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CURRENT AFFAIRS : BANKING & FINANCE

Japan Loses Title as World’s Largest Creditor After 34 Years

• Japan lost its position as the world’s largest creditor nation for the first time in 34 years, overtaken by Germany.

Key Highlights :

• Japan’s net external assets reached ¥533.05 trillion (~$3.7 trillion) at the end of 2024, a rise of about 13% from the previous year.
• Despite Japan’s record-high overseas assets, Germany’s net external assets totaled ¥569.7 trillion, securing the top spot.
• China remained in third place with ¥516.3 trillion.
• Japan had held the top position since 1991, after overtaking Germany then.
• Germany’s rise is attributed to a large current account surplus of €248.7 billion in 2024, driven by a strong trade performance.
• Japan’s current account surplus was ¥29.4 trillion yen (~€180 billion).
• A nation’s net foreign assets = overseas assets minus foreign-owned domestic assets, adjusted for currency fluctuations.
• Japan’s position as the biggest net creditor was due to decades of current account surpluses leading to extensive overseas investments by Japanese firms.
• Global bonds rallied, with US Treasuries leading gains due to signals from Japanese authorities about possibly adjusting debt sales after a market rout.
• Long-dated debt saw yields fall; the 30-year US Treasury yield dropped by up to 9 basis points to 4.95%.
• Japan’s long-term borrowing costs rose to the highest levels in decades, prompting potential changes in debt management.
• Future trends depend on whether Japanese firms increase overseas spending, particularly in the US.

Unified Payments Interface’s Share in India’s Digital Transactions Rises to 83.4% in FY25 from 79.4% in FY24

• The Unified Payments Interface (UPI)'s share in India’s real-time payments system grew to 83.4% of total digital transaction volume in FY25, up from 79.4% in FY24.
• UPI recorded 185.86 billion transactions in FY25, marking a 41.7% increase from 131.1 billion transactions in FY24.

Key Highlights :

• Credit card transactions increased to 4.7 billion in FY25 from 3.5 billion in FY24.
• Debit card transactions declined by 29.5%, falling to 1.6 billion in FY25 from 2.2 billion in FY24.
• Total digital payments volume, including cards and prepaid payment instruments, rose to 222.6 billion transactions in FY25, up 34.5% from 165.1 billion in FY24.
• UPI accounted for 83.4% of all digital transaction volume in FY25, increasing from 79.4% in FY24 and 68% in FY23.
• The RBI plans to conduct a ‘Survey on Usage of Digital Payments’ to gain insights on user behaviour, preferences, and challenges faced by customers.
• RBI aims to strengthen the Digital Payments Intelligence Platform (DPIP) to protect users from digital payment fraud.
• The Reserve Bank Innovation Hub (RBIH) is developing a DPIP prototype in collaboration with 5 to 10 banks.
• RBI is working to resolve frictions in cross-border payment processing and will frame relevant regulatory policies with stakeholders.
• In FY25, RBI granted final authorisations to:
• 26 online Payment Aggregators (PAs)
• 5 Payment Aggregators – Cross Border (PA-CB)
• 11 non-bank Prepaid Payment Instrument (PPI) issuers
• 1 Trade Receivables and Discounting System (TReDS) platform
• RBI conducted on-site inspections of 84 payment system operators in FY25.
• On UPI internationalization, NPCI International Payments Ltd (NIPL) is working to extend UPI to more countries by FY29.
• Indian UPI apps acceptance via QR codes has started in countries like France, Nepal, Bhutan, Singapore, Sri Lanka, Mauritius, and UAE.
• More international partnerships for UPI acceptance are expected in FY26.

Reserve Bank of India to create cash flow analysis system for Scheduled Commercial Banks

• The Reserve Bank of India (RBI) plans to strengthen liquidity stress tests of Scheduled Commercial Banks (SCBs) by developing a cash flow analysis process.
• The cash flow analysis will evaluate the impact of extreme but plausible scenarios on banks’ liquidity position, ensuring they can meet obligations during crises.
• The process will provide a forward-looking perspective and assess the stability of banks’ liquidity under adverse conditions.
• Stress testing will help in identifying vulnerabilities, ensuring adequate liquidity buffers, and protecting depositor interest while preventing systemic risks.
• RBI will develop a liquidity stress test framework for NBFCs (Non-Banking Financial Companies) in-house.
• Plans to extend stress testing to rural co-operative banks and mid-sized urban cooperative banks (UCBs).
• RBI will assess climate transition risk impact on major carbon-intensive sectors and how it affects banks’ balance sheets with exposures to emission-intensive sectors.
• Development of a ‘Growth-at-Risk’ model to link current macrofinancial conditions with future economic growth vulnerabilities.
• RBI will create a framework for liquidity risk stress testing of market portfolios using scenarios based on historical market liquidity stress events.

Climate Risk & Prudential Guidelines :

• RBI is considering issuing prudential guidelines on climate risk for banks.
• This includes final guidelines on disclosure of climate-related financial risks.
• RBI will provide guidance on climate scenario analysis and stress testing.

Reserve Bank of India to Reassess Monetary Policy Framework in FY26              

• The review of the monetary policy framework and optimal level of liquidity in the banking system for effective monetary policy transmission are the key agendas for the RBI in financial year 2024-25.

Outstanding Floating Rate Rupee Loans (SCBs) - Interest Rate Benchmarks (% of total)

MCLR: Marginal Cost of Funds-based Lending Rate

EBLR: External Benchmark Linked Rate

Key Highlights :

• The inflation target is determined by the Central government in consultation with RBI once every five years.
• The current inflation target is 4% headline CPI inflation, with a tolerance band of +/- 2%, valid from April 1, 2021 to March 31, 2026.
• There is a debate on targeting core inflation (headline inflation excluding food and fuel) due to the high volatility of food prices, which are mostly supply-induced rather than demand-driven.
• The Economic Survey states that monetary policy tools are designed to address inflation caused by excess aggregate demand growth, not supply shocks like higher food prices.
• The RBI aims to reassess the optimal liquidity level to ensure effective monetary transmission.
• The External Benchmark Linked Rate (EBLR) regime has strengthened and accelerated monetary transmission.
• The share of EBLR-linked loans in floating rate rupee loans of Scheduled Commercial Banks (SCBs) has increased in 2024-25, while the share of MCLR-linked loans has declined.
• The Monetary Policy Committee (MPC) has reduced the policy repo rate by 25 basis points (bps) cumulatively since February 2024.
• The RBI is maintaining ample liquidity in the system to enhance monetary transmission.
• RBI Governor Sanjay Malhotra has stated the RBI will maintain a system liquidity surplus of about 1% of banks’ Net Demand and Time Liabilities (NDTL) during the easing cycle to support monetary policy.
• As of May 2025, system liquidity averaged around ₹1.6 trillion (0.7% of NDTL), projected to rise to about ₹5 trillion (2% of NDTL) by the end of August 2025.

Reserve Bank of India's Gains from Foreign Exchange Transactions Jump 33% to ₹1.11 Lakh Crore in FY25

• The Reserve Bank of India (RBI) reported a 33% surge in gains from foreign exchange transactions, reaching ₹1.11 lakh crore (~$13 billion) for the fiscal year ended March 2025.
• The RBI’s net income rose by 27.5% to ₹2.69 lakh crore compared to the previous year.
• Interest income from foreign securities increased significantly to ₹97,007 crore from ₹65,328 crore last year.
• The size of RBI’s balance sheet expanded by 8.2% to ₹76.25 lakh crore.
• The increase in assets was driven by growth in foreign investments, domestic investments, and loans and advances.
• On the liabilities side, the growth was due to higher notes issued, revaluation accounts, and deposits.

Income breakdown:

• Foreign exchange transactions contributed 41.3% of total income,
• Interest income on foreign securities was 27.3%,
• Domestic investments accounted for 17.7%.
• Domestic assets made up 23.28% of total assets as of March-end, slightly higher than the previous year’s 23.06%.
• Foreign currency assets (including gold and foreign securities) remained the major part of total assets at 76.69% compared to 75.71% last year.
• RBI made a provision of ₹44,861.70 crore transferred to the Contingency Fund.
• RBI expects moderate income from foreign exchange in FY26 due to expected positive balance of payments.
• RBI approved a dividend transfer of ₹2.11 lakh crore to the government for FY24 from its core surplus.
• The RBI has increased its contingency risk buffer to 6.5% citing improved financials.
• If excess provisioning was not done, the dividend could have been about ₹3.5 lakh crore.
• Total expenditure for the last fiscal increased to ₹76,199.17 crore, mainly due to higher internal and agency charges of ₹67,214.14 crore.
• Major expenditure areas included:
• Printing notes,
• Agency charges,
• Managing public debt,
• Commissions to primary dealers,
• Charges related to market instruments, repo operations, and other related activities.

Fintech Unicorn Razorpay Shifts Parent Company from US to India Ahead of Planned IPO by End of CY2026           

• Fintech unicorn Razorpay has officially relocated its parent entity from the US to India, marking a critical step as it prepares to go public by the end of CY2026.

Key Highlights:

• Tax Liability of Approximately $150 Million (₹1,275 Crore):Razorpay will settle this obligation using internal cash reserves, dispelling earlier reports that it might pay around $200 million to US authorities.
• IPO Timeline – Targeting End of CY2026: The company aims to launch its initial public offering before December 2026.
• Employee Incentive in FY24:As part of its 10-year anniversary, Razorpay awarded ESOPs worth ₹1 lakh to every current employee.
• Financial Metrics for FY24:
• Revenue stood at ₹2,501 crore.
• The firm has raised a total of $742 million in equity funding to date.
• Comparable Reverse Flips in the Fintech Ecosystem:
• PhonePe: Shifted domicile from Singapore to India in 2022; investors paid ₹8,000 crore in taxes.
• Groww: Moved its parent entity from Delaware to Bengaluru in FY24; incurred ₹1,340 crore in taxes.
• Zepto: Completed a reverse merger from Singapore to India earlier this year.

ICAI launches investigation into IndusInd Bank’s forex derivatives irregularities

• ICAI has initiated a probe into accounting discrepancies in forex derivatives at IndusInd Bank (IBL).
• The Financial Reporting Review Board (FRRB) of ICAI will review the financial statements and statutory auditor’s reports of IBL for FY 2023-24 and 2024-25.
• The FRRB is also reviewing financial statements for Gensol Engineering Ltd and BluSmart Mobility for FY 2023-24.
• The reviews by ICAI are expected to be completed within six months.

Key Highlights :

• On March 10, 2025, IBL disclosed in a stock exchange filing that an internal review found discrepancies in its “Other Asset and Other Liability accounts of the derivative portfolio.”
• The estimated adverse impact is around 2.35% of the bank’s net worth as of December 2024, approximately ₹1,530 crore (based on net worth exceeding ₹65,000 crore).
• The bank has appointed an external agency for an independent review and validation of the discrepancies.
• ICAI’s FRRB was established in July 2002 to improve financial reporting and audit quality through a structured three-tier review process.
• SEBI barred former IndusInd Bank CEO Sumant Kathpalia and four others for insider trading related to these discrepancies.
• SEBI found that these individuals had insider knowledge of the discrepancies at least 15 months before public disclosure.
• SEBI imposed a collective penalty of ₹19.78 crore on the five individuals, representing the gains avoided from illegal share sales.

Reserve Bank of India Approves PayPal and Worldline as Cross-Border Payment Aggregators

• The Reserve Bank of India (RBI) has granted in-principle approval to PayPal Payments and Worldline ePayments India to operate as cross-border payment aggregators.
• This approval is a significant step in advancing India's digital payments ecosystem.
• The approval allows PayPal and Worldline to facilitate online transactions for the import and export of goods and services, directly benefiting Indian exporters, importers, and global businesses.
• The RBI’s updated framework mandates payment aggregators offering cross-border services to obtain separate approvals, replacing the older Online Payment Gateway Service Provider (OPGSP) licensing regime that was in place for nearly a decade.
• With this authorization, both companies can act as digital intermediaries for international payments, helping to:
• Streamline cross-border payment flows
• Ensure strict compliance with RBI’s regulatory guidelines
• Simplify foreign exchange processes
• Enhance due diligence
• Ensure timely settlements for global transactions
• Worldline ePayments India already holds licences for domestic payment aggregation and as a Bharat Bill Payment Operating Unit.

Bank of Baroda Opens Its First Phygital Branch in Kolkata

• Bank of Baroda (BoB), a leading public sector bank in India, inaugurated its first Phygital Branch in Kolkata at the NSB Airport Branch inside Netaji Subhas Chandra Bose International Airport.
• The phygital branch integrates self-service and assisted service models to enhance customer experience.
• Bank of Baroda now has seven phygital branches across India.

Key Highlights :

Each phygital branch includes:

• Self-Service Kiosks with interactive touch screens/tablets, offering services like PAN updation, account statement via email, TDS certificate issuance, and nominee updation.
• Video Contact Centre enabling customers to connect via video call for non-personalized and non-financial services such as home loan enquiries, savings accounts, term deposits, car loans, etc.
• Universal Service Desks provide a one-stop solution for customers needing in-person banking services.
• The e-Lobby at Kestopur was also inaugurated alongside the phygital branch.
• The inauguration was done by Shri Debadatta Chand, Managing Director & CEO of Bank of Baroda, along with senior officials including:Shri Sanjay Tiwary, General Manager & Zonal Head - Kolkata Zone, Shri Sandeep Kumar, Regional Head
• The Kolkata Zone serves as a major business hub for Bank of Baroda in West Bengal, comprising:
• 4 Regional Offices
• A network of 258 branches, with 33% located in rural and semi-urban areas.

SBI Research Report Projects Net Financial Savings to Reach ₹22 Lakh Crore in FY25

• Net financial savings of the household sector in India are expected to reach ₹22 lakh crore in FY 2024-25, equivalent to 6.5% of Gross National Disposable Income (GNDI).
• In FY 2023-24, net financial savings stood at 5.1% of GNDI, up from 4.9% in FY 2022-23.
• The growing capital pool from these savings is vital for funding government and corporate deficits and maintaining macroeconomic stability.
• The report highlights the role of the Reserve Bank of India (RBI) surplus in the economy:
• The RBI’s balance sheet expanded by 8.19% in FY 2024-25, lower than the nominal GDP growth of 9.9%.
• RBI transferred a surplus of ₹2.69 lakh crore to the government, thereby increasing the fiscal space.
• Fraud cases in the financial system:
• The number of fraud cases declined, but the amount involved tripled to ₹36,014 crore.
• Card and internet fraud volume decreased significantly, from 29,802 cases in 2023-24 to 13,516 cases in 2024-25.
• The report concludes that India’s financial system is resilient and undergoing transformation.

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Dr. Mansukh Mandaviya to Felicitate Chandigarh’s National and International Athletes

• Union Minister of Youth Affairs and Sports, Mansukh Mandaviya, along with Chandigarh Administrator Gulab Chand Kataria, will felicitate athletes from Chandigarh who have excelled at national and international levels.
• The felicitation ceremony will take place at the Post Graduate College for Girls, Sector 42.

Key Highlights:

• 8 international and 479 national-level athletes from Chandigarh will be honoured for their achievements.
• The athletes have excelled in 28 sports disciplines, including archery, athletics, badminton, boxing, basketball, cycling, and more.
• The administration will award cash prizes worth over ₹5.67 crore and scholarships totaling more than ₹1.32 crore to the athletes.
• Inauguration of new sports infrastructure:
  • A Billiards and Snooker Hall at Sector 42 Sports Complex.
  • Chess Centers established at Sector 39 and Sector 8 sports complexes.
• The initiative highlights the government's commitment to promoting sports excellence and supporting athlete development in Chandigarh.

Prime Minister Narendra Modi Inaugurates Satna and Datia Airports in Madhya Pradesh to Boost Regional Connectivity

• In a significant step towards enhancing regional infrastructure and connectivity, Prime Minister Narendra Modi virtually inaugurated the newly developed Satna Airport and the upgraded Datia Airport in Madhya Pradesh.
• This development is part of the Government’s UDAN scheme, aiming to connect remote regions to the national aviation network and stimulate regional growth, especially in Bundelkhand and Baghelkhand.

Key Highlights :

• Satna Airport, developed by the Airports Authority of India (AAI) at a cost of ₹36.96 crore, will serve as a regional hub in northeastern Madhya Pradesh, linking Chitrakoot and Maihar.
  • Terminal spans 768 sq. m, with a handling capacity of 50 peak-hour passengers and 2.5 lakh passengers annually.
  • Equipped for Dornier-228 aircraft, the airport includes modern ATC tower, fire station, recarpeted runway, and eco-friendly features like LED lighting, solar streetlights, and water reuse.
• Datia Airport, upgraded at a cost of ₹60.63 crore, connects the historic town of Datia—home to Peetambara Peeth and Datia Palace—to the aviation network.
  • Also features a 768 sq. m terminal, with capacity for 150 peak-hour passengers and 2.5 lakh annually.
  • Ready for ATR-72 aircraft, with plans to accommodate A-320 aircraft.
  • Infrastructure includes recarpeted runway, apron bays, ATC tower, fire station, and sustainability elements like rainwater harvesting and energy-efficient lighting.
• The inauguration was attended by key dignitaries including:
  • Union Minister for Civil Aviation Ram Mohan Naidu at Datia.
  • Minister of State for Civil Aviation Murlidhar Mohol at Satna.
  • Madhya Pradesh Governor Mangubhai C. Patel, CM Dr. Mohan Yadav, and Deputy CMs Rajendra Shukla and Jagdish Devda.
• Economic and social benefits expected:
  • Boost to tourism, employment, and local industries.
  • Enhanced access to healthcare, education, and retail sectors.
  • Strengthening of regional development under the UDAN scheme.

IATA Holds AGM and World Air Transport Summit in New Delhi

• The International Air Transport Association (IATA) will convene its 81st Annual General Meeting (AGM) and World Air Transport Summit (WATS) in New Delhi from 1–3 June 2025, marking the first time India hosts the AGM in 42 years.
• Prime Minister Narendra Modi is scheduled to deliver the keynote address on 2 June.

Key Highlights:

• First AGM in India Since 1983: After a 42-year gap, IATA’s AGM returns to India, with IndiGo as the host airline and 1,700 participants—including industry leaders, government officials, and media—from around the world.
• IATA’s Global Reach: IATA represents about 350 airlines, accounting for over 80 percent of global air traffic, underscoring the event’s significance in shaping aviation policies.
• India’s Aviation Growth: According to IATA, India’s aviation sector directly employs 369,700 people, contributing USD 5.6 billion to GDP; when indirect, induced, and tourism impacts are included, this rises to 7.7 million jobs and USD 53.6 billion (1.5 percent of GDP).
• WATS Focus Areas: The World Air Transport Summit will address:
  • Financial outlook for the airline industry
  • India’s strategic use of aviation to drive economic development
  • Financing aviation net zero goals
  • Energy security, renewable energy, and Sustainable Aviation Fuel (SAF) production
• Indian Carriers in IATA: Major Indian airlines—Air India, IndiGo, and SpiceJet—are active IATA members, reflecting India’s rising prominence in global aviation.

CURRENT AFFAIRS: AWARDS AND HONOURS

Serena Williams Honored with Princess of Asturias Award for Sports 2025

• American tennis legend Serena Williams, widely regarded as one of the greatest players of all time, has been awarded the Princess of Asturias Award for Sports 2025, Spain’s highest honor recognizing outstanding personalities across various fields.

Key Highlights:

• Career Achievements: Serena boasts an extraordinary record of 73 career titles, including 23 Grand Slam singles titles and four Olympic gold medals, underscoring her dominance in tennis.
• Recognition at Paris Olympics: Nearly a year ago, she was among the distinguished athletes who carried the Olympic torch at the opening ceremony of the 2024 Paris Games, alongside icons like Rafa Nadal and Nadia Comaneci.
• Advocate for Equality: The award jury highlighted Serena’s role as a strong advocate for gender equality and equal opportunities in sports and society.
• Philanthropic Work: Beyond sports, Serena has actively supported education and aid for victims of violence through initiatives like The Serena Williams Foundation, The Williams Sisters Fund, and the Yetunde Price Resource Center.
• UNICEF Ambassador: She was appointed UNICEF Goodwill Ambassador for Education in 2011, reflecting her commitment to social causes.
• Retirement: Serena retired from professional tennis in 2022, ending a legendary career that began in her childhood, inspired and trained by her father alongside her sister Venus.
• Early Life: Born in 1991 in Michigan, Serena started tennis at age five and rose to global fame with relentless dedication and exceptional talent.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Debashis Chatterjee Steps Down from LTIMindtree; Venu Lambu to Assume CEO & MD Role from May 31

• Debashis Chatterjee has retired from the post of Chief Executive Officer (CEO) and Managing Director (MD) of LTIMindtree with effect from May 30, 2025, citing personal reasons.
• The Board of Directors appointed Venu Lambu as the new CEO & MD, effective from May 31, 2025.
• Venu Lambu was already the CEO Designate, named a few months prior to this transition.
• Lambu has over three decades of experience in the technology sector.
• He previously worked with LTIMindtree between October 2020 and January 2023, during which he led profitable growth in global markets.
• Before rejoining LTIMindtree, he served as CEO of Randstad Digital, the digital arm of Randstad.
• Debashis Chatterjee was earlier the CEO & MD of Mindtree since 2019, and continued as CEO of LTIMindtree after the merger of Mindtree with L&T Infotech in November 2022.

Centre announces appointment of three judges to Supreme Court

• The Centre approved the appointment of three judges to the Supreme Court (SC) on May 29, 2025.
• With these appointments, the Supreme Court has reached its full sanctioned strength of 34 judges.
• The three judges appointed are:

1. Justice N.V. Anjaria – incumbent Chief Justice of Karnataka High Court
2. Justice Vijay Bishnoi – Chief Justice of Gauhati High Court
3. Justice Atul S. Chandurkar – from the Bombay High Court

• The appointments were made by the President after consultation with the Chief Justice of India (CJI) B. R. Gavai.
• The new judges are expected to be sworn in on May 30, 2025, by CJI B. R. Gavai.
• The appointments followed recommendations by the Supreme Court Collegium, headed by CJI Gavai, forwarded to the Centre three days earlier.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Brazil Reaffirm Strategic Ties at Shangri-La Dialogue 2025

• India and Brazil reinforced their bilateral partnership during the Shangri-La Dialogue 2025, emphasizing their shared commitment to a free, open, and inclusive Indo-Pacific.
• The meeting was led by General Anil Chauhan, Chief of Defence Staff of India, and Admiral Aguiar Freire, Chief of Staff of Brazil's Armed Forces.

Key Highlights:

• Both leaders underscored the importance of a rules-based international order rooted in mutual respect and cooperation.
• Discussions reflected a growing convergence on regional and global issues, strengthening diplomatic and defence ties.
• Focus areas included regional security, freedom of maritime navigation, and sustainable development in the Indo-Pacific.
• The dialogue highlighted shared values and strategic interests between India and Brazil, boosting multilateral collaboration.

CURRENT AFFAIRS: SPORTS NEWS

India Secures Second Spot at Asian Athletics Championships 2025 in South Korea

• India delivered a strong performance at the Asian Athletics Championships 2025 held in Gumi, South Korea, finishing second in the overall medal tally with a total of 24 medals, including 8 gold, 10 silver, and 6 bronze.
• The championship also witnessed new national records by Animesh Kujur and Parul Chaudhary.

Key Highlights:

• India finished second in the medal standings with 24 medals (8 gold, 10 silver, 6 bronze).
• Animesh Kujur and Parul Chaudhary set new National Records, showcasing exceptional individual performances.
• On the final day:
  • 3 silver medals were secured by:
    • Women's 4×100m relay team: Srabani Nanda, Abhinaya Rajarajan, Sneha SS, and Nithya Gandhe.
    • Parul Chaudhary in Women's 5000m.
    • Sachin Yadav in Men’s Javelin Throw.
  • 3 bronze medals were won by:
    • Pooja in Women's 800m.
    • Animesh Kujur in Men’s 200m.
    • Vithya Ramraj in Women's 400m Hurdles.

Mona Agarwal Wins Silver at 2025 Para Shooting World Cup in South Korea

• At the 2025 Para Shooting World Cup held in Changwon, South Korea, India’s Mona Agarwal secured the silver medal in the Women’s P2 – 10 metre Air Pistol SH1 event, further cementing her position as one of India’s top para shooters.

Key Highlights:

• Mona Agarwal, 2024 Paris Paralympic bronze medallist, won silver with a score of 246.6 in the 10m Air Pistol SH1 event.
• Avani Lekhara, a Paralympic champion, finished fourth, narrowly missing out on a medal.
• R.S. Unhalkar, another Indian shooter in the event, finished in seventh place.
• The result highlights India’s consistent presence in international para shooting competitions.

India Wins 6 Medals Including 4 Gold at Ulaanbaatar Open 2025 in Mongolia

• Indian wrestlers delivered a dominant performance at the Ulaanbaatar Open 2025 in Mongolia, clinching six medals, including four golds, on the final day.
• The event is part of the United World Wrestling Ranking Series, and India’s overall medal tally now stands at 12 medals (5 gold, 3 silver, 4 bronze).

Key Highlights:

• Antim Panghal, a Paris 2024 Olympian, won gold in women’s 53 kg with a 10-0 victory over neutral athlete Natalia Malysheva.
• Neha Sangwan, on debut, claimed gold in 57 kg, defeating Olympian Bolortuya Khurelkhuu 4-0.
• Muskan (59 kg) and Harshita (72 kg) also secured gold, both remaining unbeaten in the Nordic format.
  • Harshita, a former U-17 world champion, beat Asian champion Bolortungalag Zorigt to win her category.
• In Men’s Greco-Roman 60 kg, Suraj won silver, contributing to India’s strong showing across styles.
• Neelam secured a bronze in women’s 50 kg freestyle.
• India’s final tally at the tournament: 5 gold, 3 silver, and 4 bronze medals.

Mary Earps Announces Shock Retirement from International Football Ahead of Euro 2025

• Mary Earps, the 31-year-old goalkeeper regarded as one of the world’s best, has retired from international duty just weeks before Euro 2025, ending a career marked by passion, grit, and match-winning performances for the Lionesses.
• With 53 caps and pivotal roles in England’s Euros victory and World Cup final run, her departure leaves a significant void.

Key Highlights:

• International Record: Accumulated 53 caps for England, featuring in historic campaigns—the Euro 2022 triumph and the 2023 World Cup final.
• Legacy: Earps departs with a reputation for game-changing performances, leadership in the dressing room, and setting a high standard for future Lionesses.
• Next Steps for England: England must now identify a successor to fill the goalkeeping void as Euro 2025 approaches, ensuring continuity of form and leadership.

JSW Sports Facilitates Landmark Partnership Between Neeraj Chopra and Audi India

• JSW Sports has announced a collaboration between Olympic gold medalist Neeraj Chopra and Audi India, bringing together two icons celebrated for performance, precision, and a progressive spirit.
• This alliance underscores shared values of excellence and innovation, aligning Chopra’s athletic prowess with Audi’s brand ethos.

Key Highlights:

• Partnership Essence: Neeraj Chopra, whose javelin triumph at Tokyo 2020 captivated India, now represents Audi India, reinforcing a union built on world-class performance and explosive speed.
• Audi’s Perspective: Balbir Singh Dhillon, Head of Audi India, remarked that Audi seeks “those who push boundaries,” calling Chopra the embodiment of relentless pursuit of excellence and a “natural extension” of the brand.
• Chopra’s Achievements: Since his Olympic gold, Chopra has sustained a winning streak—top finishes at the Asian Games, Commonwealth Games, World Championships, and a silver medal at Paris 2024—mirroring Audi’s dedication to precision and determination.
• Audi’s Commitment: The association highlights Audi’s strategy to align with individuals who champion innovation, resilience, and evolution, with Chopra’s progressive training methods and unwavering drive deemed a perfect fit.
• JSW Sports’ Role: Karan Yadav, CCO of JSW Sports, emphasized that this is a landmark partnership for Indian sport and business, noting that Audi’s vision aligns seamlessly with Chopra’s ambitions and that the potential of this collaboration is limitless.

CURRENT AFFAIRS: IMPORTANT DAYS

World Milk Day 2025: June 1

• On June 1st of this current year World Milk Day 2025 is observed all over the world.
• It is a global event celebrated all over the world annually on June 1st every year to celebrate the dairy industry and recognize milk as a globally important food.
• This year, the theme for World Milk Day 2025 is: “Let's Celebrate the Power of Dairy.” 

History

• Between 9000 - 7000 B.C. The First Milk was observed. After mammals are domesticated in Neolithic times, humans begin to drink milk for sustenance.
• In 1300 A.D., Mongolians pack dried horse milk into a paste that can be reconstituted with water for long journeys.
• In the 1600s, Ice Cream was invented. Humanity finds a way to improve on a nice cool glass of milk in the 1600s with the invention of ice cream.
• In 1840, Milk was made accessible to places and Railways allow the transportation of milk from rural farming areas to cities in England.
• On June 1st, 2001, Milk Day became a worldwide event. The roots of global celebrations can be pinpointed in the United Nations (UN). The FAO of the United Nations, in specific, has been in charge of coordinating and publicizing WMD across the planet.
• In 2016, Russia, China, Canada, the EU, and more become self-sufficient with milk production and stop importing milk.

Global Parents Day 2025: June 1

• On June 1st of this current year Global Parents Day 2025 is observed all over the world.
• It is a global awareness event observed all over the world annually on June 1st every year to honour parents across the world.
• On the Global Day of Parents 2025, the theme “Raising Parents” draws attention to an essential but often underappreciated reality: parenting is a learned skill.

History

• In 1987, The "Parenting" Magazine made Its debut. Before its final issue in 2013, it had a circulation of over 2.2 million copies.
• On August 5 1994, The U.S. The House of Representatives introduced a resolution establishing the fourth Sunday in July as National Parents’ Day.
• In its resolution 47/237 of 1993, the United Nations General Assembly decided that May 15 will be observed as the International Day of Families.
• The UN General Assembly declares 1994 as the International Year of the Family
• In 1998, “The Parent Trap" was released, and it was the definitive film on the parent-child relationship.
• It was further realized that parents play an important role in families and hence in 2012, it was proclaimed that 1 June would be celebrated as Global Parents Day worldwide. Now, it is celebrated every year every fourth Sunday of July.

International Sex Workers Day 2025: June 2

• International Sex workers Day 2025 is celebrated by the Sex worker groups across the world on June 2nd.
• Every year, it is celebrated globally on June 2nd each year all over the world.
• The day, also known as International Whore's Day, is a commemoration of the prejudice faced by prostitutes, as well as their frequently exploitative living and working conditions.

History 

• On 2nd June, 1975, A protest happened where 100 sex workers in France gathered at Lyon’s Saint-Nizier Church and protested against the criminalisation of their work and exploitative living conditions.
• The 1975 protest sparked a nationwide strike, but it failed to bring about any reforms, and the sex workers were evicted by the police after eight days of occupying the chapel.
• However, the demonstration is credited with igniting the European sex workers' rights movement.
• From 1975, the June 2nd is marked as International Sex Workers day

Telangana Formation Day 2025: June 2

• On June 2^nd, Telangana Formation Day 2025 is observed by the Telangana people.
• It is a national event celebrated annually on June 2nd every year to celebrate the day when the state of Telangana was formed from the state of Andhra Pradesh.

History 

• On 1 November 1956, Telangana merged with Andhra Pradesh to form a unified state specifically for the Telugu-speaking people by sculpting that state from erstwhile Madras.
• In 1969, the Telangana region witnessed a protest for a new state, and in 1972, a distinct Andhra Pradesh was formed.
• In February 2014, The Telangana Bill was enacted by the Congress Working Committee and the Bharatiya Janata Party (BJP) in the Lok Sabha after nearly 40 years of agitation.
• In 2014, the bill was introduced in the Indian Parliament, and the same year, the Andhra Pradesh Reorganisation Act was passed. Telangana would be formed by 10 districts in northwestern Andhra Pradesh, according to the bill.

Daily CA One- Liner: June 1 & 2

• Union Minister of Youth Affairs and Sports, Mansukh Mandaviya, along with Chandigarh Administrator Gulab Chand Kataria, will felicitate athletes from Chandigarh who have excelled at national and international levels.
• In a significant step towards enhancing regional infrastructure and connectivity, Prime Minister Narendra Modi virtually inaugurated the newly developed Satna Airport and the upgraded Datia Airport in Madhya Pradesh
• The International Air Transport Association (IATA) will convene its 81st Annual General Meeting (AGM) and World Air Transport Summit (WATS) in New Delhi from 1–3 June 2025, marking the first time India hosts the AGM in 42 years
• American tennis legend Serena Williams, widely regarded as one of the greatest players of all time, has been awarded the Princess of Asturias Award for Sports 2025, Spain’s highest honor recognizing outstanding personalities across various fields.
• India and Brazil reinforced their bilateral partnership during the Shangri-La Dialogue 2025, emphasizing their shared commitment to a free, open, and inclusive Indo-Pacific.
• India delivered a strong performance at the Asian Athletics Championships 2025 held in Gumi, South Korea, finishing second in the overall medal tally with a total of 24 medals, including 8 gold, 10 silver, and 6 bronze
• At the 2025 Para Shooting World Cup held in Changwon, South Korea, India’s Mona Agarwal secured the silver medal in the Women’s P2 – 10 metre Air Pistol SH1 event, further cementing her position as one of India’s top para shooters
• Indian wrestlers delivered a dominant performance at the Ulaanbaatar Open 2025 in Mongolia, clinching six medals, including four golds, on the final day
• Mary Earps, the 31-year-old goalkeeper regarded as one of the world’s best, has retired from international duty just weeks before Euro 2025, ending a career marked by passion, grit, and match-winning performances for the Lionesses.
• JSW Sports has announced a collaboration between Olympic gold medalist Neeraj Chopra and Audi India, bringing together two icons celebrated for performance, precision, and a progressive spirit.
• Japan lost its position as the world’s largest creditor nation for the first time in 34 years, overtaken by Germany.
• The Unified Payments Interface (UPI)'s share in India’s real-time payments system grew to 83.4% of total digital transaction volume in FY25, up from 79.4% in FY24.
• The Reserve Bank of India (RBI) plans to strengthen liquidity stress tests of Scheduled Commercial Banks (SCBs) by developing a cash flow analysis process.
• The review of the monetary policy framework and optimal level of liquidity in the banking system for effective monetary policy transmission are the key agendas for the RBI in financial year 2024-25.
• The Reserve Bank of India (RBI) reported a 33% surge in gains from foreign exchange transactions, reaching ₹1.11 lakh crore (~$13 billion) for the fiscal year ended March 2025.
• Fintech unicorn Razorpay has officially relocated its parent entity from the US to India, marking a critical step as it prepares to go public by the end of CY2026.
• ICAI has initiated a probe into accounting discrepancies in forex derivatives at IndusInd Bank (IBL).
• The Reserve Bank of India (RBI) has granted in-principle approval to PayPal Payments and Worldline ePayments India to operate as cross-border payment aggregators.
• Bank of Baroda (BoB), a leading public sector bank in India, inaugurated its first Phygital Branch in Kolkata at the NSB Airport Branch inside Netaji Subhas Chandra Bose International Airport.
• Net financial savings of the household sector in India are expected to reach ₹22 lakh crore in FY 2024-25, equivalent to 6.5% of Gross National Disposable Income (GNDI).
• Debashis Chatterjee has retired from the post of Chief Executive Officer (CEO) and Managing Director (MD) of LTIMindtree with effect from May 30, 2025, citing personal reasons.
• The Centre approved the appointment of three judges to the Supreme Court (SC) on May 29, 2025.
• On June 1st of this current year World Milk Day 2025 is observed all over the world.
• On June 1st of this current year Global Parents Day 2025 is observed all over the world.
• International Sex workers Day 2025 is celebrated by the Sex worker groups across the world on June 2^nd.
• On June 2^nd, Telangana Formation Day 2025 is observed by the Telangana people