.

Relaxations for Merchant Bankers (MBs)

• SEBI revoked its earlier decision (Dec 2024) requiring MBs to hive off non-SEBI-regulated activities into separate entities.
• MBs are now permitted to:
  • Engage in activities regulated by other Financial Sector Regulators (FSRs), provided they comply with relevant norms.
  • Undertake fee-based, non-fund-based financial services activities not regulated by any FSR, within the same legal entity.

4. FM Urges Fintechs to Tackle Cyberfraud, Expand Global Footprint

Context:

At the Digital Payments Awards 2025, Finance Minister Nirmala Sitharaman urged fintech startups to develop robust solutions to counter cyber frauds, including digital arrests, deepfakes, and scams by fly-by-night operators.

Key Highlights

• Call to Action
  • Fintechs should work on preventing emerging threats like digital impersonation and deepfakes, which are causing growing harm to citizens.
  • She emphasized the need for real-time, secure solutions from the startup ecosystem.
• Role in Financial Inclusion
  • Fintechs have significantly accelerated financial inclusion and expanded digital payments to remote regions.
  • The FM encouraged further expansion of digital lending, especially to MSMEs.
• Global Ambition
  • Indian fintech solutions should become global public goods, aiding other emerging and developed economies.
  • UPI-based merchant payments are now accepted in seven countries: Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE.
• Market Outlook
  • India’s fintech market is projected to grow to $400 billion by FY29, with an expected 30% annual growth.
  • FM called on the sector to “Innovate, Include, and Inspire”, positioning India as a global fintech leader.

5. Gold Price Surge Driving Core Inflation: Crisil

Context:

Crisil has reported that rising gold prices, driven by global economic uncertainty, are significantly contributing to India’s core inflation—despite headline CPI inflation dropping to a 75-month low of 2.8% in May 2025. Core inflation rose to 4.2%, up 111 basis points year-on-year.

Key Highlights

• Gold’s Disproportionate Impact
  • Gold contributed 17% of the core inflation increase over May 2024–May 2025.
  • Despite a 2.3% weight in the core CPI basket, gold inflation averaged 24.7% in FY25, up from 15.1% in FY24.
  • Crisil found gold price volatility (standard deviation: 12) exceeds that of fuel (4.5) and food (3.6).
• Other Contributors to Core Inflation
  • Apart from gold, inflation rose in mobile tariffs, travel & transport, toiletries, and silver.
  • Most other sub-categories saw a decline in price pressures.
• Crisil’s Recommendation
  • Exclude gold from core inflation, as is done for food and fuel.
  • Gold’s volatility, largely driven by global investor demand, distorts true signals of domestic demand-led inflation.

Global Comparison

• Advanced economies like the U.S., U.K., Japan, and EU include gold in core inflation with less than 1% weight, minimizing its inflationary impact.

BS

6. SEBI Promotes Use of CeFCoM Platform for Safe Payments to Advisers and Analysts

Context:

The Securities and Exchange Board of India (SEBI) is actively urging investors to use the Centralized Fee Collection Mechanism (CeFCoM) to make payments to SEBI-registered investment advisers and research analysts, enhancing security and transparency in financial transactions.

Key Highlights:

• Purpose: CeFCoM aims to prevent fraud and unauthorized fund collection by routing payments through a secure, centralized platform.
• Operational Since: October 1, 2024
  Managed by BSE Ltd. in partnership with MF Utilities India Pvt. Ltd.
• Features:
  • Supports multiple digital payment modes: UPI, UPI Autopay, Net Banking, IMPS, NEFT, RTGS, Debit/Credit Cards, eNACH, and cheques.
  • Helps investors confirm they are dealing with SEBI-registered entities, avoiding scams from unregistered advisors.
• Usage So Far:
  • Over ₹5 crore in payments processed through CeFCoM as of June 10, 2025.

Upcoming Measures:

• ‘SEBI Check’ Tool (from October 1, 2025):
  • A digital verification service to confirm the authenticity of UPI handles and bank account details before payment.
  • Will use structured UPI handles with suffixes like @valid, and category-specific codes (e.g., brk, mf).
  • Verified UPI handles will display a green triangle with a thumbs-up icon.
• App Store Collaboration:
  • SEBI plans to work with online platforms to ensure only verified investment apps are listed, further reducing risk of fraud.

TET

7. First Abu Dhabi Bank Adopts eMACH.ai for Digital Lending Transformation

Context:

First Abu Dhabi Bank (FAB), the UAE’s largest bank, has partnered with Intellect Design Arena to implement the eMACH.ai Lending platform, marking a major milestone in its digital transformation strategy.

Key Highlights:

• Digital Lending Shift: FAB is moving from manual credit processes to a fully automated digital lending workflow, aiming to boost operational efficiency and customer experience.
• Platform Capabilities:
  • Automates end-to-end credit processes.
  • Integrates with 10+ internal subsystems at FAB.
  • Offers real-time portfolio visibility and seamless credit management.
• Advanced Debt Collection:
  • Supports multiple strategies: equal distribution, percentage allocation, and bucket-based queue stamping.
  • FAB targets full automation of debt collection within five years.
• Future-Ready Architecture:
  • Powered by Intellect’s “First Principles” technology.
  • Includes 329 microservices, 1,757 APIs, and 535 events, enabling a composable, cloud-native solution.

8. India Lags in SWIFT ISO 20022 Migration Ahead of November 2025 Deadline

Context:

India’s top private banks are behind schedule in migrating to the SWIFT ISO 20022 cross-border payments messaging standard, with only State Bank of India (SBI) having fully transitioned.

Current Status

• Global adoption of ISO 20022 stands at 43%, but India trails significantly.
• Only SBI is compliant; four other banks have partially migrated.
• The November 2025 deadline is considered final, with no further extensions likely.

Risks of Non-Compliance

• Banks risk payment disruptions, penalties, and operational bottlenecks post-deadline.
• SWIFT emphasizes timely migration to ensure uninterrupted cross-border transactions.

Benefits of ISO 20022

• Enables richer, structured, and granular data in payments.
• Improves analytics, compliance, fraud detection, and automation.
• Reduces manual intervention and enhances operational efficiency.

Challenges in India

• Migration slowed by the need to overhaul legacy core banking systems.
• Despite discussions with SWIFT, most private banks are behind schedule.

Agriculture

1. Technology Adoption in Agriculture: Drones and Digital Tools Drive Productivity

Context:

India’s agricultural sector is witnessing a significant push towards technology adoption through agri-drones and digital platforms. These innovations aim to improve productivity, reduce input costs, and create rural employment.

Agri-Drones: Scaling Up Rapidly

• Garuda Aerospace launched a facility in Chennai to manufacture over 100,000 drones by 2026.
• 300 Centres of Excellence inaugurated for R&D and skilling in drone tech.
• Drones offer:
  • 10x coverage over manual spraying,
  • Reduced pesticide/water use,
  • Lower chemical exposure risks for farmers.
• Subsidies under the Sub-Mission on Agricultural Mechanisation:
  • Up to 100% for demos, 75% for FPOs.
• Drone Didi scheme: 15,000 drones to women-led SHGs by 2026.

Digital Agriculture Mission & Agri Stack

• Agri Stack integrates land records, farmer IDs, crop data.
• Pilot projects cover 436 districts with digital IDs and geotagged crop surveys.
• Enables AI-powered precision farming, early warnings, and improved subsidy/credit targeting.

Challenges

• High equipment cost, poor rural connectivity, and low digital literacy.
• Fragmented land holdings hinder drone efficiency.
• Concerns over data privacy and ownership.
• Benefits currently unevenly distributed.

Way Forward

• Invest in last-mile training and infrastructure.
• Ensure SHG and FPO ownership models for shared drone access.
• Protect farmers’ data rights and promote inclusive digital adoption.

BS

2. Government Plans Amendments to Seed Act to Curb Spurious Seeds

Context:

The Government of India is preparing to amend the Seed Act to tackle the rising issue of spurious and low-quality seeds, which has significantly impacted crop yields and farmer incomes across the country.

Key Highlights

• Announcement by Minister: Union Agriculture and Farmers’ Welfare Minister Shivraj Singh Chouhan confirmed the move on Wednesday.
• Timeline for Introduction: A senior official from the Ministry of Agriculture stated that the government aims to introduce the revised Seed Bill in the Winter Session of Parliament, which typically begins in late November.
• Objective: The amendment is expected to strengthen regulatory oversight, ensure seed quality, and protect farmers from economic losses due to counterfeit seeds.
• Background: Spurious seeds have been a persistent challenge in Indian agriculture, especially in high-stake crops like cotton, pulses, and vegetables. Despite existing regulations, enforcement gaps have allowed counterfeit seed circulation to grow.

Expected Features of the Amended Seed Act

• Stricter penalties for companies and individuals selling fake or substandard seeds.
• Mandatory registration and quality certification for all seed varieties.
• Enhanced inspection mechanisms and seed traceability systems.
• Better grievance redressal framework for farmers affected by spurious seeds.

Mint

Facts To Remember

1. New system to deliver elector ID cards within 15 days of update: EC

The Election Commission (EC) on Wednesday introduced a new Standard Operating Procedure (SOP) enabling the delivery of voter ID cards within 15 days of an update to the electoral rolls.

2. MGNREGS to Resume in West Bengal from August 1: Calcutta High Court

The Calcutta High Court has ordered the Union government to resume MGNREGS implementation in West Bengal from August 1, 2025, ending a suspension that began in March 2022.

3. India–Canada Ties Reset: High Commissioners to Return, Trade Talks Resume

After a two-year diplomatic freeze, India and Canada have agreed to restore High Commissioners in New Delhi and Ottawa and resume engagement across multiple sectors. The decision was reached during a meeting between PM Modi and Canada’s new PM Mark Carney on the sidelines of the G-7 Summit in Kananaskis, Canada.

4. South Africans welcome home their WTC heroes

Several thousand supporters were at the main airport in Johannesburg on Wednesday to welcome home World Test Championship winner South Africa.

5. StanChart comes under RBI lens

Standard Chartered is on RBI’s radar after lapses were spotted in the sale of derivatives and problems identified in the bank’s risk controls, sources said. RBI raised concerns after sales to SMEs of target redemption forwards, a product that can cause significant losses.