Daily Current Affairs Quiz24 May, 2025 International Affairs 1. India to Push for Pakistan’s Re-inclusion in FATF Grey List Context: The Financial Action Task Force (FATF) is a global watchdog that monitors countries on issues related to money laundering and terror financing. Pakistan was placed on the FATF grey list in 2018 and removed in October 2022, conditional upon implementing a robust legal and enforcement framework, including an anti-terror law. Implications Future Actions by India What are FATF Grey List and Blacklist? Published by: Financial Action Task Force (FATF)Purpose: To combat global money laundering, terrorist financing, and threats to international financial systems FATF Blacklist Also known as: Non-Cooperative Countries or Territories (NCCTs) Definition:Countries that actively support terror financing or money laundering and show no cooperation with FATF recommendations. Current Blacklisted Countries (as of 2025): Consequences of Blacklisting: FATF Grey List Definition:Countries that are under increased monitoring due to strategic deficiencies in combating money laundering and terrorist financing.These are “jurisdictions of concern” that may later move to the blacklist if insufficient action is taken. Purpose of Greylisting: Consequences of Greylisting: Key Differences Feature Grey List Blacklist Severity Moderate risk High risk Cooperation with FATF Partial None Consequences Increased monitoring, reduced investment Financial isolation, sanctions Example Countries (2025) Varies (updated regularly) North Korea, Iran, Myanmar TH National Affairs 1. Overfishing in India What is Overfishing? Key Causes of Overfishing in India Impacts of Overfishing On Marine Ecosystems On Human Livelihoods On the Environment Sustainable Solutions to Combat Overfishing 2. India on Track to Exceed 2030 Emissions Intensity Target: Report About the Report Key Findings on India’s Climate Progress Emissions Intensity Targets Role of Behavioural Change – Mission LiFE Renewable Energy & Power Sector Transformation Long-Term Net-Zero Goals Growth and Emissions Outlook Banking/Finance 1. RBI Approves Record ₹2.69 Trillion Surplus Transfer to Centre for FY25 Context: The RBI Central Board has approved a record surplus transfer of ₹2.69 trillion to the Union government for the financial year 2024–25 (FY25). This marks a 27% increase over the ₹2.11 trillion transferred in FY24, making it the second consecutive record payout. The Contingent Risk Buffer (CRB) has been raised to 7.5%, the upper limit of a newly revised CRB range (4.5%–7.5%). RBI Act of 1934 The RBI transfers its surplus to the Central Government under Section 47 of the Reserve Bank of India Act, 1934. This section mandates that after providing for various reserves and deductions, the remaining profit is paid to the Central Government.  Economic Capital Framework (ECF) Revisions Foreign Exchange Operations in FY25 Fiscal Implications TH 2. Centralized Public Grievance Redress and Monitoring System (CPGRAMS) Context: The Union Ministry of Finance has asked public sector banks (PSBs) to strengthen customer grievance redressal following multiple misconduct incidents by bank staff. Department of Financial Services (DFS) Secretary M. Nagaraju instructed PSB heads to: CPGRAMS: Centralized Public Grievance Redress and Monitoring System Developed by: National Informatics Centre (NIC)Objective: To provide a 24×7 online platform for citizens to lodge grievances related to government service delivery Key Features Governance Reforms in 2024 Significance BS 3. RBI Draft Circular: Banks Must Facilitate KYC Updates to Activate Inoperative Accounts Context: The Reserve Bank of India (RBI) has proposed that all banks must offer KYC update facilities to customers seeking to activate inoperative accounts or unclaimed deposits. This initiative by RBI aims to simplify the process of reactivating dormant accounts and improve customer convenience by leveraging digital and branch-based channels. BS 4. Getepay Receives RBI Approval to Operate as Online Payment Aggregator About Getepay RBI Authorization Impact and Reach Expansion and Strategic Plans Key Offerings Significance 5. IPPB–Aditya Birla Capital Strategic Partnership: Expanding Access to Credit Context: India Post Payments Bank (IPPB), a Government of India enterprise, has announced a strategic partnership with Aditya Birla Capital Limited (ABCL), one of the country’s leading diversified financial services firms. This collaboration aims to enhance access to loan products across India, particularly in underserved regions. Purpose of the Collaboration Key Features of the Partnership Bridging the Credit Gap Digital-First Lending Experience Customer-Centric Delivery About India Post Payments Bank (IPPB) 6. SBM Bank India and ICICI Prudential Life Insurance: Bancassurance Alliance Context: SBM Bank India has entered into a strategic bancassurance partnership with ICICI Prudential Life Insurance to offer a wide range of life insurance products through its branch and digital networks. The alliance aims to improve insurance accessibility, especially in the context of India’s low insurance penetration rate. Key Highlights Institutional Profiles SBM Bank India ICICI Prudential Life Insurance 7. IndusInd Bank Signs MoU with DPIIT to Boost Start-up Ecosystem in India Context: IndusInd Bank has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to provide customised banking and financial solutions to India’s start-ups, under the Startup India initiative. This public-private collaboration aims to empower innovators, entrepreneurs, and start-ups with easy access to capital and policy support. Key Features of the Partnership Significance About IndusInd Bank Facts To Remember 1. COVID isolation ward opened in Visakhapatnam hospital The first COVID-19 case in Visakhapatnam after a long gap has caused concern amid rising cases in some Indian States and countries like Singapore and Hong Kong.  2. EC to provide mobile phone deposit facilities for voters outside polling stations In fresh initiatives aimed at enhancing voter confidence, the Election Commission (EC) issued instructions for providing mobile deposit facilities outside polling stations and rationalising the norms for canvassing on voting days. 3. Airtel Payments Bank Eyes IPO by September 2027 Following Regulatory Mandate IPO Timeline: Airtel Payments Bank must go public within three years after crossing ₹500 crore net worth in September 2024, setting a deadline of September 2027 for listing.