Daily Current Affairs (DCA) 2 August, 2025

Daily Current Affairs Quiz
2 August, 2025

National Affairs

1. Apna Ghar Initiative

Context:

The Ministry of Petroleum and Natural Gas has launched a national-level initiative titled ‘Apna Ghar’ in 2025, designed to provide dignified resting facilities for truck drivers across highways in India.

About Apna Ghar Initiative:

• What It Is:
  • A resting infrastructure scheme for long-haul truck drivers to promote health, hygiene, and well-being.
• Nodal Ministry:
  • Ministry of Petroleum and Natural Gas
• Operated By:
  • Public Sector Oil Marketing Companies (OMCs) at fuel retail outlets located along national and state highways
• Launch Year: 2025

Objectives:

• Enhance road safety by reducing driver fatigue
• Provide inclusive, welfare-oriented infrastructure for truckers
• Support India’s logistics and transport ecosystem
• Align with SDG 8 (Decent Work and Economic Growth)

Key Features:

• Nationwide Coverage:
  • 368 rest houses with 4,611 beds now operational
• Facilities Provided:
  • Dormitories (10–30 beds each)
  • Clean toilets and Houdas (bathing areas)
  • Self-cooking spaces and dining facilities
  • Restaurants/Dhabas
  • Access to purified drinking water
• Technology Integration:
  • ‘Apna Ghar’ mobile app launched for online booking, feedback, and service improvement
• Public-Private Model:
  • Infrastructure built and managed by OMCs in collaboration with private stakeholders
• User-Centric Design:
  • Facilities tailored to the actual needs of truck drivers using feedback and data analytics

PIB

2. ISRO Identifies Cause of PSLV-C61/EOS-09 Mission Failure

Context:

The Indian Space Research Organisation (ISRO) has concluded its investigation into the PSLV-C61/EOS-09 mission failure that occurred on May 18, 2025. ISRO Chairman V. Narayanan confirmed that the Failure Analysis Committee has pinpointed the cause.

Key Highlights:

• Mission Objective: To place EOS-09, an Earth Observation Satellite, into a sun-synchronous polar orbit.
• Launch Vehicle: PSLV-C61, launched from Satish Dhawan Space Centre, Sriharikota.
• Launch Outcome: Lift-off and performance were normal until the second stage; an anomaly in the third stage led to mission failure.

Significance

• This failure is notable as PSLV is ISRO’s most trusted and reliable launch vehicle, with a strong track record over multiple decades.
• The incident is a rare setback for ISRO’s operational record.

TH

3. ISRO to Launch U.S.-Developed BlueBird Satellite Aboard LVM3

Context:

ISRO is set to launch the Block 2 BlueBird communication satellite, developed by U.S.-based AST SpaceMobile, in the next 3–4 months, ISRO Chairman V. Narayanan announced on Friday.

Key Highlights:

• Launch Details
  • Satellite: BlueBird (Block 2)
  • Developer: AST SpaceMobile (USA)
  • Launch Vehicle: LVM3 (formerly GSLV Mk III)
  • Launch Site: Satish Dhawan Space Centre, Sriharikota
• Significance
  • Marks another key India–U.S. space collaboration, following the successful launch of the NISAR satellite on July 30, 2025.
  • Highlights India’s role as a trusted launch partner for global heavy payloads.

TH

4. Govt Expands PM SVANidhi Scheme

Context:

The Union Government has approved the second phase of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme with enhanced loan limits and the introduction of UPI-linked credit cards to deepen financial inclusion for urban street vendors.

Key Highlights:

• Expanded Coverage:
  • The revamped scheme will cover 50 lakh more beneficiaries, in addition to the already existing street vendors.
• Enhanced Loan Amounts:
  • First loan: Increased from ₹10,000 to ₹15,000
  • Second loan: Increased from ₹20,000 to ₹25,000
  • Third loan: Unchanged at ₹50,000
  • All loans continue to carry an interest subsidy of 7%.
• UPI-Linked Credit Cards Introduced:
  • Approved for 11 lakh street vendors who have successfully repaid the first two loans.
  • These cards will have a limit of ₹30,000, enabling vendors to access rolling working capital through digital payments.
  • Banks will frame repayment rules for the credit card facility.
• Improved Financial Behaviour:
  • Out of over 68 lakh street vendors who took the initial ₹10,000 loan, around 38.4 lakh have repaid, indicating growing credit discipline.
• Objective of Reforms:
  • The changes aim to boost creditworthiness, formalisation, and digital financial access among street vendors.
  • Helps build confidence and improve capital availability for micro urban entrepreneurship.

TOI

Banking/Finance

1. SEBI Plans Major Reforms for Mega IPOs

Context:

The Securities and Exchange Board of India (SEBI) is considering regulatory reforms to streamline large Initial Public Offerings (IPOs) and improve market efficiency, especially for high-value companies like NSE, Reliance Jio, and Flipkart.

Key Highlights:

• Retail Quota to be Reduced:
  • For IPOs above ₹5,000 crore, the retail investor reservation (applications below ₹2 lakh) may be reduced from 35% to 25%.
  • This is in response to low retail participation in jumbo IPOs like Hyundai Motor India (₹27,859 crore issue).
• Increased Institutional Quota:
  • The allocation for Qualified Institutional Buyers (QIBs) is proposed to be raised from 50% to 60%.
  • Aims to enhance stability and pricing efficiency in large public issues.
• Lower Minimum Public Dilution:
  • Currently, companies valued over ₹1 trillion must dilute at least 5% stake.
  • SEBI may reduce this to 2.5%, enabling companies to raise smaller sums initially while maintaining public market access.
  • Example: NSE (₹6 trillion valuation) currently needs a ₹30,000 crore issue; with relaxed norms, it could reduce the IPO size significantly.
• Operational Challenges Noted:
  • Mobilising large volumes of retail investors has proven difficult.
  • Institutions already manage much of retail capital through mutual funds and pension schemes.
• Additional Suggestions Under Review:
  • Reserved portions in anchor books for pension funds and insurance companies.
  • Enhanced regulatory discretion in unique listing scenarios.

BS

2. RBI’s MuleHunter Platform to Tackle Bank Frauds Gains Traction

Context:

The Reserve Bank of India (RBI) is scaling up the deployment of its AI-driven MuleHunter platform across more banks to curb fraud involving mule accounts.

Key Highlights:

• MuleHunter Deployment:
  • Already implemented by 5 banks: Canara Bank, PNB, BoI, BoB, and AU Small Finance Bank.
  • Federal Bank to adopt it shortly.
  • At least 15 more banks expected to onboard in the next 1–2 months.
• What is MuleHunter?
  • Developed by RBI Innovation Hub.
  • Uses AI/ML algorithms to detect mule accounts (fraudulent accounts used for money laundering or scams).
  • Currently being provided to banks free of cost.
• Functionality & Efficiency:
  • Detects 90% true positives, significantly better than traditional systems with 80% false positives.
  • Identified 90 fraud patterns, such as frequent night-time transactions (esp. between 11 PM–1 AM).
  • Used for both savings and current accounts.
• Implementation Requirements:
  • Banks need infrastructure and data science teams for full adoption.
  • Platform will learn and adapt better as more banks join.
• RBI’s Broader Strategy:
  • AI Committee Report to be released soon.
  • RBI is also evaluating threats from quantum computing to preempt future cyber risks.

Significance

• Enhances the cybersecurity framework for Indian banks.
• Aims to curb digital financial frauds more effectively.
• Supports real-time fraud prevention and inter-bank intelligence sharing.

BS

3. UPI’s ‘Free Payments’ Model Under Strain as ICICI Bank Imposes Charges on Payment Aggregators

Context:

ICICI Bank has begun charging payment aggregators (PAs) for processing UPI transactions, raising concerns over the long-term viability of the zero-cost digital payments ecosystem.

Key Highlights:

• Impact on Payment Aggregators:
  • Affects fintechs like Razorpay, PayU, Pine Labs, Innoviti, Worldline.
  • These firms operate on thin margins, collecting merchant discount rates (MDR) on cards and platform fees on UPI.
  • Banks handle backend infrastructure and transaction processing under UPI without charging users.
• Wider Industry Shift:
  • Other banks like Axis Bank and Yes Bank reportedly also levy UPI processing charges on PAs.
  • Indicates a broader pushback by banks against uncompensated costs of scale.
• Regulatory and Policy Tensions:
  • Government insists UPI is a public good and must remain free for users and small merchants.
  • However, RBI officials, including Governor Sanjay Malhotra, caution that UPI must be financially sustainable, and “someone will have to bear the cost”.
• Current Aggregator Strategy:
  • Most PAs continue to subsidise UPI costs internally instead of burdening merchants.
  • Business models now under review as sustainability concerns mount.

TOI

4. NPCI Introduces Revised UPI Rules

Context:

The National Payments Corporation of India (NPCI) has introduced new Unified Payments Interface (UPI) rules, effective from August 1, 2025, to enhance system efficiency, user experience, and fraud prevention.

Key Highlights:

• Scope of New Rules
  • Applicable to all UPI-based payment service providers like Google Pay, PhonePe, Paytm, etc.
  • Covers operations like balance enquiry, autopayments, bank detail access, transaction status, and recipient verification.

Balance Enquiry

• Users can check their bank balance up to 50 times per day on each UPI app.
• During peak hours, UPI apps may restrict balance checks to reduce system load.
• Starting August, available balance will be displayed with every transaction.

Auto Payment Processing

• Autopayments (recurring debits) will be processed only during non-peak hours:
  • Before 10:00 am
  • Between 1:00 pm – 5:00 pm
  • After 9:30 pm
• If scheduled during peak time, the payment may be processed before or after.
• Retries will be attempted; failure after retries leads to auto-cancellation.

Bank Details Access

• Users can view the list of banks linked to their mobile number.
• Limited to 25 access requests per day.
• Bank detail requests must be initiated after selecting the issuer bank.

Transaction Status Updates

• During peak hours, pending payment status will now be updated instantly.
• Users can check the status only 3 times, with a 90-second gap between checks.

Recipient Details Before Payment

• Sender will see the recipient’s registered name and transaction ID before completing the transaction.
• Aims to prevent fraud and mistaken transfers.

Compliance & Penalties

• NPCI may impose penalties or restrictions in case of non-compliance:
  • UPI API restrictions
  • Onboarding suspension
  • Fines and other regulatory actions

About NPCI

• Founded: 2008
• Headquarters: Mumbai, Maharashtra
• CEO: Dilip Asbe

TOI

5. MCX Relaunches Cardamom Futures Trading Contracts

Context:

The Multi-Commodity Exchange of India (MCX) has reintroduced cardamom futures contracts, initially launching for August, September, and October 2025. The relaunch comes after a regulatory pause initiated in 2021.

Key Highlights:

• Relaunch Date:
  • Trading resumes from Tuesday, July 29, 2025.
• Reason for Previous Suspension:
  • SEBI had discontinued cardamom futures in 2021 via regulatory circular.
• New Contracts Introduced:
  • Futures contracts for August, September, and October 2025 will be available.

Cardamom Futures Contract Specifications

• Trading Symbol: CARDAMOM
• Trading Unit: 100 kg
• Tick Size (Minimum Price Movement): ₹1 per kg
• Delivery Location: Vandanmedu warehouse, Idukki district, Kerala
• Demat Account: Mandatory for participation

Significance of Relaunch

• Market Stability: Promotes structured trading and reduces price volatility in the spot market
• Price Discovery: Transparent and regulated pricing mechanism
• Farmer Empowerment: Ensures better pricing and risk hedging for growers
• Export Facilitation: Enables exporters to source quality produce via a national platform

This initiative is expected to benefit the entire cardamom value chain, from farmers to global buyers, aligning with broader goals of agricultural market modernization.

BS

6. Finance Ministry Notifies 0.1% Concessional Government Guarantee Fee for NaBFID

Context:

The Ministry of Finance has set a 0.1% concessional guarantee fee for the National Bank for Financing Infrastructure and Development (NaBFID) to enable access to low-cost foreign capital for infrastructure development.

Key Highlights:

• Concessional Rate Details:
• The 0.1% concessional fee applies to government guarantees for borrowings from:
  • Multilateral development banks
  • Sovereign wealth funds
  • Other notified foreign financial institutions
  • The fee is payable at the time of guarantee issuance and annually every April 1 thereafter.
• Objective:
  • To enable NaBFID to raise offshore funding at reduced costs.
  • Supports funding of critical infrastructure projects aligned with India’s growth agenda.
• Credit Ratings for NaBFID:
  • Moody’s: Baa3 (Stable)
  • Fitch Ratings: BBB- (Stable)
  • Both are at par with India’s sovereign credit rating, facilitating investor trust.

About NaBFID

• Established in 2021 through an Act of Parliament.
• Functions as a specialized Development Finance Institution (DFI).
• Aims to:
• Bridge long-term infrastructure financing gaps
• Promote bond market and derivatives market development in India

BL

Agriculture

1. AI in Indian Agriculture

Context:

India’s agriculture sector, which supports over 42% of the population and contributes 18.2% to GDP, faces persistent challenges like low yields, high post-harvest losses (up to 15%), and limited access to irrigation, credit, and market linkage. Emerging digital solutions like artificial intelligence (AI) are now being deployed to address these gaps.

AI’s Transformative Impact

• Decision Support Tools: AI is enabling smarter crop planning, pest control, and irrigation.
• Water Efficiency: AI-based irrigation systems can cut water usage by 80% and boost yields by 20–30%.
• Digital Integration: Over 15 million farmers now use AI-enabled platforms that provide personalized insights based on crop, soil, and climate data.
• Post-Harvest Efficiency: AI helps reduce wastage and improves price discovery by directly linking farmers with buyers.

Challenges in Adoption

• Data Gaps: Most land records remain undigitised and crop datasets are limited.
• Digital Literacy: Many farmers are unaware or lack skills to use AI-based tools.
• Regulatory Issues: Absence of standardized frameworks for testing and validating AI solutions in agriculture.

Policy and Structural Reforms Needed

• Agri-Stack Development: Consolidating land, crop, and climate data for targeted interventions.
• IoT and Precision Tech: Use of farm-level monitoring tools to aid in real-time decision-making.
• Training & Capacity Building: Farmer training programs, curriculum reforms in agri-universities, and mentorship for agri-tech startups.
• Supportive Policy Framework: Need for AI validation centers, privacy rules, and AI-linked credit policies.

BL

Awards

1. 71st National Film Awards 2023

Context:

The 71st National Film Awards, recognising excellence in Indian cinema for the year 2023, were announced. The honours celebrated both seasoned actors and emerging talent across multiple languages and genres, reflecting the depth and diversity of Indian filmmaking.

Top Awards and Major Highlights

Best Feature Film

• Winner: 12th Fail (Hindi)
• Lead Actor: Vikrant Massey (also shared Best Actor award)

Best Actor (Male) (Shared)

• Shah Rukh Khan for Jawan (Hindi)
• Vikrant Massey for 12th Fail (Hindi)
• Note: First National Award for both actors

Best Actor (Female)

• Rani Mukerji for Mrs Chatterjee vs Norway (Hindi)
• Note: First National Award for Rani Mukerji

Best Director

• Sudipto Sen for The Kerala Story (Hindi)
• Also won: Best Cinematography (Prasantanu Mohapatra)

Best Popular Film Providing Wholesome Entertainment

• Rocky Aur Rani Kii Prem Kahaani (Hindi), directed by Karan Johar

Best Film on National, Social and Environmental Issues

• Sam Bahadur (Hindi), directed by Meghna Gulzar

Read more>>

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