Daily Current Affairs Quiz28 January, 2025 National Affairs 1. India-China Relations Context: Three months after negotiating an end to the military stand-off at the Line of Actual Control (LAC), India and China agreed to concrete measures to resume direct flights, visas, people-to-people exchanges, and the Mansarovar Yatra for pilgrims this summer. They agreed to resume the dialogue on trans-border rivers and sharing of hydrological data that China has withheld for years. Critical Accomplishments and Actions Geopolitical Implications India-China Relations Significance Technology and Digital Infrastructure Investment and Expertise Key Areas of Conflict Between India and China Border Conflicts and Territorial Claims Economic Imbalances and Trade Deficit Water Resource Disputes Cyber Threats Regional Influence Competition Strategic Alliances and Regional Tensions Diplomatic and Global Forum Tensions Ways for India to Maintain Parity with China UPSC Civil Services Examination Previous Year Question (PYQ) Prelims  Q. “Belt and Road Initiative” is sometimes mentioned in the news in the context of the affairs of : (2016) (a) African Union  (b) Brazil  (c) European Union  (d) China  Ans: D Mains  Q. The China-Pakistan Economic Corridor (CPEC) is viewed as a cardinal subset of China’s larger ‘One Belt One Road’ initiative. Give a brief description of CPEC and enumerate the reasons why India has distanced itself from the same. (2018)  2. Uttarakhand adopts Uniform Civil Code Context: Uttarakhand Chief Minister Pushkar Singh Dhami rolled out the Uniform Civil Code (UCC) for all residents of the State, except the Scheduled Tribes and natives who have migrated out of the State. Uniform Civil Code (UCC) 3. Copyright Case Against OpenAI Context: Concerns on Copyright Infringement Key Legal Issues Global Context OpenAI’s Response Impact on Indian News Industry Alcoholic Tinctures as Homeopathic Remedies: Regulatory and Public Health Concerns Regulatory Challenges Taxation Loopholes Public Health Hazards Regulatory Weakness Industry Lawfare and Bureaucratic Delays Key Questions and Solutions Public Health vs Industry Interests Policy Recommendations 4. Alcoholic Solution as Homeopathic Remedies Regulatory Challenges Taxation Loopholes Public Health Hazards Regulatory Weakness Industry Lawfare and Bureaucratic Delays Key Questions and Solutions Public Health vs Industry Interests Policy Recommendations Banking/Finance 1. RBI Measures to Curb Digital Frauds Key Highlights Key Actions Suggested for Banks Acknowledgement of Banks’ Role Context of the Meeting 2. Liquidity in the Banking System Context: RBI took some steps to Enhance Liquidity in the Banking System. Major Announcements Context: Addressing Liquidity Deficit Expected Impact of RBI Measures 3. Peer-to-Peer (P2P) Context: RBI Steps Up Examination of P2P Lending Platforms to Ensure Compliance. Peer-to-peer (P2P) Peer-to-peer (P2P) banking is a way to transfer money between individuals without using banks as intermediaries. P2P banking can be done through digital apps or online.  How does P2P banking work? What can P2P banking be used for? How can you use P2P banking?  RBI Moves at a Glance Key Areas Covered in the Questionnaire Context of the RBI’s Scrutiny 4. Marginal Cost of Funds-based Lending Rate (MCLR) Context: With the interest rate cut cycle around the corner, Bank of India (BoI) is tweaking its lending strategy to enhance the share of the marginal cost of funds-based lending rate (MCLR)-linked loans from about 29 per cent now to 35 per cent in the next two to three years. Marginal Cost of Funds-based Lending Rate (MCLR) The Marginal Cost of Funds-based Lending Rate (MCLR) is the minimum interest rate that a bank can charge for a loan. It’s based on the cost of borrowing funds, the bank’s operating costs, and other factors. The Reserve Bank of India (RBI) implemented MCLR on April 1, 2016.  How MCLR works? Factors that affect MCLR Benefits of MCLR  5. Financial Inclusion Initiative Context: PSBs Lag in Meeting Insurance Targets Under Financial Inclusion Initiative. Key Schemes Overview PMJJBY Performance PMSBY Performance Action Required 6. Open Market Operations (OMO) Context:  RBI announced open market operation (OMO) purchase auctions aggregating to RS 60,000 crore. What Are OMOs? How OMOs Work? Why Are OMOs Important? Overall, OMOs are crucial for the RBI to manage the economy’s liquidity effectively, ensuring stability in the financial system and helping achieve broader economic goals. 7. Systematic Investment Plans (SIPs) Context: Sebi Proposes Sachetisation of Systematic Investment Plans (SIPs). Systematic Investment Plan (SIP) A Systematic Investment Plan (SIP) is a method of investing where you regularly invest a fixed amount of money at set intervals (like monthly) into a mutual fund scheme, essentially allowing you to average out the cost of your investment by buying units when the market is high and low, benefiting from the power of compounding over time. It’s a disciplined way to build wealth gradually instead of making a single lump-sum investment.  Overview of the Proposal Current Situation vs Proposed Change Potential Benefits Constraints for Asset Management Companies (AMCs) Profitability Concerns Regulatory Considerations Economy 1. Indian Stock Market Faces Steep Decline Market Overview Market Participants’ Sentiment and FPIs Global Developments Influencing the Market Facts To Remember 1. JPC dismisses Opposition amendments to Waqf Bill Amid the Opposition’s complaint that its voice was not heard, the Joint Parliamentary Committee ( JPC) on the Waqf (Amendment) Bill accepted 32 out of the more than 500 amendments moved by the members, after a vote. 2. SEBI: Govt. kicks off hunt for Madhabi Puri Buch successor The Centre initiated the process to find a successor for market regulator SEBI chief Madhabi Puri Buch, who was involved in an alleged conflict of interest row. The three-year term of Ms. Buch as Securities and Exchange Board of India (SEBI) chairperson ends on February 28, 2025. 3. Cricket: India defeats Scotland by 150 Runs in U-19 Women’s T20 World Cup In the ICC Under-19 Women’s T20 World Cup, India defeated Scotland by 150 runs at Bayuemas Oval Stadium in Kuala Lumpur, Malaysia. 4. SC rejects PIL seeking expert committee on reforms in dowry, domestic violence laws The Supreme Court declined to entertain a PIL which sought the appointment of an expert committee to review and reform the existing dowry and domestic violence laws to stop their misuse. A bench of Justices BV Nagarathna and Satish Chandra Sharma declined to hear the plea and observed