Daily Current Affairs Quiz08 & 09 March, 2026 National Affairs 1. SHINE App Launched by Indian Railways Source: TH Why in News? The Indian Railways launched a new mobile application called SHINE (Sexual Harassment Incident Notification for Empowerment) on International Women’s Day (March 8) to help women employees report workplace harassment. Key Features of the SHINE App Purpose Integration with HR System Confidential Reporting Wider Reporting Scope Legal & Institutional Framework Vishakha Guidelines (1997) POSH Act, 2013 2. Standards for Green Ammonia and Green Methanol Source: TH Why in News? The Government of India has announced standards for green ammonia and green methanol to promote trade and production of green hydrogen derivatives under the National Green Hydrogen Mission. Objective of the Standards About the National Green Hydrogen Mission What is Green Hydrogen? Green Hydrogen Derivatives 3. PM Modi on “Nari Shakti” on International Women’s Day Source: TOI Why in News? Prime Minister Narendra Modi extended greetings on International Women’s Day (March 8), highlighting the role of “Nari Shakti” (women power) in driving India’s development and nation-building. Key Highlights: 1. Recognition of Women’s Contribution 2. Focus on Women Empowerment 3. Role of Women in Nation Building 4. Very Low Earth Orbit (VLEO) Satellite Systems Source: The Times of India Why in News? Bharat Electronics Limited (BEL) and Bellatrix Aerospace signed a Memorandum of Understanding (MoU) to jointly develop Very Low Earth Orbit (VLEO) satellite systems, aiming to strengthen India’s indigenous space technology and defense capabilities. What is Very Low Earth Orbit (VLEO)? Organizations Involved Aim of the Collaboration 5. Khelo India Tribal Games (KITG) Source: News in Air Why in News? The first-ever Khelo India Tribal Games (KITG) will be held in Chhattisgarh from 25 March to 6 April 2026, as announced by the Union Ministry of Youth Affairs and Sports. What is Khelo India Tribal Games (KITG)? Host and Venue About Khelo India Programme 6. Sukhoi Su-30MKI Fighter Aircraft Source: ET Why in News? An Indian Air Force (IAF) Sukhoi Su-30MKI fighter jet crashed at Inglong Ekopi Hill in Assam on March 5, 2026, during a routine training mission. What is the Sukhoi Su-30MKI? Development and Manufacturing 7. Essential Commodities Act, 1955 (ECA) Why in News? The Central Government invoked the Essential Commodities Act (ECA), 1955 in response to an energy crisis triggered by geopolitical tensions involving Iran, to regulate supply and prevent hoarding of essential resources. What is the Essential Commodities Act (ECA), 1955? Objectives Key Features 1. Declaration of Essential Commodities 2. Power to Amend the Schedule 3. Stock Limits 4. Price Regulation 5. Penalties 6. Confiscation Powers 8. SWAYATT Initiative Source: PIB Why in News? The Government e-Marketplace (GeM) celebrated the 7th anniversary of the SWAYATT initiative on 6 March 2026 in New Delhi, highlighting its role in promoting inclusive public procurement for startups, women entrepreneurs, and youth. About SWAYATT Initiative Full Form: Startups, Women and Youth Advantage through e-Transactions Key Objectives Highlights of the 7th Anniversary Event About Government e-Marketplace (GeM) Banking/Finance 1. RBI Waives NOFHC Condition for AU Small Finance Bank Source: Financial Express Why in News? The Reserve Bank of India (RBI) has relaxed the requirement of creating a Non-Operative Financial Holding Company (NOFHC) for AU Small Finance Bank (AU SFB) as it transitions to a universal bank. Key Developments 1. Relaxation by RBI 2. New Condition 3. Timeline for Universal Banking Licence What is a Universal Bank? A universal bank provides multiple financial services under one roof, including: Examples in India include SBI, ICICI Bank, and HDFC Bank. What is a Small Finance Bank (SFB)? Small Finance Banks were introduced by RBI to promote financial inclusion by providing: What is NOFHC? Non-Operative Financial Holding Company (NOFHC) 2. NBFCs Seek Risk-Weight Rejig Amid Rising RBI Scrutiny Source: Business Line Why in News? Large Non-Banking Financial Companies (NBFCs) classified under the Upper Layer have requested the Reserve Bank of India (RBI) to revise (reduce) risk weights on certain loan categories, particularly retail loans, citing stricter regulatory scrutiny and higher capital requirements. Key Issue Difference in Risk Weights: Banks vs NBFCs Retail Loans (Vehicle loans, MSME loans, loans against property, gold loans) Institution Risk Weight Banks 75% NBFCs 100% Corporate Loans Rating Banks Risk Weight NBFCs Risk Weight AAA 20% 100% AA 30% 100% A 50% 100% This difference raises the capital cost for NBFCs, making lending less competitive. Reasons for NBFC Demands Additional Demands by NBFCs 1. Dedicated Refinance Window 2. Permission to Accept Public Deposits Funding Challenges Key Concept: Upper Layer NBFCs Under RBI’s Scale-Based Regulation (SBR) Framework, NBFCs are classified into: Agriculture 1. National Climate Stack Innovation Challenge Source: ET Why in News? In March 2026, the National Bank for Agriculture and Rural Development (NABARD) launched the National Climate Stack Innovation Challenge to develop a National Climate Stack that provides decision-ready climate intelligence for agriculture, rural finance, and public planning. About the Initiative Key Features 1. Digital Infrastructure 2. Target Participants The challenge is open to India’s: 3. Awards Winners may also receive pilot project opportunities and adoption support through NABARD’s partner network. What is the National Climate Stack? About NABARD Facts To Remember 1. Cheetahs Moving from Kuno to Rajasthan Two cheetahs from Kuno National Park (Madhya Pradesh) have moved into Baran district of Rajasthan, travelling about 60–70 km. The National Tiger Conservation Authority (NTCA) clarified that this movement represents natural territorial behaviour of cheetahs. 2. SBI Launches USD 500 Million Social Loan for Women’s Empowerment State Bank of India launched a USD 500 million syndicated social loan facility to promote women’s economic empowerment. The funding will support MSMEs, Self-Help Groups and women-focused livelihood initiatives. Mitsubishi UFJ Financial Group acts as the mandated lead arranger and loan coordinator. The initiative aligns with the United Nations Sustainable Development Goal 5 on gender equality. 3. BEL and SASMOS Sign MoU to Strengthen Defence Manufacturing Bharat Electronics Limited signed an MoU with SASMOS HET Technologies Limited to enhance indigenous defence manufacturing and exports. The agreement was exchanged in the presence of Rajnath Singh at
RBI Waives NOFHC Condition for AU Small Finance Bank
Source: Financial Express Why in News? The Reserve Bank of India (RBI) has relaxed the requirement of creating a Non-Operative Financial Holding Company (NOFHC) for AU Small Finance Bank (AU SFB) as it transitions to a universal bank. Key Developments 1. Relaxation by RBI 2. New Condition 3. Timeline for Universal Banking Licence What is a Universal Bank? A universal bank provides multiple financial services under one roof, including: Examples in India include SBI, ICICI Bank, and HDFC Bank. What is a Small Finance Bank (SFB)? Small Finance Banks were introduced by RBI to promote financial inclusion by providing: What is NOFHC? Non-Operative Financial Holding Company (NOFHC)
NBFCs Seek Risk-Weight Rejig Amid Rising RBI Scrutiny
Source: Business Line Why in News? Large Non-Banking Financial Companies (NBFCs) classified under the Upper Layer have requested the Reserve Bank of India (RBI) to revise (reduce) risk weights on certain loan categories, particularly retail loans, citing stricter regulatory scrutiny and higher capital requirements. Key Issue Difference in Risk Weights: Banks vs NBFCs Retail Loans (Vehicle loans, MSME loans, loans against property, gold loans) Institution Risk Weight Banks 75% NBFCs 100% Corporate Loans Rating Banks Risk Weight NBFCs Risk Weight AAA 20% 100% AA 30% 100% A 50% 100% This difference raises the capital cost for NBFCs, making lending less competitive. Reasons for NBFC Demands Additional Demands by NBFCs 1. Dedicated Refinance Window 2. Permission to Accept Public Deposits Funding Challenges Key Concept: Upper Layer NBFCs Under RBI’s Scale-Based Regulation (SBR) Framework, NBFCs are classified into:
National Climate Stack Innovation Challenge
Source: ET Why in News? In March 2026, the National Bank for Agriculture and Rural Development (NABARD) launched the National Climate Stack Innovation Challenge to develop a National Climate Stack that provides decision-ready climate intelligence for agriculture, rural finance, and public planning. About the Initiative Key Features 1. Digital Infrastructure 2. Target Participants The challenge is open to India’s: 3. Awards Winners may also receive pilot project opportunities and adoption support through NABARD’s partner network. What is the National Climate Stack? About NABARD
Daily Current Affairs (DCA) 06 & 07 March, 2026
Daily Current Affairs Quiz06 & 07 March, 2026 National Affairs 1. India’s 7th National Biodiversity Report Context: India has submitted its 7th National Report to the Convention on Biological Diversity (CBD). The report evaluates the country’s progress in achieving biodiversity conservation goals aligned with the Kunming–Montreal Global Biodiversity Framework (KMGBF) adopted in 2022, which sets global biodiversity targets to be achieved by 2030. What is the 7th National Biodiversity Report? The report is India’s official periodic submission to the CBD, outlining: It was prepared by the Ministry of Environment, Forest and Climate Change (MoEFCC) in coordination with institutions such as the National Biodiversity Authority (NBA) and other government agencies. Global Biodiversity Framework (KMGBF) The Kunming–Montreal Global Biodiversity Framework sets 23 global targets for 2030, aiming to halt biodiversity loss worldwide. Key Goals India has aligned its policies with these goals through its National Biodiversity Strategy and Action Plan (NBSAP). Key Findings of India’s Report 1. Limited Progress Towards Targets Out of 23 national biodiversity targets, only two are currently on track to be achieved by 2030, indicating significant gaps in implementation. 2. Forest and Tree Cover India’s forest and tree cover stands at about 25% of the total geographical area, showing a modest increase in recent years. 3. Ecosystem Restoration Efforts India has pledged to restore 26 million hectares of degraded land under the Bonn Challenge, with substantial progress already reported. 4. Recovery of Flagship Species Conservation programmes have led to improvements in populations of certain species, including: These successes reflect the effectiveness of species-specific conservation initiatives. Major Challenges Identified 1. Land Degradation Nearly one-third of India’s land area is affected by degradation, threatening biodiversity and ecosystem services. 2. Limited Protected Areas Protected areas cover only around 5% of India’s land area, which is far below the global target of conserving 30% by 2030. 3. Data and Monitoring Gaps Biodiversity data is often fragmented across institutions, making effective monitoring and policy implementation difficult. 4. Climate Change Impacts Climate change is increasing the frequency of extreme weather events such as floods, droughts, and forest fires, affecting ecosystems and species survival. 2. Census 2027 Mascots: Pragati and Vikas Source: TH Context: The Union Home Minister unveiled the official mascots “Pragati” and “Vikas” for Census 2027 and also soft-launched digital tools to support the upcoming census exercise in New Delhi. What is the Initiative? The Government of India has introduced two mascots for Census 2027 to: These mascots will act as public outreach ambassadors for the census. Mascot Names and Representation Symbolism Key Features of Census 2027 1. World’s Largest Population Enumeration 2. First Fully Digital Census in India 3. Self-Enumeration Facility Two Phases of Census 2027 Phase 1: Houselisting and Housing Census (HLO) Phase 2: Population Enumeration (PE) 3. Sanand 2.0 Source: BS Context: The inauguration of the Micron Technology semiconductor facility in Sanand, Gujarat, marks a major milestone in India’s ambition to become a global semiconductor manufacturing hub. Industry observers describe this shift as “Sanand 2.0”, moving the region from an automobile manufacturing centre to a semiconductor ecosystem. From Sanand 1.0 to Sanand 2.0 Sanand 1.0 – Automobile Hub Sanand 2.0 – Semiconductor Manufacturing Micron’s Semiconductor Facility Micron Technology, a US-based semiconductor company headquartered in Idaho, set up an ATMP facility (Assembly, Testing, Marking, and Packaging) in Sanand. Key Products Micron is known for manufacturing: These technologies are essential for computers, smartphones, servers, and data centres. Why Micron Chose Sanand Micron evaluated two possible locations in Gujarat: Micron ultimately chose Sanand because: Speed of execution was a key factor, as semiconductor supply chains require rapid operations and minimal downtime. 4. Bronze Art in India Context: The Ashmolean Museum (Oxford) has decided to return a 16th-century bronze idol of Saint Tirumankai Alvar after research showed it originally belonged to the Soundarrajaperumal Temple, Thadikombu (Tamil Nadu) and was replaced by a replica after being removed. This highlights the importance of bronze sculptures in India’s religious, artistic, and cultural traditions. What is Bronze Art? Bronze art refers to sculptures and ritual objects made from copper-based alloys, mainly bronze or brass. In South India, many idols are made using the panchaloha alloy (a mix of five metals). Uses Bronze objects were widely used for: In many temples, bronze idols are considered living deities and are used in religious festivals and processions. Important Bronze Artefacts in Indian History 1. Dancing Girl (Mohenjodaro, c. 2500 BCE) 2. Daimabad Bronzes (c. 1500 BCE) 3. Chola Bronzes (9th–13th century CE) Banking/Finance 1. IDFC First Bank Fraud Source: IE Context: A ₹590-crore fraud involving Haryana government accounts maintained at a Chandigarh branch of IDFC First Bank has been uncovered. Investigations suggest forged cheques, diversion of funds, and involvement of bank officials along with private entities. What is the IDFC First Bank Fraud? The case refers to an alleged large-scale financial scam in which funds belonging to Haryana government departments were illegally withdrawn and diverted from accounts held in IDFC First Bank. Key Modus Operandi Issues Highlighted 1. Banking Governance Failures Weak internal controls and compliance mechanisms in the bank allowed fraudulent withdrawals from government accounts. 2. Forgery and Document Manipulation Use of forged financial documents and manipulated records exposed vulnerabilities in banking verification systems. 3. Collusion Between Officials The case suggests coordinated actions between bank staff, government officials, and private entities, pointing to systemic corruption risks. 4. Poor Monitoring of Public Funds Government funds kept as fixed deposits and bank balances were not effectively monitored by the concerned departments. 2. RBI Proposes Relief for Small Digital Fraud Victims Source: ET Context: The Reserve Bank of India (RBI) has proposed a new measure to provide quick financial relief to victims of small digital frauds. Under the proposal, customers who lose money in online frauds may receive compensation within five days of reporting the incident. Key Features of the Proposal 1. Compensation Limit 2. Time Limit for Reporting 3. One-Time Relief Measure Who Will Bear the Compensation Cost? The financial burden will be shared between banks and the RBI. This ensures
IDFC First Bank Fraud
Source: IE Context: A â‚ą590-crore fraud involving Haryana government accounts maintained at a Chandigarh branch of IDFC First Bank has been uncovered. Investigations suggest forged cheques, diversion of funds, and involvement of bank officials along with private entities. What is the IDFC First Bank Fraud? The case refers to an alleged large-scale financial scam in which funds belonging to Haryana government departments were illegally withdrawn and diverted from accounts held in IDFC First Bank. Key Modus Operandi Issues Highlighted 1. Banking Governance Failures Weak internal controls and compliance mechanisms in the bank allowed fraudulent withdrawals from government accounts. 2. Forgery and Document Manipulation Use of forged financial documents and manipulated records exposed vulnerabilities in banking verification systems. 3. Collusion Between Officials The case suggests coordinated actions between bank staff, government officials, and private entities, pointing to systemic corruption risks. 4. Poor Monitoring of Public Funds Government funds kept as fixed deposits and bank balances were not effectively monitored by the concerned departments.
SWIFT to Introduce New Framework for Cross-Border Payments
Source: BS Context: The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network has announced a new framework to improve cross-border retail payments, aiming to make international transfers faster, cheaper, and more predictable. Major Indian banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, and Axis Bank are expected to roll out the system as part of the global transition. What is SWIFT? SWIFT is a global financial messaging network that enables banks and financial institutions to securely communicate payment instructions for international money transfers. Objectives of the New Framework The new system aims to: Key Features of the Framework These improvements will reduce delays and uncertainties often associated with international transfers. Importance for India India is expected to benefit significantly from the new framework because: Faster and cheaper payment systems will help:
Crypto and Digital Money Brought Under Tax Reporting Framework
Source: ET Context: The Government of India has expanded the financial account reporting framework to include crypto assets, Central Bank Digital Currencies (CBDCs), and certain electronic money products. The move aims to strengthen tax transparency and international information sharing. The changes were notified by the Central Board of Direct Taxes (CBDT) through the Income-tax (Amendment) Rules, 2026. Key Changes in the Rules The amendments modify Rules 114F, 114G, and 114H of the Income-tax Rules, which deal with due diligence and reporting requirements for financial institutions. New Financial Assets Included Financial institutions must now report accounts involving: These assets will now fall under the tax information-sharing framework. Definition of Relevant Crypto Assets The rules define a relevant crypto asset as: Examples may include cryptocurrencies used for trading, investment, or transactions. Specified Electronic Money Products The rules introduce a new category called specified electronic money products, defined as: This includes certain digital wallets or prepaid digital money instruments. Alignment with Global Tax Transparency Frameworks The amendments align India’s system with global standards such as: 1. FATCA (Foreign Account Tax Compliance Act) 2. CRS (Common Reporting Standard) 3. CARF (Crypto-Asset Reporting Framework) Exemptions for Low-Value Accounts Some low-value accounts are exempt from reporting requirements. Example:
RBI Proposes Relief for Small Digital Fraud Victims
Source: ET Context: The Reserve Bank of India (RBI) has proposed a new measure to provide quick financial relief to victims of small digital frauds. Under the proposal, customers who lose money in online frauds may receive compensation within five days of reporting the incident. Key Features of the Proposal 1. Compensation Limit 2. Time Limit for Reporting 3. One-Time Relief Measure Who Will Bear the Compensation Cost? The financial burden will be shared between banks and the RBI. This ensures that banks can quickly reimburse customers without facing the full financial burden. Objective of the Proposal The RBI aims to:
MSMEs to Receive Credit Support for E-Commerce Exports
Source: ET Context: The Government of India has announced credit assistance for MSMEs involved in e-commerce exports under the ₹25,060 crore Export Promotion Mission (EPM). The initiative aims to boost small exporters’ participation in global online markets. The announcement was made through a trade notice issued by the Directorate General of Foreign Trade (DGFT). Eligibility Criteria for MSMEs MSMEs can avail the credit support if they meet the following conditions: 1. Existing Exporters via Postal or Courier Channels 2. New Exporters with Domestic E-Commerce Experience Objective of the Scheme The government aims to:
