Daily Current Affairs Quiz13 May, 2025 International Affairs 1. U.S.-China Agree to 90-Day Tariff Truce Key Highlights: Current Tariff Structure: Key Policy Shifts: Reasons Behind the Truce: BS National Affairs 1. E-Waste Management in India Context: India’s digital growth is driving massive use of electronic devices, leading to a dramatic rise in electronic waste (e-waste). As India moves toward its Viksit Bharat goal, managing this waste stream through sustainable mechanisms such as Extended Producer Responsibility (EPR) and fair floor pricing for recycling certificates becomes crucial. E-Waste Growth in India What is EPR and Why It Matters? E-Waste (Management) Rules, 2022 E-Waste (Management) Second Amendment Rules, 2023 E-Waste (Management) Amendment Rules, 2024 Consequences of Improper E-Waste Disposal International Conventions on E-Waste Management National Framework for E-Waste Management in India Common E-Waste Disposal Methods Key Issues and Challenges in E-Waste Management Strategies to Strengthen E-Waste Management in India Global Best Practices to Learn From The Need for a National Recycling Vision UPSC Civil Services Examination, Previous Year Questions   Prelims:  Q. Due to improper/indiscriminate disposal of old and used computers or their parts, which of the following are released into the environment as e-waste? (2013) Select the correct answer using the codes given below:   (a) 1, 3, 4, 6 and 7 only  (b) 1, 2, 3, 5 and 6 only  (c) 2, 4, 5 and 7 only  (d) 1, 2, 3, 4, 5, 6 and 7   Ans: (b)   Mains:  Q. What are the impediments in disposing of the huge quantities of discarded solid waste which are continuously being generated? How do we safely remove the toxic wastes that have been accumulating in our habitable environment? (2018)  2. WHO’s State of the World’s Nursing 2025 Key Global Findings: Status of Nursing in India Key Challenges in India’s Nursing Sector 3. Mission D3 What is Mission D3? Mission D3 is a community-led social movement launched in November 2024 by Bhil and Bhilala tribal youths in Alirajpur and Jhabua districts of Madhya Pradesh. The campaign aims to eliminate three major financial and cultural burdens from tribal weddings: Core Objective To promote simple, debt-free, and culturally authentic tribal weddings, protecting poor families from exploitative customs and post-marriage indebtedness. Key Features of Mission D3 Social Impact 4. MY Bharat (Mera Yuva Bharat) Context: Mera Yuva Bharat (MY Bharat) is an autonomous institution under the Ministry of Youth Affairs and Sports, designed to empower young Indians through technology-driven engagement and youth-led development.It was officially launched on October 31, 2023, to commemorate the birth anniversary of Sardar Vallabhbhai Patel. Primary Objectives Key Features of MY Bharat Significance for Youth and Nation 5. Geotubing What is Geotubing? Geotubing involves the use of large, cylindrical geotextile tubes (commonly called geotubes) filled with sand, slurry, or dredged material. These are strategically placed underwater or along shorelines to act as submerged barriers, reducing wave energy and preventing erosion. Key Features of Geotubes Materials Used in Geotubing: Advantages of Geotubing Applications of Geotubing: Banking/Finance 1. Special-Purpose Vehicle (SPV) Context: Bengaluru Smart Infrastructure Limited (B-SMILE) is a special-purpose vehicle (SPV) set up by the Karnataka government to manage large urban infrastructure projects. What is a Special Purpose Vehicle (SPV)? Purpose and Uses of SPVs Legal Forms of SPVs Accounting and Financial Risks TH 2. Bank Mitras Context: The Business Correspondent Resource Council (BCRC) has submitted a formal appeal to the Parliamentary Committee on Finance, urging a review of Bank Mitras’ commission structure and seeking infrastructure subsidies to support rural banking operations. The representation was made during a meeting with Bhartruhari Mahtab, Chairperson of the Committee. What is the Bank Mitra Program? The Bank Mitra program is an initiative under the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched on August 28, 2014, that aims to extend banking services to unbanked and underbanked rural areas through appointed individuals called Bank Mitras, who act as business correspondents of banks. The Department of Financial Services (DFS) within the Ministry of Finance of India is responsible for the scheme.  Objectives of the Bank Mitra Program Key Benefits Impact on Financial Inclusion 3. AI-Based Training in PSBs Context: Government-run banks in India are increasingly leveraging artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) to enhance customer service quality and boost employee soft skills, especially at the front desk. The move follows surprise inspections by the Department of Financial Services (DFS) that revealed gaps in professionalism, responsiveness, and behavior among branch-level staff. Key Developments: Structural Issues BS 4. RBI Surplus Transfer Context: India’s banking system is expected to see surplus liquidity rise to ₹5.5–6 lakh crore in the coming weeks, following a substantial dividend payout by the Reserve Bank of India (RBI) to the Central Government. This is likely to exert downward pressure on short-term interest rates, influencing bond markets and monetary policy outlook. How the RBI Determines the Allocation of Dividends The Reserve Bank of India (RBI) determines its annual dividend transfer to the Government of India based on the Economic Capital Framework (ECF). This framework balances fiscal support to the government with the need to maintain adequate financial buffers for monetary and financial stability. Under Which Section RBI Transfers It’s Surplus To Central Government? Key Determinants of Dividend Allocation Economic Capital Framework (ECF) Dividend Calculation Process Sources of RBI’s Income Primary Revenue Streams Interest from Government Securities Open Market Operations (OMOs) Foreign Exchange Operations Liquidity Adjustment Facility (LAF) earnings Interest on loans and advances to banks Recent Trends Expenditure Components RBI’s Key Expenses Operational costs Interest on deposits/borrowings Cost of currency issuance Provisioning for contingencies and revaluation losses TOI 5. AMEX and HSBC Lead Foreign Banks in Credit Card Growth in FY25 Context: American Express (AmEx) and HSBC emerged as the top-performing foreign banks in net credit card additions in FY25, bucking the broader industry trend of decelerating growth in the credit card segment. The industry added over 8 million credit cards in total, reflecting a year-on-year slowdown. American Express (AmEx) American Express (AmEx) is a global payments company and financial services corporation known for its credit cards and other financial products. It offers a wide range of services, including

Daily Current Affairs Quiz11&12 May, 2025 National Affairs 1. Kadbanwadi Grassland Crisis Overview of Kadbanwadi Grassland Plight of the Indian Grey Wolf Legal and Conservation Challenges TH 2. Kerala’s ‘Vruthi’ Campaign What is Vruthi? Why Was the Campaign Needed? How Is Vruthi Different from Swachh Bharat Mission? TH Banking/Finance 1. SEBI’s New Derivatives Risk Framework Context: SEBI aims to tighten risk management and curb excessive speculation in the equity derivatives market through an updated set of rules. Reforms follow industry feedback on its February 2025 consultation paper. Major Reforms Finalized Revised Open Interest (OI) Calculation Open Interest (OI) refers to the total number of outstanding futures or options contracts that have not been settled. It represents the number of active contracts in the market at a given time. Updated Index Options Limits Market-Wide Position Limit (MWPL) Recast Market Wide Position Limit (MWPL)  is the maximum number of open F&O contracts permitted for a particular underlying stock. This limit is set by the exchange. Hence, it is the maximum permitted OI for a particular underlying stock. It is expressed as a number of shares.  Exposure Caps Intraday Surveillance Enhancements Weekly Expiry Restrictions Trader Profitability Survey BS 2. Revolutionizing India’s Insurance Sector Context: India’s financial sector is positioning itself as a hub for global investment, with a focus on attracting foreign banks and FDI in insurance. Announced in the February Budget, this policy aims to boost capital inflow and trust in the sector by simplifying regulations. Projected Growth of the Insurance Market IRDAI’s Transformation and Leadership Bima Trinity: A Comprehensive Strategy for Insurance Inclusion Focus on Inclusivity and Accessibility Risk-Based Capital and Financial Reporting Reforms TH 3. NRI Financial Compliance Guide 2025 Context: If an NPS subscriber renounces Indian citizenship without obtaining an OCI card, they must notify the NPS Trust. The NPS account will be mandatorily closed in such cases. Banking Compliance for New NRIs An NRO (Non-Resident Ordinary) account is a bank account for Non-Resident Indians (NRIs) to manage income earned or deposits made in India. It’s held in Indian Rupees and allows NRIs to deposit, withdraw, and manage their Indian income while earning interest.  Mutual Fund (MF) Guidelines for NRIs Demat Account and Trading Rules PPF, EPF & Insurance Compliance Residential Status & Income Tax Rules Leverage DTAA to Minimize Tax BS 4. Morningstar DBRS Upgrades India’s Sovereign Credit Rating to ‘BBB’ Context: Long-Term Foreign and Local Currency – Issuer Ratings upgraded to ‘BBB’ from ‘BBB (low)’, with a Stable trend. Short-Term Foreign and Local Currency Issuer Ratings upgraded to ‘R-2 (high)’ from ‘R-2 (middle)’, also with a Stable trend. Key Highlights: Main Drivers for the Upgrade Outlook and Future Prospects Rating Methodology BS & PIB 5. RBI Relaxes FPI Investment Norms in Corporate Debt Securities Context: The Reserve Bank of India (RBI) has eased investment norms for Foreign Portfolio Investors (FPIs) under the general route, specifically for corporate debt securities. This move is aimed at enhancing FPI participation in India’s debt market and improving market liquidity. Key Highlights of the Relaxation Impact & Objective 6. SEBI Imposes Cooling-Off Period for Directors of Market Infrastructure Institutions (MIIs) Context: The Securities and Exchange Board of India (SEBI) has amended key regulations to introduce a mandatory cooling-off period for directors transitioning between competing Market Infrastructure Institutions (MIIs), enhancing governance and safeguarding market integrity. Key Highlights Purpose and Implications Market Infrastructure Institutions (MIIs) Market Infrastructure Institutions (MIIs) are the backbone of a robust and well-regulated financial market. These institutions include stock exchanges and depositories that facilitate seamless trading, clearing, and settlement of securities, ensuring transparency, investor protection, and financial stability. 7. Index Options Context: Retail participation in index options remains high despite curbs introduced in October 2023 and proposals in February 2024. A SEBI study revealed that individual investors lost ₹1.89 trillion in FY22–24, mostly on options expiry days, while high-frequency traders (HFTs) profited. India has the highest index options trading volumes globally, especially compared to the size of its cash equity market. What Are Index Options? An index option is an asset which enables its holder to trade (buy or sell) the value of an underlying index, for example, the Nifty 50, at a predetermined price. In the dynamic landscape of financial markets, index options have carved a special place as a versatile financial instrument. Definition: Purpose: Types of Index Options: Key Components: How It Works: Benefits of Index Options: Previous Measures Taken Major Regulatory Revisions Proposed in 2025 Mint Agriculture 1. First-Ever Rice Pangenome Context: Global Scientists Build First-Ever Rice Pangenome to Boost Climate Resilience and Yields. What is the Rice Pangenome? Why the Pangenome Matters Key Findings and Scientific Advances Climate and Agricultural Significance Applications and Future Potential Regulatory Framework of Genetically Modified (GM) Crops in India India adopts a multi-tiered regulatory approach to ensure the safety, efficacy, and compliance of genetically modified (GM) crops before their approval and use. Food Safety and Standards Act, 2006 Review Committee on Genetic Manipulation (RCGM) State Biotechnology Coordination Committee (SBCC) District Level Committee (DLC) Genetic Engineering Appraisal Committee (GEAC) GM Crop Approval Process BS Facts To Remember 1. World’s longest banana infructescence found in the forests of Andamans An infructescence of about 4.2 metres has been recorded in a species of wild banana from Andaman and Nicobar islands, making it the longest infructescence recorded in bananas across the world. The details of the discovery were published in an international peer reviewed science journal Botany Letters earlier this year. 2. Salunkhe, Deepika win recurve bronze Parth Salunkhe and Deepika Kumari performed creditably well to clinch the recurve men’s and women’s individual bronze medals respectively on the concluding day of the Archery World Cup Stage-2 in Shanghai. 3. Miss World 2025 kicks off with a cultural extravaganza in Hyderabad The 72nd edition of the Miss World pageant officially began on a dazzling note at the Gachibowli Indoor Stadium, with a vibrant showcase of Telangana’s cultural heritage. 4. DARPG Hosts Rashtriya Karmayogi Jan Seva Training Programme to Empower Civil Servants The Department of Administrative Reforms & Public Grievances (DARPG) conducted a