🔆 RBI releases Financial Stability Report (FSR)

📍 About FSR
✅ Biannual publication (June & December) by RBI
✅ Incorporates inputs from FSDC Sub-Committee
✅ Assesses current & emerging risks to India’s financial system

📍 Key Highlights of FSR
✅ Fiscal Health:
• Sovereign debt remains sustainable
• Supported by S&P upgrade to ‘BBB’, favourable interest rate–growth differential & low forex debt

✅ AI-led Market Optimism:
• Strong AI-driven sentiment
• ⚠️ May mask underlying vulnerabilities & increase global spillover risks

✅ Fintech & Credit Risks:
• Fintech lending grew 36.1%
• Higher stress among borrowers with multiple unsecured loans (5+ lenders)

✅ Stablecoins Warning:
• Foreign-currency stablecoins may undermine monetary sovereignty
• Risks to policy transmission & money laundering control

✅ Currency Trends:
• Rupee depreciated vs USD
• Due to falling terms of trade, higher tariffs & weaker capital flows

✅ Banking Sector Health:
• SCBs maintain strong capital buffers
• GNPA ratio at multi-decadal low of 2.2% (Sept 2025)

📍 About Financial Stability and Development Council (FSDC)
✅ Nature: Apex, non-statutory body (2010) under Ministry of Finance
✅ Chair: Union Finance Minister
✅ Members: RBI Governor, SEBI, IRDAI, PFRDA, IBBI heads, CEA & Secretaries
✅ Functions:
• Macro-prudential supervision
• Inter-regulatory coordination
• Financial stability, inclusion & literacy

📍 FSDC Sub-Committee
✅ Chaired by RBI Governor
✅ Provides systemic risk inputs for FSR

#GS3 #Economy #cse

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🔆 Bulgaria Joins the Eurozone

📍 In News
✅ Bulgaria has officially adopted the Euro (€) as its currency, becoming the 21st member of the Eurozone.

🔆 About the Eurozone
📍 Establishment
✅ Eurozone was established with the official launch of the Euro on 1 January 1999
✅ Initially adopted by 11 European countries

📍 Purpose
✅ Monetary union of EU countries using a single currency (Euro)
✅ Aims at price stability, easier trade, and financial integration

🔆 Bulgaria & the Euro
📍 What is the News?
✅ Bulgaria has joined the Eurozone
✅ Adopted the Euro (€) as official currency on New Year’s Day
✅ Becomes the 21st Eurozone country

📍 Transition Arrangement
✅ January: Bulgarian Lev and Euro circulate together
✅ From 1 February: Euro becomes the sole legal tender in Bulgaria

📍 Background
✅ Eurozone accession was a key policy priority for Bulgaria
✅ Bulgaria joined the European Union in 2007

🔆 EU Countries Not Using Euro (Yet)
📍 Out of 27 EU members, 6 countries have not adopted the Euro:
✅ Sweden
✅ Poland
✅ Czech Republic
✅ Hungary
✅ Romania
✅ Denmark

#GS2 #InternationalRelations #IR

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🔆 Extension of AFSPA in Northeast India

📍 Context
✅ Union Home Ministry has extended the Armed Forces (Special Powers) Act, 1958 (AFSPA) for six months in parts of Manipur, Nagaland and Arunachal Pradesh.

📍 Present Extension of AFSPA

✅ Manipur
• AFSPA extended in the entire state
• Exempted areas: 13 police station limits across 5 valley districts
• Includes: Imphal, Lamphel, Singjamei, Thoubal etc.

✅ Nagaland
• AFSPA extended in 9 districts
• Covers 21 police station jurisdictions across 5 districts
• Includes districts like Dimapur, Mon, Kiphire etc.

✅ Arunachal Pradesh
• “Disturbed areas” include:
• Tirap, Changlang, Longding districts
• Parts of Namsai district bordering Assam

📍 Powers under AFSPA

✅ Use of Force
• Armed forces can use lethal force against persons violating law in disturbed areas

✅ Arrest & Search
• Arrest without warrant
• Search of premises on suspicion

✅ Legal Immunity
• Prosecution requires prior sanction of Union Government

📍 Why AFSPA is Invoked? (Security Context)
✅ Long history of insurgency, ethnic violence and militancy in Northeast
✅ Cross-border threats and secessionist movements
✅ Need for operational flexibility for armed forces

📍 Concerns & Criticism
❌ Allegations of excessive use of force
❌ Custodial deaths and alleged extra-judicial killings
❌ Weak accountability due to sanction requirement
❌ Alienation of local population and erosion of trust in governance

📍 Judicial & Committee Views

✅ Supreme Court – Naga People’s Movement of Human Rights vs Union of India (1997)
• AFSPA held constitutional
• Emphasised need for safeguards

✅ Jeevan Reddy Committee (2005)
• Recommended repeal of AFSPA
• Suggested incorporating key provisions into UAPA

✅ Second Administrative Reforms Commission (2007)
• Favoured review with safeguards

✅ Supreme Court Guidelines (2016)
• All encounter killings under AFSPA must undergo independent investigation

📍 Significance of AFSPA
✅ Enables counter-insurgency operations
✅ Helps maintain territorial integrity
✅ Acts as deterrence against insurgent groups

📍 Way Forward
✅ Rationalisation: Apply AFSPA only to genuinely disturbed pockets
✅ Strengthen civil policing to reduce military dependence
✅ Time-bound review by independent State-level committees
✅ Balance security & human rights through stronger oversight

📍 About AFSPA, 1958
✅ Enacted initially for Naga Hills (Assam)
✅ Allows Centre/State to declare areas as “disturbed”
✅ Widely criticised as draconian, but defended by security agencies as essential

📍 Related Law
✅ Disturbed Areas (Special Courts) Act, 1976
• Provides legal basis for disturbed area declaration
• Enables special trial mechanisms

🔆 PYQ
📍 “The AFSPA gives extraordinary powers to the armed forces in disturbed areas but also invites strong criticism for potential misuse. Discuss in light of recent recommendations on its review.”
(UPSC GS-3, 2015)


#InternalSecurity #security #mains #gs3

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Day 18: 5 January target:

Economy:
Topics -
1.Money Market
2. Capital Market
3. External Sector(BOP, NEER, REER)

Current Affairs: August 2025 Economy only

#UpscRevisionProgram

After completion of target post 'DONE'
In comment section. Targets are decided as per practical approach. In remaining time, you can study whatever you want.
Thank you.


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🔆 CURRENT AFFAIRS — 3 JANUARY 2026

🔆 REGULATORY / RBI

📍 ₹2000 Banknotes Withdrawal – Status
✅ Exchange facility available at 19 RBI Issue Offices (since 19 May 2023)
✅ ₹2000 notes in circulation reduced from ₹3.56 lakh cr → ₹5,669 cr
✅ 98.41% notes returned to banking system
✅ ₹2000 notes remain legal tender

📍 Legal Tender Facts
✅ Valid notes: ₹10, ₹20, ₹50, ₹100, ₹200, ₹500
✅ ₹1 notes issued by GoI (still legal)
✅ ₹2 & ₹5 notes discontinued from printing but valid
✅ Coins ≥ ₹1 legal tender up to ₹1,000
✅ 50-paise coins legal tender up to ₹10

📍 RBI Podcast Initiative
✅ RBI launches “RBI Talks: Paisa to Policy”
✅ Announced in Monetary Policy Statement (6 Dec 2024)
✅ Objective: simplify complex financial concepts
✅ First episode: Demystifying KYC

🔆 FINANCE

📍 ADB Loan for Musi River (Telangana)
✅ ADB gives in-principle nod for ₹4,100 cr (~$500 mn)
✅ Project: Musi River Development (Phase-I)
✅ Implementing SPV: MRDCL
✅ Central ministry: Jal Shakti
✅ Funding sought under NRCP: ₹3,188 cr

📍 Musi River Facts
✅ Origin: Ananthagiri Hills
✅ Reservoirs: Osmansagar, Himayatsagar

📍 Manufacturing PMI
✅ Dec 2025 PMI: 55.0 (S&P Global)
✅ Previous: 56.6 | 38-month low
✅ Still in expansion (>50)

📍 Infrastructure Finance
✅ NHAI’s Raajmarg Infra InvIT gets AAA (Stable) rating from CARE
✅ Indicates highest credit safety

🔆 INTERNATIONAL

📍 Crypto Regulation
✅ Turkmenistan legalises crypto mining & exchanges
✅ Effective: 1 Jan 2026
✅ Crypto classified as virtual assets (not legal tender)

📍 Environmental Rights
✅ Amazon stingless bees granted legal rights in Peru
✅ Rights include existence, habitat & pollution-free environment
✅ World’s first insect species with legal rights

🔆 NATIONAL

📍 India–Bangladesh Water Cooperation
✅ Joint water measurement begins on Ganga & Padma
✅ Linked to Ganga Water Sharing Treaty (1996)
✅ Measurements every 10 days till 31 May
✅ Locations: Farakka (India), Hardinge Bridge (Bangladesh)

📍 Exports
✅ Govt extends MEP on natural honey
✅ Price: $1,400/MT
✅ Valid till 31 March 2026

📍 Textiles
✅ PLI Scheme for Textiles deadline extended
✅ New deadline: 31 March 2026

📍 Coal Sector
✅ Coal India allows buyers from Bangladesh, Nepal, Bhutan
✅ Direct participation in SWMA e-auctions
✅ Payments as per FEMA norms

📍 Highways
✅ NHAI to discontinue KYV for car FASTags
✅ Effective: 1 Feb 2026
✅ KYV only in complaint-based cases

📍 Electronics Manufacturing
✅ 22 projects approved under ECMS
✅ Investment: ₹41,863 cr
✅ Employment: 33,791 jobs

📍 Social Security
✅ ESIC extends SPREE-2025 registration
✅ New deadline: 31 Jan 2026

📍 Statistics
✅ NSO releases “Know Your Survey” guide on ASUSE

🔆 STATES

📍 Assam
✅ Becomes 1st state to constitute 8th State Pay Commission

📍 Gujarat
✅ Sets up cyber security panels for energy infrastructure

📍 Urban Development
✅ Surat set to become India’s first slum-free city

🔆 APPOINTMENTS
📍 Judiciary
✅ New Chief Justices appointed:
➡ Kerala HC – Justice Soumen Sen
➡ Patna HC – Justice Sangam Kumar Sahoo
➡ Meghalaya HC – Justice Revati Prashant Mohite Dere

🔆 AWARDS / EVENTS

📍 National Awards for e-Governance 2026
✅ Nodal dept: DARPG
✅ Categories cover AI, cyber security, district & grassroots governance
✅ Gold Award: ₹10 lakh | Silver: ₹5 lakh

📍 Sports & Events
✅ Andre De Grasse named International Ambassador – Tata Mumbai Marathon
✅ Mamady Doumbouya elected President of Guinea

#️⃣ #CurrentAffairs

📝 ETHICS QUOTATIONS — TOLERANCE & PEACE

🗨️ “An eye for an eye only ends up making the whole world blind.”
— Mahatma Gandhi

🗨️ “The day the power of love overrules the love of power, the world will know peace.”
— Mahatma Gandhi

🗨️ “In the practice of tolerance, one’s enemy is the best teacher.”
— Dalai Lama

🗨️ “The highest result of education is tolerance.”
— Helen Keller

🗨️ “Anger and intolerance are the twin enemies of correct understanding.”
— Mahatma Gandhi

🗨️ “Through the centuries, the history of peoples is but a lesson in mutual tolerance.”
— Émile Zola

🗨️ “We must learn to live together as brothers or perish together as fools.”
— Martin Luther King Jr.

🗨️ “If civilization is to survive, we must cultivate the science of human relationships — the ability of all peoples, of all kinds, to live together in the same world at peace.”
— Franklin D. Roosevelt

📝 उद्धरण — सहिष्णुता और शांति

🗨️ “आँख के बदले आँख पूरी दुनिया को अंधा बना देती है।”
— महात्मा गांधी

🗨️ “जिस दिन प्रेम की शक्ति, सत्ता के प्रेम पर विजय पा लेगी—उस दिन दुनिया शांति को जान लेगी।”
— महात्मा गांधी

🗨️ “सहिष्णुता के अभ्यास में, हमारा शत्रु ही हमारा सबसे अच्छा शिक्षक होता है।”
— दलाई लामा

🗨️ “शिक्षा का सर्वोच्च परिणाम सहिष्णुता है।”
— हेलेन केलर

🗨️ “क्रोध और असहिष्णुता—सही समझ के दो सबसे बड़े शत्रु हैं।”
— महात्मा गांधी

🗨️ “मानव इतिहास, सदियों से, परस्पर सहिष्णुता का ही पाठ पढ़ाता रहा है।”
— एमिल ज़ोला

🗨️ “हमें भाइयों की तरह साथ रहना सीखना होगा, नहीं तो मूर्खों की तरह साथ ही नष्ट हो जाएँगे।”
— मार्टिन लूथर किंग जूनियर

🗨️ “यदि सभ्यता को जीवित रहना है, तो हमें मानवीय संबंधों के विज्ञान को विकसित करना होगा—
अर्थात् सभी प्रकार के लोगों की यह क्षमता कि वे एक ही दुनिया में शांति से साथ रह सकें।”
— फ्रैंकलिन डी. रूज़वेल्ट

#ethics

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🔆 Revolutionary Activities in India (1907–1917)

📍 Phase Context (1907–17)
✅ Marked by organised revolutionary nationalism
✅ Shift from petitions → armed resistance & conspiracies
✅ Major centres: Bengal, Maharashtra, Punjab, Madras, Overseas

🔆 Key Revolutionary Organisations & Events

📍 Bengal Region

✅ Anushilan Samiti (1902, Bengal)
• Founded by Promotha Mitter, Jatindranath Banerjee, Barindra Kumar Ghosh
• Published Yugantar & Sandhya Prakash
• Activities: Physical training, Swadeshi dacoities, moral education

✅ Attempt on Sir Fuller (1907)
• Yugantar group targeted Lt. Governor of Eastern Bengal & Assam
• Sir Fuller later resigned

✅ Muzaffarpur Case / Alipore Conspiracy (1908)
• Prafulla Chaki & Khudiram Bose targeted Magistrate Kingsford
• Khudiram Bose hanged
• Aurobindo Ghosh acquitted, Barindra Kumar Ghosh → life imprisonment

✅ Barrah Dacoity (1908)
• Conducted by Dacca Anushilan
• Objective: Fund revolutionary activities

📍 Delhi & North India

✅ Delhi Conspiracy Case (1912)
• Led by Rash Behari Bose & Sachindra Sanyal
• Bomb attempt on Viceroy Hardinge

📍 World War I & International Dimension

✅ German Plot / Zimmerman Plan (1916–17)
• Led by Jatindranath Mukherjee (Bagha Jatin) & Yugantar
• Plan: Import German arms, trigger armed rebellion
• Used Swadeshi dacoities & boat raids for funds

📍 Maharashtra Region

✅ Ramosi Peasant Force (1879)
• Organised by Vasudev Balwant Phadke
• Armed revolt against British authority

✅ Chapekar Brothers Case (1897)
• Damodar & Balkrishna Chapekar assassinated Plague Commissioner Rand

✅ Mitra Mela (1899)
• Founded by V.D. Savarkar
• Later merged with Abhinav Bharat (1904)
• Inspired by Mazzini’s Young Italy

✅ Killing of Nasik District Magistrate (1909)
• Anant Laxman Kanhere killed A.M.T. Jackson
• Result: Kanhere executed; Savarkar imprisoned

📍 Punjab & Madras

✅ Punjab Extremism
• Led by Lala Lajpat Rai
• Revolutionaries: Lala Hardayal, Bhai Parmanand, Syed Haider Raza

✅ Assassination of Robert Ashe (1911, Madras)
• Vanchi Iyer killed Collector of Tirunelveli

📍 Overseas Revolutionary Centres

✅ India House / Bharat Swashasan Samiti (1905, London)
• Founded by Shyamji Krishna Varma
• Leaders: Savarkar, Hardayal
• Published The Indian Sociologist

✅ Assassination of Curzon-Wyllie (1909, London)
• Madan Lal Dhingra

✅ Ghadar Party (1913, San Francisco)
• Leaders: Sohan Singh Bhakna, Lala Hardayal, Kartar Singh Sarabha
• Aim: All-India uprising during WW-I (UPSC 2022)

✅ Berlin Committee (1915, Germany)
• Led by Virendranath Chattopadhyaya
• German support under Zimmerman Plan

✅ Missions to Kabul / Baghdad / Persia
• Leaders: Raja Mahendra Pratap, Barkatullah, Obaidullah Sindhi
• Attempt to form Indian government-in-exile in Kabul

📍 Singapore Mutiny (1915)
✅ Led by Jamadar Chisti Khan, Abdul Gani, Subedar Daud Khan
✅ Involved 5th Light Infantry
✅ Suppressed → executions & life sentences

#history #prelims #mains

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