Daily Current Affairs Quiz13 & 14 July, 2025 National Affairs 1. PARAKH Rashtriya Sarvekshan 2024 Context: The PARAKH Rashtriya Sarvekshan 2024, a landmark assessment conducted by the Government of India, has delivered a blunt message: enrolment may be high, but learning outcomes remain dismal. Conducted across 21 lakh students in Classes 3, 6, and 9 in over 74,000 schools and 781 districts, the survey underlines deep foundational learning deficits in the Indian school system. Key Findings: Underlying Causes Policy Implications and Reform Priorities The NEP 2020 rightly emphasizes foundational literacy and numeracy (FLN) as a national priority. However, classroom-level reforms alone are insufficient without a supportive ecosystem. Recommendations: 2. India’s Carbon Credit Trading Scheme (CCTS) Context: India has announced emissions intensity of production targets under the CCTS for eight heavy industrial sectors: These sectors are part of India’s compliance carbon market, where companies that beat their emission reduction targets can trade excess credits. India’s Carbon Credit Trading Scheme (CCTS) & Carbon Pricing Framework What is CCTS? Key Mechanisms of CCTS Why is CCTS Important? What is Carbon Pricing? Carbon Pricing Mechanisms: Challenges in Effective Implementation of CCTS Governance Mechanisms TH & PIB UPSC Civil Services Examination, Previous Year Question (PYQ)   Prelims  Q. Consider the following statements (2023) Statement—I: Carbon markets are likely to be one of the most widespread tools in the fight against climate change.   Statement—II: Carbon markets transfer resources from the private sector to the State.   Which one of the following is correct in respect of the above statements?   (a) Both Statement—I and Statement—II are correct and Statement—II is the correct explanation for Statement—I   (b) Both Statement—I and Statement—II are correct and Statement—II is not the correct explanation for Statement—I   (c) Statement—I is correct but Statement—II is incorrect   (d) Statement—I is incorrect but Statement—II is correct   Ans: B   3. Special Economic Zone (SEZ) Amendment Bill Context: The long-awaited Special Economic Zone (SEZ) Amendment Bill is expected to be introduced in the upcoming Monsoon Session of Parliament, marking a major overhaul of the existing SEZ Act, 2005. The Union Cabinet’s approval is expected shortly before the Bill is tabled. Why Is the Amendment Needed? Key Proposed Changes 1. Duty Forgone on Raw Materials for Domestic Sales 2. Introduction of Reverse Job Work 3. Payment in Indian Currency for SEZ Services What Are SEZs? BS Banking/Finance 1. Rise in Informal Borrowing Among Poor Households in India Context: Despite near-universal access to bank accounts (96% households as per NFHS-5), recent data from CMIE and Piramal Enterprises show a rising trend in informal borrowing among low-income households due to limited access to formal credit. What is Informal Credit? Key Trends in Informal Credit Usage Causes of Informal Credit Reliance Implications for Financial Inclusion TH 2. Mobile Money Context: Globally, over 1 billion people remain unbanked, relying solely on cash for everyday transactions. This exposes them to security risks, travel burdens, and limited economic opportunity. What is Mobile Money? Global Growth 3. Banks Prefer VRRR Over SDF as Overnight Rates Firm Up Context: The amount parked by banks in the Reserve Bank of India’s (RBI’s) Standing Deposit Facility (SDF) has dropped sharply to ₹1.2 trillion, down from ₹3.26 trillion at the beginning of July 2025. This shift follows RBI’s Variable Rate Reverse Repo (VRRR) auctions aimed at absorbing surplus liquidity. What is Variable Rate Reverse Repo (VRRR)? What is the Standing Deposit Facility (SDF)? The Standing Deposit Facility (SDF) is a tool introduced by the RBI to absorb surplus liquidity from the banking system without providing any collateral. Traditionally, when banks had excess funds, they could deposit them with the RBI and earn interest through the reverse repo mechanism, but the RBI had to provide government securities as collateral in exchange. The SDF changes that—it lets banks park their surplus funds securely with the RBI while earning an interest rate, and the RBI doesn’t need to part with any assets in return. BS 4. RBI’s Nod for Voluntary Gold Pledge Likely to Boost Micro and Agri Lending Context: The Reserve Bank of India (RBI) has clarified that voluntary pledging of gold for small-value loans will not violate collateral-free lending norms. This regulatory relief is expected to enhance priority sector lending (PSL) to farmers and micro enterprises, sectors critical to inclusive credit growth. Key Highlights: New RBI Clarification Impact on Agricultural Loans Boost to MSME Lending Regulatory Compliance and PSL Targets TET 5. The CAMSPay’s New Payment Gateway Context: CAMS Limited has announced the launch of The CAMSPay’s New Payment Gateway, a next-generation digital payment infrastructure designed to support high-volume, real-time transactions while ensuring full compliance with evolving Reserve Bank of India (RBI) norms. India’s Digital Payments Surge CAMSPay’s Key Differentiators Payment Gateway A payment gateway is a service that authorizes and processes credit card or debit card payments for online or physical stores. It acts as a bridge between the merchant and the customer’s bank, securely transmitting payment information and ensuring transactions are completed. Essentially, it’s a digital point-of-sale system for online businesses.  6. RBI Expands Basel III Credit Rating Options for IFSC Exposures Context: The Reserve Bank of India (RBI) has amended its Basel III Capital Regulations to broaden the credit rating agencies banks can use for assessing risk weights on claims involving non-resident corporates located in International Financial Services Centres (IFSCs). Key Highlights: 7. Slice Launches India’s First UPI-Enabled Physical Bank Branch Key Highlights: Features of the UPI-Integrated Branch Additional Launch Significance Agriculture 1. India–Saudi Fertilizer Agreement for DAP Imports Context: Three major Indian fertilizer firms—Indian Potash Ltd (IPL), KRIBHCO, and Coromandel International—have signed a five-year agreement with Saudi Arabia’s Ma’aden to import 3.1 million metric tonnes (MMT) of DAP fertilizer annually starting FY 2025–26. Key Highlights of the Agreement Strategic Features Significance for India The Indian Express Facts To Remember 1. ‘Enrolment nearly done in third phase trials for India’s first dengue vaccine’ Following an announcement by the Indian Council of Medical Research (ICMR) and Panacea Biotec Ltd. to initiate third phase trials, about 8,000 of the targeted 10,000 participants have enrolled in the third phase of clinical trials for a dengue vaccine in India, Manoj Murhekar, Director, National