Daily Current Affairs Quiz25 & 26 September, 2025 National Affairs 1. India’s First Overseas Defence Manufacturing Facility in Morocco Source: News On Air Context: Defence Minister Rajnath Singh began his maiden visit to Morocco by inaugurating India’s first overseas defence manufacturing facility in Berrechid, marking a milestone in India–Morocco defence ties. The facility, established by Tata Advanced Systems Limited (TASL), reflects India’s strategic push to expand its global defence manufacturing footprint. About the Facility: Aim: Key Features: 2. DRDO–SFC Successfully Test-Fire Agni-Prime Missile from Rail-Based Mobile Launcher Source: TH Context: The Defence Research and Development Organisation (DRDO) and the Strategic Forces Command (SFC) conducted a successful test of the Intermediate Range Ballistic Missile (IRBM) Agni-Prime under full operational conditions. Key Highlights: 3. India’s Forest Cover Expanded by 2.5% in a Decade Source: BS Context: The Government of India has released its first-ever dedicated publication on forest accounting, highlighting trends in forest cover and condition between 2010-11 and 2021-22. The study, conducted by the Ministry of Statistics and Programme Implementation (MoSPI), follows the UN System of Environmental Economic Accounts (SEEA) Framework (2018). Key Findings: Category 2010-11 / 2001-02 2021-22 / 2024 Change Remarks Total Forest Area (sq km) 697,898 715,342 +17,444 (+2.5%) Net addition over 10 years due to afforestation, reforestation, conservation Very Dense Forests (VDF, >70% canopy) 83,502 102,502 +19,000 (+22.7%) Indicates improved forest quality and successful conservation Moderately Dense Forests (MDF, 40–70% canopy) 318,745 307,673 −11,071 Decline in medium-density forests Open Forests (OF, 10–40% canopy) 295,651 305,167 +3.2% Driven by plantations, natural regeneration, afforestation on degraded lands Read more>> 4. India Successfully Test-Fires Agni-Prime Missile from Rail-Based Launcher Source: TOI Context: India successfully conducted its first-ever test of the Agni-Prime intermediate-range ballistic missile from a rail-based mobile launcher on 24 September 2025. Strategic Significance Operational Context 5. World Food India (WFI) 2025 Source: PIB Context: In line with this vision, MoFPI launched World Food India (WFI), its flagship international event designed to showcase India’s rich food culture and attract global investment in 2017. Two more editions were held in 2023 and 2024, and the 4theditionis set to be held from 25thto 28thSeptember 2025 at Bharat Mandapam, New Delhi.  About WFI 2025: Aim: Key Features: Banking/Finance 1. GST Appellate Tribunal (GSTAT) Launched Context: GSTAT is a statutory appellate body under the Goods and Services Tax (GST) laws, designed to provide taxpayers with a specialized, independent forum for appeal and dispute resolution. The launch marks a key milestone in the evolution of India’s GST regime and strengthens the institutional framework for indirect tax dispute resolution. Key Features: Aspect Details Objectives – Provide a nationwide, specialized forum for GST disputes– Ensure jargon-free, transparent, and time-bound appellate decisions– Facilitate digital-by-default filings and virtual hearings– Reduce legal friction, enhance cash flows for MSMEs and exporters, and instill trust in the tax system– Uphold the principle of ‘One Nation, One Forum for Fairness and Certainty’ Structure & Composition Principal Bench: New DelhiState Benches: 31 Benches across 45 locations in India Members per Bench – 2 Judicial Members– 1 Technical Member (Centre)– 1 Technical Member (State) Purpose of Composition Designed to balance judicial expertise and technical knowledge from both Central and State administrations 2. RBI Issues Directions for Digital Payment Transaction Authentication Mechanism Source: BS Context: The Reserve Bank of India (RBI) has issued new guidelines mandating two-factor authentication (2FA) for all digital payment transactions in India, effective April 1, 2026, to enhance transaction security and reduce fraud. Key Highlights: 3. Qatar Enables UPI Payments, Qatar Duty Free Becomes First Merchant Source: TH Context: NPCI International Payments Ltd. (NIPL), in collaboration with Qatar National Bank (QNB), has launched UPI acceptance in Qatar. The initiative will make transactions easier for Indian travelers visiting Qatar, especially at tourist attractions and shopping outlets. Key Highlights: Aspect Details Partnership NIPL (subsidiary of NPCI) with Qatar National Bank (QNB) Technology Provider NETSTARS’ payment solution powers the integration Coverage UPI-enabled QR code payments accepted across Qatar via QNB-acquired merchants First Merchant Qatar Duty Free outlets Benefit Indian tourists can make instant, secure, and seamless payments via UPI at major tourist locations 4. Sebi Compliance Rules Spotlight Social Impact Auditors Amid SSE Growth Context: The Securities and Exchange Board of India (Sebi) recently revised compliance rules for the Social Stock Exchange (SSE), drawing attention to the growing role and constraints of social impact auditors professionals who verify the real-world impact of social enterprises. Key Updates: Social Auditors & Challenges: Social Stock Exchange (SSE): 5. RBI’s Supervisory Data Quality Index (sDQI) Improves in June 2025 Source: Economic Times Context: The Reserve Bank of India (RBI) reported a steady improvement in the Supervisory Data Quality Index (sDQI), which evaluates the quality of data submitted by Scheduled Commercial Banks (SCBs). Key Highlights: Significance About sDQI 6. Real-Time US Dollar Settlement Platform to Launch in GIFT City Source: IE Context: Standard Chartered Bank, CCIL IFSC Ltd, and the International Financial Services Centres Authority (IFSCA) are set to launch a real-time settlement platform for US dollar-denominated trades in GIFT City, Gandhinagar, Gujarat, likely on October 7, 2025. Key Details: Operational Significance: 7. NBFC Retail Bad Loans Outlook for FY26 Context: Moody’s Ratings has projected that retail non-performing assets (NPAs) of Non-Banking Financial Companies (NBFCs) in India are likely to rise in FY26 by 20–30 basis points, following years of rapid loan disbursements that have outpaced India’s nominal GDP growth. Key Highlights: Regulatory Measures: 8. Transmission of Monetary Policy to NBFC Borrowing and Lending Rates Source: BS Context: A research paper published in the RBI Bulletin analysed how monetary policy impulses are transmitted to Non-Banking Financial Companies (NBFCs). The study finds that while policy changes affect NBFC borrowing and lending rates, the transmission is incomplete due to structural and market constraints. Key Highlights: Aspect Key Highlights Borrowing Side – Dependence on bank and market borrowings; no direct access to LAF– Repo rate cuts don’t immediately lower NBFC funding costs- Borrowing costs depend on liquidity conditions & risk perception– Empirical finding: 1% repo rate change → 0.24% change in WABR (over 3 quarters)– Larger, profitable NBFCs