Daily Current Affairs Quiz
2 December, 2025
National Affairs
1. Fourth Edition of Kashi-Tamil Sangamam Begins in Varanasi
Source: News on Air
Context:
The fourth edition of Kashi-Tamil Sangamam commenced today in Varanasi, Uttar Pradesh, with Union Education Minister Dharmendra Pradhan and Chief Minister Yogi Adityanath jointly inaugurating the event. The grand opening ceremony is scheduled at Namo Ghat this evening.
Theme and Objective:
- The edition’s theme: “Let Us Learn Tamil – Tamil Karkalam”
- Focuses on Tamil language learning, emphasizing the shared Bharatiya Bhasha heritage across India
- Aims to strengthen cultural and linguistic ties between North and South India
2. Hornbill Festival 2025
Context:
The 26th edition of the Hornbill Festival began on Monday in Nagaland, amid renewed friction between the state and the Centre over the Protected Area Regime (PAP). Organised by the state tourism department with a budget of ₹7 crore, this is the first festival since the re-imposition of the PAP last December.
Background:
- The PAP was reinstated in Nagaland, Manipur, and Mizoram following volatility in Manipur and neighbouring Myanmar.
- The regime requires foreign nationals to obtain a special permit from the Ministry of Home Affairs to enter protected areas.
- Nagaland had previously enjoyed relaxed restrictions since 2011 to promote tourism.
Cultural Importance
- The festival is Nagaland’s flagship cultural event, showcasing traditional music, dance, handicrafts, and local cuisine.
- Acts as a tourism booster, attracting both domestic and foreign tourists.
3. Government Pushes for Food Safety with Labs and Irradiation Units
Source: News on Air
Context:
The Government of India is taking proactive measures to enhance food safety and quality across the country by promoting the establishment of food testing laboratories and irradiation units.
Food Testing Laboratories
- The Ministry of Food Processing Industries (MoFPI) is inviting proposals for setting up 100 NABL-accredited food testing laboratories.
- A financial outlay of ₹500 crore has been earmarked to support industry stakeholders in establishing these labs.
- Interested applicants can submit proposals via the Kisaan Sampada Portal until 20th January 2026.
- Objective: Ensure accurate testing and monitoring of food quality to maintain safety standards.
Food Irradiation Units
- The government has launched a scheme to set up 50 food irradiation units across India.
- Purpose:
- Eliminate harmful bacteria and insects in food
- Maintain the physical and nutritional integrity of food
- Aid longer preservation of organically produced commodities
- So far, 14 irradiation units have been approved.
- Assurance: The technique is safe and does not make food radioactive.
Key Benefits
- Strengthens food hygiene and safety standards nationwide
- Supports the agri-food sector and organic food industry
- Promotes consumer confidence in processed and fresh food products
4. Central Excise Amendment Bill 2025
Context:
The Union government has introduced the Central Excise (Amendment) Bill, 2025, alongside a companion cess bill, to overhaul the taxation of tobacco, pan masala, gutkha, and other “sin goods.” This legislative step comes as the GST compensation cess regime, introduced post-GST to compensate states for revenue losses, nears its end.
Key Proposals
- Tobacco Products: Cigarettes, cigars, chewing tobacco, and hookah will now attract central excise duty instead of the compensation cess.
- Pan Masala & Gutkha: A new Health Security and National Security Cess will replace the existing cess framework.
- The government intends to maintain high tax incidence, ensuring revenue continuity and discouraging harmful consumption.
Tax Structure Highlights
- Cigarettes and related products may face duties ranging from ₹5,000–₹11,000 per 1,000 sticks based on specifications.
- Other tobacco products could see 60–70% duty, with nicotine and inhalation products taxed up to 100%.
5. Heron Mk II UAVs
Source: TH
Context:
India is expanding its unmanned aerial surveillance and reconnaissance capabilities in the backdrop of Operation Sindoor. The armed forces have initiated emergency procurement of Heron Mk II UAVs, a move aligned with strengthening high-altitude and maritime situational awareness.
Heron Mk II UAV
- The Heron Mk II is a satellite-linked MALE UAV (Medium Altitude Long Endurance).
- Known for:
- Long endurance missions
- High-altitude performance
- Real-time intelligence, surveillance and reconnaissance (ISR)
- All-weather operational capability
6. Sanchar Saathi App
Source: TH
Context:
The Department of Telecommunications (DoT) has mandated that all new smartphones sold in India from March 2026 must come with the Sanchar Saathi app pre-installed, with functionalities fully enabled. The directive aims to prevent the circulation of non-genuine and stolen handsets and strengthen telecom security.
About the Sanchar Saathi App
Sanchar Saathi is a government-developed mobile application aimed at telecom security and consumer protection. It helps:
- IMEI verification: Helps detect spoofed or tampered IMEIs, which can operate in multiple devices simultaneously.
- SIM and device management:
- Identify SIMs registered in a user’s name.
- Remotely disable stolen phones.
- Fraud reporting: Similar to TRAI’s DND app, allows reporting of scam calls.
- Security impact: Assists in tackling cross-border digital frauds and SIM-related scams.
Banking/Finance
1. SEBI to Revamp Master Circular for Stock Exchanges
Source: Mint
Context:
The Securities and Exchange Board of India (Sebi) is set to revise the master circular for stock exchanges in the coming months. The move aims to simplify regulations, improve clarity, and enhance the ease of doing business in India’s capital markets.
Objective: Simplify regulations, improve clarity, and enhance ease of doing business
Key Features of Proposed Revamp
- Consolidation & Simplification
- Merge separate master circulars for equity and commodity-derivatives exchanges into a single unified circular
- Issue a distinct master circular for clearing corporations
- Rationalize circulars chapter by chapter
- Removal of Outdated Provisions
- Exchange-code requirements
- Other obsolete norms to reduce compliance burden
- Investor Protection & Claims
- Introduce a three-year lookback period for claims against defaulting brokers
- Merge separate Investor Protection Funds for equity and commodity derivatives segments into a single fund per exchange
- Stakeholder Consultation
- Public feedback on the consultation paper concluded on 29 October 2025
- SEBI plans wide consultation for balanced outcomes
Broader Regulatory Agenda
- Part of SEBI’s push for “optimum regulation” – leaner but effective rules that safeguard investors while easing compliance
- Recent regulatory reviews include:
- Mutual fund regulations
- Stockbroker norms
- Listing Obligations and Disclosure Requirements (LODR) framework
- Settlement rules
2. Banking Correspondent (BC) Sakhis
Source: Mint
Overview
- BC Sakhis are women banking correspondents linked to Self-Help Groups (SHGs) under the Deendayal Antyodaya Yojana–NRLM.
- They bring banking services to rural India, enabling doorstep access to accounts, loans, pensions, digital payments, and government schemes.
- Example: Sarika Arjun Chauhan from Madhya Pradesh handles ₹1.5–2 crore monthly, completing 62,000+ transactions worth ₹65 crore.
The Need
- Credit gap: Rural areas receive only 7.7% of bank credit, while urban metros get 60.6%.
- Access barrier: Women face travel and wage loss challenges, which BC Sakhis mitigate.
- Ambition: One BC agent in each of 150,000 Gram Panchayats to ensure comprehensive rural coverage.
Selection & Training
- Eligibility: Aadhaar enrolment, clean financial history, smartphone literacy.
- Training: Six-day residential programme, certification by Indian Institute of Banking and Finance.
- Success: 96.5% of trainees pass, becoming certified BC Sakhis.
Services Offered
- Account opening, cash handling, digital payments
- Loans, pensions (PMJJBY, PMSBY, Atal Pension Yojana)
- Aadhaar seeding, financial literacy guidance
- Over 375 million transactions worth ₹1.42 trillion conducted
- Vital during crises: disbursed ₹6,000 crore during COVID lockdown
Community Impact
- Promotes financial independence and leadership for rural women
- Boosts savings, financial planning, and trust in digital finance
- Facilitates agricultural credit, business expansion, and entrepreneurship
Benefits for Banks
- Increased customer acquisition and engagement
- Reduced branch footfall
- Expanded utility payment services
Challenges
- Low transactions → lower earnings in poorer regions
- Outdated tech and infrastructure
- Resistance from some banks to deploy women BCs
Recommendations for Strengthening
- Advanced Training: Digital banking, cybersecurity, entrepreneurship, financial literacy.
- Service Expansion: Micro-insurance, loan facilitation, digital payments, government programme support.
- Infrastructure Upgrade: Biometric devices, POS terminals, better internet connectivity.
- Coordination & Engagement: Between BC Sakhis, banks, NRLM staff, and communities.
- Incentive Model: Reward higher transaction volumes and service diversity, with focus on aspirational districts.
3. India’s Current Account Deficit
Source: IE
Context:
The Reserve Bank of India (RBI) reported that the country’s current account deficit (CAD) moderated to $12.3 billion, or 1.3% of GDP, in July–September 2025 (Q2 FY26), down from $20.8 billion, or 2.2% of GDP, in the year-ago period.
Current Account Deficit (CAD)
The Current Account Deficit occurs when a country’s total imports of goods, services, and transfers exceed its total exports over a specific period. In simpler terms, it means the country is spending more on foreign trade than it is earning.
Components of the Current Account:
- Trade Balance (Goods & Services): Exports minus imports of goods and services.
- Net Income from Abroad (Primary Income): Earnings on investments, wages, and dividends from foreign sources minus payments to foreign investors.
- Net Transfers (Secondary Income): Remittances sent by citizens working abroad, foreign aid, and other unilateral transfers.
Significance:
- A moderate CAD can indicate healthy investment inflows and growth opportunities.
- A high CAD may signal excessive dependence on foreign capital, risk of currency depreciation, and potential balance of payments stress.
4. National Strategy for Financial Inclusion 2025–30
Source: ET
The Reserve Bank of India (RBI), led by Governor Sanjay Malhotra, released the National Strategy for Financial Inclusion (NSFI) 2025–30. The strategy, approved by the Sub-Committee of the Financial Stability and Development Council, sets out a roadmap to deepen financial inclusion in India over the next five years.
Strategic Objectives (“Panch-Jyoti”)
The framework identifies five key strategic objectives supported by 47 action points:
- Universal Access to Financial Services
- Provide an equitable, affordable, and responsible suite of financial products — including savings, credit, insurance, pensions, and payments — for households and micro-enterprises, ensuring financial safety and security.
- Gender-Sensitive & Resilience-Oriented Inclusion
- Promote financial inclusion with special focus on women-led households and vulnerable segments, strengthening their resilience against economic shocks.
- Synergy with Livelihoods and Skills
- Integrate financial services with livelihood promotion, skill development, and support ecosystems so that financial inclusion drives sustainable economic participation.
- Financial Education & Responsible Usage
- Leverage financial literacy programs to encourage informed decision-making, disciplined financial behavior, and responsible credit use, especially for first-time users and micro-entrepreneurs.
- Customer Protection & Grievance Redressal
- Strengthen consumer protection mechanisms and ensure efficient grievance redressal, building trust in the formal financial system and minimizing misuse.
Implementation
- The strategy is framed under the Technical Group on Financial Inclusion and Financial Literacy.
- Developed through nationwide consultations with stakeholders, including government agencies, financial institutions, and civil society.
Significance
- Aims to bridge financial gaps for the underserved, especially women and vulnerable households.
- Supports inclusive growth, enabling households and micro-enterprises to gain access to formal financial services and protections.
5. Sebi Management Pushes Back Against Public Disclosure of Assets
Source: ET
Context:
The senior management of the Securities and Exchange Board of India (Sebi) has expressed opposition to a proposed rule requiring top officials to publicly declare their assets and liabilities, citing privacy concerns and potential speculation.
Key Details:
- A panel led by former Chief Vigilance Commissioner Pratyush Sinha had recommended that officials at the rank of Chief General Manager (CGM) and above publicly disclose their financial details to strengthen transparency and accountability.
- Sebi officers, both individually and through the employees’ association, have raised concerns about:
- Loss of privacy
- Unnecessary public scrutiny
- Potential pressure from relatives seeking financial assistance
- Officers are reportedly comfortable sharing information internally but oppose making it public.
Current Disclosure Norms:
- Executive board members must internally disclose conflicts of interest, which are kept confidential.
- Non-executive Sebi board members from the Finance Ministry, Corporate Affairs Ministry, and RBI are exempt if their parent organisations already require disclosures.
Global Context:
- In the UK, the Financial Conduct Authority keeps board members’ disclosures confidential but publicly shares broad details such as financial interests, directorships, and holdings in regulated entities.
Facts To Remember
1. Italian tennis icon Pietrangeli passes away at the age of 92
Nicola Pietrangeli, a two-time winner of the French Open, died aged 92, Italy’s tennis federation announced.
2. RBI appoints Usha Janakiraman executive director
The Reserve Bank of India (RBI) said that it has appointed Usha Janakiraman Executive Director (ED) with effect from December 1.
3. PMJAY Expansion for 70+ Age Group Covers 700K Treatments Since Launch
The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (ABPMJAY), India’s flagship health insurance scheme, was expanded in October 2024 to include people aged 70 years and above. As of October 2025, the scheme has authorised over 700,000 treatments worth ₹1,471 crore for this age group, significantly reducing out-of-pocket expenses for elderly beneficiaries.
4. Lok Sabha Passes Manipur GST Bill
On the first day of the Winter Session 2025, the Lok Sabha passed the Manipur Goods and Services Tax (Second Amendment) Bill, 2025, which replaces an Ordinance implementing GST reforms in Manipur. The passage occurred amid disruptions by Opposition members demanding a debate on the Special Intensive Revision (SIR) of electoral rolls.
