Context: The Ministry of Micro, Small & Medium Enterprises (MSME) has streamlined the process under the Scheme for Promotion and Investment in Circular Economy (SPICE) to encourage material efficiency and green practices in micro and small enterprises (MSEs). Key Highlights: Scheme for Promotion and Investment in Circular Economy (SPICE) The MSE-SPICE Scheme (Scheme for Promotion and Investment in Circular Economy) is a flagship initiative by the Government of India to foster sustainable industrial practices in the Micro and Small Enterprises (MSE) sector. It is aligned with India’s broader goal of achieving net-zero emissions by 2070. Objectives Scheme Framework TET

Context: Life Insurance Corporation of India (LIC) has signed $1 billion worth of forward rate agreements (FRAs) with major Wall Street banks, marking a major push into bond derivatives. Forward Rate Agreements (FRAs) A Forward Rate Agreement (or FRA) is an agreement between two parties to exchange payments usually equal to short term underlying interest rate obligations of those two parties. The notional principal amount of a FRA is used to calculate the interest payment only and is not exchanged. FRAs allow LIC to lock in future bond yields, protecting income from falling interest rates. Bond Derivatives Bonds are fixed-income securities that reflect loans made to borrowers by investors. Derivatives can be understood as a security with a price that is based on or derived from one or more underlying assets is referred to as a derivative. Market Impact Working Mechanism of FRA Significance BS

Context: Bank of India Mutual Fund (BoI MF) has launched a new midcap equity scheme to tap into India’s growing midcap segment across high-potential sectors. Key Highlights: What are Mid Cap Funds? Mid Cap Funds are equity mutual funds that invest primarily in mid-sized companies, classified by SEBI as those ranked 101st to 250th by market capitalization. Key Features Investment Universe SEBI Classification TET

Context: The Reserve Bank of India (RBI) has released a draft Master Direction introducing the Eligibility Criteria for Business Authorisation (ECBA) to regulate the expansion activities of Urban Co-operative Banks (UCBs). This proposed framework will replace the existing Financially Sound and Well Managed (FSWM) criteria. Key Highlights: BS

Context: The National Payments Corporation of India (NPCI) is preparing to introduce biometric authentication (facial recognition, fingerprints) for UPI transactions to strengthen digital payment security and user convenience. Key Highlights: What’s Changing? Status and Rollout Rationale Behind the Move BS

Context: The Government of India is promoting balanced regional development and local entrepreneurship through the One District One Product (ODOP) initiative, integrated with Districts as Export Hubs (DEH), and supported by schemes targeting MSMEs. ODOP – One District One Product Initiative Districts as Export Hubs (DEH) MSME Export and Marketing Support a. International Cooperation Scheme (Ministry of MSME) b. Digital & E-Commerce Enablement c. Financial Incentives for MSMEs: PIB