Daily Current Affairs (DCA) 26 July, 2025

Daily Current Affairs Quiz
26 July, 2025

National Affairs

1. Standing Committee Flags Delay in SVAMITVA Scheme Implementation

Context:

The Standing Committee on Rural Development and Panchayati Raj has raised concerns over the slow progress of the SVAMITVA scheme, a flagship initiative aimed at providing legal ownership of residential properties in rural India using drone-based mapping and property cards.

Key Highlights:

Survey Backlog

• 30,000 villages across States and Union Territories are yet to be surveyed, as per the Committee’s findings.
• This backlog poses a challenge to achieving the target of full national coverage by 2025.

Objective of SVAMITVA Scheme

• Launched in April 2020 by the Ministry of Panchayati Raj.
• Aims to provide record of rights to rural households by:
• Conducting drone surveys of inhabited areas.
• Issuing property cards (legal titles) to owners.
• Expected to enhance financial inclusion, reduce land disputes, and promote village-level planning.

Committee’s Recommendations

• Urged the Ministry to expedite drone surveys in remaining villages.
• Recommended better coordination with States/UTs for faster implementation.
• Suggested addressing technical manpower gaps and capacity building at local levels.

Mint

2. India-Maldives Relations

Context:

During Prime Minister Narendra Modi’s official visit to the Maldives in July 2025, 8 pivotal bilateral agreements were signed, underscoring India’s commitment to its Neighbourhood First and SAGAR (Security and Growth for All in the Region) policies. The visit aimed to reset relations following past tensions and reaffirm India’s role as a trusted development and security partner.

Key Bilateral Agreements Signed

1. Debt Relief
   • India agreed to reduce the Maldives’ annual repayment burden by 40%, offering crucial fiscal breathing space.
2. ₹4,850 Crore Line of Credit
   • Earmarked for infrastructure development in sync with Maldivian priorities such as ports, housing, and connectivity.
3. Digital Payment Integration
   • Launch of UPI and RuPay systems to enhance local currency transactions, digital public infrastructure, and financial inclusion.
4. Fisheries Cooperation
   • Boost to marine livelihoods and sustainable fishing practices, vital to Maldives’ economy and India’s coastal diplomacy.
5. Social Housing
   • Handover of 3,300 Indian-financed housing units in Hulhumalé under India’s flagship urban development assistance.
6. Defence Assistance
   • India gifted 72 vehicles and other equipment to Maldives’ National Defence Force (MNDF), reinforcing trust and interoperability.
7. Climate and Disaster Resilience
   • Strengthened cooperation in climate action, early warning systems, and green energy solutions.
8. Investment & Trade Frameworks
   • Agreement to fast-track discussions on a Bilateral Investment Treaty (BIT) and Free Trade Agreement (FTA).

TOI

3. Draft National Telecom Policy (NTP) 2025

Context:

The Ministry of Communications, Government of India, has released the Draft National Telecom Policy 2025 to guide the sector’s growth from 2025 to 2030. It emphasizes self-reliance (Atmanirbhar Bharat), next-generation technology adoption, and universal digital access.

Key Features of Draft NTP 2025

1. Domestic Manufacturing & Self-Reliance

• Incentives for Indian-made telecom equipment usage to support firms like Tejas Networks, HFCL.
• Target: 50% substitution of telecom imports with domestic manufacturing.

2. R&D and IP Generation

• Double India’s telecom R&D spend.
• Support 500 tech startups.
• Goal: Capture 10% of global 6G-related IPRs.
• Introduce blended finance and fund-of-fund models.

3. Infrastructure and Connectivity Targets

• 100% 4G and 90% 5G coverage by 2030.
• Tower fiberization from 46% to 80%.
• Full Gram Panchayat connectivity via BharatNet (target: 98% uptime).
• 1 million public Wi-Fi hotspots.
• Fixed-line broadband to reach 100 million households.

4. Employment and Skill Development

• Create 1 million new telecom jobs.
• Upskill 1 million workers in areas like 6G, quantum, cybersecurity, and IoT.

5. Exports and Investments

• Double telecom product and service exports.
• Attract ₹1 trillion in annual sectoral investment.

6. Secure and Trusted Networks

• Mandatory security audits of telecom equipment.
• Focus on quantum-safe telecom networks.

7. Green Telecom Vision

• Cut sector’s carbon footprint by 30%.
• Promote green energy adoption and eco-friendly deployment practices.

TOI

4. PM Viksit Bharat Rozgar Yojana (PM-VBRY)

Context:

The PM Viksit Bharat Rozgar Yojana (PM-VBRY) is a new national scheme aimed at boosting formal sector employment, replacing the earlier Employment Linked Incentive (ELI) Scheme. It will be implemented from 1st August 2025.

Key Details

• Ministry: Ministry of Labour and Employment
• Scheme Launch: 1 August 2025
• Implementation Period: 2025–2027
• Total Outlay: ₹99,446 crore
• Target: Over 3.5 crore new jobs, including 1.92 crore first-time workers

Objectives

• Encourage inclusive and sustainable job creation
• Support first-time formal sector employees
• Provide financial incentives to employers for hiring new staff, especially in manufacturing

Key Features

Part A: Incentive for First-Time Employees

• Eligibility: New EPFO-registered workers with monthly wages up to ₹1 lakh
• Incentive: Equivalent to one-month EPF wage (capped at ₹15,000)
• Installment Plan:
  • 1st installment: After 6 months of continuous service
  • 2nd installment: After 12 months + completion of financial literacy training
• Savings Component: A portion will be locked in a deposit account

Part B: Incentive for Employers

• Eligibility:
  • For entities with <50 employees: must hire 2+ new employees
  • For entities with ≥50 employees: must hire 5+ new employees
• Incentive Slabs(per employee/month):
  • ₹1,000 for wages ≤ ₹10,000
  • ₹2,000 for wages ₹10,001–₹20,000
  • ₹3,000 for wages ₹20,001–₹1,00,000
• Tenure:
  • 2 years for all sectors
  • 4 years for manufacturing sector

Payment Mechanism

• To Employees: Through Direct Benefit Transfer (DBT) via Aadhar-Based Payment System (ABPS)
• To Employers: Paid to PAN-linked bank accounts

Banking/Finance

1. SEBI Proposes Eased Disclosure Norms for Listed Non-Convertible Securities

Context:

On July 25, 2025, the Securities and Exchange Board of India (SEBI) released a consultation paper proposing amendments to disclosure obligations for issuers of listed non-convertible securities, including debentures and hybrid instruments.

Key Highlights of SEBI’s Proposal

1. Paperless Disclosure Mandate

• Current rule: Issuers are required to send hard copies of the annual report summary to debenture holders without registered email IDs.
• Proposed change: Replace this with a letter containing a web link and a QR code to access the full annual report digitally.
• Objective: Reduce compliance burden and promote “Go Green” initiatives by minimizing paper usage.

2. Alignment with Companies Act Timelines

• For companies governed by the Companies Act, 2013, existing statutory deadlines remain unchanged.
• For other issuers (e.g., statutory bodies, trusts), SEBI proposes a minimum 21-day notice period before meetings—mirroring Companies Act provisions.

3. Public Consultation Timeline

• Deadline for stakeholder comments: 15 August 2025.

Significance

• Promotes cost efficiency and regulatory parity between debt and equity markets.
• Encourages digital compliance and simplifies corporate actions like splits and consolidations.
• Brings Indian practices in sync with international standards.
• Supports investor protection through dematerialization of securities during corporate actions.

Mint

2. UPI Needs a Sustainable Financial Model, Says RBI Governor Malhotra

Context:

With daily UPI transactions crossing 60 crore, RBI Governor Sanjay Malhotra has emphasized the urgent need for a sustainable financial model to support and maintain India’s fast-growing digital payments infrastructure.

Key Highlights:

Explosive Growth of UPI

• UPI volumes doubled from 31 crore to 60 crore transactions per day over the last two years.
• The scale of operations now demands a robust funding mechanism to cover rising operational and infrastructure costs.

Need to Reassess Cost Structure

• Malhotra noted: “Costs will have to be paid, someone will have to bear the cost.”
• Currently, the government is subsidizing UPI transactions, enabling the system to remain free for users and merchants.

Industry Demand for MDR Reintroduction

• Merchant Discount Rate (MDR) was reduced to zero on Jan 1, 2020, to promote UPI adoption.
• Banks and fintechs argue this model is unsustainable amid rising technology and compliance costs.
• Industry is lobbying for a modest MDR, especially on high-value transactions or large merchants.

Government’s Position

• The government maintains that UPI is a “digital public good” and must remain free.
• To balance sustainability and adoption, the government has instead chosen to incentivize ecosystem players rather than levy charges on users or merchants.

Public Sentiment Strongly Against Charges

• Surveys indicate that most UPI users would stop or reduce usage if transaction fees are introduced.
• Malhotra acknowledged the success of the subsidy approach, which has significantly boosted digital payments adoption across India.

TOI

3. Bima Sakhi Yojana

Context:

Union Minister for Rural Development and Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, formally launched the ‘Bima Sakhi Yojana’, a flagship scheme focused on financial empowerment and social inclusion of rural women through insurance facilitation. This scheme is aligned with the ‘Insurance for All by 2047’ mission and supports broader government initiatives such as Aatmanirbhar Bharat, Digital India, and Jan Suraksha.

Key Highlights:

Purpose and Vision:

• To empower women economically by appointing them as ‘Bima Sakhis’ at the Gram Panchayat level.
• To provide last-mile access to life and accident insurance services, particularly in rural and semi-urban areas.
• To advance SDG 5 (Gender Equality) and the Lakhpati Didi mission.

Partnership with LIC:

• The scheme is implemented in collaboration with Life Insurance Corporation of India (LIC).
• LIC will support training and operational deployment of Self-Help Group (SHG) women as Bima Sakhis.

Role of Bima Sakhis:

• Act as insurance facilitators, not just agents.
• Spread awareness, assist in policy enrolment, premium collection, and claim processing.
• Serve as trust-based financial agents for the rural population.

Scale and Impact Goals:

• Over 2 crore Lakhpati Didis expected by August 15, 2025.
• Bima Sakhis to cover every village and household, ensuring widespread financial security.

Employment and Social Change:

• Catalyzes local-level employment and increases female workforce participation.
• Promotes women’s entrepreneurship, financial literacy, and disaster risk protection.

Alignment with Government Missions:

• Complements Jan-Dhan Se Jan Suraksha, Digital India, SHG-based skill development, and disaster resilience efforts.
• Contributes to the goal of building a resilient, insured, and inclusive India.

PIB

4. Federal Bank Launches Biometric Authentication for Online Card Transactions

Context:

Federal Bank, in collaboration with fintech partners M2P and MinkasuPay, has launched India’s first biometric authentication solution for e-commerce card payments. This initiative marks a significant step toward enhancing security, speed, and user experience in digital payments.

What is the Solution?

• A biometric-based authentication system that replaces the traditional OTP-based two-factor authentication (2FA) for online card transactions.
• Users can verify transactions using Fingerprint or Face ID on compatible devices.

Partnerships Involved

• Federal Bank (implementing bank)
• M2P Fintech (backend infrastructure)
• MinkasuPay (biometric tech provider)

Key Features of the Biometric Solution

• Authentication via Fingerprint or Face ID, replacing OTP-based verification.
• Reduces transaction time to just 3–4 seconds.
• Fully compliant with RBI’s Two-Factor Authentication (2FA) guidelines.
• Fallback to OTP is available if biometric capture fails.
• Customers can enrol with one-time consent during checkout.
• Available for Android and iOS smartphones.
• Integrable by merchants using a lightweight SDK.

Key Benefits for Customers

1. No more OTPs – authentication via biometric (touch or face).
2. Faster checkouts – transactions completed in 3–4 seconds.
3. Top-tier security – each transaction is uniquely validated by the user’s device.
4. Opt-in flexibility – customers can enable or disable the feature anytime, with OTP fallback as a backup.
5. Compliance with RBI guidelines – follows mandatory 2FA norms, with biometric + fallback options.

How It Works

• Customers enroll with a one-time consent during checkout.
• Works via lightweight SDKs integrated by partner merchants.
• Supported on both Android and iOS platforms.

BL

5. BAANKNET Boosts PSB Property E-Auction Success

Context:

Public sector banks (PSBs) have witnessed a major leap in recovery of stressed assets through their revamped property e-auction platform, BAANKNET, which became operational on July 1, 2024 and was formally launched in January 2025.

BAANKNET

BAANKNET is an online platform specifically designed for banks and lending institutions in India to auction properties acquired due to Non-Performing Asset (NPA) loans. It serves as a one-stop destination for buyers and investors to discover and participate in e-auctions of various assets like residential, commercial, agricultural, and industrial properties. 

Features & Impact of BAANKNET

• Unified platform used by all 12 nationalised banks and the Insolvency and Bankruptcy Board of India (IBBI)
• Enhanced buyer transparency through:
  • Uploading of photos and videos of properties
  • Clearer, user-friendly interface
• Behavioural impact on defaulters:
  Some borrowers initiate One-Time Settlement (OTS) negotiations once listed, mirroring trends seen after NCLT adoption.

Transition from e-Bikray

• e-Bikray was launched in February 2019 as a centralised PSB property sale portal.
• BAANKNET replaces it with higher auction success, better transparency, and digital integration with IBBI and banks.

BS

Facts To Remember

1. Modi overtakes Indira, clocks second-longest continuous stint as PM

Prime Minister Narendra Modi became the second longest-serving Prime Minister of India in consecutive terms, surpassing former Prime Minister Indira Gandhi’s record.

2. Anuradha Thakur named director, RBI Central Board

The Union government has nominated Anuradha Thakur, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India as a Director on the Central Board of Reserve Bank of India in the place of Ajay Seth who has been appointed as the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI). 

3. Vaishnavi wins bronze medal in World University Games

Vaishnavi Adkar went down fighting 6-2, 4-6, 4-6 in a three-hour duel in the women’s tennis semifinals to Eszter Meri of Slovakia in the World University Games in Rhine-Ruhr, Germany.