Daily Current Affairs Quiz
30 September, 2025
National Affairs
1. India’s Industrial Growth Slows to 4% in August 2025
Source: Mint
Context:
India’s industrial output, measured by the Index of Industrial Production (IIP), grew 4% in August 2025, easing slightly from July’s upwardly revised 4.3% growth. The slowdown was led by weaker manufacturing activity, despite a recovery in mining and electricity.
Key Highlights:
| Category | July 2025 | August 2025 | Remarks |
|---|---|---|---|
| Overall IIP Growth | 4.3% (revised from 3.5%) | 4% | Slight slowdown, but rebound from Jan–Jun weakness |
| Manufacturing | 5.38% | 3.8% | Slowed due to postponed purchases before Sept GST cuts |
| Mining | Contracted (monsoon impact) | 6% | Strong recovery |
| Electricity | Negative (May–June contraction) | 4.15% | Continued recovery |
| Capital Goods | 6.8% | 4.4% | Moderation in investment activity |
| Infrastructure/Construction Goods | 13.7% | 10.6% | Still robust despite slowdown |
| Consumer Durables | 7.2% | 3.5% | GST wait-and-watch sentiment hit demand |
| Consumer Non-durables | Negative trend | -6.3% | Continued contraction since start of FY25 |
Policy & Market Factors:
- GST Council’s sharp tax rate cuts on autos, textiles, packaged foods, kitchenware, and services (life & health insurance, restaurants) announced in Sept 2025 as a “GST savings festival” are expected to stimulate demand.
- Analysts highlight strong rural demand from good monsoon, kharif sowing, and benign inflation, while urban demand is supported by lower lending rates, income tax relief, and GST cuts.
- Risks: Weak global demand, US tariffs on India (50%), and excess rains impacting agriculture.
2. India Adds Two New Ramsar Sites in Bihar
Source: PIB
Context:
India has designated two new wetlands in Bihar Gokul Jalashay (Buxar) and Udaipur Jheel (West Champaran) as Ramsar sites, raising the national tally to 93 wetlands of international importance. With this, India retains its top position in Asia for the number of Ramsar sites.
Key Highlights:
Gokul Jalashay (Buxar, 448 ha):
- Oxbow lake on the southern edge of the Ganga River.
- Acts as a flood buffer for nearby villages.
- Habitat for 50+ bird species.
- Supports fishing, irrigation, farming.
- Unique feature: community-led cleaning rituals by villagers every year.
Udaipur Jheel (West Champaran, 319 ha):
- Oxbow lake encircling a village.
- Rich in biodiversity: 280+ plant species, including endemic Alysicarpus roxburghianus.
- Important wintering ground for 35+ migratory birds, incl. vulnerable Common Pochard.
About Ramsar Sites
- Wetlands of international importance under the Ramsar Convention (1971).
- Objective: Promote conservation and sustainable use of wetlands.
- Origin: Signed in Ramsar, Iran (1971); came into force in 1975 under UNESCO.
- Functions:
- Protects wetlands crucial for biodiversity, migratory birds, endangered species, flood control, water security, fisheries, and livelihoods.
- Provides a framework for national action and international cooperation.
India’s Ramsar Sites – Current Status (Sept 2025)
- Total Sites: 93 (covering 13.6 lakh hectares).
- Growth: 26 (2012) → 93 (2025). Notably, 51 sites added since 2020.
- Global Standing:
- India: 3rd largest number of Ramsar sites (after UK – 176, Mexico – 144).
- Asia: Rank 1.
- Bihar: Now has 5 Ramsar sites after the latest additions.
3. Sahyog Portal
Context:
The Karnataka High Court upheld the validity of the Union government’s Sahyog portal, which enables police and authorised agencies to send content takedown requests directly to social media platforms. X (formerly Twitter) had challenged this mechanism, arguing it amounted to censorship without judicial oversight.
What is the Sahyog Portal?
- The Sahyog portal is an online platform created by India’s Ministry of Home Affairs (MHA), maintained via the Indian Cyber Crime Coordination Centre (I4C).
- It was launched in October 2024 to automate and streamline the issuance of content takedown notices by government agencies, police, and other authorized bodies under Section 79(3)(b) of the Information Technology (IT) Act, 2000.
- The stated intent is to “expedite the process of sending notices to IT intermediaries” (social media platforms, ISPs, etc.) for removing or disabling access to content deemed “unlawful.”
How Sahyog Portal Works
- Nodal / authorized agencies issue takedown or removal notices via the portal to internet intermediaries.
- IT intermediaries receive notices and are required to act—either remove content or respond with reasons or request further evidence.
- The portal enables an integrated dashboard view so agencies can track action taken or non-compliance.
- Platforms can seek additional information or contest a notice in specific cases.
- The portal covers multiple agencies—central, state, police, ministries—and many intermediaries (e.g. Google, YouTube, Apple) have been onboarded.
4. NCRB Crime in India Report 2023
Source: IE
Context:
The National Crime Records Bureau (NCRB) released its annual Crime in India 2023 report, revealing a significant rise in overall crime, a shift in crime patterns, and growing concerns over cybercrime and crimes against vulnerable sections.
Key Findings (Compared to 2022)
- Overall Crime:
- Total: 6.24 million cases (↑7.2%).
- Crime rate: 448.3 per lakh population (vs. 422.2 in 2022).
- A crime every 5 seconds in India.
- Changing Pattern:
- Decline in traditional violent crimes like rape and dowry deaths.
- Surge in cybercrime and urban crimes.
- Cybercrime:
- ↑ 31.2% in 2023.
- Majority linked to fraud (68.9%), followed by sexual exploitation and extortion.
- Reflects risks of rapid digitalization without adequate cyber hygiene.
- Metropolitan Cities:
- Overall crime ↑ 10.6%.
- Delhi reported the highest number of cases.
- Indicates both urban pressures and improved reporting mechanisms.
- Crimes Against Vulnerable Sections:
- Women: ↑ 0.7%.
- Domestic cruelty = 29.8% of total cases.
- Scheduled Castes (SCs): Marginal increase.
- Scheduled Tribes (STs): ↑ 28.8%, mainly due to ethnic violence in Manipur.
- Children: ↑ 9.2%.
- Large share under POCSO Act, indicating both vulnerability and better reporting.
- Women: ↑ 0.7%.
About NCRB
- Established: 1986 (based on Tandon Committee, National Police Commission 1977-81, and MHA Task Force 1985).
- Ministry: Ministry of Home Affairs (MHA).
- Functions:
- Repository of crime and criminal data.
- Coordinates CCTNS (Crime and Criminal Tracking Network & Systems).
- Publishes national crime statistics:
- Crime in India
- Accidental Deaths & Suicides
- Prison Statistics
Banking/Finance
1. RBI Revised Liquidity Management Framework
Source: BS
Context:
The Reserve Bank of India (RBI) has retained the overnight weighted average call rate (WACR) as the operating target of monetary policy, under a revised liquidity management framework, ahead of its upcoming monetary policy decision.
Key Announcements:
- The overnight Weighted Average Call Rate (WACR) remains the operating target of India’s monetary policy.
- Purpose: Align short-term money market rates with the policy repo rate for smooth transmission of monetary policy.
Changes in Operational Tools
- 14-day Variable Rate Repo (VRR) and Variable Rate Reverse Repo (VRRR) will be discontinued as primary liquidity management tools.
- They will be replaced primarily by 7-day liquidity operations, with additional operations ranging from overnight to 14 days depending on liquidity conditions.
- All existing instruments for durable liquidity management—like Open Market Operations (OMOs), long-term variable rate repos/reverse repos, and forex swap auctions—will continue.
Policy Corridor
- The symmetric corridor around the policy repo rate is retained:
- Repo Rate: Midpoint
- Standing Deposit Facility (SDF): Floor (25 bps below repo)
- Marginal Standing Facility (MSF): Ceiling (25 bps above repo)
- Banks’ access: Standalone primary dealers retain access to SDF, overnight reverse repo, and all repo operations.
Liquidity Alignment & Transparency
- RBI aims to keep WACR close to the policy repo rate by maintaining optimal liquidity.
- Advance notice of at least one day will be given regarding tenor, quantum, and timing of liquidity operations, except in exceptional circumstances.
Cash Reserve Ratio (CRR)
- Banks must maintain at least 90% of prescribed CRR daily.
Key Definitions
| Term | Definition | Significance |
|---|---|---|
| WACR | Weighted Average Call Rate — average overnight interbank lending rate | Operating target of RBI’s monetary policy |
| Policy Repo Rate | Rate at which RBI lends to banks for short term against government securities | Benchmark for market rates; controls inflation & growth |
| SDF | Standing Deposit Facility — banks can park excess funds without collateral | Floor of policy corridor; absorbs liquidity |
| MSF | Marginal Standing Facility — banks borrow overnight from RBI against securities | Ceiling of policy corridor; lender of last resort |
| VRR / VRRR | Variable Rate Repo / Reverse Repo — liquidity operations with variable interest rate | Discontinued as main tools |
| 7-day Liquidity Operations | RBI injects or absorbs liquidity for 7 days | New primary tool for short-term liquidity management |
| OMOs | Open Market Operations — buying/selling government securities | Manages durable liquidity |
| Forex Swap Auctions | RBI swaps rupees for foreign currency with banks | Manages forex liquidity & market stability |
| CRR | Cash Reserve Ratio — % of NDTL banks must maintain with RBI | Ensures liquidity & financial stability |
2. RBI Revises Guidelines for Small Business Loans
Source: BS
Context:
The Reserve Bank of India (RBI) has announced new guidelines for small business loans, giving banks greater flexibility in adjusting the additional interest or spread charged over the loan term. Previously, banks could revise the spread linked to a borrower’s credit risk only once every three years.
Key Highlights:
Greater Flexibility in Loan Spreads
- Previous rule: Banks could revise the spread (additional interest over the base rate linked to borrower credit risk) only once every three years.
- New rule: Banks can now reduce other spread components earlier, benefiting borrowers.
- Additional option: Borrowers can switch to a fixed-rate loan at the time of reset.
Expanded Lending Using Gold
- Earlier restriction: Banks could not provide loans for purchasing gold/silver, except working capital loans to jewellers.
- New provision: Banks can now extend working capital loans to any business using gold as a raw material, broadening credit access beyond the jewellery sector.
Other Directions for Strengthening Lending
- Seven directions issued:
- Three mandatory
- Four open for consultation (feedback until October 20, 2025)
- Key measures:
- Expanded role of smaller urban co-operative banks in lending to enhance financial inclusion.
- Capital rules eased: Banks can use foreign-currency and overseas-rupee bonds as Additional Tier 1 (AT1) capital, facilitating access to global markets.
- Faster credit reporting: Data submissions will move from fortnightly to weekly, integrating unique CKYC identifiers for more accurate and timely reporting.
Key Definitions
| Term | Definition | Significance |
|---|---|---|
| Spread | Additional interest rate charged over the base/reference rate based on borrower credit risk | Determines cost of borrowing; now adjustable before 3-year period |
| Fixed-rate loan | Loan with interest rate fixed for the tenure | Provides interest stability to borrowers |
| Working Capital Loan | Short-term loan to meet daily operational expenses | Supports liquidity needs of businesses |
| Additional Tier 1 (AT1) Capital | Capital instruments that absorb losses while the bank remains a going concern | Helps banks meet regulatory capital requirements; can be raised via foreign/overseas-rupee bonds |
| CKYC (Central Know Your Customer) | Centralized database of customer identity information | Ensures accurate borrower data and faster reporting |
| Urban Co-operative Banks | Local banks serving urban areas, often MSMEs | Expanded role increases credit access for small businesses |
3. Moody’s Affirms India’s Sovereign Rating
Source: FE
Context:
Moody’s Ratings affirmed Government of India’s long-term local and foreign-currency issuer ratings at Baa3 (lowest investment grade). The outlook remains stable.
Key Rating Decisions:
- Long-term issuer ratings (local & foreign currency): Baa3 (affirmed).
- Local-currency senior unsecured rating: Baa3 (affirmed).
- Short-term local-currency rating: P-3 (affirmed).
- Local-currency (LC) bond ceiling: A2 (unchanged).
- Outlook: Stable.
Rationale Behind Rating:
| Aspect | Details |
|---|---|
| Strengths | – Large, fast-growing economy – Sound external position (adequate forex reserves, manageable external debt) – Stable domestic financing base for fiscal deficits – Resilience against external shocks (e.g., high U.S. tariffs, global trade headwinds) |
| Weaknesses | – High government debt burden – Weak debt affordability – Slow fiscal consolidation; revenue base eroded by measures to boost private consumption – Long-standing structural fiscal weaknesses |
Exam-Oriented Points:
- Baa3: Lowest investment grade rating (still investment grade, not junk).
- P-3: Short-term rating indicating “adequate ability” to meet obligations.
- Local-currency bond ceiling A2: Higher than sovereign rating, indicates scope for stronger performance of domestic borrowers relative to government.
- Peer Context: India remains investment-grade with all three major agencies — S&P (BBB-), Fitch (BBB-), Moody’s (Baa3).
4. Sebi Bars Man Industries & Top Executives Over Fund Diversion
Source: BS
Context:
India’s market regulator barred Man Industries and three of its top executives, including the chairman, from accessing the securities markets for two years over alleged fund diversion, according to an order issued.
Reason for Action:
- Diversion of funds to subsidiaries.
- Misrepresentation of financial statements by not consolidating subsidiary accounts.
- Non-disclosure of related-party transactions.
- Rotation of funds and failure to disclose material events.
SEBI Guidelines on Misuse of Funds
| Aspect | Key Points |
|---|---|
| Prohibition on Misuse | Funds raised via IPO, preferential allotment, or debt must be used as disclosed; diverting to promoters/directors without approval is banned. |
| Disclosure Requirements | All material transactions and related-party dealings must be reported to stock exchanges and in annual financial statements; deviations in fund usage must be disclosed promptly. |
| Corporate Governance | Independent directors oversee fund use and approve related-party transactions; audit committees review fund allocation and financial statements. |
| SEBI Investigation & Enforcement | SEBI can inspect, audit, and requisition data; violations can lead to capital-raising bans, board prohibitions, and monetary penalties. |
| Investor Protection | SEBI can direct recovery of misused funds; companies must refund diverted funds to investors. |
5. RBI Warns NBFCs Against Aggressive Business Growth
Context:
The Reserve Bank of India (RBI) has cautioned NBFCs, Microfinance Institutions (MFIs), and Housing Finance Companies (HFCs) against aggressive expansion without strong risk management frameworks and sustainable business practices.
Key Highlights:
- Concern raised over high return-on-equity chasing, leading to excessive interest rates, high processing fees, and penalties—posing risks to financial stability.
- RBI urged NBFCs to:
- Adopt a compliance-first culture.
- Follow Fair Practices Codes strictly.
- Address customer grievances effectively.
- Review compensation and incentive structures to prevent poor service and unethical practices.
Significance:
- Ensures prudent lending and risk management.
- Protects financial stability and consumer interests.
- Encourages responsible growth in the NBFC sector.
6. India Phasing in Secured Overnight Rupee Rate (SORR) to Replace MIBOR
Source: BL
Context:
India is revamping its key financial benchmark system to replace the Mumbai Interbank Outright Rate (MIBOR) with the Secured Overnight Rupee Rate (SORR), aligning with global trends away from unsecured interbank rates like Libor.
Key Highlights:
- SORR Introduction:
- SORR is a secured overnight borrowing rate, based on repurchase (repo) market transactions backed by securities such as government bonds.
- Unlike MIBOR, which is derived from a small unsecured interbank market, SORR reflects broader market liquidity including mutual funds and non-bank participants.
- Need for Transition:
- MIBOR underpins ~$1 trillion in interest-rate swaps but is based on only ~2% of the funding market.
- Secured rates provide a more accurate reflection of borrowing costs, improving transparency for derivatives, consumer loans, and hedging instruments.
- Benefits:
- Provides a robust benchmark for domestic and foreign investors.
- Facilitates foreign participation in India’s debt markets by improving hedging and risk management.
- Average SORR has been ~10 basis points lower than MIBOR since July 2025.
- Challenges:
- Transition requires banks to manage legacy contracts and new trades, similar to the global Libor transition.
- Timeline for full adoption is not yet announced, dependent on liquidity in SORR-linked swaps market.
- Potential risks for derivative pricing if MIBOR-linked contracts are not properly adjusted.
- Global Context:
- Mirrors global trends such as the SOFR (Secured Overnight Financing Rate) adoption in the US, post-Libor.
- India’s repo market now involves mutual funds, insurance companies, and banks, reflecting the evolving financial landscape.
MIBOR vs SORR
| Feature | Mumbai Interbank Outright Rate (MIBOR) | Secured Overnight Rupee Rate (SORR) |
|---|---|---|
| Type of Rate | Unsecured interbank rate | Secured overnight rate |
| Underlying Market | Banks’ lending to each other without collateral | Banks’ overnight lending collateralized by government securities |
| Tenor | Typically short-term, overnight, or term | Overnight only |
| Benchmark Usage | Reference for loans, floating-rate bonds, derivatives, and money market instruments | Will replace MIBOR as a risk-free benchmark for pricing loans, bonds, derivatives, and other financial contracts |
| Risk Profile | Higher credit risk (reflects interbank default risk) | Lower credit risk (secured by government securities, virtually risk-free) |
| Global Alignment | Similar to LIBOR (London Interbank Offered Rate), which is being phased out | Similar to SOFR (US), SONIA (UK), and €STR (Eurozone) – risk-free overnight rates |
| Calculation Method | Based on quotes submitted by banks in the interbank market | Based on actual transactions in the secured overnight repo market |
| Regulatory Aim | Traditional benchmark for Indian rupee money markets | Enhance transparency, reliability, and align with global risk-free rate standards |
7. TATA AIG Partners with Equitas Small Finance Bank to Expand Insurance Access
Source: BL
Context:
TATA AIG General Insurance Company Ltd has entered into a bancassurance partnership with Equitas Small Finance Bank to enhance the distribution of non-life insurance products, particularly in semi-urban and rural India.
Key Highlights:
- Nature of Partnership:
- Customers of Equitas Bank can now purchase TATA AIG’s general insurance products through the bank’s network.
- Products offered include motor, health, personal accident, travel, and other non-life insurance solutions.
- Focus Areas:
- Emphasis on financial protection for households and small businesses in emerging markets.
- Aims to increase insurance penetration in underserved semi-urban and rural regions.
Agriculture
1. Arya.ag Wins SmartAG Award 2025
Source: BL
Context:
Arya.ag, an integrated grain commerce platform, has been recognized with the SmartAG Award 2025 for its solutions promoting climate resilience and sustainable agriculture for smallholder farmers.
About SmartAG Award:
- Organized by responsAbility, a global impact asset manager focusing on private market investments aligned with UN Sustainable Development Goals (SDGs).
- Highlights innovative, scalable agriculture and food system solutions that enhance climate resilience, sustainability, and inclusion.
Arya.ag’s Winning Initiative
Smart Farm Centre Model:
- Core of Arya.ag’s award-winning solution.
- Integrates climate-smart technologies, economic resilience measures, and sustainable practices.
- Features the in-house developed AI-powered AryaQ grain quality device, helping assess and monitor grain quality efficiently.
Key Features:
- Operated by women community value chain resource persons.
- Provides smallholder farmers in climate-vulnerable regions with real-time access to advanced agri-tech services:
- Soil testing
- Drone-based spraying
- Hyperlocal weather advisories
- Enables data-driven decisions to reduce waste, boost procurement efficiency, and allow quality-linked pricing.
Facts To Remember
1. Centre appoints RBI ED Murmu as Deputy Governor
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Shirish Chandra Murmu, Executive Director, Reserve Bank of India (RBI), for the post of Deputy Governor, RBI, for a period of three years.
2. Rinku clinches gold with championship record
A day after his namesake won the Asia Cup in cricket for India, Rinku Singh went one further, setting a new championship record en route being crowned the world champion at the World Para Athletics Championships at the Jawaharlal Nehru Stadium.
3. Prabu wins gold; silver medals for Dewan and Tarushi
Nine-year-old Aaruthran Prabu won gold in the karting slalom cadet class while Aarav Dewan, a 15-year-old from Gurugram, and Chikmagaluru’s Tarushi Vikram, won a silver each in the FIA Asia-Pacific motorsport championship at Bandaragama (Sri Lanka).
4. Ojasvi powers India to a sweep of air rifle medals
Ojasvi Thakur led a sweep of air rifle medals for the host in the Junior World Cup at the Dr. Karni Singh Range, Tughlakabad.
5. Punjab farm groups oppose crackdown on stubble burning
Farmer bodies have begun opposing the crackdown on stubble burning in Punjab and demanded cash incentives for farmers to desist from the practice, in keeping with the 2019 SC directive on crop-residue management.
6. India inks pact to construct first-ever rail links with Bhutan
India and Bhutan signed an agreement Monday for construction of two cross-border railway lines, aimed at strengthening economic and people-topeople links between the two neighbouring nations.
7. Tata Capital’s ₹15,511 Crore IPO to be India’s Largest NBFC Listing
Tata Capital, the financial services arm of Tata Group, is launching its ₹15,511-crore Initial Public Offering (IPO), making it the largest-ever IPO by any Non-Banking Financial Company (NBFC) in India and Tata Group’s biggest IPO to date.
8. India bag gold and silver in men’s javelin throw
Two unfortunate accidents, which resulted in disability for life, didn’t deter India’s leading differently-abled javelin throwers Rinku Hooda and Sundar Singh Gurjar from achieving a momentous 1-2 for the country at the ongoing World Para Athletics Championships.
9. IVF to save a rhino: Mumbai filmmaker’s docu-series wins at Cannes
WHILE OTT watchers were smitten by direwolves on Game of Thrones and their de-extinction was underway, a few more species were in various stages of conservation, or being brought back from their vanishing turns.
10. Yogesh Khatuniya Wins Silver in Men’s Discus Throw F56 at World Para Athletics Championship
Yogesh Khatuniya has won silver at the World Para Athletics Championship.
11. Sidbi net profit rises by 19.5% to record high of ₹4,811 cr in FY25
Small Industries Development Bank of India (Sidbi) said its net profit rose by 19.5 per cent to hit an all-time high of Rs 4,811 crore in the 2024-25 financial year.
