Daily Current Affairs Quiz
24 June, 2025
International Affairs
1. Iran Strikes U.S. Base in Qatar in Retaliation for Nuclear Site Attacks
Context:
Iran launched missile attacks on the al-Udeid Air Base in Qatar, the largest U.S. military base in West Asia, in retaliation for U.S. airstrikes on Iranian nuclear facilities a day earlier.
Key Highlights
- Targeted Base: The al-Udeid Air Base, which hosts approximately 10,000 U.S. troops, was the focus of Iran’s missile offensive.
- IRGC Involvement: The Islamic Revolutionary Guard Corps (IRGC) led the missile strike under directives from Iran’s Supreme National Security Council.
Geopolitical Context
- The strike signifies a dangerous escalation in U.S.-Iran tensions in the Gulf region.
- Qatar, located just 190 km south of Iran, continues to host major U.S. military operations in the region, making it a strategic but vulnerable location.
Implications
- The incident raises fears of a broader regional conflict involving Iran, the U.S., and Gulf states.
- It may also impact diplomatic ties and energy markets, given Qatar’s strategic role in global LNG supply and regional stability.
National Affairs
1. Ruins of Fort Emmanuel in Fort Kochi
Context:
In a striking turn of events, monsoon sea erosion at Fort Kochi’s South Beach has unveiled what experts believe are long-buried remnants of Fort Emmanuel — the first European fort built in Asia, dating back to 1503.
The laterite rock and surkhi (brick-lime mix) foundation, previously hidden under coastal sand and stone, emerged after waves stripped the coastline, offering rare physical evidence of Portuguese colonial architecture.
Key Findings
Identification of Fort Emmanuel Remains
- Marine geologists from Cochin University of Science and Technology (CUSAT) confirmed the ruins likely belong to Fort Emmanuel, built by the Portuguese in 1503.
- The structure, composed of laterite stones bonded with surkhi, is exposed annually but has become more visible due to accelerated coastal erosion this season.
Ongoing Academic Investigation
- Researchers are examining whether the structure is the original Portuguese construction or a rebuild by the Dutch, who took over Fort Kochi later.
- Fort Emmanuel marked the birth of Europe’s first colonial township in Asia, and its remains provide a tangible link to that layered colonial past.
Historical Context and Previous Discoveries
- Fort Kochi shifted colonial hands multiple times — from Portuguese to Dutch to British (1503–1947).
- This discovery follows an earlier one on Fort Kochi’s northern coast, where stone artefacts unearthed during the Kochi Water Metro project were linked to a demolished Portuguese church.
- Marine geologists noted that the rock samples match formations found in the Munnar–Theni–Rajapalayam corridor, part of a Portuguese trade route.
2. World Meteorological Organization’s (WMO) State of the Climate in Asia 2024 Report
Context:
India’s eastern and western coasts are witnessing sea level rise at rates higher than the global average, according to the World Meteorological Organization’s (WMO) State of the Climate in Asia 2024 report. The alarming trends point to escalating climate risks for infrastructure, livelihoods, and ecosystems across the region.
Key Climate Trends in India
Accelerated Sea Level Rise
- Arabian Sea: Rising at 3.9 ± 0.4 mm/year
- Bay of Bengal: Rising at 4.0 ± 0.4 mm/year
- Global average: 3.4 mm/year
These figures place India’s coasts at heightened risk of flooding, erosion, and infrastructure loss.
Coastal and Urban Impact
- Low-lying regions within 50 km of the coast are increasingly susceptible to submergence and displacement.
- Critical infrastructure like ports, housing, and transport hubs face growing vulnerability.
Himalayan Glacial Retreat
- 23 of 24 glaciers in the Central Himalayas are shrinking.
- Rising risk of Glacial Lake Outburst Floods (GLOFs) threatens downstream populations and infrastructure.
Heatwaves and Lightning
- Over 450 heat-related deaths reported in 2024 across multiple Indian states.
- Lightning strikes claimed 1,300 lives, including a single event killing 72 people across five states on July 10.
Broader Climate Patterns in Asia
Rapid Regional Warming
- Asia’s warming rate is double the global average, intensifying the frequency of floods, droughts, and storms.
- 2024 was Asia’s second warmest year on record, with extreme heatwaves widespread across the continent.
Catastrophic Natural Events
- Kerala’s Wayanad landslide: Over 350 deaths after receiving 500 mm of rainfall in 48 hours.
- Melting glaciers in the Himalayas and Tian Shan ranges have increased GLOF incidents across South and Central Asia.
Scientific Drivers of Sea Level Rise
- Thermal Expansion: Warmer ocean temperatures cause seawater to expand.
- Melting Ice Sheets and Glaciers: Loss from Greenland, Antarctica, and other glaciers directly contributes to rising seas.
- Greenhouse Gas Emissions: Elevated CO₂ levels from fossil fuels accelerate warming and glacial melt.
- Ocean Circulation Changes: Shifts in regional currents affect how and where sea levels rise.
Consequences for India and Asia
India’s Climate Risks
- Coastal Erosion: Major threat to seaboards and coastal biodiversity.
- Livelihood Loss: Fishing, farming, and tourism-based incomes are at risk.
- Infrastructure Damage: Flooding threatens ports, power plants, and coastal cities.
- Climate Migration: Rising displacement pressures from coastal areas.
Regional Impacts in Asia
- Island Nations: Existential threat to low-lying countries like the Maldives.
- Urban Heat Islands: Cities face more frequent and severe heatwaves.
- Agricultural Stress: Warming disrupts monsoons and reduces crop yields.
- Public Health: Surge in heat-related illnesses and vector-borne diseases (e.g., dengue, malaria).
Recommended Measures and Strategic Response
1. Coastal Zone Management
- Build resilient infrastructure, restore mangroves, and strengthen natural coastal barriers.
2. Accelerated Emission Reductions
- Update and fulfill Nationally Determined Contributions (NDCs).
- Adopt net-zero pathways and scale up renewable energy deployment.
3. Early Warning and Climate Intelligence
- Invest in climate monitoring, risk mapping, and disaster forecasting systems.
4. Regional and Global Cooperation
- Deepen collaboration under UNFCCC, and build cross-border adaptation frameworks.
3. NAVYA Initiative
Context:
In a significant step towards gender-inclusive economic development, the Government of India has announced the launch of NAVYA—a pilot initiative aimed at skilling adolescent girls aged 16–18 years. The programme will be implemented in Uttar Pradesh as part of the broader Viksit Bharat@2047 Vision, with a focus on creating a self-reliant and inclusive India.
What is NAVYA?
NAVYA stands for “Nurturing Aspirations through Vocational Training for Young Adolescent Girls.” It is a pilot skilling programme jointly launched by:
- Ministry of Women and Child Development (MWCD)
- Ministry of Skill Development and Entrepreneurship (MSDE)
Objectives of the NAVYA Initiative
- Empowerment through Skilling: Equip girls with market-relevant vocational skills.
- Promote Gender Parity: Introduce girls to non-traditional job roles in emerging sectors.
- Foster Aspirations: Build career confidence, self-reliance, and economic independence among adolescent girls.
Key Features of NAVYA
- Target Group: Girls aged 16–18 years with minimum Class 10 qualification.
- Pilot Implementation: Across 27 districts in 19 States, including Aspirational Districts and North-Eastern States.
- Integrated Platforms: Leverages skill schemes such as:
- Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
- PM Vishwakarma Yojana
- Inter-Ministerial Convergence: Coordinated efforts between MWCD and MSDE to ensure holistic delivery.
- Skill Certification: Beneficiaries will receive formal certification under PMKVY, enhancing their employability.
- Launch Event Activities:
- Live interactions with trainees
- Skill demonstration
- Certificate distribution
PIB
4. MToT Programme to Boost Panchayats’ Revenue Generation
Context:
In a major step toward empowering local governance, the Ministry of Panchayati Raj (MoPR), in collaboration with IIM Ahmedabad and the Indian Institute of Public Administration (IIPA), has launched a Training of Trainers (ToT) programme. This initiative aims to build the capacity of Panchayats to generate Own Source Revenue (OSR) under the Rashtriya Gram Swaraj Abhiyan (RGSA).
What is the ToT Programme?
The ToT programme is a training initiative focused on enhancing the financial autonomy of Panchayats by equipping them with the knowledge and tools needed for effective OSR generation.
Objective
- Promote financial self-reliance of Panchayats.
- Train Master Trainers to build a robust cadre of local resource leaders.
- Foster leadership, innovation, and accountability at the grassroots level.
Key Features of the ToT Programme
- Implemented under RGSA, a flagship capacity-building scheme for rural local bodies.
- Uses behavioural insights, strategic revenue planning, and local innovation tools to improve OSR generation.
- Initially trains Master Trainers from 16 States and Union Territories, with future expansions planned.
- Will support the creation of:
- A Model OSR Rules Framework for uniformity and compliance.
- A Digital Tax Collection Portal for streamlined revenue operations.
About Rashtriya Gram Swaraj Abhiyan (RGSA)
- A Centrally Sponsored Scheme (CSS) launched in 2018, revamped for 2022–2026.
- Aims to strengthen the Panchayati Raj system and help Panchayats achieve the Sustainable Development Goals (SDGs).
Objectives:
- Enhance governance capabilities of Panchayati Raj Institutions (PRIs).
- Build capacity for financial planning, including OSR mobilisation.
- Promote inclusive governance, resource convergence, and effective scheme implementation.
- Empower Gram Sabhas as platforms for citizen engagement.
Key Features:
- Focused training for elected Panchayat representatives.
- Supports decentralisation under the PESA Act (1996).
- Encourages technology adoption in local governance.
- Recognises and rewards top-performing Panchayats.
- Facilitates knowledge exchange with national and international institutions.
5. Tripura Declared Fully Literate Under ULLAS Scheme
Context:
Tripura has been officially declared a fully literate state under the ULLAS – Nav Bharat Saaksharta Karyakram (New India Literacy Programme). The announcement marks a historic milestone in the state’s journey towards universal literacy and positions Tripura as the third Indian state, after Mizoram and Goa, to achieve full literacy status.
About ULLAS – Nav Bharat Saaksharta Karyakram
What is it?
A centrally sponsored scheme (2022–2027) focused on adult literacy and lifelong learning, aligned with NEP 2020.
Target Group:
Youth and adults aged 15 years and above who missed formal schooling opportunities.
Key Features:
- Focus on foundational literacy, numeracy, and life skills
- Nationwide implementation in mission mode
- Use of ULLAS mobile app for digital learning, progress tracking, and certification
- Strong emphasis on Jan Bhagidari (people’s participation) and Kartavyabodh (sense of duty)
Banking/Finance
1. RBI Rate Cut Could Revive Loan Growth, But Deposit Mobilisation Key: Fitch
Context:
Fitch Ratings has projected that the Reserve Bank of India’s recent 50 basis point rate cut could help revive loan growth to 12–13% in FY26. However, this growth is contingent on stronger deposit mobilisation by the banking sector.
Key Banking Sector Metrics and Trends
- Loan-to-Deposit Ratio (LDR):
- Rose 120 basis points in FY25.
- Sustaining loan growth momentum will require banks to match or exceed lending with deposit growth.
- Sectoral Loan Growth:
- Dropped to a 4-year low of 10% in FY25.
- Decline driven by slower lending to Non-Banking Financial Companies (NBFCs).
- Public Sector Banks (PSBs) outperformed private banks, growing at 12.4%.
- Earnings Resilience:
- Net Interest Margin (NIM) fell by 20 basis points.
- Despite this, earnings were supported by:
- Lower credit costs
- Recoveries from non-performing assets
- Treasury gains
2. RBI Eases PSL Norms for SFBs, Unlocks ₹40,000 Cr for Diversification
Context:
In a move aimed at increasing operational flexibility for Small Finance Banks (SFBs), the Reserve Bank of India (RBI) has reduced the priority sector lending (PSL) target from 75% to 60% of adjusted net bank credit (ANBC), freeing up approximately ₹40,000 crore for deployment in diversified, lower-risk lending.
Key Regulatory Changes
- Old PSL Norms:
- SFBs were required to lend 75% of ANBC to PSL sectors.
- 40% was earmarked for specific PSL subsectors.
- Remaining 35% could be directed to any PSL subsector of their choice.
- New PSL Norms (Effective FY26):
- Overall PSL requirement reduced to 60% of ANBC or off-balance-sheet exposures (whichever is higher).
- The flexible 35% component has been reduced to 20%.
Implications for SFBs
- Operational Flexibility:
- SFBs can now de-risk their books and explore non-PSL asset classes such as:
- Loan Against Property (LAP)
- Vehicle and personal loans
- Loans against mutual funds or shares
- Asset Quality Boost:
- With many SFBs holding large microfinance portfolios, diversification may mitigate risks linked to economic volatility.
- Support for Universal Bank Transition:
- This move aligns with RBI’s broader vision of enabling SFBs to transition into universal banks. Three SFBs have already applied for conversion.
3. Concerns Over Health Insurance Premiums and Governance Issues
Context:
The Ministry of Finance has urged the Insurance Regulatory and Development Authority of India (IRDAI) to intensify regulatory vigilance, improve claims settlement mechanisms, and address grievance redressal, amid growing concerns over surging health insurance premiums and lapses in corporate governance, especially within Stand-Alone Health Insurance (SAHI) companies.
Key Government Concerns Highlighted
- Sharp Rise in Premiums: Health insurance premiums rose by up to 15% in 2024, forcing many policyholders to drop out, especially senior citizens.
- Grievances and Delayed Claims: A growing number of complaints on delays and denial in claim settlements.
- Governance Lapses: Especially in SAHIs, allegedly influenced by private equity (PE) control.
Policy and Regulatory Context
| Issue | Government Action |
|---|---|
| Premium Hikes | Directed IRDAI to review product pricing; prevent excessive hikes, especially for senior citizens. |
| Governance | IRDAI asked to scrutinize board decisions and ensure compliance with all regulations. |
| PE Influence | Concerns raised over PE-backed firms driving aggressive pricing strategies to boost valuations. |
| Leadership Void | IRDAI has been without a Chairperson since March 2025; government may appoint a senior bureaucrat. |
Insurance Amendment Bill
The Insurance Laws (Amendment) Bill is likely to reshape the regulatory landscape:
- Allows 100% foreign direct investment (FDI) in insurance.
- Introduces a composite licence regime (life + non-life).
- Permits foreigners as Key Managerial Personnel (KMP) in Indian firms.
- Government expects regulatory protocols to be tightened ahead of the Bill’s passage.
IRDAI’s Past Action
In January 2025, IRDAI:
- Barred insurers from raising premiums for senior citizens (60+) by more than 10% per annum without prior approval.
- Cited disproportionate premium increases and their adverse impact on vulnerable groups.
4. Housing Finance Company (HFC)
Context:
NHB Tightens Refinancing Norms for Under-Construction Home Loans to Curb Misuse.
Housing Finance Company (HFC)
A Housing Finance Company (HFC) is a type of Non-Banking Financial Company (NBFC) that specializes in providing housing loans and other related financial services. They are regulated by the Reserve Bank of India (RBI) and play a crucial role in the housing sector by offering loans for home purchase, construction, renovation, and land purchase for residential purposes.
Key Characteristics of HFCs:
- Focus on Housing Finance: At least 60% of an HFC’s assets must be dedicated to housing finance, and at least 50% of those assets must be for loans to individuals for housing purposes.
- Regulation: HFCs are regulated by the Reserve Bank of India (RBI), with some regulatory powers also held by the National Housing Bank (NHB).
- Loan Products: HFCs offer various loan products, including:
- Home loans for purchase or construction.
- Loans for home improvements and renovations.
- Loans for land purchase for residential construction.
- Role in the Housing Market: HFCs play a vital role in facilitating homeownership by providing access to credit, especially for those who may not qualify for loans from traditional banks.
- Comparison with Banks: While both banks and HFCs offer home loans, HFCs generally have more flexibility in their lending practices and can be a good option for those with specific needs or less traditional credit profiles.
Examples of HFCs in India:
- LIC Housing Finance Ltd.
- HDFC Ltd. (now merged with HDFC Bank)
- PNB Housing Finance Ltd.
- ICICI Home Finance Company Ltd.
- Can Fin Homes Ltd.
- Aadhar Housing Finance Limited
TET
5. Angel Funds in India
Context:
The Securities and Exchange Board of India (SEBI) has introduced a significant regulatory change by mandating that only accredited or “sophisticated” investors can participate in angel funds. This new framework is expected to raise governance standards but may temporarily disrupt early-stage funding, particularly in smaller cities.
Understanding Angel Funds in India
Angel funds are specialized investment vehicles designed to provide capital to startups during their early stages. Backed by high-net-worth individuals (HNIs) or corporate entities known as angel investors, these funds are a key subset of venture capital funds, but with a sharper focus on early-stage businesses.
What is an Angel Fund?
An Angel Fund is a money pool created by seasoned investors or companies to support startups with high growth potential. Unlike traditional venture capitalists, who typically invest during a company’s growth phase, angel funds engage during the seed or early development stage, often filling the funding gap before venture capital kicks in.
Key Features of Angel Funds
- Structure and Fundraising:
- Angel funds raise capital exclusively from angel investors by issuing units and must have a minimum corpus of ₹10 crore (₹100 million).
- Investor Limit:
- Angel funds can now accept investments from up to 200 investors, a significant increase from the previous cap of 49.
- Investment Range:
- Minimum investment: ₹25 lakhs (reduced from ₹50 lakhs).
- Maximum investment: ₹5 crore.
- Lock-in Period:
- The lock-in for angel investors has been reduced to one year, down from three years, enhancing liquidity and flexibility.
- Eligibility of Investee Companies:
Angel funds may invest only in startups that:- Are incorporated in India and are less than 5 years old.
- Have a turnover below ₹25 crore.
- Are unlisted entities.
- Have no familial ties with the investing angel.
Regulatory Framework
Angel Funds in India are governed by the SEBI (Alternative Investment Funds) Regulations, 2012, with specific provisions added through the SEBI (AIF) Amendment Regulations, 2013.
- Category Classification:
- Angel funds are categorized as a sub-class of Venture Capital Funds under Category I of Alternative Investment Funds (AIFs).
- Regulator:
- Securities and Exchange Board of India (SEBI) oversees the functioning, compliance, and disclosures required by Angel Funds.
Who Are Angel Investors?
Angel investors are typically:
- High-net-worth individuals (HNIs) or corporates with domain expertise and industry insights.
- Early-stage backers who provide capital, mentorship, and business networks.
- Strategic supporters focused not just on financial returns but also on nurturing innovation and entrepreneurial success.
Agriculture
1. Beej Utsav
Context:
A four-day Beej Utsav (Seed Festival) was recently held in the tribal regions at the tri-junction of Rajasthan, Madhya Pradesh, and Gujarat, spotlighting the cultural and ecological significance of indigenous seeds in sustainable farming.
Key Highlights
- Mass Tribal Participation:
- Over 9,400 tribal community members, including women and children, actively participated across more than 60 panchayats.
- Celebrating Indigenous Practices:
- Events such as ‘Beej Samvad’ (seed dialogues), biodiversity fairs, seed ball making, and plantation drives underscored the ecological wisdom and traditions of tribal agriculture.
- Recognition of Seed Guardians:
- Farmers preserving traditional seed varieties were honoured with titles such as ‘Beej Mitra’ (Seed Friend) and ‘Beej Mata’ (Seed Mother), affirming their role as custodians of biodiversity.
Organisers and Support
- The festival was co-organised by community-led institutions including:
- Krishi Evam Adivasi Swaraj Sangathan
- Gram Swaraj Samooh
- Saksham Samooh
- Bal Swaraj Samooh
- It was supported by Vaagdhara, a Banswara-based voluntary organisation working on tribal livelihoods and agroecology.
Philosophy and Message
- Seeds as Cultural Identity:
- Vaagdhara Secretary Jayesh Joshi emphasized that seeds should not merely be seen as the start of cultivation, but as symbols of identity, nutrition, life, culture, and climate resilience in tribal communities.
- Call for Seed Sovereignty:
- With nearly 70% of small farmers depending on market-driven hybrid seeds, Mr. Joshi advocated for a return to traditional, community-led seed systems to counter rising input costs, chemical dependency, and food insecurity.
Broader Implications
- The festival’s core message – “Return to the roots” – resonates with growing global concerns around climate resilience, biodiversity preservation, and food sovereignty.
- The Beej Utsav serves as a powerful grassroots initiative reclaiming indigenous knowledge systems to counter the dominance of industrial agriculture.
Facts To Remember
1. India Clinches Historic Double Olympiad Gold
GMs Gukesh Dommaraju, Arjun Erigaisi, and Praggnanandhaa Rameshbabu all won as the Indian men wrapped up victory in the 45th FIDE Chess Olympiad with a statement 3.5-0.5 win over Slovenia.
2. Tripura becomes third state in the country, after Mizoram and Goa, to achieve Full Functional Literacy
Tripura was declared fully literate today under the ULLAS – Nav Bharat Saaksharta Karyakram (New India Literacy Programme), a centrally sponsored scheme implemented from 2022 to 2027.
