Daily Current Affairs Quiz6&7 July, 2025 International Affairs 1. BRICS Summit in Rio de Janeiro, Brazil Context: Prime Minister Narendra Modi is attending the BRICS Summit (July 6–7) in Rio de Janeiro, Brazil, alongside leaders from the original five member countries and the newly inducted members — Egypt, Ethiopia, UAE, Iran, and Indonesia. Key Highlights from the Summit India–Brazil Bilateral Engagement TH National Affairs 1. India and Trinidad & Tobago Sign Key Agreements Context: During Prime Minister Narendra Modi’s official visit to Trinidad and Tobago, the two nations signed at least six bilateral agreements, signaling stronger engagement in economic, developmental, and global partnership domains. Key Highlights: About Trinidad and Tobago TET 2. Nipah Virus (NiV) Context: Kerala has once again reported the presence of the Nipah virus, marking the eighth emergence in as many years. While the state has become adept at containing the virus, critical knowledge gaps remain regarding how the virus spills over from bats to humans. What is Nipah Virus (NiV)? Transmission Routes Symptoms of NiV Infection Why are NiV outbreaks recurring in Kerala? 3. Gini Index: World Bank Report Context: A recent World Bank report ranked India among the most equal countries globally based on its Gini index for 2022–23, pegged at 25.5—placing it fourth after the Slovak Republic, Slovenia, and Belarus. However, economists and policy experts have raised serious concerns about data limitations, sampling flaws, and methodological choices that may understate inequality in the country. What Is the Gini Index? Key Highlights: Decline in Extreme Poverty Drivers of India’s Improved Equality The steady decline in inequality is attributed to targeted government initiatives that expanded financial inclusion, direct benefit transfers, healthcare access, and rural empowerment. Key programmes include: TH, BS & TET 4. India Launches Phenome India “National Biobank” Context: Union Minister of State (Independent Charge) for Science & Technology and CSIR Vice President Dr. Jitendra Singh inaugurated the Phenome India National Biobank at CSIR-IGIB in New Delhi. This state-of-the-art facility is a key milestone in India’s effort to build a comprehensive longitudinal health database to facilitate personalised treatment and precision medicine. About the Phenome India National Biobank Biobank A biobank is a collection of biological samples (like blood, tissue, or DNA) and associated information (like health records or family history) that are stored and managed for research purposes. They are crucial for advancing medical and health research by providing researchers with access to a large pool of well-characterized samples and data.  PIB Banking/Finance 1. PM Jan Dhan Accounts Context: In response to rising instances of cyber fraud and money laundering, the Government of India has advised state-owned banks to close inoperative PM Jan Dhan Yojana (PMJDY) accounts that are increasingly being exploited as mule accounts. Key Developments Pradhan Mantri Jan Dhan Yojana (PMJDY) Launch Date:August 28, 2014 Objective:To promote financial inclusion by providing affordable access to: Eligibility Criteria Account Features BS 2. Payments Ecosystem in India Introduction: India’s digital payment ecosystem is being powered by multiple platforms—UPI, Aadhaar Enabled Payment System (AePS), Payment Aggregators (PAs), and Prepaid Payment Instruments (PPIs)—each serving distinct use cases but collectively advancing financial inclusion, especially in rural and semi-urban India. Aadhaar Enabled Payment System (AePS) UPI: India’s Flagship Digital Payments Channel Challenges in AePS vs. BC Model Payment Aggregators (PAs) Prepaid Payment Instruments (PPIs) Way Forward India’s digital payment landscape is undergoing rapid transformation: Yet, to achieve holistic financial inclusion, the RBI must address gaps in: BS 3. The Monetary Multiverse: SBI Report Context: A recent report by the State Bank of India (SBI), titled “The Monetary Multiverse”, suggests that subtle cues in RBI Governor Sanjay Malhotra’s speeches and attire may reflect underlying shifts in the central bank’s monetary policy stance. Though intended “on a lighter note,” the analysis reveals interesting patterns in language and visuals that may serve as early indicators of policy direction. Rise of “Growth” Over “Inflation” Is the RBI Governor’s Tie a Policy Signal? SBI’s report introduced a novel concept: “Necktie Nomics”, which explores whether the colour tone of the RBI Governor’s necktie correlates with policy decisions. Tie Tone Categories and Policy Implications Tie Tone Colours Included Associated Policy Behavior Warm Red, Orange, Coral Hawkish bias; more rate hikes Cool Blue, Aqua, Light Blue Neutral; mostly rate holds Dark Black, Navy, Black with Silver Decisiveness; clear cuts or hikes Mixed Purple, Yellow High volatility, low predictability Recent Example During the latest 50 bps rate cut, Governor Malhotra wore a dark-toned tie, aligning with the “decisive” signal attributed to such tones. Communication Matters in Central Banking Key Takeaways BS 4. IBC Cannot Override PMLA on Attached Assets: NCLAT Ruling Context: The National Company Law Appellate Tribunal (NCLAT) has ruled that the Insolvency and Bankruptcy Code (IBC) cannot override the Prevention of Money Laundering Act (PMLA) when it comes to assets attached by the Enforcement Directorate (ED) as proceeds of crime. Context of the Ruling NCLAT Observations Implications of the Ruling TET 5. Public Sector Banks May Scrap Minimum Balance Penalties Context: In a significant policy shift, public sector banks (PSBs) are reconsidering the need for minimum balance requirements in savings accounts, following discussions with the Finance Ministry. This move comes amid concerns over the declining share of Current Account and Savings Account (CASA) deposits in overall bank liabilities. Key Developments Context and Rationale Changing Banking Economics Mint 6. LIC Launches Nav Jeevan Shree Plans 911 & 912 Context: Life Insurance Corporation of India (LIC) launched two new non-linked, non-participating endowment insurance plans effective July 4, 2025: These plans offer guaranteed returns and insurance protection, tailored to suit a range of financial planning goals. Plan 912 – Nav Jeevan Shree (Regular Premium) Key Features: Plan 911 – Nav Jeevan Shree (Single Premium) Key Features: TOI 7. SEBI Proposes Dedicated Electronic Book Provider (EBP) Platform for NPOs on SSE Context: The Securities and Exchange Board of India (SEBI) has proposed a new framework to enhance fundraising mechanisms for not-for-profit organisations (NPOs) through the Social Stock Exchange (SSE). What is SSE-EBP? Key Features: Applicability Bidding & Allotment Mechanism Issuer Responsibilities Issuers