Daily Current Affairs (DCA) 15&16 June, 2025

Daily Current Affairs Quiz
15 & 16 June, 2025

International Affairs

1. Israel-Iran Conflict

Context:

In a dramatic escalation, Israel has launched a full-scale military operation—“Operation Rising Lion”—targeting key Iranian nuclear and missile facilities. The strike follows a formal declaration by the International Atomic Energy Agency (IAEA) that Iran is in violation of its nuclear safeguards obligations.

Background

• Historic Differences: Relations between the two nations have remained strained since Iran’s 1979 political transformation, which led to changes in its foreign policy stance.
• Regional Concerns: Both countries have maintained sharply divergent regional security priorities, contributing to complex geopolitical dynamics across the Middle East.
• Previous Precedents: Israel has conducted similar operations in the past, including airstrikes on nuclear sites in Iraq (1981) and Syria (2007).
• Recent Regional Shifts: Security concerns have influenced new alignments in the region, including normalization agreements between Israel and several Arab nations.

Key Developments Leading to the Operation

• IAEA Resolution: The IAEA Board expressed concerns regarding Iran’s nuclear transparency, citing unreported sites where traces of enriched uranium were detected.
• Diplomatic Stalemate: Recent indirect discussions between Iran and the United States in Oman failed to produce consensus on nuclear enrichment thresholds.
• Security Calculations: Israeli authorities have expressed the view that addressing perceived threats at the source is essential for long-term regional stability.
• Political Considerations: Observers note that the operation also comes at a time of heightened political debate within Israel.

IAEA Findings and Implications

• Non-Compliance Note: The IAEA resolution identified gaps in Iran’s cooperation regarding three specific sites—Lavisan-Shian, Varamin, and Turquzabad.
• Possible UN Engagement: Under Article XII.C of the IAEA Statute, repeated non-compliance may warrant deliberation by the UN Security Council.
• Iran’s Response: Tehran has rejected the resolution and announced its intention to expand domestic uranium enrichment efforts at new, deeply buried facilities.
• Upcoming Review: The IAEA is expected to release a comprehensive follow-up report in August 2025 to assess continued compliance.

Global and Regional Impact

• Energy Market Sensitivity: The Strait of Hormuz, a key route for global oil shipments, lies in close proximity to the affected region. Any escalation could influence global energy prices.
• International Reactions: The United States and European partners face a complex policy landscape—balancing diplomatic dialogue with regional stability commitments.
• Non-Proliferation Concerns: Any deviation from established nuclear agreements could raise broader concerns about strategic stability in West Asia.

Implications for India

• Safety of Indian Nationals: With a significant diaspora in the Middle East, the safety and mobility of Indian citizens remain a top priority.
• Energy Supply Chain Risks: A large portion of India’s crude oil imports transits through the Strait of Hormuz. Any disruption could have implications for inflation and energy planning.
• Diplomatic Considerations: India continues to maintain strong bilateral relations with both Israel and Iran. The government is expected to adopt a balanced and principled stance guided by strategic autonomy and national interest.

National Affairs

1. Flue Gas Desulphurisation (FGD) Units

Context:

A government-appointed expert committee led by Principal Scientific Advisor Ajay Sood has recommended rolling back India’s 2015 policy mandating the installation of Flue Gas Desulphurisation (FGD) units in all coal-fired thermal power plants (TPPs). The recommendation comes amid high installation costs, sluggish compliance, and mounting power demand.

What Is an FGD Unit?

FGD units are designed to remove sulphur dioxide (SO₂) from flue gas produced during coal combustion. SO₂ is a key contributor to respiratory illness and air pollution.

There are three major types of FGD systems:

• Dry sorbent injection – Injects powdered limestone into flue gas
• Wet limestone treatment – Passes flue gas through limestone slurry, producing gypsum
• Seawater scrubbing – Uses coastal seawater to absorb and neutralize SO₂

Why SO₂ Emissions Matter

• SO₂ causes acid rain, respiratory ailments, and contributes to secondary PM2.5 formation
• Studies show 15% of India’s PM2.5 is linked to coal burning, with SO₂ accounting for 80% of that share
• Reducing SO₂ is vital to improving ambient air quality and public health

Implementation Status in India

• The 2015 mandate required all 537 coal-based TPPs to install FGD units
• Only 39 plants had complied as of April 2025
• Original 2018 deadline extended multiple times — latest compliance dates stretch to 2029
• In December 2024, the Ministry of Environment extended deadlines by another 3 years, citing no official reason

Is There an Alternative to FGD Units?

• Experts affirm that no current alternative exists to remove SO₂ at source from coal combustion
• Reducing reliance on coal or investing in cleaner energy alternatives is a long-term solution, but FGDs remain essential in the interim

TH

2. New Species of Jumping Spider Discovered in Southern India

Context:

A team of Indian researchers has discovered a new species of jumping spider from the subfamily Spartaeinae, marking a significant extension of the known distribution of the genera Spartaeus and Sonoita into the Indian subcontinent. These genera were previously known only from Southeast Asia and Africa.

Discovery Details

The new species, named Spartaeus karigiri, was identified in Devarayanadurga, Karnataka, specifically near Karigiri (Elephant Hill)—the location after which the species is named. The discovery was led by John Caleb T.D., a researcher at Saveetha Medical College, Chennai.

• Males were found hiding in crevices and rocky areas.
• Females were observed guarding egg clutches in the wild.
• Additional specimens were found in Villupuram district, Tamil Nadu.

The research, published in the European Journal of Taxonomy on June 11, highlights the first recorded presence of Spartaeus and Sonoita spiders in India.

TH

3. Shanghai Cooperation Organisation (SCO)

Why in News?

India refused to associate itself with a statement by the Shanghai Cooperation Organisation (SCO) condemning Israel’s military strikes on Iran in another show of solidarity with Israel this week, after it abstained from voting on a UN resolution seeking ceasefire in Gaza.

Shanghai Cooperation Organisation (SCO)

The Shanghai Cooperation Organisation (SCO) is a multilateral political, economic, security, and defence organization comprising 10 member states across Eurasia. It represents the world’s largest regional organization by area and population, covering approximately 24% of the world’s landmass and 42% of its population.

• Headquarter:
  • Beijing, China
• Secretary-General:
  • Nurlan Yermekbayev

Member States

• Founding Members (2001): China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Uzbekistan
• Expanded Members:
  • India and Pakistan joined in June 2017
  • Iran became a full member in July 2023
  • Belarus joined in July 2024

Origins and Development

• Predecessor: Shanghai Five (1996–2000), comprising China, Russia, Kazakhstan, Kyrgyzstan, and Tajikistan.
  • 1996: Treaty on Deepening Military Trust in Border Regions
  • 1997: Treaty on Reduction of Military Forces in Border Regions
  • Regular summits fostered border cooperation, military trust, and non-interference principles.
• Formation of SCO:
  • June 2001: Uzbekistan joined the Shanghai Five members to establish the SCO in Shanghai.
  • The group evolved from a confidence-building mechanism to a broader strategic platform for regional stability, economic cooperation, and counter-terrorism.

Structure and Governance

• Heads of State Council (HSC): Supreme decision-making body, meets annually.
• Regional Anti-Terrorist Structure (RATS): Coordinates intelligence and counter-terrorism efforts among member states.

Key Principles

• Respect for sovereignty, non-interference, territorial integrity, and collective security.
• Promotion of a multipolar world order and regional integration without external intervention.

4. Second Batch of Phase 2 Capacity-Building under NAKSHA Programme

Context:

The Department of Land Resources (DoLR), under the Ministry of Rural Development, Government of India, has announced the launch of the second batch of Phase 2 of its capacity-building programme under the NAKSHA (National Geospatial Knowledge-based Land Survey of Urban Habitations) initiative. The programme commences on June 16, 2025, with training to be conducted across four Centres of Excellence (CoEs) nationwide.

Objectives

The training is designed to empower ULB-level and district officials with the technical competencies to carry out high-precision urban property surveys. Modules include:

• GNSS and ETS-based land surveying
• Web-GIS platforms for urban mapping
• Land parcel mapping and digitization
• Legal and administrative frameworks for land record modernization
• Implementation of the NAKSHA framework in real-time survey operations

About NAKSHA

The NAKSHA programme is a pioneering geospatial initiative launched by DoLR in partnership with:

• Survey of India
• NICSI
• MPSeDC
• Five Centres of Excellence

It is currently being piloted in 157 ULBs across 27 States and 3 Union Territories, and aims to meet the growing demand for accurate, accessible, and verifiable urban land records, especially as India’s urban population is projected to cross 600 million by 2031.

Banking/Finance

1. Govt Likely to Amend Refund Clause in New IT Bill, 2025

Context:

In a major relief for taxpayers, the government is likely to amend the controversial refund provision in the draft Income Tax (IT) Bill, 2025, which currently denies refunds for returns filed after the due date. A senior official from the Finance Ministry has confirmed that the provision will be rectified and brought in line with the current law.

Contradictory Clauses in the Draft Law

The draft Bill, introduced in Parliament on February 13, 2025, contains contradictory sections:

• Section 433 allows a refund claim regardless of whether the return is belated.
• In contrast, Section 263(1)(a)(ix) stipulates that a refund can be claimed only if the return is filed on or before the due date.

Tax experts and stakeholders flagged this inconsistency, calling it confusing and potentially unfair.

BS

2. SEBI Likely to Announce Regulatory Relaxations

Context:

The Securities and Exchange Board of India (SEBI) is expected to introduce a set of regulatory relaxations and reforms during its upcoming board meeting on June 18, the second under the chairmanship of Tuhin Kanta Pandey.

Key Expected Announcements

New Category of FPIs for Government Bond Investments

SEBI may introduce a dedicated category of foreign portfolio investors (FPIs) called IGBFPIs, specifically for those investing in Indian government bonds (IGBs) through the Voluntary Retention Route (VRR) and Fully Accessible Route (FAR). The proposed changes include:

• Eased KYC norms, aligned with RBI guidelines.
• Unrestricted participation for NRIs, OCIs, and resident Indians in IGBFPI vehicles.
• Simplified disclosure requirements related to material changes and equity investment limits.

Simplification of Delisting Process for PSUs

The board is also expected to consider reforms for voluntary delisting of public sector undertakings (PSUs) where the government holds more than 90% equity. The changes may include:

• Waiver of minimum public shareholding (25%) compliance.
• Elimination of the two-thirds public shareholder approval requirement for delisting.

Currently, eight listed PSUs have over 90% government ownership, including Haryana Financial Corporation and KIOCL, making public stake dilution and fair price discovery challenging.

Co-investment Reforms in AIFs

SEBI will likely review recommendations from a working group on facilitating co-investments in Alternative Investment Funds (AIFs) via separate co-investment vehicles. Topics under consideration include:

• Eligibility norms for co-investment structures.
• Exit conditions for co-investors.

Relaxations for REITs and InvITs

The board may also ease disclosure norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) by:

• Streamlining QIP documentation to include only relevant disclosures.

KRAs and Policy Updates

• The process for winding up KYC Registration Agencies (KRAs) could be simplified.
• The board will be briefed on policy work concerning conflict of interest norms and disclosure obligations for SEBI officials.

BS

3. The Journey of Regional Rural Banks (RRBs)

Context:

The journey of Regional Rural Banks (RRBs), which began with the establishment of five banks on October 2, 1975, has been both remarkable and transformational. These banks are jointly owned by the Central Government (50%), state governments (15%), and sponsor banks (35%), which include public sector, private, and cooperative banks. Sponsor banks also provide managerial support by deputing key personnel, including chairmen and general managers.

Expansion and Consolidation

Initially proliferating to 196 RRBs during the expansion phase, the sector later underwent two decades of consolidation, guided by the concept of “One State, One RRB”, now implemented fully as of May 1, 2025. This has brought down the number of RRBs to 28, with an expansive branch network exceeding 22,000, second only to the State Bank of India.

Opportunities Ahead

• Bankers to State Governments: RRBs are well-positioned to serve as official bankers for state governments.
• Transition to Universal Banks: With stronger financials, many RRBs could evolve into universal banks.
• Localized Expertise: Deep-rooted presence in specific states allows RRBs to leverage local manpower and knowledge.
• Growth in Rural Heartlands: RRBs operate in India’s rural and semiurban growth hubs, key to national development.
• Economies of Scale: Consolidation brings scale and operational synergies, enhancing profitability.

Challenges to Address

• Managerial Constraints: Key leadership remains on deputation, limiting continuity and ownership.
• Basel Norms Gap: RRBs still operate under Basel I, misaligned with their growing size and complexity.
• Capital Requirements: Upgrading to Basel II/III will demand substantial capital infusion.
• Compliance and Risk Management: Weaknesses in risk culture and compliance persist.
• Tech Dependence: Heavy reliance on sponsor banks for technology infrastructure is a vulnerability.
• Structural Reassessment Needed: Some RRBs may require a new organizational design to support their scaled-up operations.

4. Sebi Tightens ESG Bond Rules

Context:

India’s capital market regulator, the Securities and Exchange Board of India (Sebi), has introduced a comprehensive framework for the continuous monitoring and third-party verification of environmental, social, and governance (ESG)-labelled bonds, effective from 5 June 2025. While aimed at curbing “purpose-washing,” the move may increase compliance burdens, especially for mid-sized firms, according to market experts.

Environmental, social, and governance (ESG)-Labelled Bonds

Environment, Social and Governance Debt Securities or “ESG Debt Securities” means green debt securities, social bonds, sustainability bonds, sustainability-linked bonds, or any other type of bonds

Key Objectives of Sebi’s New Framework

• Combat Misrepresentation: Targets purpose-washing, where issuers misstate the environmental or social impact of bond proceeds.
• Mandatory Third-Party Verification: Issuers must appoint independent reviewers to verify alignment of ESG claims.
• Enhanced Disclosures: Requirements include detailed reporting on decision-making, project selection, fund deployment, and impact assessment.
• Early Redemption Clause: Allows redemption of bonds in cases where issuers deviate from stated ESG objectives.
• Quantification of Negative Externalities: Issuers must disclose potential negative outcomes from funded projects.

Risk of Market Bifurcation

• Larger companies can afford ESG investment and verification.
• Smaller issuers may resort to green-washing or abstain altogether due to high costs.
• Dudhat emphasized strict scrutiny and due diligence, not just on-paper compliance.

Mint

5. Jupiter and Scapia Launch RuPay-UPI Enabled Credit Cards

Context:

India’s fintech space continues to evolve rapidly with the launch of UPI-compatible RuPay credit cards by Jupiter and Scapia, in collaboration with CSB Bank and Federal Bank respectively. These digital-first offerings combine the power of credit with the convenience and ubiquity of UPI, marking a significant step forward in the integration of India’s payment systems.

Jupiter’s Edge+ RuPay Credit Card

Jupiter, a digital-first money management platform, has unveiled the Edge+ CSB Bank RuPay Credit Card, a no-joining-fee, no-annual-fee product focused on rewards and UPI-enabled convenience.

Key Features:

• UPI integration via the RuPay network for seamless QR-based credit payments.
• Cashback rewards worth over ₹50,000 annually.
• Flexible reward redemption: statement credit, bill payments, cash, and Digital Gold.
• Available exclusively through the Jupiter app, with built-in expense tracking tools.

6. NPCI–IDRBT Sign MoU to Boost Cybersecurity and Resilience in India’s Digital Payments Ecosystem

Context:

In a strategic move to enhance cybersecurity and digital resilience within India’s fast-expanding digital payments infrastructure, the National Payments Corporation of India (NPCI) and the Institute for Development and Research in Banking Technology (IDRBT) signed a Memorandum of Understanding (MoU) on June 12, 2025.

Why This Matters

As India’s digital payment ecosystem witnesses exponential growth, the associated risk of cyber threats has also surged. This partnership aims to fortify India’s financial infrastructure by building skilled human capital, improving threat intelligence, and introducing structured certification programs to enhance the sector’s preparedness against cyber threats.

Key Objectives of the MoU

• Strengthen cyber resilience in digital and retail payments.
• Launch specialized training programs on cybersecurity, data privacy, and digital risk.
• Roll out NPCI-certified security programmes tailored to regulatory and industry standards.
• Provide access to IDRBT’s upgraded threat intelligence platform, सचेत (IBCART 3.0).
• Promote information sharing, early warning mechanisms, and incident response frameworks.

Highlights of the Partnership

• Joint capacity-building efforts across rural and urban financial ecosystems.
• Proactive risk mitigation strategies for digital payment professionals.
• Empowerment of banks and fintechs with certified cybersecurity talent.
• Alignment with India’s broader Digital Public Infrastructure (DPI) and financial inclusion goals.

About NPCI

• Umbrella organization for retail payment systems in India, established by RBI and IBA.
• Pioneered systems like UPI, IMPS, RuPay, AePS, NACH, and e-RUPI.
• Key subsidiaries include NIPL (international), NBBL (bill payments), and NBSL (registry services).
• Central to the development of India’s interoperable and inclusive payment ecosystem.

About IDRBT

• Established by the Reserve Bank of India in 1996 for R&D in banking technology.
• Instrumental in launching INFINET, SFMS, and the National Financial Switch.
• Hosts CISO, CIO, and CAO forums, guiding Indian banks on tech governance and cybersecurity.
• Developer of the सचेत (IBCART 3.0) platform for real-time cyber threat intelligence and response.

7. CreditAccess Grameen Raises $100 Million Multi-Currency Syndicated Social Loan to Strengthen Rural Microfinance

Context:

In a key milestone toward advancing inclusive finance in India, CreditAccess Grameen Ltd (CA Grameen) has successfully secured a $100 million multi-currency syndicated social loan facility, marking its second such facility and the first structured in both Japanese Yen (JPY) and United States Dollar (USD).

Key Highlights

• Loan Composition: The funding comprises JPY and USD, predominantly sourced from banks across South Asia and the Far East.
• Use of Proceeds: Funds will be deployed for eligible social projects under CA Grameen’s Social Loan Framework, aligned with Social Loan Principles 2023 by the Loan Market Association.
• Scale and Reach: Operating in 423 districts across 16 states, CA Grameen focuses on women-centric microloans in rural India.
• RBI ECB Route: The loan qualifies as External Commercial Borrowing (ECB) under the automatic route of the Reserve Bank of India (RBI).

Strategic Impact

• Diversified Borrowing Profile: The company aims to achieve 25–30% foreign borrowings by FY28, enhancing geographic diversification, asset-liability management (ALM), and liability robustness.
• Cost Efficiency: CFO Nilesh Dalvi stated that the borrowing cost is competitive, on par with or lower than domestic borrowings.

About CreditAccess Grameen

Headquartered in Bengaluru, CreditAccess Grameen is India’s largest NBFC-MFI, with a mission to empower rural women through access to credit. The firm continues to expand its presence in states such as Andhra Pradesh, Bihar, Chhattisgarh, and Goa, among others.

8. RBI Eases Reactivation Process for Dormant Bank Accounts and Unclaimed Deposits

Context:

In a customer-centric move, the Reserve Bank of India (RBI) has issued fresh guidelines aimed at simplifying the reactivation of dormant bank accounts and facilitating access to unclaimed deposits, particularly benefiting senior citizens, non-resident Indians (NRIs), and heirs of deceased account holders.

Key Highlights of the New Guidelines

• KYC Update Flexibility: Customers can now update their Know Your Customer (KYC) information at any branch of their bank, not just the home branch.
• Video KYC (V-CIP): Banks are mandated to enable video-based customer identification for reactivating dormant accounts. This allows identity verification via secure video calls, offering greater convenience and accessibility.
• Use of Business Correspondents: Banks may deploy authorized Business Correspondents (BCs) to assist in the KYC update process—an important measure for rural and remote areas with limited branch access.

Agriculture

1. Ancient Indian Wisdom for a Sustainable Agricultural Future

Context:

In ancient India, Earth and sky were read as one text—a cosmic manuscript that dictated not just when to sow or harvest, but how to live in harmony with nature. The agricultural calendar was not written in spreadsheets but in stars, seasons, and sacred rhythms. This timeless philosophy did not reduce farming to mere food production; it elevated agriculture as a spiritual alignment between human effort and divine will.

Agriculture as Sacred Symbiosis

Farming in India was never just about output. It was a living expression of ecological awareness, embedded within a culture that revered nature as divine. Crops were not simply grown; they were coaxed into existence through attunement—to the land, the elements, and the cosmos. This symbiosis between soil and spirit offered meaning beyond metrics—something industrial agriculture has largely lost.

Nakshatras and the Agricultural Calendar

India’s Vedic agricultural knowledge placed the sky at the centre of agrarian life. The moon’s 27 nakshatras (lunar constellations) were believed to influence the elemental energy of each day—dictating what to plant, when to water, when to harvest, or even when to rest.

• Rohini, ruled by the Moon and associated with abundance, was considered the most auspicious constellation for sowing. Its nurturing influence was thought to infuse seeds with life.
• Mrigashira, symbolic of exploration, was ideal for searching new plots or rotating crops.
• In contrast, Bharani, associated with intense transformation, was avoided for sowing but embraced for composting and soil regeneration.

Farmers did look to the sky—but they also listened to the soil beneath their feet. For them, time was not linear but cyclical, sacred and seasonal.

Ritu Chakra: The Six-Season Agricultural Cycle

India’s agricultural calendar is intimately aligned with the six ritus (seasons), each bringing its own set of crops, rituals, and ecological imperatives:

• Vasanta (Spring): A season of rebirth. Soil is tilled, fields are prepped, and new life begins.
• Grishma (Summer): A time for resilience. Drought-resistant crops like millets are sown, and water is conserved with care.
• Varsha (Monsoon): Rain is welcomed with songs to Indra, as Kharif crops like paddy are planted. Water conservation structures like bunds are maintained.
• Sharad (Autumn): A celebration of harvest, marked by golden grains and thanksgiving festivals.
• Hemanta (Early Winter): Time to sow Rabi crops like wheat and mustard—slow-growing and rich in taste.
• Shishira (Late Winter): A season of closure and soil rest. Root vegetables are harvested and fields lie fallow, readying for the next cycle.

BL

Facts To Remember

1. South Africa Becomes the WTC Champions!

Aiden Markram’s magnificent century was the cornerstone of South Africa’s five-wicket victory over Australia in the World Test Championship final at Lord’s.

2. Szocs leads from the front as U Mumba clinches maiden title

U Mumba TT didn’t have much time to recover after the thrilling semifinal on Saturday night. The schedule proved to be quite gruelling for the team.

3. MV Wan Hai 503 Fire Incident: Indian Navy, Coast Guard Continue Coordinated Response

The Indian Navy confirmed on Saturday that the Singapore-flagged container vessel MV Wan Hai 503, which caught fire following an onboard explosion on June 9, has now been moved to deeper waters. The vessel is located beyond the 1,000-metre sounding line, approximately 45 nautical miles off the Kerala coast.

4. Arya-Arjun pair brings home mixed air rifle gold

Arya Borse and Arjun Babuta clinched the mixed air rifle gold by beating the Chinese pair of Wang Zifei and Sheng Lihao 17-7 in the shooting World Cup that concluded in Munich, Germany.

5. Pranati wins vault bronze in Asian gymnastics c’ships

Pranati Nayak clinched her third bronze medal in women’s vault at the Asian artistic gymnastics championships in Jecheon, Korea.

6. Abhijeet wins Delhi Open chess for fourth time

Grandmaster Abhijeet Gupta settled for a quick draw in the 10th and final round against Aronyak Ghosh and clinched the title with 8.5 points in the 21st Delhi GM Open.

7. Investments in AIFs up 32% at ₹5.4 lakh cr

 India’s affluent investors are increasingly turning to Alternative Investment Funds (AIFs), with investments in the space reaching to just under Rs 5.4 lakh crore by the end of the March 2025 quarter, a surge of 32% from the year earlier.