Daily Current Affairs Quiz22 May, 2025 International Affairs 1. China-Pakistan Economic Corridor (CPEC) Context: China, Pakistan, and Afghanistan have agreed to expand the China-Pakistan Economic Corridor (CPEC) to include Afghanistan. What is CPEC? The China-Pakistan Economic Corridor (CPEC) is a 3,000-km long infrastructure corridor connecting Xinjiang (China) to Gwadar Port (Pakistan).CPEC is a bilateral project under China’s Belt and Road Initiative (BRI), aimed at: Strategic Importance of CPEC for China and Pakistan India’s Concerns and Strategic Implications 1. Sovereignty Violation 2. Strategic Isolation of Kashmir 3. Enhanced Chinese Maritime Control 4. Trade Route Realignment 5. Export Competition 6. Strengthening China’s Geo-economic Clout One Belt One Road (OBOR)/Belt and Road Initiative (BRI) Structure: India’s Stand National Affairs 1. “Poverty Decline in India after 2011–12: Bigger Picture Evidence” Context: A recent academic paper titled “Poverty Decline in India after 2011–12: Bigger Picture Evidence” reveals that: Authorship and Methodology Key Findings National-Level Trends State-Level Disparities Supporting Economic Indicators Policy Implications TH 2. Mission LiFE May Join India’s National Climate Plan Context: The Indian government is considering integrating Mission LiFE (Lifestyle for Environment) into the National Action Plan on Climate Change (NAPCC) to promote sustainable behavior and quantify the climate-related needs of individuals and businesses. This strategic move aims to elevate environmental consciousness through a behavior-centric approach. Current Status of NAPCC What is Mission LiFE? Three Core Shifts Targeted by Mission LiFE Why Integrate with NAPCC? Challenges in Adoption 3. DoT Launches Financial Fraud Risk Indicator to Combat Cyber Fraud Context: The Department of Telecommunications (DoT) unveiled the Financial Fraud Risk Indicator (FRI), a new advanced analytical tool designed to support financial institutions in detecting and preventing cyber fraud. This initiative is part of the broader Digital Intelligence Platform (DIP). What is Financial Fraud Risk Indicator (FRI)? Functionality and Impact Significance 4. Labour Code Reforms in India Context: Recent reforms aim to streamline labour regulations, improve working conditions, and support industrial growth. States and Union Territories (UTs) are aligning laws with industry needs to attract investment and position themselves as investment-friendly destinations. Labour Code Reforms in India Background of Labour Code Reforms (2019–2020) Between 2019 and 2020, Parliament passed four consolidated labour codes to replace 29 outdated central labour laws: Code Key Focus Areas Code on Wages, 2019 Regulates minimum wages, bonus payments, payment timelines, and ensures equal remuneration. Industrial Relations Code, 2020 Covers trade unions, hiring/firing rules, industrial disputes, and employment conditions. Code on Social Security, 2020 Integrates provisions on EPF, ESI, gratuity, maternity, and pension schemes; extends benefits to gig and platform workers. Occupational Safety, Health and Working Conditions Code, 2020 Regulates safety standards, working hours, health, welfare, and leave policies across industries. Objectives of the Labour Code Reforms: Labour Being a Concurrent Subject: State Involvement Key Amendments and Trends by States/UTs Reform Area States/UT Action Retrenchment, Layoff, Closure Threshold 20 states/UTs increased the threshold from 100 to 300 workers for prior government approval. Factories Act Threshold 19 states/UTs raised threshold: • From 10 to 20 workers (with power) • From 20 to 40 workers (without power) Contract Labour Act Applicability Threshold increased from 20 to 50 workers in 19 states/UTs. Women in Night Shifts 31 states/UTs allowed women to work night shifts, with mandated safety conditions (transport, lighting, security). Inspector Raj Reform All states/UTs implemented rules requiring compliance notice before prosecution—promoting transparency and reducing harassment. Implications for Employers and Workers Constitutional Provisions Related to Labour Rights India’s Constitution provides a strong framework for protecting labour rights: Directive Principles of State Policy (DPSP) Often considered the “Magna Carta” for India’s working class: Legislative Framework Second Labour Commission Recommendations (2002) The Commission suggested consolidation of labour laws into five core categories: Key Objectives of the Labour Codes BS 5. Pradhan Mantri Awas Yojana–Urban (PMAY-U) Context: The Government of India has extended the completion deadline for Pradhan Mantri Awas Yojana–Urban (PMAY-U) to December 31, 2025, for housing projects sanctioned up to March 31, 2022. This move gives thousands of urban beneficiaries additional time to complete their affordable housing units under the flagship “Housing for All” scheme. What is PMAY-Urban? Launched in June 2015 by the Ministry of Housing and Urban Affairs (MoHUA), PMAY-U aims to provide affordable housing to urban families, especially those in: What’s New Under PMAY-U 2.0? The second phase of the scheme maintains the original funding structure but emphasizes completion and accessibility through four verticals: Eligibility Criteria for PMAY-U To avail benefits under PMAY-U, an applicant must: Offline Application ProcessApplicants can apply through: Note: A nominal service fee is applicable for assistance with form filling and document uploads. Key Benefits of PMAY-U Extension Banking/Finance 1. Rapid Growth and Adoption of Mutual Funds by Household Investors Context: Household investors are increasingly adopting mutual funds (MFs), investing more via systematic investment plans (SIPs) in a disciplined, staggered manner. Investors are holding MF portfolios for longer durations, supporting wealth creation through compounding and reduced risk. Investment Trends Economic and Market Implications BS 2. SEBI’s Cybersecurity and Cyber Resilience Framework (CSCRF) Context: Significant rise in spurious apps, websites, and contact numbers impersonating stockbrokers and their executives. Investors have lost crores, with reported losses reaching up to ₹910 crore. Fraudsters impersonate relationship managers and prominent officials to mislead investors to fake portals. Fake WhatsApp groups offering trading advice lure gullible investors. SEBI’s Cybersecurity and Cyber Resilience Framework (CSCRF) What is CSCRF? SEBI’s Cybersecurity and Cyber Resilience Framework (CSCRF) is a comprehensive regulatory mandate introduced to strengthen the cybersecurity posture of entities regulated by SEBI, including mutual funds, stock brokers, MIIs, and credit rating agencies. The framework aims to: CSCRF replaces older fragmented guidelines with a unified approach, aligned with global best practices and CERT-In’s Cyber Crisis Management Plan. Core Objectives of CSCRF Key Components of CSCRF Category Highlights Security Monitoring Mandatory Security Operations Centers (SOCs) for real-time incident detection and response Governance Board-level review of cybersecurity policies; creation of cybersecurity committees Risk Management Ongoing risk assessments, threat intelligence integration, and vendor risk oversight Incident Response Incident Response Management Plans, RCA, forensic analysis, and stakeholder updates Audits &

Daily Current Affairs Quiz21 May, 2025 International Affairs 1. WHO Member States Adopt Historic Pandemic Agreement at 78th World Health Assembly Context: In a landmark move to strengthen pandemic preparedness and response, WHO member states have unanimously adopted the world’s first Pandemic Agreement. The decision was finalized during a plenary session of the 78th World Health Assembly, following over three years of negotiations that began after the COVID-19 crisis. Significance of the Pandemic Agreement Key Components of the Agreement Global Health Implication TH National Affairs 1. Historic Epigraphic Record of Drought Deaths Found in Karnataka (1539 CE) Context: A sculptural inscription discovered near Chandrashekara temple at Guttala in Haveri district of Karnataka has documented the death of 6,307 people due to drought in the local area, making it the first such historical record of a humanitarian disaster caused by a natural calamity in India. Location and Discovery Key Historical Content Significance of the Inscription ASI’s Epigraphic Efforts (2024–25) TH 2. Lokniti-CSDS Survey on Media in India Context: India-Pakistan Crisis and Misinformation Surge: Impact of Misinformation on Public Trust and Behaviour in India Key Findings Prevalence of Fake News Encounters Unintentional Sharing of Misinformation Public Concern About Fake News Note: In the 2025 World Press Freedom Index, India ranks 151 out of 180 countries. Fake News Experience Drives Concern Trust Deficit in Social Media Platforms Reuters Digital News Report 2024 Policy and Educational Implications TH 3. Yoga Sangam 2025 Context: The Ministry of Ayush has announced that over 1,000 organisations have already registered under the Yoga Sangam initiative ahead of International Day of Yoga (IDY) on 21st June 2025. Yoga Sangam aims to be India’s largest coordinated wellness celebration, promoting mass yoga demonstrations across the nation. Key Highlights Why It Matters PIB 4. Union Government Launches Depot Darpan, Anna Mitra & Anna Sahayata Context: On 21 May 2025, Union Minister Shri Pralhad Joshi launched three major digital platforms—Depot Darpan, Anna Mitra, and Anna Sahayata—to modernize and digitize India’s Public Distribution System (PDS). These initiatives aim to improve transparency, accountability, and efficiency in delivering subsidised food grains to over 81 crore beneficiaries under the National Food Security Act (NFSA). Key Digital Initiatives Launched Depot Darpan Portal Anna Mitra App Anna Sahayata Platform Significance and Impact PIB 5. Launch of Revamped OCI Portal Inaugurated by Objective Key Features of the New OCI Portal Background of the OCI Scheme Previous System Overview TH Banking/Finance 1. Neo Banks in India Context: Super.money, a fintech startup backed by Flipkart, is planning to expand its footprint across India’s growing neobanking and digital financial services market. The Bengaluru-based company completes its first year of operations in July 2025 and aims to become one of the top 3–5 neobanks in India. Current Offerings Neo Banks in India The fintech wave has revolutionized India’s financial ecosystem, and neo banks have emerged as a major disruptor. Operating without physical branches, these digital-first entities are redefining how banking is experienced—especially by tech-savvy users. Let’s understand what neo banks are, how they work, and how they compare with traditional banks, digital banks, and payments banks. What are Neo Banks? Key Characteristics Note: Neo banks in India do not hold a banking license due to RBI norms. They operate in partnership with licensed banks. How are Neo Banks Different from Traditional Banks? Feature Neo Banks Traditional Banks Branches No physical branches Multiple physical branches Banking license Operate under partner banks Have RBI-issued licenses Technology usage AI-driven, app-based Mix of traditional and digital services Cost Low overheads, minimal fees Higher operational costs Customer support App-only, no personal banker Relationship managers available Neo Banks vs Digital Banks Digital Banks: Neo Banks: Neo Banks vs Payments Banks Aspect Neo Banks Payments Banks License No RBI license RBI licensed Credit services Offer credit cards & loans Not allowed to lend or issue credit cards Risk exposure Higher due to credit-linked services Virtually credit risk-free How Do Neo Banks Function? Neo banks operate on a tech-driven, low-cost model: Advantages of Neo Banks in India Things to Consider Before Using Neo Banks Disadvantages of Neo Banks 2. RBI Grants In-Principle Nod to Emirates NBD for Wholly Owned Subsidiary in India Context: Regulatory Approval: The Reserve Bank of India (RBI) has granted in-principle approval to Emirates NBD Bank PJSC to convert its existing Indian branches into a wholly owned subsidiary (WoS). Existing Operations: The Dubai-based lender currently operates branches in Mumbai, Chennai, and Gurugram. Key Details WoS Model: RBI’s Foreign Bank Policy BS 4. RBI Cancels Licence of HCBL Co-operative Bank Due to Capital Inadequacy Context: The Reserve Bank of India (RBI) has cancelled the banking licence of HCBL Co-operative Bank, headquartered in Lucknow, citing inadequate capital and earning prospects. The bank has ceased operations effective May 19, 2025. Key Reasons for Licence Cancellation Winding-up Process and Depositor Protection Implications BS 5. Banks May Soon Get Individual National Calling Numbers with Incoming Facility Context: The Government and RBI are considering a proposal to allow each bank its own unique national calling number, likely under the “1600xx” series. These dedicated numbers would support incoming calls, enhancing customer trust, service experience, and fraud prevention. Current System and Issues Proposed Changes Banking Sector Requests TET 6. Foreign Currency Convertible Bonds (FCCBs) Context: State Bank of India (SBI) has received board approval to raise up to $3 billion in foreign currency bonds during FY2025-26. Foreign Currency Convertible Bonds (FCCBs): Meaning, Features, and How They Work Foreign Currency Convertible Bonds (FCCBs) are a hybrid financial instrument used by companies to raise capital from international markets. These instruments offer a mix of debt and equity features, making them attractive for both issuers and investors. What is an FCCB? Key Takeaways Why Do Companies Issue FCCBs? How FCCBs Work Advantages of FCCBs Risks and Considerations Real-World Example If a US-based company issues FCCBs in Indian rupees, the interest and principal repayments must be made in INR. If the INR appreciates, it benefits the issuer; if it depreciates, the company pays more in dollar terms. 7. SEBI’s New