Banking Awareness PYQs

The correct answer is Indian Renewable Energy Development Agency (IREDA).

In News

• Energy Efficiency Services Limited (EESL) collaborated with APSHCL and APSEEDCO to launch three transformative programmes aimed at strengthening energy efficiency, sustainability, and livelihoods in Andhra Pradesh.

Key Points

• The collaboration between EESL, APSHCL, and APSEEDCO was launched in Vijayawada in the presence of CM N. Chandrababu Naidu and Union Power Minister Manohar Lal.
• EESL, a joint venture of National Thermal Power Corporation Limited (NTPC), Power Finance Corporation (PFC), Rural Electrification Corporation (REC), and Power Grid Corporation of India Limited (POWERGRID), to support the implementation of energy efficiency projects.
• The first programme, URJAVEER, aims to train 1 lakh individuals as “Urjaveers” who will promote energy-efficient products through EESLmart.in and community outreach.
• The second programme introduces energy-efficient appliances to low-income PMAY households, including 6 lakh LED bulbs, 3 lakh LED battens, and 3 lakh BLDC fans.
• The third, the National Efficiency Cooking Programme (NECP), promotes electric cooking solutions like EESL induction cooktops distributed through Anganwadi Centers.
• These initiatives aim to combine environmental sustainability with economic empowerment, contributing to India’s broader energy conservation goals.
• EESL, under the Ministry of Power, is recognized for pioneering large-scale efficiency programs such as UJALA and the Street Lighting National Programme (SLNP).
• It was set up to implement the Energy Service Company (ESCO) model for cost-effective and measurable energy savings in India.

Additional Information

• Energy Efficiency Services Limited (EESL)
• Established - 2009
• HQ - New Delhi
• Parent Ministry - Ministry of Power, Government of India
• Joint Venture of - NTPC, PFC, REC, POWERGRID
• Major Programmes of EESL
• UJALA (Unnat Jyoti by Affordable LEDs for All)
• Street Lighting National Programme (SLNP)
• Building Energy Efficiency Programme (BEEP)
• NECP (National Efficiency Cooking Programme)
• IREDA, though a power sector PSU, is not a joint venture partner in EESL.
• EESL plays a central role in India’s pledge to reduce energy intensity by 45% by 2030 compared to 2005 levels.
• Partnerships like these strengthen state-level implementation of clean energy and efficiency goals.

The correct answer is Night Watch by Jayne Anne Phillips.

In News

• In the 2024 Pulitzer Prize announcements, the Fiction category winner was Night Watch, authored by Jayne Anne Phillips.

Key Points

• Night Watch is the work cited as the Fiction category winner in 2024.
• The Pulitzer Prizes are administered by Columbia University and established by Joseph Pulitzer.
• Winners in 2024 include categories across Journalism, Drama, Music, and Books with 24 total categories.
• In Books, Drama and Music, winners receive cash prizes and certificates, with Public Service in Journalism receiving a gold medal.
• Jayne Anne Phillips’s Night Watch contributes to American literary fiction recognized by the Pulitzer Board.
• The 2024 awards reflect a diverse set of voices across genres in American letters.

Additional Information

• The Pulitzer Prize was first awarded in 1917 and is the highest national honor in journalism, literature, and music in the USA.
• Categories span Journalism (15), Letters/Drama/Music (8), and Special Citations (1).
• Winners in Books, Drama and Music receive cash prizes and certificates; Fiction is among these literary categories.
• Night Watch explores themes typical of contemporary American fiction and was recognized for its narrative craft.
• Books, Drama and Music winners are announced annually in December, while Pulitzer Prizes in Journalism are announced in May.

The correct answer is Digital Inclusion in Logistics

In News

• Union Minister Piyush Goyal released the 6^th edition of the ‘Logistics Ease Across Different States (LEADS) Report 2024’ in New Delhi, highlighting progress in logistics efficiency and policy reforms.

Key Points

• The LEADS 2024 report evaluates logistics performance across Indian states and union territories by using a comprehensive set of performance indicators.
• It was released by Piyush Goyal, Union Minister of Commerce and Industry, in the presence of Jitin Prasada, MoS, and Amardeep Singh, Secretary, DPIIT.
• Gujarat, Karnataka, Maharashtra, Odisha, and Tamil Nadu were recognized as top achievers among coastal states.
• The report’s assessment framework is built around four key pillars: Logistics Infrastructure, Logistics Services, Operating and Regulatory Environment, and Sustainable Logistics (introduced newly).
• A new report by NCAER on India’s logistics cost framework was also unveiled to analyze domestic and EXIM cargo data.
• Piyush Goyal proposed the LEAD approach — Longevity, Efficiency, Effectiveness, Accessibility, Accountability, and Digitalization to improve logistics development.
• Additionally, a PM Gati Shakti course by Gati Shakti Vishwavidyalaya was launched through iGOT Karmayogi and UGC-SWAYAM platforms for infrastructure planning studies.

Additional Information

• About LEADS Report
• Initiated - 2018
• Conducted annually by - DPIIT under the National Logistics Policy 2022
• Purpose - To support states in improving infrastructure and service delivery in logistics.
• The aim is to align with the World Bank’s Logistics Performance Index framework while integrating national-level indicators.
• The Sustainable Logistics pillar marks a shift toward environmentally responsible transport development in India.
• LEADS serves as a key input for India’s logistics efficiency roadmap under PM Gati Shakti.
• Digital Inclusion is not a separate assessment pillar in the LEADS 2024 report but forms part of broader process modernization efforts.

The correct answer is Rs 2,481 crore.

In News

• The Union Cabinet approved the launch of the National Mission on Natural Farming (NMNF) as a standalone Centrally Sponsored Scheme under the Ministry of Agriculture and Farmers’ Welfare with a total outlay of Rs 2,481 crore.

Key Points

• The NMNF aims to promote Natural Farming (NF) techniques that produce chemical-free, nutritious food while reducing dependence on external inputs like fertilizers and pesticides.
• The scheme will be implemented across 15,000 clusters in Gram Panchayats nationwide within two years, targeting 1 crore farmers and covering 7.5 lakh hectares of land.
• The total outlay for the scheme is Rs 2,481 crore, with Rs 1,584 crore contributed by the Centre and Rs 897 crore by state governments, valid up to the 15^th Finance Commission cycle (2025–26).
• The initiative includes setting up 10,000 Bio-input Resource Centres (BRCs) to ensure widespread access to organic and natural farming inputs.
• Approximately 2,000 Natural Farming Model Demonstration Farms will be established at Krishi Vigyan Kendras (KVKs), Agricultural Universities (AUs), and farmer fields.
• Around 18.75 lakh trained farmers will produce bio-inputs such as Jeevamrit and Beejamrit, while 3,000 Krishi Sakhis/CRPs will raise awareness and assist local farmers.
• Real-time monitoring will be conducted through an online geo-tagging portal to ensure transparency and effective implementation.

Additional Information

• Natural Farming enhances soil fertility, conserves water resources, and builds climate resilience against floods, droughts, and waterlogging.
• The scheme will integrate with existing government programmes to support livestock development, marketing, and local value chain formation.
• A simple certification and branding system will help farmers market their natural produce effectively.
• Undergraduate, postgraduate, and diploma-level courses in Natural Farming will be introduced under the Rural Agricultural Work Experience (RAWE) programme.
• Bio-input centres will create rural employment opportunities while reducing chemical dependency in agriculture.

The correct answer is 2019.

In News

• The United Nations’ World Braille Day is observed annually on January 4, marking the birth anniversary of Louis Braille. The first World Braille Day was celebrated in 2019.

Key Points

• World Braille Day is observed on January 4 worldwide to emphasize the importance of Braille as a communication tool for blind and visually impaired individuals.
• The United Nations General Assembly (UNGA) officially established World Braille Day on December 17, 2018, through resolution A/RES/73/161.
• The first World Braille Day was observed on January 4, 2019, and 2025 marks its 7^th observance since inception.
• The day commemorates the legacy of Louis Braille, who invented the Braille system in 1824 at the age of 15.
• The 2025 celebration also coincided with his 216^th birth anniversary.
• The observance aims to promote access to written communication, education, and opportunities for visually impaired communities worldwide.

Additional Information

• Louis Braille was born on January 4, 1809, in Coupvray, France. A childhood accident caused him to lose his eyesight by age 5.
• At age 12, he learned about “night writing,” a 12-dot code created by French Army officer Charles Barbier, which inspired his system.
• Braille’s first book, “Method of Writing Words, Music, and Plain Songs by Means of Dots,” was published in 1829 for use by the blind.
• He passed away at the age of 43 on January 6, 1852, but his invention transformed global communication for visually impaired individuals.
• Braille uses a 6-dot matrix arranged in a 3x2 format, representing letters, numbers, and symbols read through touch.

The correct answer is National e-Governance Division (NeGD).

In News

• DigiLocker, under the Digital India program, is developed and managed by the National e-Governance Division (NeGD) to provide a secure digital document storage and sharing platform for Indian citizens.

Key Points

• DigiLocker is a key initiative of the Government of India’s Digital India program launched to empower citizens with digital document management.
• The platform enables storage, access, and sharing of government-issued documents and certificates in a digital locker linked to the Aadhaar identity.
• It is developed and maintained by the National e-Governance Division (NeGD), an autonomous arm under the Ministry of Electronics and Information Technology (MeitY).
• The National e-Governance Division (NeGD) also provides technical and policy support to various e-governance projects across India.
• DigiLocker enhances citizen convenience by eliminating the need for physical document submission during various services.
• The initiative promotes paperless governance, improves transparency, and facilitates secure data exchange among departments.
• DigiLocker complies with security standards and includes features like digital signatures and secure access.

Additional Information

• National e-Governance Division (NeGD) operates under the Ministry of Electronics and Information Technology (MeitY), India.
• DigiLocker leverages Aadhaar-based authentication to provide secure access to documents.
• The platform supports digital sharing of documents with government and private agencies, reducing fraud risk.
• NeGD also oversees other e-governance initiatives like the Common Services Centres (CSC) and e-District projects.
• DigiLocker was launched in 2015 and has since expanded to include over hundreds of government departments and private service providers.

The correct answer is Insurance Regulatory and Development Authority of India (IRDAI).

In News

• On January 6, 2025, FIU-IND signed a Memorandum of Understanding with the Insurance Regulatory and Development Authority of India (IRDAI) to strengthen cooperation in AML and CFT within the insurance sector.

Key Points

• The MoU facilitates timely sharing of intelligence and information on suspicious financial activities between FIU-IND and IRDAI.
• Clear reporting procedures for suspicious transactions under the Prevention of Money Laundering Act (PMLA), 2002, are established for insurance sector entities.
• Both organizations will conduct training programs to enhance the skills of personnel in regulated insurance entities on AML/CFT risks and detection.
• Risk assessments will be regularly conducted to identify vulnerabilities and strengthen compliance within the insurance sector.
• The agreement mandates the appointment of a nodal officer and an alternate nodal officer by each party to coordinate activities effectively.
• FIU-IND functions under the Department of Revenue, Ministry of Finance, and collects intelligence on offenses under PMLA.
• IRDAI is a statutory body supervising and developing the insurance sector, formed under the IRDA Act, 1999.

Additional Information

• FIU-IND serves as the central national agency for receiving, processing, and analyzing suspicious transaction reports (STRs).
• The PMLA, 2002, is the key legislation to prevent money laundering and terrorist financing in India.
• IRDAI regulates insurance companies, intermediaries, and protects policyholder interests.
• The MoU aims to improve transparency and effectiveness of AML/CFT mechanisms in insurance.
• Collaborations like this strengthen India’s compliance with global anti-money laundering standards.
• IRDAI
• Established in - 1999
• HQ - Hyderabad

The correct answer is Both 1 and 3.

In News

• The hallmarking scheme in India under BIS Rules, 2018, mandates compensation if gold jewellery does not meet declared purity standards.

Key Points

• Statement 1 – Correct: BIS Rules, 2018 under Section 49 requires the seller to pay a compensation amounting to twice the value of the difference in purity calculated on the weight of the gold article sold.
• **Statement 2 – Incorrect:**The buyer is entitled to reimbursement for any testing charges incurred for purity verification, as part of the compensation.
• Statement 3 – Correct: The detailed compensation mechanism is explicitly provided under sub-rule (1) of Rule 49 of BIS Rules, 2018, to safeguard consumers from adulteration risks.
• Hallmarking protects consumers by ensuring legal standards of fineness are maintained by manufacturers of gold and silver jewellery.
• The seller’s liability extends to compensating buyers promptly if purity falls short of declared standards, maintaining trust in the industry.
• The inclusion of testing charges reimbursement incentivizes consumers to verify purity without financial hesitation.
• Hallmark certification by BIS is an assurance of authenticity and compliance with Indian purity norms for precious metals.

Additional Information

• Hallmarking Scheme initiated by BIS (Bureau of Indian Standards) certifies purity standards of gold and silver jewellery in India.
• The scheme originally started with gold and later extended to silver to curb adulteration and protect consumer rights.
• Section 49 of BIS Rules, 2018 consolidates the compensation framework for buyers in case of purity shortfall.
• Consumers are encouraged to check for hallmark certification before purchasing to ensure product authenticity.
• The scheme promotes transparency and ensures accountability by legal enforcement of purity standards and compensation.

The correct answer is Madhyanchal Gramin Bank.

In News

• Madhyanchal Gramin Bank was formed by merging Madhya Bharat Gramin Bank, Rewa-Sidhi Gramin Bank, and Sharda Gramin Bank under the Regional Rural Bank Act, 1976, with its head office in Sagar, Madhya Pradesh, sponsored by State Bank of India.

Key Points

• Madhyanchal Gramin Bank is a Regional Rural Bank operating in 13 districts of Madhya Pradesh with headquarters in Sagar.
• The bank was established by merging three RRBs—Madhya Bharat Gramin Bank, Rewa-Sidhi Gramin Bank, and Sharda Gramin Bank—under the Regional Rural Bank Act, 1976.
• Sponsor Bank of Madhyanchal Gramin Bank is State Bank of India, which holds 35% share of the bank’s capital.
• The Government of India holds 50% share while the Government of Madhya Pradesh holds 15% share in the bank.
• Madhya Bharat Gramin Bank itself was formed by merging three SBI-sponsored banks: Damoh-Panna-Sagar RRB, Shivpuri-Guna RRB, and Bundelkhand Gramin Bank in 2006.
• Recent consolidation initiatives by the Department of Financial Services (DFS) under the ‘One State-One RRB’ policy have further integrated RRBs to improve efficiency.
• The mergers reduced the total number of RRBs nationwide from 43 to 28 and aim for better financial inclusion and rural credit delivery.

Additional Information

• The Regional Rural Bank Act, 1976 supports establishment and regulation of RRBs to provide banking services in rural areas.
• The ‘One State-One RRB’ policy aims to strengthen regional rural banks by consolidating multiple banks within states.
• State Bank of India is the sponsor bank of Madhyanchal Gramin Bank, providing managerial and financial support.
• The jurisdiction of Madhyanchal Gramin Bank covers districts including Damoh, Sagar, Shivpuri, Guna, and others within Madhya Pradesh.
• The capital structure of RRBs involves contributions from the central government, sponsor bank, and state government.

The correct answer is 2019.

In News

• Jal Jeevan Mission (JJM) was launched in 2019 to provide every rural household Functional Household Tap Connections and ensure 55 litres per capita per day of safe drinking water.

Key Points

• JJM was launched with the goal of providing tap water to all rural households by 2024, recently extended to 2028 due to implementation challenges.
• The mission focuses on quality infrastructure, sustainable operation, and community-led management through “Jan Bhagidari” (people’s participation).
• Village Water & Sanitation Committees (VWSCs), also known as Pani Samitis, play a crucial role ensuring 50% women participation.
• JJM is implemented by the Ministry of Jal Shakti’s Department of Drinking Water and Sanitation and subsumed the earlier National Rural Drinking Water Programme (NRDWP).
• The funding pattern varies: 90:10 for Himalayan and North-Eastern states, 100% central funding for Union Territories, and 50:50 cost-sharing for other states.
• By 2025, 80% of rural households had gained piped water access, with several states and UTs achieving 100% coverage.
• Challenges include infrastructure gaps, cost overruns, underutilization of funds, and delays due to external disruptions such as COVID-19 and global material price hikes.

Additional Information

• JJM aims to ensure 55 litres per capita per day of potable water supply to every rural household.
• Implementation challenges necessitated extension of the target year from 2024 to 2028.
• “Jan Bhagidari” engages local communities to foster ownership and operational sustainability.
• Technological tools such as IoT monitoring and GIS mapping are used for progress tracking and transparency.
• The mission prioritizes women’s leadership in water governance for inclusive community development.

The correct answer is Ramanathan Subramanian.

In News

• The RBI has decided to float a new interest rate benchmark—Secured Overnight Rupee Rate (SORR)—based on secured money market transactions, replacing the Mumbai Interbank Outright Rate (MIBOR).

Key Points

• SORR will be based on secured money market transactions, including market repo and tri-party repo (TREPS), covering 98% of overnight money market transactions.
• It is designed to be a more robust and representative benchmark of the overnight market funding rate compared to the call money market.
• The new benchmark is being developed with the support of Financial Benchmarks India Limited (FBIL).
• The committee on Mumbai Interbank Outright Rate (MIBOR) benchmark recommended the change to SORR.
• Ramanathan Subramanian, Executive Director of RBI, headed the committee reviewing the interest rate benchmarks.
• The committee observed that benchmarks based on collateralized transactions like repos are less vulnerable and better suited for interest rate derivatives and hedging purposes.
• SORR is expected to replace MIBOR, which has been in use since 1998.

Additional Information

• The call money market involves unsecured lending between banks, whereas secured money markets involve transactions backed by collateral.
• Market repo and tri-party repo (TREPS) are the major components of secured money markets in India.
• Financial Benchmarks India Limited (FBIL) is responsible for administering financial benchmarks in the country.
• MIBOR has served as a key reference rate for various financial instruments including interest rate swaps.
• Transitioning to SORR aligns India’s benchmarks with global best practices for robustness and transparency.
• RBI
• Established in - 1935
• HQ - Mumbai
• Governor - Sanjay Malhotra

The correct answer is 20.85%.

In News

• SIDBI, set up under an Act of Indian Parliament in 1990, is the principal financial institution for promotion, financing, and development of the MSME sector with Indian government holding 20.85% stake.

Key Points

• SIDBI was established on April 2, 1990, under the Small Industries Development Bank of India Act, 1989 to promote and finance MSMEs in India.
• The Indian government holds a 20.85% equity stake in SIDBI, making it a significant shareholder.
• Other major stakeholders include State Bank of India (SBI) with 15.65%, Life Insurance Corporation of India (LIC) with 13.33%, and NABARD with 9.36% shares.
• SIDBI not only finances MSMEs but also coordinates functions of institutions engaged in similar activities toward MSME development.
• SIDBI plays a key role in strengthening the MSME ecosystem through refinance, direct finance, and promotional support.
• The bank also facilitates policy advocacy, market development, and capacity building for MSMEs.
• The diversified shareholding ensures a wide base of institutional support and stakeholder engagement in SIDBI’s operations.

Additional Information

• SIDBI functions under the Department of Financial Services, Ministry of Finance, Government of India.
• The MSME sector contributes significantly to India’s GDP and employment generation, supported by SIDBI’s initiatives.
• SIDBI’s activities include credit delivery, unsecured loans, venture capital, and microfinance support.
• It also promotes technological upgradation and exports from MSMEs.
• The bank is headquartered in Lucknow, Uttar Pradesh, India.

The correct answer is Mumbai, 48^th.

In News

• Mumbai is the only Indian city featured in the Global Power City Index (GPCI) 2024, ranking 48^th among the 48 major global cities evaluated by the Mori Memorial Foundation.

Key Points

• Global Power City Index (GPCI) evaluates cities worldwide on their comprehensive power to attract people, capital, and businesses using six urban functions.
• The six urban functions assessed include Economy, Research and Development, Cultural Interaction, Livability, Environment, and Accessibility.
• The index expanded its evaluation in 2024 from 30 to 48 cities, reflecting growing global urban diversity.
• London maintained its top position, followed by New York, Tokyo, Paris, and Singapore in the top five rankings.
• Dubai is the only Middle Eastern city in the top 10, securing the 8^th rank for the second consecutive year.
• Mumbai, as the sole representative from India, ranked last (48^th) in the 2024 GPCI list.
• The GPCI serves to guide city-level planning, policy-making, and investment decisions through detailed analysis of urban strengths and challenges.

Additional Information

• The highest possible total score on the GPCI is 2,600 points, derived from 26 indicator groups consisting of 70 indicators.
• The index reflects city magnetism, measuring the ability to attract global talent and investment across diverse sectors.
• Mumbai’s ranking reflects challenges and opportunities in enhancing its global competitiveness and livability.
• The GPCI is published annually by the Mori Memorial Foundation's Institute for Urban Strategies based in Japan.
• Urban planners and policymakers use the index results to benchmark progress and identify areas for improvement.

The correct answer is Md. Golam Sarwar.

In News

• Md. Golam Sarwar from Bangladesh is the current Secretary-General of SAARC, with Nepal holding the SAARC Chairmanship in 2025.

Key Points

• SAARC was established in 1985, bringing together eight South Asian countries to promote regional cooperation and development.
• The Secretariat of SAARC is located in Kathmandu, Nepal, established in 1987.
• Md. Golam Sarwar took charge as the Secretary-General, representing Bangladesh as of 2025.
• The SAARC Chairmanship rotates among member states; Nepal currently holds this position in 2025.
• SAARC Charter outlines objectives, structure, and financial arrangements of the organization.
• The association covers 3% of world land area, 21% of world population, and accounts for approximately 5.21% of the global economy.
• SAARC conducts summits typically every two years, with the most recent in Kathmandu, 2014, and important specialized bodies such as the SAARC Development Fund (SDF) and South Asian University.

Additional Information

• SAARC member countries include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
• The organization works on economic, social, cultural, technical, and scientific cooperation.
• Specialized agencies under SAARC, such as SARCO and SARSO, focus on dispute resolution and standards respectively.
• The association faces challenges including political tensions, impacting summit regularity and cooperation.
• The Secretary-General is appointed for a three-year term by the member states.

The correct answer is Kochi, Kerala.

In News

• The Marine Products Export Development Authority (MPEDA), established in 1972, has its headquarters at Kochi, Kerala, and is tasked with promoting and developing India's marine products export industry.

Key Points

• MPEDA was formed by merging the Marine Products Export Promotion Council with a statutory authority under the MPEDA Act, 1972.
• The authority's headquarters is located in Kochi, Kerala, and operates numerous regional offices across India, including Veraval, Mumbai, and Visakhapatnam.
• MPEDA works to promote, regulate, and develop marine product exports, including off-shore fishing, processing standards, and quality control.
• It also facilitates registration of fishing vessels, processing plants, and exporters, along with collecting industry statistics.
• MPEDA manages multiple laboratories for quality control, including five full-fledged laboratories across different states.
• The organization plays a vital role in conservation, sustainable fishing, and export market development for marine products.
• Its functions are governed under the MPEDA Act, enacted in 1972, with operational rules made by the Central Government.

Additional Information

• MPEDA promotes the export of marine products, contributes to employment generation, and supports sustainable fishing practices.
• It works closely with various government departments, industry stakeholders, and international agencies.
• Its activities include training, standard setting, market promotion, and inspection for quality assurance.
• The authority’s regional offices enable outreach and support to exporters at various ports and coastal states.
• MPEDA also facilitates the registration of vessels and processing plants as part of its regulatory functions.

The correct answer is Rs 6,839 crore.

In News

• The Union Cabinet approved the second phase of the Vibrant Villages Programme (VVP-II) with a total budget allocation of Rs 6,839 crore for FY25 to FY29 to develop strategic villages along all International Land Borders.

Key Points

• VVP-II targets the comprehensive development of villages along International Land Borders in 17 states and union territories, excluding the northern border covered under VVP-I.
• The programme will receive 100% funding from the Government of India as it is a Central Sector Scheme.
• Implementation includes infrastructure development, value chain formation through cooperatives and SHGs, education facilities, and livelihood creation.
• All-weather road connectivity in these villages will be provided under the Pradhan Mantri Gram Sadak Yojana IV (PMGSY-IV) managed by the Ministry of Rural Development.
• A High-Powered Committee led by Cabinet Secretary T.

V. Somanathan will oversee guideline relaxations for effective implementation in border areas.

• The program emphasizes saturation of individual and household welfare schemes and connectivity in themes like roads, telecom, TV, and electrification through convergence.
• VVP-II promotes local culture and vibrancy via awareness camps, fairs, festivals, and national day celebrations.

Additional Information

• The first phase of VVP focused on villages along the northern border regions including Arunachal Pradesh, Himachal Pradesh, Sikkim, Uttarakhand, and Ladakh.
• VVP-II expands the developmental focus to border villages in states like Assam, Bihar, Gujarat, Jammu & Kashmir, and West Bengal among others.
• The scheme aligns with GoI’s vision of Viksit Bharat@2047 emphasizing safe, secured and vibrant land borders.
• Technology resources such as Prime Minister Gati Shakti-National Master Plan (PMGS-NMP) databases will be utilized to enhance implementation efficiency.
• The Ministry of Home Affairs is the nodal ministry responsible for the Vibrant Villages Programme.

The correct answer is Section 80C.

In News

• Most Small Savings Schemes managed by the Government of India, including NSC, SCSS, SSY, and PPF, offer tax benefits under Section 80C of the Income Tax Act, 1961.

Key Points

• Small Savings Schemes (SSCs) encourage regular savings among citizens by providing safe investment instruments managed by the Government of India.
• SSCs fall into three broad categories: savings deposits, social security schemes, and monthly income plans.
• Interest rates for SSCs are notified quarterly by the Government of India based on recommendations from expert committees, including the Shyamala Gopinath Committee in 2023.
• The Shyamala Gopinath Committee recommended that SSC interest rates be set between 25 to 100 basis points above yields on corresponding government bonds.
• Tax benefits under Section 80C of the Income Tax Act, 1961, apply to several post office savings schemes such as the National Savings Certificate (NSC), Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), and Public Provident Fund (PPF).
• Section 80C allows individuals to claim deductions up to certain limits on investments made in these eligible savings schemes.
• The Ministry of Finance’s Department of Economic Affairs releases monthly economic reviews highlighting growth projections and fiscal measures impacting these schemes.

Additional Information

• The Income Tax Act, 1961, specifies various sections under Chapter VI-A to encourage savings and investments by providing tax deductions.
• Section 80C is the most widely used tax-saving provision with a deduction limit of Rs 1.5 lakh per year.
• National Savings Certificate (NSC) is a fixed income investment scheme with a 5-year or 10-year tenure.
• Senior Citizens Savings Scheme (SCSS) is designed for individuals aged 60 and above to promote retirement savings.
• Sukanya Samriddhi Yojana (SSY) is a savings scheme aimed at the girl child to support education and marriage expenses.
• Public Provident Fund (PPF) is a long-term savings scheme with tax-exempt interest and maturity proceeds.

The correct answer is World Resources Institute (WRI).

In News

• The “Global Forest Watch” monitoring project, which revealed key findings about India’s tree cover loss and gain and net carbon sink, is an initiative developed by the World Resources Institute (WRI) in partnership with Google and USAID.

Key Points

• Global Forest Watch (GFW) uses satellite technology and data analytics to monitor global forest cover changes in near real-time.
• The data shows India lost 2.33 million hectares of tree cover from 2001 to 2023, a 6% decrease, with significant tree cover loss in northeastern states.
• India gained 1.88 million hectares of tree cover, contributing 1.4% to the global total gain.
• Forests in India act as a net carbon sink, removing 141 million tons of CO2 annually while emitting 51 million tons due to forest loss.
• Tree cover loss from fires and other drivers has been significant, with Odisha losing the most area annually due to fires.
• GFW is a joint initiative launched in 2014, involving WRI, Google, USAID, and other partners, focusing on forest conservation and sustainable management.
• The initiative supports policymakers, researchers, and environmentalists by providing transparent and accessible forest data.

Additional Information

• World Resources Institute (WRI) is a global research organization focusing on environment, economic development, and sustainability.
• GFW leverages open data, remote sensing, and cloud computing to provide up-to-date forest monitoring globally.
• USAID supports international development projects including environmental conservation and climate resilience.
• GFW data aids in tracking deforestation, forest degradation, and helps enforce policies for forest protection.
• The initiative emphasizes collaboration among governments, NGOs, and local communities for sustainable forest management.

The correct answer is Jack Dorsey.

In News

• Bluesky was originally launched in 2019 as an internal research project within Twitter by then Twitter CEO, Jack Dorsey, aimed at giving users more control over their social media content.

Key Points

• Bluesky is a microblogging platform that allows users to post short-form messages supporting text and images, similar in functionality and design to Twitter.
• The platform's concept began in 2019 as a Twitter internal project under the leadership of Jack Dorsey, who wanted to create an open social protocol for public conversation.
• The logos for Twitter (a bird) and Bluesky (a butterfly) share similarities, reflecting the project's origin within Twitter.
• Although Bluesky became an independent company in 2021, it remained financially dependent on Twitter until late 2022.
• Jay Graber took over as CEO in August 2021 and continues to lead Bluesky as an independent entity.
• Board members include Jeremie Miller (inventor of Jabber/XMPP), Mike Masnick, and Kinjal Shah, while Jack Dorsey left the board in May 2024.
• The Bluesky project reflects ongoing efforts to innovate social media with decentralization and user control at its core.

Additional Information

• Jack Dorsey is co-founder and former CEO of Twitter, known for initiating several innovation projects at the company.
• Bluesky’s mission focuses on building an open, decentralized social media protocol to foster free and fair public discourse.
• Jay Graber, a software engineer, led the project after becoming CEO and continues to develop the platform as an independent entity.
• Bluesky utilizes features like curated feeds, topic selection, and easy sharing to enhance user experience.
• The platform aims to provide an alternative social media environment emphasizing control, privacy, and decentralized governance.

The correct answer is Rs. 5,00,000.

In News

• LIC’s Saral Jeevan Bima Plan provides financial protection with a minimum Basic Sum Assured of Rs. 5,00,000, offering flexible premium payment options and policy terms.

Key Points

• The plan is a Non-Linked, Non-Par, Individual, Pure Risk Life Insurance product protecting the insured’s family against death during the policy term.
• The minimum Basic Sum Assured available under the plan is Rs. 5,00,000 and the maximum is Rs. 25,00,000, in multiples of Rs. 50,000.
• Policyholders can choose from Single Premium, Regular Premium, or Limited Premium Payment options with respective premium paying terms.
• For Limited Premium Payment, the premium paying term options are 5 years or 10 years.
• Policy terms range from 5 to 40 years, with entry age limits from 18 to 65 years and maximum maturity age of 70 years.
• Premium payment terms vary based on the premium option: Regular premium equals policy term, limited premium is either 5 or 10 years, and single premium is payable as a lump sum.
• The plan offers benefit of High Sum Assured Rebate and can be purchased online or offline through licensed agents and brokers.

Additional Information

• Saral Jeevan Bima is designed for straightforward financial protection without investment or savings components.
• It complements other insurance products such as annuities and Unit Linked Insurance Plans (ULIPs).
• The plan is suitable for individuals seeking affordable pure life insurance cover with flexible tenure and premium options.
• LIC is India’s largest insurance company and offers various individual and group insurance products.
• Non-Linked Non-Par plans do not participate in profits and have fixed benefits as per policy terms.
• LIC
• Established in - 1956
• HQ - Mumbai