Daily Current Affairs Quiz15 & 16 June, 2025 International Affairs 1. Israel-Iran Conflict Context: In a dramatic escalation, Israel has launched a full-scale military operation—“Operation Rising Lion”—targeting key Iranian nuclear and missile facilities. The strike follows a formal declaration by the International Atomic Energy Agency (IAEA) that Iran is in violation of its nuclear safeguards obligations. Background Key Developments Leading to the Operation IAEA Findings and Implications Global and Regional Impact Implications for India National Affairs 1. Flue Gas Desulphurisation (FGD) Units Context: A government-appointed expert committee led by Principal Scientific Advisor Ajay Sood has recommended rolling back India’s 2015 policy mandating the installation of Flue Gas Desulphurisation (FGD) units in all coal-fired thermal power plants (TPPs). The recommendation comes amid high installation costs, sluggish compliance, and mounting power demand. What Is an FGD Unit? FGD units are designed to remove sulphur dioxide (SO₂) from flue gas produced during coal combustion. SO₂ is a key contributor to respiratory illness and air pollution. There are three major types of FGD systems: Why SO₂ Emissions Matter Implementation Status in India Is There an Alternative to FGD Units? TH 2. New Species of Jumping Spider Discovered in Southern India Context: A team of Indian researchers has discovered a new species of jumping spider from the subfamily Spartaeinae, marking a significant extension of the known distribution of the genera Spartaeus and Sonoita into the Indian subcontinent. These genera were previously known only from Southeast Asia and Africa. Discovery Details The new species, named Spartaeus karigiri, was identified in Devarayanadurga, Karnataka, specifically near Karigiri (Elephant Hill)—the location after which the species is named. The discovery was led by John Caleb T.D., a researcher at Saveetha Medical College, Chennai. The research, published in the European Journal of Taxonomy on June 11, highlights the first recorded presence of Spartaeus and Sonoita spiders in India. TH 3. Shanghai Cooperation Organisation (SCO) Why in News? India refused to associate itself with a statement by the Shanghai Cooperation Organisation (SCO) condemning Israel’s military strikes on Iran in another show of solidarity with Israel this week, after it abstained from voting on a UN resolution seeking ceasefire in Gaza. Shanghai Cooperation Organisation (SCO) The Shanghai Cooperation Organisation (SCO) is a multilateral political, economic, security, and defence organization comprising 10 member states across Eurasia. It represents the world’s largest regional organization by area and population, covering approximately 24% of the world’s landmass and 42% of its population. Member States Origins and Development Structure and Governance Key Principles 4. Second Batch of Phase 2 Capacity-Building under NAKSHA Programme Context: The Department of Land Resources (DoLR), under the Ministry of Rural Development, Government of India, has announced the launch of the second batch of Phase 2 of its capacity-building programme under the NAKSHA (National Geospatial Knowledge-based Land Survey of Urban Habitations) initiative. The programme commences on June 16, 2025, with training to be conducted across four Centres of Excellence (CoEs) nationwide. Objectives The training is designed to empower ULB-level and district officials with the technical competencies to carry out high-precision urban property surveys. Modules include: About NAKSHA The NAKSHA programme is a pioneering geospatial initiative launched by DoLR in partnership with: It is currently being piloted in 157 ULBs across 27 States and 3 Union Territories, and aims to meet the growing demand for accurate, accessible, and verifiable urban land records, especially as India’s urban population is projected to cross 600 million by 2031. Banking/Finance 1. Govt Likely to Amend Refund Clause in New IT Bill, 2025 Context: In a major relief for taxpayers, the government is likely to amend the controversial refund provision in the draft Income Tax (IT) Bill, 2025, which currently denies refunds for returns filed after the due date. A senior official from the Finance Ministry has confirmed that the provision will be rectified and brought in line with the current law. Contradictory Clauses in the Draft Law The draft Bill, introduced in Parliament on February 13, 2025, contains contradictory sections: Tax experts and stakeholders flagged this inconsistency, calling it confusing and potentially unfair. BS 2. SEBI Likely to Announce Regulatory Relaxations Context: The Securities and Exchange Board of India (SEBI) is expected to introduce a set of regulatory relaxations and reforms during its upcoming board meeting on June 18, the second under the chairmanship of Tuhin Kanta Pandey. Key Expected Announcements New Category of FPIs for Government Bond Investments SEBI may introduce a dedicated category of foreign portfolio investors (FPIs) called IGBFPIs, specifically for those investing in Indian government bonds (IGBs) through the Voluntary Retention Route (VRR) and Fully Accessible Route (FAR). The proposed changes include: Simplification of Delisting Process for PSUs The board is also expected to consider reforms for voluntary delisting of public sector undertakings (PSUs) where the government holds more than 90% equity. The changes may include: Currently, eight listed PSUs have over 90% government ownership, including Haryana Financial Corporation and KIOCL, making public stake dilution and fair price discovery challenging. Co-investment Reforms in AIFs SEBI will likely review recommendations from a working group on facilitating co-investments in Alternative Investment Funds (AIFs) via separate co-investment vehicles. Topics under consideration include: Relaxations for REITs and InvITs The board may also ease disclosure norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) by: KRAs and Policy Updates BS 3. The Journey of Regional Rural Banks (RRBs) Context: The journey of Regional Rural Banks (RRBs), which began with the establishment of five banks on October 2, 1975, has been both remarkable and transformational. These banks are jointly owned by the Central Government (50%), state governments (15%), and sponsor banks (35%), which include public sector, private, and cooperative banks. Sponsor banks also provide managerial support by deputing key personnel, including chairmen and general managers. Expansion and Consolidation Initially proliferating to 196 RRBs during the expansion phase, the sector later underwent two decades of consolidation, guided by the concept of “One State, One RRB”, now implemented fully as of May 1, 2025. This has brought down the

Daily Current Affairs Quiz14 June, 2025 International Affairs 1. Iran-Israel Conflict Triggers Oil Price Context: The latest escalation in tensions between Israel and Iran has sparked fears of oil supply disruptions and rising inflation in India. Though India does not import significant oil volumes directly from Iran, analysts warn of ripple effects across global markets. Key Economic Risks for India Crude Oil Import Cost Surge Strategic Supply Route at Risk Implications for Indian Exports Route Disruptions National Affairs 1. India’s Gaza Ceasefire Abstention at UNGA Context: India abstained from a United Nations General Assembly (UNGA) vote on June 13, 2025, that called for an immediate ceasefire in Gaza. The resolution passed overwhelmingly, but India chose not to support it — marking its fourth abstention on Gaza-related votes in three years. This move contrasts with India’s vote in favour of a ceasefire resolution just six months earlier, in December 2024. United Nations General Assembly (UNGA) The United Nations General Assembly (UNGA) is one of the six principal organs of the United Nations (UN), acting as its main deliberative, policymaking, and representative body. The Assembly is currently in its 79th session, with its authority defined in Chapter IV of the UN Charter. Composition and Voting Rights Key Functions and Responsibilities Banking/Finance 1. Cryptocurrency or Virtual Digital Asset (VDA) Context: In a significant move to tighten compliance, the Income Tax Department has issued notices to thousands of taxpayers who failed to disclose income from cryptocurrency or Virtual Digital Asset (VDA) transactions. What is Virtual Digital Asset (VDA)? According to the Finance Act 2022 (India), a Virtual Digital Asset (VDA) is defined as: Cryptocurrency (or virtual currency) Crypto assets are assets issued or transferred using distributed ledger technology (DLT) or blockchain technology. They are a wide range of digital instruments that can represent value or ownership. Crypto assets include cryptocurrencies. Cryptocurrency (or virtual currency) is likely the most well-known type of crypto asset. Cryptocurrency is a digital currency or medium of exchange. It can be used To exchange for products or services, like fiat currency (such as Canadian dollars or US dollars) Background 2. External Benchmark Lending Rate (EBLR) Context: The country’s largest lender, State Bank of India (SBI), reduced its External Benchmark Lending Rate (EBLR) and home loan rate by 50 basis points, keeping with Reserve Bank of Indias half per cent cut in policy repo rate. The revised EBLR would be 8.15 per cent as against the old rate of 8.65 per cent. External Benchmark Lending Rate (EBLR) The External Benchmark Lending Rate (EBLR) represents a paradigm shift in India’s banking landscape, aiming to ensure better transmission of monetary policy to end borrowers. Initiated by the Reserve Bank of India (RBI), EBLR replaced internal benchmarks like IBLR and MCLR, which were found ineffective in ensuring fair and timely rate transmission. Background: Evolution from IBLR and MCLR Before EBLR, Indian banks relied on two major benchmarks: Despite RBI’s policy rate cuts, banks often failed to pass on the benefits to borrowers, citing factors like internal spreads, operational costs, and non-performing assets. This inefficiency led RBI to constitute an Internal Study Group (ISG), whose recommendations culminated in the adoption of EBLR from October 1, 2019. What is EBLR? EBLR stands for External Benchmark Lending Rate, a rate linked to an external reference such as: Key Regulatory Instructions by RBI Why the Shift to EBLR? The transition to EBLR was driven by key shortcomings of IBLR and MCLR: Impact of a Reduction in External Benchmark Lending Rate (EBLR) on Borrowers When the External Benchmark Lending Rate (EBLR) is reduced, borrowers with EBLR-linked loans—such as home loans, personal loans, and loans to small businesses—generally benefit from lower interest rates. This mechanism ensures faster and more transparent monetary transmission compared to older internal benchmark systems like MCLR (Marginal Cost of Funds Based Lending Rate). 3. RBI Issues New Guidelines to Ease Reactivation of Dormant Bank Accounts and Access to Unclaimed Deposits Context The Reserve Bank of India (RBI) has issued revised guidelines aimed at simplifying the process for customers and heirs to reactivate inoperative bank accounts and claim unclaimed deposits. The move is designed to improve access to forgotten funds and reduce bureaucratic hurdles, particularly for senior citizens and rural customers. What Are Inoperative Accounts and Unclaimed Deposits? Challenges Faced Earlier Key Changes Under the New RBI Guidelines Expected Impact BS 4. Scapia Partners with Federal Bank to Launch Dual-Network RuPay Credit Card Context: Scapia, a Bengaluru-based travel fintech startup, has partnered with Federal Bank to launch the Scapia Federal RuPay Credit Card, featuring a dual-network architecture (VISA + RuPay). The card is designed for seamless integration of credit and UPI payments, catering especially to frequent travelers and digital-savvy users. Key Features of the Scapia Federal RuPay Credit Card About Scapia 5. RBI Permits STRIPS Trading in State Government Bonds to Deepen Market Liquidity Context: The Reserve Bank of India (RBI) has expanded its STRIPS (Separate Trading of Registered Interest and Principal of Securities) framework to include State Government Securities (SGSs), aligning it with the existing facility for Central Government Securities (G-Secs). The move aims to boost liquidity, price discovery, and retail investor participation in the state bond market. What is STRIPS? STRIPS allows the principal and interest components of fixed-coupon securities to be traded separately as individual zero-coupon instruments. This promotes flexibility in trading and widens the investor base. Key Highlights of the STRIPS Facility for State Bonds Agriculture 1. NABARD Gets Government Nod to Raise ₹19,500 Crore via Deep-Discount Bonds Context: The National Bank for Agriculture and Rural Development (NABARD) has received central government approval to raise ₹19,500 crore (approximately $2.3 billion) through deep-discount zero-coupon bonds, the largest such approval among state-run entities this fiscal year. The bond issuance will remain open for subscription until March 31, 2027. What Is a Zero-Coupon Bond? A Zero-Coupon Bond (ZCB) is a type of debt security that does not pay periodic interest (coupons). Instead, it is sold at a deep discount and redeemed at full face value (par value) upon maturity. The investor’s return is the difference between the purchase price and maturity