09 October 2025 - Daily Current Affairs Updates

1. Mar del Plata Canyon

• Subtopic: Oceanography & Marine Biodiversity

• Value Addition:

  • Located 250–300 km off Buenos Aires, one of Argentina’s largest submarine canyons.

  • Formed by turbidity currents carrying sediments to deep ocean floors.

  • Influenced by Argentine Shelf-break Front — meeting point of subantarctic and Falkland–Malvinas currents → high biological productivity.

  • Recent expedition found 40+ new deep-sea species, including glass squids and pink lobsters.

• Subject Analysis:

  • Demonstrates how marine geomorphology impacts biodiversity.

  • Useful example for GS1 – Ocean currents, submarine topography, and marine ecosystems.

  • Highlights global efforts in deep-sea exploration and conservation.

UPSC GS – 2

2. Polar Silk Route

• Subtopic: International Relations & Maritime Strategy

• Value Addition:

  • Part of China’s Belt and Road Initiative (BRI); uses Arctic’s Northeast Passage via Russia.

  • Connects East Asia → Western Europe → North America; shorter than Suez or Panama routes.

  • Promotes Arctic cooperation, clean energy, & blue economic corridor.

• Subject Analysis:

  • Expands China’s geo-economic reach in the Arctic, influencing India’s maritime diplomacy.

  • Raises concerns over strategic militarisation & climate impact in Arctic waters.

  • Relevant for GS2 – International Relations / Maritime Security / Climate Governance.

3. Urban Flood Risk Management Programme (UFRMP) – Phase II

• Subtopic: Disaster Management & Urban Planning

• Value Addition:

  • Covers 11 major cities (e.g., Lucknow, Indore, Bhopal, Patna, Thiruvananthapuram).

  • Funded 90:10 (Centre:State) under National Disaster Mitigation Fund.

  • Activities: Interlinking water bodies, flood walls, erosion control, early warning systems, and capacity building.

  • Promotes Nature-Based Solutions (NBS) for soil stabilization and flood resilience.

• Subject Analysis:

  • Integrates urban design with climate adaptation.

  • Vital for GS2 – Governance & Disaster Policy and GS3 – Urban Flooding/Resilience Infrastructure.

  • Can be quoted as a case study in Smart City flood management.

4. Moscow Format on Afghanistan

• Subtopic: Regional Diplomacy & Security Cooperation

• Value Addition:

  • Established in 2017, includes India, Russia, China, Iran, Pakistan, and Central Asian states.

  • Aims to promote peace, stability, and national reconciliation in Afghanistan.

  • 2025 meeting: Taliban attended as formal delegates for the first time.

• Subject Analysis:

  • Reflects India’s balancing act in engaging with Taliban through multilateral formats.

  • Highlights regional consensus-building in counterterrorism and stability in South Asia.

  • Relevant for GS2 – IR / India & Neighbourhood / Multilateralism.

UPSC GS – 3

5. RBI’s Integrated Ombudsman Scheme (IOS) Extended to Co-operative Banks

• Subtopic: Financial Inclusion & Consumer Protection

• Value Addition:

  • RBI included State & Central Co-operative Banks under RB-IOS, 2021.

  • Unified previous frameworks: Banking, NBFC, and Digital Ombudsman schemes.

  • Implements “One Nation, One Ombudsman” concept.

  • Ombudsman can award ₹20 lakh compensation + ₹1 lakh for distress.

• Subject Analysis:

  • Strengthens financial grievance redressal and consumer confidence in banking.

  • Promotes accountability and transparency in cooperative credit systems.

  • Relevant for GS3 – Indian Economy / Financial Sector Reforms / RBI’s role.

6. Foreign Currency Settlement System (FCSS) – GIFT City

• Subtopic: Financial Markets & Global Integration

• Value Addition:

  • Introduced by Finance Minister in 2025 at GIFT IFSC.

  • Enables local settlement of foreign currency transactions (USD initially).

  • Operated by CCIL IFSC Ltd, authorised under Payment & Settlement Systems Act, 2007.

  • Reduces dependency on foreign correspondent banks, cutting settlement time from 36–48 hours to near real-time.

• Subject Analysis:

  • Positions GIFT City as a global financial hub like Hong Kong or Tokyo.

  • Key milestone in financial self-reliance & forex infrastructure.

  • Use for GS3 – Economy / Financial Reforms / Globalisation.

7. New UPI & Digital Payment Initiatives (GFF 2025)

• Subtopic: FinTech Innovation & Digital Economy

• Value Addition:

  • Launched at Global Fintech Festival 2025 by NPCI & RBI.

  • Key initiatives:

    • NPCI Tech Solutions Ltd (NTSL): Accelerate fintech innovation.

    • UPI Multi-Signatory: Enable joint account approvals for MSMEs & startups.

    • Forex on Bharat Connect: Integrate foreign exchange with Bharat BillPay ecosystem.

    • UPI Cash Withdrawal via Micro ATMs: Strengthens last-mile cash access in rural areas.

    • Biometric + Aadhaar Face Authentication: Secure PIN-free transactions.

• Subject Analysis:

  • Strengthens India’s position as a digital payments leader.

  • Promotes financial inclusion, innovation, & cyber resilience.

  • Relevant for GS3 – Science & Tech / FinTech / Digital Governance.