Daily Current Affairs Quiz20 August, 2025 National Affairs 1. Governor’s Assent to Bills Context: The Supreme Court of India delivered a significant judgment reprimanding Tamil Nadu Governor R.N. Ravi for withholding assent or delaying action on 10 state bills re-passed by the state legislature. The Court held that the Governor’s act of reserving these bills for the President’s consideration was unconstitutional. Key Constitutional Provisions: Supreme Court’s Observations: Timelines Fixed by SC (First Time Ever): Scenario Maximum Time Allowed Withhold assent or reserve for President (with CoM’s advice) 1 Month Withhold assent without CoM’s advice (returning bill) 3 Months Bill re-passed by Assembly (2nd time) 1 Month Judicial Oversight: Reaffirmation of Democratic Principles: Clarification on Reserve Power: 2. Saltwater Crocodile Context: The West Bengal Forest Department has reported a notable increase in the population of saltwater crocodiles (Crocodylus porosus) in the Sundarban Biosphere Reserve (SBR), highlighting the success of ongoing conservation efforts. About: Habitat (India & Global): Threats: Protection Status: TH 3. “One Nation, One Election” Bill Context: The Joint Parliamentary Committee (JPC), headed by BJP MP P.P. Chaudhary, is reviewing the Constitution (One Hundred and Twenty-Ninth Amendment) Bill, 2024, aimed at enabling simultaneous elections to the Lok Sabha and State Assemblies. Former Chief Justice of India Sanjiv Khanna raised concerns regarding potential constitutional and federal implications of the legislation. One Nation, One Election: One Nation, One Election is a proposal under consideration by the Government of India to synchronise all elections in the country either on a single day or within a specific time frame, with an objective of cutting election cost. Key Legal Concerns: Legislative Provisions in the Bill: Next Steps: TH 4. Govt Drafts Bill to Ban Online Real-Money Gaming in India Context: The Union Government has finalised a draft legislation to ban all forms of online real-money gaming (RMG) in India. The Promotion and Regulation of Online Gaming Bill, 2025 is scheduled to be introduced in the Lok Sabha. What is Online Real-Money Gaming (RMG)? Key Highlights of the Draft Bill: Rationale: BS 5. Cloudburst Disasters in India Context: In 2025, cloudbursts, flash floods, and landslides have wreaked havoc across Northeast India, Uttarakhand, Himachal Pradesh, and most recently, Jammu and Kashmir. Over 60 lives were lost in J&K in less than a week, underscoring gaps in India’s climate preparedness and early-warning systems. Background: Current Challenges: Policy Imperatives: IE Banking/Finance 1. RBI Study: Foreign Liabilities of Indian Mutual Funds Rise 19.9% in FY25 Context: The Reserve Bank of India (RBI) released a study highlighting the growing foreign investor participation in Indian mutual fund schemes. Key Highlights: Implications: Regulatory: TH 2. Urban Challenge Fund (UCF) Context: India’s rapid urbanisation has highlighted the urgent need for new financing models for city infrastructure. To address this, the Union Budget 2025 announced the creation of an Urban Challenge Fund (UCF) worth ₹1 lakh crore, marking a strategic departure from entitlement-based grants to a competitive, performance-linked funding framework. What is the Urban Challenge Fund (UCF)? The Urban Challenge Fund (UCF) is a ₹1 lakh crore financing mechanism announced in the Union Budget 2025–26 to support transformative and bankable urban development projects in India. Key Features of UCF: Funding Mechanism: BS 3. Nifty Bank Index Context: The Securities and Exchange Board of India (SEBI) has proposed a relaxation in index realignment norms to avoid sudden market disruptions, especially in the Nifty Bank index, which is heavily skewed towards HDFC Bank and ICICI Bank. Background: SEBI’s May 2025 Norms What is Nifty Bank Index? Key Features: BS 4. SEBI Reconsiders Intraday Limits for Equity Derivatives Context: The Securities and Exchange Board of India (SEBI) is reviewing stricter position limits on index derivatives in the Indian markets. This comes in the backdrop of concerns over manipulative trading strategies impacting retail investors. Proposed Move: Intraday Limits for Equity Derivatives Intraday limits in equity derivatives are regulatory caps or restrictions on the size of trading positions (open contracts) that an investor, trader, or institution can take within the same trading day in products like index futures and options. These limits are set by SEBI (Securities and Exchange Board of India) and monitored by stock exchanges to: ET 5. InvITs and REITs AUM Cross $94 Billion in FY25 Context: According to a report by Knight Frank India, the combined Assets Under Management (AUM) of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) in India have shown remarkable growth over the last five years. InvITs (Infrastructure Investment Trusts) Key Features: REITs (Real Estate Investment Trusts) Key Features: ET 6. Registered Investment Advisers (RIAs) and Research Analysts Context: The Securities and Exchange Board of India (SEBI) has floated a consultation paper to ease compliance for Registered Investment Advisers (RIAs) and Research Analysts, addressing practical challenges in the existing framework. This comes after a decline in the number of RIAs from around 1,300 a few years ago to 967 at present. Background: Registered Investment Advisers (RIAs) and Research Analysts (RAs) Registered Investment Advisers (RIAs) Research Analysts (RAs) Mint 7. HDFC ERGO and PhonePe Launch Affordable Health Insurance for the “Missing Middle” Context: HDFC ERGO General Insurance has partnered with digital payments platform PhonePe to introduce an affordable health insurance plan aimed at India’s “missing middle” — young adults who are typically first-time purchasers of insurance coverage. Key Highlights: Significance: ET 8. TaxBuddy Launches AI-Powered Tax Filing System Context: TaxBuddy, a leading tax returns filing platform, has unveiled an AI-powered filing system aimed at making income tax filing faster, simpler, and more efficient for Indian taxpayers. Key Features: Significance: TH 9. Punjab National Bank Becomes First PSU Bank to Migrate to ‘.bank.in’ Domain Context: Punjab National Bank (PNB) has successfully migrated its corporate website to www.pnb.bank.in, becoming the first Public Sector Bank in India to adopt the ‘.bank.in’ domain, as per RBI’s recent guidelines. Key Highlights: BL Agriculture 1. Urea and Its Role in Agriculture Context: Telangana is witnessing a shortage of urea, a key soil nutrient for crop growth, leading to long queues outside fertilizer shops. The situation has become a political flashpoint between the Central