Daily Current Affairs 17th October 2025 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Life insurance corporation of India Launches Two New Insurance Plans — Jan Suraksha and Bima Lakshmi — Under New Next Gen GST Regime

• The Life insurance corporation of India (LIC) Chief Executive Officer (CEO) & Managing Director (MD) Shri R. Doraiswamy launched two new insurance plans — LIC’s JAN SURAKSHA and LIC’s BIMA LAKSHMI — marking the first two products introduced under the new Next Gen GST Regime.
• Both plans offer Guaranteed Additions throughout the policy term and include an Auto Cover Facility after payment of three full years’ premiums.

Key Highlights :

About LIC’s JAN SURAKSHA (Life Micro Insurance Plan)

• LIC’s JAN SURAKSHA is a Life Micro Insurance Plan aimed at the lower-income group with Guaranteed Additions at 4% of the annualised premium at the end of each policy year.
• The plan provides financial support to the family in case of the policyholder’s death and a lump sum on maturity for the surviving policyholder.
• It is available only for standard healthy lives and requires no medical examination.
• Minimum and Maximum Age at Entry: 18 years (completed) and 55 years
• Basic Sum Assured: Minimum ₹1,00,000 and Maximum ₹2,00,000 (in multiples of ₹5,000).
• Policy Term: 12 to 20 years, with the Premium Paying Term = Policy Term – 5 years.
• It is a Non-Par, Non-linked Individual Savings Insurance Plan.

About LIC’s BIMA LAKSHMI (Exclusively for Females)

• LIC’s BIMA LAKSHMI is designed exclusively for females, offering life cover, periodic money-back payments every 2 or 4 years, limited illness coverage, and guaranteed maturity benefits.
• Guaranteed Additions accrue at 7% of the Total Annual Premium each year for in-force policies, and proportionately for paid-up policies.
• Minimum Age at Entry: 18 years (last birthday); Maximum Age at Entry: 50 years (nearer birthday).
• Policy Term: 25 years with a Premium Paying Term of 7 to 15 years.
• Minimum Basic Sum Assured: ₹2,00,000, with no maximum limit (multiples of ₹10,000, subject to underwriting policy).
• Includes an Auto Cover Facility after three years of premium payment.
• Offers a Female Critical Illness Rider available at an additional premium.
• It is a Non-Par, Non-linked Insurance Plan.

Securities and Exchange Board of India Approves Nuvama Wealth Management to Launch Nuvama Mutual Fund as Sponsor

• Nuvama Wealth Management Limited has received Securities and Exchange Board of India (SEBI) approval to act as the sponsor and set up its proposed Nuvama Mutual Fund.
• The approval was granted via a SEBI letter dated October 1, 2025.
• This enables Nuvama to launch mutual fund schemes, including those under the Specialized Investment Fund (SIF)
• The final registration of the mutual fund will be granted by SEBI after fulfillment of certain regulatory requirements by Nuvama.
• Earlier in January 2025, Nuvama had announced its intention to apply to SEBI to act as the sponsor for the mutual fund.

Zomato, HDFC Pension Launch NPS Model to Ensure Retirement Security for Delivery Partners

• Zomato and HDFC Pension jointly launched the “NPS Platform Workers Model” to provide retirement security for Zomato’s delivery partners under the National Pension System (NPS).
• The program enables gig workers to make small, regular contributions and receive lump sum and pension benefits at retirement, with portability across jobs.
• Over 30,000 delivery partners have already received their PRANs within 72 hours of system integration; the platform targets over 1 lakh partners in 2025.
• The initiative addresses financial insecurity among platform workers, a group projected to reach 23.5 million in India by 2030 (as per NITI Aayog’s 2022 report).
• Zomato CEO Aditya Mangla and HDFC Pension MD Sriram Iyer stated that the scheme helps shift workers’ focus from daily income to long-term financial stability.

Bajaj Finserv Drops Allianz Branding, Rebrands Insurance Arms as Bajaj General and Bajaj Life Insurance

• Bajaj Finserv rebranded its insurance businesses as Bajaj General Insurance and Bajaj Life Insurance, ending the Allianz co-branding.
• The rebranding follows the acquisition of Allianz SE’s 26% stake, raising Bajaj Group’s ownership to 100% in both ventures.
• The new campaign tagline is “100% Bajaj. Made in India. Made for India. Made by India.”, showcasing the group’s commitment to domestic growth and customer focus.
• Sanjiv Bajaj, Chairman & MD, stated that the rebranding represents Bajaj Finserv’s vision to empower Indians with financial protection.
• Regulatory approvals have been received from ROC, CCI, and IRDAI, with the SPA-based acquisition expected to conclude soon.
• Once completed, the joint venture agreements with Allianz SE will be terminated, making both insurance companies wholly owned by Bajaj Group.

Ageas Federal Life Insurance, CSB Bank Partner to Launch SME-Focused Bancassurance Alliance

• Ageas Federal Life Insurance has partnered with CSB Bank to form an SME Bancassurance Partnership aimed at serving SME customers of CSB Bank.
• The partnership will offer life insurance products that cover business continuity, wealth creation, and family financial security.
• CSB Bank will provide these insurance products alongside its financial services, including home loans, business loans, and SME credit lines.
• The collaboration aims to deliver easy and superior insurance experiences to customers.
• MD & CEO of Ageas Federal Life Insurance : Jude Gomes

Reserve Bank of India Amends FEMA Rules to Boost External Trade and Payment Flexibility

• The Reserve Bank of India (RBI) amended the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 and the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015 to facilitate external trade and payments.
• Authorised Dealer (AD) banks in India and their overseas branches are now permitted to lend in Indian Rupees to residents and banks in Bhutan, Nepal, and Sri Lanka to support cross-border trade.
• The amendment is notified as Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2025, dated October 6, 2025.
• RBI extended the repatriation period for unutilised balances in foreign currency accounts held by Indian exporters in IFSCs from 1 month to 3 months.
• This change applies under the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Seventh Amendment) Regulations, 2025, notified on October 6, 2025.
• Earlier, in January 2025, exporters were allowed to open foreign currency accounts abroad with a one-month repatriation requirement; the new amendment adds flexibility for accounts maintained within International Financial Services Centres (IFSCs).

Swiggy Teams Up with PayU Finance to Provide Credit Solutions for Restaurant Partners from Next Fiscal

• Swiggy has partnered with PayU Finance, the NBFC arm of PayU, to offer credit solutions to its restaurant partners starting from the next financial year.
• The partnership aims for annualised credit disbursement of ₹300 crore in the next fiscal year and ₹1,000 crore over three years.
• PayU Finance will provide customised unsecured loans of up to ₹25 lakh with flexible repayment through an Equated Weekly Installment (EWI)
• The loans will carry an interest rate starting at 18% per annum and have zero foreclosure penalties.
• Restaurant partners can apply for loans via the ‘Instant Loan’ section on the Swiggy Partner app, processed through PayU’s digital platform and network.
• The collaboration aims to address financing challenges in the HORECA sector (Hotels, Restaurants, and Cafés) by embedding credit services within Swiggy’s ecosystem and removing traditional lending barriers.

Unclaimed Mutual Fund Amount Rises 21% to ₹3,452 Crore in FY25

• Unclaimed money in mutual funds increased 21%, from ₹2,862 crore (2023–24) to ₹3,452 crore (2024–25), mainly due to unclaimed dividends (up 26.5%) and redemptions (up 10.1%).
• The rise was linked to outdated investor contact details, causing bounced payouts.
• To address this, SEBI and AMFI launched the MITRA platform to help investors track and claim unclaimed mutual fund folios.
• New mutual fund schemes rose 32.8% to 247, with gross resource mobilisation up 19.7% to ₹137 lakh crore and net inflows surging 129.8% to ₹8.2 lakh crore.
• Mutual funds’ net investments in secondary markets doubled to ₹3.9 lakh crore; equity schemes recorded ₹4.8 lakh crore net purchases, while debt schemes saw ₹87,461 crore in net sales.
• Schemes with negative annual returns increased from 96 to 243, while those with returns above 5% declined from 1,326 to 1,156.
• The mutual fund investor base expanded 21.7% to 5.4 crore, SIP accounts rose 19.7% to 10.1 crore, and average monthly SIP inflows climbed 79.8% to ₹13,052 crore.
• SEBI introduced several reforms: a unified investor app, revised nomination norms, a ban on links with unregulated finfluencers, and a rule mandating disclosure of risk-adjusted returns for equity schemes.

Reserve Bank of India Orders BNPL Firm Simpl to Halt Payment Operations for Operating Without Authorization

• The Reserve Bank of India (RBI) directed Bengaluru-based BNPL firm Simpl to immediately cease its payment operations for running a payment system without RBI approval under the Payment and Settlement Systems Act, 2007.
• Simpl, operated by One Sigma Technologies, partners with 26,000 merchants, enabling customers to defer payments at checkout.
• The RBI’s action is based on concerns over unsecured lending, weak regulatory oversight, and consumer protection risks in Buy Now, Pay Later (BNPL)
• Simpl was previously investigated by the Enforcement Directorate (ED) for alleged FDI and forex violations, having received ₹913 crore under the IT services route instead of obtaining approval for financial services.

Raise Financial Services Secures $120 Million in Series B Funding Led by Hornbill Capital

• Raise Financial Services, owner of the stock trading platform Dhan, has raised $120 million in a Series B funding round led by Hornbill Capital, with participation from MUFG and BEENEXT.
• The funding round values the Mumbai-based fintech at $1.2 billion, marking its entry into the unicorn club.
• The raised capital will be used to expand Dhan, strengthen technology and AI capabilities, and launch new products for investing and financial services distribution.
• Raise Financial Services was founded in January 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, and also operates ScanX, Upsurge, Filter Coffee, and Fuzz, forming a technology-driven financial ecosystem.

State Bank of India Targets 30% Women Representation in Workforce Within Five Years

• The State Bank of India (SBI) has set a target to raise women’s workforce share to 30% within five years, up from the current 27%, as stated by Deputy Managing Director (HR) & Chief Development Officer Kishore Kumar Poludasu.
• Although women constitute 33% of SBI’s frontline workforce, their overall representation remains lower, leading to structured diversity initiatives by the bank.
• SBI’s ‘Empower Her’ programme aims to groom women for leadership roles through coaching and mentoring, along with health drives such as cervical and breast cancer screenings.
• The bank currently operates over 340 all-women branches across India and plans to expand, reinforcing its commitment to inclusivity and a safe workplace.

About SBI :

• Founded: 1 July 1955
• Headquarters: Mumbai, Maharashtra,India
• Chairman : C. Sreenivasulu Setty

HSBC India Unveils ‘Innovation Banking’ Platform to Support Startups Across All Growth Stages

• HSBC India has launched an ‘Innovation Banking’ platform to offer specialised banking and financing solutions for startups and entrepreneurial businesses across all growth stages — from seed to IPO.
• The bank has earmarked $1 billion in non-dilutive debt capital to support early- to late-stage growth companies, allowing founders to scale operations without giving up equity and retain ownership.
• HSBC already funds venture capital and private equity (PE) firms, and through Innovation Banking, aims to expand services to a broader range of funds and propositions.
• The bank has also introduced Digital Merchant Services (DMS) in India — a digital payment management platform for e-commerce merchants.
• DMS enables merchants to accept multiple payment methods — Mastercard, Visa, RuPay, UPI, and net banking — through a single contract and unified interface.
• The platform simplifies operations, reducing the need for multiple payment service relationships and enhancing reconciliation and reporting efficiency.

Reserve Bank of India Frequently Asked Questions – Digital Rupee (e₹)

• Digital Rupee (e₹) is India’s Central Bank Digital Currency (CBDC) — a digital form of the Rupee (₹) issued by the Reserve Bank of India (RBI).
• e₹ offers features similar to physical cash, such as RBI guarantee, finality of settlement, and ease of use.

Key Highlights :

• e₹ is stored in a digital wallet and can be used for sending, receiving, or making payments, just like physical currency.
• e₹ wallets are offered by banks and non-banks for person-to-person (P2P) and person-to-merchant (P2M)
• No minimum balance is required to open or maintain an e₹ wallet.
• e₹ wallets are secure, protected by a robust cyber-security framework, and can be recovered even if the mobile device is lost.
• The e₹ wallet supports both Android and iOS platforms.
• The RBI creates and issues e₹ electronically to banks and non-banks, which distribute it to the public.
• The retail CBDC pilot began on December 1, 2022, to test technology, scalability, and user acceptance.
• e₹ pilots are designed to test the robustness of creation, distribution, and usage of the digital rupee.
• Currently, only users and merchants of pilot banks and non-banks can use e₹.
• e₹ transactions can occur 24×7, including outside banking hours.
• Savings account linkage is required for now to simplify KYC and onboarding.
• e₹ is available in the same denominations as physical currency notes for ease of use.
• A change-making feature is available — users can pay an exact amount and receive the balance back digitally.
• There are no charges or fees for using e₹ or its wallet.
• No interest is paid on balances held in e₹ wallets since it functions like cash.
• e₹ is legal tender, under Section 26 of the RBI Act, 1934, and is guaranteed by the Central Government.
• e₹ differs from UPI — UPI is a payment system, while e₹ is digital currency and store of value.
• e₹ transactions between two wallets are settled instantly without going through banks.
• The offline feature allows transactions without the internet, useful in remote or low-connectivity areas.
• Currently, 15 banks are offering CBDC wallets under the retail pilot.
• Wholesale CBDC (e₹-W) is used by financial institutions for interbank settlements and large-value transactions.
• e₹-W enhances efficiency, speed, and security through programmability and smart contracts.
• There are 14 participants in the wholesale CBDC pilot, including banks and non-banks.
• Current e₹-W use cases include settlement of government securities transactions and inter-bank call money market lending.
• Settlement in central bank money via e₹-W reduces transaction costs and settlement risks.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Hindustan Shipyard Limited Conferred Mini Ratna Status by Government of India

• Hindustan Shipyard Limited (HSL), one of India’s oldest shipbuilding companies, was granted Mini Ratna status by the Government of India, marking a major turnaround and strengthening its role in India’s maritime and defence manufacturing ecosystem.

Key Highlights

• Founded in 1941, HSL produced vessels for commercial and naval use but faced operational and financial setbacks from the 1980s due to outdated technology, project delays, and poor competitiveness.
• After being transferred to the Ministry of Defence in 2010, HSL’s revival post-2015 involved:
  • Financial restructuring
  • Technology upgrades
  • Workforce reskilling
  • Tighter project management
• These reforms enabled HSL to post profits in nine out of the last ten financial years, except in 2020–21 during the COVID-19 disruption.
• Mini Ratna Status provides HSL with greater financial and operational autonomy, including:
  • Authority to form joint ventures
  • Sign technology collaborations
  • Approve investments up to a defined limit without prior government approval
• This allows HSL to undertake advanced naval projects, including autonomous and low-emission vessels, enhancing competitiveness in global defence manufacturing.

FASTag Annual Pass Crosses 25 Lakh Users within Two Months

• The FASTag Annual Pass, launched on 15th August 2025, has attracted over 25 lakh users within two months, recording 5.67 crore transactions, marking a significant step in simplifying highway travel across India.
• The pass is a one-time toll payment system for non-commercial vehicles with validity of 1 year, fee of ₹3,000 for up to 200 National Highway or National Expressway crossings, and activation within 2 hours via the vehicle’s existing FASTag using the Rajmargyatra App or National Highways Authority of India (NHAI) website.

Key Highlights

• Users can travel across 1,150 toll plazas on National Highways and National Expressways without repeated FASTag recharges, while for state-managed expressways or highways, the FASTag wallet balance continues to work.
• The pass is non-transferable, valid only for non-commercial vehicles, and does not cover State Highway toll plazas, which require regular FASTag wallet payment.
• This milestone reflects massive public adoption and trust in NHAI’s digital initiatives, supporting its mission for safe, fast, and efficient road transport.

India Resumes All International Postal Services to the United States from October 15, 2025

• India Post will resume all categories of international postal services to the United States starting October 15, 2025, following a two-month suspension due to regulatory changes in the United States.
• The suspension began on August 22, 2025, after a United States Executive Order modified how import duties are collected on low-value international parcels, removing the previous duty-free threshold and applying duties under the International Emergency Economic Powers Act (IEEPA).
• To comply with United States Customs and Border Protection (CBP) requirements, India Post has implemented a Delivery Duty Paid (DDP) system, where:
  • Import duties are collected in India at the time of booking.
  • Duties are remitted in advance to U.S. Customs and Border Protection through a U.S.-approved Qualified Party.
  • A flat 50 percent of the parcel’s declared Free on Board (FOB) value is charged as duty, with no additional tariffs or category-based rates.
  • The system ensures faster customs clearance, avoids last-mile delays, and eliminates surprise charges for recipients in the United States.
• Existing tariffs remain unchanged, and no extra fee is charged for using the Delivery Duty Paid facility.
• Services being restored from October 15, 2025 include:
  • Express Mail Service (EMS)
  • Air Parcels
  • Registered Letters and Packets
  • Tracked Packets
• These services will be available through all India Post outlets, including post offices, International Business Centres, and the India Post online portal.

Union Minister Arjun Ram Meghwal Launches Legal Information Management and Briefing System Live Cases Dashboard

• Union Minister of State for Law and Justice Arjun Ram Meghwal inaugurated the Legal Information Management and Briefing System (LIMBS) Live Cases Dashboard in New Delhi to enhance transparency and efficiency in government litigation.
• LIMBS, launched in 2015 by the Ministry of Law and Justice, digitises legal data and coordinates litigation involving the Government of India, consolidating information from multiple ministries and departments.

Key Highlights

• The system currently manages over 7 lakh active cases from 53 ministries and departments, improving legal preparedness, accountability, and case management.
• The Live Cases Dashboard provides real-time monitoring of upcoming court cases in the Supreme Court, High Courts, and subordinate courts, displaying hearings scheduled for the next seven days and allowing ministers and officers to access updates directly.
• It enhances inter-ministerial coordination, ensures consistent responses, and reduces delays caused by miscommunication or lack of visibility, particularly in high-stakes or multi-departmental cases.
• The dashboard supports the government’s e-governance and data-driven decision-making initiatives, enabling faster legal analysis, quick briefings for ministers and legal teams, and efficient allocation of resources for court representation.
• The launch emphasises transparency and accountability in governance, streamlines workflows, prioritises critical cases, and reduces the legal burden through early resolution strategies.
• Efficient litigation tracking also helps cut costs and time by reducing unnecessary delays and expenditure on legal representation caused by poor coordination or mismanagement.

India’s Female Labour Force Participation Rises to 42% in 2023–24

• According to the Ministry of Labour and Employment, India’s Female Labour Force Participation Rate (FLFPR) increased from 23% in 2017–18 to 42% in 2023–24, marking a major transformation in gender inclusion and economic participation.
• India recorded the highest growth in female workforce participation among BRICS nations (Brazil, Russia, India, China, South Africa) over the past decade, with a nearly 19 percentage point increase despite global uncertainties and structural employment challenges.
• The increase has been driven by targeted government policies, access to skilling and credit, formal job creation, and growth in digital platforms, work-from-home options, and service sector employment, particularly in rural and semi-urban areas.
• Key policy measures for women include:
  • Exemption of examination fees for women in various competitive exams.
  • 730 days of Child Care Leave (CCL) for female government employees.
  • 180 days of paid maternity leave, ensuring maternal health and employment continuity.
  • Co-location of spouses to allow husband and wife postings at the same station.
  • Workplace wellness programmes and psychosocial support in public services.
• Skill development and employment initiatives comprise:
  • Skill India Mission with a focus on female trainees.
  • Entrepreneurship promotion schemes for women-led startups.
  • Digital literacy programmes to bridge the technology access gap.
  • Support for women in STEM fields, research, and innovation roles.
• Safety and support systems include One Stop Centres (OSCs) offering medical assistance, legal aid, counselling services, and temporary shelter to address gender-based violence and ensure a safe working environment.
• These combined efforts aim to enhance women’s employability across sectors including construction, IT, healthcare, and education, contributing to the goal of Viksit Bharat by 2047.
• The rise in FLFPR underscores India’s progressive social policies, structural reforms, and commitment to gender-inclusive growth.

National Highways Authority of India (NHAI) to Use 100% Municipal Waste for Road Construction by 2027

• The National Highways Authority of India (NHAI) plans to utilise 100% of India’s municipal waste for road construction by 2027, marking a major step toward sustainable and green infrastructure.
• The initiative was announced by Union Minister for Road Transport and Highways Nitin Gadkari during a convocation ceremony at an engineering college near Chennai.

Key Highlights

• The move aims to integrate waste management with infrastructure development, thereby reducing urban pollution and lowering dependence on carbon-intensive materials.
• Currently, around 80 lakh tonnes of municipal waste is being used in national highway projects.
  • 25 lakh tonnes have been utilised in the Ahmedabad–Pune Highway.
  • 40 lakh tonnes have been deployed in the Mumbai–Delhi Expressway.
• These examples highlight India’s growing capacity to convert urban waste into a valuable construction resource.
• The target year 2027 reflects the government’s broader focus on sustainable development, circular economy principles, and cost-effective construction practices.
• The initiative supports India’s commitments under the Paris Agreement and contributes to achieving the Sustainable Development Goals (SDGs), especially SDG 9 (Industry, Innovation and Infrastructure) and SDG 12 (Responsible Consumption and Production).
• In a move toward innovation, Minister Gadkari revealed that a test road using bio-bitumen derived from livestock waste has been successfully constructed.
  • The Central Research Organisation certified that this bio-bitumen performed better than conventional petroleum-based bitumen.
  • This advancement reduces dependence on imported fossil fuels while promoting cleaner construction materials.
• The Ministry is also conducting research to produce hydrogen from municipal waste, which will contribute to India’s emerging green hydrogen economy.
• This dual approach—using waste for both infrastructure and clean fuel generation—aims to make India a global leader in sustainable infrastructure innovation and waste-to-wealth transformation.

RECENT NEWS

• In a significant step towards digital transformation and commuter convenience, the National Highways Authority of India (NHAI) has announced the installation of QR Code Sign Boards across National Highway stretches. This move aims to improve transparency, ensure easy access to project-specific details, and enhance road safety for highway users.

Employees’ Provident Fund Organisation (EPFO) Simplifies and Liberalises Withdrawal Rules

• The Employees’ Provident Fund Organisation (EPFO) has announced a major reform simplifying and liberalising its withdrawal rules, allowing over 7 crore subscribers to withdraw up to 100% of their eligible provident fund (PF) balance.
• The new guidelines were approved by the Central Board of Trustees (CBT) on October 13, 2025, under the chairmanship of Union Minister for Labour and Employment Mansukh Mandaviya.
• The move aims to enhance financial flexibility, reduce documentation, and improve ease of living for EPFO members.

Key Highlights

• Members can now withdraw their entire eligible balance, including both employee and employer contributions, while maintaining a minimum 25% balance for future retirement benefits.
• The earlier 13 provisions for partial withdrawals have been merged into 3 categories –
  1. Essential Needs: Illness, education, and marriage.
  2. Housing Needs: Home purchase and construction.
  3. Special Circumstances: Unemployment, calamities, and epidemics, where no reason needs to be declared.
• Withdrawals for education are now allowed up to 10 times, and for marriage up to 5 times, compared to the earlier combined limit of 3 times.
• The minimum service requirement for all types of partial withdrawals has been reduced to 12 months, replacing the previously varied service durations.
• The premature final settlement period for EPF has been extended from 2 months to 12 months, while the final pension withdrawal period has been extended from 2 months to 36 months, offering greater flexibility during employment transitions or delayed retirements.
• The new framework introduces 100% auto-settlement of partial withdrawal claims with zero documentation for most categories, ensuring faster processing, fewer delays, and minimal rejections.
• A 25% minimum contribution balance must be maintained in the PF account to ensure continued interest accrual (currently 8.25% per annum) and compounding benefits for building a strong retirement corpus.
• The Central Board of Trustees has also approved the appointment of four fund managers for managing EPFO’s debt investment portfolio for the next five years –

• • SBI Funds Management
  • HDFC Asset Management Company (AMC)
  • Aditya Birla Sun Life Asset Management Company
  • UTI Asset Management Company

• This step aligns with EPFO’s long-term objective of safeguarding investments and enhancing returns for its members.

RECENT NEWS

• In a landmark reform, the Employees’ Provident Fund Organisation (EPFO) has simplified and liberalised its withdrawal rules, allowing over 7 crore subscribers to now withdraw up to 100% of their eligible provident fund (PF) balance. The new guidelines were approved by the Central Board of Trustees (CBT) on October 13, 2025, under the chairmanship of Union Labour Minister Mansukh Mandaviya. These changes are aimed at improving ease of living, reducing documentation, and enhancing financial flexibility for EPFO members.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Anant Goenka Appointed as Federation of Indian Chambers of Commerce and Industry President-Elect for 2025–26

• Industry chamber Federation of Indian Chambers of Commerce and Industry (FICCI) announced Anant Goenka, Vice Chairperson of RPG Group, as its President-Elect for 2025–26.
• Anant Goenka is currently the Senior Vice President of FICCI and will succeed Harsha Vardhan Agarwal, the Vice Chairman & Managing Director of Emami Group, at the conclusion of FICCI’s annual general meeting.
• RPG Group is a $5 billion conglomerate with interests in tyres (CEAT), infrastructure, IT, pharma, and specialty sectors.
• Goenka, a third-generation business leader, is credited for modernizing operations and driving digital transformation within the RPG Group.
• Under Harsha Vardhan Agarwal’s leadership, FICCI focused on MSME reforms, exports, ESG, and inclusive growth, strengthening business–government collaboration.
• FICCI, established in 1927, plays a vital role in policy advocacy, promoting international trade, and representing Indian industry in government and global forums.
• The FICCI President leads initiatives engaging with ministers, regulators, and global investors, influencing economic policy and business direction.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

IIHL Mauritius Acquires Full Ownership of Sterling Bank in the Bahamas via Subsidiary IIHL (Capital)

• IIHL Mauritius, the promoter of IndusInd Bank, has acquired 100% stake in Sterling Bank, Bahamas through its wholly owned subsidiary IIHL (Capital), Mauritius.
• Earlier, IIHL Mauritius held a 51% stake in Sterling Bank since September 2022.
• Following the acquisition, Sterling Bank will be renamed “IIHL Bank & Trust Limited.”
• IIHL plans to introduce advanced financial technologies and international market products to enhance customer services.
• The acquisition will expand IIHL’s global presence and strengthen its long-term value delivery to shareholders and customers, aligning with its target of US$50 billion global market capitalization by 2030.
• Chairman of IIHL : Ashok P. Hinduja

CURRENT AFAFIRS: MOUS AND AGREEMENT

Government of India Signs MoU with Zomato to Generate 2.5 Lakh Jobs via National Career Service Portal

• The Government of India has signed a Memorandum of Understanding (MoU) with Zomato to create up to 2.5 lakh job opportunities annually through the National Career Service (NCS) portal, integrating platform- based gig roles into the formal employment ecosystem.
• Launched in 2015, the NCS portal is a flagship initiative under the Ministry of Labour and Employment, connecting job seekers with employers across sectors.
• As of 2025, it has facilitated over 7.7 crore vacancies and plays a key role in Digital India initiatives promoting inclusive and transparent recruitment.

Key Highlights

• Under the new ‘Aggregator’ category within NCS, Zomato will list flexible livelihood opportunities for delivery partners and gig workers, which are:
  • Real-time and technology-enabled
  • Flexible in working hours
  • Integrated with social protection schemes
  • Accessible across urban and semi-urban areas
• The initiative aligns with Pradhan Mantri Viksit Bharat Rozgar Yojana and the vision of Viksit Bharat 2047, promoting inclusive growth and formalisation of all forms of work.
• The MoU addresses challenges in India’s gig economy, which often lacks access to formal benefits such as insurance, pensions, and structured contracts, by:
  • Formalising gig work
  • Promoting job dignity and stability
  • Digitally registering workers to make them eligible for social schemes
  • Encouraging other platforms to adopt similar models
• This move represents a policy shift recognizing platform economy roles as legitimate employment, ensuring protection and inclusion for gig workers.

Bharti Airtel Partners with IBM to Launch Advanced Cloud Services in India

• Bharti Airtel, India’s second-largest telecom operator, has partnered with International Business Machines Corporation (IBM) to deliver advanced cloud services through Airtel’s newly launched cloud platform, targeting India’s rapidly expanding digital infrastructure market.
• The collaboration comes amid growing demand for scalable, secure, and localized cloud solutions, driven by the Artificial Intelligence (AI) boom and evolving data sovereignty regulations in India.
• The rise of AI, machine learning, and big data analytics has created a need for massive computing capacity and secure data storage across sectors including finance, healthcare, and manufacturing.

Key Highlights

• Indian regulations now require certain sensitive data to be stored within national borders, prompting organizations to adopt India-based cloud infrastructure.
• The partnership allows IBM’s enterprise-grade cloud services to be hosted and delivered via Airtel’s cloud platform, offering services such as:
  • Hybrid cloud architecture
  • Artificial Intelligence tools and analytics services
  • Data security and backup solutions
  • Industry-specific solutions for banking, manufacturing, and telecom sectors
• Airtel’s cloud platform ensures low-latency, localized, and highly secure cloud solutions, leveraging its extensive network infrastructure and data centers across India.
• The strategic deal strengthens Airtel’s position in the enterprise technology ecosystem and provides IBM access to India’s fast-growing cloud services market, projected to reach $17 billion by 2027.
• It enables Airtel to compete with global tech giants like Amazon Web Services, Google Cloud, and Microsoft Azure, while supporting IBM’s hybrid cloud-first strategy for digital transformation in emerging economies.

India and Mongolia Sign MoUs, Announce Free Visas, and Mark 70 Years of Diplomatic Relations

• Prime Minister Narendra Modi and Mongolian President Khurelsukh Ukhnaa held high-level talks in New Delhi, marking 70 years of diplomatic relations between India and Mongolia.
• The visit witnessed the signing of 10 Memoranda of Understanding (MoUs) and announcements related to free e-visas for Mongolian citizens, an oil refinery project, and joint cultural and digital initiatives.

Key Highlights

• India was among the first countries to establish diplomatic ties with Mongolia in 1955.
• In 2015, the partnership was elevated to a Strategic Partnership during PM Modi’s visit, which included a USD 1 billion line of credit.
• The 2025 visit celebrates both 70 years of relations and 10 years of strategic partnership, reflecting a deep and mature bond.
• The 10 MoUs cover cooperation in humanitarian aid, restoration of heritage sites, immigration, geology and mineral exploration, promotion of cooperatives, and digital solutions.
• A regional-level cooperation agreement was also signed between the Ladakh Autonomous Hill Development Council in India and Arkhangai Province in Mongolia.
• India reaffirmed its commitment to the USD 1.7 billion oil refinery project in Mongolia, which will be the country’s first major refinery capable of processing 1.5 million metric tonnes of crude oil per year and is expected to become operational by 2028.
• The project aims to enhance Mongolia’s energy independence while strengthening India’s economic presence in the region. India also expressed interest in oil and gas exploration opportunities in Mongolia.
• A digital cooperation MoU was signed to boost e-governance and digital public infrastructure, while India will digitise one million ancient Mongolian manuscripts and send a Sanskrit teacher to Mongolia’s Gandan Monastery to strengthen educational and cultural ties.
• Both leaders emphasised the shared Buddhist heritage between the two nations and announced that Nalanda University in India will be linked with Gandan Monastery in Mongolia.
• India will also send the holy relics of Arahants Sariputra and Maudgalyayana to Mongolia in 2026, sponsor annual visits of young Mongolian cultural ambassadors, and has made e-visas free for Mongolian citizens to promote people-to-people connectivity. Commemorative stamps were jointly released to mark 70 years of bilateral ties.
• On global cooperation, Mongolia reaffirmed its support for India’s bid for permanent membership in the United Nations Security Council (UNSC) and backed India’s candidature for a non-permanent seat for 2028–29.
• Mongolia also joined the International Big Cat Alliance, aligning with India’s wildlife conservation efforts, and both countries strengthened defence diplomacy through the appointment of a resident defence attaché at India’s embassy in Ulaanbaatar.

CURRENT AFFAIRS: RANKING AND REPORTS

Henley Passport Index 2025 Released – Singapore Tops the Global Ranking

• The Henley Passport Index 2025, which ranks countries based on the number of destinations their passport holders can access without a prior visa, revealed significant shifts in global mobility trends.
• Singapore reclaimed the top position with visa-free access to 193 destinations, marking its continued dominance in travel freedom.
• South Korea and Japan secured Ranks 2 and 3, with 190 and 189 visa-free destinations respectively.
• European countries such as Germany, Italy, Luxembourg, Spain, and Switzerland remained among the top performers.
• The United Arab Emirates (UAE) showed the most notable improvement among Middle Eastern countries.

Top 10 Strongest Passports in the World (October 2025)

Global Overview

• Singapore emerged as the most powerful passport, offering visa-free access to 193 destinations.
• South Korea and Japan closely followed at Ranks 2 and 3, reflecting Asia’s continued leadership in travel freedom.
• European nations maintained a strong presence in the top ranks, while the UAE demonstrated remarkable improvement in global reach.

Additional Highlights

• The United States dropped to Rank 12, tied with Malaysia, with 180 visa-free destinations, marking the first time it fell out of the top 10.
• The United Kingdom, which once held a top position in 2015, fell to Rank 8 in 2025 — its lowest rank ever.
• China improved from Rank 94 in 2015 to Rank 64 in 2025, gaining 37 additional visa-free destinations over the past decade.
• The UAE climbed from Rank 10 to Rank 8, reflecting growing economic and diplomatic partnerships.

India’s Performance

• India’s passport slipped to Rank 85 in 2025, down from Rank 80 in 2024.
• India’s lowest rank was 90 in 2021, while its best-ever position was 71 in 2006.
• The variation in rankings reflects changing global visa policies, security considerations, and diplomatic relations influencing Indian travellers.

India’s Regional Comparison on the Henley Passport Index 2025

Global Trends Reflected by the Index

• Asian dominance reflects growing economic and political stability across the region.
• The decline of Western powers like the United States and the United Kingdom indicates tighter immigration controls and reduced diplomatic reciprocity.
• The rise of Middle Eastern nations such as the UAE showcases their increasing influence through economic diplomacy and global engagement.

CURRENT AFFAIRS: SPORTS NEWS

Lionel Messi Becomes All-Time Leader in International Assists

• Lionel Messi of Argentina became the all-time leader in international assists, providing two assists in Argentina’s 6‑0 victory over Puerto Rico, taking his total to 60 assists.

Key Highlights

• With this achievement, Messi surpassed Neymar Jr. (Brazil) and Landon Donovan (United States) on the men’s international football assist list.
• Messi’s first-ever assist for Argentina came in 2006, also in a 6‑0 win against Serbia and Montenegro at the FIFA World Cup. Nineteen years later, in the same scoreline, he set the new record, reflecting a poetic symmetry in his career.
• Top 5 Players in Men’s International Assists

• Messi is now just two assists short of 400 in his overall professional career, an extraordinary milestone usually achieved by elite midfielders.

CURRENT AFFAIRS: IMPORTANT DAYS

The date of the International Day for the Eradication of Poverty is October 17.

• International Day for the Eradication of Poverty 2025 is observed on the 17th of October.
• The International Day for the Eradication of Poverty is an opportunity to recognize the challenges and efforts of those who are poor, give them a voice, and highlight that they are the ones who fight against poverty first.
• The theme for the International Day for the Eradication of Poverty on October 17, 2025, is “Ending social and institutional maltreatment by ensuring respect and effective support for families”.

History

• The first commemoration of this day took place in 1987 at the Trocadéro in Paris, where more than 100,000 people gathered to remember those who had died from extreme poverty, violence, and hunger at the unveiling of a memorial stone by a French priest and humanitarian activist named Joseph Wresinski.
• Such people declared that poverty is a violation of human rights and that we must work together to guarantee that these rights are upheld.
• The general assembly established October 17 as the International Day for the Eradication of Poverty on December 22, 1992, four years after Wresinski passed away in 1988.
• The eradication of poverty and misery was the subject of an invitation to all nations to submit and promote initiatives.

Daily CA One- Liner: October 17

• Hindustan Shipyard Limited (HSL), one of India’s oldest shipbuilding companies, was granted Mini Ratna status by the Government of India, marking a major turnaround and strengthening its role in India’s maritime and defence manufacturing ecosystem
• The FASTag Annual Pass, launched on 15th August 2025, has attracted over 25 lakh users within two months, recording 67 crore transactions, marking a significant step in simplifying highway travel across India.
• India Post will resume all categories of international postal services to the United States starting October 15, 2025, following a two-month suspension due to regulatory changes in the United States
• Union Minister of State for Law and Justice Arjun Ram Meghwal inaugurated the Legal Information Management and Briefing System (LIMBS) Live Cases Dashboard in New Delhi to enhance transparency and efficiency in government litigation
• According to the Ministry of Labour and Employment, India’s Female Labour Force Participation Rate (FLFPR) increased from 23% in 2017–18 to 42% in 2023–24, marking a major transformation in gender inclusion and economic participation
• The National Highways Authority of India (NHAI) plans to utilise 100% of India’s municipal waste for road construction by 2027, marking a major step toward sustainable and green infrastructure
• The Employees’ Provident Fund Organisation (EPFO) has announced a major reform simplifying and liberalising its withdrawal rules, allowing over 7 crore subscribers to withdraw up to 100% of their eligible provident fund (PF) balance.
• The Government of India has signed a Memorandum of Understanding (MoU) with Zomato to create up to 2.5 lakh job opportunities annually through the National Career Service (NCS) portal, integrating platform- based gig roles into the formal employment ecosystem
• Bharti Airtel, India’s second-largest telecom operator, has partnered with International Business Machines Corporation (IBM) to deliver advanced cloud services through Airtel’s newly launched cloud platform, targeting India’s rapidly expanding digital infrastructure market
• Prime Minister Narendra Modi and Mongolian President Khurelsukh Ukhnaa held high-level talks in New Delhi, marking 70 years of diplomatic relations between India and Mongolia
• The Henley Passport Index 2025, which ranks countries based on the number of destinations their passport holders can access without a prior visa, revealed significant shifts in global mobility trends
• Lionel Messi of Argentina became the all-time leader in international assists, providing two assists in Argentina’s 6‑0 victory over Puerto Rico, taking his total to 60 assists.
• The Life insurance corporation of India (LIC) Chief Executive Officer (CEO) & Managing Director (MD) Shri R. Doraiswamy launched two new insurance plans — LIC’s JAN SURAKSHA and LIC’s BIMA LAKSHMI — marking the first two products introduced under the new Next Gen GST Regime.
• Nuvama Wealth Management Limited has received Securities and Exchange Board of India (SEBI) approval to act as the sponsor and set up its proposed Nuvama Mutual Fund.
• Zomato and HDFC Pension jointly launched the “NPS Platform Workers Model” to provide retirement security for Zomato’s delivery partners under the National Pension System (NPS).
• Bajaj Finserv rebranded its insurance businesses as Bajaj General Insurance and Bajaj Life Insurance, ending the Allianz co-branding.
• Ageas Federal Life Insurance has partnered with CSB Bank to form an SME Bancassurance Partnership aimed at serving SME customers of CSB Bank.
• The Reserve Bank of India (RBI) amended the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 and the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015 to facilitate external trade and payments.
• Swiggy has partnered with PayU Finance, the NBFC arm of PayU, to offer credit solutions to its restaurant partners starting from the next financial year.
• Unclaimed money in mutual funds increased 21%, from ₹2,862 crore (2023–24) to ₹3,452 crore (2024–25), mainly due to unclaimed dividends (up 26.5%) and redemptions (up 10.1%).
• The Reserve Bank of India (RBI) directed Bengaluru-based BNPL firm Simpl to immediately cease its payment operations for running a payment system without RBI approval under the Payment and Settlement Systems Act, 2007.
• Raise Financial Services, owner of the stock trading platform Dhan, has raised $120 million in a Series B funding round led by Hornbill Capital, with participation from MUFG and BEENEXT.
• The State Bank of India (SBI) has set a target to raise women’s workforce share to 30% within five years, up from the current 27%, as stated by Deputy Managing Director (HR) & Chief Development Officer Kishore Kumar Poludasu.
• HSBC India has launched an ‘Innovation Banking’ platform to offer specialised banking and financing solutions for startups and entrepreneurial businesses across all growth stages — from seed to IPO.
• Digital Rupee (e₹) is India’s Central Bank Digital Currency (CBDC) — a digital form of the Rupee (₹) issued by the Reserve Bank of India (RBI).
• Industry chamber Federation of Indian Chambers of Commerce and Industry (FICCI) announced Anant Goenka, Vice Chairperson of RPG Group, as its President-Elect for 2025–26.
• IIHL Mauritius, the promoter of IndusInd Bank, has acquired 100% stake in Sterling Bank, Bahamas through its wholly owned subsidiary IIHL (Capital), Mauritius.
• International Day for the Eradication of Poverty 2025 is observed on the 17th of October