Daily Current Affairs Quiz15 & 16 August, 2025 National Affairs 1. Mission Sudarshan Chakra Context: On India’s 79th Independence Day (15th August 2025), the Prime Minister announced the launch of Mission Sudarshan Chakra, a landmark defence initiative to safeguard India’s strategic, civilian, and religious sites from potential enemy attacks. About Mission Sudarshan Chakra IE 2. National Deep Water Exploration Mission Context: On the occasion of the 79th Independence Day, the Prime Minister of India announced the launch of the National Deep Water Exploration Mission to accelerate the discovery of offshore oil and gas reserves. The initiative will focus on areas such as the Andaman Sea and deep waters off the Andhra coast, with the goal of achieving energy self-reliance. About the Mission Key Features: PIB 3. Next-Generation GST Reform Context: On 79th Independence Day, the Prime Minister of India announced a major restructuring of the Goods and Services Tax (GST) to be rolled out by Diwali 2025. The reform is aimed at simplifying tax slabs and reducing the burden on common citizens while enhancing economic growth. About GST Revamp – Next-Gen Reform Proposed Features Mint Banking/Finance 1. Payment Aggregator (PA) vs. Third-Party Payment Aggregator (TPA) Context: The Indian Railway Catering and Tourism Corporation (IRCTC), India’s largest online ticketing platform, is set to expand into the fintech space. Its wholly-owned arm, IRCTC Payments Limited, has received an in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA). Currently, IRCTC uses multiple third-party aggregators and its in-house gateway iPay. 1. Payment Aggregator (PA) 2. Third-Party Payment Aggregator (TPA / Third-Party PA) Key Difference Feature Payment Aggregator (PA) Third-Party PA (TPA) Handles Funds? Yes, collects & settles merchant payments No, only provides tech platform RBI Authorisation Mandatory under PSS Act Not required (but subject to IT/outsourcing norms) Nodal/Escrow Account Must maintain Not applicable Examples Razorpay, PayU, BillDesk Juspay (tech layer), Pine Labs (when acting only as API) BS 2. Participating (Par) Products in Insurance Context: Indian life insurers are rebalancing their product mix towards participating (par) insurance products, moving away from unit-linked (ULIPs) and aggressively priced non-participating (non-par) products. This comes in response to volatile equity markets, falling interest rates, and pricing competition, which have increased balance sheet risks. What are Par Products? Key Features BS 3. Peer-to-Peer (P2P) Collect in Payments Context: The National Payments Corporation of India (NPCI) has announced that it will discontinue the peer-to-peer (P2P) collect request feature on UPI starting October 1, 2025. The decision comes amid rising cases of fraud and misuse linked to this feature. What is Changing? Peer-to-Peer (P2P) Collect Peer-to-Peer (P2P) in Payments ET 4. Credit-to-Deposit Ratio Remains Below 80%: CareEdge Ratings Context: According to CareEdge Ratings, the credit-to-deposit (CD) ratio in Indian banks remains below 80% as credit offtake continues to lag deposit growth. Credit-to-Deposit (CD) Ratio Purpose / Importance TOI 5. RBI to Introduce Continuous Cheque Clearing System Context: The Reserve Bank of India (RBI) has announced a major reform in cheque processing by shifting from batch-based Cheque Truncation System (CTS) to continuous cheque clearing, aimed at faster settlements and enhanced customer convenience. Current Process: New System – Continuous Clearing: Post-Settlement Rules: Objectives: TOI 6. SBI Life Launches “Smart Shield Plus” Term Insurance Context: SBI Life Insurance has launched a new term insurance product—Smart Shield Plus—to meet the evolving protection needs of modern consumers. Key Features ET 7. Punjab & Sind Bank Launches ‘PSB Naari Shakti’ Savings Account Context: Punjab & Sind Bank (PSB) has launched a special savings account named “PSB Naari Shakti” to empower women by offering financial as well as health-related benefits. Key Features: About Punjab & Sind Bank Facts To Remember 1. Nagaland Governor L. Ganesan no more L. Ganesan, 80, Governor of Nagaland and former senior BJP leader from Tamil Nadu, passed away in Chennai. 2. Keymer remains undefeated; Pranesh wins Challengers crown German Vincent Keymer capped a memorable triumph in the Quantbox Chennai Grandmasters chess tournament 2025 with a convincing win in the final round of the Masters section over American GM Ray Robson. 3. AU Small Finance Bank to open 51 branches on Independence Day ahead of universal bank transition AU Small Finance Bank is expanding its branch network in preparation for its conversion into a Universal Bank. It will launch 51 branches across the country on August 15, 2025, coinciding with India’s 79th Independence Day.