GK One-Liners

What: The Reserve Bank of India (RBI) has constituted the Payments Regulatory Board (PRB) — a new six-member body that replaces the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS). The PRB is chaired by the RBI Governor and, for the first time in India’s payments regulatory history, includes three government nominees on the board. This marks a significant structural shift: previously the BPSS was an internal RBI committee without direct government representation. The PRB will oversee regulation and supervision of all payment and settlement systems in India, including UPI (Unified Payments Interface), RTGS (Real-Time Gross Settlement), NEFT (National Electronic Funds Transfer), and emerging payment platforms.

How: The PRB’s establishment flows from the Payment and Settlement Systems Act, 2007 (PSS Act) — the primary legislation governing payment systems in India. The inclusion of three government nominees reflects the government’s growing interest in the governance of digital payments infrastructure, which now processes billions of transactions annually and is strategically critical for financial inclusion and Digital India goals. The RBI Governor’s chairmanship ensures that monetary policy and payment system oversight remain integrated. The PRB’s mandate includes licensing payment system operators, setting interoperability standards, and protecting consumer interests in digital transactions.

Why: RBI regulatory bodies, payment system legislation, and the governance of digital payments are tested in UPSC Prelims GS-III (Economy) and Banking Awareness exams. Key facts: new body — Payments Regulatory Board (PRB); replaces — BPSS (Board for Regulation and Supervision of Payment and Settlement Systems); members — 6; chair — RBI Governor; key change — 3 government nominees (first time); legal basis — Payment and Settlement Systems Act, 2007. The shift in governance architecture — from a purely RBI internal body to one with government nominees — raises important questions about central bank independence versus government oversight in payments regulation, a nuanced Mains GS-III and GS-II (Governance) analytical thread.

What: Agnikul Cosmos — the Chennai-based private space startup incubated at IIT Madras — successfully tested India’s first electric motor-driven semi-cryogenic rocket engine. The engine uses Liquid Oxygen (LOX) and RP-1 (Rocket Propellant-1, a highly refined form of kerosene) as its propellant combination — the same propellant pair used in the Saturn V’s first stage and SpaceX’s Falcon 9. What makes this engine distinctive is its turbopump drive mechanism: instead of a conventional gas generator cycle (where a small portion of propellant is burned to drive the turbopump), this engine uses an electric motor to drive the propellant pumps — a design known as a full-flow electric pump-fed cycle. This is a significant engineering innovation in Indian private rocketry.

How: Semi-cryogenic engines represent a step between storable (room-temperature) propellant engines and fully cryogenic engines (which use liquid hydrogen at –253°C). LOX is cryogenic (–183°C) but RP-1 is storable — making the combination easier to handle than fully cryogenic LOX/LH2 systems while delivering significantly higher performance than storable propellants. The electric motor-driven pump eliminates the complexity and reliability risks of a gas generator, reduces ignition transients, and enables precise throttling — key for reusable rockets. Agnikul had previously made history in May 2024 with Agnibaan SOrTeD, India’s first semi-cryogenic rocket launch from a private launchpad (Sriharikota), making it a serial innovator in India’s emerging private space sector.

Why: Private space sector milestones, ISRO’s IN-SPACe framework, and propulsion technology are tested in UPSC Prelims GS-III (Science & Technology). Key facts: company — Agnikul Cosmos (Chennai, incubated at IIT Madras); milestone — India’s first electric motor-driven semi-cryogenic engine test; propellants — LOX (Liquid Oxygen) + RP-1 (kerosene); drive system — electric motor (not gas generator); prior milestone — Agnibaan SOrTeD, India’s first semi-cryogenic rocket from a private launchpad (May 2024). The electric pump-fed cycle’s advantages — throttling, reusability, simplicity — are analytically important for comparing Indian private rockets with global counterparts like SpaceX Merlin (gas generator) and Rocket Lab Rutherford (electric pump).

What: Non-Resident Indian (NRI) deposits into Indian banks reached an 11-year high of USD 16.16 billion in FY 2024–25, registering a 9.9% year-on-year increase. The growth was led by Foreign Currency Non-Resident (Bank) — FCNR(B) — deposits, which alone accounted for USD 7.1 billion of the total inflow. India offers three primary NRI deposit schemes: NRE (Non-Resident External) accounts — rupee-denominated, fully repatriable, interest tax-free in India; NRO (Non-Resident Ordinary) accounts — rupee-denominated, limited repatriability, interest taxable; and FCNR(B) accounts — foreign currency-denominated (USD, GBP, EUR, etc.), fully repatriable, and protected against exchange rate risk. The 11-year high in NRI deposits provides crucial support to India’s Balance of Payments (BoP) and foreign exchange reserve stability.

How: The surge in FCNR(B) deposits is driven by relatively higher interest rates offered by Indian banks compared to rates in NRI home countries (particularly the US, UK, and Gulf states), combined with India’s strong economic growth narrative. FCNR(B) deposits are attractive because they eliminate currency risk for the depositor — the deposit is held in the original foreign currency and returned in that currency at maturity. The RBI can also use FCNR(B) schemes strategically: in 2013, the RBI launched a special FCNR(B) mobilisation drive that raised USD 34 billion in six weeks, stabilising the rupee during a currency crisis. NRI remittances (separate from deposits) are also a major BoP contributor — India is consistently the world’s largest recipient of remittances.

Why: NRI deposits, FCNR(B) accounts, and India’s BoP components are tested in UPSC Prelims GS-III (Economy) and Banking Awareness. Key facts: NRI deposits FY25 — USD 16.16 billion (11-year high); growth — 9.9% YoY; FCNR(B) contribution — USD 7.1 billion (led growth); three NRI deposit types — NRE (rupee, tax-free, fully repatriable), NRO (rupee, taxable, limited repatriation), FCNR(B) (foreign currency, fully repatriable, exchange-rate protected). Simultaneously, the RBI data also showed outward remittances under the Liberalised Remittance Scheme (LRS) declined 6.85% YoY to USD 29.56 billion in FY25, with education abroad spending falling 16% — providing a comparative BoP perspective.

What: The 5th Shirui Lily Festival was held from May 20–24, 2025, in Ukhrul district, Manipur — marking the 75th anniversary of the scientific discovery of Lilium mackliniae, commonly known as the Shirui Lily. This flowering plant is among the world’s rarest: it grows exclusively on the Shirui Hills (elevation ~2,600 metres) in Ukhrul district, making it a strict habitat endemic found nowhere else on Earth. The Shirui Lily is Manipur’s state flower and is classified as Vulnerable on the IUCN Red List, threatened primarily by habitat degradation, human encroachment, and unregulated collection. The festival celebrates the flower’s ecological and cultural significance while promoting conservation awareness and tourism in the hill district.

How: Lilium mackliniae was first scientifically described in 1948 by British botanist Frank Kingdon-Ward, who named it after his wife Jean Macklin — hence the species name mackliniae. The flower blooms for a narrow window each May–June at high altitude, producing distinctive pendulous pink-white bell-shaped blooms. Conservation efforts include in-situ protection within the Shirui Kudhi Lily National Park (India’s only national park established specifically to protect a flower), ex-situ cultivation trials, and legal protection under the Wildlife Protection Act, 1972 (Schedule VI — plants). Community participation through the Tangkhul Naga tribes of Ukhrul, who have traditionally protected the Shirui Hills, is central to its conservation model.

Why: Endemic species, Manipur’s ecology, and India’s plant conservation framework are tested in UPSC Prelims GS-III (Environment). Key facts: Shirui Lily — Lilium mackliniae; location — Shirui Hills, Ukhrul district, Manipur; altitude — ~2,600 m; Manipur’s state flower; IUCN status — Vulnerable; discovered — 1948 by Frank Kingdon-Ward; named after — Jean Macklin; 5th festival — May 20–24, 2025; 75th discovery anniversary; protected under — Wildlife Protection Act 1972 (Schedule VI); dedicated national park — Shirui Kudhi Lily National Park. The tribe–species–conservation model here (Tangkhul Naga stewardship) is a strong Mains GS-III biodiversity governance example.

What: Samtel Avionics — an Indian defence electronics manufacturer — signed a partnership with ATSC (Aerospace Technology Systems Corporation), Malaysia, for the supply of avionics and Maintenance, Repair and Overhaul (MRO) services to the Royal Malaysian Air Force (RMAF). The contract covers Head-Up Displays (HUDs) and Multi-Function Displays (MFDs) for 18 Sukhoi Su-30MKM fighter jets operated by the RMAF. A HUD projects critical flight and targeting data onto a transparent screen in the pilot’s line of sight, eliminating the need to look down at instruments during combat or landing. An MFD is a cockpit screen that can display multiple data formats — radar, navigation, weapon systems, threat warnings — switchable by the pilot. This is a significant defence export win for India in Southeast Asia.

How: The Su-30MKM is Malaysia’s primary air superiority fighter — a customised variant of the Russian Sukhoi Su-30MK platform with French, South African, and Russian avionics. Samtel Avionics has a track record of supplying HUDs and MFDs to the Indian Air Force’s Su-30MKI fleet — the same base aircraft platform — giving it a natural advantage in winning MRO contracts for the same aircraft series operated by other nations. This MRO export contract is strategically important: it diversifies India’s defence export portfolio from hardware (ammunition, helicopters, ships) to high-technology avionics systems. India’s defence exports have surged from ~₹2,000 crore in FY17 to over ₹21,000 crore in FY24, with a target of ₹50,000 crore by FY29.

Why: Defence exports, indigenisation of avionics, and MRO sector development are tested in UPSC Prelims GS-III (Defence, Economy). Key facts: company — Samtel Avionics (India); partner — ATSC (Malaysia); scope — HUDs + MFDs, avionics + MRO; aircraft — 18 Su-30MKM jets; air force — Royal Malaysian Air Force (RMAF). India’s defence export growth trajectory (₹2,000 cr FY17 → ₹21,000 cr FY24 → ₹50,000 cr target FY29) is a perennial Mains GS-III data point. The Samtel–ATSC deal also reflects India’s Atmanirbhar Bharat strategy creating export-capable domestic industry — the broader narrative of self-reliance generating international competitiveness.

What: May 24 marked the second observance of the International Day of the Markhor (Capra falconeri), established by the United Nations General Assembly (UNGA) through Resolution A/RES/78/278 in 2024. The Markhor is a large wild goat species native to the mountainous regions of Central and South Asia — spanning Pakistan, Afghanistan, India (Jammu & Kashmir, Himachal Pradesh), Tajikistan, Uzbekistan, and Turkmenistan. It is Pakistan’s national animal. The Markhor is listed as Near Threatened on the IUCN Red List — a significant recovery from its previous Endangered classification, reflecting successful conservation efforts over the past two decades, particularly in Pakistan’s northern mountain communities.

How: The Markhor’s conservation success story is notable: populations had fallen to an estimated 2,000–4,000 individuals in the 1990s due to unregulated hunting and habitat loss, but have since recovered to over 6,000–7,000 individuals through a combination of community-based trophy hunting programmes (where international hunters pay large fees, with revenue shared with local communities, creating financial incentives for conservation), anti-poaching measures, and international partnerships. In India, the Markhor is found in Kazinag National Park and the Hirpora Wildlife Sanctuary in Jammu & Kashmir. The UNGA’s designation of an International Day reflects the recognition that Markhor conservation requires transboundary cooperation across its range countries.

Why: Conservation status of key species, UNGA environmental designations, and transboundary wildlife management are tested in UPSC Prelims GS-III (Environment). Key facts: International Day of Markhor — May 24; UNGA resolution — A/RES/78/278 (2024); 2025 = 2nd observance; species — Capra falconeri; range — Pakistan, Afghanistan, India (J&K, HP), Tajikistan, Uzbekistan, Turkmenistan; Pakistan’s national animal; IUCN status — Near Threatened (recovered from Endangered); India locations — Kazinag NP and Hirpora WLS (J&K). The community-based conservation model (linking hunting revenue to local livelihoods) used for Markhor is a comparative Mains GS-III model worth noting alongside India’s Project Tiger community engagement approach.