Daily Current Affairs Quiz6 December, 2025 National Affairs 1. India–Russia Annual Summit 2025 Source: PIB Context: The 23rd India–Russia Annual Summit concluded with both nations reaffirming their Special & Privileged Strategic Partnership, marking 25 years of the Strategic Partnership (2000–2025). The Summit remains the highest-level institutional dialogue between the two countries, led by the Prime Minister of India and the President of Russia. What is the India–Russia Annual Summit? Key Outcomes of the Joint Statement 1. Strategic Partnership Reaffirmed 2. Programme of Cooperation 2030 Adopted A comprehensive roadmap till 2030 covering: 3. Trade & Payments: Major Push Towards USD 100 Billion 4. Upgraded Defence & Military-Technical Cooperation 5. Energy Partnership Deepened Focus areas include: India and Russia aim to build a secure and diversified energy partnership. 6. Connectivity Corridors: Strong Boost Commitment to scale up infrastructure for: These corridors aim to reduce logistics costs, shorten transit time, and integrate Eurasian markets. 7. Civil Nuclear & Space Cooperation Strengthened 2. India Hosts 20th UNESCO Inter-Governmental Committee on Intangible Cultural Heritage Source: News on Air About the Intergovernmental Committee for Safeguarding of ICH The Intergovernmental Committee for the Safeguarding of Intangible Cultural Heritage is a 24-member UNESCO body established under the 2003 ICH Convention. Its core purpose is to promote, supervise, and operationalize safeguarding measures for living cultural heritage across the world. Venue for 2025 Session Red Fort (Lal Qila), New DelhiA UNESCO World Heritage Site, symbolising India’s rich civilisational heritage and cultural leadership. Structure of the Committee Composition Term Rules Functions of the Committee Promote Objectives of the 2003 ICH Convention Offer Technical Guidance Prepare Operational Directives Examine Nominations for ICH Lists Assess Good Safeguarding Practices About Intangible Cultural Heritage (ICH) Intangible Cultural Heritage refers to living traditions and knowledge systems transmitted across generations, including: Origin of the Concept UNESCO’s ICH Lists India’s Position India currently has 15 elements inscribed on UNESCO’s Representative List, reflecting its deep cultural diversity. 3. Exercise Harimau Shakti 2025 Source: PIB Context: India and Malaysia have commenced the 5th edition of Exercise Harimau Shakti 2025 at the Mahajan Field Firing Range, Rajasthan, focusing on enhancing coordination in counter-insurgency and peacekeeping operations. What is Exercise Harimau Shakti? Exercise Harimau Shakti is a bilateral military training exercise between the Indian Army and the Royal Malaysian Army. The exercise aims to strengthen cooperation, tactical coordination, and operational readiness in sub-conventional warfare and UN peacekeeping missions. Participating Nations Key Features of the Exercise Focus on Sub-Conventional Operations Joint Tactical Drills Operational Readiness & Combat Skills Exchange of Best Practices Both armies share tactical knowledge and warfighting techniques to enhance collective proficiency and mission preparedness. Banking/Finance 1. Open Market Operation (OMO) Context: The RBI announced a ₹1 trillion Open Market Operation (OMO) purchase along with a $5 billion dollar–rupee swap to inject durable rupee liquidity as the rupee slipped past 90 per dollar amid foreign outflows. The move aims to stabilise liquidity, interest rates, and currency markets. What is an OMO Purchase? An Open Market Operation (OMO) purchase is an action where the RBI buys government securities from banks and financial institutions to inject durable liquidity into the financial system.Key outcomes: Purpose of OMO Purchases Types of Open Market Operations Expansionary OMO (Liquidity Injection) Contractionary OMO (Liquidity Absorption) Special OMOs / Operation Twist How OMO Purchases Work Step 1: Assess Liquidity RBI monitors: Step 2: Announce OMO Auction RBI specifies: Step 3: Banks Sell Bonds Banks sell government securities to the RBI through the auction mechanism. Step 4: Settlement Step 5: Market Effects Significance of the OMO Purchase 2. RBI Examining Bank Participation in Non-Agricultural Commodity Derivatives Source: BS Context: The Reserve Bank of India (RBI) is reviewing a proposal by SEBI to allow banks to participate in non-agriculture commodity derivatives markets. RBI Governor Sanjay Malhotra clarified that current regulations under the Banking Regulation Act prohibit banks from such activities. Key Points: What Are Non-Agricultural Commodity Derivatives? Non-agricultural commodity derivatives are exchange-traded financial contracts whose value is derived from non-farm commodities such as metals, energy products, and bullion. These instruments allow participants to hedge price risks, speculate, or manage exposures in non-agri commodities. They are traded on Indian commodity exchanges such as: 3. RBI Allows Multiple Bank-Group Entities to Undertake Same Business, With Board Approval Source: BS Context: The Reserve Bank of India (RBI) has allowed multiple entities within a bank group to undertake the same line of business, provided they cater to different customer segments and obtain mandatory board approval to justify any overlap. Key Announcement RBI has modified its earlier proposal to restrict a bank group to one entity per business activity. Now: This change provides greater operational flexibility to banks while ensuring governance discipline. Why Did RBI Make This Change? RBI accepted the suggestion but added a governance check through mandatory board approval. Background: 2024 Draft Circular The draft regulatory framework (2024) had proposed: New Relief for NBFC Group Entities of Banks Exemption from Listing Requirement RBI accepted industry demand to ease listing norms. Why This Matters Under the Scale-Based Regulatory (SBR) framework: Anti-Circumvention Clause To prevent banks from bypassing regulations by shifting activities to NBFC subsidiaries: Current NBFC-Upper Layer (NBFC-UL) Largest NBFCs regulated similar to banks. Examples include: Facts To Remember 1. Niger becomes 1st African country to eliminate onchocerciasis Niger becomes the first country in the African Region to eliminate onchocerciasis. Niger’s Minister of Public Health, Population and Social Affairs Garba Hakimi officially declared at a ceremony that the country is free of onchocerciasis. 2. Govt Plans RRB Listings in FY27: Two Regional Rural Banks Set for Market Debut The Government of India has instructed state-run banks to begin preparations for listing selected Regional Rural Banks (RRBs) on the stock market in FY27. This move follows the recent consolidation under the ‘One State, One RRB’ framework and aims to deepen rural credit access while improving financial discipline. 3. Mahaparinirvan diwas observed across India in tribute to Dr B.R. Ambedkar The Mahaparinirvan Diwas, which commemorates the death anniversary of the Bharat Ratna Dr Bhimrao Ramji Ambedkar,

Daily Current Affairs Quiz5 December, 2025 National Affairs 1. DHRUVA (Digital Hub for Reference and Unique Virtual Address) Source: TH Context: The Department of Posts has released a draft amendment in 2025 proposing DHRUVA (Digital Hub for Reference and Unique Virtual Address), a UPI-like digital addressing system. This system aims to digitise, standardise, and virtualise physical addresses across India, allowing users to share secure, consent-based address “labels” such as name@entity. Key Features of DHRUVA UPI-Like Address Labels Consent-Based Access DIGIPIN Backbone Address-as-a-Service (AaaS) Framework Aim of DHRUVA 2. Shift in Stubble-Burning Timing in Punjab and Haryana: ISRO Source: IE Context: A new ISRO study has revealed that peak stubble-burning activity in Punjab and Haryana has shifted from early afternoon to early evening between 2020 and 2024, resulting in possible underestimation of farm-fire incidents by government data that rely mainly on polar-orbiting satellites. Key Findings from the ISRO Study Government Monitoring and Enforcement Impact on Farm-Fire Incidence 3. BNHS to Release Critically Endangered Vultures in Assam Source: TH Context: The Bombay Natural History Society (BNHS) will release six critically endangered vultures—slender-billed (Gyps tenuirostris) and white-rumped (Gyps bengalensis)—into the wild in Assam in January 2026. This is part of India’s ongoing vulture recovery programme, aimed at conserving these species that have faced severe population declines over the past two decades. Slender-billed Vulture (Gyps tenuirostris) White-rumped Vulture (Gyps bengalensis) 4. New Flight Duty Time Limitations (FDTL) Rules Source: TOI Context: The Indian aviation sector is witnessing large-scale flight cancellations and delays, particularly at IndiGo, following the implementation of Flight Duty Time Limitations (FDTL) rules. The new norms, aimed at reducing pilot fatigue, have led to crew shortages and stricter compliance requirements for airlines. What Are Flight Duty Time Limitations (FDTL)? Key Features of FDTL Rules 5. Exercise Garuda and Exercise Garuda Shakti Context: Two major military exercises were recently in focus: These exercises aim to strengthen bilateral defence cooperation, enhance interoperability, and expose forces to advanced operational tactics. Exercise Garuda 25 Exercise Garuda Shakti 2025 Banking/Finance 1. RBI Cuts Repo Rate to 5.25% Source: Mint Context: The Reserve Bank of India (RBI) reduced the repo rate by 25 basis points (bps) to 5.25%, citing a rare macroeconomic situation where growth is strong and inflation is exceptionally low. The move surprised sections of the market that expected the Monetary Policy Committee (MPC) to hold rates. Why the Repo Rate Was Cut 1. Benign and Rapidly Falling Inflation 2. Robust GDP Growth 3. Policy Space + Low Inflation = Opportunity Governor Sanjay Malhotra termed this a “rare goldilocks period” where inflation is low and growth is stable, enabling policy action to support momentum. Impact of the Repo Rate Cut 1. Impact on Banks 2. Impact on Borrowers 3. Impact on Economy 4. Impact on Inflation What is Repo Rate? Repo Rate is the rate at which the RBI lends short-term money to commercial banks against government securities. Why Repo Rate Matters What is Reverse Repo Rate? Reverse Repo Rate is the rate at which commercial banks park their surplus funds with RBI. Why It Matters 2. LIC Launches New Insurance Plans: Protection Plus and Bima Kavach Source: TNIE Context: The Life Insurance Corporation of India (LIC) has launched two new life insurance plans aimed at providing savings and risk coverage to individuals and their families. Key Features: 3. Fino Payments Bank Receives RBI Nod to Convert into Small Finance Bank (SFB) Source: BS Context: Fino Payments Bank Ltd. has received ‘in-principle’ approval from the Reserve Bank of India (RBI) to convert into a Small Finance Bank (SFB). First Payments Bank to Secure SFB Conversion Nod What Conversion to SFB Enables After full authorization, Fino will be able to: Eligibility to Become a Small Finance Bank (SFB) As per RBI’s “on-tap” licensing guidelines, the following criteria must be met: 1. Existing Entity Requirements 2. Operations & Compliance Track Record 3. Capital Requirements 4. Priority Sector & Financial Inclusion Focus 5. Branch Expansion Rules 4. Bank Net Interest Margins (NIMs) Source: BS Context: Following the RBI’s repo rate cut of 25 bps in December 2025, scheduled commercial banks are expected to experience further compression in Net Interest Margins (NIMs). This comes amid a high credit-deposit (CD) ratio and slower adjustment of deposit rates compared to lending rates. Net Interest Margins (NIMs) Net Interest Margin (NIM) is a key financial metric used in banking that measures how profitable a bank is in terms of generating income from its lending activities relative to the interest it pays on deposits and borrowings. It tells how effectively a bank is earning from its core business — lending and investing, compared to what it pays out as interest to depositors and lenders. Formula NIM = (Interest Earned – Interest Expended) ÷ Average Interest-Earning Assets × 100 Why NIMs Matter 1. Indicator of Bank Profitability Higher NIM means the bank earns more margin from lending versus what it pays on deposits. 2. Reflects Efficiency of Banking Operations Shows how well a bank manages its interest rate risk, asset–liability mix, and pricing strategy. 3. Impacts Overall Net Profit A bank with stronger NIMs usually reports better Net Interest Income (NII) and stronger bottom-line growth. 5. RBI Tightens Rules for Foreign Banks to Reduce Concentration Risk Source: Mint Context: The Reserve Bank of India (RBI) has introduced stricter norms for foreign banks operating in India by tightening exposure rules under the Large Exposures Framework (LEF). The amendments aim to curb concentration risk, ensure greater transparency, and strengthen the risk management practices of foreign lenders. Key Changes: No More Exemptions for Overseas Branch Exposures Stricter Intragroup Exposure Rules Gross Basis Calculation for All Transactions Effective Date and Early Adoption Why RBI Tightened the Rules 6. Large Exposures Framework (LEF) Large Exposures Framework (LEF) is an RBI regulation designed to limit the concentration of credit risk in the banking system. It ensures that banks do not take excessively large exposures to a single borrower or a group of connected borrowers. It aligns India with the Basel