Daily Current Affairs Quiz
14 January, 2026
National Affairs
1. Jharkhand Notifies PESA Rules
Source: TOI
Context:
In January 2026, Jharkhand notified rules under the Panchayat (Extension to Scheduled Areas) Act, 1996 (PESA)—25 years after the state’s formation and nearly three decades after the law was enacted.
This finally operationalises tribal self-governance in Jharkhand’s Fifth Schedule areas.
What is PESA?
- PESA (1996) extends Part IX of the Constitution (Panchayati Raj) to Fifth Schedule tribal areas.
- It recognises the Gram Sabha as the primary authority over:
- Local governance
- Land and forests
- Community resources
- Enacted on 24 December 1996 to realise tribal self-rule in Scheduled Areas across nine States, including Jharkhand.
Why Was PESA Needed?
1. Colonial Dispossession
- British forest and land laws alienated tribal communities from customary lands.
- Traditional governance systems were weakened or destroyed.
2. Constitutional Gap
- Fifth Schedule (Article 244) aimed to protect tribal areas.
- But without local self-governance, protections remained weak.
3. 73rd Constitutional Amendment (1992)
- Introduced Panchayati Raj nationwide.
- Scheduled Areas were excluded due to their special status.
4. Bhuria Committee (1994–95)
- Recommended Gram Sabha–centric governance.
- Emphasised tribal control over natural resources and development.
5. Enactment of PESA (1996)
- Legalised direct democracy in tribal villages.
Key Features of PESA
1. Gram Sabha as Supreme Authority
- Village assemblies are the foundation of governance in Scheduled Areas.
- Bureaucratic control is subordinate to community decisions.
2. Protection of Customary Law & Culture
- Governance must respect:
- Tribal customs
- Religious practices
- Traditional dispute-resolution systems
3. Control Over Natural Resources
- Gram Sabhas exercise rights over:
- Minor forest produce (MFP)
- Village water bodies
- Community lands
4. Land Acquisition Safeguards
- Mandatory consultation with Gram Sabhas before land acquisition.
- Restoration of illegally transferred tribal land.
5. Local Economic & Social Regulation
- Powers to regulate:
- Village markets
- Money-lending
- Liquor
- Authority to identify beneficiaries of government schemes.
2. BHASHINI Samudaye
Context:
BHASHINI Samudaye is being organised in New Delhi by the Ministry of Electronics and Information Technology (MeitY) to strengthen India’s Indian-language AI ecosystem through collaboration, open datasets, and ethical governance.
What is BHASHINI Samudaye?
BHASHINI Samudaye is a collaborative ecosystem platform under BHASHINI that enables:
- Co-creation
- Participatory governance
- Scaling of Indian-language AI tools, datasets and services
It brings together academia, startups, civil society, states, and technology developers.
Institutional Framework
- Led by the Digital India BHASHINI Division (DIBD)
- Implemented under the National Language Translation Mission (NLTM)
- Anchored in India’s Digital Public Infrastructure (DPI) approach
3. Man Portable Anti-Tank Guided Missile (MPATGM)
Source: PIB
Context:
India has successfully flight-tested the third-generation Fire-and-Forget MPATGM with top-attack capability against a moving target, marking a major milestone in indigenous infantry anti-tank capability.
What is MPATGM?
The MPATGM is a third-generation, fire-and-forget, shoulder-launched anti-tank guided missile system designed to destroy modern main battle tanks (MBTs) and armoured vehicles under day-night and all-weather conditions.
Developed by
- Defence Research and Development Organisation (DRDO)
- Lead laboratory: Defence Research & Development Laboratory (DRDL), Hyderabad
Aim
To equip Indian infantry with a lightweight, high-precision and lethal anti-armour weapon that enhances battlefield survivability and lethality.
4. National Sports Governance Rules, 2026
Source: News on Air
What is the development?
On 12 January 2026, the Ministry of Youth Affairs and Sports (MYAS) notified the National Sports Governance (National Sports Bodies—NSBs) Rules, 2026 under the National Sports Governance Act, 2025. The rules aim to overhaul sports governance in India by mandating athlete inclusion, transparent elections, and ethical administration, aligned with Olympic Charter standards.
Key Provisions of the National Sports Governance Rules, 2026
1. Athlete Representation (Sportspersons of Outstanding Merit—SOMs)
- Minimum 4 SOMs in the General Body of every NSB
- At least 50% women among SOMs
- Minimum 4 women in the Executive Committee
- NSBs may reserve posts for SOMs in their byelaws
2. Eligibility Criteria for SOMs
- Minimum age: 25 years
- Must have retired from active sport
- Must not have participated in selection-level events for at least one year prior to application
3. Tiered Classification of SOMs
- 10-tier system based on sporting achievements
- Ranges from:
- Olympic & Paralympic medalists
- To National Games and National Championship medalists
- Ensures inclusive coverage across sports disciplines
4. Governance & Ethics
- Mandatory frameworks for NSBs and Regional Sports Federations
- Emphasis on:
- Transparent elections
- Ethical governance
- Athlete-centric decision-making
- Alignment with international best practices (Olympic Charter)
About the Ministry of Youth Affairs and Sports (MYAS)
- Union Minister: Dr. Mansukh Mandaviya (Porbandar, Gujarat)
- Minister of State: Raksha Khadse (Raver, Maharashtra)
Banking/Finance
1. PFRDA Forms Panel for Assured Payout Framework under NPS
Context:
The Pension Fund Regulatory and Development Authority (PFRDA) has constituted a 15-member expert committee to frame guidelines and regulations for assured pension payouts under the National Pension System (NPS).
- The committee is chaired by M. S. Sahoo, former Chairman of the Insolvency and Bankruptcy Board of India (IBBI)
- It will function as a standing advisory committee on structured pension payouts
Problem with the current NPS
- NPS is a defined contribution, market-linked scheme
- Retirement income is:
- Uncertain
- Dependent on market conditions
- This deters risk-averse subscribers, despite growing pension needs
The initiative aims to enhance retirement income security, not just corpus accumulation.
Mandate of the Committee
1. Assured Payout Regulations
- Frame rules for assured pension income products within NPS
- Align with provisions of the PFRDA Act
2. Risk Management Framework
- Prescribe:
- Capital requirements
- Solvency norms
- Ensure sustainability of assured payouts
3. Transition from Accumulation to Decumulation
- Ensure a smooth end-to-end transition for subscribers moving from:
- Saving phase → Pension payout phase
4. Market-Based Guarantees
- Deliberate on:
- Novation of contracts
- Settlement mechanisms
- Ensure payouts are:
- Legally enforceable
- Market-based, not fiscally guaranteed
5. Tax Implications
- Examine tax treatment of assured payouts under NPS
2. Tripura Gramin Bank Introduces India’s First Solar-Powered ATM Van
Context:
In January 2026, Tripura Gramin Bank (TGB) became the first Regional Rural Bank (RRB) in India to introduce India’s first fully solar-powered mobile ATM van, named “TGB on Wheels”.
About ‘TGB on Wheels’
Background
- The ATM van initiative was formally inaugurated in July 2023 by Nirmala Sitharaman, Union Minister of Finance, during her visit to Tripura.
Services Offered
- Mobile ATM and basic banking services
- Uninterrupted operations using solar power
- Effective in remote and power-deficient rural areas
Sustainability Aspect
- Fully solar-powered, reducing carbon footprint
- Aligns banking outreach with green and climate-resilient practices
Recognition
- TGB received the SKOCH Silver Award for excellence in governance and innovation, recognising the impact of this initiative.
3. Unified Regulatory Framework for Crypto Exchanges
Context:
Ahead of Union Budget 2026–27, the Ministry of Finance is in discussions with the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) to put in place a formal regulatory framework for crypto exchanges in India.
Proposed Regulatory Architecture
1. SEBI as the Primary Regulator
- All Indian crypto exchanges to be mandatorily registered with SEBI
- SEBI to oversee:
- Trading platforms
- Disclosure norms
- Market conduct
- Investor protection
Addresses the long-standing gap of no single market regulator for crypto assets.
2. RBI’s Role
- Oversight of:
- Foreign Direct Investment (FDI) in crypto entities
- Cross-border transactions
- Capital flow risks
Reflects RBI’s mandate over external sector stability and monetary sovereignty.
Why Is This Needed?
Fragmented Oversight at Present
Currently, crypto regulation is spread across agencies:
- Tax authorities → taxation of Virtual Digital Assets (VDAs)
- Financial Intelligence Unit – India (FIU-IND) → anti-money laundering compliance
- Enforcement agencies → illicit flows and violations
Policymakers view this fragmentation as a major enforcement and monitoring weakness.
What are Crypto Exchanges?
Crypto exchanges are digital platforms where users can buy, sell, trade, or hold cryptocurrencies (e.g., Bitcoin, Ether). They act as marketplaces, matching buyers and sellers, and often provide wallets, custody, and analytics.
Types of Crypto Exchanges
- Centralised Exchanges (CEXs)
- Operated by a company; require KYC/AML
- Higher liquidity; custodial risk
- Decentralised Exchanges (DEXs)
- Peer-to-peer via smart contracts; non-custodial
- Lower counterparty risk; higher tech risk
- Hybrid Exchanges
- Mix of custodial control and on-chain settlement
Objectives of the Proposed Framework
- Investor protection through regulated exchanges
- Market integrity and transparency
- Tax compliance and traceability of transactions
- Curbing illicit financial flows, money laundering, and terror financing
- Creating a regulated crypto ecosystem rather than banning innovation
4. RBI May Introduce Licence Regime for Corporate Business Correspondents
Source: BS
Context:
The Reserve Bank of India (RBI) is considering a licensing framework for corporate Business Correspondents (BCs). This would bring fintech firms operating as corporate BCs under direct RBI regulation, instead of the current model where sponsor banks bear responsibility for BC actions.
Who are Business Correspondents?
Business Correspondents (BCs) are agents appointed by banks to deliver basic banking and financial services at the grassroots level, especially in rural, remote, and underserved areas, where setting up brick-and-mortar branches is not viable. They act as the last-mile interface between banks and customers.
Who Regulates BCs?
- Regulated indirectly by the Reserve Bank of India (RBI)
- Banks are fully responsible for the actions of BCs they appoint
- BCs themselves are not directly licensed by RBI (as of now)
Who Can Act as BCs?
- Individuals (kirana shop owners, retired teachers, ex-servicemen, SHG members)
- NGOs, MFIs
- Companies and fintech firms (as Corporate BCs)
Services Provided by BCs
- Opening Basic Savings Bank Deposit Accounts (BSBDA)
- Cash deposit and withdrawal
- Aadhaar-enabled payment services (AePS)
- Direct Benefit Transfer (DBT) disbursement
- Utility bill payments and remittances
- Micro-insurance and pension enrolment (PMJJBY, PMSBY, APY)
Current Regulatory Arrangement
- Corporate BCs (many are fintechs) are not licensed by RBI
- Partner/sponsor banks are held accountable for BC conduct
- Some fintechs hold separate licences for limited functions:
- Prepaid Payment Instruments (PPI)
- Payment Aggregators (PA)
This fragmented oversight has created regulatory gaps.
5. RBI Proposes to Resume UCB Licensing
Source: IE
Context:
The Reserve Bank of India (RBI) has released a Discussion Paper proposing to resume licensing of Urban Co-operative Banks (UCBs)—a process paused since 2004. The paper outlines minimum capital, asset quality, governance, and footprint criteria, to be followed by draft norms after public consultation.
Key Proposals
1. Minimum Eligibility Thresholds
- Minimum capital: ₹300 crore (as of March 31 of the previous FY)
- Capital Adequacy Ratio (CAR): ≥ 12%
- Net NPA: ≤ 3% at the time of licence grant
(Context: Average CAR of existing UCBs is ~18%; 92% have CAR >12%.)
2. Track Record & Financial Soundness
- Active operations: at least 10 years
- Good financial track record: at least 5 years
- Positive, improving trends in operating and financial parameters over the last five years
3. Size & Risk Rationale
- RBI notes that most past UCB failures involved smaller banks.
- Hence, the proposal favours licensing only large co-operative credit societies with longer, stable track records.
4. Geographic Footprint
- Preference for multi-state co-operative credit societies to ensure scale and competitiveness.
- Select uni-state societies may be considered if they demonstrate a wider footprint.
- Aim: enable UCBs to compete with SFBs, commercial banks, and NBFCs that operate pan-India.
6. RBI Proposes Change in Computation of Owned Funds of NBFCs
Source: BS
Context:
RBI has proposed amendments to how owned funds of Non-Banking Financial Companies (NBFCs) are calculated. Quarterly profits may now be included as part of free reserves, subject to conditions.
Key Conditions
- Quarterly financial statements must undergo a limited review by statutory auditors
- Quarterly profits must be adjusted for the average dividend payout of the last three years
- Final includible amount to be computed using an RBI-prescribed formula
Why does this matter?
- Owned funds are critical for:
- Capital adequacy
- Leverage limits
- Regulatory compliance
- Inclusion of quarterly profits:
- Improves capital flexibility
- Helps NBFCs expand lending without frequent capital raises
- Reflects current financial strength, not just annual results
7. World Bank Raises India’s FY27 Growth Forecast to 6.5%
Source: BS
Context:
The World Bank has upgraded India’s GDP growth forecast for FY27 to 6.5%, from 6.3% projected in October 2025, citing stronger domestic demand and resilient exports.
- Forecast unchanged compared to June 2025
- India expected to remain the fastest-growing major economy
Key Drivers Behind the Upgrade
1. Resilient Domestic Demand
- Consumption and investment momentum stronger than earlier expected
- Improved business and consumer confidence
2. Export Performance
- Exports more resilient despite:
- Higher U.S. tariffs on some Indian goods
- The U.S. accounts for ~12% of India’s merchandise exports
- Services trade surplus continues to cushion merchandise trade deficit
Medium-Term Outlook
- FY28 growth projected at 6.6%
- Supported by:
- Robust services sector
- Export recovery
- Pickup in investment
8. RBI Issues Foreign Exchange Management (Guarantees) Regulations, 2026
Source: News on Air
Context:
In January 2026, the Reserve Bank of India (RBI) issued the Foreign Exchange Management (Guarantees) Regulations, 2026, creating a comprehensive regulatory framework for guarantees involving persons resident outside India.
The regulations are issued under the Foreign Exchange Management Act, 1999 (FEMA).
Who Must Comply?
- Authorised Dealer (AD) Category-I banks
- Banks must follow the new regulations while:
- Issuing
- Modifying
- Invoking guarantees involving non-residents
Key Provisions of the Regulations
1. Comprehensive Reporting Framework
- Mandatory reporting of all guarantees:
- Issued
- Modified
- Invoked
- Reporting to be done in a prescribed format
- Manner and format of submission to be notified separately by RBI
2. Supersession of Earlier Circulars
- Earlier A.P. (DIR Series) circulars listed in the annexure have been superseded
- Creates a single, consolidated regulatory framework
3. Discontinuation of Quarterly Reporting
- Quarterly reporting of guarantees for Trade Credit has been discontinued
- Effective from the quarter ending March 2026
4. Amendments to Existing Master Directions
Guarantee-related provisions amended in Master Directions covering:
- External Commercial Borrowings (ECB)
- Trade Credits
- Export and Import of Goods & Services
- FEMA Reporting requirements
5. Customer Awareness
- AD banks have been instructed to:
- Inform customers about the new regulations
- Ensure compliance with revised norms
Facts To Remember
1. TTD Launches QR-Based Footwear Management System
The Tirumala Tirupati Devasthanams (TTD) has introduced a QR code–based footwear management system at Tirumala to streamline the collection and retrieval of pilgrims’ footwear. The system was inaugurated at the Tarigonda Vengamamba Anna Prasadam Complex.
2. 97% of Bank Deposit Accounts Insured: RBI Data
Latest data released by the Reserve Bank of India shows that 97.3% of bank deposit accounts in India were fully insured as of September 2025.
- Deposit insurance limit: ₹5 lakh per depositor per bank
- Value-based coverage: 42.1% of total deposit value insured (up from 41.5% in March 2025)
3. Forest Fire in Valley of Flowers, Uttarakhand
Uttarakhand has sought assistance from the Indian Air Force to control a forest fire raging for five consecutive days in the Valley of Flowers, a UNESCO World Heritage Site located in Chamoli district. The fire broke out in the Painkhanda forest area within the Nanda Devi National Park.
4. IndiaAI Mission Signs MoU with UPDESCO to Build State-Level AI Skilling Ecosystem
On 12 January 2026, the IndiaAI Mission signed a MoU with Uttar Pradesh Development Systems Corporation Limited (UPDESCO) to create one of India’s largest state-level Artificial Intelligence (AI) skilling ecosystems in Uttar Pradesh.
5. Innoviti Receives RBI Nod for Online & Offline Payment Aggregation
On 13 January 2026, Innoviti Technologies Private Limited received a Certificate of Authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA).
6. Indian Mountaineer Aritra Roy Summits Mt. Aconcagua
In January 2026, Indian mountaineer Aritra Roy successfully summited Mount Aconcagua in Argentina, marking the 4th milestone in his Seven Summits Challenge.
6. Meta Appoints Dina Powell McCormick as President & Vice Chairman
On 12 January 2026, Meta Platforms Inc. appointed Dina Powell McCormick as President & Vice Chairman.
7. ISRO’s PSLV-C62 Suffers Anomaly After 3rd Stage
On 12 January 2026, Indian Space Research Organisation (ISRO) reported an anomaly at the end of PS3 during PSLV-C62 mission.
- Launch site: Satish Dhawan Space Centre
- Mission operator: NewSpace India Limited
- Primary payload: EOS-N1 (Anvesha) – DRDO hyperspectral satellite
- Total payloads: 16
- Orbit: Sun Synchronous Orbit (~511 km)
- 2nd consecutive PSLV issue after PSLV-C61 (May 2025)
8. Australia Captain Alyssa Healy Retires
In January 2026, Alyssa Healy announced retirement from all formats after the India series.
9. Obituary: Former MP Thomas Kuthiravattam
- Veteran Kerala Congress (M) leader
- Rajya Sabha MP (1985–1991)
- Member of Bofors JPC
- Passed away at 80 in Alappuzha
10. INSV Kaundinya arrives at Port Sultan Qaboos in Muscat after completing its maiden voyage from Gujarat
Indian Navy sailing vessel INSV Kaundinya has arrived at Port Sultan Qaboos in Muscat after completing its maiden voyage from Gujarat.
11. WPI Inflation rises to 0.83% in December 2025
Country’s wholesale price index-based inflation (WPI) edged up to 0.83 per cent in December 2025 on an annual basis, from a deflation of 0.32 per cent registered in November last year.
12. National Turmeric Board is empowering farmers & promoting turmeric export: Union Minister Piyush Goyal
Commerce and Industry Minister Piyush Goyal has said that the National Turmeric Board is empowering farmers and promoting turmeric export globally.
13. World Intellectual Foundation to launch Responsible Nations Index on Jan 19
The Responsible Nations Index will be launched by the World Intellectual Foundation on January 19 in collaboration with Jawaharlal Nehru University, the Indian Institute of Management Mumbai and the Dr Ambedkar International Centre.
14. MeitY organises BHASHINI Samudaye workshop to strengthen India’s language AI ecosystem
The Ministry of Electronics and Information Technology organised a workshop on BHASHINI Samudaye: Strengthening India’s Language AI Ecosystem in New Delhi.
15. Weather forecast across country
The India Meteorological Department (IMD) has forecast cold wave to severe cold wave conditions along with dense to very dense fog over Delhi, Haryana, Chandigarh and Punjab.
16. VP Radhakrishnan extends greetings on Makar Sankranti, Pongal, Lohri, Magh Bihu, Kanuma, Uttarayan, Tusu Parab
Vice-President C P Radhakrishnan today extended his greetings to the citizens on the occasions of Makar Sankranti, Pongal, Lohri, Magh Bihu, Kanuma, Uttarayan, Tusu Parab and other harvest festivals.
17. India and France emphasise closer cooperation to strengthen global security
India and France have underscored the importance of closer cooperation to address challenges in the global security environment, with the aim of advancing peace and stability.
18. Gati Shakti cargo terminals drive India’s logistics transformation
India’s logistics sector has made remarkable progress in recent years, achieving a significant milestone with logistics costs now reduced to 7.97 per cent of GDP.
19. Defence Minister Rajnath Singh inaugurates Medical Camp in Lakshadweep via video conference
Defence Minister Rajnath Singh today addressed the inaugural ceremony of the Multi-Speciality Joint Services Medical Camp in Lakshadweep through video conference.
20. Union Minister Shivraj Singh Chouhan to attend Atmanirbhar Hanol Mahotsav in Gujarat
Union Minister of Agriculture and Farmers’ Welfare and Rural Development, Shivraj Singh Chouhan, will participate in the ‘Atmanirbhar Hanol Mahotsav-2026′ in Gujarat.
21. Ministry of Electronics and Information Technology to organise BHASHINI Samudaye Workshop
The Ministry of Electronics and Information Technology will organise the BHASHINI Samudaye workshop, Strengthening India’s Language AI Ecosystem, tomorrow in New Delhi.
22. India’s electric vehicle market accounts for 8% of New Vehicle Registrations in 2025: Vahan Portal Data
India’s electric vehicle market accounted for 8 per cent of all new vehicle registrations in 2025, with total EV sales reaching 23 lakh units.
23. India to host 28th Conference of Speakers and Presiding Officers of Commonwealth
India will host the 28th Conference of Speakers and Presiding Officers of the Commonwealth (CSPOC) in New Delhi.
24. Ministry of Agriculture & Farmers Welfare says Rabi crops coverage crosses 644 lakh hectares
The Ministry of Agriculture and Farmers Welfare has informed that the overall coverage of Rabi crops has reached more than 644 lakh hectare area as of the 9th of this month.
