Daily Current Affairs Quiz23 August, 2025 National Affairs 1. Adi Karmayogi Abhiyan Context: The Ministry of Tribal Affairs has launched the Adi Karmayogi Abhiyan, envisaged as the world’s largest tribal grassroots leadership programme, focusing on empowering tribal communities, building local leadership, and promoting responsive governance. Key Objectives: Major Features & Outcomes: Community Participation: PIB 2. NITI Aayog’s Roadmap for Homestays Context: NITI Aayog has released a report titled “Rethinking Homestays: Navigating Policy Pathways”, outlining a strategic framework to develop an inclusive and sustainable homestay ecosystem in India. The report emphasizes fiscal incentives, streamlined registrations, and digitalization of homestay operations. These steps align with India’s broader aim of leveraging tourism for job creation and regional economic development. Key Highlights of the Report: Significance: ET 3. Kerala Becomes India’s First Fully Digitally Literate State Context: In August 2025, Kerala Chief Minister declared the state as India’s first fully digitally literate state, marking the successful completion of Phase I of the Digi Kerala Project. Digital Literacy in India Positive Impacts on Socio-Economic Development Concerns in India IE Banking/Finance 1. RBI’s Discussion Paper on Flexible Inflation Targeting (FIT) Context: RBI has released a discussion paper to review the Flexible Inflation Targeting (FIT) framework as the current 4% CPI target (with a 2–6% band) ends in March 2026. RBI warns that raising the target could weaken policy credibility and undo past gains. Why Retain the 4% Target? Headline vs. Core Inflation RBI’s Stand: Flexible Inflation Targeting (FIT) Benefits of FIT So Far IE 2. SEBI Chief Cautions AMCs on Micro-Cap Investments, Urges Transparency Context: At the 30th anniversary of the Association of Mutual Funds in India (AMFI), SEBI Chairperson Tuhin Kanta Pandey highlighted key regulatory concerns for the mutual fund industry, focusing on risk management, investor protection, and transparency. Key Highlights: 1. Micro-Cap Investments (Small Companies) 2. Chhoti SIPs (Small Monthly Investments) 3. Investor Confidence (Trust in Markets) BS 3. L&T Finance Partners with Google Pay to Offer Instant Personal Loans Context: L&T Finance Ltd. (LTF), one of India’s leading non-banking financial companies (NBFCs), has partnered with Google Pay to provide personal loans directly via the digital payments platform. Key Highlights: Mint 4. Advisory Board for Banking & Financial Frauds (ABBFF) Context: The Advisory Board for Banking and Financial Frauds (ABBFF) has been reconstituted for a two-year term, effective August 21, 2025. Functions as a ‘Safety Valve’ for bankers, providing advice before criminal investigations in major fraud cases. Advisory Board for Banking and Financial Frauds (ABBFF): The Advisory Board for Banking and Financial Frauds (ABBFF) is a high-level panel set up by the Central Vigilance Commission (CVC) to examine the role of senior officials of Public Sector Banks (PSBs), Public Sector Insurance Companies, and Public Sector Financial Institutions in large fraud cases. Key Points: BS 5. Capital Charge for Counterparty Credit Risk (CCR) Context: The Reserve Bank of India (RBI) has proposed to widen the scope of capital charge for Counterparty Credit Risk (CCR) to include derivatives in equity, precious metals (excluding gold), and other commodities. Key Highlights: Counterparty Credit Risk (CCR) Counterparty Credit Risk (CCR) is the risk that the other party in a financial transaction (the counterparty) may fail to meet its obligations before the final settlement of the transaction. It is most common in derivatives, securities financing, and trading transactions. Key Features of CCR: Why It Matters? BS 6. RBI Empowers Federal Bank to Process Maharashtra Government Payments via GRAS Context: The Reserve Bank of India (RBI) has officially allowed Federal Bank to collect government receipts on behalf of Maharashtra through the Government Receipt Accounting System (GRAS) portal. This authorization broadens the number of banks that can accept both digital and in-person payments for state dues like stamp duty and taxes. About the GRAS Portal What Will Change? Once integrated with GRAS, Federal Bank customers can: About Federal Bank ET Agriculture 1. Fortified Rice Scheme Context: Union Cabinet (Aug 2025) approved universal supply of fortified rice under all government schemes till December 2028. Outlay: ₹17,082 crore (100% central funding). About the Scheme Coverage & Components Key Features PIB Facts To Remember 1. 40% of Chief Ministers face criminal cases: ADR report Of the 30 Chief Ministers in the country, 12 of them, or 40%, declared criminal cases against themselves, according to a new report by poll rights body Association for Democratic Reforms. 2. RBI’s Indranil Bhattacharyya nominated as MPC member The Central Board of Directors of the Reserve Bank of India, at its meeting held in Lucknow, under the chairmanship of Governor Sanjay Malhotra, approved the nomination of Executive Director Indranil Bhattacharyya as an ex-officio member of the monetary policy committee (MPC). 3. Elavenil shoots her way to air rifle gold Elavenil Valarivan battled the Chinese and Koreans efficiently to bag the women’s air rifle gold with a 0.6 point margin over Peng Xinlu in the 16th Asian shooting championship in Shymkent on Friday. It was the second Asian championship individual gold for the 26-year-old , following the first in 2019. 4. Priya claims silver and Suraj bronze in World u-20 wrestling Priya Malik, a World under-20 champion in 2023, clinched the silver medal after being pinned by European World under-20 champion Nadiia Sokolovska in the women’s 76kg final at the World under-20 wrestling in Samokov. 5. Great Nicobar Project The ₹72,000-crore Great Nicobar Island Project — comprising a transshipment port, airport, power plant, and township — faces renewed opposition from the Nicobarese Tribal Council. The council has accused the Andaman & Nicobar Islands (A&NI) administration of falsely certifying compliance with the Forest Rights Act (FRA), 2006, to secure forest clearances for the mega project. 6. National summit on Technical textiles and Viksit Bharat held at Patna In Bihar, a national summit on technical textiles and Viksit Bharat was held at Patna to discuss the contribution and role of technical textiles in the growth story of India.  7. 4th Semicon India 2025 to be organised from Sept 2 Prime Minister Narendra Modi will inaugurate the fourth edition of Semicon India 2025 in