Daily Current Affairs 05th Aug 2025 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Forms 30-Member Team to Overhaul and Eliminate Outdated Regulations

• The Reserve Bank of India (RBI) has established a 30-member Regulatory Review Cell (RRC) as part of its regulatory reform and modernization drive.
• The RRC’s main role is to evaluate existing financial regulations, identify redundant or obsolete provisions, and sunset outdated rules.
• The goal is to simplify compliance, reduce operational friction, and enhance systemic resilience.

Key Highlights :

• RBI currently has around 8,000 regulations, circulars, master directions, and notifications, out of which about 5,000 are obsolete or redundant.
• The RRC aims to consolidate regulations to about 3,000 active ones for better clarity and efficiency.
• In the first phase, RRC identified 33 core subjects for unification and review.
• The Cell will assess regulations every 5–7 years to maintain relevance and effectiveness.
• Evaluation criteria include relevance, cost-benefit impact, consumer centricity, and regulatory gaps.
• This is an internal initiative, with about 30 RBI officers from various departments working on the review.
• The review process is directly overseen by RBI Governor Sanjay Malhotra and Deputy Governors.
• The initiative aims to reduce compliance costs, improve transparency, and free management bandwidth for strategic governance.
• The move institutionalizes regulatory hygiene, embedding continuous regulatory pruning into RBI’s framework, differing from previous one-off exercises like RRA 2.0 (2021-22).
• The RRC’s work signals a shift from patchwork regulatory cleanup to systematic institutional reform.
• This initiative is expected to strengthen prudential norms and close regulatory blind spots.
• Stakeholders are cautiously optimistic, viewing it as a step toward balance, clarity, and long-term trust in the financial system.

Reserve Bank of India Proposes Harmonised Eligibility Criteria to Replace Existing Norms for Urban Co-operative Banks’ Business Authorisations and Approvals

• The Reserve Bank of India (RBI) plans to replace existing norms with harmonised eligibility criteria for business authorisations, permissions, and approvals for Urban Co-operative Banks (UCBs).
• Large UCBs in Tier 3 and Tier 4, with minimum assessed net worth (ANW) of ₹50 crore and meeting Eligibility Criteria for Business Authorisation (ECBA), can expand their operations beyond the state with RBI’s prior approval.

Key Highlights :

UCB Expansion Rules:

• Can expand within the entire home district without RBI permission.
• If meeting ECBA, can expand to three additional districts in the same state without RBI permission.
• For more than three districts (if Tier 2, 3, or 4 and ECBA met), it requires RBI prior approval.
• Maximum of five new districts per financial year, with enough capital for at least one branch per district.
• Tier 3 and Tier 4 UCBs with ₹50 crore net worth can expand to maximum two new states per year with RBI approval, needing capital for at least five branches per new state.

ECBA Compliance Criteria:

• Minimum Capital to Risk-Weighted Assets Ratio (CRAR) as per regulations.
• Net NPAs ≤ 3%.
• Net profits in the last two financial years.
• No default in CRR/SLR maintenance.
• Full implementation of Core Banking Solution (CBS).
• No ongoing Directions/Supervisory Action/PCA.
• At least two professional directors on the Board.

RBI categorises UCBs into four tiers based on deposits:

• Tier 1: Deposits up to ₹100 crore (includes Unit and Salary Earner UCBs).
• Tier 2: Deposits >₹100 crore and up to ₹1,000 crore.
• Tier 3: Deposits >₹1,000 crore and up to ₹10,000 crore.
• Tier 4: Deposits above ₹10,000 crore.
• UCBs must assess ECBA compliance annually based on audited financial statements as of March 31.
• The rules apply to Primary (Urban) Co-operative Banks (UCBs), State Co-operative Banks (StCBs), and District Central Co-operative Banks (DCCBs).

Extension Counters (ECs):

• ECs can be set up in educational institutions, offices, hospitals, factories, or residential colonies where no bank branch or EC exists nearby.
• Each EC must be linked to a base branch within 10 km and can offer limited services like deposits, withdrawals, draft encashment, and loans up to ₹10 lakh.

ATMs, CRMs, and CDMs:

• Banks can install ATMs, Cash Recycler Machines (CRMs), and Cash Deposit Machines (CDMs) without prior RBI approval, but third-party advertisements are prohibited on these machines.

Branding and Reporting:

• All co-operative banks must display their full registered name including “co-operative bank” prominently on all boards, websites, apps, and communications.
• Abbreviations are allowed only alongside the full name with equal font size and prominence.
• Any name change requires a No Objection Certificate (NOC) from RBI, approval from the Registrar, and a revised licence.
• Co-operative banks must report all branch and infrastructure changes on the Central Information System for Banking Infrastructure (CISBI) portal within 7 days; monthly NIL reports are mandatory if no changes occur.
• Failure to report may lead to penalties and 3-year restrictions on expansion.

Inclusion in Second Schedule of RBI Act:

• To be included, banks must comply with ECBA, maintain Tier 3-level deposits for two years, and have CRAR 3% above the minimum.
• Applications are submitted via the PRAVAAH portal; State Co-operative Banks apply via NABARD.

Governance and Expansion:

• Board of Management (BoM) is compulsory for Tier 2 or higher UCBs seeking expansion; optional but recommended for Tier 1.
• Banks need RBI prior approval to open any new business place such as branches or ATMs.
• UCBs meeting ECBA can open up to 10% of total branches automatically per year (max five branches); if fewer than 10 branches, at least one branch can be opened.
• Banks can open one Controlling Office (Regional/Zonal/Administrative) for clusters of 40 or more branches without RBI approval if ECBA compliant.
• To open more than 10% branches or for Salary Earner Banks (SEBs) and RCBs, prior RBI approval and submission of an Annual Business Plan (ABP) is mandatory.

Branch Closures:

• Banks may close branches, ECs, ATMs, or offices (except Head Office) without RBI approval, subject to conditions:
  • No ongoing Directions under Section 35A of Banking Regulation Act, 1949.
  • Submit original branch license to RBI within 15 days of closure.

Recent News :

• In July 2025, The Reserve Bank of India’s (RBI) Financial Inclusion Index increased to 67 in FY25 (March 2025) from 64.2 in FY24.

About RBI:

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Sanjay Malhotra

ICICI Bank to Levy UPI Transaction Fees on Payment Aggregators Starting August 1, 2025

• ICICI Bank will start imposing transaction handling charges on merchant UPI transactions processed via Payment Aggregators (PAs) from August 1, 2025.
• This move follows similar steps taken by Yes Bank and Axis Bank in recent months.
• The charges depend on the PA’s escrow account arrangement with ICICI Bank:
• If the PA maintains an escrow account with ICICI Bank, a fee of 2 basis points (bps) per transaction will be charged, capped at ₹6.
• If the PA does not maintain an escrow account with the bank, the charge increases to 4 basis points (bps), capped at ₹10 per transaction.
• Transactions settled directly into an ICICI Bank merchant account will be exempt from these charges.
• The move reflects a growing trend among private sector banks to recover UPI processing costs through custom fee structures.
• While government policy mandates zero Merchant Discount Rate (MDR) for UPI payments to encourage digital adoption, it does not prohibit banks from charging service fees to intermediaries like PAs.

About ICICI Bank:

• Headquarters: Mumbai, Maharashtra, India
• CEO: Sandeep Bakhshi
• Founded Year: 1994 (as a bank; ICICI established in 1955)
• Slogan: “Hum Hai Na, Khayal Apka”

Asian Development Bank President Masato Kanda launches Universal Health Coverage network UHC PEERS

• Asian Development Bank (ADB) President Masato Kanda launched the Universal Health Coverage Practitioners and Experts Knowledge Exchange and Resources (UHC PEERS).
• It is a regional peer-to-peer learning network aimed at accelerating Universal Health Coverage (UHC) across Asia and the Pacific
• UHC PEERS addresses the gap in regional health cooperation by providing a platform for countries to share best practices on extending coverage to underserved populations.
• Over 1 billion people in the region still lack access to basic health services, with millions falling into poverty due to health-care costs.
• The network will complement the UHC Knowledge Hub in Tokyo, and support learning from health financing reforms, innovations in service delivery, and expansion of coverage.

About Asian Development Bank (ADB):

• Headquarters: Mandaluyong, Metro Manila, Philippines
• Founded: 1966
• President: Masato Kandaassa
• Members: 69

CURRENT AFFAIRS : NATIONAL & STATE NEWS

India Launches Its First-Ever FIFA Talent Academy for Girls

• The All India Football Federation (AIFF) and the Government of Telangana signed a Memorandum of Understanding (MoU) to launch India’s first FIFA Talent Academy for girls at the Gachibowli Stadium Complex in Hyderabad.
• The MoU was signed during the Telangana Sports Conclave on Saturday, August 2, 2025.
• AIFF, in coordination with FIFA, will lead operations, technical framework, talent scouting, and training curriculum.
• The Sports Authority of Telangana (SATG) will manage infrastructure, logistics, education, financial, and welfare support.
• The academy aims to promote equitable football development and inspire young footballers to represent India at the highest levels.
• It is part of the goal to qualify for the Under-17 men’s and women’s FIFA World Cups.
• The academy will provide year-round high-performance training to 60 athletes:
• 30 boys (Under-14)
• 30 girls (Under-16)
• Including 10 players from Telangana in each category.

About All India Football Federation :

• Founded : 23 June 1937
• Headquarters : Delhi, India
• President : Kalyan Chaubey

Direct Benefit Transfer System Helps Central Government Save ₹4.31 Lakh Crore from FY15 to FY24

• The Direct Benefit Transfer (DBT) system saved ₹4.31 lakh crore for the central government between FY15 and FY24.
• In FY24 alone, DBT saved ₹82,573 crore, providing fiscal space to improve quality of expenditure and expand welfare schemes without extra burden on the exchequer.
• DBT savings more than doubled the ₹2 lakh crore allocated for Production-Linked Incentive (PLI) schemes for 14 sectors.

Key contributors to savings in FY24:

• Removal of 58.7 million fake/duplicate/non-existent ration cards under the Public Distribution System (PDS) saved about ₹2.5 lakh crore (~58% of total savings).
• Removal of 42.3 million fake LPG beneficiaries saved ₹73,846 crore under LPG-Pahal
• Removal of 12.6 million duplicate MGNREGS cards saved ₹58,059 crore.
• Removal of 2.11 million ineligible beneficiaries under PM-KISAN saved ₹22,106 crore.
• Removal of 1.26 million fake/duplicate job cards under MGNREGS saved ₹15,525 crore.
• In FY23, DBT transfers reached a record ₹7.16 lakh crore.
• Since FY15, over ₹45 lakh crore has been transferred to beneficiaries as cash and in-kind benefits like food and fertilizers.
• DBT coverage now includes all major welfare schemes, improving transparency and efficiency in fund delivery.

Odisha Government to Launch ‘Shaktisree’ Programme to Safeguard Girl Students in Higher Education Institutions

• The Odisha government has decided to launch a special programme called ‘Shaktisree’.
• The programme aims to ensure the safety of girl students in colleges and universities across Odisha.
• Chief Minister Mohan Charan Majhi announced the initiative in Bhubaneswar.
• ‘Shaktisree’ will be implemented in all 16 universities and 730 government and aided colleges under the state’s Higher Education Department.
• The decision follows the self-immolation of a girl student from FM College, Balasore, over alleged harassment by a faculty member.
• The programme is a step toward strengthening women’s safety and addressing harassment in educational institutions.

About Odisha:

• Chief Minister: Mohan Charan Majhi
• Governor: Kambhampati Hari Babu
• Capital: Bhubaneswar
• National Parks: Simlipal National Park, Bhitarkanika National Park
• Wildlife Sanctuaries: Chandaka Wildlife Sanctuary, Nandankanan Zoological Park, Kuldiha Wildlife Sanctuary, Debrigarh Wildlife Sanctuary, Kotagarh Wildlife Sanctuary, Lakhari Valley Wildlife Sanctuary, Baisipalli Wildlife Sanctuary

CURRENT AFFAIRS : INTERNATIONAL NEWS

Australia to Ban Children Under 16 from Creating YouTube Accounts Starting December 2025

• Australia will implement a ban on children under 16 from creating YouTube accounts starting December 2025.
• This is part of world-first social media restrictions.
• The restriction already applies to TikTok, Snapchat, Instagram, Facebook, and X (formerly Twitter), and now extends to YouTube.
• The decision is based on recommendations from the eSafety Commissioner.
• Under the new rules, children under 16:
• Can watch YouTube videos without an account.
• Cannot post content, comment, or receive personalised video recommendations.
• Messaging apps like WhatsApp and educational platforms such as Google Classroom are excluded from the restrictions.
• Online games are also not covered, as they are considered to pose fewer social harms than social media platforms.

About Australia :

• Prime Minister : Anthony Albanese
• Capital : Canberra
• Currency : Australian dollar

Powerful 8.8 Magnitude Earthquake Hits Off Russia’s Kamchatka Coast, Triggering Pacific Tsunami Warnings.

• A powerful 8.8 magnitude earthquake struck off the coast of Russia’s Kamchatka Peninsula, prompting tsunami warnings across the Pacific Ocean.
• The epicentre was located 119 km southeast of Petropavlovsk-Kamchatsky, at a shallow depth of 19.3 km.
• Initially reported as magnitude 8.0, the quake was upgraded to 8.8, followed by a 6.9 magnitude aftershock.
• This is the strongest global earthquake since Japan’s 9.0 magnitude quake in March 2011, which caused the Fukushima nuclear disaster.
• The 8 magnitude earthquake is classified as a “great earthquake”, which is rare globally.
• The Kamchatka Peninsula, located in Russia’s Far East, is among the most earthquake-prone regions in the world.
• It lies within the Pacific Ring of Fire — a horseshoe-shaped zone of intense seismic and volcanic activity around the Pacific Plate.

About Russia :

• President : Vladimir Putin
• Prime minister: Mikhail Mishustin
• Capital: Moscow
• Currency: Russian Ruble

UNICEF Reports Bangladesh’s First National MPI Highlights Severe Child Poverty

• Bangladesh’s first National Multidimensional Poverty Index (MPI) was released by the General Economics Division (GED) with support from United Nations International Children’s Emergency Fund, officially United Nations Children’s Fund (UNICEF) and the European Union (EU).
• The MPI highlights severe poverty challenges, especially for children and people in eastern divisions.
• Nearly 28.9% of children live in multidimensional poverty, which is significantly higher than the 21.44% for adults; children are 35% more likely to be affected.
• The MPI shows over 39 million people in Bangladesh live in multidimensional poverty.
• Children in rural areas face significantly higher poverty than those in urban areas.
• School attendance is identified as the largest contributor to the MPI, indicating that education-related deprivations are the biggest driver of child poverty.
• There are sharp regional disparities:
• Five districts (Bandarban, Cox’s Bazar, Sunamganj, Rangamati, Bhola) have over 40% of people in multidimensional poverty.
• Bandarban has the highest district rate at 65.36%.
• Sylhet division has the highest divisional rate at 37.70%.
• Factors limiting progress include high inflation, lack of coordination across sectors, and recent civil unrest.
• UNICEF urges Bangladesh’s government to use MPI data to drive policy action, shape equitable policies, and target investments to address critical deprivations such as housing, internet access, sanitation, and essential household assets.

About Bangladesh:

• Capital: Dhaka.
• Currency: Bangladeshi Taka (BDT).
• President: Mohammad Shahabuddin

United Kingdom Prime Minister Keir Starmer Warns Britain May Recognise Palestinian State of Israel Fails to Act on Gaza Ceasefire and Relief

• United Kingdom (UK) Prime Minister Keir Starmer has announced that Britain may recognise a Palestinian state if Israel does not take concrete steps to ease suffering in Gaza and reach a ceasefire in its nearly two-year war with Hamas.
• In a cabinet meeting on the Gaza conflict, Starmer stated the UK would support Palestinian statehood ahead of the United Nations General Assembly, if Israel fails to meet certain conditions.
• The UK’s conditions for recognising Palestine include:
• Ending military operations in Gaza.
• Halting annexation plans in the West Bank.
• Committing to a peace process based on a two-state solution.
• About 140 countries already recognise a Palestinian state.
• France recently pledged to support Palestinian statehood at the same upcoming UN meeting.

About the United Kingdom:

• Capital: London
• Currency: Pound Sterling (GBP)
• Monarch: King Charles III
• Prime Minister: Keir Starmer

CURRENT AFFAIRS : MOU & AGREEMENTS

Bharat Sanchar Nigam Limited and Numaligarh Refinery Limited Ink Landmark Memorandum of Understanding to Boost Industry 4.0 Adoption in India

• Bharat Sanchar Nigam Limited (BSNL) and Numaligarh Refinery Limited (NRL) signed a landmark Memorandum of Understanding (MoU) at the Industry 4.0 Workshop for CPSEs organized by the Ministry of Finance in Guwahati.
• The workshop included senior officials such as the Secretary, Department of Public Enterprises (DPE), CMD NRL, Director (Enterprise Business) BSNL, and others from CPSEs and the Ministry of Finance.

Key Highlights :

• Discussions focused on enabling Central Public Sector Enterprises (CPSEs) to adopt Industry 4.0 technologies, including:
• 5G Captive Non-Public Network (CNPN)
• Digital Twins
• 3D Printing with AI
• Virtual Formulation
• AR/VR/MR
• Internet of Things (IoT)
• Big Data Analytics
• Under this MoU, BSNL and NRL will deploy India’s first 5G CNPN in the refinery sector, providing secure, ultra-reliable, real-time industrial connectivity using indigenous 5G infrastructure.
• The initiative aligns with the Government’s “Whole of Government” (WoG) approach to modernize industry, promote advanced skilling, and create employment opportunities, especially in the North Eastern Region.
• This collaboration is expected to become a replicable model for other industrial sectors, supporting the Government of India’s vision of a digitally empowered and self-reliant Bharat.

About Ministry of Communications :

• Union Minister : Jyotiraditya Scindia
• Chairman of Telecom Commission and Telecom Secretary : Neeraj Mittal

About BSNL :

• Founded : 15 September 2000
• Headquarters : New Delhi, India
• Chairman & MD : Shri A. Robert J. Ravi

About Numaligarh Refinery :

• Headquarters : Golaghat, Assam, India
• Chairman : Dr. Ranjit Rath
• The Numaligarh Refinery is a division of Oil India Limited which is under the ownership of the Ministry of Petroleum and Natural Gas, Government of India.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy’s Eastern Fleet Reaches Manila to Strengthen Indo-Pacific Relations

• The Indian Navy’s Eastern Fleet, including INS Delhi, INS Shakti, and INS Kiltan, arrived in Manila, Philippines, reaffirming maritime ties and commitment to the Indo-Pacific region.
• The fleet is commanded by Rear Admiral Susheel Menon, Flag Officer Commanding Eastern Fleet (FOCEF).
• The ships were welcomed by the Philippine Navy personnel, marking a significant step in strengthening bilateral naval partnerships.
• The visit promotes understanding, trust, and cooperation between the two navies, showcasing India’s maritime outreach in South East Asia.
• A bilateral maritime exercise will be conducted, focusing on:Joint manoeuvres, Communication protocols, Enhancing preparedness, mutual trust, and operational synergy.
• The visit coincides with the upcoming visit of Philippines President Bongbong Marcos to India from August 4 to August 8, 2025.

Brightcom Plans Entry into Aerospace and Defence Technology Sector

• Brightcom Group Limited, a digital technologies company, has forayed into aerospace intelligence and autonomous aerial defence software.
• The company will establish a dedicated division to focus on this new business area.

Key Highlights :

The new division’s focus areas include:

• AI-powered autonomous flight systems for Unmanned Aerial Vehicles (UAVs).
• Real-time threat detection and response algorithms.
• Cybersecurity architectures tailored for aerial platforms.
• Suresh Reddy, Chairman and Managing Director of Brightcom, highlighted this as a significant milestone aligning with the company’s expertise in data-driven decision-making, AI, and Machine Learning (ML).
• The move aims to leverage Brightcom’s relationships and technological innovation capabilities to address the evolving aerospace and defence market
• The proposal for this new division will be presented at the company’s upcoming board meeting for approval.
• Brightcom plans to assign a name and a leadership team for this division.
• The initiative reflects a paradigm shift in global defence, with AI-driven aerospace intelligence and autonomous systems reshaping how nations secure their airspace and borders.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

SpaceX Crew Dragon Successfully Arrives at International Space Station

• An international team of four astronauts aboard a SpaceX Crew Dragon capsule docked successfully with the International Space Station (ISS) over the southeast Pacific Ocean.
• The astronauts are:
• American: Zena Cardman and Mike Fincke
• Japanese: Kimiya Yui
• Russian (Roscosmos): Oleg Platonov
• They launched from Kennedy Space Center, Florida with the capsule atop a Falcon 9 rocket.

Key Highlights :

• This mission is the 11th crew rotation under NASA’s Commercial Crew Program, which partners with private industry to succeed the Space Shuttle era.
• The Crew-11 astronauts will conduct six-month mission activities on the ISS, including simulating Moon landing scenarios near the lunar South Pole as part of the US-led Artemis program.
• Experiments will include testing how gravity shifts affect piloting of spacecraft and lunar landers using handheld controllers and multiple display screens.
• The ISS, continuously inhabited since 2000, serves as a testbed for deep space exploration research, including eventual Mars missions.
• Unique cargo includes Armenian pomegranate seeds to study the impact of microgravity on crop growth compared to Earth controls.
• The ISS is scheduled to be decommissioned after 2030, with its orbit lowered to burn up over Point Nemo in the Pacific Ocean, a designated spacecraft graveyard.

First LVM3 Rocket Featuring Semi-Cryogenic Stage Scheduled for Launch in 2027

• The Indian Space Research Organisation (ISRO) plans to launch its first LVM3 launch vehicle equipped with a semi-cryogenic propulsion stage in 2027.
• The power head tests on the semi-cryogenic engine are progressing successfully, with 5-6 tests completed.
• The launch target is set for the first quarter of 2027.

Key Highlights :

• The LVM3 (formerly GSLV Mk III) is ISRO’s most powerful rocket, first flown experimentally in December 2014.
• The new semi-cryogenic stage will replace the existing L110 core stage which uses liquid propellant, with a stage that uses refined kerosene and liquid oxygen (LOX).
• The cryogenic upper stage propellant loading will increase from 28 tonnes to 32 tonnes, using Liquid Hydrogen-LOX
• Payload capacity to Geosynchronous Transfer Orbit (GTO) will increase from 4200 kg to 5200 kg.
• The cost of placing satellites in orbit will decrease by 25% due to this upgrade.
• The semi-cryogenic engine (SE2000) is a very complex engine capable of delivering 200 tonnes thrust, compared to the current 80 tonnes thrust by the Vikas engine in the L110 stage.
• The Liquid Propulsion Systems Centre (LPSC) of ISRO is responsible for developing the semi-cryogenic engine and stage.
• In February 2024, Prime Minister Narendra Modi dedicated the Semi-cryogenic Integrated Engine and Stage Test Facility (SIET) at the ISRO Propulsion Complex (IPRC) in Mahendragiri, Tamil Nadu.
• Once perfected, the semi-cryogenic engines will be used in future ISRO launch vehicles.

About ISRO:

• Established: 15 August 1969
• Headquarters: New Delhi, India
• Chairman: V. Narayanan

CURRENT AFFAIRS : OBITUARIES

Renowned Critic and Orator M.K. Sanoo Passed Away

• M.K. Sanoo, distinguished Malayalam critic, biographer, orator, retired professor, and former member of the Kerala Legislative Assembly passed away at the age of 96.

About M.K. Sanoo :

• Born on October 27, 1928, at Thumpoly, Alappuzha district, Kerala (erstwhile Travancore Kingdom).
• Influenced early by Kerala’s renaissance, and by literary figures Kumaran Asan and Sree Narayana Guru.
• Politically, he was elected as a Left-backed Independent to the Kerala Legislative Assembly but had early conflicts with Left student leaders during his college days at S.D. College, Alappuzha.
• Known for his oratory skills, though not formally trained; his first notable speech in 1947 opposed Travancore Diwan C.P. Ramaswamy Iyer’s decision not to join the Indian Union.
• His oratory led to writing; authored nearly 50 books (or 36, depending on the source) and numerous articles.
• Entered politics in 1987, encouraged by E.M.S. Namboodirippad, winning from the Ernakulam Assembly constituency.
• He Served as:
• Chairman of Board of Studies, Kerala University
• Sree Narayana Chair, Mahatma Gandhi University
• President, Purogamana Kala Sahithya Sangham and Kerala Sahitya Akademi
• National Professor under the University Grants Commission
• Director, Sree Narayana Study Centre, Kerala University
• Resigned in 2019 as president of the Vayalar Rama Varma Memorial Trust due to controversy over award selections.
• His home “Sandhya” in Kochi was known as an open place for people of all ideologies.

Daily CA on Aug 5 :

• The Reserve Bank of India (RBI) has established a 30-member Regulatory Review Cell (RRC) as part of its regulatory reform and modernization drive.
• The Reserve Bank of India (RBI) plans to replace existing norms with harmonised eligibility criteria for business authorisations, permissions, and approvals for Urban Co-operative Banks (UCBs).
• ICICI Bank will start imposing transaction handling charges on merchant UPI transactions processed via Payment Aggregators (PAs) from August 1, 2025.
• Asian Development Bank (ADB) President Masato Kanda launched the Universal Health Coverage Practitioners and Experts Knowledge Exchange and Resources (UHC PEERS).
• The All India Football Federation (AIFF) and the Government of Telangana signed a Memorandum of Understanding (MoU) to launch India’s first FIFA Talent Academy for girls at the Gachibowli Stadium Complex in Hyderabad.
• The Direct Benefit Transfer (DBT) system saved ₹4.31 lakh crore for the central government between FY15 and FY24.
• The Odisha government has decided to launch a special programme called ‘Shaktisree’.
• Australia will implement a ban on children under 16 from creating YouTube accounts starting December 2025.
• A powerful 8.8 magnitude earthquake struck off the coast of Russia’s Kamchatka Peninsula, prompting tsunami warnings across the Pacific Ocean.
• Bangladesh’s first National Multidimensional Poverty Index (MPI) was released by the General Economics Division (GED) with support from United Nations International Children’s Emergency Fund, officially United Nations Children’s Fund (UNICEF) and the European Union (EU).
• United Kingdom (UK) Prime Minister Keir Starmer has announced that Britain may recognise a Palestinian state if Israel does not take concrete steps to ease suffering in Gaza and reach a ceasefire in its nearly two-year war with Hamas.
• Bharat Sanchar Nigam Limited (BSNL) and Numaligarh Refinery Limited (NRL) signed a landmark Memorandum of Understanding (MoU) at the Industry 4.0 Workshop for CPSEs organized by the Ministry of Finance in Guwahati.
• The Indian Navy’s Eastern Fleet, including INS Delhi, INS Shakti, and INS Kiltan, arrived in Manila, Philippines, reaffirming maritime ties and commitment to the Indo-Pacific region.
• Brightcom Group Limited, a digital technologies company, has forayed into aerospace intelligence and autonomous aerial defence software.
• An international team of four astronauts aboard a SpaceX Crew Dragon capsule docked successfully with the International Space Station (ISS) over the southeast Pacific Ocean.
• The Indian Space Research Organisation (ISRO) plans to launch its first LVM3 launch vehicle equipped with a semi-cryogenic propulsion stage in 2027.
• M.K. Sanoo, distinguished Malayalam critic, biographer, orator, retired professor, and former member of the Kerala Legislative Assembly passed away at the age of 96.