Daily Current Affairs Quiz29 August, 2025 National Affairs 1. Comprehensive Modular Survey (CMS) 2025 Context: The Comprehensive Modular Survey (CMS) 2025 on education revealed that 33% of school students in India take private coaching, indicating growing reliance on “shadow schooling”. About Shadow Schooling: Key Findings of CMS 2025 Report: About CMS (Comprehensive Modular Survey): 2. Comprehensive Modular Survey: Education (CMS:E) 2025 by NSO Source: BS Context: A government report from the Comprehensive Modular Survey: Education (CMS:E) 2025, released by the National Statistical Office (NSO), has revealed a sharp decline in students attending government schools, especially at higher levels of schooling. Key Findings: Expenditure on Education: Shadow Schooling / Private Coaching: About CMS: Education (2025) Banking/Finance 1. SEBI Approves Groww’s $1 Billion IPO Source: BS Context: Investment platform Groww has received approval from the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). This will be the largest fund-raise by an Indian capital market firm through the primary market. What is an IPO? Eligibility Criteria for a Company to Launch IPO in India (SEBI Guidelines) A company must meet SEBI’s ICDR Regulations (Issue of Capital and Disclosure Requirements): About Groww 2. UMANG (Unified Mobile Application for New-age Governance) Context: The Employees’ Provident Fund Organisation (EPFO) has integrated its services with the government-backed UMANG (Unified Mobile Application for New-age Governance) app. This eliminates the need for subscribers to visit EPFO offices or use multiple portals for managing their provident fund accounts. Objectives Key Features Services Available on UMANG 3. RBI State of the Economy Report (August 2025) Source: IE Context: The Reserve Bank of India (RBI), in its State of the Economy article published in the August 2025 bulletin, warned that persisting India-US trade policy uncertainties, including the US’s recent 50% tariff on Indian exports (effective August 27, 2025), could pose downside risks to India’s economy. Key Highlights: 4. RBI Mulls Restrictions on Shadow Lenders’ Subsidiaries Source: BL Context: The Reserve Bank of India (RBI) is considering directing non-banking financial companies (NBFCs), or shadow lenders, to scale down subsidiary operations that overlap with the parent’s business, aligning rules with those already proposed for banks. What are Shadow Lenders? What Happened? RBI plans to restrict shadow lenders’ subsidiaries from engaging in lending activities that overlap with their parent NBFCs, to curb risks, harmonize norms with banks, and ensure sustainable growth. Key Concerns of RBI Broader Regulatory Approach 5. Punjab National Bank Launches India’s First Startup-Centric Branch Source: BL Context: Punjab National Bank (PNB) inaugurated its first dedicated branch for startups at Bhikaji Cama Place, New Delhi, aligned with the Startup India initiative. Key Highlights: India’s First Startup-Centric Branch A startup-centric branch is a dedicated banking branch that focuses exclusively on meeting the financial and advisory needs of startups and innovation-driven companies. Unlike a normal bank branch, which caters to all types of customers, this branch is designed to provide customized services for entrepreneurs. Key Features 6. RBI Grants In-Principle Approval for Aditya Birla Capital to Operate as Payment Aggregator Source: ET Context: Aditya Birla Capital’s subsidiary, Aditya Birla Capital Digital Ltd (ABCDL), has received in-principle authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payment and Settlement Systems Act, 2007. What is a Payment Aggregator? A Payment Aggregator (PA) is a third-party service provider that enables merchants (online or offline) to accept various types of digital payments without having to directly integrate with banks or individual payment networks. Examples in India Payment and Settlement Systems Act, 2007 The Payment and Settlement Systems Act, 2007 is the key legislation in India that provides a legal framework for regulation and supervision of payment systems in the country. It empowers the Reserve Bank of India (RBI) to regulate and oversee payment and settlement systems to ensure safety, efficiency, and stability. Objectives 7. Utkarsh Small Finance Bank Partners with Hitachi Payment Services for Payment Processing and Debit Card Management Context: Utkarsh Small Finance Bank (SFB) has partnered with Hitachi Payment Services to enhance its payment processing system and debit card management platform. Key Highlights: Government Initiatives to Enhance Financial Services for Underserved & Unserved Sections Initiative Year / Institution Key Features Target Group / Benefit Pradhan Mantri Jan Dhan Yojana (PMJDY) 2014 Zero-balance accounts, RuPay debit card, accidental & life insurance cover Unbanked households Business Correspondent (BC) Model RBI directive Agents deliver doorstep banking services Rural & remote populations Aadhaar Enabled Payment System (AePS) UIDAI + NPCI Biometric-based digital banking transactions Rural & semi-urban poor Unified Payments Interface (UPI) NPCI (2016) Instant, low-cost, interoperable digital payments General public, merchants, small businesses India Stack Govt + Fintech APIs for paperless, cashless, presence-less financial transactions Digital economy & underserved Pradhan Mantri Mudra Yojana (PMMY) 2015 Collateral-free loans up to ₹10 lakh (Shishu, Kishore, Tarun categories) Small businesses, entrepreneurs 8. SEBI Plans Incentives for First-Time Women Mutual Fund Investors Source: Mint Context: To promote financial inclusion and encourage greater participation of women in mutual funds, SEBI Chairman Tuhin Kanta Pandey announced that the regulator is planning additional incentives for first-time female investors. Key Highlights: About SEBI: Facts To Remember 1. CM launches regional version of Gujarat global summit Chief Minister Bhupendra Patel launched a regional version of the Vibrant Gujarat Global Summit with a focus on highlighting the strengths of each region to promote local products at international, national levels and also seek investment in districts. 2. India hosts international meeting on military medicine Union Minister of State for Defence Sanjay Seth on Thursday inaugurated “MILMEDICON-2025: international conference on physical and mental trauma in military settings” at Manekshaw Centre, New Delhi.  3. Nearly 60% of MGNREGS budget already spent in first 5 months of financial year Nearly 60% of the budget allocated for the Union government’s flagship rural employment programme — Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) — has been exhausted with a month still left to go for the second quarter to end.  4. Gurpreet shoots gold Olympian Gurpreet Singh clinched the 25-metre