Daily Current Affairs Quiz4 September, 2025 National Affairs 1. GST 2.0 Reforms Source: Indian Express & Economic Times Context: On September 3, 2025, the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, held its 56th meeting which lasted over 10 hours. The meeting marked the biggest overhaul of the eight-year-old Goods and Services Tax (GST) regime, approving the much-awaited GST 2.0 reforms. Slab Rationalisation Rate Reductions for Common & Middle-Class Items 0% (Exempted) 5% (Reduced from 12–18%) 18% (from 28% or 12%) 40% (Demerit Rate) Structural Reforms Fiscal Impact Significance 2. ARTHA Financing Framework Source: ET Context: The government is set to launch ARTHA, a financing framework for repurposing de-coaled mines. Launch will take place during the Star Rating Awards Ceremony for Coal and Lignite Mines in Mumbai. About ARTHA Significance Banking/Finance 1. Long-Duration Debt Mutual Funds Hit by Rising G-Sec Yields Source: BS Context: Long-duration debt mutual funds (MFs) have seen a sharp fall in returns due to a surge in government securities (g-sec) yields. Investors in dynamic bond funds and g-sec funds with exposure to long-maturity papers bore the maximum impact. What are Long-Duration Debt Mutual Funds (MFs)? What are Government Securities (G-secs)? Current Situation? Impact of Rising G-sec Yields on Long-Duration Debt MFs On Investors On Economy On Mutual Fund Industry 2. Variable Rate Reverse Repo (VRRR) Auction Context: The Reserve Bank of India (RBI) plans to conduct an eight-day variable rate reverse repo (VRRR) auction on Thursday aimed to drain ₹ 1.5 trillion from the banking system. What is Variable Rate Reverse Repo (VRRR)? Difference Between VRR and VRRR Feature VRR (Variable Rate Repo) VRRR (Variable Rate Reverse Repo) Purpose Inject liquidity into system Absorb liquidity from system Flow of Money RBI → Banks Banks → RBI Collateral Banks give G-secs to borrow funds Banks deposit surplus cash Impact Eases shortage, reduces interest rates Controls excess, supports inflation control Why is RBI Conducting this Auction? Impact of VRRR Auction On Banks On Economy On Investors 3. Bank of Baroda Launches ‘bob Digi Udyam’ Collateral-Free Digital Financing Scheme Source: BL Context: State-owned Bank of Baroda (BoB) announced the launch of bob Digi Udyam – a digital, collateral-free lending platform offering Micro and Small Enterprises (MSEs) quick access to working capital loans above ₹10 lakh to ₹50 lakh. Purpose Loan Features Digital Process Agriculture 1. Kapas Kisan App Source: PIB Context: On 2 September 2025, Union Minister of Textiles Shri Giriraj Singh launched the Kapas Kisan mobile app, developed by the Cotton Corporation of India (CCI) under the Ministry of Textiles, in New Delhi. The app aims to digitize cotton procurement under the Minimum Support Price (MSP) scheme, empowering farmers with transparency and efficiency in the procurement process. About Kapas Kisan App Features Benefits Facts To Remember 1. India defeats Bahrain in AFC u-23 Asian Cup qualifiers India began its AFC under-23 Asian Cup qualifiers on a winning note with a 2-0 victory over Bahrain at the Suheim bin Hamad Stadium in Doha. 2. Elavenil Valarivan  Elavenil Valarivan was one of the star performers in the recent Asian shooting championship in Kazakhstan, as she won the women’s air rifle gold, and the mixed air rifle gold with Arjun Babuta. 3. Citibank gets new co head for investment banking in Apac US-based Citibank on Wednesday said it has appointed Kaustubh Kulkarni asco-head of its investment banking coverage for Japan, Asia North and Australia, and Asia South (Asia Pacific, or Apac). 4. RBI clears reappointment of R Gandhi as Yes Bank Chairman till 2027 Private sector lender Yes Bank on Tuesday said the Reserve Bank has approved the reappointment of former RBI Deputy Governor R Gandhi as non-executive chairman of the bank. 5. Union Cabinet Approves ₹1,500-Crore Incentive Scheme for Recycling of Critical Minerals The Union Cabinet on Wednesday approved a ₹1,500 crore incentive scheme to promote recycling of e-waste and battery waste for the extraction of critical minerals, a move aimed at strengthening India’s supply chain resilience in the sector.

Daily Current Affairs Quiz3 September, 2025 National Affairs 1. Global Peace Index (GPI) 2025 Source: ET Context: In the 19th edition of the Global Peace Index (GPI) 2025, released by the Institute for Economics and Peace (IEP), Singapore has been ranked the safest country in Asia and 6th globally. India is ranked at 115th position with a score of 2.229. The index evaluates 163 countries based on safety, ongoing conflicts, and militarisation. What is the Global Peace Index (GPI)? Indicators and Methodology GPI evaluates countries on 23 indicators grouped into 3 domains: GPI 2025 – Global Trends and Rankings India in GPI 2025 2. Semiconductor & India’s Vision Context: At the 4th SEMICON India Conference (Sept 2025), PM Narendra Modi outlined India’s ambition to emerge as a “full-stack semiconductor nation”, covering the entire chip value chain from design and fabrication to packaging and innovation. What are Semiconductors? Applications of Semiconductors India’s Current Status Banking/Finance 1. Government’s Draft Norms Ease Compliance for Foreign Investment in Insurance Sector Source: BS Context: The government has issued draft amendments to the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2015, aimed at reducing compliance hurdles and making India’s insurance sector more attractive to global investors. Key Highlights: Relaxed Residency Requirement Board and Governance Conditions Capital and Dividend-Related Changes 2. SEBI Introduces Intraday Position Framework for Equity Index Options Source: Mint Context: On September 2, 2025, SEBI announced a new entity-level framework to monitor intraday positions in equity index options, effective October 1, 2025. The move aims to curb risky expiry-day bets and enhance market stability. What are Equity Index Options? What are Intraday Positions? Key Features of the Framework Parameter Net Intraday Position Limit Gross Intraday Position Limit Definition Overall directional exposure (long or short) after adjusting for offsetting positions Total exposure on both buy and sell sides without netting opposite positions How Calculated Long positions – Short positions Long positions + Short positions Example ₹7,000 cr long – ₹2,000 cr short = ₹5,000 cr net long ₹7,000 cr long + ₹2,000 cr short = ₹9,000 cr gross SEBI Cap ₹5,000 crore per entity (on Futures Equivalent / delta basis) ₹10,000 crore per side (buy and sell separately) Status from Oct 1, 2025 Newly introduced, effective October 1, 2025 Already applicable, remains unchanged Monitoring Framework Keywords Why It Matters 3. No Insurance Licence to VC-backed Fintechs: IRDAI Source: ET Context: The Insurance Regulatory and Development Authority of India (Irdai) has toughened its stance against granting insurance manufacturing licences to venture capital-backed fintech startups. The regulator believes such startups are better suited for insurance distribution, not manufacturing. Venture Capital-backed Fintech Startups Why IRDAI is Concerned? 4. Suryoday Small Finance Bank Launches Secured Credit Cards Source: Mint Context: Suryoday Small Finance Bank (SSFB) has introduced secured credit cards designed to expand credit accessibility for first-time users by leveraging fixed deposits as collateral. The offering targets homemakers, retirees, and individuals new to credit, encouraging responsible credit habits. Key Features: About Suryoday Small Finance Bank (SSFB) 5. The Council of Insurance Ombudsman (CIO) 2023-24 Report Source: ET Context: The Council of Insurance Ombudsman (CIO) 2023-24 report highlights rising complaints against health insurers in India. Policyholders have increasingly approached the Ombudsman due to claim delays, partial or complete repudiations, and other service issues. Key Highlights: IRDAI Internal Ombudsman Initiative Agriculture 1. BHARATI Initiative Source: News on Air Context: The Agricultural and Processed Food Products Export Development Authority (APEDA) has launched the BHARATI initiative to support 100 agri-food startups and enhance India’s agri-food export potential. What is BHARATI? Objectives Key Features 2. Horticulture as a Growth Engine Source: BS Context: A recent RBI Bulletin research article highlights that India’s agricultural debate is shifting from staples (rice, wheat) to high-value crops such as fruits and vegetables. Horticulture is emerging as a key pathway to higher incomes, rural employment, and nutritional security, especially for small and marginal farmers. Why Horticulture Matters Challenges in Diversification Solutions and Policy Pathways Facts To Remember 1. PM Modi receives first Made in India Vikram 32-bit chip Union Minister for Electronics & Information Technology Ashwini Vaishnaw presented Prime Minister Narendra Modi a memento containing the ‘Made in India’ Vikram 32-bit Processor Launch Vehicle Grade chip at the Semicon India 2025. 2. Bima Sugam Phase-I likely in December The first phase of Bima Sugam the insurance regulators ambitious project to create an Amazon-likeone-stop digital platform for insurance policies is likely to be launched in December, according to people familiar with the development. 3. India Post Payments Bank (IPPB) Marks 8th Foundation Day On 1st September 2025, India Post Payments Bank (IPPB) marked its 8th Foundation Day, celebrating its role in delivering inclusive, accessible, and affordable banking services across rural, semi-urban, and remote regions.