Daily Current Affairs (DCA) 06 & 07 March, 2026

Daily Current Affairs Quiz
06 & 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:

• Progress in biodiversity conservation
• Implementation of national biodiversity strategies
• Challenges in achieving global biodiversity targets

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

• Protect 30% of land and marine areas (“30×30 target”)
• Restore degraded ecosystems
• Reduce pollution affecting biodiversity
• Control invasive alien species
• Prevent human-induced species extinction

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:

• Tigers
• Asiatic lions
• One-horned rhinoceros

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:

• Create public awareness about the census
• Encourage citizen participation
• Communicate information about the enumeration process across diverse communities

These mascots will act as public outreach ambassadors for the census.

Mascot Names and Representation

• Pragati – Female enumerator mascot
• Vikas – Male enumerator mascot

Symbolism

• Represent equal participation of men and women in nation-building
• Reflect the idea of inclusive development
• Support the vision of “Viksit Bharat by 2047”

Key Features of Census 2027

1. World’s Largest Population Enumeration

• Census 2027 will be the largest census exercise in the world.
• It will involve over 30 lakh enumerators, supervisors, and officials.

2. First Fully Digital Census in India

• Data will be collected using secure mobile applications and digital platforms.
• This marks a shift from paper-based enumeration to digital data collection.

3. Self-Enumeration Facility

• Citizens will be able to submit their household details online.
• The portal will support 16 languages.
• This will allow households to enter information before the door-to-door survey.

Two Phases of Census 2027

Phase 1: Houselisting and Housing Census (HLO)

• Collects information about:
  • Housing conditions
  • Household amenities
  • Infrastructure availability

Phase 2: Population Enumeration (PE)

• Collects demographic, social, and economic data of individuals.

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’s industrial journey began in 2008 with the Tata Nano plant.
• The Tata project triggered the development of automobile and manufacturing infrastructure in the region.

Sanand 2.0 – Semiconductor Manufacturing

• The new phase is driven by semiconductor manufacturing and assembly facilities.
• The Micron Technology plant is now the centrepiece of this transformation.

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:

• DRAM (Dynamic Random Access Memory) chips
• NAND storage chips

These technologies are essential for computers, smartphones, servers, and data centres.

Why Micron Chose Sanand

Micron evaluated two possible locations in Gujarat:

1. Dholera Special Investment Region (SIR) – envisioned as a semiconductor city
2. Sanand GIDC (Gujarat Industrial Development Corporation)

Micron ultimately chose Sanand because:

• Infrastructure was already operational
• Faster plug-and-play manufacturing environment
• Proximity to Ahmedabad and its international airport
• Established industrial ecosystem

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:

• Temple idols and processional deities
• Lamps (deepams)
• Ritual utensils
• Decorative sculptures

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)

• One of the earliest bronze sculptures.
• Shows the advanced metal casting skills of the Indus Valley Civilization.

2. Daimabad Bronzes (c. 1500 BCE)

• Large bronze sculptures found in Maharashtra.
• Indicate sophisticated casting techniques and ceremonial use.

3. Chola Bronzes (9th–13th century CE)

• Represent the golden age of bronze sculpture in India.
• Famous examples include Nataraja (Shiva as the cosmic dancer).
• Known for graceful movement, idealised anatomy, and spiritual symbolism.

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

• Forgery of Cheques: Fake cheques were allegedly created to withdraw funds.
• Manipulation of Bank Records: Falsified bank statements were used to mislead government departments.
• Diversion of Funds: Money withdrawn from government accounts was reportedly transferred to private entities.
• Collusion: Investigations indicate possible involvement of bank officials, government employees, and private firms.

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

• Customers losing up to ₹50,000 in digital fraud may receive compensation.
• Maximum compensation: ₹25,000.

2. Time Limit for Reporting

• The fraud must be reported within 5 days of the incident.
• Once the complaint is received, banks must compensate the victim within five days.

3. One-Time Relief Measure

• The compensation is proposed as a one-time measure.
• Relief may be given even if the fraud occurred due to customer negligence, provided the complaint is filed on time.

Who Will Bear the Compensation Cost?

The financial burden will be shared between banks and the RBI.

• RBI share: around 65%–76% of the compensation
• Banks: remaining portion.

This ensures that banks can quickly reimburse customers without facing the full financial burden.

Objective of the Proposal

The RBI aims to:

• Strengthen trust in digital banking systems
• Provide faster relief to fraud victims
• Encourage timely reporting of cyber frauds
• Improve consumer protection in digital financial services

3. 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:

• Crypto assets
• Central Bank Digital Currencies (CBDCs)
• Specified electronic money products

These assets will now fall under the tax information-sharing framework.

Definition of Relevant Crypto Assets

The rules define a relevant crypto asset as:

• Any crypto asset used for payment or investment purposes
• Excludes CBDCs and specified electronic money products

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:

• Digital representations of fiat currency
• Issued after receiving funds
• Redeemable at face value
• Used for payment transactions

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)

• A U.S. law requiring disclosure of financial accounts held by U.S. taxpayers abroad.

2. CRS (Common Reporting Standard)

• Developed by the Organisation for Economic Co-operation and Development (OECD).
• Enables automatic exchange of financial account information between countries.

3. CARF (Crypto-Asset Reporting Framework)

• An OECD framework specifically designed to track and report crypto-asset transactions across borders.

Exemptions for Low-Value Accounts

Some low-value accounts are exempt from reporting requirements.

Example:

• Electronic money accounts with a balance below $10,000 (rolling 90-day average) may not require reporting.

4. SEBI Introduces Debit Freeze Facility for Mutual Fund Folios

Source: Mint

Context:

The Securities and Exchange Board of India (SEBI) has introduced a voluntary debit freeze (lock-in) facility for mutual fund folios to enhance the security of investors’ holdings and prevent unauthorised transactions.

This measure comes amid a rise in digital fraud and unauthorised financial account activities.

What is the Debit Freeze Facility?

The debit freeze facility allows mutual fund investors to block all debit transactions from their mutual fund folio.

When activated, it prevents:

• Redemption of mutual fund units
• Transfer of units
• Any outflow transactions from the folio

Transactions will only be allowed after the investor explicitly unlocks the folio.

How the Framework Works

• Investors can activate a lock on their mutual fund folio.
• Once locked, no units can be debited (redeemed or transferred).
• Transactions can resume only after the investor unlocks the folio.

Implementation Mechanism

Phase 1 Implementation

• The locking facility will be provided through MF Central, an interoperable platform for mutual fund services.
• Registrar and Transfer Agents (RTAs) will enable this facility for investors.

Eligibility

The facility will be available only to investors who:

• Are KYC-compliant
• Have a valid mobile number
• Have a registered email ID

Role of AMFI

The Association of Mutual Funds in India (AMFI) will:

• Define the process for locking and unlocking folios
• Provide operational guidelines for Asset Management Companies (AMCs) and RTAs
• Specify which financial and non-financial transactions are permitted during the lock period

Disclosure Requirements

• AMCs and RTAs must disclose the detailed process on their websites.
• The impact of the debit freeze on transactions will also be included in the Statement of Additional Information (SAI).

Key Features

• Voluntary option available to investors.
• Can be activated through mutual fund platforms or intermediaries.
• The folio remains locked for debit transactions until the investor removes the freeze.
• Credit transactions (such as additional investments) may still be allowed depending on system design.

5. 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.

• Used by over 11,000 financial institutions worldwide
• Facilitates cross-border banking transactions and remittances

Objectives of the New Framework

The new system aims to:

• Speed up international retail payments
• Reduce transaction costs
• Improve transparency and predictability of payment timelines
• Support small businesses and individual remittance senders

Key Features of the Framework

• Faster cross-border payments
• Better tracking of transactions
• Improved data standardisation
• Greater interoperability between banks

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:

• India is one of the largest remittance-receiving countries in the world.
• Millions of Indians working abroad send money home regularly.

Faster and cheaper payment systems will help:

• Families receiving remittances
• Small businesses involved in international trade

6. 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

• Must have at least six months of export experience through postal or courier services.
• Must maintain inventory in overseas warehouses for e-commerce fulfilment.

2. New Exporters with Domestic E-Commerce Experience

• MSMEs entering international e-commerce value chains can also qualify.
• They must have at least one year of regular domestic e-commerce operations.

Objective of the Scheme

The government aims to:

• Increase MSME participation in global e-commerce trade
• Improve access to export finance
• Integrate Indian MSMEs into international value chains
• Boost India’s digital and cross-border exports

7. India–UAE Plan Digital Currency Bridge for Instant Cross-Border Transfers

Source: Mint

Context:

India and the United Arab Emirates (UAE) are working on linking their Central Bank Digital Currencies (CBDCs) to enable instant cross-border money transfers between the two countries. The initiative involves collaboration between the Reserve Bank of India (RBI) and the Central Bank of the UAE.

What Is the Proposed Digital Currency Link?

The plan is to connect:

• India’s CBDC: e-Rupee
• UAE’s CBDC: Digital Dirham

Once linked, the system would allow direct wallet-to-wallet transfers, eliminating the need for traditional banking intermediaries.

This means money could be transferred almost instantly across borders.

Why the India–UAE Link Is Important

1. Large Indian Diaspora in the UAE

• The UAE hosts more than 4 million Indians.
• It is one of the largest sources of remittances to India.

2. Major Remittance Corridor

• The UAE contributes about 19.2% of India’s inward remittances.
• India is among the largest remittance-receiving countries globally.

Faster digital transfers could significantly reduce cost and time for remittances.

Types of CBDC Use

Retail CBDC

• Used by individuals for payments to other users or merchants.

Wholesale CBDC

• Used by banks for interbank settlements and large-value transactions.

Potential Uses of the CBDC Bridge

The India–UAE CBDC linkage could enable:

• Remittances (person-to-person transfers)
• Business payments (B2B)
• Consumer payments (B2C)
• Government transactions (G2G)

It could function as a parallel payment channel alongside traditional bank transfers.

Facts To Remember

1. India Has Adequate Fertilizer Stocks for Kharif Season: Centre

The Government of India has assured farmers and fertilizer companies that the country has sufficient fertilizer stocks for the upcoming kharif season, despite concerns about supply disruptions caused by the West Asia conflict involving Iran.

2. Project HANUMAN

The Government of Andhra Pradesh launched Project HANUMAN on World Wildlife Day (3 March) 2026 to address the increasing human–wildlife conflict in the state.

Project HANUMAN stands for: Healing and Nurturing Units for Monitoring, Aid and Nursing of Wildlife

3. NPCI Plans Identity Reboot to Strengthen Brand Recognition

The National Payments Corporation of India (NPCI) is planning a major branding revamp to strengthen its identity and visibility as a technology-driven digital payments infrastructure provider. The move aims to improve brand recall in India and globally, as millions of users rely on payment systems powered by NPCI but are often unaware of the organisation behind them.

4. Tamil Nadu Women Entrepreneur Empowerment Scheme (TWEES)

Launched by: Chief Minister M.K. Stalin
State: Tamil Nadu
Department: MSME (Micro, Small and Medium Enterprises) Department

Objective

• To promote women entrepreneurship in Tamil Nadu.
• Target to encourage 1 lakh women to become entrepreneurs within the next 5 years.
• Aims to strengthen women-led MSMEs, economic independence, and employment generation.

5. India’s First Riverine Lighthouses Project Launched in Assam

Sarbananda Sonowal laid the foundation stone for India’s first riverine lighthouses along the Brahmaputra River in Assam. The project will develop four lighthouses at Bogibeel, Pandu, Silghat and Biswanath Ghat on National Waterway-2. Each lighthouse will be 20 m high with a range of up to 14 nautical miles and powered entirely by solar energy. The initiative aims to improve inland navigation safety and promote river tourism.

6. NITI Aayog and UNICEF India Partner to Improve Nutrition in Aspirational Areas

NITI Aayog signed a Statement of Intent with UNICEF India to strengthen nutrition and health outcomes in aspirational districts and blocks. The partnership focuses on improving maternal and child nutrition in underserved regions. It will enhance Anganwadi infrastructure, promote nutrition literacy and improve the uptake of ICDS services. UNICEF will also mobilize CSR investment through the IMPAct4Nutrition platform.

7. IBM Launches Sangam Infrastructure Innovation Center in Bengaluru

IBM launched the Sangam Infrastructure Innovation Center at its ISDL campus in Bengaluru, Karnataka. The center integrates hybrid cloud, infrastructure technologies and Artificial Intelligence solutions. It will function as a collaborative hub connecting clients, startups, and technology partners. The initiative aims to accelerate the development and deployment of enterprise-grade AI systems.

8. Ministry of Culture Launches Upgraded Indian Culture Portal 2.0

The Ministry of Culture launched Version 2.0 of the Indian Culture Portal in New Delhi. The portal provides digital access to India’s cultural heritage, literature, and traditions. The upgraded platform features an AI chatbot “Bharti” integrated with the Bhashini language platform supporting 22 Indian languages. It also offers immersive features such as 3D monument walkthroughs and virtual tours.

9. Mobile World Congress 2026 Held in Barcelona, Spain

Mobile World Congress 2026 was held from 2–5 March 2026 in Barcelona, Spain. Organized by the GSMA, the event focused on the theme “The IQ Era.” It highlighted the integration of Artificial Intelligence with advanced connectivity and telecom technologies. Jyotiraditya Scindia represented India and launched Tejas Networks’ TJ1600-D3 Data Center Interconnect platform.

10. Hurun Global Rich List 2026 Released

The Hurun Research Institute released the Hurun Global Rich List 2026 covering 4,020 billionaires from 73 countries. Elon Musk remained the world’s richest person with a net worth of USD 792 billion. Mukesh Ambani ranked as the richest person in India and Asia. India ranked third globally with 308 billionaires in the list.

11. Chile Becomes First Country in the Americas to Eliminate Leprosy

The World Health Organization verified that Chile has eliminated leprosy as a public health problem. Chile became the first country in the Americas and the second globally after Jordan to achieve this milestone. The WHO defines elimination as less than one case per 10,000 population. The achievement supports PAHO’s Disease Elimination Initiative targeting multiple communicable diseases by 2030.

12. SBI General Insurance Appoints Pankaj Tripathi as Brand Ambassador

SBI General Insurance launched the campaign “Chuniye Bharosa, Apno Sa” to strengthen its brand image in health insurance. Actor Pankaj Tripathi was appointed as the brand ambassador. The campaign focuses on portraying the company as a trusted family protector. It will be promoted through print, television, OTT platforms, and social media.

13. YES Bank Launches Women’s Salary Account ‘YES Essence’

Yes Bank launched the ‘YES Essence Women’s Salary Account’ for working women. The account offers benefits such as a complimentary health cover and preventive health check-ups. It also includes a free locker facility for the first year. The initiative aims to support financial security and lifestyle benefits for women professionals.

14. KV Subramanian Wins University of Chicago Alumni Award

Indian economist K. V. Subramanian received the Alumni Award for Professional Achievement from the University of Chicago. He became the first Indian economist to receive the honour since its establishment in 1941. Subramanian earlier served as Chief Economic Advisor to the Government of India. He is currently a Professor of Finance at the Indian School of Business.

15. President Appoints New Governors and LGs for States and UTs

Droupadi Murmu announced new appointments and transfers of Governors and Lieutenant Governors across nine states and union territories. Lt Gen Syed Ata Hasnain was appointed Governor of Bihar. Jishnu Dev Varma was appointed Governor of Maharashtra. Taranjit Singh Sandhu became the Lieutenant Governor of Delhi.

16. Logo of Cycling League of India Unveiled

Mansukh Mandaviya unveiled the logo of the Cycling League of India. The league will be the world’s first franchise-based road cycling competition. It will feature eight franchises with teams of ten cyclists each. The initiative aims to promote professional cycling and develop talent in India.

17. International Day for Disarmament and Non-Proliferation Awareness – March 5

The United Nations observes the International Day for Disarmament and Non-Proliferation Awareness annually on March 5. The day aims to raise awareness about the importance of disarmament and peace. It was declared by the UN General Assembly in 2022. The date also marks the entry into force of the Nuclear Non-Proliferation Treaty in 1970.