Daily Current Affairs Quiz12 June, 2025 National Affairs 1. SpaceX Postpones Axiom Space Ax-4 Mission Context: The Axiom Mission 4 (Ax-4), a private crewed mission to the International Space Station (ISS), has been postponed by SpaceX due to a liquid oxygen (LOx) leak detected during post-static fire inspections of the Falcon 9 booster. Key Details: Significance for India 2. Microfinance Sector in India Context: The Reserve Bank of India (RBI) Deputy Governor has flagged a deepening crisis in the Indian microfinance sector, citing a: About Microfinance in India Challenges Way Forward UPSC Mains PYQ Q. “In the villages itself no form of credit organisation will be suitable except the cooperative society.” – All Indian rural credit survey. Discuss this statement in the background of agriculture finance in India. What constrain and challenges do financial institutions face supplying agricultural finances? How can technology be used to better reach and serve rural clients? (2014) 3. India and Biodiversity Beyond National Jurisdiction (BBNJ) Agreement Context: India is unlikely to ratify the Biodiversity Beyond National Jurisdiction (BBNJ) agreement, also known as the High Seas Treaty, during the UN Ocean Conference in Nice, France (June 2025), despite having signed the agreement in September 2024. About the BBNJ Agreement India’s Position and Activities at the Conference 4. India Pushes for Dysprosium and Terbium Imports Context: With China reportedly close to granting rare earth mining licenses to at least 10 applicants, India is urgently seeking to secure imports of dysprosium and terbium—two critical heavy rare earth elements (HREEs) used in EV motors and industrial magnets. These elements are not available in extractable quantities in India, making imports essential. Dysprosium and Terbium: Critical Rare Earth Elements Dysprosium (Dy) and Terbium (Tb) are essential heavy rare earth elements (HREEs) used as additives in Neodymium-Iron-Boron (NdFeB) magnets. These magnets are integral to clean energy technologies like wind turbines and electric vehicle (EV) motors due to their superior magnetic strength and thermal stability. Key Properties and Industrial Significance Major Applications 5. Social Security Coverage in India Rises to 64.3% in 2025: ILO Report Context: The International Labour Organization (ILO) has reported a significant rise in India’s social protection coverage, stating that nearly 64.3% of the population—around 950 million people—are now covered under at least one social security scheme in 2025, up from 19% in 2015. Key Highlights: Social Security Expansion Over a Decade: Coverage Estimation Based on ILO Criteria: Key Welfare Schemes Considered Impact on Global Labour Relations: National Data Pooling Effort: 6. India Needs a Balanced Framework for Gig Workers Context: India’s gig and platform economy is projected to become a significant employment generator. A recent VV Giri National Labour Institute (VVGNLI) study estimates that the sector may employ 61 million workers by 2047, comprising 15% of the non-agricultural workforce. What is a Gig Worker? A gig worker is an individual who undertakes short-term, flexible jobs, often facilitated by digital platforms, without a traditional employer-employee relationship. These workers are typically independent contractors, providing services for various clients on a project-by-project or task-by-task basis. Examples include ride-sharing drivers, food delivery workers, freelance writers, and graphic designers.  Key Challenges e-Shram Portal Key Features of the e-Shram Portal Objectives Banking/Finance 1. SEBI Introduces Mandatory @valid UPI Handles to Curb Financial Fraud Context: To strengthen investor protection and curb rising cases of fraud and impersonation in capital markets, the Securities and Exchange Board of India (SEBI) has introduced a mandatory UPI handle format – @valid – for all registered intermediaries. Key Highlights: New UPI Handle Format: @valid Purpose and Impact Verification and Rollout SEBI Check-Supporting Measures UPI Transaction Limit BS & TH 2. NSE Gets SEBI Nod to Launch Monthly Electricity Futures Contracts Context: The National Stock Exchange of India (NSE) has received regulatory approval from the Securities and Exchange Board of India (SEBI) to launch monthly electricity futures contracts. The move aligns with efforts to deepen India’s energy markets and improve risk management tools for power sector stakeholders. What are They? The new monthly electricity futures contracts aim to provide market participants with tools to hedge against price volatility, enabling more transparent and efficient price signals in the power sector. They are expected to spur investments across the electricity value chain, from generation to retail. Objectives and Benefits Strategic Importance Implications 3. MTNL Loan Default Context: State-run Mahanagar Telephone Nigam Ltd (MTNL) has defaulted on over ₹8,300 crore worth of bank loans. A meeting has been called by Cabinet Secretary T.V. Somanathan to find a resolution, amid mounting pressure from public sector banks (PSBs) seeking repayment assurances. Key Highlights: Willing to explore options such as Banks’ Expectations NPA Status and Provisions: 4. RBI Hikes LTV on Gold Loans to 85% Context: The Reserve Bank of India (RBI) has issued final guidelines increasing the Loan-to-Value (LTV) ratio for gold loans from 75% to 85% for loans below ₹2.5 lakh. The regulatory move is aimed at enhancing access to small-ticket loans, especially in rural areas, and supporting liquidity in the NBFC and MFI sectors. Key Highlights: Impact of LTV Hike on Gold Loans Boost for NBFC-MFIs What is Loan-to-Value (LTV) Ratio? The Loan-to-Value (LTV) ratio is a crucial metric in lending, particularly for home loans. It represents the percentage of the property’s value that is financed by the loan. A higher LTV ratio means a larger portion of the property is financed, indicating a higher risk for the lender.  BS 5. RBI Plans to Tighten LRS Rules to Curb Foreign Currency Deposits by Resident Indians Context: The Reserve Bank of India (RBI) is set to tighten overseas remittance rules under the Liberalised Remittance Scheme (LRS) to prevent misuse through foreign fixed deposits and passive capital export, according to a Reuters report. Key Highlights: New Restrictions on Use of LRS Funds Regulatory Concerns and Capital Control Misuse and Loopholes Scope of the LRS 7. Financial Regulators to Implement Universal KYC and Strengthen Cyber Resilience Context: In the 2025 meeting of the Financial Stability and Development Council (FSDC) chaired by Finance Minister Nirmala Sitharaman in Mumbai, key decisions were taken to

Daily Current Affairs Quiz11 June, 2025 National Affairs 1. State of the World Population 2025 Report Source: United Nations Population Fund (UNFPA) & The Hindu Context: India’s population is estimated to have reached 146.39 crore by April, says a new UN demographic report, which adds that the country’s total fertility rate (TFR) has declined to 1.9, falling below the replacement level of 2.1. Key Highlights: India’s Position India’s Current Population Status (2025): Fertility Trends: Population Growth Projection: Youth and Working-Age Demographics: Elderly Population and Life Expectancy: Census and Official Estimates: 2. NABARD’s Rural Economic Conditions and Sentiments Survey (RECSS) Context: NABARD’s Rural Economic Conditions and Sentiments Survey (RECSS), conducted in May 2025 across 600 villages and 6,000 households, reveals a record-high rural income optimism, backed by positive employment sentiment, steady consumption patterns, and an above-normal monsoon forecast. This is the fifth round of the bi-monthly survey that began in September 2024. Key Highlights: Income Expectations at Historic High One-Year Income Outlook Trends Survey Round Income Increase Income Decline No Change Sep 2024 70.2% 7.3% 22.5% Nov 2024 71.3% 7.8% 20.9% Jan 2025 71.2% 7.4% 21.4% Mar 2025 72.2% 7.5% 20.3% May 2025 73.6% 6.7% 19.7% Household Income – Past 12-Month Comparison Employment Sentiment Improves Sharply Consumption Remains Strong Savings Sentiment Still Weak Real Wages Outlook – FY26 (India Ratings) BS 3. Portal SAHAV Launched in Third United Nations Ocean Conference (UNOC3) Context: At the Third United Nations Ocean Conference (UNOC3) held in Nice, France, India called for urgent global collaboration on marine conservation and ocean governance. Union Minister Dr. Jitendra Singh led the Indian delegation, reaffirming India’s commitment to SDG-14 (Life Below Water). Launch of SAHAV Digital Ocean Data Portal Key Highlights: PIB 4. Software-as-a-Service (SaaS) Context: Indian venture capital funding is undergoing a structural shift from pure-play SaaS (Software-as-a-Service) companies to AI-native startups, as investors prioritize scalability, automation, and deep tech innovation. What is Software-as-a-Service (SaaS)? Software-as-a-Service (SaaS) is a cloud-based software delivery model where applications are hosted by a service provider and made available to users via a web browser. Unlike traditional on-premises software, SaaS does not require installation, maintenance, or hardware infrastructure, as everything is managed by the vendor. How SaaS Works ? Benefits of SaaS Cost Efficiency Accessibility & Remote Work Automatic Updates & Maintenance Scalability & Flexibility Security & Compliance Seamless Integration 5. Jan Man Survey Launched on NaMo App Context: To commemorate 11 years of Prime Minister Narendra Modi’s leadership, the NaMo App launched a large-scale citizen engagement survey titled ‘Jan Man Survey’, aimed at gathering public opinion on governance, security, and development. Key Highlights: 6. Thailand’s National Bird Siamese Fireback Context: In a rare ecological occurrence, the Siamese Fireback (Lophura diardi)—Thailand’s national bird—was sighted for the first time in India, in the forests of Ranikhet, Uttarakhand, by a local bird enthusiast. Key Highlights: Banking/Finance 1. Finance Minister on Unclaimed Assets Context: Union Finance Minister Nirmala Sitharaman chaired the 29th meeting of the Financial Stability and Development Council (FSDC) in Mumbai on June 11, 2025, where she emphasized reducing unclaimed assets and ensuring seamless refund to rightful owners. The meeting also reviewed macro-financial stability, regulatory reforms, and investment strategies. Key Highlights: Focus on Unclaimed Assets What is Unclaimed Assets? Unclaimed assets refer to financial assets (money, shares, mutual funds, etc.) that have been left unclaimed or inactive by their owner for an extended period. These assets can become unclaimed due to various reasons, including death of the account holder, a change of address, or simply forgetting about them.  2. SEBI Probes Jane Street for Algorithmic Manipulation Context: The Securities and Exchange Board of India (SEBI) has launched an investigation into the activities of Jane Street, a global proprietary trading firm, for potential manipulation of benchmark indices through algorithmic trades in India’s Nifty 50 and banking indices. The probe spans the last three years and follows complaints from rival firms over unusual trading patterns and supernormal profits. What Is Jane Street? Why Is SEBI Investigating Jane Street? What is Algorithmic Manipulation? Algorithmic Manipulation refers to the intentional use of algorithmic trading systems—such as automated, high-frequency, or black-box algorithms. This includes generating false or misleading signals about supply, demand, or price of securities, often to mislead other market participants for unfair gain. Key Elements: India’s Current Legal Framework: BS 3. Alternative Investment Funds (AIFs) Context: The Securities and Exchange Board of India (SEBI) has extended the deadline for winding up expired Venture Capital Funds (VCFs) by one year, allowing more time for liquidation. However, it has mandated migration to the Alternative Investment Fund (AIF) framework by 19 July 2025, with one additional year granted for full liquidation after migration. What Are Alternative Investment Funds (AIFs)? Alternative Investment Funds (AIFs) are privately pooled investment vehicles that raise funds from investors to invest in non-traditional assets such as private equity, venture capital, hedge funds, infrastructure, and social impact ventures. These differ from conventional instruments like stocks and mutual funds and are governed under the SEBI (Alternative Investment Funds) Regulations, 2012. Legal Structure: AIFs in India can be formed as: Types of AIFs in India Category I: Growth-Oriented and Impact Investments Focus: Promote innovation, start-ups, SMEs, and social impact. Category II: Private and Debt-Oriented Funds Focus: Invest in private equity and debt without leverage. Category III: High-Risk, Market-Linked Strategies Focus: Aggressive strategies, including leverage and arbitrage. Investor Eligibility and Requirements: Key Benefits of AIFs: 4. SEBI Issues Recovery Notice to OPG Securities in NSE Co-Location Case Context: The Securities and Exchange Board of India (SEBI) has initiated recovery proceedings against OPG Securities and its directors for failing to pay penalties linked to the NSE co-location case, involving unfair trading access. NSE Co-Location Case The NSE co-location case involves allegations that the National Stock Exchange of India (NSE) granted preferential access to certain stockbrokers through its co-location facility, giving them an unfair speed advantage in executing trades. This case has raised serious concerns about market integrity, transparency, and regulatory oversight in India’s capital markets. Key Aspects of the NSE Co-Location Case Co-Location Facility: Secondary