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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Government launches digitally enabled Credit Assessment Model to streamline and strengthen Micro, Small & Medium Enterprises  loan appraisal processes

• The Government launched the Credit Assessment Model (CAM) for Micro, Small & Medium Enterprises (MSMEs), using digitally fetched, verifiable data to enable automated loan appraisal with objective decisioning for both ETB (Existing To Bank) and NTB (New To Bank) borrowers.
• CAM provides model-based limit assessment for MSME loans, improving transparency, speed, and accuracy in credit evaluation.
• The government, Reserve Bank of India (RBI) and National Payment Corporation of India (NPCI) are promoting digital payments through initiatives such as incentive schemes for RuPay Debit Cards and low-value BHIM-UPI (Person to Merchant - P2M) transactions.
• Payments Infrastructure Development Fund (PIDF) supports deployment of POS terminals and QR codes in underserved areas to expand digital payment access.
• The Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Scheme, launched on 1 June 2020, has been extended till 31 March 2030, jointly implemented by MoHUA (Ministry of Housing and Urban Affairs) and Department of Financial Services.
• Loan support for street vendors increased to ₹15,000, ₹25,000, and ₹50,000 in three tranches under PM SVANidhi to strengthen micro-enterprise resilience.
• The Scheme includes a UPI-linked RuPay Credit Card with a credit limit of ₹30,000 and cashback incentives to promote digital transactions among street vendors.

About Ministry of Finance:

• Cabinet Minister: Smt. Nirmala Sitharaman
• Minister of State (MoS): Shri Pankaj Chaudhary

Reserve Bank of India issues directives requiring banks to offer customer services in regional languages

• The Reserve Bank of India (RBI) customer service guidelines mandate the use of regional languages so banks can align service delivery with local needs across India.
• Banks must have a Board-approved branch management policy, including display of indicator boards, providing service booklets, and ensuring forms, pay-in slips, passbooks, and grievance redressal material are available in Hindi, English, and the regional language.
• Banks operate multilingual contact centres and digital banking channels to offer assistance in regional languages for improved accessibility.
• Department of Financial Services (DFS) has instructed Public Sector Banks (PSBs) to fully comply with RBI’s regional language usage guidelines for customer service.
• RBI has reiterated to Scheduled Commercial Banks (SCBs) that all customer communications must be issued in a trilingual format—Hindi, English, and the concerned regional language.
• Indian Banks’ Association (IBA) advised PSBs to adopt a policy for recruiting Local Bank Officers (LBOs) to strengthen communication with local customers, especially in rural and semi-urban areas.
• Front-end services in PSBs are handled by Customer Service Associates (CSAs), who must clear a Local Language Proficiency Test (LPT) for the State/UT’s official language, ensuring seamless and effective customer service.

Finance Minister Nirmala Sitharaman inaugurates the 18th plenary of the Global Forum on Tax Transparency and Information Exchange

• Union Finance Minister Nirmala Sitharaman inaugurated the 18th Global Forum Plenary on Transparency and Exchange of Information for Tax Purposes in New Delhi (2–5 Dec 2025).
• The Plenary is held under the theme “Tax Transparency: Delivering a Shared Vision Through International Cooperation.”

Key Highlights :

• The Global Forum has 172 member jurisdictions, and is the world’s leading body implementing EOIR (Exchange of Information on Request) and AEOI (Automatic Exchange of Information) tax transparency standards, including all G20 countries.
• The FM highlighted the global transition from financial secrecy to transparency, stressing that transparency ensures fairness, responsible governance, and sustainable development.
• She noted that voluntary compliance in India has risen due to clarity, simplification, and trust-building, while cautioning that technology and AI must be used with judgment and procedural integrity.
• The Global Forum Plenary is the sole decision-making body, meeting annually to review progress on EOIR and AEOI standards and set future priorities through consensus-based participation.
• The Plenary includes peer review updates, regional initiatives, annual work programme discussions, and work on CARF and Group on Risk; participation includes heads of tax administrations and several ministerial-level delegations.
• India, a founding member since 2009, holds key positions in the Steering Group, EOIR and AEOI Peer Review Groups, CARF Group, and Group on Risk, and has contributed significantly to capacity-building for developing countries.
• India reaffirmed strong commitment to global tax transparency, building on G20 Presidency (2023) initiatives such as wider use of exchanged information, risk-based compliance, and increased participation of developing economies in CRS-based AEOI.
• The Plenary aims to strengthen implementation, enhance administrative capacity, and ensure the benefits of tax transparency are accessible to all jurisdictions, regardless of size or capacity.

India's Current Account Deficit Narrows to $12.3 Billion in Q2 FY26

• India's current account deficit (CAD) moderated to $12.3 billion, or 1.3% of GDP, in Q2 FY26, supported by a lower merchandise trade deficit.
• In the preceding quarter (Q1 FY26), the current account deficit was $2.4 billion, or 0.2% of GDP.
• The RBI reported that India's merchandise trade deficit narrowed to $87.4 billion from $88.5 billion a year earlier.
• Non-resident deposits declined to $2.5 billion from $6.2 billion.
• A current account deficit occurs when a country's imports exceed exports in goods and services, reflecting foreign transactions and impacting economic stability.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Government Launches Initiative to Benchmark India Against 26 Global Indices

• The Government of India announced a major initiative to evaluate the country’s standing across 26 global indices to identify improvement areas and strengthen India’s global position.
• The announcement was made by Minister of State for Statistics and Programme Implementation Rao Inderjit Singh in Parliament.
• The initiative is part of the Global Indices for Reforms and Growth (GIRG) platform, which aims to use international benchmarks to drive policy reforms, strengthen governance systems, and improve statistical reporting mechanisms.
• The 26 indices under GIRG will be monitored across four key themes:
  Economy – assessing global economic performance and competitiveness
  • Development – examining human development and social progress
  • Governance – evaluating rule of law, transparency, democracy and institutional performance
  • Industry – tracking industrial competitiveness and growth indicators
• Each index will be assigned to a responsible ministry which will verify data, review methodologies, and ensure India’s latest official statistics are accurately represented.
• The initiative will be centrally coordinated by the Development Monitoring and Evaluation Office (DMEO) at NITI Aayog, ensuring standardised data collection, analysis and reporting.
• India already compiles major indicators like Gross Domestic Product (GDP), Consumer Price Index (CPI), and Index of Industrial Production (IIP) using international standards.
• The GIRG framework expands this approach to global ranking systems where methodologies and data representation vary.
• The government will also review methodologies used for indices such as the Democracy Index, where India currently ranks 41st and is categorised as a “flawed democracy.”
• The Ministry of Law and Justice will evaluate this ranking methodology due to previous concerns over transparency and bias.
• The initiative aims to enable policy-driven improvements, strengthen India’s global perception, and support data-based reforms to enhance performance in international rankings.

Karnataka Launches Upgraded e-Swathu 2.0 to Digitalise Rural Property Records

• Karnataka Chief Minister Siddaramaiah launched e-Swathu 2.0, a digital platform designed to regularise and manage rural property records.
• The upgraded system will bring 95 lakh rural properties under the tax net and is expected to generate Rs 1,778 crore to Rs 2,000 crore in revenue for the state.
• The platform enables inclusion of rural households, including those located outside village boundaries, into the formal property taxation system.
• The system provides faster digital services including issuance of e-Khata documents (Forms 11A and 11B), accessible online without the need to visit gram panchayat offices.
• A dedicated grievance support helpline (9483476000) has been set up to resolve technical issues.

RECENT NEWS

• In a significant development for India’s coffee sector, M Salman Baseer has been elected as the new Chairman of the Karnataka Planters Association (KPA) — one of the most influential growers’ bodies in the country.

About Karnataka:

• Capital: Bengaluru
• Chief Minister: Siddaramaiah
• Governor: Thaawarchand Gehlot
• National Parks: Bandipur National Park, Nagarhole National Park, Kudremukh National Park, Anshi (Kali) National Park, Bannerghatta National Park
• Wildlife Sanctuaries: Dandeli Wildlife Sanctuary, Bhadra Wildlife Sanctuary, Ranganathittu Bird Sanctuary, Brahmagiri Wildlife Sanctuary, Pushpagiri Wildlife Sanctuary, Cauvery Wildlife Sanctuary

Atal Pension Yojana Achieves 8.34 Crore Enrolments as of October 2025

• The Atal Pension Yojana (APY), aimed at providing pension security to low-income and unorganised sector workers, has recorded 8.34 crore enrolments as of 31 October 2025.
• Women constitute 48% of total subscribers, indicating improving financial inclusion and wider social security participation among women.
• APY was launched on 9 May 2015 to provide universal social security.
• Eligible citizens include individuals aged 18-40 years with a bank or post office savings account. Subscribers receive a monthly pension after 60 years of age, with payouts beginning from 2035 for early beneficiaries.
• Growth in enrolments is supported by government and PFRDA awareness initiatives, including:
  • Advertisements across multiple media platforms
  • Brochures in 13 regional languages
  • Virtual training for banking staff and SHGs
  • Digital onboarding through e-APY, net banking and mobile platforms
  • Outreach through NABARD, NCFE, NRLM and SRLM
  • Pension saturation and awareness drives across India
• The scheme is implemented through a strong institutional network including public & private sector banks, regional rural banks, cooperative banks, payment banks, small finance banks, and the Department of Posts, registered as Points of Presence – APY.
• Out of the total enrolments, 4.04 crore subscribers are women, showcasing enhanced participation from rural networks, SHGs and household earners, contributing to gender-focused financial inclusion.

Direct Benefit Transfer of LPG (PAHAL) Strengthens Transparent Subsidy Delivery System

• The Direct Benefit Transfer of LPG (PAHAL) scheme, launched in January 2015, continues to improve transparency and efficiency in India’s LPG subsidy system.
• Under the scheme, LPG cylinders are sold at a uniform retail price across India, and the subsidy amount is directly transferred to consumers’ bank accounts, ensuring accountability and reducing leakages.

Key Highlights

• Aadhaar-linked verification, biometric authentication and database cleansing have helped eliminate ghost, duplicate and inactive LPG connections, preventing the diversion of subsidised cylinders.
• A major feature supporting PAHAL is the Common LPG Database Platform (CLDP) used for deduplication through Aadhaar, bank account details, ration card data, TI numbers and household records, ensuring only one valid LPG connection per eligible household.
• Biometric authentication has been made mandatory for subsidy beneficiaries. As of 1 November 2025, 69% of existing Pradhan Mantri Ujjwala Yojana beneficiaries have completed biometric authentication, and all new PMUY customers undergo biometric verification before connection approval.
• Data-driven checks have led to the termination of 63 lakh ineligible PMUY connections since the launch of PAHAL. Following a new Standard Operating Procedure issued in January 2025, 20,000 inactive LPG connections were also removed.
• A third-party evaluation by the Research and Development Initiative (RDI) found that over 90% beneficiaries are satisfied with the subsidy reimbursement process. Recommendations included upgrading payment systems, improving grievance mechanisms and enhancing safety awareness.
• The Government has accepted these inputs and strengthened subsidy processing, transparency, beneficiary awareness and service convenience.
• Grievance redressal under PAHAL has been upgraded through multiple channels including:
  • Toll-free helpline: 1800 2333 555
  • CPGRAMS, Oil Marketing Companies’ portals and mobile apps
  • Chatbots, WhatsApp services, MoPNGeSEVA platforms
  • Dedicated safety and leakage helpline: 1906
  • Distributor offices and online complaint portals with feedback and case reopening options

India Crosses 5 Lakh MW Installed Power Capacity; Non-Fossil Sources Now Higher Than Fossil Fuels

• India’s total installed electricity generation capacity reached 5,05,023 MW as of 31 October 2025.
• Non-fossil fuel capacity (2,59,423 MW) has overtaken fossil-fuel-based capacity (2,45,600 MW), marking a major shift towards clean and sustainable energy.
• Of the non-fossil total, renewable energy contributes 2,50,643 MW, supporting India’s commitment to achieving 500 GW non-fossil capacity by 2030.

Key Highlights

• India crossed 50% installed non-fossil fuel capacity in June 2025, achieving its Paris Agreement NDC target 5 years in advance.
• Policy support includes waiver of ISTS charges, tariff-based bidding for renewable procurement, a 50 GW annual bidding plan (FY 2023-24 to FY 2027-28), and 100% FDI under automatic route for renewable projects.
• Major government schemes such as PM-KUSUM, PM Surya Ghar Muft Bijli Yojana, the National Programme on High-Efficiency Solar PV Modules, the National Green Hydrogen Mission, and Viability Gap Funding for offshore wind have accelerated deployment.
• Renewable adoption is further reinforced through Renewable Purchase Obligation (RPO) and Renewable Consumption Obligation (RCO) frameworks with penalty provisions for non-compliance.
• Nuclear energy has been identified as a crucial clean baseload source, with plans to develop 100 GW of nuclear capacity by 2047, supported by a ₹20,000 crore Small Modular Reactor (SMR) mission, private sector participation reforms, and the NPCIL-NTPC JV (ASHVINI).
• To strengthen grid stability, the government approved support for Battery Energy Storage Systems (BESS), including 13.22 GWh underway and an additional 30 GWh sanctioned in June 2025, along with 10 pumped-storage projects (11,870 MW).
• A national offshore wind strategy has been launched with viability support for the initial 1 GW capacity, while the National Green Hydrogen Mission targets 5 million metric tonnes annual production capacity, backed by 125 GW renewable energy.
• Installed capacity composition: Fossil fuels – 2,45,600 MW, Non-fossil – 2,59,423 MW, which includes solar (1,29,924 MW), wind (53,600 MW) and nuclear (8,780 MW), along with small hydro, biomass, and waste-to-energy.

United Nations Population Fund India Felicitates IUSSP for Winning the 2025 United Nations Population Award

• The United Nations Population Fund (UNFPA) India honoured the International Union for the Scientific Study of Population (IUSSP) for winning the 2025 United Nations Population Award under the Institutional Category.
• The recognition acknowledges IUSSP’s global contributions to population research, capacity building and evidence-based policymaking.
• The felicitation took place during the 46th Annual Conference of the Indian Association for the Study of Population (IASP), which focused on India’s demographic strategies and future priorities.
• The award was received under the leadership of Shireen Jejeebhoy, President of IUSSP (2022–2025). She highlighted the growing importance of population science amid global demographic trends such as ageing, migration, and climate change-linked population shifts.
• The IASP 46th Annual Conference was held from 27–29 November 2025 with the theme:
  “People, Planet, Prosperity: Demographic Drivers of India’s Inclusive Growth.”
• The event was jointly organised by:
  • Indian Association for the Study of Population (IASP)
  • National Atlas and Thematic Mapping Organisation (NATMO)
  • Anthropological Survey of India (AnSI)
• Special attendees at the felicitation included:
  • K. N. Singh, Vice-Chancellor, Central University of South Bihar (Chief Guest)
  • Shri Vijay Bharti, IAS, Secretary, Government of West Bengal (Guest of Honour)
  • A. P. Singh, Director General, National Library, Kolkata (Special Guest)

About UNFPA:

• The United Nations Population Fund is the UN agency for sexual and reproductive health. It works to ensure safe childbirth, access to family planning, reproductive rights, and opportunities for young people to achieve their full potential.

7th India International Seaweed Expo and Summit to be Held in Kochi

• Kochi, Kerala will host the 7th India International Seaweed Expo and Summit on 29–30 January 2026.
• The event reflects India’s growing focus on the Blue Economy and the rising potential of the marine algae (seaweed) industry.
• Delegates from Brazil, Sri Lanka, Sweden, and the Netherlands will participate, making it a major global platform for knowledge exchange, innovation and seaweed industry networking.
• The summit is jointly organised by:
  • Indian Council of Agricultural Research – Central Marine Fisheries Research Institute (ICAR–CMFRI)
  • Indian Chamber of Commerce (ICC)
  • Council of Scientific and Industrial Research – Central Salt and Marine Chemicals Research Institute (CSIR–CSMCRI)
• The event will feature discussions, exhibitions and collaboration opportunities involving researchers, industry associations and government agencies.
• Major focus areas include:
  • Seaweed farming technologies
  • Processing and value addition
  • Industrial applications such as nutraceuticals, biofuels, bioplastics and fertilizers
  • Sustainable coastal livelihood development
• The summit is significant as India’s southern and western coastal regions are increasing seaweed cultivation, creating new opportunities for industry expansion and employment generation.
• With increasing demand for seaweed-based products in nutrition, healthcare, packaging and agriculture, India aims to strengthen its industrial capacity and attract investment in this emerging sector.
• Hosting this event positions Kochi as an important centre for marine research, global collaboration and leadership in the seaweed ecosystem within the Blue Economy framework.

About Kerala:

• Chief Minister: Pinarayi Vijayan
• Governor: Rajendra Vishwanath Arlekar
• Capital: Thiruvananthapuram
• National Parks: Eravikulam National Park, Periyar Wildlife Sanctuary, Silent Valley National Park, Parambikulam Tiger Reserve
• Wildlife Sanctuaries: Wayanad Wildlife Sanctuary, Idukki Wildlife Sanctuary, Chilika Lake Wildlife Sanctuary

26th Hornbill Festival Begins in Nagaland – 1st December 2025

• The 26th Hornbill Festival began on 1st December 2025 at the Naga Heritage Village, Kisama, Kohima, coinciding with Nagaland’s Statehood Day.
• The festival is celebrated for ten days and brings together all major Naga tribes to showcase their traditional dance, music, crafts, attire, and local cuisine.
• Over the years, the Hornbill Festival has grown into one of India’s most prominent cultural festivals.
• The inaugural ceremony was held at Unity Plaza, Kisama, and was hosted by the Governor of Nagaland, Ajay Kumar Bhalla. The opening included various cultural performances and traditional showcases.
• This year’s event saw participation from multiple countries including the United Kingdom, Ireland, France, Austria, Malta, and Switzerland as country partners.
• Arunachal Pradesh took part as the state partner, reflecting the festival’s growing national and global engagement.
• Ahead of the formal inauguration, various department stalls, cultural exhibitions, and carnival activities were opened to the public, allowing visitors to explore handicrafts, local products, and traditional Naga cuisine.
• While Kisama remains the primary venue, programs and cultural activities are also organized across different parts of Nagaland, spreading the festive spirit statewide.
• The Hornbill Festival was originally launched as a tourism development initiative but over the years has grown into a globally recognised cultural event, drawing large numbers of domestic and international visitors and providing a platform to preserve and promote Naga heritage and indigenous traditions.

About Nagaland:

• Chief Minister: Neiphiu Rio
• Governor: La. Ganesan
• Capital: Kohima
• National Parks: Intanki National Park
• Wildlife Sanctuaries: Fakim Wildlife Sanctuary, Puliebadze Wildlife Sanctuary, Rangapahar Wildlife Sanctuary

CURRENT AFFAIRS : INTERNATIONAL NEWS

Oxford University Press selects “Rage Bait” as its 2025 Word of the Year

• The Oxford University Press (OUP) selected “Rage Bait” as the Word of the Year 2025.
• Usage of the term “Rage Bait” has tripled in 2025, showing its rising presence on social media for provoking outrage and polarization.
• The term originated in 2002 on Usenet, where it described irritated driver reactions to overtaking signals, forming the basis of its modern meaning of intentional provocation.
• Rage Bait is defined as online content deliberately created to trigger anger or outrage by being frustrating, provocative, or offensive, usually to increase traffic or engagement.
• It refers to content designed to cause anger to generate likes, comments, and shares, and is different from clickbait, which mainly provokes curiosity.
• Other shortlisted words for 2025 included “Aura farming” and “Bio hack”.

CURRENT AFFAIRS : DEFENCE NEWS

India–Maldives Joint Military Exercise Ekuverin Begins in Kerala

• The 14th edition of Joint Military Exercise EKUVERIN between the Indian Army and the Maldives National Defence Force (MNDF) began at Thiruvananthapuram, Kerala, held from 02–15 December 2025 (14-day joint exercise).
• The Indian Army is represented by 45 personnel from the GARHWAL RIFLES, while the Maldives also participates with an equal-strength MNDF contingent.
• ‘Ekuverin’, meaning “Friends” in Dhivehi, signifies the strong friendship, mutual trust, and military cooperation between India and the Maldives.
• The exercise has been conducted alternately in both countries since 2009, reflecting India’s Neighbourhood First Policy and commitment to strong defence partnerships.
• The 2025 edition focuses on enhancing interoperability and operational synergy in Counter-Insurgency (CI) and Counter-Terrorism (CT) operations across jungle, semi-urban, and coastal terrains.
• Troops will undertake joint tactical drills, best-practice sharing, and operational planning to strengthen their ability to respond to regional security challenges.
• The exercise highlights the growing defence cooperation and shared commitment of India and the Maldives toward peace and stability in the Indian Ocean Region (IOR).
• India and Maldives also conduct Ekatha (bilateral) and Dosti (trilateral with Sri Lanka).

About Maldives :

• President : Mohamed Muizzu
• Capital : Malé
• Currency : Maldivian rufiyaa

Indian Navy Provides Humanitarian Assistance and Disaster Relief Support to Sri Lanka Following Cyclone Ditwah

• The Government of India (GoI) launched Operation Sagar Bandhu to provide Humanitarian Aid and Disaster Relief (HADR) to Sri Lanka following Cyclone Ditwah.

Key Highlights :

• The name Ditwah was proposed by Yemen after Socotra’s Detwah Lagoon and added to the UN ESCAP Panel list by the World Meteorological Organization (WMO).
• The India Meteorological Department (IMD), acting as Regional Specialized Meteorological Centre (RSMC), officially assigns the name when sustained winds reach 62 km/h.
• Under Operation Sagar Bandhu, INS Vikrant and INS Udaygiri delivered bulk relief supplies to Colombo, Sri Lanka.
• The Indian Air Force (IAF) deployed C-130J and IL-76 military transport aircraft to airlift National Disaster Response Force (NDRF) teams and 21 tonnes of relief material.
• Ship-borne helicopters conducted aerial reconnaissance and assisted in Search and Rescue (SAR) operations, rescuing Sri Lankan citizens.
• The Indian Navy further deployed INS Sukanya to Trincomalee on 01 Dec 2025, carrying critical relief material.
• Relief operations were coordinated with Sri Lankan authorities to ensure timely delivery of essential aid.
• The operation demonstrates the Indian Navy’s role as First Responder in the Indian Ocean Region (IOR).
• The efforts align with India’s MAHASAGAR (Mutual and Holistic Advancement for Security And Growth Across Regions) vision and Neighbourhood First Policy, reaffirming support to partner nations in times of crisis.

Defence Research and Development Organisation Successfully Tests High-Speed Rocket-Sled Based Fighter Aircraft Escape System

• The Defence Research and Development Organisation (DRDO) successfully conducted a high-speed rocket-sled test of a fighter aircraft escape system at a controlled velocity at the Rail Track Rocket Sled (RTRS) facility, TBRL (Terminal Ballistics Research Laboratory), Chandigarh.
• The test validated canopy severance, ejection sequencing, and complete aircrew recovery, demonstrating advanced indigenous capability.
• The test was conducted in collaboration with Aeronautical Development Agency (ADA) and Hindustan Aeronautics Limited (HAL).
• This achievement places India among an elite group of nations with in-house escape system dynamic testing capability.
• Dynamic ejection tests are more complex than static tests such as Net Test or Zero-Zero Test, and they serve as a real measure of ejection seat performance and canopy severance efficiency.
• A dual-sled system, carrying the LCA aircraft forebody, was propelled at precisely controlled speeds using phased firing of multiple solid-propellant rocket motors.
• The test used an instrumented Anthropomorphic Test Dummy (ATD) to simulate pilot ejection, measuring critical loads, moments, and accelerations.
• The entire ejection sequence was captured using onboard and ground-based imaging systems.

About DRDO:

• Founded: 1958
• Headquarters: New Delhi, India
• Parent Ministry: Ministry of Defence, Government of India
• Chairman: Dr. Samir V. Kamat
• Parent Agency : Ministry of Defence

Indian Coast Guard and Philippine Coast Guard Hold First Annual Bilateral Meeting in Manila

• The 1st Annual Bilateral Meeting between the Indian Coast Guard (ICG) and the Philippine Coast Guard (PCG) was held in Manila, Philippines on 02 December 2025.
• The meeting was conducted under the MoU signed on 22 August 2023 between the two coast guards.
• Both sides reviewed ship visits, professional exchanges, and ongoing cooperative activities, and agreed to strengthen interoperability and operational coordination.
• The engagement aligns with India’s Act East Policy, SAGAR (Security and Growth for All in the Region) and the Indo-Pacific Oceans Initiative (IPOI).
• Priority areas of cooperation included Maritime Search and Rescue, Maritime Law Enforcement, Marine Pollution Response, and Capacity Building.
• The meeting was co-chaired by ADG Donny Michael, Commander (Eastern Seaboard), ICG, and Vice Admiral Edgar L. Ybanez, Deputy Commandant for Operations, PCG.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Reserve Bank of India Appoints Smt. Usha Janakiraman as Executive Director Effective 1 December 2025

• The Reserve Bank of India (RBI) appointed Usha Janakiraman as Executive Director (ED), effective 1 December 2025, marking a major milestone in her 30+ years of RBI service.
• She will head the Department of Supervision (DoS) as ED, overseeing risk assessment, data analysis, and vulnerability monitoring to strengthen financial system oversight.
• Usha Janakiraman is a Chartered Accountant (CA) with extensive experience at the RBI.
• Prior to her promotion as ED, she served as Chief General Manager-in-Charge (CGM-in-Charge), Department of Regulation, RBI Central Office, Mumbai.
• She has worked in key areas including Financial Regulation (FR), External Investment and Operations (EIO), Banking Supervision (BS), Public Debt Management (PDM), and Currency Management (CM).
• The RBI currently has 16 Executive Directors (EDs) responsible for managing its various departments and functions.

Ramakrishnan Chander Assumes Charge as Managing Director of Life Insurance Corporation of India

• The Department of Financial Services (DFS), Ministry of Finance (MoF), Government of India (GoI) appointed Ramakrishnan Chander as the Managing Director (MD) of Life Insurance Corporation of India (LIC).
• The appointment is effective immediately and runs until September 30, 2027, or until further orders, whichever is earlier.
• The appointment was issued under Section 4 of the Life Insurance Corporation (LIC) of India Act, 1956 and notified in the Gazette of India, Part II, Section 3, Sub-Section (ii).
• Ramakrishnan Chander began his career in 1990 as an Assistant Administrative Officer (AAO) in LIC.
• He has 35+ years of experience in the insurance sector with expertise in investment management, operations, marketing, and international business.
• His previous roles include Executive Director (ED) – Investment (Front Office) and Chief Investment Officer (CIO) of LIC.
• He held major leadership positions such as Senior Divisional Manager (SDM) in Nagpur & Hyderabad, Regional Manager (P&GS & Marketing) in the South Zone, and Executive Director heading LIC’s International Operations Strategic Business Unit.

About Life Insurance Corporation of India (LIC):

• Established : 1956
• Headquarters : Mumbai, Maharashtra.
• CEO & MD : R. Doraiswamy

Punjab National Bank Appoints Harmanpreet Kaur as First Female Brand Ambassador, Signalling Major Step in Brand Transformation

• Punjab National Bank (PNB) appointed Harmanpreet Kaur, Indian Women Cricket Captain and World Cup Champion, as its first-ever female brand ambassador, marking a strategic milestone in the Bank’s brand transformation journey.
• The announcement took place at PNB’s Corporate Office under the theme ‘Banking On Champions’,.
• Harmanpreet Kaur was presented with a framed PNB jersey bearing her name and number and a custom-engraved PNB bat.
• As her first official act, she, along with Shri M. Nagaraju and PNB MD & CEO Ashok Chandra, unveiled four financial products: PNB RuPay Metal Credit Card Luxura, PNB One 2.0, Digi Surya Ghar, and onboarding of PNB on the IIBX Portal, reinforcing innovation, digital-first services, and customer-centric solutions.
• PNB’s RuPay Metal Credit Card Luxura is a premium credit card offering exclusive privileges, including 40,000 welcome reward points (worth ₹10,000) on spends of ₹50,000 within 90 days, 10,000 milestone reward points on annual spends of ₹5 lakh, hotel privileges (2+1 complimentary night at ITC Hotels), and dining benefits (1+1 set menu at selected ITC restaurants).
• PNB also launched PNB One 2.0, the revamped flagship mobile app, and Digi Surya Ghar, a fully digital initiative for financing rooftop solar power systems.
• PNB has been onboarded on the International Bullion Exchange (IIBX) to strengthen its presence in the bullion market.

About Punjab National Bank (PNB):

• Founded: 1894
• Headquarters: New Delhi, India
• Managing Director & CEO: Ashok Chandra
• Tagline: "The Name You Can Bank Upon"
• Owner : Government of India (70.08%)

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Goa Shipyard Limited Delivers ICGS Amulya, Third of Eight Fast Patrol Vessels Under Atmanirbhar Bharat for Indian Coast Guard

• Goa Shipyard Limited (GSL) delivered Indian Coast Guard Ship (ICGS) Amulya, the third of eight Fast Patrol Vessels (FPVs) built under India’s Atmanirbhar Bharat initiative for the Indian Coast Guard (ICG).
• The ICGS Amulya was formally handed over in Vasco, Goa, attended by Brajesh Kumar Upadhyay (CMD, GSL) and Commandant Anupam Singh (Commanding Officer, ICGS Amulya).
• The contract for 8 FPVs was awarded around 2022 under the “Buy (Indian–IDDM)” category, with GSL responsible for design and construction.
• Earlier vessels in the series, ICGS Adamya (first) and ICGS Akshar (second), were delivered and commissioned in 2025.

Key Highlights :

• ICGS Amulya specifications: Length 51.43 m, Breadth 8 m, Displacement 330 tons, Draught 2.5 m, accommodates 6 officers and 35 sailors.
• Propulsion and performance: Twin marine diesel engines with Controllable Pitch Propellers (CPP), capable of speeds over 27 knots and an endurance of 1,500 nautical miles.
• Operational capability: Capable of high-sea operations with advanced navigation and communication systems for maritime domain awareness.
• Role: Designed for fisheries protection, EEZ surveillance, coastal patrol, anti-smuggling, anti-piracy, and search-and-rescue operations, enhancing ICG’s operational reach.
• Indigenous capability: 60% local content with custom CPP propulsion, showcasing India’s advanced shipbuilding and self-reliance.

About GSL:

• Established : 1957
• Headquarters: Vasco-Da-Gama, Goa
• Chairman & Managing Director: Brajesh Kumar Upadhyay.

Council of Scientific and Industrial Research – National Aerospace Laboratories Unveils Production Version of Indigenous Hansa-3(NG) Trainer Aircraft in Andhra Pradesh

• CSIR–NAL (Council of Scientific and Industrial Research – National Aerospace Laboratories) launched the production version of the indigenous Hansa-3(NG) trainer aircraft on 29 November 2025, with manufacturing undertaken by Pioneer Clean Amps at a ₹150-crore facility in Kuppam, Andhra Pradesh.
• The Hansa-3 features an all-composite airframe and is designed to meet the growing demand for Private Pilot License (PPL) and Commercial Pilot License (CPL) training.

Key Highlights :

• CSIR-NAL is developing the 19-seater SARAS Mk-2 light transport aircraft equipped with digital avionics, glass cockpit, autopilot, and command-by-wire controls to enhance regional aviation connectivity.
• The Union MoS inaugurated an Iron Bird Facility for SARAS Mk-II, which serves as a platform for full-system integration, ground testing, and validation of major aircraft subsystems.
• An airframe fabrication manufacturing facility was also inaugurated for the HAP (High-Altitude Platform), a solar-powered unmanned aircraft capable of flying above 20 kilometers for long-endurance missions.
• The Government of India plans the first full-scale HAP flight in 2027, following successful tests of a sub-scale vehicle that achieved 7.5 km altitude and over 10 hours of endurance.
• Currently, only a few countries including the USA, UK, Germany, South Korea, New Zealand, and Japan manufacture solar-powered unmanned aircraft like the HAP.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Government to Divest 6% Stake in Bank of Maharashtra via Green Shoe OFS After Strong Investor Response

• The Government of India decided to exercise the green shoe option to divest 6% stake in Bank of Maharashtra (BoM) through an offer-for-sale (OFS) following an overwhelming investor response on the first day of subscription.
• The OFS of BoM opened for non-retail investors at a floor price of Rs 54 per share.
• The stake sale will help BoM achieve the Minimum Public Shareholding (MPS) norms of 25%.
• Currently, the government holds 79.60% stake in BoM, and post-dilution, its stake will fall below 75%, allowing the bank to meet the MPS requirement.
• This move aligns with Securities Contract (Regulation) Rules issued by SEBI, which mandate that all listed companies, including public sector entities, maintain a minimum public shareholding of 25%.
• SEBI has provided forbearance to CPSEs (Central Public Sector Enterprises) and public sector financial institutions till August 2026.
• Other public sector banks with government stakes above the MPS threshold include Indian Overseas Bank (94.6%), Punjab & Sind Bank (93.9%), UCO Bank (91%), and Central Bank of India (89.3%).

About Bank of Maharashtra:

• Headquarters: Pune, Maharashtra
• Founded: September 16, 1935
• MD & CEO: Nidhu Saxena
• Tagline: "One Family One Bank"
• Owner : Government of India (79.60%)

CURRENT AFFAIRS: IMPORTANT DAYS

Indian Navy Day 2025 is observed on 4th December

• Indian Navy Day 2025 is observed on 4th December to honour the role, strength, and achievements of the Indian Naval Forces.
• The day also commemorates Operation Trident, a successful naval attack carried out by India against Pakistan during the Indo-Pakistan War of 1971.
• The Indian Navy was initially established by the East India Company in 1612, marking its historical origin.
• During the 1971 Indo-Pakistan War, Pakistan launched an offensive on 3rd December by attacking Indian air bases. In response, the Indian Navy executed Operation Trident on the night of 4th–5th December, targeting the Karachi harbour.
• Pakistan lacked aircraft to counter the naval strike, which allowed India to carry out a successful operation, resulting in the destruction of enemy vessels and significant casualties among Pakistani naval personnel.
• The operation was led by Commodore Kasargod Pattanashetti Gopal Rao, whose leadership played a crucial role in the mission’s success.
• Indian Navy Day is celebrated nationwide every year to honour the bravery, dedication, and strategic excellence of the Indian Naval Forces and to commemorate the historic maritime victory of 1971.

Daily CA One- Liner: December 4^th

• The Government of India announced a major initiative to evaluate the country’s standing across 26 global indices to identify improvement areas and strengthen India’s global position
• Karnataka Chief Minister Siddaramaiah launched e-Swathu 2.0, a digital platform designed to regularise and manage rural property records
• The Atal Pension Yojana (APY), aimed at providing pension security to low-income and unorganised sector workers, has recorded 8.34 crore enrolments as of 31 October 2025
• The Direct Benefit Transfer of LPG (PAHAL) scheme, launched in January 2015, continues to improve transparency and efficiency in India’s LPG subsidy system
• India’s total installed electricity generation capacity reached 5,05,023 MW as of 31 October 2025
• The United Nations Population Fund (UNFPA) India honoured the International Union for the Scientific Study of Population (IUSSP) for winning the 2025 United Nations Population Award under the Institutional Category
• Kochi, Kerala will host the 7th India International Seaweed Expo and Summit on 29–30 January 2026
• The 26th Hornbill Festival began on 1st December 2025 at the Naga Heritage Village, Kisama, Kohima, coinciding with Nagaland’s Statehood Day
• Indian Navy Day 2025 is observed on 4th December to honour the role, strength, and achievements of the Indian Naval Forces
• The Government launched the Credit Assessment Model (CAM) for Micro, Small & Medium Enterprises (MSMEs), using digitally fetched, verifiable data to enable automated loan appraisal with objective decisioning for both ETB (Existing To Bank) and NTB (New To Bank) borrowers.
• The Reserve Bank of India (RBI) customer service guidelines mandate the use of regional languages so banks can align service delivery with local needs across India.
• Union Finance Minister Nirmala Sitharaman inaugurated the 18th Global Forum Plenary on Transparency and Exchange of Information for Tax Purposes in New Delhi (2–5 Dec 2025).
• India's current account deficit (CAD) moderated to $12.3 billion, or 1.3% of GDP, in Q2 FY26, supported by a lower merchandise trade deficit.
• The Oxford University Press (OUP) selected “Rage Bait” as the Word of the Year 2025.
• The 14th edition of Joint Military Exercise EKUVERIN between the Indian Army and the Maldives National Defence Force (MNDF) began at Thiruvananthapuram, Kerala, held from 02–15 December 2025 (14-day joint exercise).
• The Government of India (GoI) launched Operation Sagar Bandhu to provide Humanitarian Aid and Disaster Relief (HADR) to Sri Lanka following Cyclone Ditwah.
• The Defence Research and Development Organisation (DRDO) successfully conducted a high-speed rocket-sled test of a fighter aircraft escape system at a controlled velocity at the Rail Track Rocket Sled (RTRS) facility, TBRL (Terminal Ballistics Research Laboratory), Chandigarh.
• The 1st Annual Bilateral Meeting between the Indian Coast Guard (ICG) and the Philippine Coast Guard (PCG) was held in Manila, Philippines on 02 December 2025.
• The Reserve Bank of India (RBI) appointed Usha Janakiraman as Executive Director (ED), effective 1 December 2025, marking a major milestone in her 30+ years of RBI service.
• The Department of Financial Services (DFS), Ministry of Finance (MoF), Government of India (GoI) appointed Ramakrishnan Chander as the Managing Director (MD) of Life Insurance Corporation of India (LIC).
• Punjab National Bank (PNB) appointed Harmanpreet Kaur, Indian Women Cricket Captain and World Cup Champion, as its first-ever female brand ambassador, marking a strategic milestone in the Bank’s brand transformation journey.
• Goa Shipyard Limited (GSL) delivered Indian Coast Guard Ship (ICGS) Amulya, the third of eight Fast Patrol Vessels (FPVs) built under India’s Atmanirbhar Bharat initiative for the Indian Coast Guard (ICG).
• CSIR–NAL (Council of Scientific and Industrial Research – National Aerospace Laboratories) launched the production version of the indigenous Hansa-3(NG) trainer aircraft on 29 November 2025, with manufacturing undertaken by Pioneer Clean Amps at a ₹150-crore facility in Kuppam, Andhra Pradesh.
• The Government of India decided to exercise the green shoe option to divest 6% stake in Bank of Maharashtra (BoM) through an offer-for-sale (OFS) following an overwhelming investor response on the first day of subscription.