Daily Current Affairs Quiz31 May, 2025 International Affairs 1. Catastrophic Glacier Collapse: Climate Change Context: A colossal glacier collapse in the Swiss Alps has wrought severe destruction on the village of Blatten, burying nearly 90% of the settlement under a thick mudslide. Triggered by the sudden disintegration of a massive portion of the Birch Glacier, the landslide blocked the Lonza River and has left one man missing as rescue operations continue. The event highlights the escalating threat posed by glacier retreat in Alpine regions, driven largely by climate change. What is Glacier Meltdown? Glacier meltdown, also known as glacial retreat, occurs when glaciers lose ice faster than they accumulate new snow and ice. This leads to shrinking ice cover and the formation of glacial lakes. Glacier meltdown is a significant indicator of global climate change, impacting water resources, ecosystems, and increasing disaster risks. Reasons Behind Glacier Meltdown Impacts of Glacier Meltdown Climate Change and Glacier TH National Affairs 1. Government Eases Rules Under Advance Authorisation (AA) Scheme for Exporters Context: The government has relaxed norms under the Advance Authorisation (AA) Scheme to benefit exporters. Exporters can now claim duty-free benefits even if goods were shipped before licence issuance, provided the Bill of Entry is filed after the licence date. About the Advance Authorisation Scheme Key Features Recent Relaxation in Rules Impact 2. Launch of Swachh Survekshan Grameen (SSG) 2025 Context: Union Minister of Jal Shakti Shri C R Patil launched Swachh Survekshan Grameen (SSG) 2025, a nationwide rural sanitation survey by the Department of Drinking Water and Sanitation (DDWS), Ministry of Jal Shakti today in Delhi in the presence of Minister of State of Jal Shakti  Shri V. Somanna. Ministry Key Features Survey Criteria and Components SSG 2025 evaluates rural sanitation through four main components: 3. PadhAI Conclave on AI in Education Context: Union Minister for Education, Shri Dharmendra Pradhan, delivered the valedictory address at the concluding session of ‘PadhAI: Conclave on AI in Education’, organised by the Center of Policy Research and Governance (CPRG), in New Delhi. Key Highlights from Shri Dharmendra Pradhan’s Address: About the PadhAI Conclave 4. Union Minister Launches Ayush Suraksha Portal Context: In a historic move to boost consumer safety and regulatory governance in India’s traditional medicine sector, Shri Prataprao Jadhav, Union Minister of State (Independent Charge) for Ayush and Minister of State for Health & Family Welfare, launched the Ayush Suraksha Portal at Ayush Bhawan, New Delhi. The launch aligns with the Supreme Court’s directive to establish a centralized mechanism for monitoring misleading advertisements and adverse drug reactions (ADRs) in Ayush systems. Key Objectives of the Ayush Suraksha Portal Supreme Court Directive Key Functional Features Significance 5. India-Chile Comprehensive Economic Partnership Agreement (CEPA) Context: On 8 May 2025, India and Chile signed the Terms of Reference (ToR) for negotiating a Comprehensive Economic Partnership Agreement (CEPA). The first round of negotiations began on 26 May 2025 in New Delhi. Commitment reaffirmed during the State Visit of Chilean President Gabriel Boric Font to India in April 2025. Objectives and Vision Key Highlights of the First Round 6. India Launches DHRUVA Policy for Digital Addressing System Key Highlights What is DIGIPIN? What is DHRUVA? Policy Objectives 7. Indian Navy’s Anti-Submarine Warfare Capabilities Strengthened Context: On 29 May 2025, the keel laying ceremony for the 8th and final Anti-Submarine Warfare Shallow Water Craft (ASW SWC), designated BY 530, was held at Cochin Shipyard Limited (CSL), Kochi. Ceremony attended by Vice Admiral Rajaram Swaminathan (CWP&A) and senior officials from the Indian Navy and CSL. Project Highlights Strategic and Indigenous Importance 8. Swachh Survekshan Grameen (SSG) 2025 Launched by Jal Shakti Ministry Context: Union Minister of Jal Shakti, Shri C R Patil, officially launched Swachh Survekshan Grameen (SSG) 2025, a nationwide rural sanitation survey under the Department of Drinking Water and Sanitation (DDWS), Ministry of Jal Shakti. The launch event took place in New Delhi in the presence of Minister of State Shri V. Somanna, senior officials from DDWS, and state-level sanitation mission directors. Key Objectives Strategic Features of SSG 2025 Banking/Finance 1. RBI Directive on Default Loss Guarantee (DLG) What is Default Loss Guarantee (DLG)? Key Highlights of RBI’s Directive Additional Recent Update (May 2025) Implications BS 2. Niveshak Shivir by IEPFA and SEBI Context: The Investor Education and Protection Fund Authority (IEPFA), under the Ministry of Corporate Affairs, in collaboration with SEBI, has launched Niveshak Shivir, a pilot investor facilitation camp. The first camp will be held in Pune on June 1, 2025, aimed at providing a one-stop solution for resolving issues related to unclaimed dividends, shares, and other investor services. Key Objectives Services Offered Significance and Impact About IEPFA The Investor Education and Protection Fund Authority is a statutory body dedicated to investor awareness, protection, and education in India. It works through nationwide campaigns, digital tools, and strategic partnerships to build a financially informed citizenry. 3. Cassette-Swap Model for ATMs Context: India’s transition to a cassette-swap model for ATM cash replenishment, aimed at improving security and operational efficiency, has missed its fourth consecutive deadline, originally set for FY21 and now extended beyond FY25. Initiated in 2018 following recommendations of the D.K. Mohanty Committee on Currency Movement, the plan was to phase out open-tray replenishment at ATMs in favor of a more secure lockable cassette mechanism. What is the Cassette-Swap Model? Timeline and Implementation Phases The implementation was to occur in four phases across 30 cities: RBI’s Position and Regulatory Push Challenges in Implementation Why the Cassette-Swap Model Matters TH 4. RBI Annual Report 2024 Highlights Shift to EBLR in Indian Bank Loans Context: The Reserve Bank of India (RBI) Annual Report for FY2023-24 reveals a major shift in the Indian lending landscape, with a growing proportion of loans now linked to external benchmarks. This transition enhances transparency and strengthens monetary policy transmission. Key Data (as of December 2024) Institution-wise Distribution of Floating Rate Loans What is EBLR? The External Benchmark Lending Rate (EBLR) is a type of floating lending rate linked to an external, publicly available benchmark like the RBI Repo

Daily Current Affairs Quiz30 May, 2025 National Affairs 1. Nurdle Spill in Thiruvananthapuram What Are Nurdles? Environmental and Ecological Impact Government & Community Response 2. Discovery of a New Detection Code in Quantum Materials Context: Scientists have found a new way of spotting a property of topological space called topological invariant in quantum materials, that remains unchanged under continuous deformations or transformations. Key Scientific Discovery Importance of Topological Invariants Significance in Technology Potential PIB 3. E-Hansa: India’s Indigenous Two-Seater Electric Trainer Aircraft Overview Key Highlights Strategic Significance 4. Tata Elxsi and Partners Launch Battery Aadhaar Initiative at Battery Summit 2025 Overview What is Battery Aadhaar? Objectives Key Features Significance and Impact Banking/Finance 1. SEBI Tightens Oversight of Derivatives Market With New Risk-Based Rules Context: The Securities and Exchange Board of India (SEBI) has issued a comprehensive circular introducing sweeping changes to the regulatory framework of the equity derivatives market.  Objective Key Changes Announced by SEBI Futures Equivalent Open Interest (New Method for OI Calculation) Tighter Position Limits in Single-Stock Derivatives Stricter F&O Ban Rules New Position Limits in Index Derivatives (Effective July 1, 2025) Extended Pre-Open Session Implementation TET 2. Alternative Investment Funds Context: In FY25, Category III Alternative Investment Funds (AIFs) grew nearly 3x faster than Portfolio Management Services (PMS). What Are Alternative Investment Funds (AIFs)? Alternative Investment Funds (AIFs) are privately pooled investment vehicles that differ from traditional investment options such as stocks and mutual funds. These funds are typically preferred by High-Net-Worth Individuals (HNIs) and institutional investors due to the high capital requirement. AIFs operate under the SEBI (Alternative Investment Funds) Regulations, 2012 and can be structured as a company, Limited Liability Partnership (LLP), trust, or other legal entities. Types of AIFs in India SEBI classifies AIFs into three categories based on their investment objectives: Category 1: Growth-Oriented and Impact Investments These funds primarily invest in start-ups, SMEs, and socially responsible businesses. Category 2: Private and Debt-Focused Investments These funds invest in a range of private and debt instruments without leveraging. Category 3: Market-Driven and High-Risk Investments These funds employ aggressive strategies and often invest in listed securities. Who Can Invest in AIFs? AIFs cater to sophisticated investors with substantial capital. Benefits of Investing in AIFs 3. SEBI’s Investor Protection and Market Integrity Measures UPI-linked Fraud Prevention System Crackdown on Unregulated ‘Finfluencers’ Combatting Misinformation by Listed Companies Cybersecurity and Inter-agency Coordination 4. SEBI’s New Risk Monitoring Framework & Position Limits Update Context: The Securities and Exchange Board of India (SEBI) has come up with a new framework for risk monitoring and increased the position limits for futures and options. In its latest circular, the markets watchdog said it had changed the method to calculate the value of open interest (OI) from notional value-based to delta-based. The new method will weigh OI by the price sensitivity making it impossible to manipulate trades. Key Highlights: 5. RBI Guidelines on Gold Loan Portfolio Monitoring and Risk Management Context: The Reserve Bank of India (RBI) has issued directives to banks and non-banking finance companies (NBFCs) to strengthen monitoring and controls over gold loan portfolios, especially concerning outsourced activities and third-party service providers. Key Findings from RBI’s Supervisory Review RBI Directives to Banks and NBFCs Draft Guidelines on Loans Against Gold (April 2025) Portfolio Risk Management Requirements Significance and Implications 6. Parliamentary Committee Flags Ambiguities in Insolvency and Bankruptcy Code (IBC) Context: A parliamentary Standing Committee on Finance reviewed concerns related to the Insolvency and Bankruptcy Code (IBC), highlighting ambiguities and potential amendments. The review follows the Supreme Court’s recent judgment rescinding JSW Steel’s resolution plan for Bhushan Power and Steel Ltd (BPSL), sparking debates on the insolvency mechanism’s efficiency. Key Highlights from the Committee Deliberations About the Insolvency and Bankruptcy Code (IBC) Significance and Implications Agriculture 1. Union Cabinet Approves Continuation of Modified Interest Subvention Scheme (MISS) for FY 2025–26 Context: MISS is a central sector scheme designed to provide concessional short-term crop loans to farmers through the Kisan Credit Card (KCC) system. Objectives of MISS Key Features of MISS for FY 2025–26 Facts To Remember 1. Mixed relay team wins second gold for India Reigning champion India successfully defended its title in the 4x400m mixed relay for the country’s second gold at the Asian Athletics Championships on day two of the competition in Gumi, South Korea. 2. Kerala government declares Kochi shipwreck a State disaster The Kerala government has declared the shipwreck that occurred 14.6 nautical miles off its coast on May 24 a “State-specific disaster”. 3. China launches Tianwen-2 to collect asteroid samples by 2027 China launched early the Tianwen-2 spacecraft to collect samples from near-Earth asteroid 2016HO3 and explore main-belt comet 311P. 4. Ngũgĩ wa Thiong’o, famed Kenyan novelist and dissident, dies aged 87 Ngũgĩ wa Thiong’o, the revered Kenyan man of letters and voice of dissent who in dozens of fiction and non-fiction books traced his country’s history from British imperialism to home-ruled tyranny and challenged not only the stories told but the language used to tell them, died at 87. 5. Jyothi, Sable and women’s 4x400m quartet make it a golden day for India Some of the country’s biggest medal hopes duly delivered on the big stage as India added six medals to its tally including three gold on day three of the Asian Athletics Championships in Gumi, South Korea

Daily Current Affairs Quiz29 May, 2025 International Affairs 1. Interpol Issues First-Ever Silver Notice (2025) What is a Silver Notice? Why It Matters How Silver Notices Work Key Features of the Silver Notice Pilot Phase Protocols (Till Nov 2025) National Affairs 1. India’s Crypto Policy 2025 Context: India is preparing to release a discussion paper in June 2025 outlining possible policy frameworks for regulating crypto assets. This move reflects a cautious shift in approach amid increasing global support for digital currencies, particularly influenced by recent developments in the United States. Key Policy Developments India’s Strategic Approach Geopolitical Context and Influence 2. IMD to Launch ‘Mausam GPT’ Context: The India Meteorological Department (IMD) will launch ‘Mausam GPT’, an AI-powered app providing localized weather forecasts via text and voice. The app will be available within six months and accessible on smartphones and basic feature phones, especially targeting small and marginal farmers. Key Features of Mausam GPT Benefits for Key User Groups Pilot and Development Status 3. Government Plans to Upgrade Four Miniratna PSUs to Navratna Status Context: The Ministry of Finance is set to promote four Central Public Sector Enterprises (CPSEs) from Miniratna to Navratna status in the coming months. This move is part of the government’s strategy to enhance operational autonomy and boost global competitiveness of high-performing PSUs. CPSEs Proposed for Navratna Status About the Navratna Scheme 4. Poverty in India: NSO Surveys and World Bank Confirm Major Findings from NSO Surveys (2022–23, 2023–24) & World Bank Updated Poverty Lines (Rangarajan Committee Adjusted for Inflation) Year Rural Poverty Line Urban Poverty Line 2011–12 ₹972 ₹1,407 2022–23 ₹1,837 ₹2,603 2023–24 ₹1,940 ₹2,736 Consumption & Inequality Trends Rural vs Urban Impact Survey Improvements Challenges to Sustaining Poverty Reduction Way Forward: Policy Recommendations 5. WMO Decadal Climate Forecast 2025–2029 Context: The World Meteorological Organization (WMO) has released a new decadal climate forecast, warning that global temperatures between 2025 and 2029 are expected to remain at or above record levels, significantly increasing climate-related risks and development challenges. Key Highlights: Key Regional Climate Changes Environmental and Socioeconomic Consequences 6. QCI (Quality Council of India) What is QCI? The Quality Council of India (QCI) is an autonomous national accreditation body dedicated to ensuring quality assurance in products, services, and processes across diverse sectors through independent third-party assessments. Establishment and Governance Objectives of QCI Key Functions of QCI Banking/Finance 1. Source of Income for RBI Context: The Reserve Bank of India (RBI) reported a 27% increase in net income for FY25, aided by higher global interest rates and significant gains from dollar sales. This enabled the RBI to transfer a record surplus of ₹2.69 lakh crore to the central government, helping bridge the fiscal deficit. How Does RBI Earn Profits? The Reserve Bank of India (RBI) earns revenue from various operations, even though profit-making is not its primary mandate. Its main function is to maintain monetary stability, but it generates income through several financial activities. Foreign Currency Investments Currency Trading / Forex Market Operations Interest on Domestic Assets Seigniorage (Currency Issuance Profit) Table: RBI’s Major Income Sources Source Description Foreign Investments Interest on forex reserves (USD, Euro, Pound assets) Currency Market Operations Trading gains from rupee-dollar stabilization Government Securities Interest income from Indian government bonds Repo Lending to Banks Earnings from repo rate under Liquidity Adjustment Facility (LAF) Seigniorage Profit from issuing currency (Face Value − Production Cost) UPSC Prelims PYQ Q1. Which of the following are the sources of income for the Reserve Bank of India ? (UPSC Prelims – 2025) I. Buying and selling Government bondsII. Buying and selling foreign currencyIII. Pension fund managementIV. Lending to private companiesV. Printing and distributing currency notes Select the correct answer using the code given below: I and II only III, III and IV I, III, IV and V I, II and V 2. Insider Trading Context: The Securities and Exchange Board of India (SEBI) has barred five former senior executives of IndusInd Bank, including ex-MD & CEO Sumant Kathpalia and former Deputy CEO Arun Khurana, for alleged insider trading violations. The market regulator also directed them to disgorge ₹19.78 crore, representing losses avoided by trading shares based on unpublished price-sensitive information (UPSI). What is Insider Trading? Definition: Insider trading refers to buying or selling securities of a publicly listed company by individuals who possess Unpublished Price Sensitive Information (UPSI). Types of Insiders: Legal vs Illegal Insider Trading Legal Insider Trading Illegal Insider Trading Occurs when insiders trade without using any UPSI Occurs when trades are based on UPSI Must be disclosed to the stock exchange Hidden and unfair, violates SEBI norms Common among employees owning shares Examples include trading before earnings or M&A announcements Example:An employee sells company stock after retirement, based on a pre-planned timeline — Legal.If they sell after receiving UPSI about a major acquisition — Illegal. SEBI’s Regulation Against Insider Trading Key Regulations: Objectives: Prohibited Activities: Examples of Unpublished Price Sensitive Information (UPSI) Section 11(2)(e) of Companies Act, 1956 This section prohibits insider trading with an aim to: 2019 Update to SEBI Regulations Penalties for Insider Trading Regulatory Significance BS 3. FM Sitharaman Urges PSU Insurers to Innovate for Emerging Risks Context: Union Finance Minister Nirmala Sitharaman, while chairing a review meeting with Public Sector General Insurance Companies (PSGICs) in New Delhi, instructed insurers to develop innovative products, strengthen underwriting practices, and embrace digital transformation to enhance customer satisfaction and financial resilience. Key Highlights BS 4. Kotak811 Launches New Campaign Targeting India’s Digital Banking Generation Context: Kotak Mahindra Bank has launched a new campaign to promote Kotak811, its flagship digital banking platform. The campaign aiming to resonate with India’s digital-first generation through bold, engaging communication. Key Features of Kotak811 Strategic Context and Market Opportunity Campaign Objective 5. SEBI Approves JioBlackRock to Launch Mutual Fund Operations in India Context: The Securities and Exchange Board of India (SEBI) has granted regulatory approval to JioBlackRock Asset Management Pvt Ltd to begin operations as an investment manager for mutual funds in India. This marks the formal entry of a major