Daily Current Affairs (DCA) 26&27 June, 2026

Daily Current Affairs Quiz
26&27 June, 2026

International Affairs

1. Organization of the Petroleum Exporting Countries (OPEC)

Context

Iraq — currently OPEC’s second-largest crude producer after the United Arab Emirates’ (UAE) departure on 1 May 2026 — on 25 June 2026 threatened to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) unless its production quota is substantially raised to meet the country’s domestic economic and post-war rebuilding needs, only to walk back the threat within hours in a follow-up statement.

Organization of the Petroleum Exporting Countries (OPEC)

• What: A permanent intergovernmental organisation of major oil-exporting countries that coordinates petroleum policies to stabilise global oil markets and crude prices; aims to ensure fair returns to oil-investing countries, steady supply to consumer nations, and stable prices; allocates mandatory production quotas to member countries; manages an OPEC Reference Basket (ORB) for crude pricing.
• Where: HQ at Helferstorferstrasse 17, Vienna, Austria (moved from Geneva, Switzerland in 1965); currently led by Secretary-General Mr. Haitham Al-Ghais (Kuwait).

OPEC — Founding & Evolution

Year	Event
14 September 1960	Founded at Baghdad Conference
Founding Members (5)	Iran, Iraq, Kuwait, Saudi Arabia, Venezuela
HQ in Geneva	1960-1965
HQ Moved to Vienna	1965 (current location)
1968	Petroleum Policy Declaration — affirming member sovereignty over natural resources
1973	First Oil Crisis — Arab Oil Embargo against Israel-supporting nations
1976	OPEC Fund for International Development (OFID) established
2016	OPEC+ formed — partnership with non-OPEC producers including Russia under Declaration of Cooperation (DoC)
2020	COVID-19 demand collapse — historic OPEC+ cuts
2026	UAE exits (1 May); Iraq threat (25 June)

OPEC Member Exits

Year	Country	Reason
2008/2016	Indonesia (twice)	Net importer; output decline
2019	Qatar	Focus on LNG (Liquefied Natural Gas)
2020	Ecuador	Increase oil production beyond quotas
2024	Angola	Quota disputes
2026 (1 May)	UAE	Mismatch between capacity (4.85 mbpd) and quotas; rising capacity strategy
2026 (June)	Iraq — Threat (Walked Back)	Production capacity > quota; post-war reconstruction

Current OPEC Members (Post-UAE Exit, June 2026)

#	Country	Region
1	Algeria	North Africa
2	Congo (Republic)	Central Africa
3	Equatorial Guinea	West Africa
4	Gabon	West Africa
5	Iran	Middle East (Founding)
6	Iraq	Middle East (Founding)
7	Kuwait	Middle East (Founding)
8	Libya	North Africa
9	Nigeria	West Africa
10	Saudi Arabia	Middle East (Founding)
11	Venezuela	South America (Founding)
Total	11 members	—

Key Functions of OPEC

#	Function	Description
1	Production Quota Allocation	Mandatory caps and baselines to balance supply
2	OPEC Reference Basket (ORB)	Weighted average of member country crudes for pricing benchmarks
3	Supply Reductions	Voluntary cuts during economic slumps to prevent gluts
4	Climate Policy Navigation	Participation in UNFCCC COPs and energy-transition strategy
5	Investment Coordination	Coordinating CAPEX cycles across members

OPEC Reference Basket (ORB)

• What: A weighted average of prices for 13-14 crudes produced by OPEC member countries, used as the OPEC pricing benchmark; basket includes: Saharan Blend (Algeria), Girassol (Angola, historic), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE, historic), Merey (Venezuela) etc.
• Where: Published daily by OPEC Secretariat, Vienna.

Practice MCQs

Q1. With reference to Iraq’s threat to withdraw from OPEC on 25 June 2026, consider the following statements:

1. Iraq is currently the second-largest crude producer in OPEC after the UAE’s departure on 1 May 2026.
2. Iraq’s threat was triggered by a quota dispute and its post-war economic and rebuilding needs.
3. The Iraqi Oil Ministry walked back the threat within hours, clarifying no official intent to withdraw.
4. Iraq is not a founding member of OPEC.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; Iraq IS a founding member of OPEC — OPEC was founded in Baghdad on 14 September 1960 with Iraq among the 5 founding members (Iran, Iraq, Kuwait, Saudi Arabia, Venezuela).)

Q2. With reference to the Organization of the Petroleum Exporting Countries (OPEC), consider the following statements:

1. OPEC was founded on 14 September 1960 at the Baghdad Conference.
2. The five founding members were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
3. The headquarters of OPEC moved from Geneva, Switzerland, to Vienna, Austria, in 1965.
4. OPEC is currently headquartered in New York, United States.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; OPEC is headquartered in Vienna, Austria (since 1965), NOT New York.)

Q3. With reference to recent OPEC member exits, consider the following statements:

1. Qatar left OPEC in 2019 to focus on Liquefied Natural Gas (LNG).
2. Ecuador withdrew in 2020 to increase oil production beyond OPEC quotas.
3. Angola exited in 2024 over production quota disputes.
4. The United Arab Emirates (UAE) joined OPEC in May 2026 as a new member.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the UAE LEFT OPEC effective 1 May 2026, NOT joined. UAE had been an OPEC member; its departure cut core OPEC capacity by ~14%.)

Q4. With reference to OPEC+ supergroup, consider the following statements:

1. OPEC+ was formed in 2016 under the Declaration of Cooperation (DoC) between OPEC and major non-OPEC producers.
2. Russia is the largest non-OPEC partner in OPEC+.
3. OPEC+ aims to coordinate global oil output to stabilise prices.
4. The European Union and the United States are member countries of OPEC+.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the European Union and the United States are NOT members of OPEC+. The US is a major oil producer but is a consumer-side stakeholder, not a producer cartel member.)

Q5. With reference to the OPEC Reference Basket (ORB), consider the following statements:

1. The ORB is a weighted average of prices for crudes produced by OPEC member countries.
2. It is used as the OPEC pricing benchmark for global oil markets.
3. The ORB is published daily by the OPEC Secretariat in Vienna.
4. The ORB serves as the global benchmark replacing Brent and WTI crude indices.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the ORB is a reference index for OPEC member crudes, but Brent and WTI remain the dominant global benchmarks for crude oil pricing. ORB does NOT replace them.)

Q6. With reference to India’s oil import situation and OPEC dynamics, consider the following statements:

1. India imports approximately 85% of its crude oil needs.
2. The Strait of Hormuz carries about 20-25% of global oil trade daily.
3. The OPEC Fund for International Development (OFID) was established in 1976 to support developing countries.
4. OPEC’s market share in global oil production has steadily increased over the past decade.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; OPEC’s market share has STEADILY DECLINED over the past decade due to US shale, Brazil, Guyana, and Canada production growth — NOT increased.)

Answer Key

1. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because Iraq IS a founding member.
2. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because OPEC HQ is in Vienna.
3. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because UAE LEFT OPEC.
4. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because EU/US not in OPEC+.
5. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because Brent/WTI still dominant.
6. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because OPEC share has declined.

Exam Relevance

Banking (RBI Gr B, SBI PO, IBPS, NABARD)	Very high importance, Oil import-CAD-inflation linkages, OPEC dynamics
RBI Grade B	Very high importance, ESI on commodity prices, monetary policy, CAD
NABARD Grade A	High importance, Macroeconomic linkages

National Affairs

1. India to Host 11th BRICS Energy Ministers’ Meeting

Source: PIB

Context

As BRICS Chair for 2026, India hosted the BRICS Heads of Space Agencies (HOSA) Meeting in Bengaluru on 23-24 June 2026, organised by the Indian Space Research Organisation (ISRO) at which Union Minister of State (Independent Charge) for Science & Technology, Earth Sciences, Space, and Atomic Energy, Dr. Jitendra Singh formally pitched the concept of a “BRICS Space Economy” as the “next frontier of global growth”. Addressing the valedictory session on 24 June 2026, Dr. Singh said BRICS countries possess the scale, scientific capabilities, technological strengths, and industrial capacity required to emerge as a major force in the rapidly expanding global space economy — calling for member nations to move beyond consultation toward “co-development, co-innovation, and co-creation”.

What is BRICS?

BRICS is an intergovernmental organization of major emerging economies formed to promote cooperation in trade, investment, development finance, global governance, and South-South cooperation.

The acronym originally stood for:

• Brazil
• Russia
• India
• China

These four countries were initially grouped as “BRIC” in 2001 by economist Jim O’Neill.

Participating BRICS Countries

#	Country	Status
1	India	Original BRICS + Host + 2026 Chair
2	Brazil	Original BRICS
3	Russia	Original BRICS
4	China	Original BRICS
5	South Africa	Original BRICS
6	Egypt	Joined Jan 2024
7	Ethiopia	Joined Jan 2024
8	Iran	Joined Jan 2024
9	UAE	Joined Jan 2024
10	Indonesia	Joined Jan 2025

Key Pillars of the “BRICS Space Economy” Concept

#	Pillar	Description
1	BRICS Remote Sensing Satellite Constellation (RSSC)	Satellite data sharing for disaster management, agriculture, weather, environment; operational since 2021
2	Proposed BRICS Space Council	Institutional mechanism for long-term policy coordination and continuity
3	Space Sustainability	Debris-free missions, responsible space operations
4	NewSpace + Private Participation	Collaboration among startups, private industries, scientists, innovators
5	Capacity Building	Joint training, scientific exchange, technology transfer
6	Earth Observation & Disaster Management	Satellite-based applications for global challenges

BRICS Remote Sensing Satellite Constellation (RSSC)

• What: An operational satellite constellation under which BRICS member space agencies share data and imagery from their respective Earth Observation (EO) satellites; launched in 2021; designed for disaster management, environment monitoring, agriculture, water management, weather forecasting.
• Where: Contributions from CBERS-4 (Brazil-China), Gaofen series (China), Kanopus-V (Russia), Resourcesat-2 (India), Ziyuan series (China), SumbandilaSat legacy (South Africa); satellite data exchanged via dedicated portal.

BRICS Facts

Metric	Value
Founding Members (2009)	Brazil, Russia, India, China
South Africa Added	2010 (BRICS acronym)
Egypt, Ethiopia, Iran, UAE Added	1 January 2024
Indonesia Added	6 January 2025
Current Members	10
2025 Chair	Brazil (17th Summit, Rio, July 2025)
2026 Chair	India (4th time after 2012, 2016, 2021)
18th BRICS Summit (2026)	September 2026 in India

Indian Space Research Organisation (ISRO)

• What: India’s national space agency, established on 15 August 1969 under the Department of Space (DoS); one of the world’s leading space agencies; major missions include Chandrayaan-3 (first Moon south-pole landing, August 2023), Aditya-L1 (Sun mission, January 2024), Mangalyaan (Mars Orbiter, 2014), GSLV Mk III/LVM-3, PSLV, SSLV, Gaganyaan (human spaceflight, 2026-27), Bharatiya Antariksh Station (planned 2035); pioneered cost-effective space missions.
• Where: HQ at Bengaluru, Karnataka; major centres include VSSC (Thiruvananthapuram), LPSC (Mahendragiri/Bengaluru), SDSC SHAR (Sriharikota), URSC (Bengaluru), IISU (Thiruvananthapuram), SAC (Ahmedabad), NRSC (Hyderabad), MCF (Hassan), ISTRAC (Bengaluru).

Indian National Space Promotion and Authorization Center (IN-SPACe)

• What: India’s single-window, independent autonomous regulator for the promotion and authorization of space activities by non-governmental entities (private sector and startups); established in June 2020 and made functional from 2022; under the Department of Space; HQ at Bopal, Ahmedabad; current Chairman: Dr. Pawan Goenka.
• Where: HQ at Bopal, Ahmedabad, Gujarat.

Practice MCQs

Q1. With reference to the BRICS Heads of Space Agencies (HOSA) Meeting hosted by India on 23-24 June 2026, consider the following statements:

1. The meeting was hosted by the Indian Space Research Organisation (ISRO) in Bengaluru under India’s BRICS Chairship 2026.
2. Union MoS Dr. Jitendra Singh pitched the concept of a “BRICS Space Economy” at the valedictory session.
3. Heads of Space Agencies from Brazil, China, Egypt, Ethiopia, Indonesia, Iran, Russia, South Africa, and the UAE attended.
4. India is hosting the BRICS Chairship for the first time in 2026.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; India is hosting the BRICS Chairship for the FOURTH time in 2026 (previous: 2012, 2016, 2021) — NOT the first time.)

Q2. With reference to the proposed “BRICS Space Economy” framework, consider the following statements:

1. It aims to strengthen the BRICS Remote Sensing Satellite Constellation (RSSC) for satellite data sharing.
2. Discussions on establishing a “BRICS Space Council” as an institutional mechanism for policy coordination are underway.
3. The framework emphasises space sustainability through debris-free missions and responsible space operations.
4. The framework explicitly excludes private sector and startup participation.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the framework EXPLICITLY ENCOURAGES collaboration among startups, private industries, scientists, and innovators (NewSpace sector) — NOT excludes them.)

Q3. With reference to the BRICS Remote Sensing Satellite Constellation (RSSC), consider the following statements:

1. The RSSC has been operational since 2021.
2. It enables satellite data sharing among BRICS member countries for disaster management, agriculture, weather, and environmental applications.
3. India’s contribution to the RSSC includes the Resourcesat-2 satellite.
4. The RSSC is operated jointly by NASA and ESA.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the RSSC is operated by BRICS member space agencies (ISRO, CNSA, Roscosmos, INPE, SANSA) — NOT NASA or ESA, which are US and European agencies.)

Q4. With reference to the BRICS grouping in 2026, consider the following statements:

1. The original 5 BRICS members are Brazil, Russia, India, China, and South Africa.
2. Egypt, Ethiopia, Iran, and the UAE became full BRICS members on 1 January 2024.
3. Indonesia became a full BRICS member on 6 January 2025, taking the total membership to 10.
4. Saudi Arabia is currently a full member of BRICS.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; Saudi Arabia was invited to join BRICS in January 2024 but has NOT formally accepted full membership as of 2026.)

Q5. With reference to the Indian space sector ecosystem, consider the following statements:

1. ISRO was established on 15 August 1969 and is headquartered in Bengaluru.
2. The Indian National Space Promotion and Authorization Center (IN-SPACe) was established in June 2020 as a single-window regulator for private space activities.
3. The Indian Space Policy 2023 opened the space sector to private participation and 100% FDI was permitted from February 2024.
4. NewSpace India Limited (NSIL) is the regulatory body of the Indian space sector.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; NSIL is ISRO’s COMMERCIAL ARM, NOT the regulatory body. IN-SPACe is the regulatory body.)

Q6. With reference to India’s recent space sector achievements and targets, consider the following statements:

1. India’s current space economy is approximately $8.4 billion, with a target of $44 billion by 2033.
2. India has over 200 space startups as of 2026.
3. Chandrayaan-3 (August 2023) achieved the first-ever soft landing at the Moon’s south pole.
4. India’s Bharatiya Antariksh Station is expected to be fully operational by 2025.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; Bharatiya Antariksh Station (BAS) is planned to be fully operational by 2035, NOT 2025. The first module is expected by 2028.)

Answer Key

1. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because India is hosting BRICS for the 4th time in 2026.
2. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because private/startup participation is encouraged.
3. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because RSSC is operated by BRICS agencies, not NASA/ESA.
4. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because Saudi Arabia is not yet a full member.
5. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because NSIL is ISRO’s commercial arm, not regulator.
6. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because BAS targets 2035, not 2025.

2. AIR SUVIDHA 2.0 Portal

Source: PIB

Context

The Ministry of Civil Aviation (MoCA), Government of India and Delhi International Airport Limited (DIAL) on Wednesday, 25 June 2026 jointly launched “AIR SUVIDHA 2.0” — an upgraded, fully contactless and paperless Passenger Health Self-Declaration Portal — to strengthen public health surveillance at India’s Points of Entry (PoEs) in response to the ongoing Ebola disease outbreak. The launch follows the World Health Organization (WHO)’s formal declaration on 17 May 2026 of the Ebola/Bundibugyo virus disease (BVD) outbreak in the Democratic Republic of the Congo (DRC) and Uganda as a Public Health Emergency of International Concern (PHEIC) under the International Health Regulations (IHR), 2005. The current outbreak has been confirmed as Bundibugyo virus disease (BVD) — one of the six recognised species of the Ebolavirus genus — and countries bordering DRC and Uganda, including South Sudan, have been assessed by WHO as high-risk for transmission.

The Launch

• Launched by: Ministry of Civil Aviation (MoCA) + Delhi International Airport Limited (DIAL).
• Developed in Collaboration with: Directorate General of Health Services (DGHS), Ministry of Health & Family Welfare (MoHFW).
• Portal URL: https://airsuvidha.civilaviation.gov.in/.
• Trigger: WHO PHEIC declaration of 17 May 2026 for Ebola/Bundibugyo virus disease (BVD) outbreak in DRC + Uganda.

AIR SUVIDHA 2.0 — Key Features

Feature	Detail
Type	Web-based Passenger Health Self-Declaration Portal
Mode	Fully Contactless and Paperless
Mandatory For	All International Arriving Passengers
Self-Declaration Form (SDF) Coverage	21-day travel history + exposure history + related symptoms
Submission Window	Up to 24 hours in advance of arrival in India
Recommended Timing	Before flight boarding / during web check-in
Verification on Arrival	Show downloaded SDF (PDF or QR receipt) at International Travel Health Desk or Immigration counter
Integration	Real-time data sharing with multiple agencies

Multi-Agency Real-Time Data Pipeline

#	Agency	Role
1	Airport Health Officer (APHO)	Public health screening at airports
2	Bureau of Immigration (BoI)	Immigration clearance
3	Integrated Disease Surveillance Programme (IDSP)	Disease surveillance, outbreak detection
4	State Surveillance Officers	State-level disease monitoring + contact tracing

Public Health Emergency of International Concern (PHEIC)

• What: A formal declaration by the WHO Director-General under the International Health Regulations (IHR), 2005, defining an “extraordinary event” that constitutes a public health risk to other states through international spread and potentially requires a coordinated international response; triggers enhanced surveillance, travel advisories, and global health alerts.
• Where: Declared by WHO HQ in Geneva, Switzerland after recommendations from the IHR Emergency Committee.

Original AIR SUVIDHA Portal (Background)

• What: Originally launched during the COVID-19 pandemic (2020) by MoCA + DIAL for mandatory health screening of international arrivals; required Self-Declaration Form (SDF), RT-PCR negative report uploads, and PoE health screening; discontinued in February 2022 when pandemic conditions eased; revived as AIR SUVIDHA 2.0 in June 2026 in response to the Ebola PHEIC.
• Where: Operated by MoCA + DIAL; portal URL: airsuvidha.civilaviation.gov.in.

International Health Regulations (IHR), 2005

• What: A legally binding multilateral framework adopted by the 58th World Health Assembly in 2005 (entered into force 15 June 2007); requires WHO Member States to detect, assess, notify, and report public health events of international concern; provides the legal basis for PHEIC declarations and coordinated international response; revised after the 2003 SARS outbreak to address modern transboundary health threats; further amended in June 2024 (post-COVID) to introduce “Pandemic Emergency” category and strengthen WHO mandates.
• Where: Administered by WHO HQ, Geneva; 194 WHO Member States are signatories.

Delhi International Airport Limited (DIAL)

• What: The operator of Indira Gandhi International Airport (IGIA), New Delhi; a public-private partnership joint venture of GMR Group (64%), Airports Authority of India (26%), and Fraport AG (10%); IGIA is India’s busiest airport and a major international hub; DIAL’s concession period extends to 2036 with possible extension.
• Where: Indira Gandhi International Airport (IGIA), New Delhi.

Practice MCQs

Q1. With reference to the AIR SUVIDHA 2.0 Portal launched on 25 June 2026, consider the following statements:

1. The portal was jointly launched by the Ministry of Civil Aviation and Delhi International Airport Limited (DIAL).
2. It was developed in collaboration with the Directorate General of Health Services (DGHS), Ministry of Health and Family Welfare.
3. The launch responds to the WHO’s declaration of the Ebola/Bundibugyo virus disease outbreak as a Public Health Emergency of International Concern (PHEIC) on 17 May 2026.
4. The AIR SUVIDHA 2.0 portal is exclusively for domestic air travellers within India.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the AIR SUVIDHA 2.0 portal is for INTERNATIONAL ARRIVING PASSENGERS, NOT domestic travellers.)

Q2. With reference to the features of AIR SUVIDHA 2.0, consider the following statements:

1. International arriving passengers must submit a mandatory online Health Self-Declaration covering a 21-day travel history, exposure history, and related symptoms.
2. The Self-Declaration Form (SDF) can be completed up to 24 hours in advance before arrival in India.
3. The portal enables real-time data sharing with the Airport Health Officer, Bureau of Immigration, IDSP, and State Surveillance Officers.
4. Passengers are required to submit physical paper forms on landing at Indian airports.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the AIR SUVIDHA 2.0 portal is fully contactless and paperless — passengers only need to show the downloaded SDF (PDF or QR receipt) at the International Travel Health Desk or Immigration counter, NOT submit physical forms.)

Q3. With reference to the Public Health Emergency of International Concern (PHEIC), consider the following statements:

1. PHEIC is a formal declaration by the WHO Director-General under the International Health Regulations (IHR), 2005.
2. The IHR 2005 was adopted by the 58th World Health Assembly and entered into force on 15 June 2007.
3. The PHEIC declaration triggers enhanced surveillance, travel advisories, and global health alerts.
4. The PHEIC declaration is issued by the United Nations Security Council.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the PHEIC declaration is issued by the WHO Director-General, NOT the UN Security Council.)

Q4. With reference to the current outbreak that triggered the AIR SUVIDHA 2.0 launch, consider the following statements:

1. The current outbreak has been confirmed as Bundibugyo virus disease (BVD), one of six species of the Ebolavirus genus.
2. The outbreak is concentrated in the Democratic Republic of the Congo (DRC) and Uganda.
3. WHO has assessed countries bordering DRC and Uganda — including South Sudan — as high-risk for transmission.
4. The Bundibugyo virus disease has a case fatality rate of below 5%.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the historical case fatality rate of Bundibugyo virus disease is approximately 30-50%, NOT below 5%.)

Q5. With reference to the multi-agency data pipeline of AIR SUVIDHA 2.0, consider the following statements:

1. Real-time data sharing is enabled with the Airport Health Officer (APHO) for medical screening.
2. The Bureau of Immigration receives data for immigration clearance integration.
3. The Integrated Disease Surveillance Programme (IDSP) and State Surveillance Officers are integrated for outbreak detection and contact tracing.
4. The portal shares passenger health data with the Securities and Exchange Board of India (SEBI).

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the portal does NOT share data with SEBI (SEBI regulates securities markets) — data sharing is with public health and immigration agencies only.)

Q6. With reference to the broader Indian health security architecture, consider the following statements:

1. The Integrated Disease Surveillance Programme (IDSP) was launched in 2004 under the National Centre for Disease Control (NCDC), MoHFW.
2. The Directorate General of Health Services (DGHS) is an attached office of the Ministry of Health & Family Welfare.
3. The Bureau of Immigration (BoI) functions under the Ministry of Home Affairs.
4. Delhi International Airport Limited (DIAL) is a wholly-owned subsidiary of the Indian Railways.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; DIAL is a public-private partnership joint venture of GMR Group (64%), Airports Authority of India (26%), and Fraport AG (10%) — NOT a subsidiary of Indian Railways.)

Answer Key

1. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because AIR SUVIDHA 2.0 is for international arrivals.
2. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because the portal is paperless.
3. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because PHEIC is declared by WHO, not UN Security Council.
4. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because BVD CFR is 30-50%.
5. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because SEBI doesn’t get health data.
6. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because DIAL is PPP, not under Indian Railways.

Exam Relevance

UPSC Prelims	GS Paper II on Health Schemes, International Organisations (WHO, IHR); GS Paper III on Science & Tech, Public Health, Disease Outbreaks
UPSC Mains	GS Paper II on Health Governance, International Relations (WHO), Disaster Management; GS Paper III on Health, Science & Technology; Essay on pandemic preparedness

3. UNESCO’s Intangible Cultural Heritage (ICH) List

Source: The Hindu

Context

Jammu & Kashmir Chief Minister Mr. Omar Abdullah has formally forwarded a proposal to the Union Ministry of Culture — through a formal letter to Union Minister of Culture and Tourism Mr. Gajendra Singh Shekhawat in June 2026 — to nominate Kashmir’s Sufiyana Music for inclusion in UNESCO’s “Representative List of the Intangible Cultural Heritage (ICH) of Humanity”, a list maintained under the UNESCO Convention for the Safeguarding of the Intangible Cultural Heritage (2003). Kashmir’s Sufiyana Music (also known as Sufiyana Mausiqi or Sufiyana Kalam) is a distinctive form of classical choral ensemble music — a highly structured, mystical art form that blends devotional poetry, classical melody, and philosophy, serving as a unique bridge between Persian, Central Asian, and Indian classical musical systems. The art form is entirely indigenous and exclusive to the Kashmir Valley in the Union Territory of Jammu and Kashmir, and is historically preserved and carried forward by a select few surviving gharanas (traditional musical lineages or schools) located across Budgam, Srinagar, and Anantnag districts.

Kashmir’s Sufiyana Music

• What: A distinctive form of classical choral ensemble music of Kashmir; also known as “Sufiyana Mausiqi” or “Sufiyana Kalam”; a highly structured, mystical art form blending devotional poetry, classical melody, and philosophy; bridges Persian, Central Asian, and Indian classical musical systems; performed by 5-7 musicians (Sazandar) who are simultaneously vocalists and instrumentalists; lyrics from Rumi, Hafiz, Omar Khayyam, Amir Khusro.
• Where: Indigenous to Kashmir Valley (UT of Jammu and Kashmir); gharanas concentrated in Budgam, Srinagar, and Anantnag districts; today largely confined to Radio Kashmir studios and a few private gatherings.

Origins & Cultural Synthesis

Aspect	Detail
Origins	14th-15th centuries
Continuum	Continuum of pre-Islamic musical practices in Kashmir
Synthesis	Persian + Islamic + Shaivite philosophical thought
Influences From	Iran, Bukhara, Samarkand (Central Asia)
Carriers	Sufi saints, scholars, artisans, musicians
Royal Patronage	Sultanate, Mughal, Afghan, and Dogra periods

The Maqam System

• What: A system of melodic modes rooted in Persian classical traditions — similar to Indian ragas in concept but with distinct structure; defines the scale, characteristic phrases, and ornamentation for a composition.
• Status:
  • Historically: ~50 distinct maqams.
  • Today: Only 20-25 actively practiced.
• Examples: Maqam-i Bahr, Maqam-i Nawa, Maqam-i Sahnai, etc.

Specialised Instruments

Instrument	Description
Sufiana Santoor	Unique Kashmiri hammer-stringed instrument; 100 strings over a triangular three-legged stand; central instrument
Saz-e-Kashmir	Kashmiri bowed string instrument
Sehtar (Sitar)	Modified version of the Indian sitar
Tabla	Indian percussion
Harmonium	Hand-pumped keyboard
Ney	Persian-style end-blown flute
Rabab	Long-necked plucked string instrument
Madham	Traditional drum

Panjhatheyari: Combination of 5 core instruments (typically Santoor + Sitar + Tabla + Saz-e-Kashmir + Madham).

Notable Past and Present Maestros

Era	Maestros
Past Elite Masters	Ramzan Joo, Sidh Joo, Abdullah Shah, Muhammed Abdullah Tibetbaqal, Qaleenbaaft
20th Century	Ustad Ghulam Muhammed Qaleenbaaft, Ustad Ghulam Muhammed Saaznawaz, Ustad Abdul Ghani Ganaie (Namtahali)
Living Maestros	Ustad Muhammad Yaqoob Sheikh (Sangeet Natak Akademi awardee, AIR top-grade composer), Ustad Manzoorul Haq (Sangeet Natak Akademi Yuva Awardee), Ustad Muhammad Maqbool Bhat

UNESCO Intangible Cultural Heritage (ICH)

• What: A UNESCO convention adopted in 2003 for the safeguarding of intangible cultural heritage — including oral traditions, performing arts, social practices, rituals, festive events, knowledge and practices concerning nature, and traditional craftsmanship; aims to ensure respect, raise awareness, protect, and promote ICH globally; has two lists (Representative List + List of ICH in Need of Urgent Safeguarding) + Register of Good Safeguarding Practices.
• Where: Administered by UNESCO HQ in Paris, France; India ratified the convention in 2005.

India’s UNESCO ICH Inscriptions (15 as of 2024)

Year	Element
2008	Kutiyattam Sanskrit Theatre (Kerala)
2008	Vedic Chanting
2008	Ramlila (Northern India)
2009	Ramman (Garhwal Himalayas)
2010	Mudiyettu (Kerala)
2010	Kalbelia (Rajasthan folk songs and dances)
2010	Chhau Dance (Eastern India)
2012	Buddhist Chanting of Ladakh
2013	Sankirtana (Manipuri ritual singing, drumming, dancing)
2014	Traditional Brass and Copper Craft of Utensil-Making among Thatheras of Jandiala Guru, Punjab
2016	Yoga
2016	Nawrouz/Navroz (multi-country)
2017	Kumbh Mela
2021	Durga Puja in Kolkata
2023	Garba of Gujarat
(Proposed)	Sufiyana Music (Kashmir) — June 2026

About Omar Abdullah

• Current Chief Minister of J&K (since 16 October 2024); first CM after Article 370 abrogation in 2019; National Conference (NC) leader; previous CM tenure: 2009-2015.

Practice MCQs

Q1. With reference to the proposal to nominate Kashmir’s Sufiyana Music for UNESCO’s Intangible Cultural Heritage list, consider the following statements:

1. The proposal has been forwarded by J&K CM Omar Abdullah to Union Minister of Culture Gajendra Singh Shekhawat in June 2026.
2. The nomination seeks inclusion in UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity.
3. The UNESCO Convention for the Safeguarding of the Intangible Cultural Heritage was adopted in 2003.
4. India has not yet ratified the UNESCO Convention on Intangible Cultural Heritage.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; India ratified the UNESCO Convention on Intangible Cultural Heritage in 2005 — and has 15 ICH elements inscribed as of 2024.)

Q2. With reference to Kashmir’s Sufiyana Music, consider the following statements:

1. Sufiyana Music is indigenous and exclusive to the Kashmir Valley in the Union Territory of Jammu and Kashmir.
2. The art form emerged between the 14th and 15th centuries as a continuum of pre-Islamic musical practices.
3. It represents a cultural synthesis of Persian, Islamic, and Shaivite philosophical thought.
4. Sufiyana Music is primarily a solo performance form.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; Sufiyana Music is a CHORAL ENSEMBLE form performed by 5-7 musicians (Sazandar) who are simultaneously vocalists and instrumentalists — NOT a solo performance.)

Q3. With reference to the structure and instruments of Sufiyana Music, consider the following statements:

1. The Sufiana Santoor is a unique Kashmiri hammer-stringed instrument featuring 100 strings spread over a triangular three-legged stand.
2. Most compositions open with an instrumental prelude, followed by a short poem sung free-hand without rhythm.
3. The main lyrics, known as “Bathe”, are presented as a couplet adhering to a designated maqam and tala.
4. The maqam system in Sufiyana derives entirely from South Indian Carnatic music.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the maqam system in Sufiyana is rooted in PERSIAN classical traditions, NOT South Indian Carnatic music.)

Q4. With reference to the Maqam system in Sufiyana, consider the following statements:

1. Maqams in Sufiyana are similar in concept to Indian ragas.
2. Historically, around 50 distinct maqams existed in Sufiyana; only 20-25 are actively practiced today.
3. Examples include Maqam-i Bahr, Maqam-i Nawa, and Maqam-i Sahnai.
4. The maqams, talas, and accompanying poetry are codified in extensive written texts.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the complex system of maqams, talas, and poetry is NOT codified in text; it is passed down entirely orally from one generation to the next.)

Q5. With reference to India’s UNESCO Intangible Cultural Heritage inscriptions, consider the following statements:

1. Yoga was inscribed in 2016.
2. Kumbh Mela was inscribed in 2017.
3. Garba of Gujarat was inscribed in 2023.
4. India does not have any UNESCO ICH inscriptions for performing arts.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; India has MULTIPLE UNESCO ICH inscriptions for performing arts including Kutiyattam Sanskrit Theatre, Ramlila, Chhau Dance, Mudiyettu, Kalbelia, Sankirtana, Garba, etc.)

Q6. With reference to the lyrical content and oral transmission of Sufiyana, consider the following statements:

1. The lyrics draw from mystical poetry of Persian masters like Rumi, Hafiz, Omar Khayyam, and Amir Khusro.
2. The art form is preserved by a select few gharanas located across Budgam, Srinagar, and Anantnag districts.
3. The tradition is passed down entirely orally within specialised families.
4. Sufiyana Music thrives today with active patronage from over 100 gharanas across India.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; Sufiyana Music is endangered, with only a handful of surviving gharanas in Kashmir — NOT 100 gharanas across India.)

Answer Key

1. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because India ratified the convention in 2005.
2. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because Sufiyana is choral ensemble form.
3. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because maqams are Persian, not Carnatic.
4. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because Sufiyana is orally transmitted.
5. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because India has many performing arts ICH.
6. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because few gharanas survive in Kashmir alone.

4. Gramin Vikas Sammelan (RGVS) 2026

Source: TNIE

Context

The Ministry of Rural Development, Government of India is organising the Rashtriya Gramin Vikas Sammelan (RGVS) 2026 on 28-29 June 2026 at the ICAR-NASC Complex, Pusa, New Delhi, to be inaugurated by Union Minister for Rural Development and Agriculture Shri Shivraj Singh Chouhan. The Sammelan will bring together the Union Minister for Rural Development, Ministers of State (MoS) for Rural Development, State Rural Development Ministers, senior officials from the Central and State Governments, representatives of State Rural Livelihood Missions (SRLMs), and other key stakeholders to deliberate on the roadmap for a developed rural India. A major showcase at RGVS 2026 will be the SARAS Aajeevika Gallery — a curated display by the Ministry of Rural Development of products created by women-led Self Help Groups (SHGs) under the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM), reflecting the richness and diversity of rural India.

Participants

Category	Detail
Union Minister	Shri Shivraj Singh Chouhan (Rural Development & Agriculture)
Ministers of State (MoS)	Rural Development
State Rural Development Ministers	From all states/UTs
Senior Officials	Central + State Governments
State Rural Livelihood Missions (SRLMs)	Representatives
Other Stakeholders	Industry, NGOs, Academia, SHG leaders

SARAS Aajeevika

• What: A national branding and marketing initiative of the Ministry of Rural Development to promote and market products made by women Self Help Groups (SHGs) under the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM); provides a distinct national identity for SHG products; comprises trademarks (SARAS, SARAS Aajeevika, Aajeevika), SARAS Melas, the permanent SARAS Aajeevika Gallery in New Delhi, and the eSARAS e-commerce platform.
• Where: Pan-India presence through SARAS Melas at national, regional, state, and district levels; Permanent Gallery at Baba Kharak Singh Marg, New Delhi.

Three Key Brands Under SARAS Initiative

Brand	Use
SARAS	Original umbrella brand for SHG products
SARAS Aajeevika	Premium brand for curated, quality SHG products
Aajeevika	Generic livelihoods-focused brand

SARAS Aajeevika Ecosystem

Channel	Detail
SARAS Aajeevika Gallery	Permanent physical retail platform at Baba Kharak Singh Marg, New Delhi
eSARAS	E-commerce platform + mobile application
SARAS Melas	Periodic exhibitions at national/regional/state/district levels
National Showcases	RGVS 2026, SARAS Shakti Collection launch, etc.
Institutional Tie-ups	Government, Corporate, Bulk gifting markets

Lakhpati Didi Initiative

• What: A target programme under DAY-NRLM that identifies women SHG members earning ≥ ₹1 lakh per annum (sustainable annual income) as “Lakhpati Didis”; aims to transform rural women into successful entrepreneurs, job creators, and economic drivers; 6 crore target announced by PM Modi in Independence Day 2024 speech, revised upward from the 3 crore target announced in 2023.
• Where: Across India under the DAY-NRLM ecosystem.

Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM)

• What: A flagship rural poverty alleviation programme of the Government of India, launched in 2011 as NRLM under the National Rural Livelihood Project; rebranded as DAY-NRLM in 2015; under the Ministry of Rural Development; aims to eliminate rural poverty through mobilising poor rural women into Self Help Groups (SHGs), federating them into Village Organisations (VOs) and Cluster-Level Federations (CLFs), and providing capacity-building, financial inclusion, skills, and market access; uses World Bank assistance.
• Where: Implemented across all 28 states and 8 UTs; State Rural Livelihood Missions (SRLMs) lead state-level implementation.

Self Help Groups (SHGs) in India

• What: Voluntary associations of 10-20 rural poor women who save small amounts regularly, bank with each other, and eventually access bank credit (under SHG-Bank Linkage Programme since 1992); foundational unit of India’s financial inclusion and rural livelihoods movement; promoted by NABARD, MoRD, DAY-NRLM.
• Where: Across all states/UTs; especially strong in Andhra Pradesh, Telangana, Kerala, Bihar, Tamil Nadu, West Bengal, Karnataka, Madhya Pradesh, Maharashtra.

Indian Council of Agricultural Research-National Agricultural Science Complex (ICAR-NASC)

• What: The administrative + conference hub of ICAR in New Delhi; houses major ICAR offices, conference halls, and exhibition facilities; venue for major rural/agriculture/research conferences and stakeholder consultations.
• Where: Pusa Campus, New Delhi.

Practice MCQs

Q1. With reference to the Rashtriya Gramin Vikas Sammelan (RGVS) 2026, consider the following statements:

1. RGVS 2026 will be organised on 28-29 June 2026 at the ICAR-NASC Complex, Pusa, New Delhi.
2. The event will be inaugurated by Union Minister for Rural Development Shri Shivraj Singh Chouhan.
3. The Sammelan will deliberate on the roadmap for a developed rural India.
4. The RGVS 2026 will be organised by the Reserve Bank of India.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the RGVS 2026 will be organised by the Ministry of Rural Development, NOT the RBI.)

Q2. With reference to the SARAS Aajeevika initiative, consider the following statements:

1. It is an initiative of the Ministry of Rural Development to promote products made by women Self Help Groups (SHGs) under DAY-NRLM.
2. The Ministry has secured trademarks such as SARAS, SARAS Aajeevika, and Aajeevika.
3. The SARAS Aajeevika Gallery is located at Baba Kharak Singh Marg, New Delhi as a permanent retail platform.
4. The eSARAS platform is an in-person retail store with no digital presence.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the eSARAS is an E-COMMERCE PLATFORM and mobile application for digital marketing of SHG products — NOT an in-person retail store.)

Q3. With reference to the Lakhpati Didi initiative, consider the following statements:

1. Lakhpati Didis are women SHG members earning ≥ ₹1 lakh per annum (sustainable annual income).
2. The 6 crore Lakhpati Didi target was announced by PM Modi in his Independence Day 2024 speech.
3. Over 3 crore women entrepreneurs have already been mobilised by 2026.
4. The Lakhpati Didi initiative is implemented under the Pradhan Mantri Awas Yojana (PMAY).

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the Lakhpati Didi initiative is implemented under the DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission), NOT PMAY (which is for housing).)

Q4. With reference to RGVS 2026 product showcase, consider the following statements:

1. Chanderi sarees from Madhya Pradesh and Phulkari from Punjab will be featured.
2. Patola and Ajrakh textiles from Gujarat will be on display.
3. Kalamkari from Andhra Pradesh and Ikat from Telangana will be showcased.
4. The showcase will exclusively feature products made by men’s cooperatives.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the showcase features products created by WOMEN-LED Self Help Groups, NOT men’s cooperatives.)

Q5. With reference to DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission), consider the following statements:

1. It was launched in 2011 as NRLM under the National Rural Livelihood Project and rebranded as DAY-NRLM in 2015.
2. It is under the Ministry of Rural Development.
3. It aims to mobilise rural poor women into Self Help Groups (SHGs) and federate them into Village Organisations and Cluster-Level Federations.
4. DAY-NRLM receives assistance from the Asian Development Bank, not the World Bank.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; DAY-NRLM receives World Bank assistance under the National Rural Livelihood Project (NRLP) — NOT Asian Development Bank.)

Q6. With reference to the launch of the SARAS Shakti Collection at RGVS 2026, consider the following statements:

1. It is a thoughtfully curated premium gift collection featuring handcrafted products from rural women SHGs.
2. It is designed as a distinctive gifting solution for corporate, government, and institutional markets.
3. The launch is aligned with India’s broader vision of Viksit Bharat 2047 and the 6 crore Lakhpati Didi target.
4. The SARAS Shakti Collection is exclusively available for export markets.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the SARAS Shakti Collection targets corporate, government, and institutional markets — both domestic and international — NOT exclusively for exports.)

Answer Key

1. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because MoRD organises RGVS, not RBI.
2. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because eSARAS is e-commerce, not in-person.
3. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because Lakhpati Didi is under DAY-NRLM, not PMAY.
4. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because showcase features women-led SHGs.
5. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because DAY-NRLM gets World Bank assistance.
6. (c), Statements 1, 2, 3 are correct; Statement 4 is wrong because SARAS Shakti targets multiple markets.

Exam Relevance

Exam	Relevance
UPSC Prelims	GS Paper II on Government Schemes (DAY-NRLM, SARAS Aajeevika, Lakhpati Didi, RGVS); GS Paper III on Inclusive Growth, Rural Development
UPSC Mains	GS Paper II on Welfare Schemes, Women Empowerment; GS Paper III

Banking/Finance

1. RBI’s revised Upper Layer NBFC rules

Source: IE

Context

The RBI on Wednesday, 24 June 2026 issued revised final norms for registration and exemptions of NBFCs, simplifying the methodology for identifying Upper Layer NBFCs (NBFC-UL) under the Scale-Based Regulation (SBR) framework. NBFCs with asset size ≥ ₹1 lakh crore as per the latest audited balance sheet will now qualify as NBFC-UL, replacing the earlier parametric scoring methodology. The threshold will be reviewed every 3 years; directions are effective immediately. NBFC-UL must list within 3 years of identification (fully government-owned NBFCs exempted from listing). Concentration-risk exemptions previously available to government NBFCs have been withdrawn; bank-owned NBFCs face tighter bank-like norms; and the Large Exposure Framework (LEF) limit for NBFC-IFCs in the upper layer has been raised from 35% to 45%. The reform makes Tata Sons’ public listing virtually unavoidable.

What is the key announcement?

• Authority: RBI under Sections 45-IA, 45JA, 45L, 45M of the RBI Act, 1934.
• NBFC-UL Asset Threshold: ≥ ₹1 lakh crore (₹1 trillion) based on latest audited balance sheet.
• Methodology Shift: From multi-parameter scoring to single objective criterion (asset size).
• Industry-Demanded Threshold (Rejected): ₹2.5 lakh crore.
• Review Cycle: Every 3 years.
• Identification Frequency: Annual by RBI.
• RBI’s Rationale: Asset size is “a reasonably good proxy for systemic significance”.

What are the key changes introduced under the revised norms?

Change	Detail
Mandatory Listing	Within 3 years of NBFC-UL identification
Govt-Owned NBFC Listing Exemption	Exempted (developmental mandate)
Govt NBFC Concentration-Risk Exemption	WITHDRAWN — same exposure framework as private NBFCs
Bank-Owned NBFCs	Must follow commercial bank norms for same activities; retains SBR layer classification (prevents regulatory arbitrage)
NBFC-IFC (Infra Finance Co.) LEF Limit	Raised from 35% to 45% of eligible capital base
Enhanced Oversight	CET-1 capital, LCR, exposure norms, stress tests, disclosures

What is the Scale-Based Regulation (SBR) framework?

• A risk-based 4-layer regulatory framework for NBFCs introduced by RBI on 22 October 2021, effective 1 October 2022.
• Categorises NBFCs based on size, activity, and systemic significance.
• Calibrates capital, governance, prudential norms, large exposure framework, and disclosure standards.

What are the 4 layers of NBFC classification?

Layer	Criteria
NBFC-BL (Base)	Asset size < ₹1,000 crore; non-deposit; non-systemic
NBFC-ML (Middle)	Asset size ≥ ₹1,000 crore OR deposit-taking OR systemic
NBFC-UL (Upper)	Asset size ≥ ₹1 lakh crore (new norm, June 2026)
NBFC-TL (Top)	RBI discretion based on systemic risk; currently empty

What is the RBI Act, 1934, and what are its key NBFC provisions?

• A central statute establishing the RBI and providing it regulatory powers; Chapter III-B governs NBFCs.

Section	Provision
45-I	Definition of NBFC
45-IA	Mandatory registration with RBI + minimum Net Owned Funds (NOF)
45-IB	Maintenance of liquid assets
45-IC	Reserve fund — transfer 20% of net profit
45-JA	RBI’s power to determine policy for NBFCs
45-L	RBI’s power to call for information + give directions
45-M	NBFCs’ duty to furnish statements

What is an NBFC?

• A company registered under the Companies Act, 1956/2013 engaged in lending, investment, hire-purchase, leasing, insurance, chit-fund activities, etc., but does NOT hold a banking licence.
• Cannot accept demand deposits.
• Not part of the payment and settlement system.
• Deposit insurance NOT available.
• Regulated by RBI under RBI Act, 1934 (Chapter III-B).
• ~9,500 NBFCs registered in India.

What is a Core Investment Company (CIC)?

• An NBFC holding ≥90% of net assets as investment in equity/preference shares, bonds, debentures, debt, or loans of group companies.
• Minimum asset size: ₹100 crore.
• Systemically important if asset size ≥ ₹100 crore AND accepts public funds.
• Engages in investment activity, not lending.
• Registered under RBI Master Direction — CIC, 2016.
• Examples: Tata Sons, Bajaj Holdings & Investment Ltd, L&T Holdings.

Why is Tata Sons the definitive test case?

Aspect	Detail
Classification	NBFC-CIC
Standalone Assets	~₹1.75-1.9 lakh crore (ETIG estimate)
First Designated NBFC-UL	September 2022
Original Listing Deadline	30 September 2025 (MISSED)
Deregistration Application	Filed 2024; pending with RBI
Debt Repaid for Deregistration	>₹20,000 crore
Status	Only unlisted entity in earlier NBFC-UL list

How healthy is India’s NBFC sector?

Metric	Value
Total NBFCs Registered	~9,500
Sector Assets	~₹47 lakh crore
Share in Total Credit	~12.5%
Sector CRAR	~26% (vs 15% mandatory)
GNPA Ratio	~3.0%
NBFC-UL (Current List)	15 entities

Which NBFCs are currently in the Upper Layer?

LIC Housing Finance, Bajaj Finance, Shriram Finance, Tata Sons (only unlisted), L&T Finance, Piramal Capital & Housing Finance, Cholamandalam, Aditya Birla Finance, M&M Financial, Sundaram Finance, HDB Financial (listed July 2025), PNB HFL, Indiabulls HFL, Muthoot Finance, Bajaj HFL.

Key Terms (Simple)

• What is NBFC-UL? Systemically important NBFCs with assets ≥ ₹1 lakh crore; subject to bank-like prudential norms + mandatory listing in 3 years.
• What is Scale-Based Regulation (SBR)? RBI’s 4-layer NBFC regulatory framework (BL/ML/UL/TL) issued via Master Direction on 22 October 2021, effective 1 October 2022.
• What is a CIC? NBFC holding ≥90% net assets in group-company securities; min ₹100 crore; under Master Direction — CIC, 2016.
• What is CET-1? Common Equity Tier-1 — highest-quality regulatory capital; 9% requirement for NBFC-UL.
• What is CRAR? Capital-to-Risk-Weighted Assets Ratio — minimum 15% for NBFCs.
• What is LCR? Liquidity Coverage Ratio — ratio of HQLA to 30-day net cash outflows; 100% target for NBFC-UL.
• What is NOF? Net Owned Funds — paid-up capital + reserves minus specified deductions; prescribed under Section 45-IA.
• What is the Large Exposure Framework (LEF)? RBI’s prudential norm capping a bank/NBFC’s exposure to a single counterparty or group; NBFC-IFC limit now 45% (raised from 35%).
• What is Regulatory Arbitrage? Exploiting differences in regulatory regimes; new bank-group-NBFC rule prevents this.

Practice MCQs

Q1. With reference to the RBI’s revised NBFC-UL norms issued on 24 June 2026, consider the following statements:

1. The asset-size threshold for inclusion in the upper layer has been set at ₹1 lakh crore as per the latest audited balance sheet.
2. The revised methodology replaces the earlier parametric scoring approach with a single objective criterion.
3. The asset-size threshold will be reviewed every three years.
4. The RBI accepted industry demand to raise the threshold to ₹2.5 lakh crore.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the RBI rejected the industry demand to raise the threshold to ₹2.5 lakh crore.)

Q2. With reference to the Scale-Based Regulation (SBR) framework, consider the following statements:

1. The SBR was introduced via the RBI Master Direction dated 22 October 2021, effective from 1 October 2022.
2. The framework classifies NBFCs into four layers — Base, Middle, Upper, and Top.
3. The Base Layer typically covers NBFCs with asset size below ₹1,000 crore that are non-systemic.
4. The Top Layer currently has more than 10 NBFCs identified by RBI.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the Top Layer (NBFC-TL) is currently empty.)

Q3. With reference to the RBI Act, 1934, consider the following statements:

1. Section 45-IA mandates registration of NBFCs with RBI and prescribes minimum Net Owned Funds.
2. Section 45-IC requires NBFCs to transfer at least 20% of their net profit to a Reserve Fund.
3. Section 45-JA empowers RBI to determine policy for NBFCs.
4. Section 45-L empowers SEBI (not RBI) to call for information from NBFCs.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; Section 45-L empowers RBI (NOT SEBI) to call for information from NBFCs.)

Q4. With reference to the exemption framework under the revised norms, consider the following statements:

1. Fully government-owned and controlled NBFCs are exempted from the mandatory listing requirement.
2. The concentration-risk exemptions earlier available to government-owned NBFCs have been withdrawn.
3. Bank-owned NBFCs undertaking the same activity as their parent SCB must follow commercial bank norms for that activity.
4. The Large Exposure Framework (LEF) limit for NBFC-IFCs in the upper layer has been reduced from 45% to 35%.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; the LEF limit for NBFC-IFCs has been RAISED from 35% to 45% — NOT reduced.)

Q5. With reference to Tata Sons and the revised NBFC-UL norms, consider the following statements:

1. Tata Sons is classified as a Core Investment Company (CIC).
2. Tata Sons was first designated as an Upper-Layer NBFC in September 2022.
3. Tata Sons’ standalone assets are approximately ₹1.75-1.9 lakh crore, well above the new ₹1 lakh crore threshold.
4. Tata Sons is the only listed entity in the existing NBFC-UL list.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; Tata Sons is the ONLY UNLISTED entity in the existing NBFC-UL list — NOT the only listed one.)

Q6. With reference to Core Investment Companies (CICs), consider the following statements:

1. A CIC holds at least 90% of its net assets as investment in equity, preference shares, bonds, debentures, debt, or loans in group companies.
2. The minimum asset size for CIC registration is ₹100 crore.
3. CICs are regulated under the RBI Master Direction on CIC, 2016.
4. CICs are primarily engaged in retail lending activities.

How many of the above statements are correct?

(a) Only one (b) Only two (c) Only three (d) All four (e) None

(Statement 4 is wrong; CICs are primarily engaged in INVESTMENT in group companies, NOT retail lending.)

Answer Key

1. (c) — Statement 4 wrong: RBI rejected ₹2.5 lakh crore demand.
2. (c) — Statement 4 wrong: NBFC-TL is currently empty.
3. (c) — Statement 4 wrong: Section 45-L empowers RBI, not SEBI.
4. (c) — Statement 4 wrong: LEF limit raised 35% → 45% (not reduced).
5. (c) — Statement 4 wrong: Tata Sons is the only UNLISTED entity in NBFC-UL.
6. (c) — Statement 4 wrong: CICs do investment, not retail lending.

Exam Relevance

Exam	Relevance
RBI Grade B (Phase I + II)	Direct subject — ESI (NBFC sector, financial stability) + FM (SBR framework, RBI Act sections, CIC, capital adequacy)
NABARD Grade A	High — NBFC regulation, SBR framework
SIDBI / SEBI / IRDAI Grade A	High — NBFC-bank linkages, listing requirements, LEF
Banking (SBI PO, IBPS, RBI Assistant)	High — NBFC categorisation, RBI’s regulatory role
UPSC Prelims & Mains (GS-III Economy)	Medium-High — Financial sector reforms, NBFC regulation
CA, CFA, CS	High — NBFC compliance, CIC norms, listing

Facts To Remember

1. AI Opportunity Statement Signed by 35 Nations at Pax Silica Summit

India joined 34 other nations in signing a US-led AI statement at the 2nd Pax Silica Summit in Washington D.C. The initiative aims to build trusted and resilient supply chains for AI technologies. It focuses on critical sectors like semiconductors, energy, and advanced manufacturing.

2. RBI Issues Credit Derivatives Directions 2026

Reserve Bank of India introduced new credit derivative products to deepen India’s corporate bond market. The framework includes Total Return Swaps and credit index derivatives. It also strengthens risk management through a dedicated FIMMDA committee.

3. jUMPP Gets NPCI Approval as TPAP

jUMPP received approval from National Payments Corporation of India to operate as a Third Party Application Provider. This enables UPI-based transfers, bill payments, and merchant payments on its platform. The move expands its fintech ecosystem with YES Bank support.

4. LEXI Receives IFSCA Approval for PSP Operations at GIFT-IFSC

LEXI Money IFSC Private Limited secured in-principle approval to operate as a Payment Service Provider at GIFT City. The approval supports AI-powered cross-border payments. It strengthens infrastructure for international trade and exports.

5. Paisabazaar and SBM Bank Launch FD-Backed Credit Card

Paisabazaar and SBM Bank India launched a secured FD-backed credit card. The card helps users build credit history while earning cashback. Customers can start with deposits as low as Rs 2,000.

6. Six Startups Win Youth Co:Lab Innovation Challenge 2026

Six youth-led startups were recognized for sustainability-focused innovations in Hyderabad. The competition promoted solutions in circular economy, sustainable textiles, and water conservation. Winners received seed grants for scaling impact-driven ideas.

7. Viswanathan Anand Receives SJFI Gold Medal

Viswanathan Anand was awarded the SJFI Gold Medal for his contribution to Indian chess. He became the sixth recipient of the prestigious award. The honor recognizes his lasting impact on sports development in India.

8. Mahesh Dixit Appointed New IB Director

Mahesh Dixit has been appointed Director of India’s Intelligence Bureau. He will serve a two-year term after succeeding Tapan Kumar Deka. Dixit brings extensive intelligence and policing experience to the role.

9. IAF Gets Final Clearance for Netra AEW&C System

Indian Air Force received final operational clearance for the indigenous Netra surveillance system. Developed by Defence Research and Development Organisation, it boosts airborne monitoring and battle management. Netra enhances India’s network-centric warfare capability.

10. World Vitiligo Day Observed on June 25

World Vitiligo Day raises awareness about vitiligo and promotes social inclusion. The 2026 theme is “From Stigma to Strength.” It emphasizes dignity, awareness, and support for affected individuals.

11. NITI Aayog Releases 8th Trade Watch Quarterly

NITI Aayog released the 8th edition of Trade Watch Quarterly for Q4 FY26. The report highlights pharmaceutical trade and API dependence. India’s total trade grew 5.4% to USD 1.84 trillion.

12. India Launches First Hub-and-Spoke Flight from Varanasi

India inaugurated its first hub-and-spoke flight model from Varanasi under Air India’s Easy Connect initiative. The system improves international connectivity from tier-2 and tier-3 cities. It simplifies baggage and immigration processes.

13. C-DOT and IIT Hyderabad Sign MoU for Communication Research

Centre for Development of Telematics partnered with Indian Institute of Technology Hyderabad to set up a Centre of Excellence. The collaboration focuses on 5G, 6G, AI, and quantum communication. It aims to accelerate telecom innovation.

14. China’s LineShine Tops TOP500 Supercomputer Rankings

China’s LineShine became the world’s most powerful supercomputer in 2026. It replaced the US system El Capitan at the top of TOP500 rankings. India’s Shakti Cloud ranked 32nd globally.

15. Bangladesh Joins International Big Cat Alliance

Bangladesh became the 27th member of India’s International Big Cat Alliance. The move strengthens regional conservation efforts for tigers and leopards. It also enhances anti-poaching and ecosystem cooperation.

16. USA Announces Defence Support Package for India

United States approved a USD 482.2 million support package for India’s Apache helicopters and M777 howitzers. The package improves maintenance and operational readiness. It strengthens India-US defence cooperation.

17. S&P Cuts India’s FY27 Growth Forecast to 6.6%

S&P Global Ratings reduced India’s GDP growth forecast for FY27 to 6.6%. The downgrade reflects energy stress, weaker monsoon, and slowing global demand. Inflation is expected to remain elevated.

18. Abiy Ahmed Wins Second Term as Ethiopian PM

Abiy Ahmed secured a second consecutive term after a strong election victory. His Prosperity Party retained parliamentary dominance. He is expected to continue leading Ethiopia for another five years.

19. Honda Gets Approval to Increase Stake in Astemo

Honda Motor Co. received CCI approval to raise its stake in Astemo to 61%. The acquisition gives Honda controlling ownership. It strengthens Honda’s long-term mobility strategy.

20. Scientists Discover New Snail Species in Meghalaya

Researchers from Ashoka Trust for Research in Ecology and the Environment discovered two microscopic snail species in Meghalaya caves. The discovery enriches biodiversity knowledge of the Indo-Burma hotspot. It also highlights threats from mining and tourism.

21. ZSI Discovers Two New Moth Species in Western Ghats

Zoological Survey of India identified two new moth species in the Western Ghats. These discoveries strengthen biodiversity records. Scientists also highlighted habitat degradation risks.

22. FIE and FAI Sign MoU to Promote Fencing in India

International Fencing Federation signed an MoU with Fencing Association of India. The partnership aims to improve athlete development and public engagement. It supports India’s preparation for LA 2028.

23. India Launches World’s First Nuclear Heat-Based Hydrogen Facility

Department of Atomic Energy inaugurated the world’s first hydrogen facility using the Copper-Chlorine cycle. Located at Indira Gandhi Centre for Atomic Research, it uses nuclear process heat. The project marks a breakthrough in clean hydrogen technology.

24. J&K Police Launches Project Hawk Eye

Jammu and Kashmir Police launched Project Hawk Eye for Amarnath Yatra security. The system uses advanced 360-degree surveillance from air and ground. It aims to ensure safe pilgrimage movement through enhanced monitoring.