Daily Current Affairs Quiz26 & 27 May, 2025 National Affairs 1. U.S. DIA Report 2025: India’s Strategic Posture and Security Outlook Context: The US Defense Intelligence Agency (DIA), in its 2025 worldwide threat assessment, has stated that India views China as its primary adversary, while treating Pakistan more as an ancillary security problem to be managed, despite the recent escalation of cross-border hostilities. India’s Key Security Assessments Recent Conflict Highlights India’s Defence and Foreign Policy Priorities Military Modernisation Highlights Geostrategic Engagement India–China Relations India-Russia RelationsIndia–Russia Relations Pakistan’s Strategic Posture TH 2. Bharat Forecasting System (BFS) Context: The Bharat Forecast System (BFS) is an indigenously developed high-precision weather forecasting model, officially launched by the Ministry of Science and Technology in May 2025. Developed by the Indian Institute of Tropical Meteorology (IITM), Pune, BFS is now operational after three years of rigorous testing since its inception in 2022. Core Features and Technology What Makes BFS Superior? Speed: Accuracy: Granular Localised Predictions: Strategic Impact 3. Centre-State Relations in Focus at 10th NITI Aayog Governing Council Meeting Overview Current Challenges in Centre-State Relations Notable State Interventions Fiscal Concerns Raised by States Implications TH 4. Government Restores RodTEP Benefits for SEZs and EOUs Context: The Government of India has reinstated the benefits under the Remission of Duties and Taxes on Exported Products (RodTEP) scheme for goods manufactured in: The restoration will be effective from June 1, 2025. Background Special Economic Zones (SEZs) The main objectives of the SEZ Scheme is generation of additional economic activity, promotion of exports of goods and services, promotion of investment from domestic and foreign sources, creation of employment opportunities along with the development of infrastructure facilities. All laws of India are applicable in SEZs unless specifically exempted as per the SEZ Act/ Rules. Each Zone is headed by a Development Commissioner and is administered as per the SEZ Act, 2005 and SEZ Rules, 2006. Units may be set up in the SEZ for manufacturing, trading or for service activity. Export-Oriented Units (EOUs) The Export Oriented Unit (EOU) Scheme started in 1981 to promote exports and thus increase net foreign exchange earnings. What is the EOU or export-oriented units scheme? EOUs are those units that undertake to export their entire goods and services. Any entity engaged in the below-mentioned activities can obtain the status of EOU: BS 5. NITI Aayog Proposes Support Measures to Transform Medium Enterprises into Global Businesses Key Recommendations Background and Rationale Proposed Financing Scheme Details Global Best Practices BS 6. Kerala Oil Spill Incident: MSC ELSA 3 Capsizes off Kochi Coast Context: A Liberian-flagged cargo vessel, MSC ELSA 3, sank 38 nautical miles off the Kochi coast, raising concerns of a hazardous oil spill and environmental threat. What Happened? What is an Oil Spill? Impacts of Oil Spills Marine Life Damage Ecosystem Disruption Economic Impact Legal & Regulatory Framework International Conventions Indian Regulations Oil Spill Management Techniques 7. NITI Aayog Report: Designing a Policy for Medium Enterprises Context: NITI Aayog has launched a visionary policy report focused on medium enterprises as a key pillar for achieving Viksit Bharat @2047, proposing targeted reforms to unlock their industrial potential. What Are Medium Enterprises? Sectoral Overview Indicator Value/Impact GDP Contribution MSMEs contribute 29%, with medium enterprises as the manufacturing core Job Creation 89 jobs/unit (vs. 5.7 in micro, 19.1 in small) Export Income ~₹50,562 crore annually R&D Spend 81% of MSME R&D comes from medium enterprises Positive Insights from the Report Key Challenges Identified Strategic Recommendations (Way Forward) Finance Support Tech & Industry 4.0 Adoption Skilling & Talent Reform R&D Infrastructure Digital Governance Banking/Finance 1. Loans Against Property (LAP) Context: Banks and Non-Banking Financial Companies (NBFCs) are increasingly promoting Loans Against Property (LAP), a secured retail lending product, due to rising stress in unsecured loan segments. Key Highlights: What is a Loan Against Property? A Loan Against Property (LAP) lets you tap into your property’s value by using it as collateral to secure funds. With benefits like low-interest rates and flexible repayment options, LAP can be a suitable financial solution. To qualify, lenders typically assess factors like property value, your income and credit score. Why LAP is Preferred Challenges in the Unsecured Loan Segment 2. Complaint Filed Against IndusInd Bank Over Accounting Lapses Context: The National Financial Reporting Authority (NFRA) has received a complaint via the CPGRAMS portal regarding alleged accounting lapses at IndusInd Bank. The issue centers on accounting discrepancies in IndusInd Bank’s derivatives portfolio, which the bank disclosed on March 10, 2025. RBI-NFRA Coordination SEBI’s Involvement Implications 3. Finance Ministry’s Directives for RRB Integration and Expansion IT Integration Deadline Profitability & Road Map for Loss-Making RRBs Post-Amalgamation Support Human Resource & Customer-Centric Measures HR Sensitivity Jan Dhan Account Re-Activation Strategic Operational Guidance Product and Branch Differentiation Background: RRB Restructuring Objective To ensure that RRBs: One State-One RRB BS 4. Revised Economic Capital Framework (ECF) of RBI Context: To provide the Reserve Bank of India (RBI) with greater flexibility in determining surplus transfers to the government. Aimed at smoothing transfers across years without distorting the government’s fiscal math. Contingency Risk Buffer (CRB): Revised Range Increasing the Contingency Risk Buffer (CRB) provides the RBI with greater flexibility, enabling it to smoothen surplus transfers to the government and prevent significant volatility in fiscal calculations Period CRB (%) FY19–FY22 5.5 FY23 6.0 FY24 6.5 FY25 7.5 (max of revised range) Record Surplus Transfer in FY25 Objective of Revised ECF BS 5. Liberalised Remittance Scheme (LRS) The Liberalised Remittance Scheme (LRS) is an initiative by the Reserve Bank of India (RBI) that allows Indian residents to remit (send) money abroad for various purposes such as education, travel, medical expenses, investments, and more. Since its introduction in 2004, LRS has played a crucial role in facilitating seamless international transactions for individuals. What is the Liberalised Remittance Scheme (LRS)? The Liberalised Remittance Scheme (LRS) was introduced by the RBI in 2004 to simplify foreign remittances for Indian residents. Under this scheme, individuals can send up to USD 250,000 per financial year (April–March) outside India for permissible transactions without requiring prior approval from the RBI. This means that Indian residents can freely remit funds

Daily Current Affairs Quiz24 May, 2025 International Affairs 1. India to Push for Pakistan’s Re-inclusion in FATF Grey List Context: The Financial Action Task Force (FATF) is a global watchdog that monitors countries on issues related to money laundering and terror financing. Pakistan was placed on the FATF grey list in 2018 and removed in October 2022, conditional upon implementing a robust legal and enforcement framework, including an anti-terror law. Implications Future Actions by India What are FATF Grey List and Blacklist? Published by: Financial Action Task Force (FATF)Purpose: To combat global money laundering, terrorist financing, and threats to international financial systems FATF Blacklist Also known as: Non-Cooperative Countries or Territories (NCCTs) Definition:Countries that actively support terror financing or money laundering and show no cooperation with FATF recommendations. Current Blacklisted Countries (as of 2025): Consequences of Blacklisting: FATF Grey List Definition:Countries that are under increased monitoring due to strategic deficiencies in combating money laundering and terrorist financing.These are “jurisdictions of concern” that may later move to the blacklist if insufficient action is taken. Purpose of Greylisting: Consequences of Greylisting: Key Differences Feature Grey List Blacklist Severity Moderate risk High risk Cooperation with FATF Partial None Consequences Increased monitoring, reduced investment Financial isolation, sanctions Example Countries (2025) Varies (updated regularly) North Korea, Iran, Myanmar TH National Affairs 1. Overfishing in India What is Overfishing? Key Causes of Overfishing in India Impacts of Overfishing On Marine Ecosystems On Human Livelihoods On the Environment Sustainable Solutions to Combat Overfishing 2. India on Track to Exceed 2030 Emissions Intensity Target: Report About the Report Key Findings on India’s Climate Progress Emissions Intensity Targets Role of Behavioural Change – Mission LiFE Renewable Energy & Power Sector Transformation Long-Term Net-Zero Goals Growth and Emissions Outlook Banking/Finance 1. RBI Approves Record ₹2.69 Trillion Surplus Transfer to Centre for FY25 Context: The RBI Central Board has approved a record surplus transfer of ₹2.69 trillion to the Union government for the financial year 2024–25 (FY25). This marks a 27% increase over the ₹2.11 trillion transferred in FY24, making it the second consecutive record payout. The Contingent Risk Buffer (CRB) has been raised to 7.5%, the upper limit of a newly revised CRB range (4.5%–7.5%). RBI Act of 1934 The RBI transfers its surplus to the Central Government under Section 47 of the Reserve Bank of India Act, 1934. This section mandates that after providing for various reserves and deductions, the remaining profit is paid to the Central Government.  Economic Capital Framework (ECF) Revisions Foreign Exchange Operations in FY25 Fiscal Implications TH 2. Centralized Public Grievance Redress and Monitoring System (CPGRAMS) Context: The Union Ministry of Finance has asked public sector banks (PSBs) to strengthen customer grievance redressal following multiple misconduct incidents by bank staff. Department of Financial Services (DFS) Secretary M. Nagaraju instructed PSB heads to: CPGRAMS: Centralized Public Grievance Redress and Monitoring System Developed by: National Informatics Centre (NIC)Objective: To provide a 24×7 online platform for citizens to lodge grievances related to government service delivery Key Features Governance Reforms in 2024 Significance BS 3. RBI Draft Circular: Banks Must Facilitate KYC Updates to Activate Inoperative Accounts Context: The Reserve Bank of India (RBI) has proposed that all banks must offer KYC update facilities to customers seeking to activate inoperative accounts or unclaimed deposits. This initiative by RBI aims to simplify the process of reactivating dormant accounts and improve customer convenience by leveraging digital and branch-based channels. BS 4. Getepay Receives RBI Approval to Operate as Online Payment Aggregator About Getepay RBI Authorization Impact and Reach Expansion and Strategic Plans Key Offerings Significance 5. IPPB–Aditya Birla Capital Strategic Partnership: Expanding Access to Credit Context: India Post Payments Bank (IPPB), a Government of India enterprise, has announced a strategic partnership with Aditya Birla Capital Limited (ABCL), one of the country’s leading diversified financial services firms. This collaboration aims to enhance access to loan products across India, particularly in underserved regions. Purpose of the Collaboration Key Features of the Partnership Bridging the Credit Gap Digital-First Lending Experience Customer-Centric Delivery About India Post Payments Bank (IPPB) 6. SBM Bank India and ICICI Prudential Life Insurance: Bancassurance Alliance Context: SBM Bank India has entered into a strategic bancassurance partnership with ICICI Prudential Life Insurance to offer a wide range of life insurance products through its branch and digital networks. The alliance aims to improve insurance accessibility, especially in the context of India’s low insurance penetration rate. Key Highlights Institutional Profiles SBM Bank India ICICI Prudential Life Insurance 7. IndusInd Bank Signs MoU with DPIIT to Boost Start-up Ecosystem in India Context: IndusInd Bank has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to provide customised banking and financial solutions to India’s start-ups, under the Startup India initiative. This public-private collaboration aims to empower innovators, entrepreneurs, and start-ups with easy access to capital and policy support. Key Features of the Partnership Significance About IndusInd Bank Facts To Remember 1. COVID isolation ward opened in Visakhapatnam hospital The first COVID-19 case in Visakhapatnam after a long gap has caused concern amid rising cases in some Indian States and countries like Singapore and Hong Kong.  2. EC to provide mobile phone deposit facilities for voters outside polling stations In fresh initiatives aimed at enhancing voter confidence, the Election Commission (EC) issued instructions for providing mobile deposit facilities outside polling stations and rationalising the norms for canvassing on voting days. 3. Airtel Payments Bank Eyes IPO by September 2027 Following Regulatory Mandate IPO Timeline: Airtel Payments Bank must go public within three years after crossing ₹500 crore net worth in September 2024, setting a deadline of September 2027 for listing.