Daily Current Affairs Quiz28&29 September, 2025 National Affairs 1. Cold Desert Biosphere Reserve (CDBR) Gains UNESCO Recognition Source: IE Context: India’s Cold Desert Biosphere Reserve (CDBR) in Himachal Pradesh has been included in UNESCO’s World Network of Biosphere Reserves (WNBR). Key Highlights: Location & Area UNESCO’s World Network of Biosphere Reserves (WNBR) 2. Ethambutol Hydrochloride Source: TH Context: India has initiated an anti-dumping investigation into imports of Ethambutol Hydrochloride, a drug used in the treatment of tuberculosis. What is Ethambutol Hydrochloride? Why India Initiated the Anti-Dumping Investigation? 3. Ganga River Experiencing Worst Dry Spell in 1,300 Years Source: Economic Times Context: The Ganga River supports over 600 million people and contributes around 40% of India’s GDP. Recent studies indicate an unprecedented decline in river flow since the 1990s. About Ganga River Key Findings: Category Details Methodology – Streamflow reconstruction using tree-ring data (Monsoon Asia Drought Atlas) and hydrological models. – Validated against historical droughts, famines, and modern observations. Key Findings – Post-1990s droughts are more frequent and severe than any in the past 1,300 years. – 2004–2010 drought ranks as the worst in over a millennium. – Post-1990s drying ~76% more intense than 16th-century drought. Causes – Weaker summer monsoons due to Indian Ocean warming and aerosol pollution. – Groundwater depletion, reducing baseflows. – Land-use changes and increased human water consumption. Implications – Water security threat for 600+ million people in India, Nepal, and Bangladesh. – Agriculture, irrigation, and livelihoods severely affected. – Reveals limitations of current global climate models in predicting regional drying. Recommendations – Adopt adaptive water management policies considering natural and anthropogenic factors. – Strengthen river basin management and sustainable water-use practices. – Enhance climate and hydrological models for accurate forecasting. 3. AstroSat Completes 10 Years Source: IE Date of Launch: September 28, 2015Operator: Indian Space Research Organisation (ISRO)Mission Type: Multi-wavelength space observatoryOrbit: Near-equatorial, low Earth orbitInstruments: UVIT (Ultraviolet Imaging Telescope), LAXPC (Large Area X-ray Proportional Counter), CZTI (Cadmium Zinc Telluride Imager), SXT (Soft X-ray Telescope)Mission Duration: Planned for 5 years; currently operational beyond 10 years Key Highlights Launch Details: AstroSat was launched aboard the PSLV-C30 rocket from the Satish Dhawan Space Centre on September 28, 2015. Scientific Contributions: Over the past decade, AstroSat has enabled significant discoveries in astrophysics, including observations of distant galaxies, black holes, and neutron stars across ultraviolet, visible, and X-ray wavelengths. 4. Digital Competition Law Source: Mint Context: India is exploring a standalone Digital Competition Act to regulate Big Tech with upfront rules of conduct, rather than relying solely on the Competition Act, 2002 which acts only after breaches occur. Key Highlights: Policy Approach: 5. Ivermectin Context: What is Ivermectin? Banking/Finance 1. India’s Shift Towards a Diversified Credit Ecosystem Context: India’s financial system is witnessing a gradual yet profound transformation. While banks remain central to credit delivery, non-bank financial channels — including NBFCs, corporate bonds, equity, and foreign capital — are playing an increasingly important role. Regulatory reforms, digital infrastructure, and evolving borrower preferences are accelerating this shift. The Role of NBFCs: Category Details / Examples Lending Growth – NBFC loans reached ₹6.1 lakh crore (20% YoY increase). – Crucial for MSMEs, semi-urban, and underserved segments. Key Advantages – Flexible product design and repayment terms. – Strong local presence and contextual understanding. – Use of alternative data and AI for thin-file customers. – Digital channels enable faster, tailored lending. Funding Diversification – Access to corporate bonds, securitisation, co-lending partnerships, and external borrowings. – Innovations include first-loss default guarantees, API-led digital co-lending, and retail participation in loan pools. Regulatory Support – Rollback of higher risk weights on bank lending to NBFCs lowered borrowing costs. – Enabled competitive expansion of lending portfolios. Forward-Looking Reforms and Embedded Finance: Implications for the Financial System: 2. BNPL (Buy-Now-Pay-Later) Platforms Source: TOI Context: RBI has directed Bengaluru-based BNPL firm Simpl to shut its payments operations immediately. Reason: Operating a payment system without RBI authorisation, which violates the Payment and Settlement Systems Act, 2007. Background on BNPL Regulation BNPL (Buy-Now-Pay-Later) BNPL is a financial service that allows consumers to purchase goods or services immediately and pay for them in instalments over time, often without interest for a short period. How it works RBI Important Acts for BNPL Regulation / Act Applicability to BNPL Providers Reserve Bank of India Act, 1934 Grants RBI authority to regulate both banking and non-banking financial institutions. Banking Regulation Act, 1949 Applicable if the BNPL provider functions as a bank. NBFC Regulations Applicable if the BNPL provider operates as an NBFC: • RBI (NBFC) Directions • Digital Lending Guidelines, 2022 (under RBI supervisory powers over NBFCs and digital lenders). Payment and Settlement Systems Act, 2007 Applicable if the BNPL provider issues prepaid payment instruments (PPIs). 3. NaBFID Partners with World Bank & ADB for $1 Billion Credit Enhancement Facility Source: Mint Context: NaBFID (National Bank for Financing Infrastructure and Development) is collaborating with the World Bank and Asian Development Bank (ADB) to set up a $1 billion risk-sharing facility. Purpose of Facility: Regulatory Context: Strategic Importance: 4. Multi-Commodity Exchange of India (MCX) & Gold and Silver Exchange-Traded Funds (ETFs) Context: India Bullion & Jewellers Association (IBJA) urges regulators to allow Indian-refined gold and silver bars (“India Good Delivery”) for: About MCX Current Scenario: Gold & Silver ETFs in India What are ETFs? Gold ETFs Silver ETFs 5. National Pension System (NPS) Reforms Source: FE Context: The National Pension System (NPS), which became available for the non-government sector in 2009, has evolved over the last 16 years, and today it is considered one of the most reliable retirement investment options. Objective: Reduce rigidity, expand investor choice, and make NPS more appealing, especially to private-sector employees and optional subscribers. Major Reforms: Benefits: Challenges / Tax Wrinkles: 6. SBI Card & IndiGo Co-Branded Credit Card Source: ET Context: Domestic carrier IndiGo on Thursday announced the launch of a co-branded premium credit card in collaboration with SBI Card, offering a host of benefits to the customers of the two companies. Program: Part of IndiGo BluChip loyalty program Card Variants: Platform Availability: