Daily Current Affairs 12th Aug 2025 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Plans Penalties on Banks for Delayed Claim Settlements

• The Reserve Bank of India (RBI) has released a draft circular aimed at simplifying the claim settlement process following the death of an account holder.
• The guidelines apply to all commercial and co-operative banks and cover deposit accounts, lockers, and articles in safe custody.
• RBI has invited comments by August 27,2025 on the draft.
• Banks are required to release funds to nominees or surviving account holders without demanding legal documents such as succession certificates or probate, provided there is no will, court order, or dispute.
• Nominees must submit a claim form, death certificate, and valid ID proof to claim the amount.

Key Highlights :

Compensation for delayed settlements:

• If banks delay settling deposit-related claims, they must inform claimants of the reasons for the delay.
• In cases where the delay is due to the bank, compensation must be paid in the form of interest at a rate of bank rate + 4% per annum on the settlement amount for the delay period.
• For delays related to safe deposit lockers or articles in safe custody, banks must pay ₹5,000 per day as compensation.

Simplified process for non-nominee and joint accounts:

• Banks must implement an easy procedure for claims on accounts where there is no nomination, or in joint accounts without nominee or survivor clauses, to prevent hardship to claimants or legal heirs.
• A threshold limit of ₹15 lakh must be set by banks based on their risk management policies for such claims.
• Claims must be settled within 15 days after receiving all required documents.
• For locker or articles in safe custody claims, banks must process the claim and notify the claimant within 15 days to schedule the inventory of the locker or articles.

Recent News :

• In July 2025, The Reserve Bank of India (RBI) proposed creating a Financial Conditions Index (FCI) for India with daily frequency to enhance real-time monitoring of the country’s financial health.

About RBI:

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

Corporates to Access Lower-Cost Funds Under New Reserve Bank of India Non-Fund Based Credit Facility Guidelines

• The Reserve Bank of India (RBI) has issued new directives called the Non-Fund Based (NFB) Credit Facilities Directions, 2025, effective from April 1, 2026.
• These guidelines aim to help corporates, SPVs, and municipal bodies raise cheaper funds by improving the credit ratings of corporate bonds through Partial Credit Enhancement (PCE).

Key Highlights :

• The directives consolidate and harmonize regulations for NFB instruments like guarantees, letters of credit, and co-acceptances across regulated entities (REs) including banks, cooperative banks, AIFIs, and NBFCs/HFCs in the middle layer and above.
• The new framework targets to enhance credit intermediation, improve governance, and broaden funding avenues, particularly for infrastructure financing.
• Eligibility for PCE has expanded to include non-deposit taking NBFCs with assets of ₹1,000 crore and above, and now covers municipal bonds, which were excluded in earlier drafts.
• The maximum credit enhancement limit is increased from 20% to 50% of the bond issue size.
• This move aims to boost credit ratings, enabling issuers to access bonds at lower interest rates, thereby reducing borrowing costs.
• The guidelines support a strategic push to deepen India’s corporate bond market and reduce dependence on bank credit.
• Corporates can refinance existing debt through credit-enhanced bonds, freeing up bank credit limits and shifting funding towards market-based instruments.
• Capital requirements for regulated entities remain similar to draft norms: * For example, a scheduled commercial bank providing ₹50 crore PCE to a BBB-rated bond must maintain ₹4.5 crore capital (100% risk weight, 9% CRAR).
• Aggregate PCE exposure for any RE is capped at 20% of its tier 1 capital, with individual exposure to NBFC/HFC bonds limited to 1% of RE’s capital funds.
• The directives introduce strict operational controls for electronic guarantees and mandate detailed disclosures.
• Over 78 legacy circulars for scheduled commercial banks and 13 for urban cooperative banks have been repealed, creating a unified and forward-looking regulatory framework to support market development and financial stability.

Income Tax Bill 2025 Withdrawn; Revised Version to Be Presented Soon

• Finance Minister Nirmala Sitharaman withdrew the Income Tax Bill, 2025 in the Lok Sabha.
• The Bill was initially introduced on February 13, 2025, to replace the existing Income Tax Act, 1961.
• The withdrawal took place after the House was adjourned, following a request by the Chair, Krishna Prasad Tenneti, to move for leave for withdrawal.

Key Highlights :

• The government announced it will introduce an updated version of the Bill incorporating the changes suggested by the Select Committee. This fresh Bill is scheduled to be introduced in the Lok Sabha on August 11, 2025.
• The 31-member Select Committee, chaired by BJP MP Baijayant Panda, reviewed the Bill and made several recommendations.
• The updated Bill will include most of these suggestions to provide clear and consolidated legislation, avoiding confusion from multiple versions.
• The original Bill was referred to the Select Committee immediately after introduction for detailed scrutiny.
• The Committee recommended continuing the tax exemption on anonymous donations to religious-cum-charitable trusts.
• The Bill exempts non-profit organisations from tax on anonymous donations received by purely religious trusts. However, anonymous donations to religious trusts involved in charitable activities like educational institutions and hospitals will be taxed.
• Another key suggestion was to allow taxpayers to claim TDS refunds even after the due date for filing Income Tax Returns (ITR), without any penalty charges.
• According to Baijayant Panda, the new Bill will simplify India’s complex tax structure, which has undergone over 4,000 amendments since 1961 and contains more than 5 lakh words.
• The new legislation reduces the complexity by nearly 50%, making it easier for individual taxpayers and MSMEs to understand and comply.
• This simplification will particularly benefit small businesses and MSMEs that often face challenges due to complicated tax laws.
• The Bill aims to create a fair and equitable direct tax system that avoids imposing extra tax burdens on the working and middle-class population.
• Tax slabs and rates have been revised to benefit all taxpayers, especially the middle class, by reducing their tax liability and increasing their disposable income.
• The Finance Act, 2025, has raised the income threshold for tax rebate under Section 87A from ₹7 lakh to ₹12 lakh, and increased the maximum rebate from ₹25,000 to ₹60,000 under the new tax regime (Section 115 BAC).
• Marginal relief will continue to apply for incomes slightly above ₹12 lakh.
• Overall, the new Income Tax Bill is expected to make tax filing easier for common citizens and small businesses, fostering better compliance and reducing litigation.

About Ministry of Finance:

• Cabinet Minister: Smt. Nirmala Sitharaman
• Minister of State (MoS): Shri Pankaj Chaudhary, Dr. Bhagwat Kishanrao Karad

Reserve Bank of India Panel Recommends Keeping weighted average call rate as Monetary Policy Operating Target

• An internal RBI working group recommended retaining the overnight weighted average call rate (WACR) as the operating target for monetary policy due to its effectiveness in policy transmission.
• The group suggested discontinuing the 14-day variable rate repo (VRR)/reverse repo (VRRR) auctions as the main liquidity operation.
• Instead, liquidity should be managed primarily through 7-day and shorter-tenor repo/reverse repo operations (up to 14 days) at RBI’s discretion.
• The liquidity management framework under review has been in place since February 2020.

What is the weighted average call rate?

• The Weighted Average Call Rate (WACR) is the average interest rate at which banks borrow and lend overnight to each other in the interbank market.
• It is a key indicator of short-term money market conditions.
• WACR serves as the Reserve Bank of India’s (RBI) operating target for monetary policy.
• It reflects the ease or difficulty of banks accessing funds in the overnight market.
• WACR influences other short-term interest rates in the economy.

Key Highlights :

• WACR is favored because the call money market participants (banks and standalone primary dealers) are regulated by RBI, giving the central bank greater control over this uncollateralised rate.
• WACR effectively reflects short-term interest rates, conveys RBI’s liquidity stance, and includes credit and counterparty risks more accurately than collateralized rates.
• A stable and predictable uncollateralised rate like WACR supports smoother monetary policy transmission by anchoring rates across maturities.
• Although collateralised segments (like tri-party repos or Treps) dominate overnight volumes and include many non-bank participants (mutual funds, insurance companies, pension funds) outside RBI’s regulatory scope, WACR and collateralised rates remain highly correlated.
• The share of the call money market in total overnight volumes has declined from 2014–15 to 2024–25, raising concerns about its relevance as the operating target.
• Overnight money market turnover increased from ₹281.37 trillion to ₹1,324.05 trillion over the decade, driven mostly by growth in collateralised segments (from ₹245.27 trillion to ₹1,296.62 trillion).
• In contrast, the uncollateralised call money market turnover fell from ₹36.10 trillion to ₹27.42 trillion in the same period.
• To reduce market uncertainty, the group recommended that RBI give at least one day’s prior notice for liquidity operations but retain flexibility for same-day operations when needed.
• Banks tend to avoid participating in 14-day reverse repo auctions, preferring the daily standing deposit facility (SDF), due to uncertainty in liquidity forecasting caused by fluctuations in central government cash balances.
• The effectiveness of 14-day operations for addressing transient liquidity is limited.
• Existing liquidity management instruments like open market operations (OMOs), long-term VRR/VRRR, and foreign exchange swap auctions are considered adequate for managing durable liquidity with no changes needed currently.

Central Bank of the UAE Suspends Motor Insurance Operations of State-Owned Oriental Insurance Company in Dubai Over Regulatory Non-Compliance

• The Central Bank of the UAE (CBUAE) has suspended motor insurance operations of the state-owned Oriental Insurance Company (OIC) in Dubai due to non-compliance with regulatory requirements.
• OIC has decided to place its Dubai operations in run-off mode; the branch began operations in 1960 and generated a total business of Rs 296 crore in 2024.
• CBUAE ensures that all insurers, owners, and staff comply with UAE laws through its supervisory and regulatory mandates.
• In insurance, “run-off” means the company will manage and settle claims on existing policies but cannot issue new policies.
• OIC informed the CBUAE that its Dubai branch will enter run-off operations from August 7.
• OIC was required to deposit a statutory bank guarantee of AED 100 million, but CBUAE denied its request for additional time to obtain board and regulatory approvals.
• OIC also has overseas operations in Nepal, Kuwait, and Dubai.

About Central Bank of the United Arab Emirates :

• Established : 11 December 1980
• Headquarters : Abu Dhabi
• Governor : Khaled Mohamed Balama

About The Oriental Insurance Company Ltd :

• Founded : 12 September 1947
• Headquarters : New Delhi, India
• Chairman & MD : Sanjay Joshi

India Post Payments Bank Launches Nationwide Aadhaar-Based Face Authentication for Safer Digital Banking

• India Post Payments Bank (IPPB) has begun the nationwide rollout of Aadhaar-based face authentication for customer transactions to enhance digital banking security and convenience, especially for the elderly and differently-abled.
• The face authentication feature is developed under the UIDAI (Unique Identification Authority of India) framework, allowing customers to use facial recognition for transactions, eliminating the need for fingerprints or OTPs.
• IPPB is established under the Department of Posts, Ministry of Communication, with 100% equity owned by the Government of India and was launched on September 1, 2018.
• The core mandate of IPPB is to remove barriers for the unbanked and underbanked, reaching the last mile by leveraging the extensive postal network of around 1,65,000 Post Offices (about 140,000 in rural areas) and 3,00,000 postal employees.
• The current MD and CEO of IPPB is R Viswesvaran.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Government Extends PM E-DRIVE Scheme to 2028 to Boost Electric Vehicle Ecosystem

• The Government of India has extended the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme from two years to four years, keeping the same ₹10,900 crore outlay.
• Initially launched on 29 September 2024 for a two-year period, it will now run until 31 March 2028.
• However, the terminal date for registered electric two-wheelers (e-2W), e-rickshaws & e-carts, and registered electric three-wheelers (L5) remains 31 March 2026.
• The extension primarily benefits e-trucks, e-buses, and testing agencies, which face unique adoption and operational challenges.

Key Highlights:

• Scheme Objective: Accelerate EV adoption, strengthen the EV manufacturing ecosystem, and develop robust charging infrastructure across India.
• Make in India Push: Supports localisation through the Phased Manufacturing Programme (PMP) to boost domestic production.
• Focus Areas for Extension:
  • E-Trucks: Still in a nascent market phase, requiring more time for full-scale commercial production.
  • E-Buses: Allocation of ₹4,391 crore for 14,028 units, with post-selection processes beginning in March 2026 and milestone-based disbursements over 18 months.
  • Testing Agencies: Additional time needed for tendering, evaluation, procurement, and commissioning of equipment to ensure quality and safety standards.

Indian Railways Conducts Trial Run of ‘Rudrastra’, Asia’s Longest Freight Train

• The Indian Railways has successfully conducted the trial run of ‘Rudrastra’, Asia’s longest freight train, measuring 4.5 kilometres in length.
• The trial took place between Ganjkhwaja station in Uttar Pradesh and Garhwa in Jharkhand, covering 209 km in 5 hours 10 minutes at an average speed of 40.5 km/h.
• The achievement is expected to significantly enhance freight efficiency, reduce turnaround time, and optimise resource use.

Key Highlights:

• Operational Purpose: Enables regular freight movement from the Pandit Deendayal Upadhyaya Division to the Dhanbad Division, allowing faster loading, quicker deliveries, and better logistics.
• Efficiency Gains: Fewer trips needed for bulk cargo transport, resulting in lower fuel consumption per tonne, reduced freight corridor congestion, time savings, and cost efficiency for industries.
• Engineering Achievement: Advanced coupling techniques and precise engine placement ensured balanced traction and braking, essentially operating like five goods trains connected end-to-end.

Indian Railways Introduces 20% Rebate on Return Journey for Round Trip Festival Package

• The Indian Railways has launched an experimental Round Trip Package scheme offering a 20% rebate on the base fare of the return journey to manage festival season travel efficiently and improve train utilization.

Key Highlights:

• Booking Period: Opens on August 14, 2025 for onward journeys between October 13–26, 2025, with return journeys between November 17–December 1, 2025.
• Eligibility: Same set of passengers for both directions, same class, and same origin-destination pair.
• Discount Applicability: Rebate applies only to the return journey base fare; both tickets must be confirmed.
• Train Coverage: Valid for all classes and trains, including special trains, except Flexi fare trains.
• Booking Mode: Both tickets must be booked through the same mode — IRCTC online/app or railway reservation counters.
• Restrictions: No concessions, passes, travel coupons, vouchers, or PTOs allowed.
• Changes & Refunds: No modifications or refunds permitted once booked under this scheme.
• Objective: Reduce last-minute booking pressure, encourage advance planning, and distribute passenger travel more evenly during the festival period.

Tamil Nadu Launches State Education Policy, Rejects NEP’s Three-Language Formula and Entrance Tests

• Tamil Nadu Chief Minister MK Stalin unveiled the State Education Policy (SEP) as an alternative to the National Education Policy (NEP), retaining the state’s two-language system and introducing reforms to promote inclusivity, science, AI, and English learning.

Key Highlights:

• Two-Language Policy Retained:
  • Tamil Nadu will continue its two-language formula.
  • All students up to Class 10, across boards (CBSE/ICSE included), will study Tamil.
  • Rejects NEP’s three-language system.
• No Common Entrance for UG Arts & Science:
  • Undergraduate admissions will be based on combined Class 11 & 12 marks.
  • No common entrance test for these courses.
• No Public Exams for Classes 3, 5, 8:Rejects NEP’s proposal, citing risks of higher dropouts, commercialisation, and social injustice.
• Focus on Science, AI, and English:Major investments planned in science education, AI integration, and English proficiency in state-run institutions.
• Push for State Control Over Education:Recommends moving education from the concurrent list back to the state list for greater autonomy.
• Funding Dispute with Centre:
  • Tamil Nadu alleges ₹2,152 crore under Samagra Shiksha scheme is withheld for not adopting NEP.
  • Union Education Minister links release of funds to NEET acceptance and certain NEP provisions.

RECENT NEWS

• In a significant move towards avian conservation, the Tamil Nadu government has approved the establishment of a Centre of Excellence for Hornbill Conservation at the Anamalai Tiger Reserve (ATR) in Coimbatore. This decision follows a proposal by the Principal Chief Conservator of Forests and Chief Wildlife Warden.

India’s First Animal Stem Cell BioBank Inaugurated at NIAB, Hyderabad

• Union Minister Jitendra Singh inaugurated India’s first State-of-the-Art Animal Stem Cell BioBank and Laboratory at the National Institute of Animal Biotechnology (NIAB), Hyderabad.
• This initiative aims to boost animal health, regenerative medicine, and agricultural productivity, aligning with India’s biotechnology-driven growth.

Key Highlights:

• First-of-its-kind facility in India dedicated to animal stem cells, covering 9,300 sq ft and built at a cost of ₹1.85 crore.
• Equipped with advanced units such as stem cell culture, 3D bioprinter for tissue engineering, bacterial culture lab, cryostorage, and biosafety-compliant autoclave rooms.
• Supports disease modelling, reproductive biotechnology, and tissue regeneration with future expansion under the National Biopharma Mission (NBM) of DBT–BIRAC.
• Foundation stone laid for a new hostel block and Type-IV residential quarters worth ₹19.98 crore to support researchers and staff at NIAB.
• Launch of five new veterinary technologies:
  • Rapid Brucellosis Detection Kit – field-deployable, DIVA-capable diagnostic.
  • Mastitis Detection Technology – affordable, on-site testing for dairy cattle.
  • Antimicrobial Sensitivity Testing Device – portable, 2-hour result device to ensure responsible antibiotic use.
  • Toxoplasmosis Detection Kit – sensitive, specific test for Toxoplasma gondii infection.
  • Japanese Encephalitis Detection Kit – rapid strip test for large-scale surveillance in animals and humans.
• Technologies align with the ‘One Health’ approach, integrating human, animal, and environmental health.

RECENT NEWS

• In a landmark moment for Indian football, the All India Football Federation (AIFF) and FIFA have joined hands to launch the country’s first-ever FIFA Talent Academy for girls in Hyderabad, Telangana.

Prime Minister Narendra Modi Flags Off Nagpur–Pune Vande Bharat Express, Longest Route in the Country

• Prime Minister Narendra Modi inaugurated the Nagpur–Pune Vande Bharat Express and two other train services by flagging them off through video conferencing.

Key Highlights:

• Union Minister for Road Transport Nitin Gadkari and Maharashtra Chief Minister Devendra Fadnavis attended the programme at Central Railway Station, Nagpur.
• CM Fadnavis stated that the number of travellers from Vidarbha to Pune is high, but passengers earlier had to buy expensive tickets and travel by private vehicles, which also took more time.
• Considering these issues, the State Government requested the Railway Minister to start a Nagpur–Pune train service, which was approved, leading to the launch.
• The Nagpur–Pune Vande Bharat Express covers the longest distance among all Vande Bharat Express trains in the country.
• The train enables passengers to travel from Nagpur to Pune in about 12 hours.
• On its journey from Nagpur to Pune, it halts at Wardha, Badnera, Akola, Bhusawal, Jalgaon, Manmad, Kopargaon, Ahilyanagar, and Daund stations.
• It reaches Pune via the Daund chord line.

Maharashtra Rolls Out ‘Disha Abhiyan’ for Standardised Special Education

• In a first for the country, Maharashtra has introduced ‘Disha Abhiyan’ to deliver uniform, research-backed learning for students with intellectual disabilities across 453 special schools.

Key Highlights :

• Nation’s First Statewide Special Needs Curriculum:
  • Maharashtra becomes the first state to adopt a single, standardised syllabus for intellectually disabled students.
  • Designed by the Jai Vakil Foundation and validated by the National Institute for the Empowerment of Persons with Intellectual Disabilities (NIEPID).
• Developed with Eight Decades of Expertise:
  • Jai Vakil Foundation (est. 1944) used 80 years of experience in special education.
  • Incorporates global best practices, evidence-based teaching methods, and individualised adaptations.
  • Includes life skills and vocational modules to prepare students for independent living.
• Policy Alignment:
  • Supports PM Narendra Modi’s ‘Developed India 2047’ vision for an inclusive society.
  • Ensures differently-abled learners are active participants in national development.

RECENT NEWS

• Maharashtra Chief Minister Devendra Fadnavis is set to inaugurate a transformative phase for Vidarbha by laying the foundation for Llyods Metals & Energy Limited’s (LMEL) first integrated steel plant in the region’s Gadchiroli district. This development marks a watershed moment for regional industrialisation and resource-based economic growth.

Sikkim CM Launches ‘Nari Adalat’ on First Amma Samman Diwas to Empower Women in Local Justice

• On the first Amma Samman Diwas, Sikkim Chief Minister Prem Singh Tamang inaugurated ‘Nari Adalat’ at Rongpo — a women-led community justice forum aimed at providing informal, accessible, and empathetic conflict resolution for rural and semi-urban communities in Sikkim.

Key Highlights :

• Purpose & Vision:
  • Empowers women to lead dispute resolution and address social issues affecting them.
  • Provides a supportive, non-intimidating environment for settling conflicts locally.
  • Reduces dependency on the formal judicial system, which can be slow, costly, and intimidating.
• How It Works:
  • Operates through dialogue, mediation, and consensus-building.
  • Handles minor disputes such as:
    • Family disagreements.
    • Non-severe domestic violence cases.
    • Marital issues.
    • Local community conflicts.
  • Offers quicker and culturally sensitive resolutions compared to formal court processes.
  • Inspired by community-based dispute resolution systems in rural India.

RECENT NEWS

• Yakten village in the Pakyong district of Sikkim has been launched as India’s first digital nomad village on July 15, 2025. This special initiative aims to support remote workers by offering them modern facilities in a peaceful Himalayan setting.

Prime Minister Narendra Modi Inaugurates Bangalore Metro Yellow Line, Lays Foundation for Phase-3, and Flags Off Three Vande Bharat Express Trains

• Prime Minister Narendra Modi inaugurated the Yellow Line of Bangalore Metro worth around Rs 7,160 crore and laid the foundation stone of Phase-3 worth over Rs 15,610 crore in Bengaluru, Karnataka.
• He also flagged off three Vande Bharat Express trains from KSR Railway Station, Bengaluru.
• The PM highlighted Karnataka’s culture, the contributions of Bengaluru to India’s IT and innovation sector, and India’s progress in infrastructure, technology, and economic growth.

Key Highlights :

• Innovative Funding Model:
  • Companies like Infosys Foundation, Biocon, Delta Electronics provided part-funding for stations through CSR, creating a public-private partnership model for infrastructure.
• Vande Bharat Express Trains Flagged Off:
  • Bengaluru–Belagavi: Boosts trade & tourism.
  • Nagpur (Ajni)–Pune.
  • Amritsar–Shri Mata Vaishno Devi Katra: Benefits lakhs of devotees, promotes tourism.
• Operation Sindoor Mention:
  • PM lauded Indian forces for destroying terrorist hideouts and forcing Pakistan to retreat within hours.
  • Highlighted role of Bengaluru’s youth and technology in the success.
• India’s Infrastructure Achievements in 11 Years:
  • Metro services expanded from 5 cities to 24 cities with over 1,000 km network (3rd largest globally).
  • Railway electrification: 20,000 km before 2014 → 40,000 km added in last 11 years.
  • Airports: Increased from 74 to 160+.
  • National waterways: From 3 to 30 operational.
• Education & Health Expansion:
  • AIIMS: From 7 to 22.
  • Medical colleges: From 387 to 704, adding 1 lakh+ new medical seats.
  • IITs: From 16 to 23, IIITs from 9 to 25, IIMs from 13 to 21.
• Housing & Sanitation:
  • 4 crore pucca houses built under PM Awas Yojana; target to build 3 crore more.
  • 12 crore toilets constructed nationwide.
• Economic Growth & Exports:
  • Economy rose from 10th to top 5 globally, aiming for top 3.
  • Total exports: $468 billion (pre-2014) → $824 billion now.
  • Mobile handsets: From import-dependent to top 5 exporter.
  • Electronics exports: $6 billion → $38 billion.
  • Automobile exports: $16 billion → over double, making India 4th largest exporter.
• Technology & Digital India:
  • Advancing via India AI Mission & Semiconductor Mission (Made-in-India chips soon).
  • UPI: India accounts for 50% of global real-time transactions.
  • 2,200+ govt services available on mobile; DigiLocker eliminates physical certificates.
  • Investment in AI-powered threat detection and emerging technologies.
• Call for Self-Reliance in Technology:
  • Focus on Zero Defect, Zero Effect products.
  • Strengthening Make in India & manufacturing in Karnataka.
• Reforms & Governance Initiatives:
  • Jan Vishwas Bill to decriminalize laws; Jan Vishwas 2.0 coming.
  • Mission Karmayogi for competency-based training of govt staff.
  • Emphasis on Aspirational Districts & Blocks Programme for targeted development.

CURRENT AFFAIRS : DEFENCE NEWS

India’s Defence Production Hits Record ₹1.51 Lakh Crore in FY 2024-25

• The Annual Defence Production in FY 2024-25 reached an all-time high of ₹1,50,590 crore, showing 18% growth from ₹1.27 lakh crore in FY 2023-24 and a 90% increase from ₹79,071 crore in FY 2019-20.
• Defence Public Sector Undertakings (DPSUs) & other PSUs contributed ≈77% of production; private sector share rose from 21% (FY 2023-24) to 23% (FY 2024-25).
• Growth rates in FY 2024-25:
• DPSUs – 16%
• Private sector – 28%
• Growth attributed to policy reforms, ease of doing business, and indigenisation focus over the last decade.
• Linked to the Aatmanirbhar Bharat initiative under PM Narendra Modi to reduce import dependency and strengthen export potential.
• Defence exports hit a record ₹23,622 crore in FY 2024-25, up ₹2,539 crore (12.04%) from FY 2023-24 (₹21,083 crore).
• Positive trends suggest continued acceleration with policy support, private participation, and export expansion.

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS): Ajay Bhatt

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation to Launch 6,500 kg U.S.-Built Communication Satellite Soon: Chairman V. Narayanan

• The Indian Space Research Organisation(ISRO) began the Indian space programme in 1963 with a tiny rocket donated by the United States on November 21, 1963.
• On July 30, 2025, ISRO successfully launched the NASA-ISRO Synthetic Aperture Radar (NISAR) satellite onboard the GSLV-F16 rocket, marking a historic milestone.
• The NISAR satellite is the costliest satellite ever built globally, featuring an L Band SAR payload from the U.S. and an S Band payload from ISRO.
• The satellite was placed into orbit with high precision by the Indian launcher GSLV, showcasing India’s advanced space capabilities.
• ISRO Chairman and Secretary of the Department of Space, Narayanan, announced that in the coming months, ISRO will launch a 6,500 kg communication satellite built by the U.S. using India’s own launch vehicle from Indian soil.
• ISRO’s journey reflects significant growth from receiving a tiny rocket in 1963 to launching heavy, complex satellites for other countries.
• In 1975, ISRO demonstrated mass communication by using satellite data from the U.S. to connect 2,400 television sets across villages in six Indian states.
• To date, ISRO has launched 433 satellites for 34 countries using its own launch vehicles, highlighting India’s emergence as a global space power.
• The NASA team appreciated ISRO’s precision and professionalism during the GSLV-F16/NISAR mission
• ISRO’s progress signifies India’s rise from a country without satellite technology 50 years ago to a leader in space technology and satellite launches

About ISRO:

• Established: 15 August 1969
• Headquarters: Bengaluru, Karnataka
• Chairman: V. Narayanan

Indian Space Research Organisation Announces Successful Static Test of Skyroot Aerospace’s KALAM 1200 Rocket Motor for Vikram-1 at Sriharikota

• The Indian Space Research Organisation(ISRO) announced that Skyroot Aerospace successfully conducted the first static test of its KALAM 1200 solid rocket motor, the first stage of the Vikram-1 launch vehicle, at the Satish Dhawan Space Centre (SDSC), Sriharikota.
• Vikram-1 is built by Hyderabad-based Skyroot Aerospace Pvt. Ltd.
• The KALAM 1200 motor is an 11-metre-long, 7-metre-diameter monolithic composite motor carrying 30 tonnes of solid propellant.
• It is the longest monolithic motor developed at the Solid Propellant Plant in Sriharikota.
• ISRO designed the special test stand used for this motor trial.
• Vikram-1 is India’s first privately developed orbital launch vehicle, aimed at providing on-demand and customised launches for global small satellite operators both domestically and internationally.
• Skyroot Aerospace was founded in 2018 by IITian Pawan Kumar Chandana and is a private Indian aerospace manufacturer and commercial launch service startup headquartered in Hyderabad.

CURRENT AFFAIRS: SPORTS NEWS

Minerva Academy FC Wins U-14 Norway Cup 2025 with Record-Breaking Performance

• India’s Minerva Academy FC from Chandigarh made history by winning the U-14 Norway Cup 2025, defeating Norwegian side SIF 14-1 in the final.
• The team set a new tournament record by scoring 130 goals in eight matches, averaging 16.57 goals per game.

Key Highlights:

• League Stage Results:
  • Aksala IL – 25-0
  • Forde IL 3 – 15-0
  • Krokelvdalen IL – 22-0
  • Total: 62 goals in 3 matches.
• Final:
  • Opponent: SIF (Norway) – 14-1 win.
  • Highlights: Hat-tricks by Danamoni and Raj; goals from Chingkhe, K Chetan, Punshiba, Amarson, Azam, and Reesan.
• Historic Feat:
  • Highest-scoring team in Norway Cup 2025 across all age categories.
  • Showcased the rising standard of Indian youth football on the global stage.

CURRENT AFFAIRS: IMPORTANT DAYS

International Youth Day 2025: August 12

• International Youth Day is observed annually all over the world on August 12.
• International youth day focuses all the difficulties that young people are facing throughout the world.
• The theme for 2025 International Youth Day is “Local Youth Actions for the SDGs and Beyond“

History

• United Nations General Assembly (UNGA) and Economic and Social Council focus on three themes called Participation, development and peace.
• United Nations passed a resolution for creating the International Youth Day in 1999 at the United Nations General Assembly (UNGA).
• With the recommendation of the World Conference of Ministers, this day came into existence and they declared August 12 as International Youth Day.
• The first International Youth Day was observed on 12th August 2000.
• During International youth day several events, workshops, cultural events, and meetings are organized around the world by national, local government officials, and youth organizations.

World Elephant Day 2025: August 12:

• World Elephant Day is an international annual event on August 12, Conceived in 2011 by Canadian filmmakers Patrica Sims and Michael Clark of Canazwest pictures and Sivaporn Dardarananda, Secretary general of Elephant Reintroduction Foundation in Thailand.

History

• The first world elephant day was held on 12 August 2012.
• The film “RETURN TO THE FOREST” narrated by William Shatner was released on the inaugural of world elephant day.
• World Elephant day is an international organization founded by Elephant Reintroduction Foundation and world elephant society that helps to spread awareness to protect and preserve elephants.
• The world elephant day website was designed and maintained by Canazwest pictures.
• World elephant day was founded in November 2015 to support elephant conservation worldwide.
• This day is marked to raise awareness to ban the illegal hunting and poaching of the wild beasts. World Elephant Day is dedicated to elephant lives and protection.

Daily CA one-Liner: August 12

• The Government of India has extended the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme from two years to four years, keeping the same ₹10,900 crore outlay
• The Indian Railways has successfully conducted the trial run of ‘Rudrastra’, Asia’s longest freight train, measuring 4.5 kilometres in length
• The Indian Railways has launched an experimental Round Trip Package scheme offering a 20% rebate on the base fare of the return journey to manage festival season travel efficiently and improve train utilization.
• Tamil Nadu Chief Minister MK Stalin unveiled the State Education Policy (SEP) as an alternative to the National Education Policy (NEP), retaining the state’s two-language system and introducing reforms to promote inclusivity, science, AI, and English learning.
• Union Minister Jitendra Singh inaugurated India’s first State-of-the-Art Animal Stem Cell BioBank and Laboratory at the National Institute of Animal Biotechnology (NIAB), Hyderabad.
• Prime Minister Narendra Modi inaugurated the Nagpur–Pune Vande Bharat Express and two other train services by flagging them off through video conferencing.
• In a first for the country, Maharashtra has introduced ‘Disha Abhiyan’ to deliver uniform, research-backed learning for students with intellectual disabilities across 453 special schools
• On the first Amma Samman Diwas, Sikkim Chief Minister Prem Singh Tamang inaugurated ‘Nari Adalat’ at Rongpo — a women-led community justice forum aimed at providing informal, accessible, and empathetic conflict resolution for rural and semi-urban communities in Sikkim
• Prime Minister Narendra Modi inaugurated the Yellow Line of Bangalore Metro worth around Rs 7,160 crore and laid the foundation stone of Phase-3 worth over Rs 15,610 crore in Bengaluru, Karnataka.
• India’s Minerva Academy FC from Chandigarh made history by winning the U-14 Norway Cup 2025, defeating Norwegian side SIF 14-1 in the final.
• International Youth Day is observed annually all over the world on August 12.
• World Elephant Day is an international annual event on August 12, Conceived in 2011 by Canadian filmmakers Patrica Sims and Michael Clark of Canazwest pictures and Sivaporn Dardarananda, Secretary general of Elephant Reintroduction Foundation in Thailand.
• The Reserve Bank of India (RBI) has released a draft circular aimed at simplifying the claim settlement process following the death of an account holder.
• The Reserve Bank of India (RBI) has issued new directives called the Non-Fund Based (NFB) Credit Facilities Directions, 2025, effective from April 1, 2026.
• Finance Minister Nirmala Sitharaman withdrew the Income Tax Bill, 2025 in the Lok Sabha.
• An internal RBI working group recommended retaining the overnight weighted average call rate (WACR) as the operating target for monetary policy due to its effectiveness in policy transmission.
• The Central Bank of the UAE (CBUAE) has suspended motor insurance operations of the state-owned Oriental Insurance Company (OIC) in Dubai due to non-compliance with regulatory requirements.
• India Post Payments Bank (IPPB) has begun the nationwide rollout of Aadhaar-based face authentication for customer transactions to enhance digital banking security and convenience, especially for the elderly and differently-abled.
• The Annual Defence Production in FY 2024-25 reached an all-time high of ₹1,50,590 crore, showing 18% growth from ₹1.27 lakh crore in FY 2023-24 and a 90% increase from ₹79,071 crore in FY 2019-20.
• The Indian Space Research Organisation(ISRO) began the Indian space programme in 1963 with a tiny rocket donated by the United States on November 21, 1963.
• The Indian Space Research Organisation(ISRO) announced that Skyroot Aerospace successfully conducted the first static test of its KALAM 1200 solid rocket motor, the first stage of the Vikram-1 launch vehicle, at the Satish Dhawan Space Centre (SDSC), Sriharikota.