Daily Current Affairs Quiz23 July, 2025 National Affairs 1. Safety Failures in Sewer Deaths Across India Context: A social audit commissioned by the Ministry of Social Justice and Empowerment has exposed gross negligence in the safety protocols followed during hazardous cleaning of sewers and septic tanks in India. The findings were tabled in Parliament in July 2025. Key Findings of the Social Audit National Trends and Government Response TH 2. World Bank Report Warns of Climate Risks to Indian Cities Context: The World Bank, in partnership with the Union Ministry of Housing and Urban Affairs, has released a critical report titled “Towards Resilient and Prosperous Cities in India”, warning that India’s urban growth is at risk due to increasing climate vulnerabilities, especially heat waves and urban flooding. Key Findings of the Report: Key Recommendations To safeguard urban growth and vulnerable populations, the World Bank recommends: TH Banking/Finance 1. FACE Issues Code of Conduct for Regtech Firms to Boost Regulatory Cooperation Context: In a first-of-its-kind move, the Fintech Association for Consumer Empowerment (FACE) has introduced a comprehensive Code of Conduct for regulatory technology (regtech) firms in India. This development aims to instill greater accountability, transparency, and alignment with regulatory expectations in the rapidly evolving fintech ecosystem. What is Regulatory Technology (RegTech)? RegTech, short for Regulatory Technology, refers to the use of technology to help businesses comply with regulations more efficiently and effectively, especially in highly regulated sectors like finance, insurance, healthcare, and legal services. Definition RegTech is the application of AI, machine learning, big data, cloud computing, and blockchain to automate and streamline regulatory compliance processes. It enables real-time monitoring, reporting, and risk management in a cost-effective manner. Key Features of RegTech Key Highlights of the Code: Mandatory Regulator Cooperation Six-Month Implementation Timeline Scope of the Code Covers multiple policy areas: Data Security & User Rights Third-Party Due Diligence Grievance Redressal BS 2. Trai Meets RBI, Sebi, MHA, Meity, other Regulators on Curbing Spam, Fraud Context: In a significant move to combat spam, fraud, and misuse of telecom infrastructure, India’s telecom regulator TRAI convened a high-level multi-regulator meeting on July 22, 2025. The meeting included top officials from RBI, SEBI, DoT, MHA, and MEITY, culminating in the launch of a pilot project on digital consent acquisition. Key Highlights Cross-Sectoral Regulatory Collaboration Launch of Digital Consent Acquisition Pilot Transition to 1600-Series for Commercial Calls Enhanced Cybersecurity and Data Exchange BS 3. Equity Mutual Funds May Soon Be Allowed to Invest in Gold and Silver: SEBI Proposal Context: In a potential shift in mutual fund regulations, the Securities and Exchange Board of India (SEBI) may soon allow equity mutual fund schemes to invest in gold and silver, as part of its proposed new scheme categorisation framework. Key Highlights: Proposed Change in Investment Norms Optional Exposure Implications for Fund Houses and Investors Background BS 4. Financial Inclusion Index (FI-Index): RBI Context: The Reserve Bank of India (RBI) announced on July 22, 2025, that the Financial Inclusion Index (FI-Index) rose to 67 in the financial year ending March 2025 (FY25), up from 64.2 in FY24 and 60.1 in FY23. The index reflects a steady improvement in access, usage, and quality of formal financial services across India. What is the Financial Inclusion Index (FI-Index)? Year FI-Index Value FY23 60.1 FY24 64.2 FY25 67.0 Key Drivers of Growth BS 5. CoinDCX Launches Bounty Programme to Recover Stolen Crypto Assets Context: On July 19, 2025, CoinDCX, one of India’s largest cryptocurrency exchanges, suffered a crypto asset theft worth $44 million from its treasury. The loss was absorbed from internal reserves; customer wallets remained unaffected. Bounty Programme Details Additional Measures About CoinDCX Indian Express 6. Amalgamation of Regional Rural Banks (RRBs) Context: The Government of India has completed the Phase-IV consolidation of Regional Rural Banks (RRBs) under the principle of One State–One RRB, reducing the number of RRBs from 43 to 28 across 26 States and 2 Union Territories. Key Highlights: PIB Economy 1. Core Inflation Rising Context: India’s headline inflation might appear comfortably low, but a deeper concern is brewing beneath the surface — rising core inflation, which excludes food and fuel prices. This trend may have critical implications for the RBI’s monetary policy stance, especially the trajectory of future rate cuts. Core Inflation Core inflation is a type of inflation measure which seeks to represent the underlying long-run trend of aggregate price levels in the economy. This is achieved by removing certain items exhibiting short-term significant price fluctuations within the overall consumer basket. Recent Inflation Trends Why Core Inflation Matters Policy Implications Decomposition and International Practices Mint Agriculture 1. Price Deficiency Payment Scheme (PDPS) Context: On July 22, 2025, the Government of India approved PDPS for 162,500 metric tonnes of Totapuri mangoes from Andhra Pradesh under its Market Intervention Scheme (MIS). The move follows a direct appeal from Chief Minister Chandrababu Naidu to Union Agriculture Minister Shivraj Singh Chouhan, seeking urgent relief due to falling prices. Key Highlights: Objective of the Scheme What is PDPS? BS 2. Organic Farming Promotion in India Context: Organic farming is being promoted through Paramparagat Krishi Vikas Yojana (PKVY) in all the States/UTs except North Eastern States and Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) for the North Eastern States. Key Schemes: Common Features of PKVY & MOVCDNER Marketing & Digital Linkages Crop Insurance 1. Pradhan Mantri Fasal Bima Yojana (PMFBY) 2. Restructured Weather-Based Crop Insurance Scheme (RWBCIS) PIB 3. Use of Artificial Intelligence, IoT, and Drones in Indian Agriculture Context: To enhance crop productivity, sustainability, and farmer incomes, the Government of India has deployed Artificial Intelligence (AI), Internet of Things (IoT), and drone-based solutions across multiple schemes and platforms. These initiatives aim to tackle real-time challenges like pest attacks, inefficient farm practices, and the digital gap among smallholder farmers. Key Digital and AI-Driven Initiatives Kisan e-Mitra (AI Chatbot for Farmer Queries) National Pest Surveillance System (NPSS) Satellite-Based Crop Mapping Drone-Based Support in Agriculture Drone Subsidy Under SMAM (Sub-Mission on Agricultural Mechanization) Namo Drone Didi Scheme (2023–26) PIB