Daily Current Affairs Quiz12 June, 2025 National Affairs 1. SpaceX Postpones Axiom Space Ax-4 Mission Context: The Axiom Mission 4 (Ax-4), a private crewed mission to the International Space Station (ISS), has been postponed by SpaceX due to a liquid oxygen (LOx) leak detected during post-static fire inspections of the Falcon 9 booster. Key Details: Significance for India 2. Microfinance Sector in India Context: The Reserve Bank of India (RBI) Deputy Governor has flagged a deepening crisis in the Indian microfinance sector, citing a: About Microfinance in India Challenges Way Forward UPSC Mains PYQ Q. “In the villages itself no form of credit organisation will be suitable except the cooperative society.” – All Indian rural credit survey. Discuss this statement in the background of agriculture finance in India. What constrain and challenges do financial institutions face supplying agricultural finances? How can technology be used to better reach and serve rural clients? (2014) 3. India and Biodiversity Beyond National Jurisdiction (BBNJ) Agreement Context: India is unlikely to ratify the Biodiversity Beyond National Jurisdiction (BBNJ) agreement, also known as the High Seas Treaty, during the UN Ocean Conference in Nice, France (June 2025), despite having signed the agreement in September 2024. About the BBNJ Agreement India’s Position and Activities at the Conference 4. India Pushes for Dysprosium and Terbium Imports Context: With China reportedly close to granting rare earth mining licenses to at least 10 applicants, India is urgently seeking to secure imports of dysprosium and terbium—two critical heavy rare earth elements (HREEs) used in EV motors and industrial magnets. These elements are not available in extractable quantities in India, making imports essential. Dysprosium and Terbium: Critical Rare Earth Elements Dysprosium (Dy) and Terbium (Tb) are essential heavy rare earth elements (HREEs) used as additives in Neodymium-Iron-Boron (NdFeB) magnets. These magnets are integral to clean energy technologies like wind turbines and electric vehicle (EV) motors due to their superior magnetic strength and thermal stability. Key Properties and Industrial Significance Major Applications 5. Social Security Coverage in India Rises to 64.3% in 2025: ILO Report Context: The International Labour Organization (ILO) has reported a significant rise in India’s social protection coverage, stating that nearly 64.3% of the population—around 950 million people—are now covered under at least one social security scheme in 2025, up from 19% in 2015. Key Highlights: Social Security Expansion Over a Decade: Coverage Estimation Based on ILO Criteria: Key Welfare Schemes Considered Impact on Global Labour Relations: National Data Pooling Effort: 6. India Needs a Balanced Framework for Gig Workers Context: India’s gig and platform economy is projected to become a significant employment generator. A recent VV Giri National Labour Institute (VVGNLI) study estimates that the sector may employ 61 million workers by 2047, comprising 15% of the non-agricultural workforce. What is a Gig Worker? A gig worker is an individual who undertakes short-term, flexible jobs, often facilitated by digital platforms, without a traditional employer-employee relationship. These workers are typically independent contractors, providing services for various clients on a project-by-project or task-by-task basis. Examples include ride-sharing drivers, food delivery workers, freelance writers, and graphic designers.  Key Challenges e-Shram Portal Key Features of the e-Shram Portal Objectives Banking/Finance 1. SEBI Introduces Mandatory @valid UPI Handles to Curb Financial Fraud Context: To strengthen investor protection and curb rising cases of fraud and impersonation in capital markets, the Securities and Exchange Board of India (SEBI) has introduced a mandatory UPI handle format – @valid – for all registered intermediaries. Key Highlights: New UPI Handle Format: @valid Purpose and Impact Verification and Rollout SEBI Check-Supporting Measures UPI Transaction Limit BS & TH 2. NSE Gets SEBI Nod to Launch Monthly Electricity Futures Contracts Context: The National Stock Exchange of India (NSE) has received regulatory approval from the Securities and Exchange Board of India (SEBI) to launch monthly electricity futures contracts. The move aligns with efforts to deepen India’s energy markets and improve risk management tools for power sector stakeholders. What are They? The new monthly electricity futures contracts aim to provide market participants with tools to hedge against price volatility, enabling more transparent and efficient price signals in the power sector. They are expected to spur investments across the electricity value chain, from generation to retail. Objectives and Benefits Strategic Importance Implications 3. MTNL Loan Default Context: State-run Mahanagar Telephone Nigam Ltd (MTNL) has defaulted on over ₹8,300 crore worth of bank loans. A meeting has been called by Cabinet Secretary T.V. Somanathan to find a resolution, amid mounting pressure from public sector banks (PSBs) seeking repayment assurances. Key Highlights: Willing to explore options such as Banks’ Expectations NPA Status and Provisions: 4. RBI Hikes LTV on Gold Loans to 85% Context: The Reserve Bank of India (RBI) has issued final guidelines increasing the Loan-to-Value (LTV) ratio for gold loans from 75% to 85% for loans below ₹2.5 lakh. The regulatory move is aimed at enhancing access to small-ticket loans, especially in rural areas, and supporting liquidity in the NBFC and MFI sectors. Key Highlights: Impact of LTV Hike on Gold Loans Boost for NBFC-MFIs What is Loan-to-Value (LTV) Ratio? The Loan-to-Value (LTV) ratio is a crucial metric in lending, particularly for home loans. It represents the percentage of the property’s value that is financed by the loan. A higher LTV ratio means a larger portion of the property is financed, indicating a higher risk for the lender.  BS 5. RBI Plans to Tighten LRS Rules to Curb Foreign Currency Deposits by Resident Indians Context: The Reserve Bank of India (RBI) is set to tighten overseas remittance rules under the Liberalised Remittance Scheme (LRS) to prevent misuse through foreign fixed deposits and passive capital export, according to a Reuters report. Key Highlights: New Restrictions on Use of LRS Funds Regulatory Concerns and Capital Control Misuse and Loopholes Scope of the LRS 7. Financial Regulators to Implement Universal KYC and Strengthen Cyber Resilience Context: In the 2025 meeting of the Financial Stability and Development Council (FSDC) chaired by Finance Minister Nirmala Sitharaman in Mumbai, key decisions were taken to