Daily Current Affairs Quiz
6 December, 2025
National Affairs
1. India–Russia Annual Summit 2025
Source: PIB
Context:
The 23rd India–Russia Annual Summit concluded with both nations reaffirming their Special & Privileged Strategic Partnership, marking 25 years of the Strategic Partnership (2000–2025). The Summit remains the highest-level institutional dialogue between the two countries, led by the Prime Minister of India and the President of Russia.
What is the India–Russia Annual Summit?
- It is the apex bilateral mechanism where top leadership reviews the full spectrum of cooperation.
- The Summit sets long-term strategic directions across defence, energy, technology, and global geopolitics.
- The 2025 edition underscored the maturity and resilience of ties amid a rapidly evolving global order.
Key Outcomes of the Joint Statement
1. Strategic Partnership Reaffirmed
- Both sides reiterated commitment to a time-tested, trust-based partnership.
- Emphasis on respecting each other’s core national interests.
- Shared focus on shaping a multipolar and stable global order.
2. Programme of Cooperation 2030 Adopted
A comprehensive roadmap till 2030 covering:
- Trade & investment
- Defence & technology
- Energy & nuclear
- Space cooperation
- Connectivity corridors
- Digital and financial systems
3. Trade & Payments: Major Push Towards USD 100 Billion
- Target of USD 100 billion bilateral trade by 2030.
- Strengthening national currency settlements to reduce dollar-dependence.
- Enhancing interoperability of payment systems and exploring CBDC (central bank digital currency) mechanisms.
4. Upgraded Defence & Military-Technical Cooperation
- Shift from buyer–seller model to joint R&D, co-development, and co-production under Make in India.
- Support for spare-part manufacturing in India for Russian-origin military platforms.
- Continued momentum in INDRA-2025 exercises and possible trilateral military engagements.
5. Energy Partnership Deepened
Focus areas include:
- Oil, gas, LNG, and hydrocarbons
- Petrochemicals and coal gasification
- Long-term fertilizer supply
- Resolution of pending investment issues between companies
India and Russia aim to build a secure and diversified energy partnership.
6. Connectivity Corridors: Strong Boost
Commitment to scale up infrastructure for:
- International North-South Transport Corridor (INSTC)
- Chennai–Vladivostok Eastern Maritime Corridor
- Northern Sea Route (Arctic)
These corridors aim to reduce logistics costs, shorten transit time, and integrate Eurasian markets.
7. Civil Nuclear & Space Cooperation Strengthened
- Progress on Kudankulam Nuclear Power Plant (Units 3–6).
- Discussions on identifying a second nuclear site in India.
- Cooperation in nuclear fuel cycle, localization of components, and advanced reactors.
- Enhanced collaboration between ISRO and Roscosmos.
- Plans on human spaceflight, satellite navigation, and rocket engine technologies.
2. India Hosts 20th UNESCO Inter-Governmental Committee on Intangible Cultural Heritage
Source: News on Air
About the Intergovernmental Committee for Safeguarding of ICH
The Intergovernmental Committee for the Safeguarding of Intangible Cultural Heritage is a 24-member UNESCO body established under the 2003 ICH Convention. Its core purpose is to promote, supervise, and operationalize safeguarding measures for living cultural heritage across the world.
Venue for 2025 Session
Red Fort (Lal Qila), New Delhi
A UNESCO World Heritage Site, symbolising India’s rich civilisational heritage and cultural leadership.
Structure of the Committee
Composition
- 24 Member States elected by the General Assembly of States Parties.
- Seats distributed across six UNESCO regional groups ensuring equitable geographical representation.
- Member States nominate experts with specialised knowledge in intangible cultural heritage.
Term Rules
- Four-year term for each Member State.
- Staggered renewal: Half the Committee is replaced every two years to blend continuity with new perspectives.
Functions of the Committee
Promote Objectives of the 2003 ICH Convention
- Ensures global cooperation for the preservation of living heritage, community traditions, and cultural expressions.
Offer Technical Guidance
- Advises States Parties on best safeguarding practices, capacity-building, and integration of communities in heritage preservation.
Prepare Operational Directives
- Drafts rules, procedures, and financial plans for effective implementation of the Convention, including management of the ICH Fund.
Examine Nominations for ICH Lists
- Evaluates entries for the Representative List of the Intangible Cultural Heritage of Humanity.
- Reviews the eligibility of cultural elements for the Urgent Safeguarding List.
Assess Good Safeguarding Practices
- Identifies and approves successful community-led safeguarding initiatives for the Register of Good Safeguarding Practices.
About Intangible Cultural Heritage (ICH)
Intangible Cultural Heritage refers to living traditions and knowledge systems transmitted across generations, including:
- Performing arts
- Rituals and festivals
- Oral traditions
- Craftsmanship
- Social practices
- Traditional knowledge and skills
Origin of the Concept
- Institutionalised under the 2003 UNESCO Convention for the Safeguarding of Intangible Cultural Heritage.
- Came into force in 2008.
- Established global ICH lists to protect traditions through community participation and international cooperation.
UNESCO’s ICH Lists
- Representative List of the Intangible Cultural Heritage of Humanity
- List of Intangible Cultural Heritage in Need of Urgent Safeguarding
- Register of Good Safeguarding Practices
India’s Position
India currently has 15 elements inscribed on UNESCO’s Representative List, reflecting its deep cultural diversity.
3. Exercise Harimau Shakti 2025
Source: PIB
Context:
India and Malaysia have commenced the 5th edition of Exercise Harimau Shakti 2025 at the Mahajan Field Firing Range, Rajasthan, focusing on enhancing coordination in counter-insurgency and peacekeeping operations.
What is Exercise Harimau Shakti?
Exercise Harimau Shakti is a bilateral military training exercise between the Indian Army and the Royal Malaysian Army. The exercise aims to strengthen cooperation, tactical coordination, and operational readiness in sub-conventional warfare and UN peacekeeping missions.
Participating Nations
- India: Troops primarily from the DOGRA Regiment
- Malaysia: Troops from the 25th Battalion, Royal Malaysian Army
- Host Location: Mahajan Field Firing Range, Rajasthan
Key Features of the Exercise
Focus on Sub-Conventional Operations
- Conducted under the framework of UN Chapter VII mandates
- Simulation of real-world peacekeeping challenges
Joint Tactical Drills
- Cordon and search operations
- Heliborne insertion and extraction
- Search-and-destroy missions
- Securing landing zones and helipads
Operational Readiness & Combat Skills
- Casualty evacuation drills
- Counter-terrorism tactical responses
- Small-team coordinated manoeuvres
- Army Martial Arts Routine (AMAR)
- Combat reflex shooting
- Yoga and physical conditioning
Exchange of Best Practices
Both armies share tactical knowledge and warfighting techniques to enhance collective proficiency and mission preparedness.
Banking/Finance
1. Open Market Operation (OMO)
Context:
The RBI announced a ₹1 trillion Open Market Operation (OMO) purchase along with a $5 billion dollar–rupee swap to inject durable rupee liquidity as the rupee slipped past 90 per dollar amid foreign outflows. The move aims to stabilise liquidity, interest rates, and currency markets.
What is an OMO Purchase?
An Open Market Operation (OMO) purchase is an action where the RBI buys government securities from banks and financial institutions to inject durable liquidity into the financial system.
Key outcomes:
- Increases bank reserves
- Lowers short-term interest rates
- Smoothens monetary policy transmission across the economy
Purpose of OMO Purchases
- Inject long-term, durable liquidity into the banking system
- Smoothen monetary transmission after policy rate changes
- Stabilise money-market rates such as the Weighted Average Call Rate (WACR)
- Counter liquidity shortages caused by capital outflows or currency volatility
Types of Open Market Operations
Expansionary OMO (Liquidity Injection)
- RBI buys government securities
- Bank reserves rise
- Interest rates fall
- Lending and investment activity increases
Contractionary OMO (Liquidity Absorption)
- RBI sells government securities
- Money supply reduces
- Market interest rates rise
- Helps control inflation
Special OMOs / Operation Twist
- RBI buys long-term bonds and sells short-term bonds simultaneously
- Adjusts the yield curve without altering overall liquidity
- Used to ease long-term borrowing costs
How OMO Purchases Work
Step 1: Assess Liquidity
RBI monitors:
- Currency pressures
- Capital flows
- Call money rates
- Banking system liquidity
Step 2: Announce OMO Auction
RBI specifies:
- Amount (e.g., ₹1 trillion)
- Type and maturity of government securities
Step 3: Banks Sell Bonds
Banks sell government securities to the RBI through the auction mechanism.
Step 4: Settlement
- RBI pays banks
- Bank reserves increase
- System liquidity expands
Step 5: Market Effects
- Overnight rates fall
- Bond yields soften
- Rupee money markets stabilise
- Monetary transmission improves
Significance of the OMO Purchase
- Strengthens Rupee Liquidity During Currency Pressure
- Foreign outflows reduce rupee liquidity; OMO purchases replenish it to prevent market stress.
- Improves Monetary Transmission
- Ensures lending rates ease in line with repo rate cuts.
- Stabilises Bond Markets
- Prevents abrupt spikes in bond yields, supporting government borrowing.
- Boosts Banking Sector Liquidity
- Provides banks with durable liquidity, enabling greater credit flow to businesses and households.
2. RBI Examining Bank Participation in Non-Agricultural Commodity Derivatives
Source: BS
Context:
The Reserve Bank of India (RBI) is reviewing a proposal by SEBI to allow banks to participate in non-agriculture commodity derivatives markets. RBI Governor Sanjay Malhotra clarified that current regulations under the Banking Regulation Act prohibit banks from such activities.
Key Points:
- Regulatory Requirement:
- bAllowing banks to trade in non-agri commodity derivatives would require amendments to the Banking Regulation Act.
- RBI emphasized that this is not limited to a single regulatory change; broader implications need study.
- SEBI’s Initiative:
- SEBI aims to enable banks, insurance companies, and pension funds to invest in non-agriculture commodity derivatives.
- Discussions with the government may also follow to allow institutional participation in this market.
What Are Non-Agricultural Commodity Derivatives?
Non-agricultural commodity derivatives are exchange-traded financial contracts whose value is derived from non-farm commodities such as metals, energy products, and bullion. These instruments allow participants to hedge price risks, speculate, or manage exposures in non-agri commodities.
They are traded on Indian commodity exchanges such as:
- MCX (Multi Commodity Exchange of India)
- ICEX (Indian Commodity Exchange)
3. RBI Allows Multiple Bank-Group Entities to Undertake Same Business, With Board Approval
Source: BS
Context:
The Reserve Bank of India (RBI) has allowed multiple entities within a bank group to undertake the same line of business, provided they cater to different customer segments and obtain mandatory board approval to justify any overlap.
Key Announcement
RBI has modified its earlier proposal to restrict a bank group to one entity per business activity. Now:
- Multiple entities in a bank group can undertake the same business,
- But only if they target different segments (e.g., geography, ticket size, customer profile),
- And they must have board-approved justification for overlaps.
This change provides greater operational flexibility to banks while ensuring governance discipline.
Why Did RBI Make This Change?
- Banking industry argued that customers and markets differ widely.
- Different group entities often specialise in distinct sectors/regions.
- A blanket restriction would have hampered business models, especially in retail lending, wealth management, payments, and credit subsidiaries.
RBI accepted the suggestion but added a governance check through mandatory board approval.
Background: 2024 Draft Circular
The draft regulatory framework (2024) had proposed:
- Only one entity per bank group may engage in a specific permissible business.
This has now been dropped.
New Relief for NBFC Group Entities of Banks
Exemption from Listing Requirement
RBI accepted industry demand to ease listing norms.
- NBFC group entities of banks that are not independently identified by RBI as NBFC-Upper Layer (NBFC-UL)
→ Are now exempt from mandatory listing.
Why This Matters
Under the Scale-Based Regulatory (SBR) framework:
- NBFCs classified as Upper Layer must list within 3 years of identification.
- Many bank-owned NBFCs feared unnecessary listing burdens.
- RBI has now clarified: only NBFCs explicitly identified as NBFC-UL have to list.
Anti-Circumvention Clause
To prevent banks from bypassing regulations by shifting activities to NBFC subsidiaries:
- Restrictions applicable to banks for specific loan segments
→ will also apply to NBFC group entities of banks.
Current NBFC-Upper Layer (NBFC-UL)
Largest NBFCs regulated similar to banks. Examples include:
- Bajaj Finance
- Shriram Finance
- Tata Capital
- HDB Financial Services
- 11 others (total 15)
Facts To Remember
1. Niger becomes 1st African country to eliminate onchocerciasis
Niger becomes the first country in the African Region to eliminate onchocerciasis. Niger’s Minister of Public Health, Population and Social Affairs Garba Hakimi officially declared at a ceremony that the country is free of onchocerciasis.
2. Govt Plans RRB Listings in FY27: Two Regional Rural Banks Set for Market Debut
The Government of India has instructed state-run banks to begin preparations for listing selected Regional Rural Banks (RRBs) on the stock market in FY27. This move follows the recent consolidation under the ‘One State, One RRB’ framework and aims to deepen rural credit access while improving financial discipline.
3. Mahaparinirvan diwas observed across India in tribute to Dr B.R. Ambedkar
The Mahaparinirvan Diwas, which commemorates the death anniversary of the Bharat Ratna Dr Bhimrao Ramji Ambedkar, was observed in various parts of the country.
4. 11th India International Science Festival Begins in Panchkula
The 11th India International Science Festival – IISF, organised by the Union Ministry of Science and Technology, started today at Dussehra Ground, Panchkula.
5. 11th India International Science Festival begins at Dussehra Ground, Panchkula
The first session of the 11th India International Science Festival – IISF, organised by the Union Ministry of Science and Technology, started today at Dussehra Ground, Panchkula.
4. MyGov launches nationwide competition ahead of 9th edition of ‘Pariksha Pe Charcha’
A nationwide competition is underway on the MyGov portal in the run-up to the ninth edition of Prime Minister Narendra Modi’s unique interactive program Pariksha Pe Charcha.
