Daily Current Affairs Quiz4 & 5 May, 2025 International Affairs 1. EU Willing to Reengage with India on WTO ICT Tariff Dispute Context: The European Union (EU) has expressed willingness to reinitiate negotiations with India over a WTO dispute concerning import tariffs imposed by New Delhi on information and communication technology (ICT) products. A senior EU official confirmed the bloc’s readiness to explore an “amicable settlement,” provided India is open to such talks. Background of the Dispute Current Developments Key Issues at Stake India’s Stand BS National Affairs 1. India Imposes Comprehensive Ban on Imports, Postal Links, and Port Access for Pakistan Context: In a significant escalation of bilateral tensions, the Government of India has imposed a complete ban on trade, shipping, and postal links with Pakistan. The decision follows a deadly terror attack in Jammu & Kashmir and coincides with Pakistan’s latest missile test. Key Developments: Trade Ban Enforced Port and Shipping Restrictions Suspension of Postal Links Comprehensive Visa Revocation by India Context & Background Policy Implications TH 2. India-France Rafale-M Deal Context: India has formally concluded a ₹64,000 crore deal with France for 26 Rafale-Marine (Rafale-M) fighter jets, enhancing the Indian Navy’s combat capabilities and preparing both INS Vikramaditya and INS Vikrant for full fighter jet deployment by 2030. Minor modifications to aircraft and carriers will be required to ensure seamless operations. Key Highlights: Deal Finalisation and Delivery Timeline Significance for Indian Navy The Rafale-M acquisition marks a strategic leap for Indian naval aviation, ensuring full fighter capacity on both carriers by 2030. Backed by intelligent budgeting and intergovernmental collaboration, this deal underscores India’s focus on blue water capabilities, indigenous carrier readiness, and modern air power integration. TH 3. Global Vaccine Coverage Decline Raises Alarms as Preventable Diseases Re-emerge Why Vaccine-Preventable Diseases Are Rising Again Global health agencies — WHO, UNICEF, and Gavi — have issued a joint warning that diseases such as measles, meningitis, and yellow fever are making a comeback due to: Key Alarming Findings Vaccination: A Proven High-Return Investment India’s Progress Through Immunisation Urgent Actions Needed TH 4. Discovery of Prehistoric Workshop in Haryana’s Mangar Bani Context: The discovery was made in Mangar Bani, situated between Manesar and Faridabad, Haryana Hidden within the Aravalli hills, the site contains evidence of early human civilization dating back 500,000 years Archaeological Findings Cultural and Historical Context Impact on Prehistoric Studies TOI Science & Tech 1. Microgravity Increases Core Body Temperature: IIST Model Context: A new study from the Indian Institute of Space Science and Technology (IIST), Thiruvananthapuram, offers critical insights into how microgravity affects human thermoregulation—a key determinant of astronaut well-being during long-duration space missions such as future voyages matching Voyager 1’s trajectory. What is Microgravity? Microgravity is the condition in which people or objects appear to be weightless. The effects of microgravity can be seen when astronauts and objects float in space. Microgravity can be experienced in other ways, as well. “Micro-” means “very small,” so microgravity refers to the condition where gravity seems to be very small. In microgravity, astronauts can float in their spacecraft – or outside, on a spacewalk. Heavy objects move around easily. For example, astronauts can move equipment weighing hundreds of pounds with their fingertips. Microgravity is sometimes called “zero gravity,” but this is misleading. Key Findings: Lead Researchers: Publication: The findings were published in Life Sciences in Space Research on March 29, 2025. Significance: This research strengthens the knowledge base for designing safer human spaceflights, aiding agencies like ISRO and NASA to prepare for extended missions beyond Earth orbit. TH Banking/Finance 1. Crypto Scam Epidemic in India Context: Since 2015, a surge of fraudulent cryptocurrency platforms in India has led to widespread investor losses running into tens of thousands of crores. Lured by promises of high monthly returns and buoyed by Bitcoin’s meteoric rise, investors—many unfamiliar with the technology—were misled into Ponzi-style schemes. Enforcement agencies have ramped up investigations, but legal ambiguity and delayed reporting have hindered recovery efforts. Key Highlights: Rise of Dubious Crypto Firms (2015–2017) Enforcement Action Fraud Mechanisms & Challenges Global Rankings and Legal Ambiguity India’s cryptocurrency sector is trapped in a regulatory grey zone. While enforcement agencies have intensified action, victims remain in financial distress due to delayed justice, lack of investor awareness, and weak early intervention systems. Stronger oversight, legal clarity, and rapid response mechanisms are critical to curbing the ongoing crypto scam epidemic. TH 2. ICAI to Prepare Research Paper to Assist SEBI in Tackling Financial Frauds Context: The Institute of Chartered Accountants of India (ICAI) has announced that it will develop a comprehensive research paper to assist SEBI (Securities and Exchange Board of India) in addressing financial frauds in the Indian capital markets. Key Highlights: BS 3. Public Sector Bank Pullback Slows Bancassurance Growth for Life Insurers in FY25 Context: The bancassurance (banca) channel for life insurance witnessed diverging growth trends in FY25. Public sector banks (PSBs) scaled back insurance sales amid misselling concerns and regulatory scrutiny, while private sector bank–backed insurers continued to see robust growth through the same channel. Key Growth Trends in FY25 Reasons Behind PSB Slowdown Performance by Key PSBs Emerging Challenges Strategic Realignment in Banca Distribution The bancassurance model, once a dominant life insurance distribution channel, is undergoing a major reset, especially in the public sector. As banks realign to regulatory expectations and digital transformation accelerates, insurers will need to adapt quickly by diversifying channels, enhancing transparency, and leveraging digital innovations to sustain growth. BS 4. Bank Lending to NBFCs and MFIs Remains Subdued Context: Despite the Reserve Bank of India (RBI) reverting to lower risk weights on loans to non-banking financial companies (NBFCs) and microfinance institutions (MFIs) from April 1, 2025, banks remain cautious in extending fresh credit to the sector. Top-rated NBFCs continue to get funding access, while mid-sized and lower-rated firms struggle. Key Trends and Data Sectoral Insights Why Are Banks Still Cautious? Caution Over Optimism Even with RBI’s support, risk aversion persists among banks, especially toward smaller NBFCs and MFIs. Sustained improvement in credit