25 May 2026 — Daily Current Affairs Quiz
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Monetary Policy
RBI Record Surplus Transfer — FY26
RBI approved record surplus transfer of Rs 2,86,588.46 crore (~Rs 2.87 lakh crore) to GoI for FY26 — higher than FY25’s Rs 2.69 lakh crore. Decision at 623rd CBoDs meeting, chaired by Governor Dr. Sanjay Malhotra, Mumbai. RBI balance sheet expanded 20.61% to Rs 91.97 lakh crore (31 March 2026). CRB maintained at 6.5% (Rs 1,09,379.64 crore transferred to CRB). ECB prescribed range: 4.5%–7.5%. Gross income rose 26.42%.
Gender & Development
Major Abhilasha Barak — UN Military Gender Advocate Award 2025
Third Indian to receive the UN Military Gender Advocate of the Year Award. Recognised for community outreach for women/adolescent girls and gender sensitisation training for UN peacekeepers in Lebanon (UNIFIL). Commands Female Engagement Team (FET) in INDBATT-XXVI. First woman combat helicopter pilot of the Indian Army; joined Army Aviation Corps 2022 after training at CAATS, Nashik. Qualified co-pilot of Dhruv ALH weaponised platforms.
Business & Economy
Karnataka Grameena Bank — APY National Award
Karnataka Grameena Bank (KGB) — Regional Rural Bank (RRB) — received PFRDA National Award for outstanding APY enrolment. Enrolled 2,49,185 accounts vs target 1,75,500 — achieving 142% of target, highest in Karnataka. Award from M Nagaraju (Secretary, DFS, MoF) and S Ramann (Chairperson, PFRDA). Atal Pension Yojana (APY): launched May 2015; unorganised sector; guaranteed pension Rs 1,000–Rs 5,000/month after age 60.
Defence
Agni-1 SRBM — Test-Fire May 2026
India test-fired Agni-1 Short-Range Ballistic Missile (SRBM) from Integrated Test Range (ITR), Chandipur, Odisha under Strategic Forces Command (SFC). Single-stage, solid-fuelled, road-mobile SRBM with TEL and rail-launch capability. Strike range: 700–900 km (extendable to 1,200 km). Payload: up to 1,000 kg (conventional or nuclear). Developed by DRDO under IGMDP. Inducted into Indian Armed Forces: 2004.
Digital Governance
Skydo — PSP Approval in GIFT City
Skydo secured in-principle approval as Payment Service Provider (PSP) at IFSC, GIFT City (Gujarat International Finance Tec-City), located in Gandhinagar, Gujarat. Enables multi-currency collections, e-money accounts, and merchant acquisition for cross-border trade. Also received RBI nod for outward remittances under Payment Aggregator-Cross Border (PA-CB) framework. Together enables processing of both inbound and outward cross-border transactions via a unified platform.
Business & Economy
Jumpp (Finvasia Group) — IRDAI Licences
Conversational fintech platform Jumpp, operated by Finvasia Group, received Corporate Agency and Insurance Self Network Platform (ISNP) licences from IRDAI. Will offer health, life, motor, business, and home insurance digitally via AI-powered personalised recommendations. Integrates Account Aggregator framework. Partners: YES Bank (banking), BBPS (bill payments), NPCI (UPI services).
Governance
Anurag Garg — DG, NCB Tenure Extended
ACC (chaired by PM Modi) extended deputation of Anurag Garg, DG-NCB, till 31 July 2027. Garg is a 1993-batch IPS, Himachal Pradesh cadre. Appointed DG-NCB September 2024; succeeded S.N. Pradhan (DG July 2021 – August 2024). NCB: established 1986 under MHA; apex anti-drug law enforcement agency under NDPS Act, 1985. Earlier postings: ASP Shimla, ADC to Governor HP, SP Bilaspur, SP Kullu, DIG Mandi, ADGP L&O and ACB.
Education
P.N. Panicker — Father of Library Movement in Kerala
VP C. P. Radhakrishnan released ‘The Library Man of India: The Story of P.N. Panicker’ (author: P. P. Sathyan; publisher: Rupa Publications) at Uprashtrapati Bhavan. P.N. Panicker: Father of the Library Movement in Kerala. Slogan: ‘Vayichu Valaruka’ (Read and Grow). Expanded Granthashala Sangham to 6,000+ public libraries across Kerala. Death anniversary 19 June = National Reading Day. Distinct from: International Literacy Day (8 Sept), Teachers’ Day (5 Sept).
Monetary Policy
RBI Contingency Risk Buffer (CRB) — ECB Framework
CRB maintained at 6.5% of RBI’s balance sheet for FY26. Rs 1,09,379.64 crore transferred to CRB (up from Rs 44,861.70 crore in prior year). Under the revised Economic Capital Framework (ECB), CRB prescribed range: 4.5%–7.5%. CRB purpose: buffer against unexpected and unforeseen risks from monetary/financial stability operations and systemic risks. RBI balance sheet: Rs 91.97 lakh crore (31 March 2026). Total surplus transferred: Rs 2,86,588.46 crore (record).
International
UNIFIL — UN Peacekeeping Force in Lebanon
UNIFIL = United Nations Interim Force in Lebanon. Established 1978 following Israeli invasion of Lebanon. Mandate: confirm Israeli withdrawal, restore international peace and security, assist Lebanon in re-establishing authority. India’s INDBATT-XXVI is deployed with UNIFIL. Major Abhilasha Barak commands Female Engagement Team (FET) within INDBATT-XXVI — recipient of 2025 UN Military Gender Advocate of the Year Award. Third Indian to win this award.
🎴 Revision Flashcards
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What was the RBI’s record surplus transfer to GoI for FY26, and which CBoDs meeting approved it?
Rs 2,86,588.46 crore (~Rs 2.87 lakh crore); 623rd CBoDs meeting
Chaired by Governor Dr. Sanjay Malhotra; RBI balance sheet: Rs 91.97 lakh crore
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What is Major Abhilasha Barak’s historic distinction in the Indian Army?
First woman combat helicopter pilot of the Indian Army — joined Army Aviation Corps, 2022
Trained at CAATS, Nashik; qualified co-pilot of Dhruv ALH; deployed with UNIFIL Lebanon
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What range and induction year define the Agni-1 SRBM?
700–900 km (extendable to 1,200 km); inducted into Indian Armed Forces in 2004
Single-stage, solid-fuelled; developed by DRDO under IGMDP; tested at Chandipur, Odisha
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Where is GIFT City located, and under which RBI framework did Skydo receive outward remittance approval?
Gandhinagar, Gujarat; Payment Aggregator-Cross Border (PA-CB) framework
GIFT = Gujarat International Finance Tec-City; IFSC approval for PSP services
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What is P.N. Panicker known as, and when is National Reading Day observed?
Father of the Library Movement in Kerala; National Reading Day — 19 June
Slogan: ‘Vayichu Valaruka’ (Read and Grow); expanded Granthashala Sangham to 6,000+ libraries
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At what % was RBI’s CRB maintained for FY26, and what is the ECB prescribed range?
CRB maintained at 6.5%; ECB prescribed range: 4.5%–7.5%
Rs 1,09,379.64 crore transferred to CRB for FY26
Tap to Reveal
Which group operates Jumpp, and what two IRDAI licences did it receive?
Finvasia Group; Corporate Agency + Insurance Self Network Platform (ISNP) licences
AI-powered platform; integrates Account Aggregator framework; partners: YES Bank, BBPS, NPCI
Tap to Reveal
What is Karnataka Grameena Bank’s APY achievement, and what guaranteed pension does APY provide?
142% of target (2,49,185 accounts); APY guarantees Rs 1,000–Rs 5,000/month after age 60
APY launched May 2015; for unorganised sector workers; PFRDA National Award
Think & Discuss
RBI’s Record Rs 2.87 Lakh Crore Dividend: Fiscal Windfall or a Warning Sign About Central Bank Independence?
Context from today’s quiz: The RBI transferred a record Rs 2,86,588.46 crore (~Rs 2.87 lakh crore) to the Government of India for FY26 — significantly above the previous year’s Rs 2.69 lakh crore. This came amid a 20.61% expansion of RBI’s balance sheet to Rs 91.97 lakh crore and a 26.42% rise in gross income. While the Contingency Risk Buffer (CRB) was maintained at 6.5% (within the ECB’s 4.5%–7.5% range), the size of the transfer raises important questions about the appropriate boundary between an independent central bank’s reserves and the fiscal needs of the government — especially in an election-heavy year.
🤔 Your Perspective Matters
Central banks globally maintain reserve buffers to act as lenders of last resort during financial crises and to absorb unexpected shocks from monetary and exchange rate operations. When a central bank transfers a record surplus to the government, it raises a structural tension: fiscal relief today vs. reduced buffer for tomorrow.
Is the RBI’s record surplus transfer to the government a sign of a healthy, well-capitalised central bank sharing legitimate profits — or does the scale of such transfers risk undermining the RBI’s operational independence and shock-absorption capacity over time?
Is the RBI’s record surplus transfer to the government a sign of a healthy, well-capitalised central bank sharing legitimate profits — or does the scale of such transfers risk undermining the RBI’s operational independence and shock-absorption capacity over time?
- The Atal Pension Yojana (APY) targets unorganised sector workers — yet coverage gaps remain vast. Karnataka Grameena Bank achieved 142% of its PFRDA target, while many states lag behind. Should the APY model be restructured with stronger incentives for RRBs and cooperative banks, or does the scheme need a broader mandatory-coverage approach like provident fund systems?
- Major Abhilasha Barak’s recognition as the first woman combat helicopter pilot and UN Gender Advocate winner highlights individual milestones. But the Indian Army and CAPFs still have very low women representation in combat arms. Should India set mandatory gender quotas in defence services — or rely on merit-and-exposure pathways that produce role models like Barak?
- India now has a record-breaking RBI dividend, an Agni-1 missile test, a GIFT City fintech approval, and a NESAC geospatial MoU — all in the same week. Does this portfolio of activity reflect a coherent strategic doctrine, or are these isolated institutional moves that need better policy integration across finance, defence, and digital infrastructure?
We’d love to hear your thoughts! Share your perspective in the comments.
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