Source: ET Context: The Ministry of Finance, in collaboration with the Reserve Bank of India (RBI), is developing a single unified digital portal to help individuals locate and claim unclaimed financial assets across multiple asset classes. The announcement was made by M. Nagaraju, Secretary, Department of Financial Services, during a PNB-led investor awareness event under Aapki Poonji Aapka Adhikar. Unclaimed Financial Assets Unclaimed Assets refer to money or financial instruments that legally belong to an individual but remain untouched, unwithdrawn, or unclaimed for a long period.These assets typically become “unclaimed” because the owner: Banks must transfer unclaimed bank deposits (10+ years) to the Depositors Education and Awareness Fund (DEAF) maintained by RBI. Unified Portal for All Unclaimed Assets What Is an Inoperative Account? An Inoperative Account is a bank account that has seen no customer-initiated transaction for a fixed period.
IMF Gives ‘C’ Grade to India’s National Accounts Statistics
Source: IE Context: The International Monetary Fund (IMF), in its Annual Article IV Review, has assigned a ‘C’ grade to India’s national accounts statistics, including GDP and GVA. This grade is significant as India is set to release the Q2 FY25 national accounts data on Friday. Meaning of ‘C’ Grade Weaknesses Cited by IMF 1. Outdated Base Year (2011–12) 2. Use of Wholesale Price Index (WPI) for Deflators 3. ‘Sizeable Discrepancies’ in GDP Estimates Approaches to GDP Measurement in India 1. Income Approach (Primary method used by India) Measures GDP by adding up incomes earned by: 2. Expenditure Approach (Supplementary estimate) Measures GDP by calculating spending by: Differences frequently arise due to:
RBI Issues 244 Consolidated Master Directions to Simplify Compliance
Source: ET Context: The Reserve Bank of India (RBI) has issued 244 Consolidated Master Directions (MDs) to streamline and rationalise decades of regulatory instructions for Regulated Entities (REs). This step follows a review of around 3,500 prior directions, circulars, and guidelines and aims to reduce compliance burden. Key Highlights: Customer Consent and Choice Risk Mitigation Requirements Accessibility and Network Independence Monitoring and Surveillance Restrictions on Third-Party Offerings Communication Guidelines Regulated Entities Covered The consolidation covers the following 11 types of entities: Objective
S-500 Prometey Air Defence System
Context: PM of India and President of Russia to meet during the India–Russia Summit. Defence ministers expected to discuss India’s potential acquisition of Russia’s next-generation S-500 air defence system. S-500 Prometey Air Defence System Purpose: Key Features
India’s Revised Earthquake Design Code – 2025
Source: TOI Context: Publishing Authority: Key Features of the Revised Seismic Zonation Map
Tex-RAMPS Scheme
Source: TOI Context: Implementing Ministry: Financial Outlay: Key Components Key Features
Samudrayaan Mission
Context: India’s first manned deep-sea mission, Samudrayaan, has hit a timeline setback due to delays in receiving syntactic foam cladding from France. The foam is essential for providing buoyancy to the submersible MATSYA 6000, which is designed to dive 6,000 metres into the ocean. The mission is led by the National Institute of Ocean Technology (NIOT), Chennai under the Ministry of Earth Sciences. What is Samudrayaan?
IMF Assigns Second-Lowest ‘C’ Rating to India’s National Accounts Statistics (NAS) and Inflation Data
Source: BS Context The International Monetary Fund (IMF) currently rates India’s national accounts data at ‘C’, the second-lowest grade in its four-tier Data Adequacy Assessment (DAA) scale. The IMF assesses the adequacy of official statistics for surveillance of a country’s economy. A ‘C’ rating indicates that data shortcomings somewhat hamper economic surveillance. Following India’s announcement of a new GDP and CPI series, the IMF is expected to upgrade its rating in early 2026. Key Highlights: National Accounts Statistics (NAS): Received a ‘C’ grade. Consumer Price Index (CPI): Graded ‘B’, meaning it is broadly adequate but with some shortcomings. Current Status and IMF Assessment Reasons for ‘C’ Grade – IMF Observations India’s National Accounts Statistics (NAS) Publisher: Ministry of Statistics and Programme Implementation (MoSPI) Purpose: Methodology: Key Indicators Published: Upcoming Revisions in India’s Data Other Improvements Highlighted by Indian Officials IMF Recommendations for Further Improvements
G20 Johannesburg Summit 2025
Context: About G20 – Establishment and Evolution Origin and Purpose: Presidency: G20 Johannesburg 2025 Geopolitical Tensions
Daily Current Affairs (DCA) 1 December, 2025
Daily Current Affairs Quiz1 December, 2025 National Affairs 1. NITI Aayog’s Fiscal Health Index (FHI), 2025 Purpose of the Report The Fiscal Health Index (FHI) evaluates the fiscal performance of 18 major Indian states.It focuses on key indicators such as contribution to GDP, public expenditure, revenues and fiscal stability to assess statelevel fiscal health. Top Performing States Achievers Front Runners Moderate Performers Aspirational States Fiscal Health Index (FHI) 2025 – Methodology & Key Indicators Data Sources & Scope Five Major Sub-Indices & Their Minor Sub-Indices Major Sub-Index Minor Sub-Indices Purpose & Insights 1. Quality of Expenditure 1.1 Total Developmental Expenditure / Total Expenditure Measures proportion of budget spent on long-term economic growth & social services 1.2 Total Capital Outlay / GSDP Assesses how much of the state’s economic output is invested in infrastructure & long-term assets 2. Revenue Mobilisation 2.1 State Own Revenue / GSDP Indicates financial independence by measuring state-generated revenue vs. economic output 2.2 State Own Revenue / Total Expenditure Shows the extent to which the state’s expenditures are funded by its own revenue sources 3. Fiscal Prudence 3.1 Gross Fiscal Deficit / GSDP Evaluates borrowing levels relative to economic size, signaling potential debt sustainability concerns 3.2 Revenue Deficit / GSDP Highlights if the state is generating sufficient revenue to cover its operational costs 4. Debt Index 4.1 Interest Payments / Revenue Receipts Measures percentage of revenue receipts used for interest payments, assessing debt servicing capability 4.2 Outstanding Liabilities / GSDP Reflects overall debt burden in proportion to the state’s economic output 5. Debt Sustainability 5.1 Growth Rate of GSDP – Growth Rate of Interest Payments A positive gap suggests debt is manageable; a negative gap indicates fiscal stress Detailed Explanation of Key Indicators 1. Quality of Expenditure 2. Revenue Mobilisation 3. Fiscal Prudence 4. Debt Index 5. Debt Sustainability Key Takeaways Importance of the Report This report provides a guide for states to enhance the stability of their finances and efficiently use their resources to achieve sustainable economic growth. 2. World Social Protection Report (WSPR) 2024-26: ILO Source: PIB Context: According to the International Labour Organization’s (ILO) World Social Protection Report 2024–26, India’s social protection coverage has increased from 24.4% in 2021 to 48.8% in 2024, marking a significant expansion in welfare reach. The report credits key government initiatives for extending benefits such as health insurance, pensions, employment support, and food security to millions of citizens. As per the Ministry of Labour and Employment, nearly 920 million people (65% of the population) are now covered by at least one form of social protection through central government schemes. India’s progress has also contributed to a 5-percentage point rise in global social protection coverage, highlighting its international significance. Overview of the ILO Report Key Government Initiatives Expanding Social Security 1. Ayushman Bharat (AB-PMJAY) 2. Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) 3. eShram Portal 4. Atal Pension Yojana (APY) 5. Poverty Reduction Impact Social Protection Data Pooling Exercise Quick Takeaways Parameter Details Social protection coverage 2021 24.4% Social protection coverage 2024 48.8% People covered (2024) 920 million (65% of population) Key schemes Ayushman Bharat, PMGKAY, eShram, APY, PMJJBY, PMSBY Impact on poverty 24.8 crore people escaped multi-dimensional poverty Data pooling initiative Phase 1 covering 10 states; 200 crore records processed Global contribution +5 percentage points in worldwide social protection coverage 3. Asia Power Index 2025 Source: News on Air Context: In the 2025 Asia Power Index (API) published by the Australia-based Lowy Institute, India has been elevated from a “middle power” to a “major power”, ranking 3rd overall behind the United States and China. This milestone reflects India’s growing economic strength, military capability, and regional influence. Key Highlights: Strategic Implications Banking/Finance 1. Crisil & AMFI Develop Market-Making Framework for AA–BBB Corporate Bonds Source: FE Context: India’s corporate bond market is heavily skewed toward AAA-rated securities, leaving AA–BBB segments illiquid and unattractive despite their higher yields. To address this structural gap, Crisil and the Association of Mutual Funds in India (AMFI) are preparing a detailed proposal for a market-making framework for sub-AAA corporate bonds. The initiative aligns with consultations launched by the Department of Economic Affairs (DEA) under the Ministry of Finance. Why a Market-Making Framework Is Needed DEA’s Proposed Models The Department of Economic Affairs is reviewing two possible market-making structures: 1. Government-Backed Market Maker 2. Private Entities as Market Makers What the Framework Will Cover Why This Matters? According to industry participants: For Investors For Issuers Agriculture 1. Puducherry Launches NABARD-Supported Smart Farmer ID Cards Source: PIB Context: On 27 November 2025, the Puducherry Agriculture and Farmers’ Welfare Minister, Thiru K. Djeacoumar, launched Smart Farmer Identification Cards (SFIC) at the State Level Bankers’ Committee (SLBC) meeting. Supported by NABARD under its Farm Sector Promotion Fund, the initiative aims to digitize farmers’ records, streamline access to government schemes, and enhance transparency in agricultural financing. Key Highlights: About Smart Farmer ID Cards (SFIC) Significance 2. Saras Food Festival 2025 Source: News on Air Context: Union Minister for Rural Development and Panchayati Raj, Shivraj Singh Chouhan, will inaugurate the Saras Food Festival 2025 in Delhi. The festival showcases India’s diverse rural cuisine, women-led enterprises, and traditional food culture under the DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission). Key Objectives Key Highlights: Facts To Remember 1. Indira Gandhi International Airport becomes first in India to achieve “water-positive” status Indira Gandhi International Airport (IGIA) has become the first airport to achieve water positive status in the country with a capacity of more than 40 million passengers per annum. 2. India–ADB Sign Over $800 Million in Loans for Key Infrastructure & Skills Projects The Government of India and the Asian Development Bank (ADB) signed three major loan agreements worth over $800 million, along with a $1 million Technical Assistance grant, to support infrastructure, renewable energy, metro rail development, and skills enhancement across Maharashtra, Madhya Pradesh, Gujarat, and Assam. 3. Government Sanctions ₹17 Crore Under PM Janjatiya Unnat Gram Abhiyan for Tribal Homestays and Development Over 17 crore rupees have been
