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

Daily Current Affairs Quiz7 October, 2025 National Affairs 1. NCRB Data on Crimes Against Children 2023 Source: TH Context: The National Crime Records Bureau (NCRB) data for 2023 revealed that crimes against children recorded the sharpest increase in Assam, Rajasthan, and Kerala, even as the national average rose by 25%. These trends reflect both policy-driven interventions and improvements in classification and reporting of offences against minors. National Overview State-Wise Highlights State Increase & Key Drivers (2023) Interpretation Assam Cases nearly doubled (~5,100 → 10,000). Surge driven by strict enforcement of the Prohibition of Child Marriage Act, 2006; child marriage cases rose from ~150/year to 5,267. Reflects state-led crackdown, not necessarily higher incidence. Rajasthan Cases up ~70% (~6,200 → 10,500). Driven by reclassification of offences (Section 376 IPC → POCSO provisions) and rise in child kidnapping/abduction. Rise reflects both better categorisation and a genuine increase in child-related crimes. Kerala Cases up ~106% (~2,800 → 5,900+). Surge linked to POCSO cases and improved reporting. Indicates enhanced law enforcement responsiveness and greater social awareness of child protection laws. 2. Indian Navy Commissions INS Androth Source: News on Air Context: The Indian Navy commissioned INS Androth, the second Anti-Submarine Warfare Shallow Water Craft (ASW-SWC), at the Naval Dockyard in Visakhapatnam. The commissioning marks a step forward in strengthening India’s coastal anti-submarine warfare capabilities. Key Highlights: Vessel Details: Capabilities: 3. PM Modi to Inaugurate India Mobile Congress (IMC) 2025 Source: PIB Context: Prime Minister Shri Narendra Modi to inaugurate Asia’s Premier Telecom & Tech Event IMC 2025 Theme: “Innovate to Transform”—promoting self-reliance and Atmanirbhar Bharat in telecom and digital technologies. Key Focus Areas: Major Global Summits & Programs: Awards & Recognitions 1. Nobel Prize 2025 Source: TOI Context: The 2025 Nobel Prize in Physiology or Medicine has been awarded to Mary Brunkow (USA), Fred Ramsdell (USA), and Shimon Sakaguchi (Japan) for their pioneering discoveries on regulatory T cells (Tregs) and the Foxp3 gene, which govern peripheral immune tolerance. Their work has transformed understanding of autoimmune diseases and opened pathways for therapies in cancer, autoimmunity, and transplantation. Key Discoveries Banking/Finance 1. Private Banks Lag Public Banks in Market Capitalisation Source: BS Context: According to S&P Global Market Intelligence, private sector banks in India underperformed their government-owned counterparts in market capitalisation during July–September 2025, primarily due to trade uncertainties and corporate lending exposure. Market Capitalization (MCAP) MCAP stands for Market Capitalization. It is a measure of the total value of a publicly traded company’s outstanding shares in the stock market. Formula: Market Capitalization (MCAP)=Current Share Price × Total Number of Outstanding Share Private Sector Banks Performance: Reason for Underperformance: Public Sector Banks Performance Reason for Outperformance: 2. SEBI Launches Validated UPI Handles to Secure Investor Payments Source: Mint Context: The Securities and Exchange Board of India (SEBI) has introduced @valid UPI handles and the SEBI Check tool to help investors ensure payments are made only to SEBI-registered intermediaries, reducing fraud risk in the securities market. Key Features: Significance: 3. Indian Banks to Overhaul Business Correspondent (BC) Network Source: BS Context: India’s Business Correspondent (BC) network, the world’s largest boots-on-the-ground channel with 2.5 million agents, is set for a significant revamp. The network is critical for delivering banking services to rural and remote areas. Key Developments: Who Are Business Correspondents (BCs)? Business Correspondents (BCs) are retail agents appointed by banks to provide banking and financial services in areas where it is not viable for banks to open a full-fledged branch.They act as representatives of banks and facilitate financial inclusion by delivering basic banking services at the doorstep of customers, especially in rural and remote areas. Functions of Business Correspondents BCs provide a range of services on behalf of banks, including: Regulatory Framework Challenges in the Current BC Model: Potential Reforms: 4. RBI Allows Banks to Fund Corporate Acquisitions Source: BS Context: The Reserve Bank of India (RBI), on 1 October, proposed allowing banks to finance corporate acquisitions. This is a big change, as banks were previously restricted from this area. The move is expected to make capital cheaper and more available for companies and investors. Background Key Provisions in the Proposal Expected Impact on the Market Regulatory Safeguards The RBI is expected to enforce: 5. SEBI Considers Bringing Family Offices Under Regulatory Source: Mint Context: The Securities and Exchange Board of India (SEBI) has started discussions about potentially regulating family offices in India. This comes as family-run conglomerates and billionaires increasingly influence the capital markets through investments in publicly traded securities. What are Family Offices? A family office is a private investment and wealth management entity established by ultra-high-net-worth families to manage their assets, investments, taxation, and philanthropy. Globally, family offices manage trillions of dollars in assets, acting as institutional investors in equity, debt, and alternative asset markets. Proposed Measures Under Discussion: 6. India Launches Foreign Currency Settlement System at GIFT IFSC Source: Mint Context: Finance Minister Nirmala Sitharaman inaugurated the foreign currency settlement system at GIFT City International Financial Services Centre (IFSC) during the Global Fintech Fest 2025. The system aims to enable real-time settlement of foreign currency transactions, improve liquidity management, and ensure regulatory compliance. Key Features 7. Zoho Payments to Launch Physical POS Devices in India Source: BL Context: Zoho Payments, the fintech subsidiary of Chennai-based SaaS major Zoho, is set to expand its offerings by launching physical Point of Sale (POS) devices and sound boxes to enable credit/debit card and QR code-based payments. This move marks a significant step in Zoho’s strategy to deepen its presence in the payments and fintech ecosystem. Fintech (Financial Technology): Definition, Scope & Importance Fintech, short for Financial Technology, refers to the use of technology and innovation to improve, automate, and simplify financial services. It integrates software, data analytics, and digital platforms to make banking, investing, payments, and insurance more efficient and accessible. Examples – UPI, PhonePe, Google Pay, Paytm. In simple terms, fintech makes financial services faster, cheaper, and more user-friendly through digital solutions. Point of Sale (POS) Devices A Point of Sale (POS) device is a machine or system used by merchants to accept payments from