Daily Current Affairs Quiz4 June, 2025 National Affairs 1. Axiom Mission-4 Context: Launch of Axiom Mission-4 (Ax-4) to the International Space Station postponed from June 8 to June 10, 2025, due to weather and final checks. Mission Details TH 2. FGD Units Not Mandatory for Most Coal Power Plants in India Context: A government-appointed expert panel chaired by Principal Scientific Adviser Ajay Sood recommends exempting most thermal power plants (TPPs) from mandatory installation of Flue Gas Desulphurisation (FGD) units. What Are FGD Units? Key Recommendations of the Expert Panel Scientific and Policy Rationale Importance 3. Election Commission Launches Real-Time Voter Turnout Monitoring via ECINET App Context: Election Commission of India (EC) introduces a tech-driven system for real-time voter turnout updates, replacing the older manual method. What’s New? Previous Method Key Features of the New System Why It Matters 4. National Polio Surveillance Network (NPSN) Context: The Government of India, in consultation with WHO, has proposed a phased drawdown of the NPSN, sparking concern among public health experts amidst ongoing global polio risks. About NPSN Government’s Justification: Risk Assessment Strategic Implications 5. Indian Space Situational Assessment Report (ISSAR)  Context: Compiled annually by IS4OM under ISRO’s Space Situational Awareness (SSA) program. SSA includes monitoring the space environment, assessing threats, and implementing mitigation. Key Highlights on India’s Space Operations India’s Role in Global Space Governance Global Space Environment in 2024 6. C CARES Version 2.0 Launched to Digitally Empower Coal Workers Event Highlights About CMPFO Key Features of C CARES 2.0 Portal Technological Advancements: Mobile App for Members Automated Ledger Update Prescriptive Dashboards 7. BharatGen: India’s First Indigenous Multimodal AI Large Language Model (LLM) for Indian Languages Context: Launched by Union Minister of State (Independent Charge) for Science & Technology, Dr. Jitendra Singh, at the “BharatGen Summit” — India’s largest Generative AI and LLM summit and hackathon. BharatGen is a government-funded, AI-based multimodal Large Language Model specifically designed for Indian languages. Key Features of BharatGen Vision and Objectives Use Cases and Impact Related Initiatives and Support BharatGen Mission Pillars Banking/Finance 1. RBI Considers Easing Foreign Ownership Rules to Attract Global Capital in Indian Banks Context: The Reserve Bank of India (RBI) is reviewing shareholding and licensing norms to potentially ease foreign ownership restrictions in Indian banks. Key Existing Constraints on Foreign Investors What May Change Strategic Drivers for Policy Shift Significance BS 2. Curbing Online Payment Frauds in India Digital Payment Landscape in India Benefits of Digital Adoption Key Security Initiatives Rising Incidence of Fraud: Way Forward: 3. HDB Financial Services Gets SEBI Approval Context:  HDB Financial Services, a subsidiary of India’s largest private lender HDFC Bank, has received the approval from Securities and Exchange Board of India (Sebi) for its ₹12,500 crore initial public offering (IPO).  Strategic Importance Regulatory & Compliance Highlights About HDB Financial Services 4. Banks Turn Major Investors in Mutual Funds Amid Surplus Liquidity (FY25 Trend) Context: Banks, traditionally focused on lending, are now investing heavily in mutual fund schemes, a space that partly competes with them for retail investments. Bank investments in MFs surged 91% YoY to ₹1.19 lakh crore (as of March 21, 2025) vs ₹62,499 crore a year earlier (RBI Bulletin). Key Reasons Behind the Shift Monetary Policy Context Behavioural Shifts in Savings Where are banks investing? 5. RBI Signals Rule Review to Ease Foreign Ownership in Indian Banks Context: Rising foreign interest in Indian banking and the country’s need for long-term capital. Background India’s banking regulator, the Reserve Bank of India (RBI), is reviewing existing shareholding and licensing rules to potentially ease foreign ownership norms in Indian banks. This comes amid: Key Developments RBI’s Emerging Approach Strategic Implications 6. Moody’s Outlook on India’s Banking Sector – June 2025 Key Highlights: 7. RBI Launches 2024–25 Survey on Foreign Liabilities and Assets (FLA) of Mutual Funds and AMCs Purpose of the Survey: Utility of the Survey Recent Related Development Agriculture 1. ICRISAT Launches Centre of Excellence for South-South Cooperation in Agriculture Context: The International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), in collaboration with Research and Information System for Developing Countries (RIS), has launched the ICRISAT Centre for Excellence for South-South Cooperation in Agriculture (ISSCA). The centre is a landmark initiative to strengthen agricultural collaboration among Global South countries, especially in Asia and Africa. Key Objectives Significant Features Founding Partners MoU Signed with DAKSHIN Strategic Importance PIB 2. NITI Aayog’s Dual-Track Strategy for India-US Agricultural Trade Context: Key Recommendations Dual-Track Approach Safeguards for Indian Agriculture Edible Oil Trade Enhancing India’s Agri-Exports to the US Medium-Term Structural Reforms Suggested Trade Balance 3. India’s First International Agri Hackathon Concludes in Pune Key Announcements & Themes Technology in Agriculture Horticulture Leadership & Crop Achievements ‘Clean Plant’ Programme Launched International Collaboration Government’s Agricultural Vision ‘Lab to Land’ Initiative Facts To Remember 1. Royal Challengers Bengaluru lift maiden IPL title in 18 years Virat Kohli and Royal Challengers Bengaluru won their maiden title with a six-run victory over Punjab Kings in the final, ending an 18-year wait for the coveted trophy. 2. PM to flag off Vande Bharat train between Katra and Srinagar Prime Minister Narendra Modi will flag off the first Vande Bharat train service to Kashmir on June 6, railway officials said. 3. Govt to conduct Population Census- 2027 in two phases with caste enumeration The Government has decided to conduct the Population Census – 2027 in two phases, along with the enumeration of castes. 4. India wins presidency of International Institute of Administrative Sciences India has won the presidency of the International Institute of Administrative Sciences (IIAS) in the election, which was held between India and Austria yesterday. India’s candidacy received widespread support from across the membership with 87 votes out of 141 votes. India, through the Department of Administrative Reforms, is a member state of the IIAS. 5. RBI MPC begins; repo rate likely to be cut further Reserve Bank of India’s Monetary Policy Committee (MPC) meeting began today to decide on the repo rate cut. Chaired by RBI Governor Sanjay Malhotra, the committee’s decision will be announced

Daily Current Affairs Quiz3 June, 2025 National Affairs 1. Union Government Invites Proposals for DDACs in 291 Gap Districts Context: The Ministry of Social Justice and Empowerment has invited proposals to establish District De-Addiction Centres (DDACs) in 291 “gap” districts across 30 States and Union Territories. This is part of the National Action Plan for Drug Demand Reduction (NAPDDR). What Are ‘Gap’ Districts? Features of Proposed DDACs States with Highest Number of Gap Districts Who Can Apply? Objectives of DDACs 2. Periodic Labour Force Survey (PLFS) 2023-24 Context: India’s literacy rate has reached 80.9% for individuals aged seven years and above, as reported in the Periodic Labour Force Survey (PLFS) 2023–24. Despite this progress, significant disparities persist across gender and urban-rural lines. National Overview Top 5 States/UTs with Highest Literacy (7+ years) Rank State/UT Literacy Rate (%) 1 Mizoram 98.2 2 Lakshadweep 97.3 3 Kerala 95.3 4 Tripura 93.7 5 Goa 93.6 States with Lowest Literacy Rates (7+ years) Rank State Literacy Rate (%) 1 Bihar 74.3 2 Madhya Pradesh 75.2 3 Rajasthan 75.8 Urban-Rural Literacy Divide Gender Gap Key Observations TOI 3. Launch of Bharat Gen: India’s First Indigenously Developed Multimodal AI LLM Context: Union Minister Dr. Jitendra Singh launched Bharat Gen, India’s first indigenously developed, multimodal, AI-based Large Language Model (LLM) for Indian languages, at the BharatGen Summit. The initiative is supported by the Department of Science and Technology (DST) under the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS) and implemented by TIH Foundation for IoT & IoE at IIT Bombay. Main Features of Bharat Gen Key Objectives Institutional Framework Strategic Pillars of BharatGen Mission Highlights from the BharatGen Summit Relevance to Broader Policy Landscape: PIB Banking/Finance 1. Digital Rupee (e₹) Context: The digital rupee (e₹), launched as a pilot in late 2022 by the Reserve Bank of India (RBI), has witnessed significant scale-up in just two years. Retail transaction value rose from ₹5.7 crore in March 2023 to ₹1,016.5 crore in March 2025 — a 178x increase. This marks the transition of e₹ from an experimental phase to meaningful retail adoption. Use-Case Evolution Strategic Implications Outlook & Policy Relevance 2. NSE’s IPO Plans Face Regulatory Hurdles Context: The National Stock Exchange (NSE) has been trying to launch its Initial Public Offering (IPO) since 2016, but the process has faced repeated regulatory and legal delays. With a new SEBI Chairperson in place, the NSE is pushing for progress, but multiple concerns from Securities and Exchange Board of India (SEBI) remain unresolved. Key Regulatory Hurdles Rationale for Listing Potential Listing Platform NSE’s Response to SEBI Concerns TET 3. Fintech Concern Under RBI’s New DLG Guidelines Context: The Reserve Bank of India (RBI) has mandated that regulated entities (REs) make full provisioning for loans sourced via Loan Service Providers (LSPs), regardless of Default Loss Guarantees (DLGs) offered. RBI has prohibited offsetting DLGs against provisioning requirements for stressed loans. Industry Reaction: Risk of Double Provisioning DLG Framework Under RBI Norms Additional Regulatory Requirements for Digital Lenders Way Forward: Industry-RBI Consultative Process Implications for Digital Lending Ecosystem BS 4. RBI’s Pro-Growth Policy Stance Context: RBI has implemented back-to-back rate cuts since February 2025, reducing policy rates by 50 basis points (bps). Effective easing is ~75 bps, as overnight rates are closer to the Standing Deposit Facility (SDF), the lower end of the policy corridor. Aggressive Liquidity Infusion Macroprudential Easing Inflation Dynamics Supporting Easing External Environment Favorable for Easing BS 5. Tri-Party Repo Dealing System (TREPS) Context: Banks are borrowing funds from the Tri-Party Repo (TREPS) market at lower rates and parking them in the RBI’s Standing Deposit Facility (SDF) to earn risk-free arbitrage. The weighted average TREPS rate was 5.66%, while the SDF rate stood at 5.75%, offering a 9 basis points spread. Tri-Party Repo Dealing System (TREPS) Definition and Functionality Key Features Why Mutual Funds Use TREPS? BS 6. Grameen Credit Score (GCS) Context: The Grameen Credit Score (GCS) is a new initiative announced in the Union Budget 2025–26 by Finance Minister Nirmala Sitharaman. It aims to strengthen rural financial inclusion, with a special focus on self-help group (SHG) members. The Union government expects to roll out GCS within the next three months, pending final approval from the Reserve Bank of India (RBI). Purpose and Utility Institutional Framework Linkage with SVAMITVA Scheme Current Status and Economic Potential Significance for Rural Credit Ecosystem BS 7. NITI Aayog Highlights Missing Middle in MSME Policy Context: Medium enterprises form only 0.3% of India’s MSMEs but contribute an outsized 40% of MSME export income. They operate in innovation-driven and globally integrated sectors like pharmaceuticals, auto components, and IT services. Despite their economic importance, they receive limited policy attention, as most schemes are targeted at micro and small enterprises (MSEs), which make up 99% of the MSME base. Economic Contribution and Characteristics Policy Asymmetry and Its Consequences NITI Aayog Recommendations: A Multi-Pronged Policy Approach a. Financial Support b. Innovation and Technology c. R&D and Cluster-Based Innovation d. Digital Access and Awareness 5. Strategic Significance BS 8. Indian Rupee Asia’s Worst Performer Context: The Indian rupee is Asia’s worst-performing currency this quarter. While other emerging Asian currencies gained ground, the rupee remained broadly flat. The underperformance is linked to the Reserve Bank of India’s FX reserve management strategy. RBI’s Forward Dollar Commitments & FX Reserve Focus Market and Macro Context India’s FX Reserve Status Policy Outlook and RBI Strategy Mint 9. RBI Launches Climate Risk Information System (RBI-CRIS) Context: The Reserve Bank of India (RBI) has launched a dedicated climate risk data platform, RBI-CRIS, aimed at equipping financial institutions with critical tools and information to address risks arising from climate change. Key Highlights: 10. RBI Imposes ₹54.78 Crore in Penalties on 353 Regulated Entities Source: Reserve Bank of India Context: To uphold regulatory discipline and enhance financial sector integrity, the Reserve Bank of India (RBI) imposed monetary penalties on various regulated entities (REs) for violations of key supervisory norms during FY25. Key Highlights: Objective of Enforcement: 11. RBI to Launch Indigenous ‘IFS Cloud’ Source: Reserve Bank