Daily Current Affairs Quiz8 October, 2025 National Affairs 1. People’s Plan Campaign (PPC) 2025–26 Source: PIB Context: The People’s Plan Campaign (PPC) is an annual initiative launched by the Ministry of Panchayati Raj to strengthen participatory, transparent, and accountable local governance. It seeks to ensure comprehensive planning and effective delivery of development schemes at the Gram Panchayat, Block Panchayat, and District Panchayat levels. The 2025–26 edition was formally launched on 2nd October 2025 across all States and Union Territories under the theme: “Sabki Yojana, Sabka Vikas”. Key Features Gram Panchayat Development Plan (GPDP) Multi-Level Planning Objectives of PPC Digital & Monitoring Tools Special Focus Areas 2. PM-SETU (Prime Minister’s Scheme for Empowerment through Technology Upgradation) Source: PIB Context: The Prime Minister of India recently launched the PM-SETU (Prime Minister’s Scheme for Empowerment through Technology Upgradation) — a landmark initiative to modernize India’s Industrial Training Institutes (ITIs) and align skill development with industry and global employment needs. Overview Aims & Objectives Key Features 3. Indian Radio Software Architecture (IRSA) Standard 1.0 Launched Source: News on Air Context: The Defence Research and Development Organisation (DRDO) has launched the Indian Radio Software Architecture (IRSA) Standard 1.0, marking a major step toward standardising and modernising India’s defence communication systems.The framework aims to promote interoperability, self-reliance, and technological integration across the Army, Navy, and Air Force. About IRSA Standard 1.0 Developed By Objectives Key Features Awards & Recognitions 1. Nobel Prize in Physics 2025 Context: The 2025 Nobel Prize in Physics has been awarded to John Clarke, Michel Devoret, and John Martinis for their pioneering experiments that deepened scientific understanding of the quantum world, particularly the phenomenon of quantum tunnelling. About the Nobel Prize in Physics 2025 Laureates Name Institution Country Key Contribution John Clarke University of California, Berkeley USA Developed experimental methods to detect quantum effects in macroscopic systems Michel H. Devoret Yale University USA Advanced understanding of superconducting circuits and quantum coherence John Martinis University of California, Santa Barbara USA Built one of the first practical superconducting qubits for quantum computation Scientific Contribution About Quantum Tunnelling Banking/Finance 1. RBI Holds Back Nationwide Launch of CBDC Source: ET Context: The Reserve Bank of India (RBI) has stated it is in no hurry to roll out the Central Bank Digital Currency (CBDC) nationwide for retail users, preferring to observe how other countries implement their digital currencies first. The announcement was made by Deputy Governor Rabi Sankar during the Global Fintech Fest 2025 in Mumbai. About CBDC (Central Bank Digital Currency) RBI’s Current Stance Background 2. World Bank Upgrades India’s Growth Outlook to 6.5% Source: ET Context: The World Bank, in its South Asia Development Update (October 2025), has revised India’s GDP growth forecast upward to 6.5% for FY2025-26, up from the earlier 6.3%, citing strong domestic demand and the positive impact of GST rate cuts. Key Highlights: 3. RBI Proposes Granular Risk Weighting Norms for Bank Exposures Source: BS Context: The Reserve Bank of India (RBI) has released a draft framework revising risk weights for bank exposures to corporates, MSMEs, retail portfolios, and real estate. The move aligns with Basel Committee on Banking Supervision (BCBS) reforms and aims to make capital requirements more risk-sensitive while reducing capital pressure on banks. Key Highlights: Risk Weight: Risk weight refers to the percentage of a bank’s loan or asset value that is considered “risky” for the purpose of calculating how much capital the bank must hold as a safeguard against potential losses. Risk Weight = How risky an asset is for the bank. Example: Suppose a bank gives: If the capital adequacy ratio (CAR) requirement is 9%, then: Retail & MSME Portfolio Corporate Exposure Specialised Lending Includes Object Finance, Commodity Finance, and Project Finance categories. Housing & Real Estate Loans 4. RBI Draft Frameworks on Bank Provisioning and Capital Requirements Source: BS Context: On 7 October 2025, the Reserve Bank of India (RBI) released two important draft frameworks aimed at strengthening prudential regulation and improving credit risk management in banks: Expected Credit Loss (ECL) Framework Objective To replace the current incurred-loss-based provisioning system with a more forward-looking ECL-based model, aligning Indian banking standards with IFRS 9 and global best practices. Key Features 5. RBI Prioritises Use Cases Over Mass Rollout of Digital Rupee Source: Mint Context: At the Global Fintech Fest 2025, Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar said that the central bank is prioritising the development of new use cases for the Central Bank Digital Currency (CBDC), or e-rupee, rather than expanding its user base immediately. Key Highlights: New Functionalities Announced 6. SEBI to Review ‘Fit and Proper Person’ Rule Context: The Securities and Exchange Board of India (SEBI) informed the Bombay High Court that it will review a controversial provision in its ‘fit and proper person’ criteria that disqualifies key managerial personnel (KMPs) and directors at market intermediaries merely for having a chargesheet filed against them. This development follows petitions filed in 2023 by leading brokerage firms, including Motilal Oswal Financial Services and Anand Rathi Shares and Stock Brokers, challenging the rule as unconstitutional. About the ‘Fit and Proper Person’ Criteria Background The Controversial Clause SEBI’s Stand 7. RBI Draft Ombudsman Scheme 2025 Source: TOI Context: The Reserve Bank of India (RBI) has released the draft Ombudsman Scheme 2025, aimed at strengthening grievance redressal mechanisms for customers of regulated entities. The draft seeks to provide a cost-effective, non-adversarial, and comprehensive platform for resolving disputes. Key Highlights: Significance 8. PhonePe and Utkarsh Small Finance Bank Launch “Wish Credit Card” Context: Digital payments platform PhonePe and Utkarsh Small Finance Bank (SFB) have jointly launched the “Wish Credit Card”, aimed at providing affordable and accessible credit to a wider section of users, especially those new to formal credit. About the “Wish Credit Card” Issuer: Utkarsh Small Finance BankPowered by: Visa NetworkDistributed through: PhonePe app Objective:To expand credit inclusion by offering customised, flexible, and digital-first credit card solutions for both urban and semi-urban users. Key Features 9. PayPal Launches “PayPal World” – Global Interoperable Wallet