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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