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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Bans Pre-Payment Charges on Floating Rate Loans for Individuals and Micro & Small Enterprises   

• The Reserve Bank of India (RBI) has directed that no pre-payment charges shall be levied on floating rate loans granted to individuals and Micro & Small Enterprises (MSEs) for business purposes, regardless of the presence of co-obligants.

Key Highlights :

• No charges can be levied if pre-payment is:
• Initiated by the lender, or
• If previously waived charges are being retrospectively imposed at the time of pre-payment.
• These directions apply to all term loans and demand loans sanctioned or renewed on or after January 1, 2026.
• Applicability includes:
• Commercial banks (excluding payments banks),
• Co-operative banks,
• Non-Banking Financial Companies (NBFCs),
• All India Financial Institutions (AIFIs).
• Specifically:
• Commercial banks (excluding Small Finance Banks (SFBs), Regional Rural Banks (RRBs), and Local Area Banks (LABs)),
• Tier 4 Primary (Urban) Co-operative Banks with deposits over ₹10,000 crore,
• NBFC-Upper Layer (NBFC-UL),
• All India Financial Institutions shall not levy pre-payment charges.
• For SFBs, RRBs, Tier 3 Urban Co-operative Banks (UCBs) (deposits between ₹1,000 crore to ₹10,000 crore), State Cooperative Banks, Central Cooperative Banks, and NBFC-Middle Layer (NBFC-ML), no pre-payment charges can be levied on loans up to ₹50 lakh.
• The pre-payment charge waiver applies irrespective of the source of funds used for repayment — whether partial or full, and no lock-in period is required.
• RBI’s review found divergent practices and restrictive clauses by lenders on pre-payment charges for MSEs, causing customer grievances and creating anti-competitive barriers.
• For dual/special rate loans (combining fixed + floating rates), the pre-payment norms apply only if the loan is under floating rate at the time of pre-payment.
• The directions cover all loans classified as ‘term loans’, including both term loans and demand loans, sanctioned or renewed on or after January 1, 2026.
• The RBI issued these directions exercising powers under:
• Sections 21, 35A, and 56 of the Banking Regulation Act, 1949,
• Sections 45JA, 45L, and 45M of the RBI Act, 1934,
• Section 30A of the National Housing Bank Act, 1987.

State Bank of India’s Financial Integrity Committee Detects Ongoing Financial Misconduct by Reliance Communications and Affiliates

• State Bank of India’s Financial Integrity Committee (FIC) identified a consistent pattern of financial misconduct involving Reliance Communications (RCom) and its entities.
• The forensic audit revealed large-scale diversion of bank funds through related entities, with funds being temporarily parked in mutual funds or fixed deposits and cycled via intra-day transactions to evade disclosure.
• Despite written representations from RCom’s resolution professional and legal responses from Anil Ambani’s counsel, SBI found these explanations insufficient to counter the forensic audit findings.
• In February 2025, the Bombay High Court had suspended Canara Bank’s November 2024 decision to classify Anil Ambani’s loan account linked to RCom as fraud.
• Ambani’s lawyers argued that the fraud classification process by Canara Bank was unfair and non-transparent, citing:Delayed communication of the classification order,Premature disclosure to the Reserve Bank of India (RBI),Withholding of critical documents such as the forensic audit report.
• The legal counsel for Ambani has again raised similar concerns regarding the current SBI forensic audit, including the provision of incomplete audit reports and documents, which hindered a detailed response to allegations in the Show Cause Notice (SCN).
• On July 1, 2025, RCom filed with stock exchanges that the alleged irregularities predated the start of its Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016.
• RCom stated that a resolution plan approved by its Committee of Creditors (CoC) is awaiting ratification by the National Company Law Tribunal (NCLT).
• RCom emphasized statutory protections under Sections 14 and 32A of the IBC, which shield the company from liability or prosecution for past conduct.

Central Board of Direct Taxes Hikes Cost Inflation Index to 376 for FY26 to Provide Relief on Capital Gains Tax                       

• The Central Board of Direct Taxes (CBDT) has increased the Cost Inflation Index (CII) to 376 for the financial year 2025–26, up from 363 in the previous year.

Key Highlights :

• The CII is a key index used to adjust the purchase price of assets for inflation, which helps in reducing taxable capital gains when those assets are sold.
• Capital gains are calculated as the difference between the sale price and the inflation-adjusted purchase price, including the cost of improvements.
• The revised CII applies to the current financial year FY26 and the assessment year 2026–27
• The mechanism ensures that long-term capital gains (LTCG) on assets like land and buildings reflect real profits rather than just inflation-driven gains.
• The Finance Act, 2024 narrowed the scope of indexation benefits, allowing indexation primarily for assets sold before July 23, 2024.
• A grandfathering provision permits resident individuals and Hindu Undivided Families (HUFs) to continue claiming indexation benefits after July 23, 2024, if the asset was acquired before that date.
• For such taxpayers, there is a choice to pay:20% LTCG tax with indexation, or A flat 12.5% LTCG tax without indexation.
• The revised CII will be applicable and useful for these taxpayers to reduce tax burden on long-held assets.
• The increase from 363 to 376 is a 3.3% rise, offering a modest cushion against inflation for eligible transactions.
• Historically, the CII adjustment applied to a wide range of assets including:Real estate,Intellectual property,Gold, and Financial securities.
• Post Finance Act 2024, most asset classes no longer qualify for indexation except under the grandfathering clause.

Reserve Bank of India Directs Banks to Adopt Department of Telecom’s Financial Fraud Detection Technology  

• The Department of Telecommunications (DoT) has welcomed the Reserve Bank of India’s (RBI) advisory issued on June 30, 2025, directing all Scheduled Commercial Banks, Small Finance Banks, Payments Banks, and Co-operative Banks to integrate the Financial Fraud Risk Indicator (FRI) developed by DoT into their systems.

Key Highlights :

• The Financial Fraud Risk Indicator (FRI) was launched in May 2025 by DoT’s Digital Intelligence Unit (DIU) as a risk-based metric classifying mobile numbers as Medium, High, or Very High risk for financial fraud.
• The classification is based on inputs from multiple stakeholders, including:
• Reports on Indian Cyber Crime Coordination Centre (I4C’s) National Cybercrime Reporting Portal (NCRP),
• DoT’s Chakshu platform,
• Intelligence shared by banks and financial institutions.
• The FRI enables banks, NBFCs, and UPI service providers to prioritize enforcement and implement additional customer protection measures when a mobile number shows high fraud risk.
• The Digital Intelligence Unit (DIU) regularly shares the Mobile Number Revocation List (MNRL), listing numbers disconnected due to:Cybercrime links,Failed re-verification,Misuse, many related to financial frauds.
• Banks and financial institutions can use FRI in real-time to:
  Decline, delay, or flag transactions,Warn customers of suspicious activities.
• Major institutions like PhonePe, Punjab National Bank (PNB), HDFC, ICICI, Paytm, and India Post Payments Bank (IPPB) are already utilizing the FRI system to combat fraud.
• This initiative represents a technology-led, coordinated national response to digital financial threats, supporting the Digital India vision.
• With wider adoption, FRI is expected to evolve into a sector-wide standard, enhancing:Trust,Real-time decision-making,Systemic resilience across India’s digital financial architecture.

Mashreq Bank Becomes First UAE Bank to Get In-Principle Approval for IBU at GIFT City, Gujarat                                           

• Mashreq Bank became the first UAE-based bank to receive in-principle approval (IPA) to open an International Financial Services Centre Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City) in Gujarat.
• The new branch is expected to be operational by Q4 2025, subject to all regulatory clearances.
• Mashreq has secured approvals from the UAE Central Bank and the Special Economic Zone (SEZ) authority; it is now in the final stages of obtaining the full license from the International Financial Services Centres Authority (IFSCA).
• The branch premises have been identified, and recruitment for key roles is underway.
• The GIFT City IBU will offer services such as:Foreign Currency Loans,Trade Finance Solutions,Treasury and Risk Management Products.
• This new IBU will enhance Mashreq’s ability to serve clients across different time zones and regulatory frameworks seamlessly.
• The Group CEO of Mashreq is Ahmed Abdelaal.

SBI Contributes 1.1% to Global GDP Growth as Part of India’s 6.7% Share: SBI Report

• According to SBI Research, India contributed around 6.7% to the global economy's incremental growth in FY25.
• The State Bank of India (SBI) alone contributed 1.1% to the global incremental GDP, amounting to $44 billion out of the total $297 billion added by India.
• The report emphasizes that SBI’s contribution accounts for 16% of India’s GDP growth in FY25, showcasing its significant economic impact.
• SBI accounted for 8.7% of the Gross Value Added (GVA) in India’s financial services sector in FY25.
• SBI’s GVA increased to ₹1,38,533 crore in FY25, up from ₹1,32,157 crore in FY24, marking a 5% year-on-year growth.
• The report underlines India’s rising influence in the global economy, and SBI’s pivotal role in both national and international economic growth.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Bengaluru City University to Be Renamed After Former Prime Minister Dr. Manmohan Singh

• The Karnataka Cabinet, approved renaming Bengaluru City University in honor of Manmohan Singh, recognizing his transformative contributions to the city’s infrastructure, metro, aviation, and academic development.

Key Highlights:

• Urban Infrastructure:Laid foundation for the Bangalore–Electronic City Elevated Highway (24 June 2006). Oversaw six-laning of NH-4 Bengaluru–Nelamangala stretch, including a 4 km elevated corridor.
• Metro Milestones:Inaugurated Bengaluru Metro project (₹6,000 crore) on 24 June 2006.Flagged off Namma Metro’s first stretch (Baiyappanahalli–MG Road) on 20 November 2011.
• Aviation Landmark:Opened Kempegowda International Airport (24 May 2008), now handling 37 million passengers in FY 2023-24.
• Academic Engagement:
  • Taught at Dr. B.R. Ambedkar School of Economics (2017).
  • Delivered lectures at IIM Bangalore during the 1990s.
• North Campus Expansion:
  • ₹123.50 crore approved for Phase 2 development at Amaravati, Chikkaballapur.
  • Phase 1 (₹91 crore) completed administrative and residential facilities.

RECENT NEWS

• Bengaluru has officially become the ‘Leopard Capital’ of India, surpassing Mumbai in terms of the highest number of free-ranging wild leopards living on the fringes of a major metropolis.

Indore Unveils India’s First QR-Coded Digital House Address System

• Under the Smart Cities Mission, the Indore Municipal Corporation in Madhya Pradesh has rolled out a city-wide Digital House Address Project, replacing traditional addresses with QR-coded metal plates linked to GPS coordinates and integrated into the national Digipin system, to revolutionize urban service delivery and governance.

Key Highlights :

• Pioneering Initiative: India’s first official deployment of QR-based address plates, piloted successfully in Ward 82, Sudama Nagar.
• QR-Coded Plates with GPS: Each home receives a unique QR code tied to exact geographic coordinates, ensuring 100% address accuracy.
• Digipin Integration: Addresses are synchronized with the Digital Postal Index Number (Digipin), standardizing the city’s location database.
• Seamless Civic Access: Residents scan the QR code via a mobile app to pay taxes, lodge grievances, and access utility services in real time.
• Emergency Response: GPS-enabled plates enable ambiguous-free dispatch of ambulance, police, and fire services, drastically reducing response times.
• Data-Driven Governance: Facilitates real-time property mapping, grievance redressal, and urban planning decisions based on accurate location data.
• E-commerce & Logistics: Streamlines deliveries by eliminating vague or duplicate addresses, boosting last-mile efficiency.
• Aligned with National Missions: Part of Smart City and Digital India goals, supported by the Madhya Pradesh Urban Development Department.
• Scalable Model: NDMC (New Delhi) plans a similar rollout, indicating a nationwide trend toward digital address standardization.

RECENT NEWS

• Indore is set to achieve another milestone in sustainable waste management by establishing India’s first green waste processing plant under the Public-Private Partnership (PPP) model. This project, initiated under the Swachh Bharat Mission-Urban, aims to convert green waste into valuable resources, promoting environmental sustainability and reducing pollution.

India to Build Three New Strategic Oil Reserves in Odisha, Rajasthan, and Gujarat

• To bolster energy security and prepare for global supply shocks, India will develop strategic crude oil storage facilities at Chandikhole, Bikaner, and Rajkot, managed by ISPRL under the Ministry of Petroleum.

Key Highlights :

• Locations Chosen:
  • Chandikhole, Odisha
  • Bikaner, Rajasthan
  • Rajkot, Gujarat
• Managing Agency: Indian Strategic Petroleum Reserves Limited (ISPRL), in partnership with the Ministry of Petroleum & Natural Gas.
• Public–Private Partnership: Opportunities for private investment and technology support to expedite construction and operation.
• Existing Reserves: Complements current facilities at Visakhapatnam, Mangaluru, and Padur, significantly expanding total storage capacity.
• Purpose:
  • Act as a “savings account” of crude oil for emergencies (wars, natural disasters, supply disruptions).
  • Maintain fuel supply—for vehicles, industries, and power plants—during import shortfalls.
  • Stabilize the economy by mitigating price volatility.
• Timeline: Project finalization underway; construction to commence soon, with completion expected in a few years.

RECENT NEWS

• India’s infrastructure investment momentum is set to strengthen further in FY26, with Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, and Karnataka projected to contribute nearly 50% of the total ₹10.2 lakh crore state capital expenditure.

Union Minister C.R. Patil Launches C-FLOOD, India’s First Unified Flood Forecasting Platform

• C-FLOOD, a web-based inundation forecasting system developed by C-DAC, CWC, and NRSC under the National Supercomputing Mission, was inaugurated to provide village-level, two-day advance flood forecasts for enhanced disaster preparedness.

Key Highlights :

• Collaborating Agencies:
  • Centre for Development of Advanced Computing (C-DAC)
  • Central Water Commission (CWC)
  • National Remote Sensing Centre (NRSC)
• Forecast Lead Time: Offers two-day advance flood forecasts, enabling proactive evacuation and resource planning.
• Decision-Support Tool: Generates inundation maps and water-level predictions at the village level, integrated into a unified platform.
• Technical Backbone:
  • 2-D hydrodynamic modelling for realistic flood simulations.
  • High-Performance Computing (HPC) at C-DAC Pune for the Mahanadi basin.
  • Godavari and Tapi basin models from NRSC’s National Hydrology Project.
• Strategic Framework: Part of the National Supercomputing Mission (MeitY & DST), showcasing the use of supercomputing in climate resilience.
• Present Coverage: Operational for the Mahanadi, Godavari, and Tapi river basins, with plans to expand to additional river systems in future phases.

Savitribai Phule National Institute of Women and Child Development Inaugurated, Renaming National Institute of Public Cooperation and Child Development

• The National Institute of Public Cooperation and Child Development (NIPCCD) has been renamed as the Savitribai Phule National Institute of Women and Child Development, alongside the launch of a new Regional Centre in Ranchi to strengthen regional training and outreach.

Key Highlights :

• Renaming to Honour Savitribai Phule: India’s first female teacher and pioneer of women’s education and empowerment lends her name to the apex WCD training institute.
• Expanded Regional Footprint: New Ranchi Centre (inaugurated July 4, 2025) to serve Jharkhand, Bihar, Odisha, West Bengal for localized capacity building.
• Strengthened Training & Outreach: Focus on last-mile delivery of flagship schemes—Mission Shakti, Mission Vatsalya, Saksham Anganwadi & Poshan 2.0—via customized training and research support.
• Advanced Programmes Offered: Includes diploma in child guidance & counselling and mental health support for adolescents.
• Need Addressed: Over 7 lakh frontline WCD workers across 115 districts now gain easier access to training, overcoming distance barriers from existing centres.

National Conference of Urban Local Body Chairpersons Inaugurated in Gurugram

• Lok Sabha Speaker Shri Om Birla inaugurated the first-ever national conference of Urban Local Body Chairpersons from all States and Union Territories at ICAT, Manesar, Gurugram, aiming to strengthen urban governance and amplify ULBs’ role in India’s democratic framework.

Key Highlights :

• Conference Duration & Venue: 3–4 July 2025 at the International Centre for Automotive Technology (ICAT), Manesar, Gurugram.
• Theme: “Role of Urban Local Bodies in Strengthening Constitutional Democracy and Nation Building.”
• Inaugural Address: Delivered by Lok Sabha Speaker Shri Om Birla, underscoring ULBs as vital democratic institutions.
• Dignitaries Present:
  • Shri Manohar Lal, Union Minister for Housing & Urban Affairs
  • Shri Nayab Singh, Chief Minister of Haryana
  • Shri Harvinder Kalyan, Haryana Vidhan Sabha Speaker
• Five Sub-Themes for Deliberation:

1. ULBs as Pillars of Democracy
2. ULBs and Inclusive Development
3. ULBs in Vision 2047
4. Women Empowerment through ULBs
5. ULBs as Innovation Hubs

RECENT NEWS

• India has taken a significant step towards global peace and harmony with the inauguration of the country’s first World Peace Center in Gurugram, Haryana. The center, established by Ahimsa Vishwa Bharti under the guidance of Jain Acharya Lokesh, aims to promote non-violence, spiritual awareness, human values, and universal brotherhood.

Ministry of Coal Launches RECLAIM Framework for Inclusive & Sustainable Mine Closure

• The RECLAIM Framework—Repurposing, Engagement, Community, Livelihoods, Assets, Inclusivity, Mine-closure—was unveiled on 4 July 2025 to guide India’s mine-shutdown strategy, ensuring community participation, social equity, and sustainable repurposing of closed mining sites.

Key Highlights :

• Full Form – RECLAIM: Repurposing, Engagement, Community, Livelihoods, Assets, Inclusivity, Mine-closure.
• Official Launch: 4 July 2025, by the Ministry of Coal as a hands-on tool for post-mining transition.
• Aim: Facilitate equitable, transparent, and locally aligned mine closures with active community engagement.
• Design & Structure:
  • Step-by-step guide, complete with templates, actionable tools, and field-tested methodologies tailored to Indian contexts.
  • Emphasis on gender inclusivity and involvement of vulnerable groups to safeguard social equity.
• Core Objectives:
  • Repurposing closed mines into livelihood assets (e.g., agriculture, tourism, renewable energy).
  • Community Engagement: Structured mechanisms for consultation, decision-making, and benefit-sharing.

RECENT NEWS

• Union Minister of Coal and Mines, Shri G. Kishan Reddy launched C CARES Version 2.0, a revamped web portal of the Coal Mines Provident Fund Organization (CMPFO).

CURRENT AFFAIRS : INTERNATIONAL NEWS

Quad Launches Critical Minerals Initiative to Boost Supply Security and Counter China’s Economic Coercion

• The Quad grouping consisting of India, US, Australia, and Japan has launched the Quad Critical Minerals Initiative to ensure availability of critical minerals and strengthen economic security amid concerns about China’s coercive tactics and price manipulation.
• The initiative was announced after a foreign ministers’ meeting held in Washington, D.C., attended by: Jaishankar (India),Marco Rubio (US),Penny Wong (Australia),Takeshi Iwaya (Japan).
• The initiative aims to diversify and secure global supply chains for critical minerals, enhancing the Quad’s role in collective economic resilience.
• The meeting’s fact-sheet noted the Quad will also expand maritime law enforcement cooperation to counter:Piracy,Drug trafficking,Border violations,Illegal, unreported, and unregulated (IUU) fishing.
• The Quad launched its first "Quad-at-Sea Ship Observer Mission" to improve interoperability and knowledge-sharing in tackling unlawful maritime activities in the Indo-Pacific region.
• The Critical Minerals Initiative includes cooperation on:Electronic waste management,Mineral recovery and re-processing,Engagement with private sector partners to boost investment and supply chain resilience.
• In January 2025, India launched its National Critical Mineral Mission (NCMM) with a budget of ₹16,300 crore to promote exploration of critical minerals within the country and at offshore locations, aiming for self-reliance in the critical mineral sector.

CURRENT AFFAIRS: AWARDS AND HONOURS

Prime Minister Narendra Modi Conferred ‘Officer of the Order of the Star of Ghana’ During Landmark State Visit

• Prime Minister Narendra Modi received Ghana’s highest civilian honour, the “Officer of the Order of the Star of Ghana,” from President John Dramani Mahama, recognizing his exceptional diplomatic leadership and commitment to South-South cooperation.

Key Highlights :

• First Indian PM in 30+ Years to Visit Ghana: Modi’s state visit revives historic ties first forged by Nehru and Nkrumah.
• Highest Civilian Award: Officer of the Order of the Star of Ghana, conferred by President Mahama for distinguished global leadership.
• Education & Youth: Doubling of ITEC and ICCR scholarships; launch of a Skill Development Centre for Ghanaian youth.
• Agriculture & Food Security: India to support Ghana’s “Feed Ghana” programme with expertise and resources.
• Healthcare Initiatives: Plans for Jan Aushadhi Kendras in Ghana and collaboration on vaccine production.
• Digital Payments: Introduction of Bharat UPI to boost financial inclusion and digital infrastructure.
• Trade Goal: Commitment to double bilateral trade within five years through enhanced business and investment.

About Ghana

• Capital: Accra
• Currency: Ghanaian Cedi
• The current president of Ghana is John Dramani Mahama

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Fairfax Names NITI Aayog CEO Amitabh Kant as Senior Advisor

• Fairfax Financial Holdings Limited appointed former NITI Aayog CEO Amitabh Kant as a senior advisor.
• India is pursuing an ambitious roadmap to become a developed economy by 2047, aiming to grow from a $4 trillion economy to a $30+ trillion powerhouse under the ‘Viksit Bharat’ initiative.
• As CEO of NITI Aayog, Amitabh Kant was a key driver behind the Aspirational Districts Programme, which focused on uplifting India’s most disadvantaged regions.
• During his tenure as Secretary of the Department of Promotion of Industry and Internal Trade (DPIIT), he led major reforms, including:Make in India campaign,Startup India campaign,Resulting in a significant improvement in ease of doing business rankings by 79 places.
• He also promoted tourism through the ‘Incredible India’ campaign, demonstrating his understanding of cultural and economic integration.
• Fairfax is primarily engaged in property and casualty insurance, reinsurance, and investment management through its subsidiaries.
• Fairfax Chairman and Chief Executive Officer Prem Watsa

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India’s Quantum Mission Sets Up Task Force to Protect Banks Against Cyber Threats

• The National Quantum Mission (NQM) is forming a task force to help banks adopt quantum technologies for cybersecurity, financial modeling, and data analysis, anticipating a major threat to India’s financial infrastructure.
• Ajai Chowdhry, Chairman of NQM’s Governing Board, warned that a powerful quantum computer could break RBI’s current cybersecurity defenses, potentially crippling India’s financial system by 2028–2029.
• He stressed the importance for RBI to develop a 4–5 year quantum-secure transition plan, noting that China is leading in quantum advancements.
• The NQM task force, led by Gulshan Rai of Cert-IN, will frame guidelines for transitioning from classical to quantum-secure networks.
• The task force members include experts from:Department of Telecommunications,Reserve Bank of India (RBI),Data Security Council of India (DSCI),Startups and other relevant stakeholders.
• The transition will require the use of:Quantum Key Distribution (QKD),Post-Quantum Cryptography (PQC), to ensure secure communication.
• The NQM’s first long-distance QKD network is expected to be operational by late July or early August 2025.
• Institutions such as the Institute for Development & Research in Banking Technology (IDRBT) and newer entities like Reserve Bank Information Technology Pvt. Ltd are already working on quantum cryptography and authentication methods.

Japan Launches Climate Satellite on Final Flight of H-2A Rocket Before Retirement       

• Japan successfully launched a climate change monitoring satellite aboard its H-2A rocket, marking the final flight of the rocket before retirement.
• The H-2A rocket launched from Tanegashima Space Center in southwestern Japan, carrying the GOSAT-GW (Global Observing Satellite for Greenhouse gases and Water cycle).
• The satellite was released into planned orbit approximately 16 minutes after liftoff.
• The launch had faced several days of delay due to electrical system malfunctions in the rocket.
• This was the 50th and final flight of the H-2A rocket, which had a near-perfect launch record since its 2001 debut.
• H-2A will now be fully replaced by the H3 rocket, which is already operational and designed to be more cost-competitive in the global space market.
• GOSAT-GW is the third satellite in Japan’s GOSAT series, tasked with monitoring greenhouse gases such as carbon dioxide and methane, and observing the water cycle.
• Within one year, GOSAT-GW will begin distributing high-resolution climate data, including sea surface temperature and precipitation, to global users, including the United States.

CURRENT AFFAIRS : ENVIRONMENT

India Added 683 Faunal Species and 433 Floral Taxa in 2024

• India added 683 new species to its fauna in 2024, including 459 new species and 224 new species records.
• During the same period, India added 433 taxa of flora, comprising 410 species and 23 infra-specific taxa of plants.
• These details were released by Union Minister for Environment, Forest and Climate Change Bhupender Yadav in Kolkata on June 30, 2025.
• The maximum number of new fauna discoveries were from:
• Kerala — 101 species (80 new species, 21 new records),
• Karnataka — 82 species (68 new species, 14 new records),
• Tamil Nadu — 63 species (50 new species, 13 new records).
• For flora discoveries, the highest numbers were from:
• Kerala (58),
• Maharashtra (45),
• Uttarakhand (40).
• The Zoological Survey of India (ZSI) publishes Animal Discoveries annually, detailing new faunal discoveries.
• The Botanical Survey of India (BSI) publishes Plant Discoveries annually, reporting new flora discoveries.
• India is one of the 17 megadiverse countries globally, housing approximately 8% of the world’s recorded biodiversity despite covering only 2.4% of the Earth’s land area.

CURRENT AFFAIRS: IMPORTANT DAYS

American Independence Day 2025: July 4 

• American Independence Day has celebrated every year on July 4th nationally as a Special Day in July 2025 USA as a federal holiday in the United States commemorating the Declaration of Independence, which was ratified by the Second Continental Congress on July 4, 1776.

History

• Some colonists staged fake funerals for King George III of England in honor of Independence Day in the summer of 1776, signifying the end of the Crown's control over America.
• The first Independence Day celebration took place in Philadelphia on July 4, 1777.
• John Adams, a Founding Father and the second president of the United States was certain that July 2nd should be observed as Independence Day. Because he was so convinced that July 2nd should have been the actual date, he even declined to participate in the Fourth of July celebrations.
• On July 4, 1826, Adams and another Founding Father, Thomas Jefferson, both passed away. Another American president who passed away on July 4th was James Monroe, but he did so in 1831.
• The first president to observe Independence Day at the White House was Thomas Jefferson in 1801. Similar to modern 4th of July celebrations, the event included horse racing, parades, food, and beverages.
• The 4th of July has been observed annually since 1776, although it wasn't recognized as a federal holiday until 1870. And it wasn't until 1941 that it was made a paid holiday for federal workers.

Daily CA One- Liner: July 4

• The Karnataka Cabinet, approved renaming Bengaluru City University in honor of Manmohan Singh, recognizing his transformative contributions to the city’s infrastructure, metro, aviation, and academic development
• Under the Smart Cities Mission, the Indore Municipal Corporation in Madhya Pradesh has rolled out a city-wide Digital House Address Project, replacing traditional addresses with QR-coded metal plates linked to GPS coordinates and integrated into the national Digipin system, to revolutionize urban service delivery and governance
• To bolster energy security and prepare for global supply shocks, India will develop strategic crude oil storage facilities at Chandikhole, Bikaner, and Rajkot, managed by ISPRL under the Ministry of Petroleum
• C-FLOOD, a web-based inundation forecasting system developed by C-DAC, CWC, and NRSC under the National Supercomputing Mission, was inaugurated to provide village-level, two-day advance flood forecasts for enhanced disaster preparedness.
• The National Institute of Public Cooperation and Child Development (NIPCCD) has been renamed as the Savitribai Phule National Institute of Women and Child Development, alongside the launch of a new Regional Centre in Ranchi to strengthen regional training and outreach
• Lok Sabha Speaker Shri Om Birla inaugurated the first-ever national conference of Urban Local Body Chairpersons from all States and Union Territories at ICAT, Manesar, Gurugram, aiming to strengthen urban governance and amplify ULBs’ role in India’s democratic framework
• The RECLAIM Framework—Repurposing, Engagement, Community, Livelihoods, Assets, Inclusivity, Mine-closure—was unveiled on 4 July 2025 to guide India’s mine-shutdown strategy, ensuring community participation, social equity, and sustainable repurposing of closed mining sites
• Prime Minister Narendra Modi received Ghana’s highest civilian honour, the “Officer of the Order of the Star of Ghana,” from President John Dramani Mahama, recognizing his exceptional diplomatic leadership and commitment to South-South cooperation
• American Independence Day has celebrated every year on July 4th nationally as a Special Day in July 2025 USA as a federal holiday in the United States commemorating the Declaration of Independence, which was ratified by the Second Continental Congress on July 4, 1776.
• The Reserve Bank of India (RBI) has directed that no pre-payment charges shall be levied on floating rate loans granted to individuals and Micro & Small Enterprises (MSEs) for business purposes, regardless of the presence of co-obligants.
• State Bank of India’s Financial Integrity Committee (FIC) identified a consistent pattern of financial misconduct involving Reliance Communications (RCom) and its entities.
• The Central Board of Direct Taxes (CBDT) has increased the Cost Inflation Index (CII) to 376 for the financial year 2025–26, up from 363 in the previous year.
• The Department of Telecommunications (DoT) has welcomed the Reserve Bank of India’s (RBI) advisory issued on June 30, 2025, directing all Scheduled Commercial Banks, Small Finance Banks, Payments Banks, and Co-operative Banks to integrate the Financial Fraud Risk Indicator (FRI) developed by DoT into their systems.
• Mashreq Bank became the first UAE-based bank to receive in-principle approval (IPA) to open an International Financial Services Centre Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City) in Gujarat.
• According to SBI Research, India contributed around 6.7% to the global economy's incremental growth in FY25.
• The Quad grouping consisting of India, US, Australia, and Japan has launched the Quad Critical Minerals Initiative to ensure availability of critical minerals and strengthen economic security amid concerns about China’s coercive tactics and price manipulation.
• Fairfax Financial Holdings Limited appointed former NITI Aayog CEO Amitabh Kant as a senior advisor.
• The National Quantum Mission (NQM) is forming a task force to help banks adopt quantum technologies for cybersecurity, financial modeling, and data analysis, anticipating a major threat to India’s financial infrastructure.
• Japan successfully launched a climate change monitoring satellite aboard its H-2A rocket, marking the final flight of the rocket before retirement.
• India added 683 new species to its fauna in 2024, including 459 new species and 224 new species records.