Context: 

NPCI has set out guidelines for UPI transactions stating that a person can initiate a maximum payment of ₹1 lakh per day through UPI.

Key Points:

• Need for daily limits:
• • To sustain the smoother functioning of the payments interface as it continues to acquire popularity.  
  • The limits are set balancing out customer convenience and potential fraud/risk concerns.
• Present daily limits: At present, users can make up to 20 transactions or ₹1 lakh in a single day — either all at once or through the day. 

About Unified Payments Interface (UPI):

• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application of any participating bank. 
  • It was launched by the NPCI in 2016 in conjunction with the Reserve Bank of India (RBI) and the Indian Banks Association (IBA). 

• Participants in UPI: Payer Payment Service Provider (PSP), Payee PSP, Remitter Bank, Beneficiary Bank, NPCI, Bank Account holders, and Merchants. 

• Performance of UPI:

• • In May this year, the total number of transactions facilitated using UPI increased to 9,415.19 million. 
  • The combined value of such transactions also increased at a largely similar ₹14.89 lakh crore. 
  • UPI payments saw a record high of ₹149.5 trillion UPI, card transactions in 2022, as per Worldline report.

Benefits of UPI:

Challenges in Scaling-Up UPI:

• Sustainability and Funding:
  • Concerns over sustaining UPI in the long run without a Merchant Discount Rate (MDR) to fund its infrastructure.
  • Currently, neither customers nor merchants pay any additional charges.

• Continued Use of Cash:
  • Cash transactions still hold significance despite the decrease in cash usage since the introduction of UPI.
  • People’s preference for cash is driven by fears of tax issues and its wide acceptance as a payment method.

• Limited Internet and Smartphone Penetration:
  • Not all individuals have access to the internet and smartphones, making UPI transactions challenging for a significant portion of the population.

• Lack of Digital Literacy:
• • Insufficient digital literacy among the masses hinders their ability to effectively use the UPI system.
  • The predominant use of English language in UPI apps limits adoption among non-English speakers.
• Cybercrimes: Amid the coronavirus pandemic, the global banking and financial services industry faces an escalated risk of cybercrime. 
  • Until February in the financial year 2022­-23, the total number of reported UPI frauds had also increased about 13% in comparison to the previous financial year to 95,402. 
• Emerging challenges include fraudulent claims, chargebacks, the creation of fake buyer accounts, abuse of promotions and coupons, account takeover, identity theft, theft of card details, and the occurrence of triangulation frauds.

Way Forward:

• Expanding UPI’s Reach:
  • Accelerate efforts to extend the impact of UPI beyond metropolitan areas and focus on rural areas for its widespread adoption.

• Leveraging Cost Savings:
  • Utilize the cost savings achieved by banks through reduced hassles and overheads to support the long-term operation of UPI.

• Infrastructure and Digital Literacy Initiatives:
  • Implement initiatives like the Bharat Net project to enhance internet connectivity across the country.
  • Strengthen programs like PMGDisha to improve digital literacy among the population, enabling them to use UPI effectively.

• Sharing Technology with Other Countries:

• • Share UPI technology with other nations to earn additional foreign exchange and increase India’s global soft power.
  • Already rolled out UPI in countries like UAE, Singapore, and Nepal, showcasing its potential for international adoption.

News Source: The Hindu

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The new generation ballistic missile ‘Agni Prime’ was successfully flight-tested by Defence Research and Development Organisation (DRDO) from Dr A.P.J. Abdul Kalam Island off Odisha.

About Agni-P:

• Agni-P is a two-stage canisterised solid propellant nuclear capable ballistic missile with dual redundant navigation and guidance system.
• It has a range between 1000 to 2000 km and was tested for the first time in 2021. 
• It is a surface-to-surface ballistic missile.
• It is lighter than all the earlier Agni series of missiles.
• This successful flight test has paved the way for the induction of the system into the Armed Forces.
• It is designed & developed by Defence Research and Development Organisation (DRDO).

News Source: The PIB

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According to an Indian Meteorological Department (IMD) advisory, the cyclone Biparjoy would result in squally weather with wind speeds reaching 35-45 kmph along the coastline of Karnataka, Goa and Maharashtra.

• The name ‘Biparjoy’ was suggested by Bangladesh and the word means ‘disaster’ or ‘calamity’ in Bengali.
• After Bangladesh, the next cyclone will be named ‘Tej’ based on India’s suggestion.

Naming of cyclones:

• The naming of cyclones is done by countries on a rotational basis, following certain existing guidelines.
• Advisory issuing bodies: Worldwide, there are six Regional Specialised Meteorological Centres (RSMCs) and five regional Tropical Cyclone Warning Centres (TCWCs) mandated for issuing advisories and naming of tropical cyclones.
• IMD as RMSC: It is one of the six RSMCs to provide tropical cyclone and storm surge advisories to 13 member countries under the WMO/Economic and Social Commission for Asia-Pacific (ESCAP) Panel.
• Member Countries which names cyclones: 
  1. Bangladesh, India, Iran, Maldives, Myanmar, Oman, Pakistan, Qatar, Saudi Arabia, Sri Lanka, Thailand, United Arab Emirates and Yemen.
  2. The list of 169 cyclone names released by IMD in 2020 was provided by these countries — 13 suggestions from each of the 13 countries.

• RSMC, New Delhi is also mandated to name the Tropical Cyclones developing over the north Indian Ocean (NIO), including the Bay of Bengal and the Arabian Sea.

Rules to be followed while naming cyclones:

• The proposed name should be neutral to (a) politics and political figures (b) religious believes, (c) cultures and (d) gender.
• Name should be chosen in such a way that it does not hurt the sentiments of any group of population over the globe.
• It should not be very rude and cruel in nature.
• It should be short, easy to pronounce and should not be offensive to any member.
• The maximum length of the name will be eight letters.

News Source: Indian Express

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In its latest policy review that was unveiled recently, the Monetary Policy Committee (MPC) of the RBI decided to maintain the status quo. The MPC neither changed the repo rate nor its policy stance.

Key Points:

• The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) in its second bi-monthly monetary policy meeting of FY24 decided to leave the repo rate unchanged at 6.5%. 
• The RBI also retained FY24 GDP growth forecast at 6.5%, while expecting  FY24 CPI inflation to be at 5.1%.

Repo rate: 

• Repo rate refers to the rate at which commercial banks borrow money by selling their securities to the Central Bank of our country i.e. Reserve Bank of India (RBI) to maintain liquidity, in case of shortage of funds or due to some statutory measures. 
• It is one of the main tools of RBI to keep inflation under control.

Policy stance: 

• The policy stance tells everyone what the MPC is trying to achieve by its actions. 
• A policy stance tells us whether the MPC is trying to contain inflation or boost growth while containing inflation or simply being neutral.

Goldilocks moment 

• A Goldilocks scenario for an economy refers to a point where it is running just perfectly — neither too hot (implying high inflation) nor too cold (referring to faltering GDP growth).

Monetary Policy Committee:

• Monetary Policy Framework Agreement 2015: MPC was set up consequent to the agreement reached between Government and RBI to task RBI with the responsibility for price stability and inflation targeting. 
• Under the amended RBI Act, 1934, the central government is empowered to constitute a six-member Monetary Policy Committee. 
• The first such MPC was constituted in 2016.
• Under the Monetary Policy Framework Agreement, the RBI will be responsible for containing inflation targets at 4% (with a standard deviation of 2%) in the medium term (For more details see here). 
• The Central Government determines the inflation target in terms of the Consumer Price Index, once in every five years in consultation with the RBI. 
• Function: To determine the policy interest rate required to achieve the inflation target.
• Decision making of MPC: 
  1. The MPC takes decisions based on majority vote (by those who are present and voting). 
  2. In case of a tie, the RBI governor will have the second or casting vote. 
  3. The decision of the Committee would be binding on the RBI.

Members of MPC

• RBI Governor as its ex officio chairperson
• Deputy Governor in charge of monetary policy
• An officer of the Bank to be nominated by the Central Board
• Three persons to be appointed by the central government

News Source: Indian Express

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The Ministry of Culture has announced the redevelopment of a primary school attended by Prime Minister Narendra Modi, whose hometown is Vadnagar. 

• Children from across the country will spend a week at the Prerna school to learn “how to live a very evolved life”, as part of a joint initiative by the central and state governments.

Vadnagar’s history:

• Vadnagar has been known by names like Anartapura, Anandapur, Chamatkarpur and so on, during different periods of its history, and has often been compared to Varanasi in terms of both claiming to be “living cities”.
• Vadnagar was an important centre of Sammitya Buddhists, a sect which Chinese traveller Hieun Tsang also supported.
• Human habitation existed here from mid-8th century BCE till date.
• Medieval reference: Abul Fazl’s Ain-e-Akbari from the 16th century makes a note of Vadnagar or Barnagar, as a “large and ancient city containing 3,000 pagodas, near each of which is a tank” and “chiefly inhabited by Brahmans.”
• Known for: Early historic fortified settlement, hinterland port, centre for industries of shells and beads, late medieval town, religious centre/temple town, a significant junction on trade routes, and mercantile town.

• Vadnagar as a ‘living city’: 
  1. The structures at Vadnagar showcase the architectural influence of various cultural periods. 
  2. Extensive water management system in and around the town also played a role in its continuity.
  3. The town represents a continuously evolving historic urban landscape/area which played a major role in the hinterland trade network of Western India.

News Source: Indian Express

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After 2016, El Niño is back in the Pacific Ocean, the National Oceanic and Atmospheric Administration (NOAA), USA, declared recently. 

Observations of NOAA: 

• The sea surface temperatures along the equatorial Pacific Ocean, especially along the various Niño regions, were showing signs of rapid warming. 
• The Niño 3.4 index value — the vital indicator confirming an event of El Niño — jumped from minus 0.2 degrees Celsius to 0.8 degrees Celsius between March and June this year. 
• An El Nino is now underway. The past three years have been dominated by the cooler La Nina pattern.

El Niño:

• El Niño is a naturally occurring climate pattern associated with warming of the ocean surface temperatures in the central and eastern tropical Pacific Ocean. 
• It occurs on average every two to seven years, and episodes usually last nine to 12 months.  
• Formation: 
  • It forms when the trade winds blowing east-to-west along the equatorial Pacific slow down or reverse as air pressure changes, although scientists are not entirely sure what kicks off the cycle.
  • Because the trade winds affect the sun-warmed surface waters, a weakening causes these warm western Pacific waters to slosh back into the colder central and eastern Pacific basins.
• Impacts: 
  • El Niño events are typically associated with increased rainfall in parts of southern South America, the southern United States, the Horn of Africa and central Asia.
  • In contrast, El Niño can also cause severe droughts over Australia, Indonesia, and parts of southern Asia.

La Niña:

• La Niña means Little Girl in Spanish. La Niña is also sometimes called El Viejo, anti-El Niño, or simply “a cold event.” 
• La Niña has the opposite effect of El Niño. During La Niña events, trade winds are even stronger than usual, pushing more warm water toward Asia. 
• Off the west coast of the Americas, upwelling increases, bringing cold, nutrient-rich water to the surface.
• These cold waters in the Pacific push the jet stream northward. This tends to lead to drought in the southern U.S. and heavy rains and flooding in the Pacific Northwest and Canada. 
• During a La Niña year, winter temperatures are warmer than normal in the South and cooler than normal in the North. La Niña can also lead to a more severe hurricane season.
• During La Niña, waters off the Pacific coast are colder and contain more nutrients than usual. 
• This environment supports more marine life and attracts more cold-water species, like squid and salmon, to places like the California coast.

News Source: Indian Express

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According to the India Meteorological Department (IMD), the southwest monsoon has set in over the Kerala coast. 

About Monsoon:

• ‘Monsoon’ refers to the seasonal reversal in the wind direction during a year.

• Types:
  • South West monsoon: It starts with the onset of monsoon rains over the southern state of Kerala.
  • Northeast Monsoon: It is also known as the winter monsoon or the retreating monsoon, affects the southern and eastern coastal regions of India.

Mechanism of  South-West Monsoon:

• By early June, the low-pressure condition over the northern plains intensifies. It attracts the trade winds of the southern hemisphere. 
• These south-east trade winds originate over the warm subtropical areas of the southern oceans.
• They cross the equator and blow in a southwesterly direction entering the Indian peninsula as the south-west monsoon. 
• As these winds blow over warm oceans, they bring abundant moisture to the subcontinent. 
• These winds are strong and blow at an average velocity of 30 km per hour. With the exception of the extreme north-west, the monsoon winds cover the country in about a month.

Key Features of Indian Monsoon:

• Monsoon Breaks: Indian monsoon is characterised by ‘breaks’ in rainfall. Thus, it has wet and dry spells.
• Southwest Monsoon: The southwest monsoon is the major monsoon season in India, lasting from June to September. 
• Monsoon Trough: The monsoon trough is a low-pressure area that forms along the foothills of the Himalayas during the monsoon season. It acts as a major rainfall zone, bringing widespread precipitation to northern and central India.

What is “Onset of the Monsoon”?

• The onset of the monsoon refers to the arrival of the southwest monsoon winds over the Indian subcontinent.
• It usually occurs around the end of May or early June in the southern state of Kerala and progresses northwards over the subsequent weeks
• In the South-West Monsoon India gets more than 70% of its annual rainfall.
• Contrary to popular assumption, the onset does not mean the first rain of the season as that can start happening in certain places even before the onset is declared.
• According to the IMD, the onset of the monsoon happens when there is a significant transition in the large-scale atmospheric and ocean circulations in the Indo-Pacific region. 
• IMD announces the onset of the monsoon only after certain precisely defined and measurable parameters are met.

Conditions for the Onset of Monsoon:

• Rainfall: 
  • The onset is declared if at least 60% of 14 designated meteorological stations in Kerala and Lakshadweep record at least 2.5 mm of rain for two consecutive days at any time after May 10. 

• • The onset over Kerala is declared on the second day, as long as specific wind and temperature criteria are also fulfilled.

• Wind Field: The IMD says that the depth of westerlies should be up to 600 hectopascal (1 hPa is equal to 1 millibar of pressure) in the area that is bound by the equator to 10ºN latitude, and from longitude 55ºE to 80ºE. 
  • The 10th parallel North passes through Kochi; and the area bounded by the 55th and the 80th meridians East stretches from the middle of Iran to about Chennai.

• • The zonal wind speed over the area bound by 5-10ºN latitude (Maldives to Kochi) and 70-80ºE longitude (Arabian Sea to Chennai) should be of the order of 15-20 knots (28-37 kph) at 925 hPa.
• Heat: The INSAT-derived Outgoing Longwave Radiation (OLR) value should be below 200 watt per sq m (wm2) in the area between the 5ºN and 10ºN latitudes, and 70ºE and 75ºE longitudes

Is a delay in the onset of the monsoon unusual?

• The normal date of the onset of the monsoon over the Kerala coast is June 1, and this year’s delay is significant. However, neither an early nor a late onset of the monsoon is unusual.

• • For Example: So, in 2021, 2019, 2016, 2015, 2014, 2012, and 2011, the monsoon onset was released after June .
• A delay or an early arrival has no bearing on the quality or amount of rainfall, or its regional distribution across the country. 
• In a recent year, the onset occurred two days in advance of the normal date and it rained heavily for about 10 days after that — however, the season as a whole ended with 14% less rain than normal.

Does a delayed onset mean cascading delays across the country and for the rest of the season?

• A delay in the onset over Kerala can potentially delay the arrival of the monsoon in other parts of the country, especially in the southern states, which normally start getting rain within days of the monsoon reaching the Kerala coast.
• The northward progression of the monsoon after it has hit the Kerala coast is not uniform — it depends on local factors, including the creation of low-pressure areas. 
  • The monsoon may stall over certain places in certain years; or it may progress faster than usual.
• However, it has been observed at times that despite a late onset over Kerala, other parts of the country will start getting monsoon rain on time.

Impact of Monsoons life in  India:

• Agriculture: The monsoon is crucial for agriculture in India, as a large portion of the population depends on rain-fed farming. 
• Water Resources: The monsoon plays a vital role in replenishing water resources such as rivers, reservoirs, lakes, and groundwater. 
• Flooding: The intense rainfall associated with the monsoon can lead to flooding in many parts of India.
• Public Health: During the monsoon season  Stagnant water and increased humidity create favourable conditions for the breeding of mosquitoes, leading to the spread of diseases like malaria, dengue fever, and chikungunya.

Potential Impacts of Climate change on the Indian monsoon:

• Changes in Rainfall Patterns: Climate change may alter the spatial and temporal distribution of rainfall during the monsoon season.
• Monsoon Variability: Climate change may lead to increased variability in the monsoon, with fluctuations in the onset, duration, and withdrawal of the monsoon season. 

Way Forward:

Ensuring the sustainability and effective management of the Indian monsoon requires a multi-faceted approach which could include:

• Improving Forecasting and Early Warning Systems: Investing in advanced meteorological technologies, satellite monitoring systems, and data analysis can help improve the accuracy of predictions. 
• Diversification of Agriculture: Reducing dependence on rain-fed agriculture by promoting crop diversification and alternate farming practices can enhance resilience to monsoon variability.
• Climate-Resilient Infrastructure: Building infrastructure that is resilient to monsoon impacts is crucial. This includes robust drainage systems in urban areas to manage excessive rainfall and prevent flooding.
• Strengthening Disaster Preparedness and Response: Enhancing disaster preparedness and response mechanisms is crucial to minimise the impact of monsoon-related disasters. 

News Source: The Indian Express

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The ‘Soul of Steel’ challenge launched in the forward areas of Garhwal Himalayan region in Joshimath, Uttarakhand, by a group of special forces veterans has entered the final phase of training.

About Soul of Steel:

• Soul of Steel Himalayan challenge- a joint initiative by Indian Army and CLAW Global was flagged off from Auli, Uttarakhand. 
• It is a three months long skill and endurance challenge to test an individual’s high-altitude endurance.
• It is the world’s first self-sustained, high-altitude challenge at such glaciated and snow bound terrains. 
• It is modelled on the lines of the ‘Ironman triathlon’ long-distance triathlon challenge in Europe which tests an individual’s grit and endurance.
• The general area of the expedition is the Nanda Devi national park which has several 7,000 feet plus peaks.
• It encompassed 12 weeks of training where participants from across India were trained in self-sustained style of mountaineering, survival, self-defence, navigation and emergency medicine to become self-sufficient.

News Source: The Hindu

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The Health Ministry announced that the National Exit Test (NExT) will be held from 2024.

About NExT:

• NExT will be a single examination that would replace final-year MBBS examinations and the National Eligibility Entrance Test Postgraduate (NEET PG) entrance exam.
• It will act as a qualifying test for granting registration to doctors as well as the basis for postgraduate seat allocation.
• NExT 1: The first part will replace the university-level final examinations. NExT 1 will be the basis for provisional registration with medical councils, which is needed for the one-year mandatory internship.
• NExT 2:  It will be a practical paper that will be held after students have completed their internship. It will be a practical test also focused on assessing clinical skills.
• The All India Institute of Medical Sciences (AIIMS), Delhi, is likely to conduct the exam which will test both the clinical and practical learning of the students.

News Source: The Hindu

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Pune based astronomers have discovered two new Millisecond Pulsars (MSP) — rotating neutron stars — using an indigenously developed novel technique, which was applied during an ongoing sky survey conducted by the Giant Metrewave Radio Telescope (GMRT).

Image Source: The Indian Express

About Millisecond Pulsars (MSP)

• MSPs are dense, tiny neutron stars, which are formed when a massive star (for example, the Sun) collapses.
• They are named pulsars because they emit pulses of radiation at regular intervals. 
• Millisecond pulsars emit radiation every few milliseconds.
• The properties of these radiations can reveal key information about the neutron stars, which are the densest bodies in the universe excluding blackholes.
• Chances of detection of gravitational waves are higher when there is a significant population of MSPs in a region.

Giant Metrewave Radio Telescope (GMRT):

• GMRT is a low-frequency radio telescope that helps investigate various radio astrophysical problems ranging from nearby solar systems to the edge of the observable universe. 
• Location: Near Narayangaon in Pune district.
• Operated by: The National Centre for Radio Astrophysics (NCRA) under the Tata Institute of Fundamental Research.
• Specification: It consists of an array of 30 antennas of 45 m diameter each, spread out over a 30 km region about 80 km from Pune, with sophisticated electronics and computing for processing the data from all the antennas. 

News Source: Indian Express

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RBI has approved the First Loss Default Guarantee (FLDG) programme, which allows fintechs to partner with banks and NBFCs. 

• This move is expected to strengthen the digital lending ecosystem and is seen as positive for data-tech NBFCs and fintechs.

About FLDG:

• FLDG or ‘first loan default guarantee’ is an arrangement between a fintech company and a regulated entity (RE), including banks and non-banking finance companies.
• The FLDG scheme allows Indian fintechs to partner with banks and NBFCs.
• Under it, the fintech compensates the RE to a certain extent if the borrower defaults.
• This regulatory framework is based on the principle that lending business can be carried out only by entities that are either regulated by the Reserve Bank or entities permitted to do so under any other law. 

News Source: The Indian Express

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