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Type: Prelims Only

  • Who was Vidyapati Thakur (1352-1448)?

    Why in the News?

    This newscard is an excerpt from the original article published in Down To Earth.

    About Vidyapati Thakur (1352 – 1448):

    • Identity and Origin: Celebrated Maithili poet, philosopher, and scholar from Mithila (northern Bihar), active under the Oiniwar dynasty during the 14th–15th centuries.
    • Languages Used: Composed in Maithili, Sanskrit, and Avahatta, blending classical and vernacular idioms into a unified literary tradition.
    • Cultural Role: Revered as the “Father of Maithili Literature”, he elevated a regional tongue to a medium of devotion and philosophy, breaking Sanskrit monopoly.
    • Historical Setting: Lived amid the Bhakti movement’s eastern rise, when devotional currents merged with courtly Sanskrit and folk traditions.

    Major Contributions:

    • Bhakti Poetry (Padavali): Authored lyrical songs of Radha–Krishna love, giving women voice and agency through emotive Maithili verse.
    • Linguistic Innovation: Asserted “Desil bayana sab jan mittha” – the sweetness of native speech – thereby legitimising vernacular expression against Sanskrit elitism.
    • Ethical and Philosophical Thought: In Purusha-Pariksha, upheld knowledge and humility as the marks of true nobility, challenging caste and wealth hierarchies.
    • Ecological Vision: Bhu-Parikramanam portrayed rivers, groves, winds as moral presences, anticipating environmental ethics centuries before modern discourse.
    • Devotional Hymns: His Ganga Stuti personified the river as divine mother and moral teacher, uniting spirituality with ecological reverence.
    • Administrative Scholarship: Likhanavali functioned as a manual of governance and record-keeping, showing mastery beyond poetics.
    • Regional Influence: His idiom spread to Bengal, Odisha, and Assam, inspiring the Brajabuli tradition and Chaitanya-era Vaishnava poets.
    • Culture–Nature Synthesis: Saw land as sacred, trees as temples, and rivers as teachers, merging ecology with devotion and ethics.
    • Enduring Legacy: A bridge between Sanskrit classic and regional modernity, Vidyapati’s ideals of love, humility, and environmental ethic continue to define Mithila’s cultural identity.
    [UPSC 2019] Consider the following statements:

    1. Saint Nimbarka was a contemporary of Akbar. 2. Saint Kabir was greatly influenced by Shaikh Ahmad Sirhindi.

    Which of the statements given above is/are correct?

    Options: (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2*

     

  • 150 years of ‘Vande Mataram’

    Why in the News?

    In his Mann Ki Baat broadcast, Prime Minister Narendra Modi called upon citizens to commemorate 150 years of our national song “Vande Mataram”.

    About Vande Mataram:

    • Overview: Written by Bankim Chandra Chattopadhyay around 1875, originally in Sanskrit (Bengali script) and later included in his novel Anandamath (1882), depicting the Sannyasi Rebellion against British rule.
    • Meaning: It means “I bow to thee, Mother”, symbolising devotion to the motherland, unity, and the spirit of sacrifice.
    • First Rendition: First sung publicly by Rabindranath Tagore at the 1896 Indian National Congress Session, transforming it into a nationalist anthem.
    • Role in Freedom Struggle: Became a rallying cry for revolutionaries in Swadeshi Movement, sung in protests, prisons, and meetings representing Ma Bharati as a symbol of resistance and national pride.
    • Official Status: In 1937, the Indian National Congress adopted its first two stanzas as the National Song; on January 24, 1950, Dr. Rajendra Prasad granted it equal status with Jana Gana Mana in the Constituent Assembly.
    • Structure & Style: Comprises six stanzas, combining Sanskrit precision and Bengali rhythm, praising India’s nature, strength, and divinity.
    • Translations & Music: Sri Aurobindo translated it into English (Karmayogin, 1909); V.D. Paluskar and Ravi Shankar popularised musical renditions.
    • Cultural Symbolism: Personifies India as the Divine Mother, transcending religious and regional divides; played instrumentally at the end of Parliamentary sessions.
    [UPSC 2016] ‘Swadeshi’ and ‘Boycott’ were adopted as methods of struggle for the first time during the
    Options: (a) Agitation against the Partition of Bengal *
    (b) Home Rule Movement
    (c) Non-Cooperation Movement
    (d) Visit of the Simon Commission to India

     

  • East Timor: Asia’s youngest nation joins ASEAN

    Why in the News?

    East Timor (Timor-Leste) was formally admitted as the 11th member of the Association of Southeast Asian Nations (ASEAN) during the summit in Kuala Lumpur, Malaysia.

    East Timor: Asia’s youngest nation joins ASEAN

    What is the Association of Southeast Asian Nations (ASEAN)?

    • Establishment: Founded in 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand through the Bangkok Declaration.
    • Purpose: To promote economic growth, political stability, regional peace, and cultural cooperation in Southeast Asia.
    • Membership: 11 nations – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, and East Timor.
    • Institutional Pillars:
      • Political-Security Community,
      • Economic Community,
      • Socio-Cultural Community.
    • Legal Framework: The ASEAN Charter (2008) gave it a legal identity and deepened integration on the EU model.
    • Economic Scale: Represents 680 million people with a combined GDP > $3.8 trillion, making it a leading global growth hub.
    • External Partnerships: Engages India, China, Japan, USA, Australia, etc., through forums like the East Asia Summit (EAS) and ASEAN Plus Six.

    About East Timor (Timor-Leste):

    • Location: Situated in Southeast Asia, occupying the eastern half of Timor Island, bordered by Indonesia (west) and Australia (south).
    • Colonial History: A Portuguese colony for 400+ years until Indonesia’s invasion in 1975, shortly after a brief independence.
    • Independence: Achieved full sovereignty in 2002 following the UN-supervised 1999 referendum ending 24 years of occupation.
    • Demographics: Population ≈1.4 million; 42% below poverty line; two-thirds under age 30, making employment creation a core policy focus.
    • Economy: Dependent on oil and gas revenues, now diversifying toward agriculture, tourism, and digital infrastructure due to depleting reserves.
    • Political Leadership: Led by PM Xanana Gusmao and President Jose Ramos-Horta (1996 Nobel Peace Prize laureate).
    • Regional Integration: Became ASEAN’s 11th member in Oct 2025, marking the bloc’s first expansion since 1999.
    [UPSC 2009] Consider the following countries:

    1. Brunei Darussalam 2. East Timor 3. Laos Which of the above is/are member/members of ASEAN?

    Options: (a) 1 only (b) 2 and 3 only (c) 1 and 3 only* (d) 1,2 and 3

     

  • Why has IUCN red-flagged the Western Ghats?

    Why in the News?

    The IUCN’s World Heritage Outlook 4 has downgraded India’s Western Ghats, Manas, and Sundarbans National Parks to “Significant Concern” due to climate change, tourism, invasive species, and road expansion.

    About IUCN World Heritage Outlook:

    • Overview: Launched in 2014 by the International Union for Conservation of Nature (IUCN) to evaluate the long-term conservation prospects of all natural and mixed UNESCO World Heritage Sites.
    • Cycle & Methodology: Conducted every three years (2014, 2017, 2020, 2025) using scientific data, field reports, remote-sensing, and expert review to assess retention of Outstanding Universal Value (OUV).
    • Coverage: The 2025 edition (World Heritage Outlook 4) assesses 200+ sites worldwide, measuring their state, threats, and management effectiveness.
    • Assessment Categories:
      1. Good – Values secure.
      2. Good with Some Concerns – Moderate threats.
      3. Significant Concern – Serious pressures.
      4. Critical – Imminent loss of key values.

    Key Findings World Heritage Outlook 4:

    • Global Trends: “Positive outlook” sites fell from 63 % (2020) to 57 % (2025); ≈40 % of sites now face significant or critical challenges.
    • Dominant Threats: Climate change has overtaken hunting and logging as the leading pressure, joined by tourism overload, invasive species, and infrastructure expansion.
    • Management Gaps: Only half of sites effectively funded or staffed; weak law enforcement and community participation slow recovery.
    • Positive Models: China (Mt Wuyi, Mt Huangshan) and Sri Lanka (Sinharaja) show improvement through youth involvement and sustainable tourism.
    • Policy Relevance: Serves as a “litmus test for global conservation”, informing the Kunming–Montreal Global Biodiversity Framework (2022) and supporting the 30×30 goal.

    Key Findings on India’s Western Ghats:

    • UNESCO Status: Inscribed in 2012 as a serial World Heritage Site; one of the world’s eight hottest biodiversity hotspots across six states (Gujarat → Tamil Nadu).
    • 2025 Outlook Rating: Classified as “Significant Concern” due to rising ecological stress and habitat fragmentation.
    • Biodiversity: Home to 325 globally threatened species; endemics include Nilgiri tahr, Malabar civet, Lion-tailed macaque, Nilgiri flycatcher.
    • Major Threats:
      1. Hydropower & Infrastructure – e.g., ₹ 5,843 crore Sillahalla Pumped Storage Project (1,000 MW) altering river systems.
      2. Unregulated Tourism – garbage, wildlife disturbance, elephant conflicts.
      3. Monoculture Expansion – tea, coffee, rubber replacing native forests.
      4. Climate Shift – upslope migration of species like the Black-and-Orange Flycatcher.
      5. Invasive Flora – eucalyptus and acacia reducing soil fertility.
    • Conservation Imperatives: Strengthen eco-sensitive zone rules, restore corridors, and expand community-based initiatives (Eco-Development Committees, MGNREGS).
    • Regional Significance: Regulates South India’s monsoon and river systems (Godavari, Krishna, Kaveri) sustaining 245 million people.
    • Outlook Note: Despite threats, recovery is achievable through landscape-level management, sustainable tourism, and native vegetation restoration.

  • Subansiri Lower Hydroelectric Project

    Why in the News?

    The National Hydroelectric Power Corporation (NHPC) has begun the wet commissioning of the first 250 MW unit of the Subansiri Lower Hydroelectric Project (SLHEP), India’s largest hydropower installation.

    About Subansiri Lower Hydroelectric Project (SLHEP):

    • Overview: A run-of-the-river hydroelectric project located on the Subansiri River at Gerukamukh, straddling Arunachal Pradesh and Assam in the Lower Subansiri district.
    • Developer: Implemented by the National Hydroelectric Power Corporation (NHPC) Limited, India’s leading central public-sector hydropower enterprise.
    • Installed Capacity: 2,000 MW (8×250 MW), the largest hydroelectric project in India upon completion.
    • Dam Structure: A concrete gravity dam, 116 m high from riverbed (130 m from foundation) and 284 m long, built to withstand high flood discharge and seismic activity of the Eastern Himalayas.
    • Reservoir & Components: Features a 34.5 km reservoir, five diversion tunnels, eight spillways, and a surface powerhouse on the right bank.
    • Power Output & Benefits: Expected to generate 7,500 MUs annually (90% dependable year), contributing to clean power supply, flood moderation, irrigation, and drinking water for downstream Assam.
    • Timeline: Construction began 2005, stalled 2011 due to environmental protests, resumed October 2019 after NGT clearance and PMO intervention.
    • Recent Milestone: In October 2025, NHPC began wet commissioning of the first 250 MW unit, marking the project’s operational phase.

    Back2Basics: Subansiri River

    • Overview: Arises in the Tibetan Himalayas, flows southeast through Miri Hills (Arunachal Pradesh), entering Assam, and joins the Brahmaputra at Lakhimpur.
    • Tributary Importance: Largest right-bank tributary of the Brahmaputra, contributing ~7.9% of total river flow.
    • Catchment Area: Covers 32,640 sq. km, combining steep Himalayan terrain and fertile plains.
    • Local Name: Known as the “Gold River” due to historic alluvial gold traces in its sands.
    • Ecological Significance: Supports endemic fish species, riparian forests, and floodplain livelihoods across Dhemaji and Lakhimpur.
    • Strategic Relevance: Its high gradient and perennial discharge make it ideal for renewable hydropower, central to Northeast India’s energy security.

     

    [UPSC 2024] Recently, the term “pumped-storage hydropower” is actually and appropriately discussed in the context of which one of the following? Options: (a) Irrigation of terraced crop fields

    (b) Lift irrigation of cereal crops

    (c) Long duration energy storage*

    (d) Rainwater harvesting system

     

  • Rashtriya Vigyan Puraskar (RVP)

    Why in the News?

    The Government of India has announced the Rashtriya Vigyan Puraskar as Padma-style national awards for excellence in science, technology, and innovation.

    Key Highlights of 2025 Awards:

    • Vigyan Ratna: Jayant Vishnu Narlikar (posthumously) – astrophysicist and cosmologist known for the Hoyle–Narlikar theory.
    • Vigyan Shri: Eight scientists including Gyanendra Pratap Singh, Yusuf M. Shaikh, K. Thangaraj, Pradeep Thapalil, A.B. Pandit, Venkata Mohan, Mahan Mj, and Jayan N.
    • Vigyan Yuva: Fourteen young scientists across biology, physics, and data science domains.
    • Vigyan Team: CSIR Aroma Mission – for contributions to India’s flavour and fragrance sector, enhancing rural livelihood and agro-innovation.

    About Rashtriya Vigyan Puraskar (RVP):

    • Establishment: Instituted in January 2024 as India’s national Padma-style award for science and technology excellence, recognising scientists, technologists, and innovators of Indian origin, in India or abroad.
    • Purpose: Created to replace legacy awards like the Shanti Swarup Bhatnagar Prize, ensuring transparency, inclusivity, and broader scientific domain coverage.
    • Governing Authority: Administered by the Rashtriya Vigyan Puraskar Committee (RVPC), chaired by the Principal Scientific Adviser (PSA) to the Government of India, comprising 17 members from major science ministries and research councils.
    • Award Calendar:
      • Announcement: Every May 11 on National Technology Day.
      • Conferment: Every August 23 on National Space Day at Rashtrapati Bhavan, by the President of India.
    • Award Categories:
      1. Vigyan Ratna (VR): For lifetime achievement; up to 3 awards annually.
      2. Vigyan Shri (VS): For distinguished contributions; up to 25 awards.
      3. Vigyan Yuva – Shanti Swarup Bhatnagar (VY-SSB): For scientists under 45 years; up to 25 awards.
      4. Vigyan Team (VT): For collaborative research groups (≥ 3 members); up to 3 awards.

    Coverage & Eligibility:

    • Scientific Domains: Thirteen fields including physics, chemistry, biology, mathematics, medicine, engineering, agriculture, space science, and innovation.
    • Eligibility: Open to Indian citizens and Persons of Indian Origin (PIOs); self-nominations not permitted only institutional, departmental, or peer nominations accepted.
    • Award Components: Each recipient receives a Sanad signed by the President, a medallion, and a citation booklet; posthumous awards transferred to next of kin.
    [UPSC 2014] For outstanding contribution to which one of the following’ fields is Shanti Swarup Bhatnagar Prize given?

    Options: (a) Literature (b) Performing Arts (c) Science* (d) Social Service

     

  • Google’s C2S-Scale AI Model

    Why in the News?

    Google DeepMind and Google Research has unveiled Cell2Sentence-Scale 27B (C2S-Scale), an AI model based on the Gemma family, marking a major advance in scientific research.

    About C2S-Scale:

    • Overview: It is a large-language-model (LLM) foundation system created by Google Research, Google DeepMind, and Yale University, designed to interpret the language of cells by converting single-cell transcriptomic data into textual “cell sentences.”
    • Foundation & Architecture: Built on the Gamma family of open models with 27 billion parameters, it is among the world’s largest LLMs for biological data analysis.
    • Purpose: Bridges single-cell RNA sequencing (scRNA-seq) and natural-language reasoning, allowing biologists to query models conversationally and obtain mechanistic hypotheses instead of raw statistics.
    • Experimental Validation: Predicted a CK2-inhibition (silmitasertib + interferon) pathway that increases MHC-I antigen presentation in “cold” tumours, subsequently validated in live-cell assays.

    Key Features:

    • Parameter Scale: ~27 B parameters showing clear scaling-law gains in biological task performance.
    • Data Representation: Converts ranked gene-expression profiles into gene-name sequences, enabling LLMs to treat transcriptomes as text.
    • Multimodal Training: Trained on 50 million + single-cell profiles (human + mouse) plus metadata and scientific literature, aligning molecular data with context.
    • Functional Range: Performs cell-type identification, perturbation-response prediction, dataset summarisation, cluster captioning, and biological Q&A.
    • Reasoning Capability: Generates new, testable hypotheses, extending AI use from pattern detection to biological inference.
    • Open-Source Access: Model weights and code released via Hugging Face and partner labs for community replication and benchmarking.
    [UPSC 2025] Consider the following statements:

    I. It is expected that Majorana 1 chip will enable quantum computing.

    II. Majorana 1 chip has been introduced by Amazon Web Services (AWS).

    III. Deep learning is machine learning.

    How many of the statements given above are correct?

    (a) I and II only (b) II and III only (c) I and III only * (d) I, II and III

     

  • Gyan Bharatam Mission 

    Why in the News?

    The Union Ministry of Culture will formalise partnerships with around 20 institutions under the Gyan Bharatam Mission, a flagship national initiative for manuscript conservation, digitisation, and research.

    About Gyan Bharatam Mission:

    • Overview: It is a flagship national mission of the Ministry of Culture (GoI) to preserve, digitise, and promote India’s manuscript heritage.
    • Launch: Approved as a Central Sector Scheme (2024–2031) with an outlay of ₹482.85 crore.
    • Background: Builds upon the National Mission for Manuscripts (2003), which documented over 44 lakh manuscripts.
    • Objective: To integrate traditional conservation with modern digital technologies including AI, cloud storage, and blockchain authentication.
    • Core Goal: Establish a National Digital Repository (NDR), a unified, globally accessible platform showcasing India’s intellectual and cultural heritage.
    • Vision Alignment: Supports Viksit Bharat @2047 and India’s role as a Vishwa Guru in global knowledge preservation.

    Key Features:

    • Comprehensive Scope: Covers identification, conservation, digitisation, translation, and public dissemination.
    • Survey & Documentation: Creation of a national manuscript inventory through Manuscript Resource Centres (MRCs).
    • National Digital Repository (NDR): Uses AI-based Handwritten Text Recognition (HTR) for searchable digital access.
    • Institutional Network: Implements through Cluster Centres and Independent Centres for nationwide coordination.
    • Scientific Conservation: Strengthens Manuscript Conservation Centres (MCCs) for preventive and curative preservation.
    • Funding Structure: 70% upfront release and 30% post-verification based on measurable outcomes.
    • Public Engagement: Promotes youth and researcher participation via Gyan-Setu AI Innovation Challenge.
    • Quality Assurance: Ensures accountability through third-party audits, utilisation checks, and review mechanisms.

  • Makhana (Fox Nut) Cultivation in India

    Why in the News?

    The Prime Minister called the National Makhana Board a “revolution” in India’s farm value chain, aiming to formalise and commercialise makhana cultivation.

    National Makhana Board (NMB)

    • Objective: To enhance production, processing, value addition, and export competitiveness of makhana (fox nut) through a structured national framework.
    • Establishment: Constituted in 2025 under the Ministry of Food Processing Industries with an initial outlay of ₹100 crore to institutionalise India’s makhana value chain.
    • Functions: Provides training, technical support, quality regulation, and export facilitation, aligning makhana with schemes such as PM-FME, One District One Product (ODOP), and Atmanirbhar Bharat.
    • Regional Presence: Operates regional centres in Darbhanga, Purnea, and Katihar (Bihar) for farmer outreach and capacity building.
    • Institutional Linkages: Coordinates with ICAR, NABARD, and agricultural universities to promote high-yield varieties (HYVs), mechanised harvesting, and standardised processing.
    • Governance Structure: Comprises Central and State officials, FPO representatives, and industry experts ensuring multi-stakeholder participation.
    • Core Goals: Expand exports, ensure fair farmer pricing, and build sustainable livelihoods for makhana-growing communities.

    About Makhana:

    • Overview: Edible seed of the prickly water lily (Euryale ferox), found in freshwater wetlands across South and East Asia.
    • Nutritional Profile: Protein-rich, low-fat, and mineral-dense, recognised globally as a superfood.
    • Cultural & Medicinal Use: Integral to Ayurveda, Unani, and Chinese medicine; used for blood pressure control, fertility, and immunity.
    • Policy & Branding: Listed under ODOP, backed by branding and export support; granted GI tag “Mithila Makhana” (2022).
    • Global Market: Valued at USD 43.5 million (2023), projected to reach USD 100 million by 2033, positioning India as global leader.
    • Export market: Almost 30% to US, UAE 20%, UK 15% , Canada 10%, Singapore 7-8%.

    Makhana Cultivation in India:

    • Geographic Concentration: Bihar produces ≈ 90 % of India’s makhana from Darbhanga, Madhubani, Purnea, Katihar, Saharsa districts.
    • Agro-Climatic Needs: Thrives in stagnant ponds/lakes, 20–35 °C temperature, 100–250 cm rainfall, and loamy soils.
    • Area & Yield: Grown on 15,000 ha producing ≈ 10,000 tonnes annually; HYVs like Swarna Vaidehi and Sabour Makhana-1 yield 3–3.5 t/ha vs 1.7–1.9 t/ha earlier.
    • Other States: Cultivated marginally in West Bengal, Manipur, Assam, Tripura, Odisha, MP, Rajasthan, UP.
    • Challenges: Labour-intensive manual harvesting, limited mechanisation, and high input costs.

  • RBI draft norms on Capital Market Exposure (CME)

    Why in the News?

    The Reserve Bank of India released draft “Capital Market Exposure Directions, 2025” to overhaul rules on banks’ exposure to capital markets.

    What is Capital Market Exposure (CME)?

    It simply means how much a bank is involved in the stock market and related financial activities.

    When banks deal with the capital market, they can do this in two main ways:

    1. Direct Exposure: When the bank itself invests in shares, bonds, or mutual funds, just like an investor would. Example: if a bank buys shares of a company or invests in government bonds, that’s direct exposure.
    2. Indirect Exposure: When the bank gives loans linked to the stock market, for example, lending money to stockbrokers, mutual funds, or investors who want to buy shares.

    Because the stock market goes up and down, these activities are riskier than normal banking (like giving home or business loans). So, the Reserve Bank of India (RBI) keeps a close watch and sets limits on how much banks can invest or lend in the capital market.

    About Draft Norms on Capital Market Exposure, 2025:

    • Objective: To modernise, unify, and simplify rules on banks’ capital-market lending and investment exposures.
    • Expanded Scope: Permits acquisition-finance lending for corporates and higher credit limits for individuals participating in Initial Public Offerings (IPOs), Follow-on Public Offerings (FPOs), and Employee Stock Option Plans (ESOPs).

    Key Features of the Draft CME Norms:

    • Exposure Limits:
      • Direct exposure (investments + acquisition finance) capped at 20 percent of Tier-1 capital on solo and consolidated bases.
      • Aggregate exposure (direct + indirect) capped at 40 percent of consolidated Tier-1 capital.
    • Acquisition Finance:
      • Banks may finance up to 70 percent of acquisition cost, with borrowers contributing 30 percent equity from own funds.
      • Permitted only for listed companies with sound financials and independent valuations compliant with Securities and Exchange Board of India (SEBI) norms.
      • Aggregate acquisition-finance exposure limited to 10 percent of Tier-1 capital; not allowed for Non-Banking Financial Companies (NBFCs), Alternative Investment Funds (AIFs), or related parties.
    • Individual Market-Participation Loans:
      • Maximum loan per individual increased to ₹ 25 lakh; up to 75 percent of subscription value may be financed with a 25 percent margin.
      • Shares allotted under IPOs, FPOs, or ESOPs must be pledged and lien-marked to the lending bank.
    • Loans Against Securities:
      • Capped at ₹ 1 crore per individual for eligible securities (government securities, mutual-fund units, listed shares, or high-rated corporate debt).
      • Banks must maintain prudent LTV ratios and adopt internal risk-control systems for valuation and monitoring.

    Need for Such Norms:

    • Modernisation: Replaces fragmented rules with a unified prudential framework.
    • Corporate Expansion: Enables M&A financing, supporting Indian firms’ global competitiveness.
    • Retail Participation: Encourages individual investment and deepens equity-market access.
    • Risk Containment: Exposure caps and buffers ensure stability and discipline in bank lending.
    • Global Alignment: Harmonises with Basel III and international acquisition-finance standards.
    • Economic Impact: Enhances financial depth, liquidity, and investment-led growth in capital markets.
    [UPSC 2023] Which one of the following activities of the Reserve Bank of India is considered to be part of ‘sterilisation?

    Options: (a) Conducting ‘Open Market Operations’ *

    (b) Oversight of settlement and payment systems

    (c) Debt and cash management for the Central and State Governments

    (d) Regulating the functions of Non-banking Financial Institutions