Daily Current Affairs 09th Aug 2025 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Approves AU Small Finance Bank’s Transition to Universal Bank Status

• AU Small Finance Bank (AU SFB) becomes the first SFB to receive in-principle approval from the Reserve Bank of India (RBI) to transition into a Universal Bank after more than 11 years.

Key Highlights :

• AU SFB is the largest small finance bank in India, holding ₹2.40 trillion in total business and a 40% market share among all SFBs.
• AU’s loan book grew from ₹13,413 crore (FY18) to ₹1.09 trillion, and deposits increased from ₹7,923 crore to ₹1.24 trillion.
• The RBI laid out voluntary transition norms in April 2024, and AU applied in September 2024.

Other SFBs that have also applied:

• Ujjivan SFB
• Jana SFB
• (Applications are still under review.)
• AU was one of the first 10 entities to receive SFB licences in 2015 and began operations in 2017. Unlike others, AU was not a microfinance institution.
• AU acquired Fincare SFB in April 2024, the first SFB merger in India. Even after acquisition, microfinance loans are less than 10% of its portfolio.
• As an SFB, AU was required to lend 60% to the Priority Sector (PSL), while universal banks required only 40%, freeing funds for mid-corporate lending (earning ~12% yield).
• AU’s PSL loans were 80%, giving it surplus PSL certificates to sell.

Transition will allow AU to:

• Serve corporate clients
• Offer a wider range of banking products
• Expand in retail and corporate segments
• Improve financial flexibility and yield
• In 2014, Bandhan and IDFC were the last to be granted universal bank licences prior to AU.

Recent News :

• AU Small Finance Bank (AU SFB) has entered into a partnership with the Life Insurance Corporation of India (LIC), the country’s largest life insurer.

About AU Small Finance Bank :

• AU Small Finance Bank, founded in 1996 by Sanjay Agarwal, is the largest small finance bank in India and operates as a scheduled commercial bank.
• MD & CEO : Sanjay Agarwal

Government Appoints 33 Technical Members to GST Tribunal to Boost Functionality and Clarity for Taxpayers         

• The Government appointed 33 Technical Members to the GST Appellate Tribunal (GSTAT) to operationalise it and bring certainty among GST assessees.

As per the Appointments Committee of the Cabinet (ACC):

• Venu Prasad (IAS) and Anil Kumar Gupta (IRS) appointed as Technical Members (State) for the Principal Bench in New Delhi.
• The remaining 31 Members posted to State Benches.
• Tenure of members: 4 years or till age 67, whichever is earlier.
• Monthly salary of members: ₹2.25 lakh.
• Justice (Retd.) Sanjaya Kumar Mishra was appointed earlier as first President of GSTAT by a Search-cum-Selection Committee headed by the Chief Justice of India (CJI).
• GSTAT is constituted under Section 109 of the CGST Act, 2017 as the second appellate authority under the GST framework.
• The Tribunal will hear appeals under four GST laws passed by Centre and States.
• The Finance Ministry notified the creation of 31 Appellate Tribunals across 28 States and 8 Union Territories.

GSTAT will have 44 benches nationwide, each with 4 members:

• 3 from the Central Government
• 1 from the State Government
• As per the 53rd GST Council Meeting, the monetary limit for the department to file an appeal before the GSTAT is ₹20 lakh.

Tata AIA Life unveils ‘Shubh Shakti’ term insurance plan tailored for women                                            

• Tata AIA Life Insurance launched a new term insurance plan named “Shubh Shakti”, exclusively designed for women.
• The plan provides life cover and benefits tailored to women’s financial and health needs.
• Launch aligned with increasing female workforce participation, which reached 41.7% in FY24.
• A Tata AIA survey revealed that 89% of married women depend on husbands for financial planning.

Key Features of Shubh Shakti Plan:

• 15% lower premiums for women.
• 1% lifetime discount for single mothers.
• Two 12-month premium breaks allowed after childbirth.
• Offers women-specific health services like:
  • PCOD support
  • IVF counselling
  • Vaccinations
  • Annual health checkups
• Premium waiver in case of accidental death of husband or policyholder.
• Includes Child Education Benefit:
  • Monthly income paid for up to 3 children until the age of 25.
• Integrated with Tata AIA’s Health Buddy platform:
  • Offers fitness rewards and wellness tools.

About Tata AIA Life Insurance :

• Founded : 1 April 2001
• Headquarters : Mumbai, Maharashtra, India
• CEO : Venkatachalam Iyer
• Parent : Tata Sons (51%), AIA Group (49%)

Reserve Bank of India Issues Draft Guidelines for Settlement of Deceased Bank Customers’ Claims

• On August 6, 2025, the Reserve Bank of India (RBI) released a draft circular titled ‘RBI (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025’.
• Announced in the Statement on Developmental and Regulatory Policies, this draft aims to review and simplify the existing claim settlement process.
• The nomination facility under Sections 45ZA to ZF of the Banking Regulation Act, 1949 (including Section 56) covers:
• Deposit accounts
• Safe deposit lockers
• Articles in safe custody
• The purpose is to ease the process for family members after the customer’s death.
• If no nomination is made, banks must follow a simplified claims process for amounts up to a threshold limit.

Key Highlights :

Key Provisions of the Draft Directions

• These directions will be effective no later than January 1, 2026.
• Applicable to all commercial banks and co-operative banks.

In Case of Nomination / Survivorship Clause:

• Banks can settle claims to nominees or survivors as valid discharge of liability only after:
  • Verifying the identity of nominee(s)/survivor(s)
  • Confirming the death of the account holder with valid documents (physical or electronic)

If No Nomination / Survivorship Clause:

• Banks must follow a simplified procedure.
• Each bank must fix a threshold limit (minimum ₹15 lakh) for such claims based on risk management policies.
• Documents required for claims below threshold:
  • Death certificate
  • Officially Valid Document (OVD) for identity & address of claimant
• For claims above ₹15 lakh, additional documents required:
  • Succession Certificate, or
  • Legal Heir Certificate, or
  • Declaration of legal heirs

In Case of a Will:

• Claim settled based on:
  • Probate of the Will, or
  • Letter of Administration

Missing Persons:

• Claims to be handled as per Sections 110 & 111 of Bharatiya Sakshya Adhiniyam, 2023
• Requires a court order presuming the death

Locker Claims Without Nomination / Survivorship Instructions:

• Banks can settle the claim without legal documents like succession certificate or court orders

Timelines for Claim Settlement:

• Deposit accounts:
  • To be settled within 15 calendar days from receiving all required documents
  • If delayed:
    • Bank must communicate reasons for delay
    • Pay interest compensation: Bank Rate + 4% per annum
  • Lockers/Articles:
    • If delayed, bank must pay ₹5,000 per day of delay

Reserve Bank of India Releases Co-Lending Arrangements Guidelines, Effective from January 1, 2026

• The Reserve Bank of India (RBI) issued the Co-Lending Arrangements (CLA) Directions, 2025, to be effective from January 1, 2026.
• These directions apply to co-lending between:
• Scheduled Commercial Banks (excluding RRBs, SFBs, LABs)
• All India Financial Institutions (AIFIs)
• Non-Banking Financial Companies (NBFCs) including Housing Finance Companies (HFCs)

Key Highlights :

Definition and Scope

• A Co-Lending Arrangement (CLA) is a joint lending model between two regulated entities (REs), where they share credit risk and revenue in a pre-agreed ratio.
• These Directions cover both priority and non-priority sector loans.
• Excludes: Consortium lending, multiple banking, and syndicated lending arrangements.

Key Provisions

• Minimum Retention:
  • Each RE must retain at least 10% of each individual loan on its own books.
• Loan Agreement must:
  • Clearly define roles and responsibilities of both REs
  • Specify the designated point of contact for the borrower
• Interest Rate:
  • Must be a blended interest rate, calculated as the weighted average of rates charged by both REs.
• Loan Booking:
  • Both REs must record their respective loan shares within 15 days of disbursement.
• Default Loss Guarantee (DLG):
  • The originating RE can offer a DLG of up to 5% of the outstanding loan amount.

Legal Authority

• Issued under powers from:
  • Sections 21 & 35A of the Banking Regulation Act, 1949
  • Section 56 of the same Act
  • Chapter IIIB of the RBI Act, 1934
  • Sections 30A, 32, 33 of the National Housing Bank Act, 1987

Reserve Bank of India Sets Up Internal Working Group to Review Liquidity Management Framework Introduced in February 2020

• The Reserve Bank of India (RBI) had formed an Internal Working Group (IWG) to review the Liquidity Management Framework (LMF) implemented since February 2020.
• The 7-member IWG was headed by Deputy Governor Poonam Gupta.
• The objective of liquidity management operations is to align the operating target (WACR) with the policy repo rate.

Key Highlights :

Major Recommendations by IWG

Operating Target:

• Continue using Weighted Average Call Rate (WACR) as the operating target of monetary policy.

Liquidity Instruments:

• Phase out the 14-day Variable Rate Repo (VRR) and Variable Rate Reverse Repo (VRRR) as main liquidity tools.
• Replace them with:
  • 7-day repo/reverse repo operations
  • Or other instruments with tenors ranging from overnight to 14 days, depending on RBI’s assessment.

Bank Preference:

• Banks prefer the Standing Deposit Facility (SDF) over 14-day operations for parking excess funds.

Corridor & Reserve Requirements:

• Maintain the existing corridor system with the policy repo rate at the midpoint.
• Continue with the daily minimum Cash Reserve Ratio (CRR) requirement of 90%.
  • No reduction in the 90% threshold was recommended.

Global Comparison:

• Only four central banks (Canada, Brazil, Mexico, Switzerland) have adopted overnight secured rate (repo) as their operating target.

Reserve Bank of India Publishes July 2025 Findings of Urban Consumer Confidence Survey

• The Reserve Bank of India (RBI) released the results of the July 2025 round of the Urban Consumer Confidence Survey (UCCS).
• The survey showed a marginal improvement in urban household sentiment.

Key Highlights :

Survey Details

• Conducted bi-monthly between July 1–12, 2025.
• Covered 5,592 respondents across 19 major cities.

Consumer Indices

• Current Situation Index (CSI):
  1. Increased to 96.5 in July from 95.4 in May
  2. A rise of 1.1 points
• Future Expectations Index (FEI):
  1. Rose to 124.7 in July from 123.4 in May
  2. A gain of 1.3 points
• Both CSI and FEI are based on household responses to five key parameters:
  1. General economic situation
  2. Employment
  3. Income
  4. Price levels
  5. Spending patterns

Overall Insight

• The survey reflects a growing sense of recovery and optimism, even though employment concerns and rising spending expectations
• Highlights positive sentiment not just in urban areas but also among rural consumers.

Kotak Mahindra Bank Unveils ‘Solitaire’, a Premium Invitation-Only Programme for High-Net-Worth Clients

• Kotak Mahindra Bank has launched ‘Solitaire’, an exclusive, invitation-only programme targeting affluent customers.

Eligibility:

• Salaried individuals with a relationship value of ₹75 lakh.
• Self-employed individuals with ₹1 crore relationship value.

Benefits offered:

• ₹8 crore in pre-approved credit lines across home loans, personal loans, and credit cards.
• Solitaire Credit Card features:
  • Zero annual fees
  • Unlimited lounge access
  • Zero forex markup
  • The programme focuses on top-tier privileges, advanced investment tools, and personalised banking services.

About Kotak Mahindra Bank:

• Founded: 2003
• Headquarters: Mumbai, Maharashtra, India
• Managing Director & CEO: Ashok Vaswani
• Tagline: Let’s Make Money Simple
• Merger: ING Vysya Bank merged with Kotak Mahindra Bank in 2015

Indian Banks’ Association Urges Banks to Expedite SWIFT ISO 20022 Adoption to Prevent Cross-Border Payment Disruptions

• The Indian Banks’ Association (IBA) has urged banks to accelerate implementation of SWIFT ISO 20022 norms to avoid disruptions in cross-border payments
• Banks must start the migration by August 2025 to allow a buffer period for monitoring ISO 20022 transaction volumes.
• ISO 20022 is a global standard for financial messaging, promoting structured and richer data in transactions.
• It uses XML syntax, which enhances efficiency, and improves compliance and fraud prevention.
• SWIFT (Society for Worldwide Interbank Financial Telecommunication) is replacing the older MT messages with MX messages.
• The coexistence period between MT and MX messages will end in November 2025, after which ISO 20022 becomes mandatory for SWIFT users.

About Indian Banks’ Association :

• The Indian Banks’ Association (IBA) was formed on 26 September 1946.
• It is an unregistered, voluntary association of like-minded banks and individuals in India.
• IBA is a representative body of Indian banks and financial institutions, headquartered in Mumbai.
• It started with an initial membership of 22 banks in 1946.
• Currently, IBA represents 247 banking companies operating in India.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

India Achieves Record Low Price for Green Ammonia in First-Ever SECI Auction under National Green Hydrogen Mission

• In a landmark milestone for the National Green Hydrogen Mission, the first-ever auction by the Solar Energy Corporation of India (SECI) for Green Ammonia procurement under the SIGHT Scheme (Mode-2A) has set a record low price discovery of ₹55.75/kg.

Key Highlights:

• Procurement Details:
  • Supply of 75,000 metric tonnes per annum (MTPA) of Green Ammonia to Paradeep Phosphates Limited, Odisha.
  • First in a series of 13 planned auctions over the next month.
  • Part of a tender aggregating a total procurement capacity of 7.24 lakh MTPA.
• Price Advantage:
  • Discovered price equals USD 641/MT, significantly lower than the ₹100.28/kg (USD 1,153/MT) discovered in the H2Global auction in 2024.
  • For comparison, Grey Ammonia prices stood at USD 515/MT (March 2025).
  • 10-year fixed-price bid offers strong economic viability for offtakers transitioning to clean energy.
• Institutional Role:
  • SECI acted as the intermediary procurer under the guidance of the Ministry of New & Renewable Energy (MNRE).
  • Supported by the Department of Fertilizers and active participation from offtakers.
• Significance:
  • Marks a watershed moment in India’s Green Hydrogen journey.
  • Reinforces India’s vision to become a global hub for Green Hydrogen production.
  • Intense competition during the auction reflects high investor and developer confidence in India’s green energy framework.
• Value Chain Impact:
  • Backed by robust payment security mechanisms.
  • Creates confidence across stakeholders.
  • Enables large-scale adoption of Green Ammonia and its derivatives.

Parliament Passes Merchant Shipping Bill, 2025 and Carriage of Goods by Sea Bill, 2025 to Modernise India’s Maritime Sector

• In a historic development, Parliament passed two landmark maritime bills — the Merchant Shipping Bill, 2025 in the Lok Sabha and the Carriage of Goods by Sea Bill, 2025 in the Rajya Sabha — marking the first-ever such legislative milestone for the Ministry of Ports, Shipping and Waterways (MoPSW).
• These legislations pave the way for a modern, efficient, and globally aligned maritime policy framework in India.

Key Highlights :

• Merchant Shipping Bill, 2025:
  • Replaces the outdated Merchant Shipping Act, 1958 which had 561 sections and had become bulky, fragmented, and outdated.
  • Introduced by Union Minister Shri Sarbananda Sonowal in the Lok Sabha.
  • Contains 16 Parts and 325 clauses aligning with International Maritime Organization (IMO) conventions and global best practices.
  • Objectives:
    • Enhance safety at sea and improve emergency response.
    • Strengthen environmental protection measures.
    • Reduce compliance burdens and promote Indian tonnage.
    • Prioritise seafarer welfare and ship safety.
    • Position India as a globally respected maritime jurisdiction to boost sustainable growth, investment, and innovation.
  • Part of wider maritime legal reforms under PM Shri Narendra Modi over the past 11 years to enhance efficiency, transparency, and global competitiveness.
• Carriage of Goods by Sea Bill, 2025:
  • Passed in Rajya Sabha, replacing the century-old Indian Carriage of Goods by Sea Act, 1925.
  • Introduced by Union Minister of State Shri Shantanu Thakur.
  • Aligns with Hague-Visby Rules, a globally accepted maritime standard followed by countries like the United Kingdom.
  • Goals:
    • Eliminate colonial-era laws and outdated norms.
    • Simplify maritime trade laws for ease of doing business.
    • Reduce litigation risks and improve commercial efficiency in sea cargo movement.
  • Compatible with international trade agreements, including the Comprehensive Economic and Trade Agreement (CETA) with the U.K.

Union Minister of Textiles Launches Book on Carbon Footprint Assessment in Indian Handloom Sector

• Union Minister of Textiles, Shri Giriraj Singh officially launched the book titled “Carbon Footprint Assessment in the Indian Handloom Sector: Methods and Case Studies”, jointly prepared by the Office of Development Commissioner for Handlooms, Ministry of Textiles, and the Department of Textiles & Fibre Engineering, IIT Delhi.
• This document reinforces the Government of India’s commitment to environment-conscious handloom production and sustainable development by offering practical methodologies to measure and reduce the carbon footprint of the handloom industry—a vital socio-economic sector and a symbol of India’s cultural heritage.

Key Highlights :

• Importance of Handloom Sector:
  • Engages over 35 lakh persons, including over 25 lakh female weavers and allied workers, making it a significant source of women’s economic empowerment.
  • Represents one of the richest and most vibrant aspects of Indian cultural heritage.
  • Advantages: Less capital intensive, minimal power usage, eco-friendly, flexible for small production, open to innovations, and adaptable to market needs.
  • Unique eco-friendly production and small batch capability have led to high domestic and international demand for handloom products.
• Book’s Focus: Highlights the intricate and vibrant Indian handloom sector’s role in sustainable fashion and mindful consumption.
• Contents of the Book:
  • Simple steps to measure carbon footprint using real-world case studies across India, featuring products like cotton bedsheets, floor mats, Ikat sarees, Banarasi sarees, and other iconic handloom items.
  • Low-cost data collection and emission measurement methodologies specifically designed for the handloom sector to promote eco-friendly production.
• Research Collaboration:
  • Prepared through collaboration between the Office of Development Commissioner for Handlooms and Textile & Fibre Engineering Department, IIT Delhi.
  • Involved extensive consultations with experts from the Indian Institute of Handloom Technology, Weavers Service Centres, grassroots weaver groups, Greenstitch Private Limited, and key government agencies.
• Global Standards Adaptation: Integrates global climate reporting standards, adapted to India’s operational context, enabling sustainable growth in the sector.

Ministry of Development of North Eastern Region Approves ₹45.31 Crore Mangoldoi–Mazikuchi Road Project in Assam under NESIDS

• In a bid to boost road infrastructure in the Northeast region, the Ministry of Development of North Eastern Region (MDoNER) approved a project for the construction of Mangoldoi–Mazikuchi road from KM 11+000 to KM 26+200 in Assam, having a length of 15 kms and costing ₹45.31 crore.
• The project will be implemented under the North East Special Infrastructure Development Scheme (NESIDS) – Roads.

Key Highlights :x`

• Direct Link Between Districts: The road will serve as the direct link between the Darrang District Headquarters of Mangaldoi and Udalguri District Subdivision Headquarters Bhergaon.
• Reduced Distance: The project will reduce the distance between Mangaldoi and Bhergaon by 7.2 kilometers.
• Improved Educational Access: The road will improve accessibility to 7 educational institutions, including Deomornoi College.
• Tourist Connectivity: The road will improve connectivity to important tourist places such as Pathurighat Krishak Shahid Memorial, Khotora Satra, Historical Lakhimpur Pukhuri, and Ramgaon Pukhuri.
• About NESIDS (Roads): NESIDS (Roads) is a pivotal component of the North East Special Infrastructure Development Scheme (NESIDS), designed to enhance infrastructure in India’s North Eastern Region. It is fully funded by the Government of India and meticulously monitored and supervised by MDoNER in collaboration with the respective state governments.
• MDoNER’s Role: MDoNER plays a crucial role in driving the region’s development through four flagship schemes:
  1. PM-DevINE Scheme
  2. North East Special Infrastructure Development Scheme (NESIDS) – Roads
  3. North East Special Infrastructure Development Scheme (NESIDS) – OTRI
  4. Schemes of North Eastern Council (NEC)

Government Sanctions ₹195 Crore for Rural Road Connectivity in Left Wing Extremism-Affected Areas of Chhattisgarh

• The Government of India has approved ₹195 crore as Central Assistance to Chhattisgarh for 2025–26 under the Road Connectivity Project for Left Wing Extremism Affected Areas (RCPLWEA), aimed at boosting rural infrastructure and connectivity in conflict-affected regions.

Key Highlights :

• Funding Mechanism: Sanction issued under the Ministry of Finance’s “Just-in-Time” fund release mechanism through the Single Nodal Agency (SNA) SPARSH model for Centrally Sponsored Schemes (CSS).
• Fund Allocation:
  • ₹190.6125 crore under the Programme Fund.
  • ₹4.3875 crore under the Administrative Fund.
• Purpose: To support construction, upgradation, and maintenance of rural roads and related infrastructure in remote, forested, and LWE-affected areas of Chhattisgarh.
• Implementation Advisory: The Ministry of Rural Development has urged the State Government to expedite utilisation of the sanctioned funds in compliance with scheme guidelines.

CURRENT AFFAIRS : INTERNATIONAL NEWS

American President Donald Trump Announces 100% Tariff on Imported Semiconductors

• Donald Trump, President of the United States, announced a plan to impose a 100% tariff on foreign-made semiconductors.
• Exemptions will apply to companies that have invested in the United States, even if they are not yet producing.
• The announcement followed Apple’s $600 billion investment in the US.
• Trump previously told CNBC he would unveil the tariff “within the next week.”
• Specific details about the implementation timeline of the tariff remain unclear.
• Taiwan’s TSMC (world’s largest chipmaker) will be exempt due to its existing US investments.
• In March, TSMC announced plans to increase its US investment to $165 billion, expanding facilities in Arizona.
• South Korea’s Samsung and SK Hynix will also be exempt as they have invested in Texas and Indiana.
• South Korea signed a favourable trade deal with the US in early 2025, further ensuring exemptions.
• The CHIPS Act (signed in 2022 by President Joe Biden) provided subsidies and tax credits to promote domestic semiconductor manufacturing.
• The Philippines is negatively affected, with semiconductors accounting for 70% of its exports; the impact is described as “devastating.”
• The blanket tariffs are expected to take effect on Thursday, alongside other sector-specific tariffs on steel, aluminium, automobiles, and pharmaceuticals.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Jurgen Westermeier to Take Over as Airbus India and South Asia Head from September 1, 2025

• Jurgen Westermeier has been appointed as the President and Managing Director of Airbus India and South Asia, effective from September 1, 2025.
• He is currently Executive Vice-President and Chief Procurement Officer at Airbus, a position held since 2020.
• Westermeier will succeed Remi Maillard, who becomes Executive Vice-President Engineering for Commercial Aircraft and Head of Technology at Airbus.
• He will oversee Airbus’ entire business operations in India and South Asia.
• Airbus, in collaboration with the Tata Group, is setting up two Final Assembly Lines (FALs) in India for the C295 military transport aircraft and H125 helicopters.
• Airbus is also delivering the world’s largest compact antenna testing facility to ISRO Space Center, Bengaluru.
• A new 5,000-seater Airbus Campus is set to open in Bengaluru in 2025/26.

CURRENT AFFAIRS: MOUS AND AGREEMENT

IIT Gandhinagar & Ethiopia’s Ministry of Education Launch Joint International Doctoral Program

• The Indian Institute of Technology Gandhinagar (IITGN) and the Ministry of Education, Federal Democratic Republic of Ethiopia have signed an MoU to jointly offer the Multidisciplinary International Quality Improvement Doctoral Degree Program (MIQMDDP), aimed at strengthening academic collaboration through joint doctoral research, academic exchange, and co-supervision.

Key Highlights:

• Purpose:
  • To enable Ethiopian scholars to pursue PhDs with mentorship and resources from both IITGN and Ethiopian institutions.
  • To promote India–Ethiopia academic collaboration in multidisciplinary research.
• MoU Signing:
  • Signed at IIT Gandhinagar by Prof Rajat Moona, Director, IITGN.
  • Attendees included:
    • Prof Surya Pratap Mehrotra, Faculty In-charge, External Relations
    • Prof Nithin V George, Dean, General Administration
    • Prof Kabeer Jasuja, Faculty In-charge, International Affairs
    • Dr Somnath Mitra, CEO, Centre for Research Commercialization
    • Prof Krishnaraj Ramaswamy, Joint PhD Coordinator (MoE, Ethiopia) & Principal Scientific Advisor, Ministry of Innovation and Technology, Ethiopia
• Program Details:
  • Selection: Up to 15 Ethiopian PhD scholars each year for the next five years.
  • Supervision: Joint supervision by faculty from Home Institute in Ethiopia and IITGN.
  • Residency: Scholars will spend 12–18 months at IIT Gandhinagar.
  • Support:
    • Institutional fellowship support as per IITGN norms.
    • International travel funded by Ethiopia’s Ministry of Education.
• Impact:
  • Builds research capacity and enhances academic exchange.
  • Creates a globally engaged scholarly community and fosters long-term India–Africa academic ties.

India-Russia Hold 11th Working Group Session on Modernization and Industrial Cooperation

• The 11th Session of the India-Russia Working Group on Modernization and Industrial Cooperation was held at Vanijya Bhawan, New Delhi, under the framework of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.

Key Highlights:

• India: Co-chaired by Shri Amardeep Singh Bhatia, Secretary, DPIIT, Ministry of Commerce & Industry.
• Russia: Co-chaired by H.E. Mr. Alexey Gruzdev, Deputy Minister of Industry & Trade of the Russian Federation.
• Review & Progress:
  • Reviewed developments since the 10th session.
  • Received updates from sub-groups on modernization, mining, fertilizers, and railway transport.
  • Discussed emerging areas of collaboration.
• Key Focus Areas:
  • Aerospace science & technology:
    • Establishment of a modernized wind tunnel facility.
    • Production of small aircraft piston engines.
    • Joint work in carbon fibre technology, additive manufacturing, and 3D printing.
  • Minerals & Energy:
    • Opportunities in rare earth & critical minerals extraction.
    • Underground coal gasification
  • Industrial Infrastructure:
    • Creation of modern industrial facilities.
  • Sectoral Engagement:
    • Expanded cooperation in aluminium, fertilizers, and railway transport.
    • Capacity building and technology transfer in:
      • Mining sector equipment
      • Exploration
      • Industrial and domestic waste management
    • Outcome:
      • Signing of the Protocol of the 11th Session by both co-chairs.
      • Reaffirmation of the strategic India-Russia partnership and shared commitment to deeper industrial and economic cooperation.
    • Participation:
      • Around 80 delegates attended, including senior officials, domain experts, and industry representatives from both nations.

CURRENT AFFAIRS: RANKING AD INDEX

Bengaluru Ranked 26th Globally in AI City Index; Leads India as Top AI R&D and Data Centre Hub

• Bengaluru has secured the 26th position in the 2025 global Artificial Intelligence (AI) City Index, emerging as India’s leading AI research and development hub as well as a major data centre powerhouse, according to a report by market research firm Counterpoint Research.
• The report identifies Bengaluru alongside Riyadh, Hangzhou, and São Paulo as some of the fastest-growing AI cities globally.

Key Highlights :

• Top Indian AI City: Bengaluru ranked first in India in AI R&D and data centre infrastructure, followed by Mumbai, Delhi, Chennai, and Kolkata in the national standings.
• Startup & Investment Magnet: The city’s vibrant startup ecosystem has attracted significant foreign investment, driving innovation across AI-powered sectors such as healthcare, fintech, robotics, and smart mobility.
• AI Use in Other Indian Cities:
  • Mumbai & Delhi: Leveraging AI for traffic management and public safety, with potential to rise in global rankings.
  • Need for Policy Support: Report notes Indian cities would benefit from a clearer AI roadmap and robust regulatory environment to accelerate growth.
• Global Ranking Context:
  • Top Five AI Cities:

• Singapore (1),
• Seoul (2),
• Beijing (3),
• Dubai (4),
• San Francisco (5).

• • Singapore’s Rise: Driven by strong public–private collaboration in healthcare, transport, and telecom, plus a thriving startup base.
  • Seoul’s Strength: Advanced AI integration in healthcare and education sectors.
  • Beijing’s Milestone: Plans to roll out formal AI training for all primary and secondary students from 2025.
• Global AI Competition & Investments:
  • Investments in supercomputing are set to narrow the gap between North America and China from 2026 onwards.
  • Microsoft: Most active global vendor, expanding AI data centres, conducting AI training, and establishing innovation hubs.
  • Google & Amazon: Also scaling AI presence through infrastructure expansion and innovation initiatives.
• Significance for India: Bengaluru’s global recognition positions India as a key player in the AI economy, while also highlighting the need for coordinated policy frameworks, improved AI skill development, and infrastructure scaling to keep pace with global leaders.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of World’s Indigenous People 2025 – August 9

• International Day of World’s Indigenous people day is observed annually on August 9.
• This day is observed to raise awareness about life and to protect the indigenous people.

History

• This day is observed annually to recognize the first UN working group on indigenous people meeting in Geneva in 1982.
• On December 23, 1994, the UN General Assembly observed August 9 as the International day of world’s indigenous people day.
• The second International decade of world’s indigenous people was observed by the assembly in 2004 and it was continued annually as International day of world’s indigenous people day.
• This day explains the problems faced by indigenous people in the areas like education, health, culture, environment and economic development.
• In April 2000, Human Rights Commission established the permanent UN Forum on indigenous people’s issues showcased by the Economic and social council.

Nagasaki Day 2025 – August 9

• Nagasaki Day is observed on August 9 every year.
• On August 9, 1945, during the second world war, the US dropped a bomb on Nagasaki in the city of Japan.
• It causes devastation on large scale. On August 9 on Nagasaki day, almost 74,000 people were killed and injured.

History

• The nuclear bomb that was attacked by the US in Nagasaki called the ‘FAT MAN’. This bomb attack suddenly devastes the Nagasaki and killed almost 70,000 people during the attack.
• The US warplane drop the bomb named FAT MAN in Nagasaki and this led to the surrender of Japan in the second world war II.
• Due to the bomb attack, several people develop cancer and severe illness due to the sudden exposure of radiation.
• After 5 to 6 years of bombing, the incidence of leukemia causes several other diseases like thyroid, breast diseases, lung cancer etc.
• After so many decades, the risk caused by radiation exposure continues to increase and causes disease.

Daily CA One- Liner: August 9

• In a landmark milestone for the National Green Hydrogen Mission, the first-ever auction by the Solar Energy Corporation of India (SECI) for Green Ammonia procurement under the SIGHT Scheme (Mode-2A) has set a record low price discovery of ₹55.75/kg
• In a historic development, Parliament passed two landmark maritime bills — the Merchant Shipping Bill, 2025 in the Lok Sabha and the Carriage of Goods by Sea Bill, 2025 in the Rajya Sabha — marking the first-ever such legislative milestone for the Ministry of Ports, Shipping and Waterways
• Union Minister of Textiles, Shri Giriraj Singh officially launched the book titled “Carbon Footprint Assessment in the Indian Handloom Sector: Methods and Case Studies”, jointly prepared by the Office of Development Commissioner for Handlooms, Ministry of Textiles, and the Department of Textiles & Fibre Engineering, IIT Delhi
• In a bid to boost road infrastructure in the Northeast region, the Ministry of Development of North Eastern Region (MDoNER) approved a project for the construction of Mangoldoi–Mazikuchi road from KM 11+000 to KM 26+200 in Assam, having a length of 15 kms and costing ₹45.31 crore.
• The Government of India has approved ₹195 crore as Central Assistance to Chhattisgarh for 2025–26 under the Road Connectivity Project for Left Wing Extremism Affected Areas (RCPLWEA), aimed at boosting rural infrastructure and connectivity in conflict-affected regions
• The Indian Institute of Technology Gandhinagar (IITGN) and the Ministry of Education, Federal Democratic Republic of Ethiopia have signed an MoU to jointly offer the Multidisciplinary International Quality Improvement Doctoral Degree Program (MIQMDDP), aimed at strengthening academic collaboration through joint doctoral research, academic exchange, and co-supervision
• The 11th Session of the India-Russia Working Group on Modernization and Industrial Cooperation was held at Vanijya Bhawan, New Delhi, under the framework of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation
• Bengaluru has secured the 26th position in the 2025 global Artificial Intelligence (AI) City Index, emerging as India’s leading AI research and development hub as well as a major data centre powerhouse, according to a report by market research firm Counterpoint Research
• AU Small Finance Bank (AU SFB) becomes the first SFB to receive in-principle approval from the Reserve Bank of India (RBI) to transition into a Universal Bank after more than 11 years.
• The Government appointed 33 Technical Members to the GST Appellate Tribunal (GSTAT) to operationalise it and bring certainty among GST assessees.
• Tata AIA Life Insurance launched a new term insurance plan named “Shubh Shakti”, exclusively designed for women.
• On August 6, 2025, the Reserve Bank of India (RBI) released a draft circular titled ‘RBI (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025’.
• The Reserve Bank of India (RBI) issued the Co-Lending Arrangements (CLA) Directions, 2025, to be effective from January 1, 2026.
• The Reserve Bank of India (RBI) had formed an Internal Working Group (IWG) to review the Liquidity Management Framework (LMF) implemented since February 2020.
• The Reserve Bank of India (RBI) released the results of the July 2025 round of the Urban Consumer Confidence Survey (UCCS).
• Kotak Mahindra Bank has launched ‘Solitaire’, an exclusive, invitation-only programme targeting affluent customers.
• The Indian Banks’ Association (IBA) has urged banks to accelerate implementation of SWIFT ISO 20022 norms to avoid disruptions in cross-border payments
• Donald Trump, President of the United States, announced a plan to impose a 100% tariff on foreign-made semiconductors.
• Jurgen Westermeier has been appointed as the President and Managing Director of Airbus India and South Asia, effective from September 1, 2025.
• International Day of World’s Indigenous people day is observed annually on August 9.
• Nagasaki Day is observed on August 9 every year.

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