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

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

Multi-Agency Real-Time Data Pipeline

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

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

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

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

Notable Past and Present Maestros

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)

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.

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

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

SARAS Aajeevika Ecosystem

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

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?

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?

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.

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?

How healthy is India’s NBFC sector?

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

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