Daily Current Affairs (DCA) 25 & 26 September, 2025

Daily Current Affairs Quiz
25 & 26 September, 2025

National Affairs

1. India’s First Overseas Defence Manufacturing Facility in Morocco

Source: News On Air

Context:

Defence Minister Rajnath Singh began his maiden visit to Morocco by inaugurating India’s first overseas defence manufacturing facility in Berrechid, marking a milestone in India–Morocco defence ties. The facility, established by Tata Advanced Systems Limited (TASL), reflects India’s strategic push to expand its global defence manufacturing footprint.

About the Facility:

• Size: 20,000 sq. metre state-of-the-art plant
• Significance: First overseas defence manufacturing facility by an Indian private company in Africa
• Product: Wheeled Armoured Platform (WhAP) for the Royal Moroccan Army

Aim:

• Promote Aatmanirbhar Bharat → Make with Friends → Make for the World
• Strengthen India–Morocco defence partnership
• Enhance exports and support regional security

Key Features:

• Produces WhAP 8×8 Modular Combat Platform, jointly developed by DRDO & TASL
• Configurations include: Infantry Fighting Vehicle, Armoured Personnel Carrier, Reconnaissance Vehicle, Command Post, Mortar Carrier, Ambulance
• Equipped with advanced mobility, protection, remote weapon stations, and anti-tank guided missile options
• Local sourcing: Initially 1/3 components from Morocco, increasing to 50% in the future

2. DRDO–SFC Successfully Test-Fire Agni-Prime Missile from Rail-Based Mobile Launcher

Source: TH

Context:

The Defence Research and Development Organisation (DRDO) and the Strategic Forces Command (SFC) conducted a successful test of the Intermediate Range Ballistic Missile (IRBM) Agni-Prime under full operational conditions.

Key Highlights:

• Missile Tested: Agni-Prime (next-generation IRBM).
• Range: Up to 2,000 km.
• Launch Platform:
  • First-ever test from a rail-based mobile launcher.
  • The launcher is specially designed for rapid deployment, low-visibility operations, and cross-country mobility.
• Operational Success:
  • Missile trajectory tracked by multiple ground stations.
  • Test achieved all mission objectives.
• Advanced Features:
  • Compact and lighter than earlier Agni-series missiles.
  • Equipped with improved guidance, accuracy, and survivability.

3. India’s Forest Cover Expanded by 2.5% in a Decade

Source: BS

Context:

The Government of India has released its first-ever dedicated publication on forest accounting, highlighting trends in forest cover and condition between 2010-11 and 2021-22. The study, conducted by the Ministry of Statistics and Programme Implementation (MoSPI), follows the UN System of Environmental Economic Accounts (SEEA) Framework (2018).

Key Findings:

Category	2010-11 / 2001-02	2021-22 / 2024	Change	Remarks
Total Forest Area (sq km)	697,898	715,342	+17,444 (+2.5%)	Net addition over 10 years due to afforestation, reforestation, conservation
Very Dense Forests (VDF, >70% canopy)	83,502	102,502	+19,000 (+22.7%)	Indicates improved forest quality and successful conservation
Moderately Dense Forests (MDF, 40–70% canopy)	318,745	307,673	−11,071	Decline in medium-density forests
Open Forests (OF, 10–40% canopy)	295,651	305,167	+3.2%	Driven by plantations, natural regeneration, afforestation on degraded lands

Read more>>

4. India Successfully Test-Fires Agni-Prime Missile from Rail-Based Launcher

Source: TOI

Context:

India successfully conducted its first-ever test of the Agni-Prime intermediate-range ballistic missile from a rail-based mobile launcher on 24 September 2025.

Strategic Significance

• Mobility & Survivability:
  • Rail-based launch allows launch on the move with short reaction time.
  • Reduces detectability by enemy satellites; can hide in tunnels or move across the rail network.
• Canisterised System:
  • Missile is in a sealed canister, similar to Agni-V, allowing longer storage, protection from weather, and rapid transport for launch from multiple locations.

Operational Context

• Replacement Plans: Agni-Prime will gradually replace Agni-I (700 km) and Agni-II (2,000 km) in the SFC arsenal.
• Existing Missile Arsenal:
  • Prithvi-2: 350 km
  • Agni-3: 3,000 km
  • Agni-4: 4,000 km
  • Agni-5: 5,000+ km

5. World Food India (WFI) 2025

Source: PIB

Context:

In line with this vision, MoFPI launched World Food India (WFI), its flagship international event designed to showcase India’s rich food culture and attract global investment in 2017. Two more editions were held in 2023 and 2024, and the 4^theditionis set to be held from 25^thto 28^thSeptember 2025 at Bharat Mandapam, New Delhi. 

About WFI 2025:

• What it is: Flagship international event by Ministry of Food Processing Industries (MoFPI)
• Purpose: Platform for food innovation, investment, technology, and sustainability in India
• History: 1st edition – 2017; 2nd – 2023; 3rd – 2024; 4th – 2025
• Objective: Strengthen India’s position as the “Food Basket of the World”

Aim:

• Promote foreign and domestic investment in food processing
• Strengthen farm-to-fork linkages and value addition
• Encourage sustainable and future-ready food systems
• Showcase India’s diverse food culture globally

Key Features:

• Parallel Events:
  • 3rd Global Food Regulators Summit (FSSAI)
  • 24th India International Seafood Show (SEAI)
  • Reverse Buyer-Seller Meet (APEDA)
• Core Pillars:
  • Sustainability & Net Zero Food Processing
  • India as a Global Food Hub
  • Frontiers in Processing & Packaging Technologies
  • Food for Nutrition, Health & Wellness
  • Livestock & Marine Products driving rural economy

Banking/Finance

1. GST Appellate Tribunal (GSTAT) Launched

Context:

GSTAT is a statutory appellate body under the Goods and Services Tax (GST) laws, designed to provide taxpayers with a specialized, independent forum for appeal and dispute resolution. The launch marks a key milestone in the evolution of India’s GST regime and strengthens the institutional framework for indirect tax dispute resolution.

Key Features:

• Digital Platform:
  • GSTAT e-Courts Portal for filing appeals, tracking cases, and participating in digital hearings.
  • Staggered filing allowed up to 30 June 2026.
  • Comprehensive guidance including FAQs, notes, and instructional videos available.
• Core Focus Areas:
  • Plain-language decisions
  • Simplified formats and checklists
  • Time standards for listing, hearing, and pronouncement
  • Reduced delays in litigation

Aspect	Details
Objectives	– Provide a nationwide, specialized forum for GST disputes – Ensure jargon-free, transparent, and time-bound appellate decisions – Facilitate digital-by-default filings and virtual hearings – Reduce legal friction, enhance cash flows for MSMEs and exporters, and instill trust in the tax system – Uphold the principle of ‘One Nation, One Forum for Fairness and Certainty’
Structure & Composition	Principal Bench: New DelhiState Benches: 31 Benches across 45 locations in India
Members per Bench	– 2 Judicial Members – 1 Technical Member (Centre) – 1 Technical Member (State)
Purpose of Composition	Designed to balance judicial expertise and technical knowledge from both Central and State administrations

2. RBI Issues Directions for Digital Payment Transaction Authentication Mechanism

Source: BS

Context:

The Reserve Bank of India (RBI) has issued new guidelines mandating two-factor authentication (2FA) for all digital payment transactions in India, effective April 1, 2026, to enhance transaction security and reduce fraud.

Key Highlights:

• Mandatory Two-Factor Authentication (2FA):
  • All digital transactions must use two distinct factors:
    • Something the user knows (PIN/password)
    • Something the user has (device/token)
    • Something the user is (biometric)
  • At least one factor must be dynamic, unique per transaction.
• Risk-Based Authentication:
  • Authentication may vary based on transaction amount, user behavior, device attributes, and historical patterns.
• Cross-Border Transactions:
  • International card-not-present (CNP) transactions require additional authentication from October 1, 2026.
• Interoperability:
  • Payment systems must ensure seamless and secure transactions across platforms.
• Issuer Responsibilities:
  • Banks and non-bank payment service providers must comply with the guidelines.
  • Systems must be robust, user-friendly, and secure.

3. Qatar Enables UPI Payments, Qatar Duty Free Becomes First Merchant

Source: TH

Context:

NPCI International Payments Ltd. (NIPL), in collaboration with Qatar National Bank (QNB), has launched UPI acceptance in Qatar. The initiative will make transactions easier for Indian travelers visiting Qatar, especially at tourist attractions and shopping outlets.

Key Highlights:

Aspect	Details
Partnership	NIPL (subsidiary of NPCI) with Qatar National Bank (QNB)
Technology Provider	NETSTARS’ payment solution powers the integration
Coverage	UPI-enabled QR code payments accepted across Qatar via QNB-acquired merchants
First Merchant	Qatar Duty Free outlets
Benefit	Indian tourists can make instant, secure, and seamless payments via UPI at major tourist locations

4. Sebi Compliance Rules Spotlight Social Impact Auditors Amid SSE Growth

Context:

The Securities and Exchange Board of India (Sebi) recently revised compliance rules for the Social Stock Exchange (SSE), drawing attention to the growing role and constraints of social impact auditors professionals who verify the real-world impact of social enterprises.

Key Updates:

• Sebi Circular (19 September 2025): Mandatory Annual Impact Report (AIR) audits now apply only to social enterprises that have successfully raised funds through the SSE.
• Non-compliance can attract penalties ranging from ₹1 lakh per day to ₹1 crore, along with potential delisting and loss of tax benefits.
• SSE-listed entities rely on social auditors to ensure that funds raised result in genuine, measurable social impact.

Social Auditors & Challenges:

• Around 1,000 social auditors are currently enrolled under ICAI, ICSI, and ICMAI-linked self-regulatory organizations.
• Their role includes linking non-profit activities to Sebi-defined measurable indicators (e.g., beneficiaries reached, income improvement, access to education or healthcare).
• Challenges include limited professional capacity, standardization gaps, data collection, field verification, and logistical costs, especially for smaller NGOs.
• Auditors use tools such as Social Return on Investment (SROI) and Environmental, Social, and Governance (ESG) ratings to quantify social impact.

Social Stock Exchange (SSE):

• Launched in 2022, SSE allows non-profits and social enterprises to raise funds from the public.
• Instead of shares, NGOs can list Zero Coupon Zero Principal (ZCZP) instruments.
• As of May 2025, over 200 NGOs are registered on SSE platforms managed by BSE and NSE.

5. RBI’s Supervisory Data Quality Index (sDQI) Improves in June 2025

Source: Economic Times

Context:

The Reserve Bank of India (RBI) reported a steady improvement in the Supervisory Data Quality Index (sDQI), which evaluates the quality of data submitted by Scheduled Commercial Banks (SCBs).

Key Highlights:

• Index Score: Improved to 89.9 (June 2025) from 89.3 (March 2025).
• Coverage: 87 Scheduled Commercial Banks.
• Parameters Assessed:
  1. Accuracy
  2. Timeliness
  3. Completeness
  4. Consistency
• Supervisory returns assessed include asset quality, liquidity, capital adequacy, and risk-based supervision.
• No bank scored below 80, showing improvement across the sector.
• Small Finance Banks (SFBs): Improved slightly from 90.6 (March 2025) to 90.7 (June 2025).

Significance

• Strengthens regulatory compliance and data governance.
• Helps RBI in risk-based supervision and financial stability monitoring.
• Ensures reliable and timely data for policy decisions.

About sDQI

• Introduced by RBI: To benchmark quality of supervisory data submissions.
• Objective: Improve accuracy and timeliness of reporting by banks.
• Importance: Critical for detecting risks early in the financial system.

6. Real-Time US Dollar Settlement Platform to Launch in GIFT City

Source: IE

Context:

Standard Chartered Bank, CCIL IFSC Ltd, and the International Financial Services Centres Authority (IFSCA) are set to launch a real-time settlement platform for US dollar-denominated trades in GIFT City, Gandhinagar, Gujarat, likely on October 7, 2025.

Key Details:

• Standard Chartered Bank is the sole banking partner for the platform.
• CCIL IFSC Ltd, a subsidiary of the Clearing Corporation of India Ltd (CCIL), will act as the payment system operator (PSO) for the foreign currency settlement system (FCSS).
• IFSCA will regulate and supervise the platform under its mandate for development of financial products and services in international financial services centres.

Operational Significance:

• The platform will enable real-time settlement of USD trades, reducing current settlement times which take several hours.
• It will centralize all dollar clearing activities in GIFT City, enhancing efficiency and liquidity management for international transactions.

7. NBFC Retail Bad Loans Outlook for FY26

Context:

Moody’s Ratings has projected that retail non-performing assets (NPAs) of Non-Banking Financial Companies (NBFCs) in India are likely to rise in FY26 by 20–30 basis points, following years of rapid loan disbursements that have outpaced India’s nominal GDP growth.

Key Highlights:

• Trend of Retail NPAs:
  • NPAs will rise moderately in FY26 but remain below the pandemic peak of over 5% in FY22.
  • The increase is linked to continued credit growth and rising vehicle loan exposure.
• Impact of GST Reforms on Vehicle Loans:
  • Recent GST reforms may spur demand for vehicle loans.
  • Risks include:
    • Decline in collateral values.
    • Lower vehicle utilisation due to increased supply.
    • Potential stress on borrowers’ cash flows.
  • However, loan quality is expected to remain relatively stable due to strong macroeconomic conditions.

Regulatory Measures:

• RBI interventions in FY24:
  • Raised risk weights for unsecured loans and loans from banks to NBFCs.
  • Implemented company-specific supervisory measures to maintain asset quality.

8. Transmission of Monetary Policy to NBFC Borrowing and Lending Rates

Source: BS

Context:

A research paper published in the RBI Bulletin analysed how monetary policy impulses are transmitted to Non-Banking Financial Companies (NBFCs). The study finds that while policy changes affect NBFC borrowing and lending rates, the transmission is incomplete due to structural and market constraints.

Key Highlights:

Aspect	Key Highlights
Borrowing Side	– Dependence on bank and market borrowings; no direct access to LAF – Repo rate cuts don’t immediately lower NBFC funding costs- Borrowing costs depend on liquidity conditions & risk perception – Empirical finding: 1% repo rate change → 0.24% change in WABR (over 3 quarters) – Larger, profitable NBFCs borrow at lower rates
Lending Side	– NBFCs serve riskier borrowers, charging higher rates to cover defaults – Lending rates less responsive to policy rate changes – Empirical finding: 1% repo rate change → 0.33% change in WALR (over 3 quarters)
NBFC Sector Overview (Dec 2024)	– Asset quality improved: GNPA 3.4%, NNPA 1.2% – Credit portfolio: Industry + Retail = 72% of total – Retail loans growing double digits; industry & services moderate growth – Funding sources: Markets 38.7%, Banks 37.4%, ECBs rising (43% in FY25 vs 27.2% in FY24)
Digital & AI Integration	– NBFCs advised to proactively manage cyber risks – AI adoption to improve efficiency & service delivery

9. New Development Bank (NDB) Plans First Rupee-Denominated Bond in India

Context:

The New Development Bank (NDB), a multilateral development bank established by BRICS countries (Brazil, Russia, India, China, South Africa), plans to issue its first rupee-denominated bond in the Indian domestic market before March 2026. The move is aimed at providing local currency financing for Indian projects and is seen as a step towards the internationalisation of the Indian rupee.

Rupee-Denominated Bond in India

A rupee-denominated bond is a type of debt instrument issued in Indian rupees (INR), where investors lend money to the issuer (government, company, or institution) and receive interest plus repayment in rupees.

Key Features of Rupee-Denominated Bonds

• Currency of Denomination:
  • The bond is issued and repaid in Indian rupees, not in foreign currency.
• Issuers:
  • Can be issued by Indian entities (government, corporates, NBFCs, banks) in domestic markets.
  • Also issued by foreign institutions like the International Finance Corporation (IFC) or the New Development Bank (NDB) to raise funds in rupees.
• Investor Base:
  • Attracts both domestic and foreign investors who want exposure to India’s growth story.
• Purpose:
  • Helps raise funds for infrastructure, development projects, or corporate financing.
  • Promotes internationalisation of the rupee by encouraging its use beyond India’s borders.
• Types:
  • Domestic Rupee Bonds: Issued in India for local investors.
  • Masala Bonds: Rupee-denominated bonds issued overseas, listed in foreign exchanges (repayment still in rupees).

Example

• If the New Development Bank (NDB) issues a ₹-denominated bond worth ₹4,000 crore, investors buy it in rupees, and NDB must repay in rupees (interest + principal).

Facts To Remember

1. Shah to launch Asia’slargest STP at Okhla on September 30: CM

Chief Minister Rekha Gupta on Wednesday said Union Home Minister Amit Shah will inaugurate “Asia’s largest sewage treatment plant (STP)” in Okhla on September 30.

2. Renowned Kannada novelist S.L. Bhyrappa passes away at 94

Well-known Kannada writer and Saraswati Samman awardee S.L. Bhyrappa, 94, passed away at a private hospital in Bengaluru.

3. Sahira prevails over Paola

Sahira Singh kept her composure and played a strong game to outwit sixth seed Paola Lopez of USA 6-0, 4-6, 6-1 in the first round of the $15,000 ITF women’s tennis tournament at the Tennis Project, Baliawas.

4. Anushka Thokur claims the women’s 50m rifle prone

Anushka Thokur gave a golden start for the host as India swept five of the six medals in 50-metre rifle prone event on the opening day of the Junior World Cup at the Dr. Karni Singh Range.

5. World Para Athletics Championships declared open

The 2025 World Para Athletics Championships (WPAC) was officially declared open at the Jawaharlal Nehru Stadium with a ceremony that aimed to highlight the infrastructure inclusivity at the upgraded venue.

6. Zeel and Akanksha in quarterfinals

The top two seeds Zeel Desai and Akanksha Nitture were the only Indian players progressing to the singles quarterfinals of the $15,000 ITF women’s tennis tournament at the Tennis Project, Baliawas.

7. Election Commission Launches Aadhaar-Based e-Sign for Voter Registration and Corrections

The Election Commission of India (EC) has introduced a new e-sign feature on its ECINet portal and app. Objective: Strengthen identity verification for voters applying for addition, deletion, or correction in electoral rolls.

8. UPI Acceptance Expanded to Qatar

NPCI International Payments Ltd. (NIPL), in partnership with Qatar National Bank (QNB), has enabled QR code-based UPI payments across Qatar.

9. Union Minister JP Nadda Inaugurates FSSAI Global Food Regulators Summit 2025

Health and Family Welfare Minister JP Nadda has stressed that food safety is not just about compliance but about building trust in the global food system.

10. Indian shooters Won Five Medals At The ISSF Junior World Cup

In the ISSF Junior World Cup 2025, Indian shooters today clinched all three podium spots in the women’s 50m prone event at the Dr Karni Singh Shooting Range in New Delhi.