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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India Proposes Overhaul of Large Initial Public Offerings Structure, Raising Qualified Institutional Buyers Share and Cutting Retail Quota

• The Securities and Exchange Board of India (SEBI) has proposed major changes to the structure of large Initial Public Offerings (IPOs), including increasing allocation for Qualified Institutional Buyers (QIBs) and reducing the limit for retail investors.

Key Highlights :

• For IPOs exceeding ₹5,000 crore:
  • Retail investor allocation to be reduced from 35% to 25%.
  • Institutional buyer allocation to be increased from 50% to 60% in a graded manner.
• SEBI noted that although the average IPO size has grown, direct retail participation has remained flat over the last three years.
• To boost institutional participation, SEBI proposes expanding the anchor investor framework:
  • For anchor allocations above ₹250 crore, the number of permissible anchor investor allottees may be increased.
• SEBI recommends including insurance companies and pension funds in the reserved anchor investor category, alongside mutual funds.
• Reservation for life insurers, pension funds, and domestic mutual funds in the anchor book to be raised from 30% to 40%.

ICICI Bank Hikes Minimum Balance for New Savings Accounts to ₹50,000

• ICICI Bank has increased the minimum balance requirement for new savings bank accounts opened on or after August 1, 2025 by five times, from ₹10,000 to ₹50,000.
• The minimum monthly average balance (MAB) for savings accounts until July 31, 2025 was ₹10,000.

What is the monthly average balance?

• MAB is the minimum balance that a customer is required to maintain in the bank account.
• If the balance in the bank account falls below the required amount, then banks levy a penalty.

Key Highlights :

• For semi-urban branches, the MAB has been raised to ₹25,000, and for rural branches to ₹10,000 — both representing a fivefold increase.
• If account holders fail to maintain the required MAB, a penalty of 6% of the shortfall or ₹500 (whichever is lower) will be charged.
• Savings bank accounts with ICICI Bank earn 2.5% interest per annum.
• The revised MAB applies only to accounts opened on or after August 1, 2025; accounts opened before this date will continue under the previous MAB requirement.
• Exemptions from the higher MAB include salary accounts, PM Jan Dhan accounts, and Basic Savings Bank Deposit accounts, all of which are zero-balance accounts.
• Customers maintaining higher MAB will receive benefits such as free NEFT fund transfers and three complimentary cash transactions per month; after that, ₹150 per transaction will be charged (plus GST).

Recent News :

• ICICI Bank will start imposing transaction handling charges on merchant UPI transactions processed via Payment Aggregators (PAs) from August 1, 2025.

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”

India’s fiscal deficit reaches 17.9% of full-year target by June 2025 – Controller General of Accounts

• The central government’s fiscal deficit stood at 17.9% of the full-year target at the end of June 2025, as per Controller General of Accounts (CGA) data.
• In absolute terms, the fiscal deficit for April–June 2025-26 was ₹2,80,732 crore.
• In the same period of the previous financial year, the fiscal deficit was 8.4% of Budget Estimates (BE) 2024-25.
• The Centre estimates the fiscal deficit for 2025-26 at 4.4% of GDP, equivalent to ₹15.69 lakh crore.
• Net tax revenue up to June 2025 was ₹5.4 lakh crore, which is 19% of the BE 2025-26 for total receipts.

Securities and Exchange Board of India Proposes Higher Thresholds for Shareholder Approval in Related-Party Transactions

• The Securities and Exchange Board of India (SEBI) has proposed easing norms for Related-Party Transactions (RPTs) by increasing the transaction limit that requires shareholder approval.
• The term related-party transaction refers to a deal or arrangement made between two parties who are joined by a preexisting business relationship or common interest.

Key Highlights :

• Current requirement: Transactions above ₹1,000 crore or 10% of a listed entity’s annual consolidated turnover need shareholder nod.

Proposed scale-based thresholds (based on company turnover):

• Up to ₹20,000 crore: Limit remains 10% of annual turnover.
• ₹20,000–40,000 crore: ₹2,000 crore or 5% of annual turnover, whichever is lower.
• Above ₹40,000 crore: ₹3,000 crore or 2.5% of annual turnover, whichever is lower.
• These changes aim to simplify compliance and reduce the need for shareholder approval for smaller-value RPTs.
• SEBI also proposes clearer definitions, standardised RPT valuation methods, and better disclosure practices.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Tuhin Kanta Pandey
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

ICICI Bank Records Lowest Attrition Among Large Private Lenders for Third Consecutive Year

• ICICI Bank has reported the lowest employee attrition rate among large private sector lenders over the last three financial years, indicating higher employee retention due to competitive remuneration and a better working environment.

What does employee attrition rate mean?

• Employee attrition rate refers to the percentage of employees who leave an organization within a specific time period, either voluntarily or involuntarily.
• It is a key metric for measuring employee turnover and provides insights into how well a company retains its workforce.

Key Highlights :

• Attrition rate at ICICI Bank fell to 18% in FY25 from 24.5% in FY24, as per the bank’s latest Business Responsibility and Sustainability Reporting (BRSR) report.
• In FY23 (2022–23), ICICI Bank’s attrition rate was 30.9%, still lower than peers.
• HDFC Bank reported 22.6% attrition in FY25 (down from 26.9% in FY24 and 34.2% in FY23).
• Axis Bank attrition stood at 25.5% in FY25 (down from 28.8% in FY24).
• Kotak Mahindra Bank attrition rate declined to 33.3% in FY25 (from 39.6% in FY24).
• Decline in attrition across banks is linked to a subdued entry-level job market in the BFSI and fintech sectors and the growth of digital services.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Kenya Becomes 10th African Country to Eradicate Sleeping Sickness

• Kenya has eradicated Human African Trypanosomiasis (HAT), also known as sleeping sickness, as confirmed by the World Health Organization (WHO) on August 8, 2025.
• This is Kenya’s second victory over a Neglected Tropical Disease (NTD), after eliminating guinea worm disease in 2018.
• Kenya is now the 10th African country to eliminate HAT as a public health concern, contributing to a global total of 57 countries that have achieved elimination of at least one NTD.
• Kenya now joins nine African nations that include — Benin, Chad, Côte d’Ivoire, Equatorial Guinea, Ghana, Guinea, Rwanda, Togo and Uganda — in eliminating HAT as a public health problem in Africa.
• HAT was first detected in Kenya in the early 20th century; with sustained control measures, no indigenous cases have been recorded since 2009.
• In 2020, all WHO member countries adopted the Road Map for Neglected Tropical Diseases 2021–2030, aiming to free 100 countries from at least one NTD by 2030.
• With less than 5 years to go, 57 countries have already eliminated at least one NTD.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

CABINET APPROVALS:

I) Union Cabinet Approves Phase-1B of Lucknow Metro Rail Project

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved Phase-1B of the Lucknow Metro Rail Project, covering 11.165 km with 12 stations – 7 underground and 5 elevated.
• On completion, Lucknow will have 34 km of operational metro rail network.

Key benefits:

• • Enhanced connectivity to Old Lucknow’s commercial hubs (Aminabad, Yahiyaganj, Pandeyganj, Chowk), major healthcare facilities (King George’s Medical University), tourist spots (Bara Imambara, Chota Imambara, Bhool Bhulaiya, Clock Tower, Rumi Darwaza), and renowned food destinations.
  • Reduction in traffic congestion in the city’s busiest routes, leading to smoother movement, shorter travel times, and improved road safety.
  • Economic growth by improving access to Airport, Railway Stations, Bus Depots, boosting productivity, attracting investments, and stimulating local businesses near new stations.
• Phase-1B is expected to be transformative for Lucknow, addressing key urban mobility challenges and laying a strong foundation for future expansion.

II) Union Cabinet Approves Four More Semiconductor Projects Under India Semiconductor Mission

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved four new semiconductor projects under the India Semiconductor Mission (ISM), adding to the six already under execution.
• The approved proposals are from:
  • SiCSem Pvt. Ltd.
  • Continental Device India Pvt. Ltd. (CDIL)
  • 3D Glass Solutions Inc.
  • Advanced System in Package (ASIP) Technologies
• Total investment & employment:₹4,600 crore cumulative investment
  • 2034 skilled direct jobs plus significant indirect employment
  • With these, total approved projects under ISM reach 10, with investments of ₹1.60 lakh crore in 6 states

Key Highlights

• SiCSem – Bhubaneswar, Odisha (with Clas-SiC Wafer Fab Ltd., UK) – India’s first commercial compound semiconductor fab, annual capacity: 60,000 wafers & 96 million units
• 3D Glass Solutions Inc. – Bhubaneswar, Odisha – Advanced packaging & embedded glass substrate unit, annual capacity: 69,600 glass panels, 50 million units, 13,200 3DHI modules
• ASIP Technologies – Andhra Pradesh (with APACT Co. Ltd., South Korea) – annual capacity: 96 million units
• CDIL – Mohali, Punjab – Expansion to produce high-power discrete devices (MOSFETs, IGBTs, Schottky diodes, transistors) – capacity: 158.38 million units
• First commercial compound semiconductor fab in India
• Highly advanced glass-based substrate semiconductor packaging unit
• Complements India’s growing chip design ecosystem (Govt. support to 278 academic institutions & 72 start-ups)

• Cabinet Approves ₹8,146.21 Crore Investment for Tato-II Hydro Electric Project in Arunachal Pradesh

• The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi approved investment of ₹8,146.21 crore for construction of the Tato-II Hydro Electric Project (HEP) in Shi Yomi District, Arunachal Pradesh.
• Installed capacity: 700 MW (4 × 175 MW), producing 2738.06 MU of energy.
• Estimated completion period: 72 months.
• Power generated will improve electricity supply in Arunachal Pradesh and contribute to balancing the national grid.
• Implementation:
  • Joint Venture between North Eastern Electric Power Corporation Ltd. (NEEPCO) and Government of Arunachal Pradesh.
  • Government of India support:
    • ₹458.79 crore for enabling infrastructure (roads, bridges, transmission lines)
    • ₹436.13 crore as Central Financial Assistance towards state equity share
• State benefits:
  • 12% free power to the state
  • 1% free power towards Local Area Development Fund (LADF)
  • Significant infrastructure improvement and socio-economic development
• Infrastructure development:
  • Construction of 32.88 km of roads and bridges (mostly available for local use)
  • Development of hospitals, schools, marketplaces, playgrounds, funded from a dedicated ₹20 crore project fund

Parliament Passes Merchant Shipping Bill, 2025 to Modernise India’s Maritime Framework

• The Parliament passed the Merchant Shipping Bill, 2025 as the Rajya Sabha approved it today; the Lok Sabha had cleared the bill.
• The legislation aims to modernise India’s maritime framework, align domestic laws with International Maritime Organisation (IMO) conventions, and prepare the maritime sector for contemporary and future challenges.

Key objectives & features:

• • Shifts from a regulatory-heavy approach to an enabling policy environment.
  • Incorporates global best practices and reduces compliance burdens.
  • Ensures comprehensive adoption of India’s international commitments.
  • Boosts investor confidence, enhances safety standards, protects the marine ecosystem, and strengthens India’s position as a maritime power.
  • Replaces the Merchant Shipping Act, 1958 (561 sections) with a streamlined law of 16 parts and 325 clauses.
• The Ministry of Ports, Shipping & Waterways has achieved a record number of maritime legislations in a single Parliament session, setting a new benchmark in legislative reform.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

JM Financial Credit Solutions to Sell 2.1% Stake in Home Loan Arm to Bajaj Allianz Life for ₹65.5 Crore

• JM Financial Credit Solutions (subsidiary of JM Financial) to sell 2.1% stake in JM Financial Home Loans (JMFHLL) to Bajaj Allianz Life Insurance for ₹65.5 crore.
• Post sale, JM Financial Credit’s stake in JMFHLL will reduce to 6.88% (from 8.98%), and JM Financial’s total stake (through subsidiaries) will reduce to 96.66% (from 98.76%).
• JMFHLL reported ₹368.45 crore total income in FY25, contributing 8.27% to JM Financial’s consolidated income.

Recent News :

• In Feb 2025, Bajaj Allianz General Insurance, a leading private general insurer in India, had announced the launch of ‘HERizon Care’, a thoughtfully designed inclusive health insurance product that caters exclusively to women’s evolving healthcare needs.

About Bajaj Allianz Life Insurance :

• Headquarters : Pune, Maharashtra
• Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv and Germany’s Allianz SE, and is among India’s leading private life insurers.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Unique Identification Authority of India Signs Five-Year Research and Development Agreement with Indian Statistical Institute to Strengthen Aadhaar Operations

• The Unique Identification Authority of India (UIDAI) signed an umbrella agreement with the Indian Statistical Institute (ISI) for joint research and development (R&D) aimed at enhancing the robustness, security, and reliability of Aadhaar operations through data-driven innovations.
• The agreement will be effective for five years and will cover areas such as:
  • Fraud and anomaly detection
  • Development of biometric liveness detection tools
  • Identification of high-risk enrolment/update categories
  • Improvements in biometric matching algorithms
  • Other mutually decided priority areas
• The agreement was signed by Ms. Tanusree Deb Barma, Deputy Director General (Technology Centre), UIDAI, and Prof. B. S. Daya Sagar, Head of Indian Statistical Institute, Bengaluru Centre.

About ISI:

• Indian Statistical Institute is a premier academic and research institution under MoSPI.
• Known for expertise in statistics, mathematics, computer science, and data science, with a strong track record in high-impact research.

Department for Promotion of Industry and Internal Trade Signs MoU with Hero MotoCorp to Support Startups in Future Mobility and Clean Technology

• The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, signed a Memorandum of Understanding (MoU) with Hero MotoCorp Limited to support and scale early-stage startups and entrepreneurs through its innovation accelerator programme ‘Hero For Startups’.
• Under the Startup India initiative, DPIIT and Hero MotoCorp will jointly support startups working in future of mobility, clean technology, and deep technology.
• Support for selected startups:
  • Exclusive access to Hero MotoCorp’s R&D facilities in Germany and India
  • Access to Hero MotoCorp’s network of dealers, suppliers, and partners
  • Mentorship from industry experts
  • Opportunity to work on paid Proofs of Concept (PoCs) to enable successful pilots and gain market exposure
• The partnership is expected to create new pathways for innovation-led industrial growth, aligned with Make in India, Atmanirbhar Bharat, and Viksit Bharat@2047.

RECENT NEWS

• In a landmark move towards strengthening India’s clean mobility and EV manufacturing ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, has signed a Memorandum of Understanding (MoU) with Ather Energy Limited, one of India’s leading electric vehicle manufacturers.

Department for Promotion of Industry and Internal Trade Signs MoU with Zepto to Support Early-Stage Manufacturing Startups

• The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, signed a Memorandum of Understanding (MoU) with Zepto Private Limited to support and scale early-stage startups in the manufacturing sector through its ‘Zepto Nova’ innovation challenge.

Key Highlights

• The collaboration will run a six-month programme to discover and mentor startups developing technologies in hardware, IoT, packaging, and sustainable manufacturing, helping them progress from prototype to market-ready solutions using Zepto’s delivery and digital infrastructure.
• Support provided:
  • Mentorship and capacity building via expert-led workshops
  • Startup India assistance
  • Special focus on women-led and Tier II/III city startups
• Zepto will integrate 100+ Indian startups into its supply chain, offering market access, a platform to showcase products, and opportunities to expand their presence.
• This MoU is part of DPIIT’s efforts to foster partnerships that drive rapid innovation, inclusive economic growth, and promote a self-reliant India.

CURRENT AFFAIRS: SPORTS NEWS

India Wins 27 Medals at Asian U19 & U22 Boxing Championships 2025

• India’s boxing contingent finished their campaign at the Asian Under-19 & Under-22 Boxing Championships 2025 in Bangkok with an impressive 27 medals.
• Ritika won gold in the women’s 80+ kg category for the U22 team, ending the tournament on a high note.
• Medal tally breakdown:
  • U19 team – 14 medals: 3 gold, 7 silver, 4 bronze; finished second overall, just behind Uzbekistan.
  • U22 team – 13 medals: 1 gold, 4 silver, 8 bronze; Ritika was the only gold medalist.
• Notable silver medalists:
  • Yatri Patel – Women’s 57kg
  • Priya – Women’s 60kg
  • Neeraj – Men’s 75kg
  • Ishan Kataria – Men’s 90+kg
• Context & recent performance:
  • Earlier in 2025, India’s U15 and U17 teams won 43 medals at the Asian Championships.
  • U15 squad won 11 gold medals – the highest in that category.

Shubman Gill wins ICC Men’s Player of the Month for July 2025

• The International Cricket Council (ICC) has named Shubman Gill as the Men’s Player of the Month and Sophia Dunkley as the Women’s Player of the Month for July 2025, recognising their exceptional performances.

• Men’s Player of the Month – Shubman Gill (India)
  • In his first series as India’s Test captain, Gill excelled against England in the Anderson–Tendulkar Trophy, which ended in a 2–2 draw.
  • He beat Ben Stokes (England) and Wiaan Mulder (South Africa) to claim the award.
  • Records broken:
    • First Indian captain to score a double century in England.
    • Highest Test score by an Indian in England – 269.
    • Surpassed Sachin Tendulkar’s highest overseas score outside Asia.
    • 430 runs in one Test match – second-highest in history.
• Women’s Player of the Month – Sophia Dunkley (England)
  • Claimed her first ICC Women’s Player of the Month award after a standout run against India.
  • Outperformed Sophie Ecclestone and Gaby Lewis in the nomination race.

David Warner Surpasses Virat Kohli in All-Time T20 Run-Scorers List

• Australian cricket star David Warner, who retired from international cricket earlier this year but continues to play in global T20 leagues, has now overtaken Virat Kohli to become the fifth-highest run-scorer in T20 cricket history.
• This milestone came during London Spirit’s match against Manchester Originals in The Hundred 2025 competition in England, where Warner scored 71 runs off 51 balls, hitting 12 fours and one six at a strike rate above 139.
• Despite Warner’s knock, London Spirit fell short of the 164-run target set by Manchester Originals, whose innings was powered by:
  • Phil Salt – 31 (20 balls, 4 fours, 1 six)
  • Ben McKinney – 29 (12 balls, 2 fours, 3 sixes)
  • Jos Buttler – 46 (37 balls, 3 fours, 2 sixes)

CURRENT AFFAIRS: OBITUARIES

William H. Webster, Only Person to Lead Both FBI and CIA, passed away at 101

• William H. Webster, former FBI and CIA director known for his integrity and troubleshooting skills, has passed away at the age of 101.
• He Led the FBI (1978–1987) and the CIA (1987–1991) — the only person to head both agencies in U.S. history.
• He was appointed FBI Director by President Jimmy Carter in 1978 to restore the bureau’s image after scandals.
• He was appointed CIA Director by President Ronald Reagan in 1987 to replace William Casey after the Iran-Contra scandal.
• The Federal Bureau of Investigation (FBI) is the U.S. premier federal law enforcement and domestic intelligence agency.
• The Central Intelligence Agency (CIA) is the U.S. primary foreign intelligence service.

Daily CA One- Liner: August 14

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved Phase-1B of the Lucknow Metro Rail Project, covering 165 km with 12 stations – 7 underground and 5 elevated
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved four new semiconductor projects under the India Semiconductor Mission (ISM), adding to the six already under execution
• The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi approved investment of ₹8,146.21 crore for construction of the Tato-II Hydro Electric Project (HEP) in Shi Yomi District, Arunachal Pradesh
• The Parliament passed the Merchant Shipping Bill, 2025 as the Rajya Sabha approved it today; the Lok Sabha had cleared the bill
• The Unique Identification Authority of India (UIDAI) signed an umbrella agreement with the Indian Statistical Institute (ISI) for joint research and development (R&D) aimed at enhancing the robustness, security, and reliability of Aadhaar operations through data-driven innovations.
• The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, signed a Memorandum of Understanding (MoU) with Hero MotoCorp Limited to support and scale early-stage startups and entrepreneurs through its innovation accelerator programme ‘Hero For Startups’
• The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, signed a Memorandum of Understanding (MoU) with Zepto Private Limited to support and scale early-stage startups in the manufacturing sector through its ‘Zepto Nova’ innovation challenge
• The Securities and Exchange Board of India (SEBI) has proposed major changes to the structure of large Initial Public Offerings (IPOs), including increasing allocation for Qualified Institutional Buyers (QIBs) and reducing the limit for retail investors.
• ICICI Bank has increased the minimum balance requirement for new savings bank accounts opened on or after August 1, 2025 by five times, from ₹10,000 to ₹50,000.
• The central government’s fiscal deficit stood at 17.9% of the full-year target at the end of June 2025, as per Controller General of Accounts (CGA) data.
• The Securities and Exchange Board of India (SEBI) has proposed easing norms for Related-Party Transactions (RPTs) by increasing the transaction limit that requires shareholder approval.
• ICICI Bank has reported the lowest employee attrition rate among large private sector lenders over the last three financial years, indicating higher employee retention due to competitive remuneration and a better working environment.
• Kenya has eradicated Human African Trypanosomiasis (HAT), also known as sleeping sickness, as confirmed by the World Health Organization (WHO) on August 8, 2025.
• JM Financial Credit Solutions (subsidiary of JM Financial) to sell 2.1% stake in JM Financial Home Loans (JMFHLL) to Bajaj Allianz Life Insurance for ₹65.5 crore.
• William H. Webster, former FBI and CIA director known for his integrity and troubleshooting skills, has passed away at the age of 101.
• India’s boxing contingent finished their campaign at the Asian Under-19 & Under-22 Boxing Championships 2025 in Bangkok with an impressive 27 medals.
• The International Cricket Council (ICC) has named Shubman Gill as the Men’s Player of the Month and Sophia Dunkley as the Women’s Player of the Month for July 2025, recognising their exceptional performances.
• Australian cricket star David Warner, who retired from international cricket earlier this year but continues to play in global T20 leagues, has now overtaken Virat Kohli to become the fifth-highest run-scorer in T20 cricket history.