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
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
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 number of RRBs to 28, with an expansive branch network exceeding 22,000, second only to the State Bank of India. Opportunities Ahead Challenges to Address
Sebi Tightens ESG Bond Rules
Context: India’s capital market regulator, the Securities and Exchange Board of India (Sebi), has introduced a comprehensive framework for the continuous monitoring and third-party verification of environmental, social, and governance (ESG)-labelled bonds, effective from 5 June 2025. While aimed at curbing “purpose-washing,” the move may increase compliance burdens, especially for mid-sized firms, according to market experts. Environmental, social, and governance (ESG)-Labelled Bonds Environment, Social and Governance Debt Securities or “ESG Debt Securities” means green debt securities, social bonds, sustainability bonds, sustainability-linked bonds, or any other type of bonds Key Objectives of Sebi’s New Framework Risk of Market Bifurcation Mint
Jupiter and Scapia Launch RuPay-UPI Enabled Credit Cards
Context: India’s fintech space continues to evolve rapidly with the launch of UPI-compatible RuPay credit cards by Jupiter and Scapia, in collaboration with CSB Bank and Federal Bank respectively. These digital-first offerings combine the power of credit with the convenience and ubiquity of UPI, marking a significant step forward in the integration of India’s payment systems. Jupiter’s Edge+ RuPay Credit Card Jupiter, a digital-first money management platform, has unveiled the Edge+ CSB Bank RuPay Credit Card, a no-joining-fee, no-annual-fee product focused on rewards and UPI-enabled convenience. Key Features:
NPCI–IDRBT Sign MoU to Boost Cybersecurity and Resilience in India’s Digital Payments Ecosystem
Context: In a strategic move to enhance cybersecurity and digital resilience within India’s fast-expanding digital payments infrastructure, the National Payments Corporation of India (NPCI) and the Institute for Development and Research in Banking Technology (IDRBT) signed a Memorandum of Understanding (MoU) on June 12, 2025. Why This Matters As India’s digital payment ecosystem witnesses exponential growth, the associated risk of cyber threats has also surged. This partnership aims to fortify India’s financial infrastructure by building skilled human capital, improving threat intelligence, and introducing structured certification programs to enhance the sector’s preparedness against cyber threats. Key Objectives of the MoU Highlights of the Partnership About NPCI About IDRBT
CreditAccess Grameen Raises $100 Million Multi-Currency Syndicated Social Loan to Strengthen Rural Microfinance
Context: In a key milestone toward advancing inclusive finance in India, CreditAccess Grameen Ltd (CA Grameen) has successfully secured a $100 million multi-currency syndicated social loan facility, marking its second such facility and the first structured in both Japanese Yen (JPY) and United States Dollar (USD). Key Highlights Strategic Impact About CreditAccess Grameen Headquartered in Bengaluru, CreditAccess Grameen is India’s largest NBFC-MFI, with a mission to empower rural women through access to credit. The firm continues to expand its presence in states such as Andhra Pradesh, Bihar, Ch
Daily Current Affairs (DCA) 15&16 June, 2025
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
RBI Eases Reactivation Process for Dormant Bank Accounts and Unclaimed Deposits
Context: In a customer-centric move, the Reserve Bank of India (RBI) has issued fresh guidelines aimed at simplifying the reactivation of dormant bank accounts and facilitating access to unclaimed deposits, particularly benefiting senior citizens, non-resident Indians (NRIs), and heirs of deceased account holders. Key Highlights of the New Guidelines
Ancient Indian Wisdom for a Sustainable Agricultural Future
Context: In ancient India, Earth and sky were read as one text—a cosmic manuscript that dictated not just when to sow or harvest, but how to live in harmony with nature. The agricultural calendar was not written in spreadsheets but in stars, seasons, and sacred rhythms. This timeless philosophy did not reduce farming to mere food production; it elevated agriculture as a spiritual alignment between human effort and divine will. Agriculture as Sacred Symbiosis Farming in India was never just about output. It was a living expression of ecological awareness, embedded within a culture that revered nature as divine. Crops were not simply grown; they were coaxed into existence through attunement—to the land, the elements, and the cosmos. This symbiosis between soil and spirit offered meaning beyond metrics—something industrial agriculture has largely lost. Nakshatras and the Agricultural Calendar India’s Vedic agricultural knowledge placed the sky at the centre of agrarian life. The moon’s 27 nakshatras (lunar constellations) were believed to influence the elemental energy of each day—dictating what to plant, when to water, when to harvest, or even when to rest. Farmers did look to the sky—but they also listened to the soil beneath their feet. For them, time was not linear but cyclical, sacred and seasonal. Ritu Chakra: The Six-Season Agricultural Cycle India’s agricultural calendar is intimately aligned with the six ritus (seasons), each bringing its own set of crops, rituals, and ecological imperatives: BL
