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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Life Insurance Corporation of India Signs $1 Billion Forward Rate Agreements with Major Wall Street Banks

• The Life Insurance Corporation of India (LIC) has entered into Forward Rate Agreements (FRAs) worth $1 billion with major Wall Street banks, including JPMorgan Chase & Co. and Bank of America Corp.
• In November (of the previous year, presumably 2024), LIC announced plans to enter the bond derivatives market and began with a few small trades earlier in the year (2025).
• Recently, LIC has increased its activity, accounting for 38% of the total $2.6 billion in FRA volumes since May (2025).
• Through FRAs, LIC can lock in future bond yields to protect its income from potential falling interest rates.
• In a Forward Rate Agreement, LIC agrees to buy bonds at a fixed price in the future, while the bank bears the risk of price changes and earns a premium.

Recent News :

• In June 2025, Life Insurance Corporation of India (LIC) increased its stake in Reddy’s Laboratories to 8.21%.

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India

Only 2 in 5 Indians Have Health Insurance, Rural Coverage Even Lower: Report

• Insurance Brokers Association of India (IBAI) celebrated its 24th Foundation Day and released a report titled ‘Leading the Path to Insurance for All: Broker of the Future’.
• The report was launched in Mumbai by Shri C.P. Radhakrishnan, Governor of Maharashtra.
• The report was prepared in collaboration with McKinsey & Company as the knowledge partner.
• It projects that India’s insurance sector could grow from ₹11 lakh crore in 2024 to ₹25 lakh crore by 2030.

Key Highlights :

• Insurance penetration is expected to rise from 3.7% to 5%, approaching the global average of 6.8%, based on a survey of 2,500 retail and 100 institutional customers.
• Despite being the world’s 4th largest economy, India’s insurance penetration is lower than developed economies.
• Life insurance coverage: Only 1 in 2 Indians (aged above 18) has life insurance; 2 in 5 have health insurance. If government schemes are excluded, health insurance coverage drops to 1 in 4.
• Life insurance penetration stands at 2.8%, with a large protection gap due to limited use of pure term plans.
• Though 65% of India’s population lives in rural areas and contributes 45% to GDP, only 2% of life insurance branches are located in rural India, indicating a major access gap.
• Gross Written Premiums (GWP) in the retail segment have the potential to double to ₹21 lakh crore by 2030 across life and non-life categories.
• India has only 735 licensed insurance brokers, with the top 36 brokers generating 85% of insurance broking revenue, indicating many small brokers haven’t scaled.

About Insurance Brokers Association of India :

• IBAI is the officially recognized association of all licensed insurance brokers in India, incorporated under Section 25 of the Companies Act, 1956.
• Headquarters : Mumbai, Maharashtra
• President : Narendra Kumar Bharindwal
• IBAI is an Indian trade association and regulatory body for insurance brokers in India.
• All licensed insurance brokers in India must be members of the IBAI Insurance Broker Regulations.

Securities and Exchange Board of India Imposes ₹10 Lakh Fine on HUF for Insider Trading in HDFC Merger Shares

• Market regulator Securities and Exchange Board of India (SEBI) fined ₹10 lakh on Rupesh Satish Dalal HUF for trading while in possession of Unpublished Price Sensitive Information (UPSI) related to the HDFC Ltd and HDFC Bank
• The trades occurred on April 1, 2022, just days before the merger announcement on April 4, 2022.
• Rupesh Satish Dalal is the karta of the HUF.

Key Highlights :

• UPSI was received through Dalal’s son, who had regular contact with an insider from Deloitte Touche Tohmatsu India LLP, the valuer for the merger.
• The insider and Dalal’s son were long-time friends and exchanged several calls, including a meeting on March 31, 2022, a day before the trades.
• Rupesh Satish Dalal HUF bought multiple call option contracts of HDFC Ltd and HDFC Bank on April 1, 2022, while holding the UPSI.
• The HUF exited all positions on April 4, 2022, the day the merger was publicly announced.
• This constituted a violation of the Prohibition of Insider Trading (PIT) regulations.
• The case was initiated after the NSE detected suspicious trading activity in the stocks of HDFC Ltd and HDFC Bank.
• The investigation period covered November 1, 2021 to April 30, 2022.
• Earlier, in December, two individuals including a former Deloitte employee settled a similar insider trading case with Sebi by paying a ₹74 lakh settlement fee.

Recent News :

• In June 2025, SEBI released an operational framework for the issuance of social bonds, sustainability bonds, and sustainability-linked bonds, collectively called Environment, Social and Governance (ESG) debt securities.

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.

Insurance Regulatory & Development Authority of India Issues Master Circular Raising Insurers’ Minimum Coverage Requirements

• Insurance Regulatory & Development Authority of India (IRDAI) issued a master circular raising minimum specific cover for insurance companies.
• The obligations cover rural, social, and motor third-party (TP) categories for FY26 and FY27.
• For life, general, and standalone health insurers, coverage requirements under individual/group policies in Gram Panchayats are:
• 15% coverage in 25,000 Gram Panchayats allocated in FY26.
• Increase to 50,000 Gram Panchayats in FY27 with:
  • 25% coverage for Gram Panchayats allocated in FY26.
  • 10% coverage for newly added Gram Panchayats in FY27.
• For motor third-party (TP) obligations, the minimum increase in insured vehicles over the previous year is based on market share categories:
• Companies with ≤2% market share:
  • 12.5% increase in FY26.
  • 13.75% increase in FY27.
  • Applies to goods-carrying, passenger-carrying vehicles, and tractors.
• Companies with 2-5% market share:
  • 10% increase in FY26.
  • 11% increase in FY27.
• Companies with 5-10% market share:
  • 7.5% increase in FY26.
  • 8.25% increase in FY27.
• Companies with >10% market share:
  • 5% increase in FY26.
  • 5.5% increase in FY27.

Recent News :

• In June 2025, The Insurance Regulatory and Development Authority of India (IRDAI)has imposed a ₹1 crore penalty on Edelweiss Life Insurance Company for violation of corporate governance norms.

About IRDAI:

• Headquarters (HQ): Hyderabad, Telangana, India
• Chairperson: Ajay Seth
• Founded: 1999

Prime Minister Narendra Modi Announces ₹4,850 Crore Line of Credit to Maldives After Talks with President Muizzu

• Prime Minister Narendra Modi announced a ₹4,850 crore (approximately $565 million) line of credit to Maldives following talks with President Mohamed Muizzu
• India and Maldives agreed to initiate negotiations on a bilateral Free Trade Agreement (FTA) to boost trade
• India agreed to reduce annual debt repayments by 40% owed by Maldives, aiding the island nation’s economic situation.
• On the 60th anniversary (July 25, 2025) of India-Maldives diplomatic relations, the leaders jointly released commemorative stamps.
• The stamps feature:
• The Indian boat Uru — a large wooden dhow handcrafted in Beypore, Kerala.
• The traditional Maldivian fishing boat Vadhu Dhoni, used for reef and coastal fishing, represents Maldives’s maritime heritage
• India was among the first countries to establish diplomatic ties with Maldives after its independence in 1965
• The leaders witnessed the signing of 6 MOUs in fields including:

1. Fisheries and aquaculture
2. Meteorology
3. Digital public infrastructure
4. Unified Payments Interface (UPI)
5. Indian Pharmacopoeia
6. Concessional Line of Credit

• They also virtually inaugurated a roads and drainage system project in Addu city and 6 High Impact Community Development Projects in other cities
• Prime Minister Modi handed over two Aarogya Maitri Health Cube (BHISHM) units to Maldives.

1. These units are equipped to provide medical aid to 200 casualties.
2. They support six medical personnel for up to 72 hours.

About Maldives :

• President : Mohamed Muizzu
• Capital : Malé
• Currency : Maldivian rufiyaa

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Uttarakhand CM Releases Book on Student Wellness in Higher Education

• Uttarakhand Chief Minister Pushkar Singh Dhami released the book titled ‘Sustainable Wellness of Students: A Collective Responsibility in Higher Education’ at an event held in the Chief Minister’s residence auditorium.
• The release was aimed at highlighting the importance of student welfare in higher educational institutions.

Key Highlights:

• Focus on Student Psychology:The Chief Minister emphasized that universities and higher educational institutions must adopt strategies considering the psychological challenges faced by students, ensuring their overall well-being.
• Call for Hindi Version:Appreciating the initiative, the CM proposed that a Hindi translation of the book should also be published for wider accessibility.
• First State to Implement NEP:Uttarakhand, under the guidance of Prime Minister Narendra Modi, became the first state to implement the National Education Policy (NEP). The policy focuses on quality education, skill development, and student welfare.
• Welfare-Centric Institutions:The CM stressed the need for transforming higher education institutions into centres of knowledge as well as student welfare hubs.

About the Book:

• The book is jointly edited by Lata Pandey (Head, Department of Home Science, DSB Campus, Kumaon University) and Dr. Ramanand (Director, Centre for Policy Research, New Delhi).
• It explores various approaches to student welfare in higher education and outlines the roles of different stakeholders.

RECENT NEWS

• In a key strategic visit to India’s northern frontier, Chief of Army Staff General Upendra Dwivedi reviewed the operational readiness of troops deployed in the Garhwal region of Uttarakhand.

About Uttarakhand:

• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
• Capital: Dehradun
• National Parks: Jim Corbett National Park, Nanda Devi National Park, Rajaji National Park, Gangotri National Park, Valley of Flowers National Park
• Wildlife Sanctuaries: Kedarnath Wildlife Sanctuary, Askot Wildlife Sanctuary, Binsar Wildlife Sanctuary, Govind Wildlife Sanctuary, Sonanadi Wildlife Sanctuary, Nandi Devi Wildlife Sanctuary

Indira Gandhi National Centre for the Arts to Host National Symposium Celebrating UNESCO Recognition of Bhagavad Gita and Natyashastra

• The Indira Gandhi National Centre for the Arts (IGNCA) will organize a two-day National Symposium titled ‘Timeless Texts and Universal Teachings: Inscription of Bhagavad Gita and Natyashastra in the UNESCO Memory of the World International Register’ in New Delhi.
• The event commemorates the inscription of two foundational Indian texts—the Bhagavad Gita and Natyashastra—into the UNESCO Memory of the World International Register, marking their universal cultural value and continued relevance in global discourse.

Key Highlights:

• To celebrate the UNESCO inscription of Bhagavad Gita and Natyashastra, and promote their timeless wisdom as living texts that hold significance in contemporary global discussions.
• Organizer:Hosted by the Indira Gandhi National Centre for the Arts (IGNCA) under the Ministry of Culture, Government of India.

Inaugural Session Details:

• Venue: Ambedkar International Centre, New Delhi
• Chief Guest: Shri Gajendra Singh Shekhawat, Hon’ble Minister of Culture and Tourism, Government of India
• Chairperson: Shri Ram Bahadur Rai, Padma Bhushan awardee and President, IGNCA Trust

Valedictory Session Details:

• Venue: Samvet Auditorium, IGNCA, Janpath, New Delhi
• Chief Guest: Shri Vivek Aggarwal, Secretary, Ministry of Culture, Government of India
• Chairperson: Dr. Sachchidanand Joshi

Participants:The symposium will bring together scholars, cultural thinkers, and heritage professionals to explore and reflect on the philosophical depth of the Bhagavad Gita and the artistic, performative legacy of the Natyashastra.

Indian Railways Commissions Kavach 4.0: Indigenous Safety System Deployed on Mathura–Kota Section

• Indian Railways has successfully commissioned Kavach 4.0, an indigenously developed Automatic Train Protection (ATP) system, on the Mathura–Kota section of the high-density Delhi–Mumbai route.
• This marks a significant step in the modernization of railway safety in India and supports the vision of ‘Atmanirbhar Bharat’.

Key Highlights:

• Kavach 4.0 is a technology-intensive safety system that ensures train and passenger protection, preventing collisions and aiding loco pilots with speed regulation and emergency braking.
• The system was approved by the Research Designs & Standards Organisation (RDSO) in July 2024. According to Railway Minister Ashwini Vaishnaw, while other nations took 20–30 years to implement such systems, India has achieved it in a short timeframe, marking a significant achievement.
• No advanced international-standard train protection systems were installed in India for 60 years post-independence. Kavach is now being actively operationalised to bridge this safety gap.
• Indian Railways is planning to expand Kavach 4.0 across the country within six years. Over 30,000 personnel have been trained on its deployment and functioning.
• The Indian Railway Institute of Signal Engineering and Telecommunications (IRISET) has signed MoUs with 17 AICTE-approved engineering colleges and universities to include Kavach in their BTech curriculum, promoting technical readiness.
• Kavach assists loco pilots by:
  • Automatically applying brakes in emergencies.
  • Providing signal information directly on the cab dashboard, even in low visibility conditions like fog, removing the need for external visual confirmation.
• About Kavach:
  • Developed since 2015, with over 3 years of testing.
  • Certified and first implemented on South Central Railway in 2018.
  • Kavach 4.0, an improved version, was approved in May 2025 for speeds up to 160 kmph.
  • Designed at Safety Integrity Level 4 (SIL 4), the highest safety certification level.
  • All components are manufactured indigenously.
• System Complexity:
  • Kavach is equivalent to setting up a telecom company, involving multiple integrated sub-systems:
    • RFID tags every 1 km and at signals: For precise train location.
    • Telecom towers with optical fibre and power: Enable continuous communication between loco units and stations.
    • Loco Kavach: Installed on locomotives; connected to braking systems and communicates with RFID tags and stations.
    • Station Kavach: Receives data from Loco Kavach and signals to guide safe operations.
    • Optical Fibre Cable (OFC): Enables high-speed data transfer across systems.
    • Integrated Signalling System: Coordinates with all subsystems to regulate train movements safely.
• All components must be installed and validated without interrupting regular operations of heavy passenger and freight trains.
• Progress Overview (as of latest data):
  • Optical fibre laid: 5,856 km
  • Telecom towers installed: 619
  • Stations equipped with Kavach: 708
  • Locomotives fitted with Kavach: 1,107
  • Trackside equipment installed: 4,001 Rkm
• Indian Railways invests over ₹1 lakh crore annually in safety-related initiatives, and Kavach stands out as a major milestone in its mission to enhance railway safety and infrastructure.

Government Implements ₹76,000 Crore ‘Semicon India Programme’ to Boost Domestic Chip Ecosystem

• The Government of India has launched the ‘Semicon India Programme’ with a total outlay of ₹76,000 crore to develop a semiconductor and display manufacturing ecosystem.
• As part of this initiative, the ‘Design Linked Incentive (DLI) Scheme’ was introduced with an outlay of ₹1,000 crore to support domestic semiconductor design by startups, MSMEs, and companies.

Key Highlights:

• DLI Scheme launched in December 2021 to address high entry barriers, long timelines, and global competition in semiconductor design and commercialization.
• Design Infrastructure Support:
  • Access to Electronic Design Automation (EDA) tools and Intellectual Property (IP) cores to support early prototyping of semiconductor designs.
• Financial Incentives:
  • Up to 50% of eligible costs, capped at ₹15 crore per application, for design prototyping, scaling-up, and production.
  • Incentives of 6% to 4% of net sales turnover over 5 years, capped at ₹30 crore per application, for deployment and commercialization of chip products.
• Progress So Far:
  • 278 academic institutions under C2S (Chips to Startup) and 72 startups under DLI have been approved for access to EDA tools.
  • 23 firms and startups have received financial support to design chips for surveillance cameras, energy meters, microprocessors, networking applications, etc.
  • 10 companies have successfully raised venture capital (VC) for scaling their prototypes.
  • 6 companies have completed prototype tape-outs at various semiconductor foundries.
  • 20 chip designs from 17 academic institutions have been fabricated by SCL, Mohali.
• Total Project Outlay under DLI:
  • ₹803.08 crore, including the cost of EDA tools, approved for various design and development projects.
  • Fund disbursal is milestone-based, linked to actual achievements like chip deployment.
• The scheme is continuously reviewed in consultation with stakeholders, and necessary modifications will be made based on feedback and evolving requirements.
• This update was provided in Lok Sabha by Union Minister of Electronics and IT Shri Jitin Prasada.

PM-Kisan Scheme’s 20th Installment to Be Released on August 2 by PM Modi in Varanasi

• The Government will release the 20th installment of the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme on August 2, 2025, in a national event led by Prime Minister Narendra Modi in Varanasi.
• A high-level review meeting was held under the chairmanship of Union Agriculture and Farmers’ Welfare Minister Shri Shivraj Singh Chouhan to ensure maximum outreach and preparation.

Key Highlights:

• PM-Kisan provides ₹6,000 per year to farmers, delivered in three equal installments of ₹2,000 every four months through Direct Benefit Transfer (DBT).
• The upcoming installment will transfer ₹20,500 crore to 9.7 crore farmers, taking the total disbursed amount since the scheme’s launch in 2019 to ₹3.69 lakh crore across 19 installments.
• The review meeting saw virtual participation from 731 Krishi Vigyan Kendras (KVKs), ICAR, and agricultural universities across the country.
• KVKs were directed to act as key facilitators, helping connect farmers from national to village levels. The event will be organised as a nationwide campaign.
• Minister Shivraj Singh Chouhan instructed KVKs to treat the programme as both a festival and a mission, ensuring public awareness and DBT benefit to every eligible farmer.
• Farmers have been encouraged to actively participate on August 2, which will also provide updates on agricultural development programmes.
• Officials were instructed to involve grassroots workers such as:
  • Krishi Sakhis,
  • Drone Didis,
  • Bank Sakhis,
  • Pashu Sakhis,
  • Bima Sakhis, and
  • Gram Panchayat Sarpanches to promote the event and engage farmers.
• Discussions on Kharif crops during the campaign period are expected to enhance farmer engagement.
• The programme will be implemented with full commitment under the leadership of PM Modi to ensure maximum farmer outreach.
• Agriculture Secretary Shri Devesh Chaturvedi, ICAR DG Dr. ML Jat, and other senior ministry officials were present at the meeting.

Lok Sabha Approves Extension of President’s Rule in Manipur Till February 2026

• The Lok Sabha has approved the extension of President’s Rule in Manipur for another six months beyond August 13, 2025, following a statutory resolution passed in the House.
• The move reflects the Centre’s commitment to restoring peace and maintaining law and order in the state, which has witnessed ethnic tensions in recent times.

Key Highlights:

• President’s Rule was first imposed on February 13, 2025, due to a breakdown in law and order.
• It was initially approved by Parliament on April 2, 2025, for a six-month term, as required under the Constitution.
• The latest extension ensures central control till February 2026, as each approval is constitutionally valid for only six months.
• Minister of State for Home Affairs, Nityanand Rai, stated that peace has returned to Manipur since the imposition of President’s Rule.
  • Only one fatality and no casualties have been reported in the last four months.
  • The law and order situation is now under control.
• The government is working to foster dialogue and trust-building between ethnic communities to establish permanent peace.
• The extension aims to:
  • Strengthen law and order
  • Prevent violence and promote social harmony
  • Build trust between conflicting communities
  • Facilitate long-term peace and development
• Lok Sabha Speaker Om Birla confirmed that this is a continuation of the resolution passed in April for imposing President’s Rule.

About Manipur:

• Chief Minister: N. Biren Singh
• Governor: La. Ganesan
• Capital: Imphal
• National Parks: Keibul Lamjao National Park
• Wildlife Sanctuaries: Yangoupokpi-Lokchao Wildlife Sanctuary, Sirohi National Park, Manipur Zoological Garden, Ferenwild Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Lieutenant General NS Raja Subramani, Vice Chief of Army Staff, Retires After 39 Years of Distinguished Service

• Lieutenant General NS Raja Subramani has superannuated, concluding an illustrious military career spanning 39 years.
• He also relinquished the appointment of Vice Chief of the Army Staff (VCOAS).
• His military journey began at the National Defence Academy (NDA) and he was commissioned into The Garhwal Rifles in December 1985.
• He holds a Master of Arts degree from King’s College, London, and an Phil. in Defence Studies from the University of Madras.
• He held various command, staff, and instructional roles across different operational and terrain environments.
• Known for his expertise in strategic and tactical dynamics, especially along the Western and Northern borders, contributing significantly to operational preparedness and national security.
• He has been decorated with:Param Vishisht Seva Medal (PVSM) , Ati Vishisht Seva Medal (AVSM), Sena Medal (SM), Vishisht Seva Medal (VSM)

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS):Sanjay Seth

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Zaggle to Acquire 100% Stake in Fintech Startup Rio Money for ₹22 Crore

• Zaggle Prepaid Ocean Services Limited, one of India’s leading spend management companies, is set to acquire a 100% stake in fintech startup Rio Money for Rs 22 crore.
• With this acquisition, Zaggle plans to foray into the consumer credit card space via UPI.
• Rio Money, founded in 2023 by Riya Bhattacharya and Vivek Amarnani, is a fintech company offering equated monthly instalments (EMIs) through credit payments on QR codes via UPI.
• This service is enabled through the co-branded Yes Bank-Rio RuPay Credit Card, launched in partnership with Yes Bank and the National Payments Corporation of India (NPCI) in November 2024.
• Earlier in June 2025 this year, Zaggle had acquired a 100% stake in Pune-based enterprise spend management platform Dice and golf loyalty and travel solutions provider GreenEdge for a combined Rs 150 crore.
• The acquisition of Rio Money forms part of Zaggle’s broader strategy to deploy the Rs 595 crore it raised through a Qualified Institutional Placement (QIP).
• CEO of Zaggle : Avinash Godkhindi.

Competition Commission of India Approves Renault Group’s Acquisition of Remaining 51% Stake in Indian Joint Venture

• The Competition Commission of India (CCI) approved French auto major Renault Group’s proposal to acquire the remaining 51% stake in its Indian joint venture, Renault Nissan Automotive India Private Limited (RNAIPL), from Nissan Motor Company and its overseas arm.
• Post-acquisition, Renault Group B.V. and Renault S.A.S. will hold 100% ownership of RNAIPL.
• RNAIPL operates the Renault-Nissan alliance’s Chennai production plant, manufacturing cars for both Renault and Nissan brands.
• The acquisition includes equity shares and fully paid zero-coupon non-convertible redeemable preference shares held by Nissan.
• Despite selling its stake, Nissan will continue to source vehicles from RNAIPL for both domestic sales and exports.
• Renault and Nissan will continue to jointly operate the Renault Nissan Technology & Business Center India (RNTBCI), where Renault will hold 51% and Nissan will retain 49%
• In a separate release, the CCI cleared the proposed combination involving Anantam Highways Trust, Alpha Alternatives Fund Advisors LLP and others (Sponsor and Sponsor Group) and Dilip Buildcon Ltd (DBL) and DBL Infraventures (DIPL).
• Anantam Highways is a Sebi-registered infrastructure investment trust (InvIT). DBL is engaged in construction of roads and highways. DIPL is a wholly owned subsidiary of DBL, and belongs to the DBL Group.

Recent News :

• In June 2025, The Competition Commission of India (CCI)has approved the proposed acquisition of up to 9.99% paid-up share capital of IDFC First Bank Limited by Currant Sea Investments B.V.

About CCI:

• The Competition Commission of India (CCI) is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act of 2002.
• Founded: October 14, 2003
• Headquarters: New Delhi, India
• Chairperson: Ravneet Kaur

CURRENT AFFAIRS : APPS & PORTALS

India Post Set to Integrate Services with ONDC and GeM Platforms

• India Post is working to integrate its services with Open Network for Digital Commerce (ONDC) and Government e-Marketplace (GeM) to enhance accessibility and compete with third-party logistics companies.
• This information was shared during a review meeting with Minister of State for Communications Pemmasani Chandra Sekhar.
• The integration will enable features such as wallet-based prepaid bookings, centralised order tracking, and automated reconciliation with ONDC’s accounting systems.
• The project is part of the IT 2.0 framework, a technology-driven transformation of India Post.
• Currently, over 86,000 post offices use the new application; by August 4, 2025, all ~165,000 post offices will migrate to the new platform.
• Upgrades include real-time track and trace, customised services for bulk customers, electronic proof of delivery, OTP-based authentication, digital payments, and open API integration.
• Collaboration with GeM will provide API-driven automated pricing, centralised dashboards for payment tracking, and cash-on-delivery (COD) settlements.
• The postal department has introduced centralised delivery centres for all mail and parcels, consolidating service areas of existing post offices.
• These delivery centres offer flexible delivery options including Sunday and holiday deliveries, and morning and evening slots.
• 344 delivery centres have been launched nationwide during Phase 1.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Naval Ship Satpura Reaches Singapore for 32nd Edition of SIMBEX-25 Naval Exercise

• Indian Naval Ship (INS) Satpura arrived in Singapore to participate in the 32nd edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX-25).
• SIMBEX symbolizes the strong and enduring maritime partnership between the Indian Navy and the Republic of Singapore Navy (RSN).
• The exercise began with the Harbour Phase, including:Subject Matter Expert Exchanges (SMEEs) – Professional interactions – Operational-level discussions – Deck familiarisation visits onboard RSN Vigilant and RSN Supreme.
• These activities promote professional synergy and strategic trust, aligned with India’s ‘MAHASAGAR’ vision and Act East Policy, emphasizing engagement with neighbouring countries.
• Day 2 features the Opening Ceremony and a pre-sail conference discussing the sea phase.
• The Sea Phase includes:Air defence exercises – Cross-deck helicopter operations – Precision targeting with surface and aerial platforms   – Complex manoeuvring drills – Visit, Board, Search, and Seizure (VBSS) operations.
• These exercises enhance interoperability, operational coordination, and strengthen the commitment to maritime security and regional stability in the Indo-Pacific region.
• SIMBEX is a testament to strong naval ties, showcasing mutual respect, professionalism, and a shared vision for a secure and rules-based maritime order.

Recent News :

• In June 2025, The Indian Navy’s stealth frigate Indian Naval Ship (INS) Tabar, a submarine, and P-8I maritime patrol aircraft took part in a passage exercise with the UK’s Carrier Strike Group in the North Arabian Sea on June 9-10, 2025.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India Develops First Scientifically Bio-Authenticated Monofloral Lavender Honey

• India has developed its first scientifically bio-authenticated monofloral lavender honey, a significant achievement in apiculture and floriculture sectors.
• The innovation was led by CSIR–Indian Institute of Integrative Medicine (CSIR-IIIM) at its Field Station in Pulwama, Jammu and Kashmir.
• This development is expected to enhance functional foods, promote sustainable agriculture, and support rural enterprise.
• The honey was developed under the Council of Scientific and Industrial Research’s (CSIR) Floriculture Mission.
• It is positioned as a science-backed, market-ready product with export potential.
• This marks the first time in India a honey product has undergone comprehensive scientific authentication.
• Lavender cultivation in Jammu and Kashmir, promoted under the CSIR Aroma Mission, has gained wide adoption in hilly regions.
• Prime Minister Narendra Modi termed this initiative the “Purple Revolution”.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Andhra Pradesh Tourism Partners with MasterCard to Enhance Global Travel Experience

• The Andhra Pradesh Tourism Department, in partnership with MasterCard, organized a strategic workshop at its office in Vijayawada to strengthen the state’s appeal as a leading global tourist destination.
• The workshop aimed to design immersive and world-class tourism experiences, specifically curated for MasterCard holders and international travellers.

Key Highlights:

• The session concentrated on developing innovative tourism circuits, enhancing branding strategies, and improving digital outreach, with an overarching goal of turning ordinary visits into enriching and globally competitive tourism experiences.
• The initiative is being driven under the guidance of Chief Minister N. Chandrababu Naidu, Tourism Minister Kandula Durgesh, and Special Chief Secretary Ajay Jain.
• APTDC Managing Director Amrapali Kata reiterated the commitment to making Andhra Pradesh a top tourism hub in South Asia.
• A major outcome of the session was the proposal to develop a new tourism tagline and thematic brand identity for Andhra Pradesh.
• The new brand is expected to be launched on World Tourism Day in September, leveraging MasterCard’s global marketing expertise and digital integration capabilities.
• Discussions also included sustainable tourism models that prioritize community participation and encourage cultural exchange, ensuring long-term value for local stakeholders.
• Delegates from MasterCard praised the department’s forward-looking approach and expressed their commitment to deeper collaboration.
• They described the workshop as insightful and reaffirmed their confidence in Andhra Pradesh’s potential to deliver diverse and high-quality tourism experiences.

About Andhra Pradesh:

• Chief Minister: N. Chandrababu Naidu
• Governor: S. Abdul Nazeer
• Capital: Amaravati
• National Parks: Sri Venkateswara National Park, Papikonda National Park
• Wildlife Sanctuaries: Coringa Wildlife Sanctuary, Pulicat Lake Bird Sanctuary, Kambalakonda Wildlife Sanctuary, Rollapadu Wildlife Sanctuary, Krishna Wildlife Sanctuary

About MasterCard

• Headquarters: New York, United States
• CEO: Michael Miebach
• CTO: Ed McLaughlin
• CFO: Sachin Mehra, Martina Hund-Mejean
• Founded: 3 November 1966, United States
• Founders: Wells Fargo, Crocker National Bank, Bank of California, First Interstate Bancorp

India and UAE Sign Maritime Security and Safety Cooperation Agreement

• India and the United Arab Emirates (UAE) have signed a key Memorandum of Understanding (MoU) in New Delhi to strengthen bilateral maritime cooperation.
• The agreement was signed between the Indian Coast Guard (ICG) and the UAE National Guard Command to promote a safe, secure, and sustainable maritime environment in the region.

Key Highlights:

• The MoU aims to boost collaboration in critical areas such as:
  • Maritime Search and Rescue (M-SAR)
  • Combating transnational maritime crimes
  • Maritime Law Enforcement (MLE)
  • Marine Pollution Response (MPR)
  • Capacity-building through training and joint operations
• This is the 10th MoU signed by India with Coast Guard agencies of Friendly Foreign Countries (FFCs), reflecting India’s focus on expanding maritime security partnerships.
• The agreement was signed during the 13th Joint Defence Cooperation Committee (JDCC) meeting, by:
  • Director General of the Indian Coast Guard Paramesh Sivamani
  • UAE Coast Guard Group Commander Brigadier Staff Khalid Obaid Shamsi
• Both sides emphasized their commitment to regional maritime stability and protection of global shipping lanes, crucial for international trade.
• The MoU is strategically significant due to the importance of the Indian Ocean and Arabian Sea in global commerce, energy transport, and security.
• Core strategic goals of the partnership include:
  • Deterrence of piracy, smuggling, and maritime terrorism
  • Enhanced safety for merchant and fishing vessels
  • Protection of the marine ecosystem from pollution
  • Strengthening long-term maritime peace and cooperation
• The agreement also aligns with India’s broader efforts to address emerging maritime challenges and foster institutional linkages with like-minded nations.

About UAE

• Capital: Abu Dhabi
• Currency: United Arab Emirates Dirham
• President: Mohammed bin Zayed Al Nahyan
• Prime minister: Mohammed bin Rashid Al Maktoum

CURRENT AFFAIRS : OBITUARIES

Padma Shri Awardee and Former ICAI President T N Manoharan Passed Away

• T N Manoharan was the former President of the Institute of Chartered Accountants of India (ICAI) from 2006-07 passed away on July 30, 2025, in Mumbai, Maharashtra.

About T N Manoharan :

• Manoharan served as Chairman of the Accounting Research Foundation (ICAI) and the National Committee on Accounting Standards of the Confederation of Indian Industry (CII).
• He was a member of the Board of Insurance Regulatory and Development Authority (IRDAI) during 2006-07.
• He served on committees of key institutions such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Ministry of Corporate Affairs (MCA), Comptroller and Auditor General of India (CAG), and Central Board of Direct Taxes (CBDT).
• He was appointed by the government to the Board of Satyam Computer Services to safeguard depositor interests and manage the company’s winding up.
• Manoharan served as Non-Executive Chairman of Canara Bank from 2015 to 2020.
• He was recognized with the Business Leadership Award and named Indian of the Year in 2009 for his role in the Satyam revival.
• His professional expertise spanned Accountancy, Economics, Banking, Risk Management, Agriculture and Rural Economy, Small-Scale Industry, Finance, Law, Human Resources, Business Management, Administration, and Corporate Governance.
• He was conferred the Padma Shri award in 2010 by the Government of India.

About Institute of Chartered Accountants of India :

• Formation : 1 July 1949
• Headquarters : New Delhi
• President : CA. Charanjot Singh Nanda
• The ICAI, is India’s largest professional accounting body under the administrative control of the Ministry of Corporate Affairs, Government of India.

CURRENT AFFAIRS: IMPORTANT DAYS

World Wide Web Day 2025: August 1:

• World Wide Web Day is observed all over the world on August 1st each year dedicated to web browsing, the online activity that brings the whole world to your fingertips, and places a wealth of knowledge at your feet.
• The World Wide Web is crucial, there is no doubting that.

History 

• In 1989, Sir Tim Berners-Lee invented the World Wide Web,
• On 1st August 1989, is World Wide Web Day, marking the invention by Tim Berners-Lee of an internet-based communication system that changed the world.
• In 1991,  the World Wide Web browser was made available on the public internet.
• In 1993, the graphical browser Mosaic was launched.
• In 1994, Internet Works was launched, which allows people to open tabs in the browser window.
• In 1996, Internet Explorer was integrated into the Windows computer system.

World Breastfeeding Week 2025: August 1 to 7

• Breastfeeding week is celebrated every year during the first week of August(August 1 to 7).
• World Breastfeeding Week is an annual celebration that is observed in more than 120 countries.
• World Breastfeeding Week 2025 aims to highlight the importance of breastfeeding which can bring the health and welfare of babies, and children.
• The theme for World Breastfeeding Week 2025 is “Prioritise Breastfeeding: Create Sustainable Support Systems.”

History

• World Breastfeeding Week is observed by World Alliance for Breastfeeding Action (WABA), World Health Organisation (WHO), and UNICEF to promote world breastfeeding week.
• WADA was first formed on 14th February 1991. World Breastfeeding Week was first observed in 1992 by WADA.
• The World Health Organization and the American Academy of Pediatrics (AAP) promote the value of breastfeeding for mothers as well as children.
• Both are promoting breastfeeding for the first six months of life and then supplemented breastfeeding for at least 1 year and up to 2 years.
• In 2018, World Health Assembly (WHA) endorsed World Breastfeeding Week as an important breastfeeding promotion for the welfare of babies and children

Daily CA One- Liner: August 1

• Uttarakhand Chief Minister Pushkar Singh Dhami released the book titled ‘Sustainable Wellness of Students: A Collective Responsibility in Higher Education’ at an event held in the Chief Minister’s residence auditorium
• The Indira Gandhi National Centre for the Arts (IGNCA) will organize a two-day National Symposium titled ‘Timeless Texts and Universal Teachings: Inscription of Bhagavad Gita and Natyashastra in the UNESCO Memory of the World International Register’ in New Delhi
• Indian Railways has successfully commissioned Kavach 4.0, an indigenously developed Automatic Train Protection (ATP) system, on the Mathura–Kota section of the high-density Delhi–Mumbai route
• The Government of India has launched the ‘Semicon India Programme’ with a total outlay of ₹76,000 crore to develop a semiconductor and display manufacturing ecosystem
• The Government will release the 20th installment of the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme on August 2, 2025, in a national event led by Prime Minister Narendra Modi in Varanasi
• The Lok Sabha has approved the extension of President’s Rule in Manipur for another six months beyond August 13, 2025, following a statutory resolution passed in the House
• The Andhra Pradesh Tourism Department, in partnership with MasterCard, organized a strategic workshop at its office in Vijayawada to strengthen the state’s appeal as a leading global tourist destination
• India and the United Arab Emirates (UAE) have signed a key Memorandum of Understanding (MoU) in New Delhi to strengthen bilateral maritime cooperation.
• World Wide Web Day is observed all over the world on August 1st each year dedicated to web browsing, the online activity that brings the whole world to your fingertips, and places a wealth of knowledge at your feet
• Breastfeeding week is celebrated every year during the first week of August(August 1 to 7).
• The Life Insurance Corporation of India (LIC) has entered into Forward Rate Agreements (FRAs) worth $1 billion with major Wall Street banks, including JPMorgan Chase & Co. and Bank of America Corp.
• Insurance Brokers Association of India (IBAI) celebrated its 24th Foundation Day and released a report titled ‘Leading the Path to Insurance for All: Broker of the Future’.
• Market regulator Securities and Exchange Board of India (SEBI) fined ₹10 lakh on Rupesh Satish Dalal HUF for trading while in possession of Unpublished Price Sensitive Information (UPSI) related to the HDFC Ltd and HDFC Bank merger.
• Insurance Regulatory & Development Authority of India (IRDAI) issued a master circular raising minimum specific cover for insurance companies.
• Prime Minister Narendra Modi announced a ₹4,850 crore (approximately $565 million) line of credit to Maldives following talks with President Mohamed Muizzu
• Lieutenant General NS Raja Subramani has superannuated, concluding an illustrious military career spanning 39 years.
• Zaggle Prepaid Ocean Services Limited, one of India’s leading spend management companies, is set to acquire a 100% stake in fintech startup Rio Money for Rs 22 crore.
• The Competition Commission of India (CCI) approved French auto major Renault Group’s proposal to acquire the remaining 51% stake in its Indian joint venture, Renault Nissan Automotive India Private Limited (RNAIPL), from Nissan Motor Company and its overseas arm.
• India Post is working to integrate its services with Open Network for Digital Commerce (ONDC) and Government e-Marketplace (GeM) to enhance accessibility and compete with third-party logistics
• Indian Naval Ship (INS) Satpura arrived in Singapore to participate in the 32nd edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX-25).
• India has developed its first scientifically bio-authenticated monofloral lavender honey, a significant achievement in apiculture and floriculture sectors.
• T N Manoharan was the former President of the Institute of Chartered Accountants of India (ICAI) from 2006-07 passed away on July 30, 2025, in Mumbai, Maharashtra.