Daily Current Affairs Quiz3 July, 2025 International Affairs 1. BRICS Summit Context: Prime Minister Narendra Modi has embarked on a five-nation diplomatic tour beginning July 3, 2025, with a focus on strengthening India’s engagement with the Global South and reinforcing cooperation through multilateral platforms such as BRICS. The tour includes official visits to Ghana, Brazil, Trinidad and Tobago, Argentina, and Namibia. PM Modi will participate in the BRICS Summit in Rio de Janeiro, Brazil. About BRICS Origin Headquarters Member Countries Formation Context Key Goals and Objectives of BRICS 2. Quad Launches Critical Minerals Initiative Context: The foreign ministers of the Quad grouping—India, the US, Japan, and Australia—launched the Quad Critical Minerals Initiative to ensure secure, diversified, and reliable supply chains of critical minerals. The move aims to counter global economic coercion and reduce overdependence on any single country, particularly amid concerns over China’s dominance and price manipulation in the sector. Objectives of the Quad Critical Minerals Initiative Why Critical Minerals Matter Impact on India National Critical Mineral Mission (NCMM) TH National Affairs 1. India Celebrates 10 Years of Digital India Initiative Overview Core Objectives of Digital India Nine Pillars of Digital India Success Factors 2. C-FLOOD: India’s Unified Flood Inundation Forecasting System Context: Union Jal Shakti Minister Shri C. R. Patil inaugurated C-FLOOD, a cutting-edge flood forecasting and dissemination system, on July 2, 2025, at Shram Shakti Bhawan, New Delhi. Developed collaboratively by C-DAC Pune, Central Water Commission (CWC), and NRSC, this initiative is a significant advancement in India’s disaster resilience framework. Key Features of C-FLOOD Strategic Importance PIB 3. Special Registration Scheme for Employers and Workers (SPREE) Context: The Employees’ State Insurance Corporation (ESIC), during its 196th Corporation Meeting chaired by Union Labour & Employment Minister Dr. Mansukh Mandaviya in Shimla, approved SPREE 2025 (Scheme for Promotion of Registration of Employers and Employees). This initiative is aimed at expanding social security under the ESI Act, 1948. Key Highlights of SPREE 2025 Significance of the Scheme What is ESIC? The Employees’ State Insurance Corporation provides healthcare, insurance, and social protection to workers under the ESI Act, 1948, covering medical, maternity, disability, and unemployment benefits. TET Banking/Finance 1. Microfinance institutions Will Return to Normalcy: Ind-Ra Context: According to a recent report by India Ratings (Ind-Ra), the microfinance institution (MFI) sector in India is expected to return to pre-crisis normalcy only by the second half of FY26, owing to profitability challenges, rising costs, and regulatory uncertainties. The credit rating agency has assigned a ‘deteriorating outlook’ to the sector. Key Highlights Delayed Recovery Timeline Impact of Tamil Nadu and Karnataka Ordinances Profitability and Yield Pressures Banking Sector’s Risk Mitigation TH 2. SEBI Introduces Common Contract Note with Single VWAP Context: The Securities and Exchange Board of India (SEBI) has mandated the implementation of a common contract note featuring a single volume weighted average price (VWAP) for trades executed across exchanges. This directive came into effect on June 27, 2025, and is aimed at streamlining the post-trade reporting process for investors and brokers alike. Key Highlights Common Contract Note Introduced The volume-weighted average price (VWAP) Benefits of the Reform BS 3. Financial Fraud Risk Indicator (FRI) Context: In a major move to strengthen digital financial safeguards, the Reserve Bank of India (RBI) has issued an advisory encouraging all banks to adopt the Financial Fraud Risk Indicator (FRI) developed by the Department of Telecom (DoT). This initiative reflects a growing emphasis on real-time fraud prevention amid the rising use of digital payments across India. Key Highlights Real-Time Fraud Detection Data Sources The FRI system is powered by cross-agency intelligence from: RBI’s Directive Early Adopters of FRI The tool has already been adopted by several major financial players, including: These institutions have reportedly witnessed the tool’s operational utility in reducing fraud risk. TET 4. IRDAI Eases Concerns Over Bancassurance Crackdown Context: In a significant relief to private life insurers, the Insurance Regulatory and Development Authority of India (IRDAI) is unlikely to introduce coercive restrictions on the bancassurance distribution model, despite concerns raised over potential misselling of insurance products via banks. Key Highlights BS 5. SEBI Tightens Royalty Disclosure Norms for Listed Firms Context: The Securities and Exchange Board of India (SEBI) has introduced enhanced disclosure norms for royalty payments to related parties, following concerns over excessive outflows and opaque contractual arrangements. The changes are aimed at ensuring informed oversight by audit committees and shareholders. Key Highlights Trigger for Reform Key Disclosure Mandates Parent-Subsidiary Transparency BS 6. RBI Pushes for Real-Time Credit Reporting and Grameen Credit Score to Boost Financial Inclusion Context: In a significant move to improve the accuracy and efficiency of lending decisions, the Reserve Bank of India (RBI) has emphasized the need for real-time or near real-time credit reporting by lenders to Credit Information Companies (CICs). The central bank also announced plans to roll out a Grameen Credit Score system tailored to improve credit access in rural India. Key Announcements Real-Time Credit Reporting Risks and Data Governance Challenges Grameen Credit Score for Rural Inclusion No Pre-Payment Charges for Business Loans to Individuals and MSEs Mint 7. IndusInd Bank Launches “INDIE for Business” Context: IndusInd Bank has launched INDIE for Business, a digital banking platform aimed at empowering India’s 60 million-plus Micro, Small and Medium Enterprises (MSMEs) by offering integrated solutions across payments, lending, collections, and account management. Key Features & Benefits Relevance to MSMEs TET 8. Karur Vysya Bank Partners with Kshema General Insurance for Rural-Focused Bancassurance Context: Karur Vysya Bank (KVB) has entered into a strategic bancassurance alliance with Kshema General Insurance to launch a specialized dual-benefit insurance product named Kshema Kisan Sathi, focusing on India’s rural and agri-centric population. Key Highlights of the Partnership What Is Bancassurance? 9. SBI Launches Specialized Global Trade Finance Centres in Kolkata and Hyderabad Context: The State Bank of India (SBI) has inaugurated two specialized Global Trade Finance Centres (GTFCs) in Kolkata and Hyderabad to enhance its trade finance capabilities and offer faster, tech-enabled services in import-export processing. Key Highlights Tech-Driven Transformation SBI’s trade finance operations