Current Context: The CBIC has introduced system-based auto-approval for Indian Financial System Code (IFSC) registration to enhance ease of doing business.

ABOUT IFSC & CBIC

• IFSC (Indian Financial System Code):
  • 11-digit alphanumeric code identifying every bank branch in India.
  • Ensures accurate and secure online fund transfers (NEFT, RTGS).
  • Used for domestic transactions; SWIFT code is used for international ones.
• CBIC:
  • Part of Department of Revenue, Ministry of Finance.
  • Established in 1964 as Central Board of Excise & Customs, renamed CBIC in 2018.
  • Responsible for policies on Customs, GST, Excise, and anti-smuggling measures.

Current Context: The Reserve Bank of India (RBI) has extended the Integrated Ombudsman Scheme (RB-IOS, 2021) to include Central and State Co-operative Banks for faster redress of customer grievances.

ABOUT RB-IOS 2021

• Objective: Provide a cost-free, quick, and fair grievance redress system for customers of regulated entities.
• Coverage Includes:
  • All Commercial Banks, Regional Rural Banks, Primary Urban Co-operative Banks, and NBFCs(with ₹100 crore assets).
  • System Participants under the Payment and Settlement Systems Act, 2007.
  • Credit Information Companies.
• Integration: Unified three previous Ombudsman schemes (Banking, NBFC, and Digital Transactions).
• Approach: “One Nation, One Ombudsman”.
• Power: Can award compensation up to ₹20 lakh plus ₹1 lakh for time and distress.

Current Context: Prime Minister Narendra Modi launched ‘Mumbai One’, India’s first QR-based digital mobility app, integrating 11 public transport systems across the Mumbai Metropolitan Region (MMR) under the vision of ‘One Nation, One Mobility’.

ABOUT MUMBAI ONE APP

• Purpose: Single platform for booking, payment, and route planning across metros, monorails, buses, and suburban trains.
• Key Features:
  • Single digital ticket valid across multiple modes of transport.
  • QR-based contactless payment and real-time travel updates.
  • Trilingual interface: Marathi, Hindi, English.
  • Emergency support and city guide
  • Capacity: 50 lakh daily transactions; target user base: 50 lakh in one year.
  • Hosted on MeitY-compliant Google Cloud Platform for security and scalability.

Current Context: : The Ministry of Finance has launched the Foreign Currency Settlement System (FCSS) at GIFT IFSC, placing India among select global centres like Hong Kong and Tokyo that have local foreign currency settlement infrastructure.

ABOUT FCSS

• Authorised By: International Financial Services Centres Authority (IFSCA).
• Objective: Enables local settlement of foreign currency transactions between IFSC Banking Units (IBUs).
• Initial Phase: Begins with US Dollar transactions, to be expanded later.
• Operator: CCIL IFSC Limited, subsidiary of Clearing Corporation of India Limited.
• Benefits:
  • Real-time settlement reduces delays from 48 hours to near-instant.
  • Reduces dependency on foreign correspondent banks.

ABOUT GIFT CITY & IFSCA

• GIFT City: India’s first operational smart city and home to the country’s only International Financial Services Centre (IFSC).
• IFSCA:
  • Established in 2020 under the IFSCA Act, 2019.
  • Regulates financial institutions in IFSC.
  • Headquarters: GIFT City, Gujarat.

Current Context: : Prime Minister Narendra Modi inaugurated the 9th India Mobile Congress (IMC) 2025 at Yashobhoomi Convention Centre, New Delhi — Asia’s largest telecom, media, and technology event.

• He highlighted digital connectivity as a basic necessity and a key pillar of the Aatmanirbhar Bharat

ABOUT INDIA MOBILE CONGRESS

• Theme: Showcasing innovation in telecom, media, and digital technology.
• Key Achievements Highlighted:
  • Broadband users rose from 60 million (2014) to 944 million (2025).
  • 9% of districts are connected to 5G.
  • India is the 2nd largest telecom and 5G market
  • 20 countries are exploring India’s Digital Public Infrastructure
  • India accounts for 20% of global mobile users.

Current Context: : The Nobel Prize in Physiology or Medicine 2025 has been awarded to Mary E. Brunkow, Fred Ramsdell (USA), and Shimon Sakaguchi (Japan) for their groundbreaking discoveries on peripheral immune tolerance — how the immune system distinguishes between harmful invaders and the body’s own cells.

ABOUT THE DISCOVERY

• Focus Area: The peripheral immune system, which operates outside the brain and spinal cord.
• Major Findings:
  • 1995: Sakaguchi discovered Regulatory T-cells (Tregs) — immune cells that prevent the body from attacking itself.
  • 2001: Brunkow and Ramsdell identified the FOXP3 gene, responsible for autoimmune diseases like IPEX.
  • The FOXP3 gene was later proven essential for Treg development.
• Significance:
  • Cancer Research: Helps design immunotherapies to stop tumors from escaping immune detection.
  • Autoimmune & Transplant Care: Enables new treatments to prevent immune rejection and manage autoimmune diseases.

Current Context: The 2025 Nobel Prize in Physics has been awarded to John Clarke, Michel Devoret, and John Martinis (USA) for their pioneering research demonstrating quantum properties on a human scale.

• Their work proves that quantum mechanical behavior can occur not just in atoms but also in systems large enough to hold in one’s hand.

ABOUT THE DISCOVERY

• Focus: Demonstration of quantum mechanics at macroscopic levels (visible size).
• Key Concept: Quantum tunnelling — the ability of particles to pass through barriers even when classical physics forbids it.
• Innovation:
  • Used electric circuits with two superconducting components separated by a thin non-conductive layer, forming a Josephson Junction.
  • The system absorbed and emitted quantized energy as predicted by quantum theory.
• Significance: Lays the foundation for quantum computers, quantum sensors, and next-generation transistors.

ABOUT QUANTUM MECHANICS

• Explains how tiny particles exhibit both wave and particle properties — known as wave-particle duality.
• It is the fundamental theory describing atomic and sub-atomic behavior in physics.

Observed globally on 10 October every year

Aim : to raise awareness about mental health issues and to promote efforts in support of mental well-being and suicide prevention.

• Organised By: World Federation for Mental Health (WFMH).
• Supported By: World Health Organization (WHO), International Association for Suicide Prevention, and United for Global Mental Health.

Celebrated every year on 10 October in India

Aim : to honour the Indian Postal Department’s service for more than 150 years and its contribution to communication and nation-building.

• Established By: British administration under Lord Dalhousie in 1854.
• Purpose: To recognise the role of the Indian Postal Department in connecting the nation and facilitating trade, communication, and social service.
• Administered By: Ministry of Communications, Government of India.
• Structure of Postal System:
  • 9 Postal Zones and 23 Postal Circles across India.
  • 1 Army Post Office (APO) for defence communication.
• Postal PIN Code System:
  • Introduced in 1972 by Shriram Bhikaji Velankar.
  • Uses a 6-digit Postal Index Number (PIN) for identifying regions and delivery routes.
• Significance:
  • India has one of the largest postal networks in the world.
  • Promotes inclusion by connecting even the remotest villages through mail and financial services.

Current Context : The National Highways Authority of India (NHAI) has launched QR code-enabled Project Information Sign Boards across national highways to promote transparency, safety, and real-time information access for commuters.

ABOUT THE INITIATIVE

• Launched By – National Highways Authority of India (NHAI)
• Purpose – To give road users instant access to project details and emergency contacts through QR codes

KEY FEATURES

• QR codes display project details such as highway number, project length, construction timelines, and maintenance data.
• Provides contact information of officials including Toll Manager, Project Manager, Resident Engineer, and Highway Patrol.
• Displays emergency helpline number 1033 for quick assistance.
• Offers real-time data on nearby facilities like hospitals, fuel stations, toilets, restaurants, and EV charging points.