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CURRENT AFFAIRS : BANKING & FINANCE, BUSINESS
Reserve Bank of India to Shift Cheque Truncation System from Batch Processing to Continuous Clearing with Real-Time Settlement
- The Reserve Bank of India (RBI) will transition the Cheque Truncation System (CTS) from batch processing to continuous clearing with settlement on realisation.
- The transition will happen in two phases:
- Phase 1: October 4, 2025
- Phase 2: January 3, 2026
- All banks must make their customers aware of the changes and be ready to participate in continuous clearing on the above dates.
- There will be a single presentation session from 10:00 AM to 4:00 PM.
- Cheques received by branches will be scanned and sent immediately and continuously to the clearing house.
- The clearing house will release cheque images to drawee banks continuously.
- The confirmation session will run from 10:00 AM to 7:00 PM.
- For each cheque presented, the drawee bank will generate:
- Positive confirmation – for honoured cheques
- Negative confirmation – for dishonoured cheques
What is Cheque Truncation System?
- The CTS is a cheque clearing system by the Reserve Bank of India (RBI) for faster cheque clearing.
- Truncation means stopping the physical movement of cheques during the clearing process.
- CTS is an online, image-based system for cheque settlement.
- Cheque images and Magnetic Ink Character Recognition (MICR) data are captured at the collecting bank branch.
Recent News :
- In July 2025, The Reserve Bank of India (RBI) proposed creating a Financial Conditions Index (FCI) for India with daily frequency to enhance real-time monitoring of the country’s financial health.
About RBI:
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Sanjay Malhotra
Reserve Bank of India Reinstates Licenses of Two non-banking financial companies; 26 Firms Leave the Sector
- The Reserve Bank of India (RBI) has restored the Certificate of Registration (CoR) of two NBFCs:
- Shabros Fin-Vest Private Limited
- Alpine Finlease Limited
- The restoration followed favorable orders from the Appellate Authority and relevant courts.
- The RBI cancelled CoRs of 16 NBFCs under Section 45-I of the RBI Act, 1934, prohibiting them from NBFC-related activities.
- Wadhawan Global Capital Limited
- Praptee Savings and Investment (India) Limited
- Sharmistha Investments Private Limited
- Softfin Investments Private Limited
- Tele Link Securities and Finance Limited
- Tyche Securities Pvt Ltd
- Bharat Monetary Services Pvt. Ltd.
- NCS Finance Private Limited
- Geopreneur Fincorp Private Limited
- Indo-Euro Investments Company Limited
- Investrick Securities (India) Private Limited
- Jem Fiscal Limited
- Karvirvasini Investments and Finance Private Limited
- Kaundinya Investment and Finance Private Limited
- Silver Golden Property Develop Fin Investment Limited
- Simplex Trading and Agencies
Reserve Bank of India Outlines 7 Guiding Principles for AI Adoption in Financial Sector
- A committee set up by the Reserve Bank of India (RBI) has submitted a report on a framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector.
- The framework aims to guide the use of AI to harness its potential while safeguarding against risks.
- The committee recommended a forward-looking approach with 7 foundational principles (sutras) and 26 actionable recommendations under six strategic pillars.
Key Highlights :
- The 7 sutras are: Trust is the Foundation, People First, Innovation over Restraint, Fairness and Equity, Accountability, Understandable by Design and Safety, Resilience and Sustainability.
- The six strategic pillars are split into two categories:
- Innovation Enablement: Infrastructure, Policy, and Capacity.
- Risk Mitigation: Governance, Protection, and Assurance.
- To foster innovation, key recommendations include:
- Establishing shared infrastructure for data and compute access.
- Creating an AI Innovation Sandbox.
- Developing indigenous financial sector-specific AI models.
- Formulating an AI policy and building institutional capacity.
- To mitigate risks, key recommendations include:
- Regulated entities (REs) must have a board-approved AI policy.
- Expanding product approval processes and consumer protection frameworks to include AI.
- Augmenting cybersecurity practices and incident reporting.
- Establishing robust governance frameworks for the AI lifecycle.
- Making consumers aware when they are interacting with AI systems.
Public Sector Banks Wrote Off Over ₹5.82 Lakh Crore Bad Loans in Past 5 Years: Minister of State Finance
- Public Sector Banks (PSBs) wrote off about ₹5.82 lakh crore in bad loans over the last five financial years.
- In 2024-25, PSB loan write-offs stood at ₹91,260 crore, lower than ₹1.15 lakh crore in the previous year.
- The highest write-off was in 2020-21 at ₹1.33 lakh crore, followed by ₹1.16 lakh crore (2021-22) and ₹1.27 lakh crore (2022-23).
- Recoveries by PSBs in the last five years were about ₹1.65 lakh crore, which is 28% of the total write-offs.
- As per RBI guidelines, banks write off NPAs (Non-Performing Assets) after 4 years if fully provisioned, with approval from the banks’ Boards.
- Write-offs do not waive borrower liabilities—borrowers remain liable, and banks continue recovery actions despite the write-off.
Kisan Credit Card accounts in public sector banks fall 1.8% to 22.5 million in FY25
- The number of Kisan Credit Card (KCC) accounts in public sector banks decreased by 1.8% year-on-year to 22.5 million in FY25.
- Despite the decline in the number of accounts, the outstanding loan amount increased by 2.2% to ₹41,300 crore.
- The KCC scheme, introduced in 1998, provides short-term crop loans to farmers and those in allied activities at a benchmark interest rate of 9%.
- To incentivize timely repayment, farmers are offered a 3% prompt repayment incentive.
- In the FY26 budget, Finance Minister Nirmala Sitharaman announced an increase in the KCC loan limit for farmers from ₹3 lakh to ₹5 lakh.
- The minister stated that KCCs facilitate short-term loans for 77 million farmers, fishermen, and dairy farmers.
Punjab & Sind Bank launches ‘PSB Naari Shakti’ savings account to empower women with financial and health benefits
- Punjab & Sind Bank (PSB) launched “PSB Naari Shakti”, a savings account initiative to empower women with financial and health benefits.
- The scheme has two variants – PSB Pink and PSB Smile, offering exclusive advantages.
- Health coverage includes:
- Cancer cover up to ₹10 lakh
- Group accidental insurance up to ₹20 lakh
- The Beneficiaries get free annual preventive health checkups and tele-consultation services for regular health management.
- It Provides a complimentary Platinum Rupay debit card for digital transactions.
About Punjab & Sind Bank :
- Founded : 24 June 1908
- Headquarters : New Delhi, India
- MD & CEO : Swarup Kumar Saha
CURRENT AFFAIRS: NATIONAL AND STATE NEWS
India Achieves 100 GW Solar PV Module Manufacturing Capacity Under Approved List of Models and Manufacturers
- India has reached a historic milestone of 100 GW solar PV module manufacturing capacity enlisted under the Approved List of Models and Manufacturers (ALMM).
- This marks a remarkable rise from just 2.3 GW in 2014, reflecting rapid progress in building a self-reliant solar manufacturing ecosystem aligned with Atmanirbhar Bharat and the global clean energy transition.
Key Highlights
- Union Minister of New and Renewable Energy, Shri Pralhad Joshi highlighted that this achievement is driven by Prime Minister Shri Narendra Modi’s leadership and transformative policies like the Production Linked Incentive (PLI) Scheme for High-Efficiency Solar Modules.
- The milestone strengthens India’s path towards 500 GW non-fossil fuel capacity by 2030.
- Government initiatives:
- PLI Scheme for High-Efficiency Solar PV Modules.
- Level playing field measures for domestic manufacturers.
- Policy interventions have led to capacity growth from 2.3 GW in 2014 to 100 GW in 2025.
About ALMM:
-
- Issued by MNRE on 2 January 2019.
- First ALMM list (March 2021) had 8.2 GW capacity and 21 manufacturers.
- In 2025, the list includes 100 manufacturers with 123 manufacturing units, exceeding 100 GW capacity.
Union Minister of Steel and Heavy Industries Launches Logo, brochure and website of ‘Bharat Steel’.
- Union Minister of Steel and Heavy Industries, Shri H.D. Kumaraswamy, unveiled the official logo of Bharat Steel at Vigyan Bhawan, New Delhi, along with the event brochure and official website.
- Secretary (Steel) Shri Sandeep Poundrik and senior officials of the Ministry of Steel were present during the launch.
- The unveiling took place during a workshop for the secondary steel sector, highlighting the Government’s commitment to growth, innovation, and sustainability in the steel value chain.
Key Highlights
- Bharat Steel is the Ministry of Steel’s flagship international conference-cum-exhibition on the steel ecosystem.
- The event will be held on 16–17 April 2026 at Bharat Mandapam, New Delhi.
- It will bring together global industry leaders, policymakers, technology providers, and investors to:
- Showcase India’s capabilities in the steel sector.
- Promote green and sustainable steelmaking.
- Explore opportunities in domestic and international markets.
- Participation will include both the primary and secondary steel sectors.
- To become the largest steel exhibition in India and globally, positioning India as a hub for innovation, collaboration, and investment in the steel industry.
CURRENT AFFAIRS : INTERNATIONAL NEWS
After Six Centuries, Krasheninnikov Volcano Erupts in Kamchatka, Russia
- Krasheninnikov Volcano, located on the Kamchatka Peninsula, Russia, erupted for the first time in recorded history after ≈600 years.
- The eruption sent ash clouds up to 4 km above sea level.
- Authorities issued an Orange Aviation Warning due to risk to aircraft.
- The eruption is possibly linked to a recent 8.7 magnitude earthquake and aftershocks, which also led to tsunami warnings.
- The volcano’s last known eruption occurred around 1463.
- Ash plume moved eastward toward the Pacific Ocean, with no populated areas at risk.
- The volcano lies 200 km north of Petropavlovsk-Kamchatsky and is under close observation.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Scientists discover possible earliest hominid artifacts in Indonesia’s Wallacea
- A team of Australian and Indonesian archaeologists discovered stone tools in the Soppeng region on Indonesia’s Sulawesi island.
- The tools, found alongside animal teeth, were dated to up to 1.48 million years ago, making them the earliest known evidence of humans in the Wallacea region.
- This discovery pushes back the timeline for human presence in the region by nearly 500,000 years, as the earliest humans (Homo Erectus) were previously thought to have settled on Flores and Luzon islands around 1.02 million years ago.
- The findings suggest that Homo Erectus may have been capable of more advanced sea travel than previously believed, which could change theories on early human migration.
- The archaeologist quoted, Adam Brumm, is from Griffith University in Queensland, Australia.
- Wallacea is a biogeographical region in eastern Indonesia that includes islands like Sulawesi, Lombok, Flores, and Timor, situated between Asia and Australia. It is named after the naturalist Alfred Russel Wallace.
Bose Institute discovers ‘pseudo-intelligence’ in immune protein TAK1
- Bose Institute researchers, led by Shubhra Ghosh Dastidar, have discovered that the protein TAK1 kinase may exhibit rudimentary intelligence-like behavior.
- TAK1 kinase is crucial for immune response, cellular stress signaling, inflammation, and survival.
- The research, published in the Journal of Chemical Information and Modeling, suggests that the protein’s three-dimensional folding and atom-to-atom interactions create internal circuits that allow it to process signals and respond in a context-dependent manner.
- This work extends the traditional biochemical principle of “sequence-structure-function” to a new paradigm: “sequence-structure-function-intelligence” for certain molecules.
- The discovery has implications for drug development, as TAK1’s ability to sense and respond to signals makes it a potential target for therapeutic interventions.
Indian National Space Promotion and Authorisation Centre Picks Pixxel-Space India Consortium to Build Nation’s First Indigenous Commercial earth observation Satellite Constellation
- The Indian National Space Promotion and Authorisation Centre (IN-SPACE) has selected the Pixxel-Space India-led consortium to set up India’s first fully indigenous commercial earth observation (EO) satellite constellation.
- This project is being implemented under a Public-Private Partnership (PPP) model.
- The consortium is based in Bengaluru and includes Piersight Space, Satsure Analytics India, and Dhruva Space.
- The private consortium will invest over ₹1,200 crore over five years to launch a constellation of 12 state-of-the-art EO satellites.
- These satellites will provide Analysis Ready Data (ARD) and Value-Added Services (VAS) for various applications, including climate change monitoring, disaster management, agriculture, marine surveillance, and national security.
- The initiative aims to reduce India’s reliance on foreign satellite data and ensure data sovereignty.
Recent News :
- In July 2025, IN-SPACe has granted a licence to Starlink Satellite Communications Private. Limited. (SSCPL), a company run by Elon Musk, to provide space-based internet services in India.
CURRENT AFFAIRS: MOUS AND AGREEMENT
MY Bharat and School of Ultimate Leadership Foundation Sign MoU to Create 1 Lakh Youth Leaders
- MY Bharat (Department of Youth Affairs, Ministry of Youth Affairs & Sports) signed an MoU with the School of Ultimate Leadership Foundation (SOUL) to collaborate on knowledge sharing, capacity building, and youth leadership development.
Key Highlights:
- The partnership aims to create 1,00,000 youth leaders aged 18–29 years from across India through joint programs in governance, public policy, social entrepreneurship, digital literacy, financial literacy, and other domains.
- The MoU will remain valid for three years and can be extended with mutual consent.
- It includes design and delivery of leadership programs, organisation of conclaves and workshops, joint research, and capacity building of youth-serving organisations.
- Participant selection will follow a pan-India, inclusive approach ensuring representation from rural, urban, aspirational, tribal, women, and marginalised communities.
The Indira Gandhi National Centre for the Arts and Birbal Sahni Institute of Palaeosciences Sign MoU to Integrate Science and Culture; Orientation Held for 11 PG Diploma Courses
- The Indira Gandhi National Centre for the Arts (IGNCA), New Delhi, and the Birbal Sahni Institute of Palaeosciences (BSIP), Lucknow, signed a Memorandum of Understanding (MoU) at IGNCA, New Delhi; an orientation programme for the eleven PG Diploma courses conducted by IGNCA was held on the occasion.
- Chief Guest: Mahesh G. Thakkar, Director, BSIP; present were Dr. Sachchidanand Joshi (Member Secretary, IGNCA), Prof. Pratapanand Jha (Dean, Academics), Prof. Arun Bhardawaj (In-charge Academic Unit), and other division heads and deans.
Key Highlights
- The MoU is described as India’s first initiative to integrate science and culture on a unified platform, aimed at showcasing the nation’s scientific and cultural achievements to domestic and international audiences.
- The orientation covered students of eleven PG Diploma courses (ranging from Cultural Informatics to Indian Literature), designed to embed traditional knowledge within contemporary education, provide practical training and hands-on experience, and develop skilled professionals.
- The MoU was signed by Sachchidanand Joshi (IGNCA) and Prof. Mahesh G. Thakkar (BSIP). Nodal officers appointed are Dr. Achal Pandya (Head & Professor, Conservation Division, IGNCA) and Dr. Shilpa Pandey (Senior Scientist, BSIP).
India and Zambia Ink Trade Cooperation Pact to Boost Exports
- The Memorandum of Understanding (MoU) between India and Zambia was signed to promote trade between cooperatives of both countries.
- Cooperation Minister Amit Shah informed the Lok Sabha that the ministry is focusing on developing India’s cooperative export network with the help of Indian missions abroad.
- Missions are supplying market information to National Cooperative Exports Ltd. (NCEL) and establishing contacts with importers in targeted countries.
Key Highlights
- NCEL has also signed trade cooperation agreements with:
- NCEL signed MoUs with Senegal-based Sinton Vantage Trading and Indonesia-based PT Sinton Surini Nusantara.
- These aim to develop cooperative trade links in different regions and product segments.
Objectives of the Agreements –
- Exchange of trade-related information
- Identification of trade opportunities
- Connecting exporters and buyers
- Promoting a variety of goods and services produced by Indian cooperatives in overseas markets
- The India–Zambia agreement adds to similar pacts and strengthens the ministry’s structured approach to link Indian cooperatives with global partners through information sharing and formal arrangements.
Gujarat International Finance Tec-City and Gujarat Technological University Join Forces for IFSC and Fintech Education
- Gujarat International Finance Tec-City (GIFT City) has signed a Memorandum of Understanding (MoU) with Gujarat Technological University (GTU) to enhance education, research, and innovation in International Financial Services Centres (IFSC) and fintech.
Key Highlights
- Designing specialized academic courses, certification programs, and training modules tailored to emerging trends in international finance and financial technology.
- Establishing a Centre of Excellence as a hub for academic research, innovation, and industry engagement related to GIFT IFSC and the global fintech ecosystem.
- To bridge the gap between industry needs and academic knowledge by giving students real-world exposure and access to cutting-edge financial practices.
About GIFT City:
- India’s first operational International Financial Services Centre, offering a regulatory and financial environment comparable to global hubs like Singapore and Dubai.
- The initiative is expected to build a future-ready talent pool, drive innovation, and reinforce Gujarat’s status as an emerging global financial hub.
CURRENT AFFAIRS: SPORTS NEWS
India’s Bid to Host Commonwealth Games 2030 Formally Approved by Indian Olympic Association
- Indian Olympic Association (IOA) has formally approved India’s bid to host the Commonwealth Games (CWG) 2030 during its Special General Meeting in Delhi.
- India will now submit its final bid proposal by 31st August 2025.
- 2030 marks 20 years since India hosted the Games for the first and only time in New Delhi (2010).
Key highlights
- Besides India, Nigeria and two other countries had shown interest.
- Canada withdrew from the race in June 2025.
- A Commonwealth Sport delegation, led by Director of Games Darren Hall, visited Ahmedabad to inspect venues and meet Gujarat government officials.
- Final host nation will be announced in the last week of November 2025 at the General Assembly of Commonwealth Sport in Glasgow.
- India Hosted CWG in New Delhi 2010 – 101 medals (38 gold, 27 silver, 36 bronze), India’s best-ever performance, finishing 2nd in medal tally.Second-best haul – 69 medals (30 gold) at Manchester 2002.CWG 2022 (Birmingham, UK) – 61 medals (22 gold, 16 silver, 23 bronze).
- IOA aims for a full-fledged CWG 2030, unlike CWG 2026 Glasgow which will be scaled down (sports like hockey, badminton, wrestling, shooting excluded).
- Joint Secretary Kalyan Chaubey supports inclusion of indigenous sports like kho kho and kabaddi.
CURRENT AFFAIRS : IMPORTANT DAYS
Independence Day in India 2025: August 15
- Every year Independence Day in India is observed on the 15th of August.
- On this Independence Day in India 2025-day people across India commemorate the country’s independence from 190 years of British colonial rule in India.
History
- Independence Day marks the day when India got freedom from British rule after a tough battle for independence.
- During World War I, Mohandas Karamchand Gandhi was the leader of the Indian Independence Movement.
- On August 14, 1947, Jawaharlal Nehru, the first Prime Minister of India conveyed an iconic speech “Tryst with Destiny”. After this speech at midnight, India officially declared free from British rule and turned into an independent nation on August 15, 1947.
- On 15th August 1947, the National Flag was raised by Jawaharlal Nehru at the Red Fort which is located in Delhi.
Daily CA One-Liner: August 15
- India has reached a historic milestone of 100 GW solar PV module manufacturing capacity enlisted under the Approved List of Models and Manufacturers (ALMM).
- Union Minister of Steel and Heavy Industries, Shri H.D. Kumaraswamy, unveiled the official logo of Bharat Steel at Vigyan Bhawan, New Delhi, along with the event brochure and official website.
- MY Bharat (Department of Youth Affairs, Ministry of Youth Affairs & Sports) signed an MoU with the School of Ultimate Leadership Foundation (SOUL) to collaborate on knowledge sharing, capacity building, and youth leadership development
- The Indira Gandhi National Centre for the Arts (IGNCA), New Delhi, and the Birbal Sahni Institute of Palaeosciences (BSIP), Lucknow, signed a Memorandum of Understanding (MoU) at IGNCA, New Delhi; an orientation programme for the eleven PG Diploma courses conducted by IGNCA was held on the occasion
- The Memorandum of Understanding (MoU) between India and Zambia was signed to promote trade between cooperatives of both countries
- Gujarat International Finance Tec-City (GIFT City) has signed a Memorandum of Understanding (MoU) with Gujarat Technological University (GTU) to enhance education, research, and innovation in International Financial Services Centres (IFSC) and fintech
- Indian Olympic Association (IOA) has formally approved India’s bid to host the Commonwealth Games (CWG) 2030 during its Special General Meeting in Delhi
- Every year Independence Day in India is observed on the 15th of August.
- The Reserve Bank of India (RBI) will transition the Cheque Truncation System (CTS) from batch processing to continuous clearing with settlement on realisation.
- The Reserve Bank of India (RBI) has restored the Certificate of Registration (CoR) of two NBFCs:Shabros Fin-Vest Private Limited, Alpine Finlease Limited
- A committee set up by the Reserve Bank of India (RBI) has submitted a report on a framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector.
- Public Sector Banks (PSBs) wrote off about ₹5.82 lakh crore in bad loans over the last five financial years.
- The number of Kisan Credit Card (KCC) accounts in public sector banks decreased by 1.8% year-on-year to 22.5 million in FY25.
- Punjab & Sind Bank (PSB) launched “PSB Naari Shakti”, a savings account initiative to empower women with financial and health benefits.
- Krasheninnikov Volcano, located on the Kamchatka Peninsula, Russia, erupted for the first time in recorded history after ≈600 years.
- A team of Australian and Indonesian archaeologists discovered stone tools in the Soppeng region on Indonesia’s Sulawesi island.
- Bose Institute researchers, led by Shubhra Ghosh Dastidar, have discovered that the protein TAK1 kinase may exhibit rudimentary intelligence-like behavior.
- The Indian National Space Promotion and Authorisation Centre (IN-SPACE) has selected the Pixxel-Space India-led consortium to set up India’s first fully indigenous commercial earth observation (EO) satellite constellation.
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