Daily Current Affairs Quiz23 May, 2025 National Affairs 1. Santhara in Jainism Context: A tragic incident involving the death of a three-year-old girl in Indore, allegedly due to Santhara administered by a Jain monk, has reignited legal and ethical debates around this ancient Jain ritual of voluntary fasting unto death. What is Santhara (Sallekhana)? Core Jain Doctrines Underpinning Santhara The Triratna (Three Jewels) of Jainism Legal Status of Santhara in India Significance in Jainism Controversy and Ethical Concerns 2. Keezhadi Excavation: Ancient Tamil Urban Civilization Context: The Archaeological Survey of India (ASI) has requested noted archaeologist Amarnath Ramakrishna to revise and resubmit his report on the Keezhadi excavations. The directive highlights the need for improved scientific accuracy and refined period classification in the documentation. What is Keezhadi? Excavation Highlights Cultural and Historical Significance Why the Report Was Recalled Science & Tech 1. Indian Scientists Discover Jarosite as a Natural Luminescent Clock for Mars and Earth Context: A team of Indian researchers has revealed that Jarosite, a mineral prevalent on Mars, can function as a natural luminescent clock. This unique property allows Jarosite to record geological events occurring over the past 25,000 years, aiding planetary dating and environmental studies. About Jarosite Chemical Composition & Structure Natural Occurrence Applications Banking/Finance 1. Volatility in Financial Markets Context: The Reserve Bank of India (RBI) sold $34.5 billion on a net basis in FY2024–25, the highest level of dollar sales since the global financial crisis of 2008–09. This intervention was aimed at curbing volatility in the foreign exchange market amid sharp depreciation of the Indian Rupee. Forex Market Intervention Volatility in Financial Markets Definition Key Characteristics How to Measure Volatility Statistical Example (Monthly Data): Types of Volatility Volatility in Options Pricing Quick Facts for Exams Reason for Market Volatility 2. NPCI Steps up UPI Vigil to Prevent Future Disruptions in Core Network Context: The National Payments Corporation of India (NPCI) has issued a circular to strengthen its supervisory framework over Unified Payments Interface (UPI) operations. This follows a root cause analysis of a recent outage that revealed excessive API calls by banks as the cause of core network stress. Key Measures Introduced Compliance Requirements Rate Limiting and Timing Rules Enforcement and Penalties BS 3. RBI Proposes Special Share Certificates for UCBs to Boost Capital Base Context: To enhance capital mobilisation options for UCBs, especially Tier-4 UCBs, through innovative instruments like Special Share Certificates (SSCs) and Perpetual Non-Cumulative Preference Shares (PNCPS). Special Share Certificates (SSCs) A share certificate is a written document signed on behalf of a corporation that serves as legal proof of ownership of the indicated number of shares. It is also referred to as a stock certificate. Perpetual Non-Cumulative Preference Shares (PNCPS) Perpetual Non-Cumulative Preference Shares (PNCPS) are a type of preference share issued by banks with no fixed maturity date and no accumulation of unpaid dividends. They offer a fixed dividend rate and prioritize dividend payments to equity shareholders. PNCPS are often used by banks to bolster their capital base, particularly to meet Basel III capital requirements Rationale Behind the Proposal 4. RBI Co-lending Guidelines Aim to Lower Digital Lending Rates Context: The Reserve Bank of India (RBI) has held consultations with top fintech bodies to review feedback on draft colending guidelines. Key Proposals in Draft Colending Guidelines Co-lending Models Call for NBFCs on UPI Credit Line Compliance Improvements Implication BS 5. RBI’s Payments Regulatory Board (PRB) Context: The RBI has notified the structure and functioning of the Payments Regulatory Board (PRB) under the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS). The PRB is housed within the RBI and will oversee the payments ecosystem with powers of delegation and standard-setting. Background Board Composition Functioning and Governance 6. NSE Proposes Tuesday for Weekly Index Derivatives Expiry amid SEBI’s New Guidelines Context: The National Stock Exchange (NSE) has proposed shifting the weekly expiry of its index derivative contracts to Tuesday, moving away from the current Thursday expiry. This move comes in light of SEBI’s proposal to limit expiry days to only two weekdays: Tuesdays and Thursdays, aiming to reduce expiry-day volatility. Key Developments Strategic Implications BS 7. RBI Reviewing Bank Licensing Framework & Insurance Distribution Role: Sanjay Malhotra Context: In his first public remarks since taking over in December 2024, RBI Governor Sanjay Malhotra outlined key regulatory priorities, including a review of the bank licensing framework, stricter oversight on insurance product distribution, and measures to enhance consumer protection. Key Highlights Bank Licensing and Governance Mis-selling of Insurance Consumer Protection & KYC Simplification Liquidity and Monetary PolicyRBI to Discuss Liquidity Management with Bankers Fiscal Outlook and Economic Growth TOI 8. Offshore Derivative Instruments (ODIs) Context: The Securities and Exchange Board of India (SEBI) has extended the implementation deadline for its revised Offshore Derivative Instruments (ODIs) framework from May 17, 2025, to November 17, 2025. The move comes after market participants requested additional time to meet the new compliance requirements. Offshore Derivative Instruments (ODIs) Offshore Derivative Instruments (ODIs), including Participatory Notes (P-notes), are financial instruments issued by SEBI-registered Foreign Institutional Investors (FIIs) or Foreign Portfolio Investors (FPIs) to overseas investors who wish to invest in Indian securities without direct registration with SEBI. Key Features Types of ODIs Regulatory Concerns and SEBI Actions Key Features of the Revised ODI Framework SourceThe Economic Times Agriculture 1. Spices Board Launches SPICED Scheme 2025–26 Context: The Spices Board of India has introduced the SPICED scheme — “Sustainability in Spice Sector through Progressive, Innovative and Collaborative Interventions for Export Development” — for the financial year 2025–26.The scheme provides financial assistance for a wide range of components to enhance sustainability, productivity, quality, and global competitiveness in the Indian spices sector. Key Objectives Eligibility & Application Timeline Category Application Start Last Date Exporters (Export-related) May 26, 2025 June 30, 2025 Farmers & FPOs (Dev. components) May 26, 2025 September 30, 2025 Core Components of the SPICED Scheme For Farmers and FPOs For Exporters Significance of the SPICED Scheme BL Facts To Remember 1. Ram Mohan appointed as new MPEDA director