Daily Current Affairs 02nd Aug 2025 | Latest News | Download PDF

By Ameena Ameena - Aug 02 2025

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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

National Payments Corporation of India Introduces Revised Unified Payments Interface Rules from August 1, 2025                 

  • New Unified Payments Interface (UPI) rules will be implemented from August 1, 2025, by the National Payments Corporation of India (NPCI).
  • These rules aim to enhance the efficiency of UPI apps and protect users from fraud.
  • Applicable to all payment service providers like Google Pay, PhonePe, Paytm, etc.
  • The rules regulate activities such as checking bank balance, processing autopayments, and accessing bank details.

Key Highlights :

Balance Enquiry:

  • Each UPI app will allow users to check their bank balance 50 times a day.
  • UPI apps can limit or stop balance enquiry requests during peak hours to reduce load.
  • Users will see the available balance with every transaction starting August.

Auto Payment Processing:

  • Autopayments allow automatic recurring debits from user accounts.
  • To reduce system pressure, autopayments will be processed only during non-peak hours:
  • Before 10 am
  • Between 1 pm – 5 pm
  • After 9:30 pm
  • Autopayments due during peak hours may be processed before or after scheduled time.
  • Retries will be provided for successful deduction; failure after retries leads to auto payment cancellation.

Bank Details Access:

  • Customers can see the list of banks linked to their mobile number.
  • Access to bank details is limited to 25 times per day.
  • Requests to view bank details must be initiated by customers after selecting the issuer bank in the UPI app.

Transaction Status:

  • During peak hours, unconfirmed payments will update their status within seconds instead of showing as pending.
  • Users can check payment status only 3 times, with a 90-second gap between checks.

Recipient Details:

  • The name of the transaction recipient will be shown to the sender before each transaction to prevent fraud and errors.
  • The registered recipient name and transaction ID will be displayed on the UPI app.

Compliance & Penalties:

  • In case of non-compliance, NPCI may impose:
  • UPI API restrictions
  • Penalties
  • Suspension of new customers or onboarding
  • Other necessary actions.

Recent News :

  • In June 2025, National Payments Corporation of India (NPCI), in partnership with JCB International, announced a limited-time 25% cashback offerfor RuPay debit and credit cardholders.

About NPCI:

  • Headquarters: Mumbai, Maharashtra, India
  • Founded: 2008
  • CEO: Dilip Asbe
  • Key Initiatives: Unified Payments Interface (UPI), Immediate Payment Service (IMPS), RuPay (domestic card payment network), Bharat Bill Payment System (BBPS), Aadhaar Enabled Payment System (AePS)

Finance Ministry Sets August 1, 2025, for Enactment of Key Provisions of Banking Laws (Amendment) Act, 2025                  

  • The Finance Ministry has appointed August 1, 2025 as the date for implementation of key provisions of the Banking Laws (Amendment) Act, 2025.
  • The provisions include:
    • Enhancing the threshold for substantial interest.
    • Widening the scope of funds that banks must transfer to the Investor Protection and Education Fund (IEPF).
    • Other amendments related to directors of cooperative banks, settlement of unclaimed amounts, and auditor remuneration.

Key Highlights :

Substantial Interest (Section 3):

  • Earlier, substantial interest meant holding shares worth over ₹5 lakh or 10% of paid-up capital, whichever was lower (fixed in 1968).
  • Now, the threshold is raised to ₹2 crore to reflect present-day value.
  • This includes holdings by an individual, spouse, or minor child, individually or collectively.

Directors of Co-operative Banks (Sections 4 & 5):

  • Earlier, directors (except chairman or whole-time director) could hold office for a maximum of 8 consecutive years.
  • Now, the limit is extended to 10 years.
  • Previously, a director on one bank’s board could not serve on another bank’s board (except RBI-appointed directors).
  • The amendment exempts directors of central co-operative banks when elected to the board of a state co-operative bank where they are members.

Settlement of Unclaimed Amounts & Auditor Remuneration (Sections 15 to 20):

  • As per the State Bank of India Act and related acts, unpaid/unclaimed dividends are transferred to an unpaid dividend account.
  • If unclaimed for 7 years, the amount is transferred to the Investor Education and Protection Fund (IEPF).
  • The amendment widens the scope to include:
    • Shares with unpaid dividends for 7 consecutive years
    • Interest or redemption amounts for bonds unpaid/unclaimed for 7 years
  • Persons whose funds or shares are transferred to IEPF can claim transfer or refund.
  • Earlier, RBI fixed auditors’ remuneration in consultation with the Central Government.
  • Now, banks have the power to decide the remuneration of their auditors

11 public sector banks Collected ₹9,000 Crore in Penalty for Minimum Balance Breach Over 5 Years: Finance Ministry

  • According to Finance Ministry data presented in Rajya Sabha, 11 public sector banks (PSBs) collected around ₹9,000 crore as penalty charges over the last five years for non-maintenance of minimum balance in savings bank accounts.

Key Highlights :

  • State Bank of India (SBI) discontinued its average monthly minimum balance charges in March 2020.
  • Following SBI, Canara Bank, Bank of Baroda, Punjab National Bank, Indian Bank, Bank of India, Central Bank of India, and Union Bank of India stopped levying such charges from the second quarter of FY26.
  • Private sector banks, which generally levy higher charges, have not yet waived these minimum balance penalties.
  • The Finance Ministry clarified that PM Jan Dhan Accounts, Basic Saving Bank Deposit Accounts (BSBDA), salary accounts, and certain other account types are exempt from minimum balance requirements.
  • Minister of State for Finance, Pankaj Chaudhary, stated that the Department of Financial Services (DFS) has advised banks to rationalise these charges.
  • So far, 7 out of 11 PSBs have acted on this advisory, with the remaining 4 expected to follow soon.
  • As per RBI guidelines, banks can levy penal charges for non-maintenance of minimum balance based on a Board-approved policy.

About Ministry of Finance:

  • Cabinet Minister: Smt. Nirmala Sitharaman
  • Minister of State (MoS): Shri Pankaj Chaudhary

Multi-Commodity Exchange Introduces Cardamom Futures Trading

  • The Multi-Commodity Exchange of India (MCX) has announced the launch of cardamom futures contracts.
  • Initially, contracts for August, September, and October will be launched simultaneously.

Key Highlights :

  • MCX had discontinued the cardamom futures contract in 2021 following a SEBI circular; now the exchange has issued a notification for its relaunch.
  • The symbol for the cardamom futures contract is ‘CARDAMOM’.
  • The trading unit is 100 kg, with a maximum order size of 5000 kg.
  • The tick size (minimum price movement) is ₹1 per kg.
  • The initial margin requirement is a minimum of 10% or based on the standard portfolio analysis of risk (SPAN).
  • The maximum allowable open position:For individual clients: 100 tonnes, For members: 1,000 tonnes or 15% of market-wide open position, whichever is higher.
  • The delivery centre is located at the exchange’s warehouse in Vandanmedu, Idukki.
  • This move signals a step towards enhancing commodity trading and provides better price discovery and risk management for cardamom producers and traders.

Finance Ministry Sets 0.1% Concessional Rate for NaBFID Government Guarantees

  • The Finance Ministry has notified a 0.1% concessional government guarantee fee for NaBFID (National Bank for Financing Infrastructure and Development).
  • This concessional fee applies to borrowings from multilateral institutions, sovereign wealth funds, and other notified foreign institutions.
  • The aim is to help NaBFID access low-cost foreign capital to fund critical infrastructure projects.
  • The guarantee fee must be paid at the time of securing the government guarantee and annually on April 1
  • Credit Ratings for NaBFID:
  • Moody’s: Baa3 (Stable)
  • Fitch Ratings: BBB- (Stable)
  • Both ratings are at par with India’s sovereign rating.
  • The move will help NaBFID raise offshore funding on better terms, supporting India’s infrastructure growth and development.

About NaBFID :

  • NaBFID, is an Indian financial institution established to bolster the country’s infrastructure sector.
  • It was set up in 2021 by an Act of Parliament with the aim of addressing long-term financing gaps for infrastructure development and fostering the growth of the bond and derivatives markets.
  • NaBFID is considered a specialized Development Finance Institution (DFI)

SEBI Mandates ₹10 Lakh Minimum Investment in Special Investment Funds by Mutual Fund Investors

  • Capital market regulator Securities and Exchange Board of India (SEBI) has mandated mutual funds to ensure investor compliance with a minimum investment of ₹10 lakh in Special Investment Funds (SIFs).

What is a special investment fund?

  • A Specialised Investment Fund (SIF) is an investment fund that can invest in all types of assets. It usually qualifies as alternative investment fund (AIF) and can be sold to well-informed investors.

Key Highlights :

  • The Asset Management Company (AMC) will monitor compliance daily to prevent any active breaches of the minimum investment limit.
  • The AMC must ensure that an investor’s total investment value does not fall below ₹10 lakh due to redemption transactions initiated by the investor.
  • In case of an active breach (including via stock exchange transactions or off-market transfers), all units held by the investor across all SIF investment strategies will be frozen for debit.
  • If the investor rebalances their investments within a 30-calendar-day notice period, the frozen units will be unfrozen and no further action will be taken.
  • If the investor fails to rebalance within 30 days, the AMC will automatically redeem the frozen units at the applicable Net Asset Value (NAV) on the next business day after the notice period.
  • ‘Active breach’ means the investor’s total investment value across all SIFs falls below ₹10 lakh due to investor-initiated transactions.
  • These norms are effective immediately as per SEBI’s notification.
  • The rules aim to maintain minimum investment thresholds and ensure regulatory compliance in SIF investments.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

CABINET APPROVALS:

I) Cabinet Approves Grant-in-aid Scheme for NCDC to Strengthen Cooperatives Nationwide

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved a Central Sector Scheme titled “Grant-in-aid to National Cooperative Development Corporation (NCDC)” with a total outlay of ₹2,000 crore for four years (2025–26 to 2028–29).
  • The initiative aims to support cooperative societies across various sectors through long-term project funding and working capital assistance.

Key Highlights:

  • Objective of the Scheme:The scheme is intended to provide financial assistance to cooperative societies by enabling NCDC to extend loans for new projects, plant expansion, modernization, and working capital

Financial Structure and Leverage Potential:

  • Grant-in-aid amount: ₹500 crore annually from FY 2025–26 to FY 2028–29, totaling ₹2,000 crore.
  • Market leverage: Based on this aid, NCDC will raise ₹20,000 crore from the open market over the 4-year period.
  • Source of funding: Budgetary support from the Government of India.

Execution and Implementation:

  • NCDC will serve as the executing agency—responsible for disbursement, monitoring, project follow-up, and loan recovery.
  • Loan disbursement: Through state governments or directly to eligible cooperatives following NCDC’s direct funding guidelines, with necessary security or state guarantee.
  • Loan purpose: For setting up, modernization, technology upgrade, expansion in various cooperative sectors, and to meet working capital needs.

Coverage and Beneficiaries:

  • The scheme is expected to benefit approximately 2.9 crore members of 13,288 cooperative societies.
  • It targets cooperatives in sectors such as Dairy, Livestock, Fisheries, Sugar, Textile, Food Processing, Storage, Cold Storage, Labour, and Women-led cooperatives.

Expected Impact and Employment Generation:

  • Will create income-generating capital assets and address liquidity issues in cooperatives.
  • Promotes economic upliftment through cooperatives’ democratic and inclusive principles, fostering greater participation of women in the workforce.
  • Enables modernization and capacity augmentation, which can enhance productivity and profitability of cooperatives.
  • Infrastructure-focused term loans are expected to generate widespread employment across different skill levels.

Background and Sector Significance:

  • Cooperatives play a vital role in India’s rural economy, contributing significantly to production, employment, and infrastructure development.
  • India has over 8.25 lakh cooperatives with 29 crore members, and 94% of farmers are associated with cooperatives.
  • The scheme will strengthen weaker sectors such as dairy, poultry, fisheries, sugar, textile, processing, storage, labour, and women cooperatives by offering both long-term and working capital loans.

II) Cabinet Approves ₹6,520 Crore Outlay for Pradhan Mantri Kisan Sampada Yojana (PMKSY) for 15th Finance Commission Cycle

    • The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved a total outlay of ₹6,520 crore for the Central Sector Scheme – Pradhan Mantri Kisan Sampada Yojana (PMKSY) for the 15th Finance Commission Cycle (2021–22 to 2025–26).
    • This includes an additional allocation of ₹1,920 crore for ongoing components of the scheme.

Key Highlights:

Component-wise Allocation:

  • ₹1,000 crore allocated for:
    • Setting up 50 Multi-Product Food Irradiation Units under the Integrated Cold Chain and Value Addition Infrastructure (ICCVAI) component.
    • Establishment of 100 Food Testing Laboratories (FTLs) with NABL accreditation under the Food Safety and Quality Assurance Infrastructure (FSQAI) component.
  • ₹920 crore earmarked for sanctioning projects under various other component schemes of PMKSY during the 15th Finance Commission Cycle.

Nature of Component Schemes:

  • Both ICCVAI and FSQAI are demand-driven schemes.
  • Expressions of Interest (EOIs) will be invited from eligible entities across India.
  • Project proposals will be scrutinized and approved as per the existing scheme guidelines.

Expected Outcomes from ICCVAI:

  • Implementation of 50 irradiation units will create preservation capacity of 20 to 30 Lakh Metric Tonnes (LMT) per annum, depending on the type of food products irradiated.

Expected Outcomes from FSQAI:

  • Establishing 100 NABL-accredited food testing labs in the private sector will boost infrastructure for food sample testing, helping ensure compliance with food safety standards and the supply of safe food products.

III) Cabinet Approves Four Major Railway Projects Worth ₹11,169 Crore to Enhance Infrastructure and Connectivity

  • The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Shri Narendra Modi has approved four key railway infrastructure projects with a total investment of ₹11,169 crore (approx.).
  • These multi-tracking projects, undertaken by the Ministry of Railways, aim to boost operational efficiency, improve logistics, and enhance regional connectivity under the PM Gati Shakti National Master Plan.

Key Highlights:

  • Projects Approved:
    1. Itarsi – Nagpur 4th Line
    2. Aurangabad (Chhatrapati Sambhajinagar) – Parbhani Doubling
    3. Aluabari Road – New Jalpaiguri 3rd and 4th Line
    4. Dangoaposi – Jaroli 3rd and 4th Line
  • States and Districts Covered:The projects span 13 districts across the states of Maharashtra, Madhya Pradesh, West Bengal, Bihar, Odisha, and Jharkhand.
  • Network Expansion:These projects will add 574 kilometers to the existing railway network.
  • Population and Village Coverage:Connectivity will be improved to 2,309 villages, positively impacting a population of about 43.60 lakh people.
  • Commodities Transported:These routes are crucial for transporting key commodities like:
    • Coal
    • Cement
    • Clinker
    • Gypsum
    • Fly ash
    • Containers
    • Agricultural products
    • Petroleum products
  • Freight Capacity Enhancement:These infrastructure upgrades are expected to generate an additional freight traffic capacity of 95.91 MTPA (Million Tonnes Per Annum).
  • Environmental and Economic Benefits:
    • Expected to reduce oil import by 16 crore litres.
    • Estimated to lower CO₂ emissions by 515 crore kg, equivalent to the plantation of 20 crore trees.
    • Promotes climate goals and reduces logistics costs through energy-efficient railway transport.
  • Strategic Alignment:
    • Projects are planned under the PM Gati Shakti National Master Plan to enable multi-modal connectivity and logistics efficiency.
    • Developed through integrated planning and stakeholder consultation.
  • Vision for Atmanirbhar Bharat:The projects are in line with PM Narendra Modi’s vision of “New India”, aiming to promote comprehensive regional development, self-reliance, and increased employment/self-employment opportunities.
  • Operational Efficiency Gains:Enhanced line capacity will improve mobility, streamline train operations, and significantly reduce congestion across key railway corridors.

Indigenously-Built 1 MW Green Hydrogen Plant Commissioned at Kandla Port by Shri Sarbananda Sonowal

  • Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal inaugurated the 1 MW Green Hydrogen Power Plant  at Deendayal Port Authority (DPA), Kandla, Gujarat.
  • This project is part of the National Green Hydrogen Mission, supporting PM Narendra Modi’s 2030 vision for clean energy.
  • The 1 MW module is part of a larger 10 MW Green Hydrogen Plant, whose foundation was laid by PM Modi in Bhuj on 26th May 2025.
  • The 1 MW unit was commissioned in just 4 months, setting a new benchmark for fast execution in India’s green hydrogen sector.

Key highlights

  • The plant will produce approximately 140 metric tonnes of green hydrogen annually.
  • Plays a key role in maritime decarbonisation and sustainable port operations.
  • Shri Sonowal appreciated Larsen & Toubro (L&T) engineers for their speed and precision in delivering the complex project.
  • Congratulated the Chairman of DPA, Shri Sushil Kumar Singh (IRSME), and the entire DPA team.

Dignitaries Present

  • Shri Sarbananda Sonowal – Union Minister of Ports, Shipping & Waterways
  • Shri Shantanu Thakur – Union Minister of State for MoPSW
  • Shri T.K. Ramachandran, IAS – Secretary, MoPSW
  • Shri Sushil Kumar Singh, IRSME – Chairman, DPA
  • Senior officials from the Ministry, Port Authority, and L&T were also present.

Ministry of Petroleum Launches ‘Apna Ghar’ Initiative for Truckers’ Welfare

  • To promote the safety and well-being of truck drivers, the Ministry of Petroleum and Natural Gas has launched the ‘Apna Ghar’ initiative, providing essential facilities for truckers during their long-haul journeys.
  • The project has been implemented by Public Sector Oil Marketing Companies (OMCs) at Retail Outlets (ROs) along major highways.

Key Highlights:

  • As of 01 July 2025, a total of 368 ‘Apna Ghar’ centres with 4,611 beds have been established across the country.
  • Each ‘Apna Ghar’ facility offers:
    • Dormitories with 10–30 beds
    • Restaurants/Dhabas
    • Self-cooking areas
    • Clean toilets
    • Dedicated bathing areas (Houdas)
    • Purified drinking water
  • The initiative has received positive feedback from truck drivers, with a rising number of bookings, increased app downloads and registrations, and satisfaction recorded from users.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United States President Donald Trump Announces 25% Reciprocal Tariffs on Indian Goods and Penalties for Russian Oil and Arms Purchases

  • United States (U.S.) President Donald Trump announced 25% reciprocal tariffs on Indian goods, along with an unspecified penalty for India’s purchase of Russian oil and arms.
  • The move follows India’s refusal to cut tariffs under the ongoing Bilateral Trade Agreement (BTA) talks with the United States.
  • Trump criticized:India’s high import tariffs, Non-tariff barriers, Large-scale arms and energy imports from Russia, which he claims undermine global efforts to isolate Russia over the Ukraine war.
  • The 25% reciprocal tariffs are set to be imposed from August 1, coinciding with the expiry of Trump’s tariff deadline.
  • In FY25, the U.S. was India’s largest export destination, with exports valued at $86.51 billion.
  • However, U.S. exports constituted less than one-fifth of India’s total goods exports of $437.42 billion.
  • The development may impact India-U.S. trade relations, particularly in sectors affected by new tariffs and penalties.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Receives Indigenous Advanced Stealth Frigate Himgiri under Project 17A

  • Himgiri (Yard 3022), the third ship of the Nilgiri Class (Project 17A) and the first of the class built at Garden Reach Shipbuilders & Engineers (GRSE), Kolkata, was delivered to the Indian Navy on 31 Jul 2025.
  • Represents a major milestone in achieving self-reliance (Aatmanirbharta) in warship design and construction.

Key Highlights :

  • Project 17A frigates are versatile multi-mission platforms, designed to meet current and future maritime challenges.
  • Named after the erstwhile INS Himgiri, a Leander-class frigate decommissioned on 06 May 2005 after 30 years of service.
  • This state-of-the-art frigate marks a quantum leap in naval design, stealth, firepower, automation, and survivability.
  • Designed by the Warship Design Bureau (WDB) and overseen by the Warship Overseeing Team (Kolkata).
  • P17A frigates reflect a generational leap in indigenous ship design, stealth, survivability, and combat capability.
  • Built on the philosophy of ‘Integrated Construction’ — modular and ergonomic design, delivered within planned timelines.
  • Fitted with advanced weapon and sensor suites compared to the older P17 (Shivalik) class.
  • Propulsion system: Combined Diesel or Gas (CODOG) plants comprising a diesel engine and gas turbine, driving Controllable Pitch Propeller (CPP) on each shaft.
  • Equipped with Integrated Platform Management System (IPMS).
  • Weapon suite includes:
    • Supersonic Surface-to-Surface missile system
    • Medium-Range Surface-to-Air Missile system
    • 76 mm Gun
    • Combination of 30 mm and 12.7 mm rapid-fire Close-in Weapon Systems (CIWS)
  • The project has an indigenous content of 75%.
  • Involvement of over 200 Micro, Small & Medium Enterprises (MSMEs) at GRSE.
  • Employment generation: 4,000 personnel directly and more than 10,000 personnel indirectly.

Indian Army Conducts ‘Exercise Divya Drishti’ in East Sikkim to Evaluate High-Tech Military Systems

  • Exercise Divya Drishti is a high-altitude technology demonstration exercise conducted by the Indian Army in the high-altitude regions of East Sikkim.
  • The exercise is aimed at testing advanced military technologies to improve battlefield awareness, real-time surveillance, and quick decision-making.
  • Troops from the Trishakti Corps, headquartered at Sukna near Siliguri, participated.
  • The exercise used a combination of ground-based systems and aerial platforms such as UAVs (Unmanned Aerial Vehicles) and drones to simulate realistic battle scenarios.
  • A key highlight was the deployment of AI-enabled sensors integrated with advanced communication systems.
  • This technology setup ensures smooth and secure data flow among command centres, enhances situational awareness, and enables faster, better decisions through a strong sensor-to-shooter link.
  • The exercise tested the Indian Army’s preparedness in employing AI and modern technologies in realistic combat situations.
  • It reflects the Army’s focus on technological innovation for enhancing operational effectiveness in challenging environments.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Vice Admiral Sanjay Vatsayan Takes Over as 47th Vice Chief of Naval Staff

  • Vice Admiral Sanjay Vatsayan, AVSM, NM assumed charge as the 47th Vice Chief of the Naval Staff (VCNS) on 01 Aug 2025.
  • On assuming charge, he paid solemn homage to the Bravehearts who made the supreme sacrifice by laying a floral wreath at the National War Memorial, New Delhi.

About Vice Admiral Sanjay Vatsayan:

  • Commissioned into the Indian Navy on 01 Jan 1988; alumnus of the 71st course National Defence Academy, Pune.
  • Specialist in Gunnery and Missile Systems.
  • Over three decades of distinguished naval career with command, operational, and staff assignments.
  • Served onboard various frontline warships, including:
    • Commissioning crew of Guided Missile Destroyer INS Mysore, INS Nishank
    • Pre-Commissioning crew of Coast Guard OPV ICGS Sangram
    • Executive Officer of INS Mysore
  • Commanded:
    • Coast Guard ship C-05
    • Missile Vessels INS Vibhuti and INS Nashak
    • Missile Corvette INS Kuthar
    • Guided Missile Frigate INS Sahyadri (Commissioning Commanding Officer)
  • Took over as Flag Officer Commanding Eastern Fleet in Feb 2020, leading operational deployments during heightened maritime activity post-Galwan events.
  • Promoted to Flag Rank in Feb 2018, served as Assistant Chief of Naval Staff (Policy and Plans) before commanding the Eastern Fleet.
  • Awarded the Ati Vishisht Seva Medal (AVSM) in 2021 for exceptional leadership and meritorious service.
  • Served as Deputy Commandant of the National Defence Academy and later as Chief of Staff, Eastern Naval Command (ENC) from Dec 2021, managing operational readiness, personnel development, and infrastructure.

K J Patel Appointed as New Managing Director of Indian Farmers Fertiliser Cooperative Limited    

  • Indian Farmers Fertiliser Cooperative Limited (IFFCO) appointed K J Patel as its new Managing Director (MD).
  • K J Patel succeeded U S Awasthi, who retired at the age of 80 after serving as MD since 1993.
  • Patel was formerly Director (Technical) and has over 32 years of experience.
  • He previously headed IFFCO’s Paradip plant, which is India’s largest complex fertiliser facility.
  • In the last fiscal year, IFFCO posted a 16% increase in net profit amounting to ₹2,823 crore.
  • IFFCO’s turnover grew by 4.5% to ₹41,244 crore.

About IFFCO :

  • The Chairman of IFFCO is Dileepbhai Sanghani.
  • IFFCO is a multi-state cooperative society engaged in the manufacture and marketing of fertiliser.
  • The cooperative is headquartered in New Delhi, India.
  • IFFCO has offices and operations outside India in countries including Oman, Jordan, Senegal, and the United Arab Emirates.

Vice Admiral CR Praveen Nair Takes Over as Controller Personnel Services

  • Vice Admiral CR Praveen Nair, AVSM, NM assumed charge as the Controller Personnel Services (CPS) on 31 July 2025. On assuming charge, he paid solemn homage at the National War Memorial, New Delhi.

About Vice Admiral CR Praveen Nair :

  • Commissioned in the Indian Navy on 01 July 1991.
  • A Surface Warfare Officer, specialist in Communications and Electronic Warfare.
  • Over three decades of distinguished naval career with wide-ranging command, operational, and staff appointments.
  • Specialist tenures onboard INS Krishna, Kora, and Mysore.
  • Served as Fleet Electronic Warfare Officer and later as Fleet Communications Officer of the Western Fleet.
  • Awarded the Chief of the Naval Staff commendation for role in non-combatant evacuation of Indian nationals from Beirut during the Israel-Lebanon war in July 2006.
  • Served as Fleet Operations Officer of the Eastern Fleet during 2018-2019.
  • Commanded Missile Corvette INS Kirch, Guided Missile Destroyer INS Chennai, and Aircraft Carrier INS Vikramaditya.
  • Member of the Indian Naval Strategic and Operational Council (INSOC) — Indian Navy’s premier think tank — for over three years.
  • Awarded the Robert E. Bateman’s International Award, Vice Admiral James H. Doyle Military Operations and International Law Prize, and International Leadership Prize during Naval Command Course at US Naval War College.
  • Conferred with Nao Sena Medal (Devotion to Duty) on 26 Jan 2000.
  • Awarded Ati Vishisht Seva Medal on 26 Jan 2025.
  • Before taking charge as CPS, served as Commandant, Indian Naval Academy.

Vice Admiral Krishna Swaminathan Appointed as Flag Officer Commanding-in-Chief, Western Naval Command

  • Vice Admiral Krishna Swaminathan, AVSM, VSM assumed charge as the Flag Officer Commanding-in-Chief (FOC-in-C), Western Naval Command on 31 Jul 2025.
  • He succeeded Vice Admiral Sanjay J Singh, PVSM, AVSM, NM, who superannuated after four decades of distinguished service.
  • On assuming charge, VAdm Swaminathan paid homage at the Gaurav Stambh, Naval Dockyard, Mumbai.

About Vice Admiral Krishna Swaminathan:

  • Commissioned into the Indian Navy on 01 Jul 1987.
  • Specialist in Communication and Electronic Warfare.
  • Recipient of the Ati Vishisht Seva Medal (AVSM) and Vishisht Seva Medal (VSM).
  • Commanded several key warships:
    • Missile vessels Vidyut and Vinash
    • Missile corvette Kulish
    • Guided missile destroyer INS Mysore
    • Aircraft carrier INS Vikramaditya
  • On promotion to Rear Admiral:
    • Served as Chief Staff Officer (Training) at Southern Naval Command, Kochi
    • Key role in training across Indian Navy
    • Raised the Indian Naval Safety Team overseeing operational safety
    • Headed the Work-Up Organisation of the Navy as Flag Officer Sea Training
    • Appointed Flag Officer Commanding, Western Fleet (“Sword Arm”)
    • Served as Flag Officer Offshore Defence Advisory Group and Advisor, Offshore Security and Defence to Government of India

Lieutenant General Pushpendra Singh Appointed as Vice Chief of the Army Staff

  • Lieutenant General Pushpendra Singh assumed the appointment of the Vice Chief of the Army Staff (VCOAS) on 31 July 2025.
  • Prior to this, he was appointed Director General Operational Logistics & Strategic Movement at Army Headquarters

About Lieutenant General Pushpendra Singh :

  • Commissioned into the 4th Battalion, The Parachute Regiment (Special Forces) in December 1987.
  • Alumnus of La’ Martiniere College, Lucknow, Lucknow University, and the prestigious Indian Military Academy, Dehradun.
  • Served in operations including OP PAWAN, OP MEGHDOOT, OP ORCHID, and multiple tenures in OP RAKSHAK.
  • Career spanning 38 years with various Command and Staff appointments.
  • Commanded a Special Forces Unit in the Kashmir Valley and along the Line of Control (LoC).
  • Commanded an Infantry Brigade and a Mountain Division in OP SNOW LEOPARD along the Line of Actual Control (LAC).
  • Served as General Officer Commanding (GOC) of a Corps headquartered in Himachal Pradesh, responsible for sensitive Jammu, Samba, and Pathankot areas.
  • Awarded the Ati Vishisht Seva Medal (AVSM) and Bar to Sena Medal (SM) for distinguished service to the Nation.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Department for Promotion of Industry and Internal Trade Signs MoU with Roche India to Boost Health Innovation Startups

  • The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has signed a Memorandum of Understanding (MoU) with Roche Products (India) Pvt. Ltd. to support DPIIT-recognized startups working in critical therapeutic areas.

Key Features of the Collaboration:

  • The MoU aims to support startups in sectors such as oncology, neurology, ophthalmology, haematology, and rare diseases.
  • Roche India will:
    • Provide mentorship from global experts.
    • Support pilot and validation studies.
    • Offer access to cutting-edge technologies, infrastructure, and international platforms to help scale innovations.
  • The MoU was signed by:
    • Dr. Sumeet Jarangal, Director, DPIIT
    • Smt. Rajwinder Mehdwan, Managing Director, Roche Products (India) Pvt. Ltd.
    • In the presence of senior officials from both organizations.
  • Shri Sanjiv, Joint Secretary, DPIIT, emphasized:
    • The importance of industry–startup collaboration to integrate disruptive health innovations into the market.
    • The partnership will provide guidance on:
      • Regulatory pathways
      • Intellectual Property (IP)
      • Global health standards
      • Real-world validation opportunities
  • Additional focus areas include:
    • Capacity building in:
      • Health Economics and Outcomes Research (HEOR)
      • Good Clinical Practices (GCP)
      • Patient engagement
  • Smt. Rajwinder Mehdwan, MD of Roche India, called it the beginning of a collaborative journey to help Indian healthtech startups develop patient-centric solutions suited to India’s healthcare needs.
  • The MoU reinforces DPIIT’s commitment to public-private partnerships, aimed at promoting inclusive growth and positioning India as a global hub for health innovation.

Recent news

  • The Department for Promotion of Industry and Internal Trade (DPIIT) and Mercedes-Benz India have signed a Memorandum of Understanding (MoU) to enhance manufacturing, road safety, and sustainability in India.

Department for Promotion of Industry and Internal Trade and HDFC Capital Advisors Ltd Sign MoU to Boost Innovation in Affordable Housing and PropTech

  • The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has signed a Memorandum of Understanding (MoU) with HDFC Capital Advisors Limited to drive innovation and extend support to startups in the affordable housing and PropTech sectors.
  • This strategic alliance aligns with the vision of Atmanirbhar Bharat and Viksit Bharat@2047, strengthening efforts to create a robust and inclusive startup ecosystem.

Key Highlights:

  • The MoU centers around the H@ART (HDFC Affordable Real Estate and Technology) Programme, launched by HDFC Capital to improve efficiency and reduce costs in the residential real estate development cycle.
  • The initiative aims to create growth opportunities by connecting startups with the affordable housing developer ecosystem, facilitating strategic investments in emerging PropTech companies, and offering mentorship through collaborations with accelerators, academic institutions, and investors.
  • Joint Secretary, DPIIT, Shri Sanjiv, highlighted the importance of engaging with key private players like HDFC Capital Advisors to foster scalable innovation in India’s startup ecosystem.
  • Vipul Roongta, Managing Director and CEO, HDFC Capital Advisors Ltd, emphasized the firm’s commitment to accelerating innovation in affordable housing and PropTech, contributing significantly to India’s development goals.
  • The MoU was formally signed by Director, DPIIT, Mohammad Isharar Ali, and Vipul Roongta, in the presence of senior officials from both organizations.
  • The partnership is a key step in DPIIT’s continuous effort to catalyze public-private partnerships, ensuring a resilient, self-sustaining, and innovation-led ecosystem for startups in India.

India and Morocco Sign Agreements to Enhance Judicial and Legal Cooperation

  • India and the Kingdom of Morocco have signed a Mutual Legal Assistance Treaty (MLAT) and a Memorandum of Understanding (MoU) to foster cooperation in legal and judicial matter
  • These agreements aim to promote mutual assistance in civil and commercial cases and strengthen institutional linkages between the two countries’ legal systems.

Key Highlights:

  • Objective of MLAT: To facilitate the widest possible mutual legal assistance in civil and commercial matters in accordance with national laws.

Areas of Assistance under MLAT:

  • Service of summons and other judicial documents or processes.
  • Taking of evidence through Letters of Request.
  • Execution of judicial judgments (Morocco), decrees, settlements, and arbitral awards (India).
  • Objective of the MoU: To enhance mutual cooperation in the legal field between the Ministry of Law & Justice of India and the Ministry of Justice of Morocco.
  • Exchange of Legal Expertise: Both countries will share experiences and practices related to the functioning of their judicial systems and ministries.
  • Legislation Sharing: Includes exchange of legal publications, bulletins, and legislative materials to deepen legal understanding.

Capacity Building Initiatives:

  • Symposiums, conferences, and joint legal training courses will be organized.
  • Delegation exchanges and training programs will be facilitated for lawyers and legal experts.
  • Judicial Information Systems: Cooperation in the development of national legal information systems and technology exchange in justice delivery.
  • Implementation Mechanism: A joint coordination committee will plan annual cooperation programs that are practical and within budgetary limits.
  • Promotion of Legal Modernization: The MoU encourages structured cooperation to modernize civil and criminal justice systems, legal frameworks, and practices.
  • Enhancement of Diplomatic Relations: The agreements serve as tools to strengthen bilateral relations by improving legal and judicial collaboration.
  • Technological Collaboration: Emphasis on digital transformation of legal services through the exchange of IT systems and practices.
  • Institutional Strengthening: Both sides aim to achieve capacity development, modernization of legal institutions, and improved rule of law.
  • Official Source: This information was provided by Shri Arjun Ram Meghwal, Minister of State (Independent Charge) for Law and Justice, in a written reply in the Rajya Sabha.

Indo-Tibetan Border Police Force and Department of Biotechnology Sign MoU to Boost Biomedical Research for Forces’ Welfare

  • The Indo-Tibetan Border Police Force (ITBPF) and the Department of Biotechnology (DBT), under the Ministry of Science and Technology, have signed a Memorandum of Understanding (MoU) to advance biomedical research and innovation specifically for the needs of India’s paramilitary forces.
  • The MoU was signed at ITBP Headquarters, New Delhi, in the presence of the Secretary, DBT and Director General, ITBPF.

Key Highlights:

  • Objective of Collaboration: The partnership aims to address scientific and technological challenges relevant to ITBP’s operational conditions, especially in high-altitude and extreme environments.
  • Focus Research Areas:
    • Human adaptability to high altitudes
    • Biosecurity
    • Biomedical devices and prosthetics
    • Food biotechnology
    • Wound healing and frostbite treatment
  • Translational Research Approach: The MoU promotes translational research, linking scientific innovation with on-ground application to solve real-time challenges faced by paramilitary personnel.
  • Expertise and Infrastructure:
    • DBT’s institutions such as BRIC, ICGEB, and RCB offer world-class infrastructure for interdisciplinary research.
    • ITBPF brings in specialized medical and paramedical capabilities from its field experience.
  • Strategic Impact: The collaboration aligns with the vision of Viksit Bharat 2047, focusing on national security and well-being through science-driven solutions.
  • Operational Relevance: Joint studies are planned to assess and risk-stratify personnel based on their ability to adapt to high altitudes and extreme conditions.

Daily CA One- Liner: August 2nd

  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved a Central Sector Scheme titled “Grant-in-aid to National Cooperative Development Corporation (NCDC)” with a total outlay of ₹2,000 crore for four years (2025–26 to 2028–29).
  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved a total outlay of ₹6,520 crore for the Central Sector Scheme – Pradhan Mantri Kisan Sampada Yojana (PMKSY) for the 15th Finance Commission Cycle (2021–22 to 2025–26).
  • The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Shri Narendra Modi has approved four key railway infrastructure projects with a total investment of ₹11,169 crore (approx.).
  • Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal inaugurated the 1 MW Green Hydrogen Power Plant at Deendayal Port Authority (DPA), Kandla, Gujarat
  • To promote the safety and well-being of truck drivers, the Ministry of Petroleum and Natural Gas has launched the ‘Apna Ghar’ initiative, providing essential facilities for truckers during their long-haul journeys
  • The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has signed a Memorandum of Understanding (MoU) with HDFC Capital Advisors Limited to drive innovation and extend support to startups in the affordable housing and PropTech sectors.
  • The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has signed a Memorandum of Understanding (MoU) with Roche Products (India) Pvt. Ltd. to support DPIIT-recognized startups working in critical therapeutic areas.
  • India and the Kingdom of Morocco have signed a Mutual Legal Assistance Treaty (MLAT) and a Memorandum of Understanding (MoU) to foster cooperation in legal and judicial matter
  • The Indo-Tibetan Border Police Force (ITBPF) and the Department of Biotechnology (DBT), under the Ministry of Science and Technology, have signed a Memorandum of Understanding (MoU) to advance biomedical research and innovation specifically for the needs of India’s paramilitary forces.
  • New Unified Payments Interface (UPI) rules will be implemented from August 1, 2025, by the National Payments Corporation of India (NPCI).
  • The Finance Ministry has appointed August 1, 2025 as the date for implementation of key provisions of the Banking Laws (Amendment) Act, 2025.
  • According to Finance Ministry data presented in Rajya Sabha, 11 public sector banks (PSBs) collected around ₹9,000 crore as penalty charges over the last five years for non-maintenance of minimum balance in savings bank accounts.
  • The Multi-Commodity Exchange of India (MCX) has announced the launch of cardamom futures contracts.
  • The Finance Ministry has notified a 0.1% concessional government guarantee fee for NaBFID (National Bank for Financing Infrastructure and Development).
  • Capital market regulator Securities and Exchange Board of India (SEBI) has mandated mutual funds to ensure investor compliance with a minimum investment of ₹10 lakh in Special Investment Funds (SIFs).
  • United States (U.S.) President Donald Trump announced 25% reciprocal tariffs on Indian goods, along with an unspecified penalty for India’s purchase of Russian oil and arms.
  • Himgiri (Yard 3022), the third ship of the Nilgiri Class (Project 17A) and the first of the class built at Garden Reach Shipbuilders & Engineers (GRSE), Kolkata, was delivered to the Indian Navy on 31 Jul 2025.
  • Exercise Divya Drishti is a high-altitude technology demonstration exercise conducted by the Indian Army in the high-altitude regions of East Sikkim.
  • Vice Admiral Sanjay Vatsayan, AVSM, NM assumed charge as the 47th Vice Chief of the Naval Staff (VCNS) on 01 Aug 2025.
  • Indian Farmers Fertiliser Cooperative Limited (IFFCO) appointed K J Patel as its new Managing Director (MD).
  • Vice Admiral CR Praveen Nair, AVSM, NM assumed charge as the Controller Personnel Services (CPS) on 31 July 2025. On assuming charge, he paid solemn homage at the National War Memorial, New Delhi.
  • Vice Admiral Krishna Swaminathan, AVSM, VSM assumed charge as the Flag Officer Commanding-in-Chief (FOC-in-C), Western Naval Command on 31 Jul 2025.
  • Lieutenant General Pushpendra Singh assumed the appointment of the Vice Chief of the Army Staff (VCOAS) on 31 July 2025.

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