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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS
Power Finance Corporation Limited Signs €150 Million Loan Agreement with Germany’s KfW
- The Power Finance Corporation Limited (PFC) has signed a loan agreement of €150 million with Germany’s KfW.
- The loan will finance projects under the Government of India’s Revamped Distribution Sector Scheme (RDSS).
- The agreement was signed by PFC Chairman and Managing Director Parminder Chopra and KfW CEO Stefan Wintels.
- The loan proceeds will be used for projects aimed at improving the operational and financial efficiency of power distribution companies across the country.
- The loan proceeds will be utilised to finance projects under the Government of India’s Revamped Distribution Sector Scheme (RDSS), aimed at improving the operational and financial efficiency of power distribution companies across the country.
- The RDSS scheme, launched in 2021, has an outlay of ₹3,03,758 crore.
Utkarsh Small Finance Bank Partners with Hitachi Payment Services to Enhance Payment Processing and Debit Card Management
- Utkarsh Small Finance Bank (SFB) has partnered with Hitachi Payment Services to upgrade its payment processing and debit card management.
- This partnership aims to streamline the debit card lifecycle management for over 2.1 million cardholders.
- The upgrade will make ATM, POS, and e-commerce transactions faster and more secure on a new platform.
- The system now supports major payment networks, including NFS, RuPay, DFS, Mastercard, and JCB.
- Utkarsh SFB focuses on providing financial services to underserved and unserved sections.
- MD & CEO of Utkarsh SFB : Mr. Govind Singh
Punjab National Bank Opens First Startup-Focused Branch in New Delhi
- Punjab National Bank (PNB) inaugurated its first startup-centric branch in New Delhi.
- The branch is aligned with the Startup India initiative to promote entrepreneurship and support innovation with complete banking solutions.
- An MoU was signed between PNB and STPI (Software Technology Parks of India) to extend financial support to eligible startups.
- Under the collaboration, STPI will provide PNB with a curated list of incubated, onboarded, or graduated startups, bridging the gap between startups and financial institutions.
About Punjab National Bank (PNB):
- Founded: 1894
- Headquarters: New Delhi, India
- Managing Director & CEO: Ashok Chandra
- Tagline: “The Name You Can Bank Upon”
Securities and Exchange Board of India Chief Tuhin Kanta Pandey proposes extra incentives for first-time women mutual fund investors
- The Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey announced that women who are first-time mutual fund investors may receive additional incentives.
- This initiative is part of a broader effort to achieve complete financial inclusion by increasing the participation of women.
- As of March 2024, women’s Assets Under Management (AUM) accounted for about 33% of the total AUM of individual investors.
- The AMFI launched the ‘Investment Ka Sahi Kadam’ campaign, which provides content in 13 languages and has organized over 30 on-ground camps.
- A new initiative, ‘Bharat Nivesh Rail Yatra’, has also been started to provide investor education to passengers on Vande Bharat trains.
- The Mutual Funds Sahi Hai website has been relaunched with multi-language support and improved navigation
About SEBI :
- Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Headquarters : Mumbai, Maharashtra
- Chairman : Tuhin Kanta Pandey
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.
India Post and Association of Mutual Funds in India Ink Landmark Memorandum of Understanding to Offer Mutual Funds through Post Offices
- The Department of Posts (DoP) and the Association of Mutual Funds in India (AMFI) signed a Memorandum of Understanding (MoU) to deepen financial inclusion.
- This agreement allows India Post to act as a distributor for mutual fund investments through its vast postal network.
- The MoU was signed by Manisha Bansal Badal (DoP) and Shri V.N. Chalasani (AMFI), in the presence of SEBI Chairman Shri Tuhin Kanta Pandey.
- AMFI plans to train around 1 lakh postmen as mutual fund distributors to help double the investor base.
- The initial focus will be on Bihar, Andhra Pradesh, Odisha, and Meghalaya, with the goal of training 20,000 new distributors in the first year.
- The MoU is valid for three years, from August 22, 2025, to August 21, 2028, with an option for renewal.
Narayana Health Introduces Aira, an AI Tool to Ease Doctors’ Documentation and Enhance Patient Care
- Narayana Health has launched Aira, an AI-powered documentation tool to help doctors reduce paperwork and improve patient care.
- Aira is built on the company’s own Electronic Medical Record (EMR) platform, Athma.
- The tool uses advanced AI to analyze patient records (both digital and scanned) to create clinical timelines and smart tags, ensuring all critical details are captured.
- It is designed to be scalable and can be adopted by hospitals of any size.
- The healthcare sector in India is projected to grow significantly, from $1.10 billion in 2022 to $5.15 billion by 2030.
- Founder and chairman of Narayana Health : Dr. Devi Shetty.
CURRENT AFFAIRS: NATIONAL AND STATE NEWS
UNGA Establishes New Mechanisms for Global AI Governance
- UN Secretary-General Antonio Guterres praised the UN General Assembly’s decision to create two new institutional mechanisms for international collaboration on AI governance.
- The mechanisms are:
- United Nations Independent International Scientific Panel on AI
- Global Dialogue on AI Governance
Key Highlights:
- Guterres termed the decision a “pathbreaking milestone” reflecting commitment to the Global Digital Compact, adopted under the Pact for the Future (September 2024).
- Global Dialogue on AI Governance will serve as an inclusive UN platform for states and stakeholders to discuss critical AI issues.
- The Scientific Panel on AI will act as a bridge between AI research and policymaking, providing independent scientific assessments to anticipate challenges and guide governance.
- An open nomination process for the Scientific Panel will be announced soon.
- The panel will publish annual reports, to be presented at Global Dialogue sessions in July 2026 (Geneva) and 2027 (New York).
- Context: Nations globally are addressing the rapid advancement of AI technologies and their impact on society, economy, and governance.
Union Cabinet Approves Four Railway Projects Worth ₹12,328 Crore
- Union Cabinet chaired by Prime Minister Narendra Modi approved four projects of Ministry of Railways with a total cost of ₹12,328 crore (approx.).
- Approved Projects:
- Deshalpar – Hajipir – Luna and Vayor – Lakhpat New Line
- Secunderabad (Sanathnagar) – Wadi 3rd and 4th Line
- Bhagalpur – Jamalpur 3rd Line
- Furkating – New Tinsukia Doubling
- Deshalpar–Hajipir–Luna & Vayor–Lakhpat New Line (Gujarat):
-
- Length: 145 route km & 164 track km
- Cost: ₹2,526 crore; Timeline: 3 years
- Benefits: Connectivity to Kutch region, boost tourism (Dholavira, Koteshwar temple, Narayan Sarovar, Lakhpat fort), 13 new stations, covering 866 villages & ~16 lakh population
- Commodities: Salt, cement, coal, clinker, bentonite
- Secunderabad (Sanathnagar) – Wadi 3rd & 4th Line (Karnataka & Telangana):
-
- Length: 173 km; Cost: ₹5,012 crore; Timeline: 5 years
- Benefits: Covers Kalaburagi Aspirational District, improves connectivity in Telangana & Karnataka
- Bhagalpur – Jamalpur 3rd Line (Bihar):
-
- Length: 53 km; Cost: ₹1,156 crore; Timeline: 3 years
- Furkating – New Tinsukia Doubling (Assam):
-
- Length: 194 km; Cost: ₹3,634 crore; Timeline: 4 years
- Coverage & Population Impact: Multi-tracking projects to benefit 3,108 villages, ~47.34 lakh population, covering 13 districts across Gujarat, Karnataka, Telangana, Bihar & Assam.
Pradhan Mantri Jan Dhan Yojana (PMJDY) Completes 11 Years of Financial Inclusion
- The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched by Prime Minister Shri Narendra Modi on 28th August 2014, now marks 11 years of transformative impact in India’s financial landscape.
- As the world’s largest financial inclusion initiative, PMJDY continues to redefine access to banking for millions of underserved citizens..
- Over 56 crore Jan Dhan accounts have been opened with a total deposit of ₹2.68 lakh crore. More than 38 crore RuPay cards issued, facilitating digital transactions.
Key Highlights:
- Demographics: 67% of accounts are in rural/semi-urban areas, and 56% of accounts are held by women, highlighting inclusion of marginalized sections.
- Direct Benefit Transfer (DBT): PMJDY serves as a major channel for DBT of subsidies, social security, and credit, promoting transparent and efficient delivery of government schemes.
- Accounts come with free RuPay debit cards, ₹2 lakh accident insurance, and overdraft facility up to ₹10,000. It also supports life and accident insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana.
- Digital & JAM Trinity: PMJDY, integrated with Jan-Dhan-Aadhaar-Mobile (JAM), ensures diversion-proof subsidy transfers. In FY 2024-25, Rs. 6.9 lakh crore credited via DBT. Digital transactions surged with UPI and RuPay card usage, boosting financial digitization.
- Saturation Campaign (01.07.2025 – 30.09.2025): Camps organized in 2.7 lakh GPs to open new accounts, update KYC, promote micro-insurance and pensions, aiming to reduce dormant accounts. 1,77,102 camps conducted so far.
- Milestones (As on 13th August 2025):
- PMJDY Accounts:16 crore; Women account holders: 55.7% (31.31 crore); Rural/Semi-Urban accounts: 66.7% (37.48 crore)
- Deposits: ₹2,67,756 crore; Average deposit per account: ₹4,768
- RuPay Cards Issued:68 crore; Digital Transactions FY 2024-25: 22,198 crore; UPI Transactions: 18,587 crore
- Features of PMJDY Accounts:
- Zero balance requirement; no maintenance charges
- BSBD account: free cash deposit at branches/ATMs, credit via electronic channels
- Four free withdrawals per month, including ATMs
- Encourages savings habits, provides credit access, and empowers users economically
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
J&K Bank appoints veteran banker S Krishnan as Non-Executive Chairman
- The board of J&K Bank has approved the appointment of Krishnan as its Non-Executive Chairman until March 26, 2028.
- His appointment is contingent on RBI approval, as noted in the bank’s regulatory filing.
- The decision was made during a board meeting on August 25, 2025.
- Krishnan currently serves as an Independent Director for the Srinagar-headquartered J&K Bank.
- He has previously held the position of MD & CEO of Punjab & Sind Bank.
- Following his retirement, he became the MD & CEO of Tamilnad Mercantile Bank in September 2022, with RBI approval.
- Krishnan is a veteran banker with over four decades of experience.
- He holds a postgraduate degree in Commerce and is a qualified Cost Accountant.
About J&K Bank :
- Founded: 1938 (by Maharaja Hari Singh of J&K)
- Headquarters: Srinagar, Jammu & Kashmir.
CURRENT AFFAIRS : DEFENCE NEWS
700+ Armed Forces Personnel Set to Join ‘Exercise Bright Star 2025’
- Exercise BRIGHT STAR 2025 is a multilateral military exercise taking place from August 28 to September 10, 2025.
- More than 700 personnel from the Indian Armed Forces and Headquarters Integrated Defence Staff are participating.
- It is a tri-service exercise involving the Indian Army, Indian Navy, and Indian Air Force, which will conduct live-firing exercises and Command Post Exercises to improve joint operations.
- The exercise is biennial and has been hosted by Egypt in conjunction with the United States since 1980.
- It is considered one of the largest multilateral exercises in the region.
- India’s participation highlights its commitment to regional peace and enhances interoperability and cooperation with other nations.
- The exercise is biennial, with the last edition held in 2023.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Reserve Bank of India clears Sumitomo Mitsui Banking Corporation to acquire 24.99% stake in Yes Bank
- The Reserve Bank of India (RBI) has approved Sumitomo Mitsui Banking Corporation (SMBC), a Japanese bank, to acquire up to 24.99% of Yes Bank’s paid-up share capital.
- The approval is valid for one year and clarifies that SMBC will not be classified as a promoter of Yes Bank.
- This new acquisition allows SMBC to increase its stake by 99%, from its current 20% holding.
- With this stake, SMBC will be able to nominate two directors to Yes Bank’s board, influencing but not controlling the bank.
- The 20% stake that SMBC currently holds was acquired in May 2025 through secondary share purchases, including a 13.19% stake from SBI and a 6.81% stake from seven other banks (Axis, Bandhan, Federal, HDFC, ICICI, IDFC First, and Kotak Mahindra).
- SBI had a 23.97% stake in Yes Bank as of March 2024 and agreed to sell 13.19% of it to SMBC for ₹8,889 crore.
- Yes Bank was rescued in March 2020 by an SBI-led consortium after a major scam surfaced.
United States Govt Buys 10% Stake in Intel under Trump’s New Chip Strategy
- The United States (US) Government acquired a 10% stake in Intel under President Donald Trump’s chip strategy, marking a major policy shift in semiconductor security.
- The deal involves a 9.9% stake worth $8.9 billion at $20.47 per share, covering 433.3 million Intel shares.
- Funding comes from $5.7 billion CHIPS Act grants and $3.2 billion Secure Enclave program, both initiated under President Joe Biden.
- The stake is in the form of non-voting common stock, giving the US Government no direct control over Intel’s decisions or board seats.
- The US will align its votes with Intel’s board, and a 5-year warrant permits increasing the stake by up to 5% if conditions are satisfied.
- Intel Corporation, a US multinational tech firm headquartered in Santa Clara, California, is led by CEO Lip-Bu Tan.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Indian Space Research Organisation developing next-generation 120m rocket, set to be among tallest in the world
- The Indian Space Research Organisation (ISRO) is developing a next-generation launch vehicle that will be over 120 meters tall, making it one of the tallest rockets ever built.
- Its purpose is to place a 75,000 kg (75-tonne) payload into low Earth orbit (LEO).
- Elon Musk’s SpaceX currently holds the record for the world’s tallest rocket with its Starship, which is nearly 122 meters
- The Gaganyaan human spaceflight mission is in its advanced stages, and will send Indian astronauts into space for the first time.
- The Bhartiya Anthariksha Station (BAS), a 52-tonne space station, is planned to be built by 2035, with its initial modules beginning as early as 2027.
- ISRO is also working on the Venus Orbiter Mission (Shukrayaan) to study Venus.
- The Technology Demonstration Satellite (TDS) and GSAT-7R, a military communication satellite for the Indian Navy, are planned for launch this year.
- India’s satellite count is 55 in orbit, with a plan to triple that number within the next 3-4 years.
- The ISRO Chairman, V. Narayanan, was awarded the honorary Degree of Doctor of Science (DSc) Honoris Causa.
CURRENT AFFAIRS: MOUS AND AGREEMENT
India-Bhutan Sign MoU to Strengthen Cooperation in Agriculture
- Shri Devesh Chaturvedi, Secretary, Ministry of Agriculture and Farmers’ Welfare, India, and Mr. Thinley Namgyel, Secretary, Ministry of Agriculture and Livestock, Bhutan, signed a Memorandum of Understanding (MoU) in Thimpu.
- The MoU aims to enhance cooperation in agriculture and allied sectors, emphasizing food security, sustainable farming, and rural prosperity.
Key Highlights:
- It provides a framework for collaboration in agricultural research and innovation, livestock health and production, post-harvest management, value chain development, and exchange of knowledge and expertise.
- The first session of the Joint Technical Working Group (JTWG) was convened to implement the MoU, agree on Terms of Reference, and identify priority areas for immediate action.
- Shri Chaturvedi highlighted India’s initiatives including digital solutions, climate-resilient practices, risk mitigation, and farmer credit support.
- Detailed discussions during the JTWG covered Agriculture, Livestock, Agricultural Marketing and Cooperatives, Food Processing, Seed Sector, Research & Technology Collaboration, and Capacity Building.
- Both sides agreed to hold the next JTWG meeting in India, reinforcing the tradition of regular exchanges and strong bilateral ties.
About Bhutan
- Capital: Thimphu
- Currencies: Bhutanese Ngultrum, Indian Rupee
- The current prime minister is Tshering Tobgay
Department of Ex-Servicemen Welfare Partners with QCI to Enhance Services for Veterans
- The Department of Ex-Servicemen Welfare (DESW), Ministry of Defence, signed a Memorandum of Understanding (MoU) with the Quality Council of India (QCI), New Delhi to improve pension, healthcare, resettlement, and welfare services for over 63 lakh veterans and their dependents.
- Under the MoU, QCI will assist DESW in digital evaluations, impact assessments, and evidence-based policy recommendations, while DESW will provide data access and stakeholder coordination with State Governments, Zila Sainik Boards, Armed Forces Headquarters, and empanelled hospitals.
Key Highlights:
- The initiative aims to strengthen healthcare delivery, expand re-employment and entrepreneurship opportunities, and reinforce the institutional frameworks of State and District Sainik Boards.
- Collaboration with QCI will enable system optimisation, strength monitoring, and evidence-based improvements across schemes.
- The MoU was signed by Joint Secretary & OSD, DESW, Dr. P.P. Sharma, and Secretary General, QCI, Shri Chakravarthy Kannan, in the presence of senior officials from DESW, Ex-Servicemen Contributory Health Scheme, Kendriya Sainik Board, Service Headquarters, National Accreditation Board for Hospitals and Healthcare Providers, and QCI.
CURRENT AFFAIRS: IMPORTANT DAYS
Ayurveda Day to be Celebrated Annually on September 23 from 2025
- Ayurveda Day will now be observed every year on September 23, starting from 2025, as per a Gazette Notification issued in March 2025. Earlier, it was linked with Dhanvantari Jayanti.
- Theme 2025: The theme is “Ayurveda for People & Planet”, emphasizing Ayurveda’s holistic role in personal wellbeing and environmental balance.
- Previous Year (2024) Milestones:
- PM Narendra Modi inaugurated Phase II of All India Institute of Ayurveda in New Delhi.
- Launched four Centres of Excellence in Ayurveda.
- Introduced the “Desh Ka Prakriti Parikshan Abhiyan” campaign.
- Announced health initiatives worth ₹12,850 crore.
National Sports Day 2025 Celebrations
- National Sports Day 2025 will be celebrated across India from August 29 to 31 under the leadership of Sports Minister Mansukh Mandaviya. The three-day nationwide campaign, organised under the Fit India Mission, will honour hockey legend Major Dhyan Chand.
- The day is observed annually on August 29, marking Dhyan Chand’s birth anniversary. It has been nationally recognised since 2012 and was also the launch platform for the Fit India Movement in 2019.
Key Highlights
- The theme for 2025 is “Ek Ghanta, Khel ke Maidan Main”, encouraging citizens to dedicate at least 60 minutes daily to physical activity to fight lifestyle diseases.
- The campaign will also promote Olympic values (Excellence, Friendship, Respect) and Paralympic values (Courage, Determination, Inspiration, Equality).
- Over 35 crore participants are expected, including students, youth clubs, volunteers, RWAs, panchayats, urban local bodies, corporates, PSUs, and sports organisations such as the Indian Olympic Association, Paralympic Committee of India, National Sports Federations, and Sports Authority of India.
- Medal-winning athletes like Pranav Soorma, Sumit Antil, Shreyasi Singh, Bhavani Devi, and Vishnu Saravanan will join virtually from their hometowns or training bases.
- Public representatives, MPs, and CMs are actively monitoring preparations under the motto “Har Gali, Har Maidan, Khele Saara Hindustan.”
- States like Rajasthan, Punjab, Himachal Pradesh, Haryana, Delhi, Andhra Pradesh, Telangana, and Andaman & Nicobar Islands have already begun awareness drives and sporting activities.
World Lake Day Observed on August 27
- World Lake Day is celebrated on August 27 to highlight the need to protect and sustainably manage the world’s lakes.
- The Day aims to raise awareness of environmental challenges facing lakes and encourage global conservation and restoration efforts.
- Lakes are vital ecosystems providing freshwater, supporting biodiversity, regulating climate, and contributing to economic and recreational activities.
- However, they face serious threats from pollution, climate change, and unsustainable human activities.
- The United Nations officially designated August 27 as World Lake Day in 2024 through Resolution A/RES/79/142.
- The observance is facilitated by the UN Environment Programme (UNEP) to inspire global action, sustainable development, and conservation of lakes.
Daily CA One- Liner: August 29
- UN Secretary-General Antonio Guterres praised the UN General Assembly’s decision to create two new institutional mechanisms for international collaboration on AI governance
- Union Cabinet chaired by Prime Minister Narendra Modi approved four projects of Ministry of Railways with a total cost of ₹12,328 crore (approx.).
- The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched by Prime Minister Shri Narendra Modi on 28th August 2014, now marks 11 years of transformative impact in India’s financial landscape
- Shri Devesh Chaturvedi, Secretary, Ministry of Agriculture and Farmers’ Welfare, India, and Mr. Thinley Namgyel, Secretary, Ministry of Agriculture and Livestock, Bhutan, signed a Memorandum of Understanding (MoU) in Thimpu
- The Department of Ex-Servicemen Welfare (DESW), Ministry of Defence, signed a Memorandum of Understanding (MoU) with the Quality Council of India (QCI), New Delhi to improve pension, healthcare, resettlement, and welfare services for over 63 lakh veterans and their dependents
- Ayurveda Day will now be observed every year on September 23, starting from 2025, as per a Gazette Notification issued in March 2025. Earlier, it was linked with Dhanvantari Jayanti
- National Sports Day 2025 will be celebrated across India from August 29 to 31 under the leadership of Sports Minister Mansukh Mandaviya. The three-day nationwide campaign, organised under the Fit India Mission, will honour hockey legend Major Dhyan Chand
- World Lake Day is celebrated on August 27 to highlight the need to protect and sustainably manage the world’s lakes
- The Power Finance Corporation Limited (PFC) has signed a loan agreement of €150 million with Germany’s KfW.
- Utkarsh Small Finance Bank (SFB) has partnered with Hitachi Payment Services to upgrade its payment processing and debit card management.
- Punjab National Bank (PNB) inaugurated its first startup-centric branch in New Delhi.
- The Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey announced that women who are first-time mutual fund investors may receive additional incentives.
- The Department of Posts (DoP) and the Association of Mutual Funds in India (AMFI) signed a Memorandum of Understanding (MoU) to deepen financial inclusion.
- Narayana Health has launched Aira, an AI-powered documentation tool to help doctors reduce paperwork and improve patient care.
- The board of J&K Bank has approved the appointment of Krishnan as its Non-Executive Chairman until March 26, 2028.
- Exercise BRIGHT STAR 2025 is a multilateral military exercise taking place from August 28 to September 10, 2025.
- The Reserve Bank of India (RBI) has approved Sumitomo Mitsui Banking Corporation (SMBC), a Japanese bank, to acquire up to 24.99% of Yes Bank’s paid-up share capital.
- The United States (US) Government acquired a 10% stake in Intel under President Donald Trump’s chip strategy, marking a major policy shift in semiconductor security.
- The Indian Space Research Organisation (ISRO) is developing a next-generation launch vehicle that will be over 120 meters tall, making it one of the tallest rockets ever built.
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