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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Asian Development Bank Approves $800 Million Aid Package for Pakistan

• The Asian Development Bank (ADB) has approved an $800 million program for Pakistan to strengthen fiscal sustainability and improve public financial management.
• The support is under the Improved Resource Mobilization and Utilization Reform Program, Subprogram 2.

Key Highlights :

• The package includes:
• A $300 million policy-based loan.
• A $500 million policy-based guarantee (ADB’s first ever), expected to mobilize up to $1 billion from commercial banks.
• The program supports reforms in:
• Tax policy, tax administration, and compliance.
• Public expenditure and cash management.
• Digitalization, investment facilitation, and private sector development.
• Objectives include reducing Pakistan’s fiscal deficit and public debt, while creating fiscal space for social and development spending.
• The program includes a comprehensive support package with technical assistance and coordination with development partners to build long-term fiscal resilience and stability.
• Pakistan is a founding member of ADB and has received over $52 billion in financing since 1966.

About ADB :

• Headquarters: Mandaluyong, Metro Manila, Philippines
• Founded: 1966
• President: Masato Kandaassa
• Members: 69 members, including 50 from the Asia-Pacific region.

Canara Bank Waives Minimum Balance Penalty for Savings Accounts

• Canara Bank has announced the removal of charges for non-maintenance of minimum balance across all types of Savings Bank (SB) accounts.
• This waiver applies to regular, salary, and Non-Resident Indians (NRI) accounts.
• The policy will be effective from June 1, 2025.
• Canara Bank is the first major public sector bank to implement a blanket waiver on minimum balance penalties for all SB account categories.
• Earlier, account holders had to maintain a specified Average Monthly Balance (AMB) or face penalties.
• With this change, minimum balance fees will no longer apply, providing more flexibility and financial relief to customers.

Recent News:

• In response to slowing deposit growth, two major public sector banks — Canara Bank and Union Bank of India — have launched innovative deposit schemes to attract high-value customers and improve resource mobilization.
• Canara Bank – TruEdge Product
• Union Bank – Union Wellness Deposit

About Canara Bank:

• Founded: 1906
• Headquarters: Bengaluru, Karnataka, India
• Managing Director & CEO: K. Satyanarayana Raju
• Tagline: "Together We Can"

Paytm Cloud Technologies Limited Establishes Wholly Owned Subsidiary Paytm Singapore Private. Limited

• Paytm Cloud Technologies Limited (PCTL) incorporated a wholly owned subsidiary named Paytm Singapore Private. Limited (“Paytm Singapore”) on June 3, 2025.
• The subsidiary aims to expand and distribute Paytm’s merchant payments and financial services in Singapore.

Key Highlights :

• PCTL’s board approved an investment of SGD 2,50,000 (INR 1.66 crore) for acquiring 25,000 equity shares in Paytm Singapore.
• One97 Communications Ltd, Paytm’s parent company, will hold 100% ownership of the subsidiary indirectly through PCTL.
• Earlier in January 2025, Paytm announced plans to set up subsidiaries in UAE, Saudi Arabia, and Singapore to explore inorganic expansion, local licenses, strategic investments, and partnerships.
• The initial investment planned for each of these overseas units was up to INR 20 crore in multiple tranches.
• Recently, Paytm has refocused on its core digital payments business after the RBI’s crackdown on Paytm Payments Bank in the previous year.
• The overseas expansion is part of efforts to scale products internationally and create alternate revenue streams.
• The market regulator SEBI approved Paytm Money to act as a research analyst earlier this year.
• Paytm is also looking to apply for a payment aggregator licence via Paytm Payment Services Limited (PPSL).
• These international expansions and vertical growth initiatives aim to increase revenue and move towards profitability.

Recent News :

• In May 2025, Paytm incorporated Paytm Arab Payments LLC in the UAE and appointed Ramana Kumar (founder of Magnati) as CEO of its Middle East business.

HDFC Bank’s NBFC arm, HDB Financial Services, gets SEBI nod to launch one of the biggest IPOs in the NBFC sector

• HDB Financial Services, a non-banking financial company (NBFC) and arm of HDFC Bank, received approval from Securities and Exchange Board of India (SEBI) to launch one of the largest Initial Public Offerings (IPOs) in the NBFC sector.
• This IPO is set to be the largest NBFC IPO and the fifth-largest IPO in the domestic market.
• The company filed its Draft Red Herring Prospectus (DRHP) with SEBI in October 2024.

Key Highlights :

• The IPO comprises:
• ₹10,000 crore Offer for Sale (OFS) by HDFC Bank
• ₹2,500 crore Fresh Issue (note: there is a slight variation mentioned of ₹2,000 crore fresh issue elsewhere)
• Total IPO size: ₹12,500 crore
• Listing Deadline: HDB Financial Services is mandated to list by September 2025 as per Reserve Bank of India (RBI) regulations for upper layer NBFCs.
• Ownership: HDFC Bank currently holds 94.36% stake in HDB Financial Services. Post-IPO, HDB Financial Services will remain a subsidiary of HDFC Bank.
• Use of Proceeds: Funds from the IPO will be used to:
• Strengthen the company’s Tier-I capital base
• Meet future capital needs including capital for onward lending
• IPO approval was delayed due to compliance issues:
• Alleged breaches related to share issuances by unlisted companies
• Possible violations of the Companies Act including excess shareholders and ESOP issuance irregularities
• Other upper layer NBFCs like Tata Capital are also expected to launch IPOs soon (Tata Capital’s IPO proposed at ₹15,000 crore, owned fully by Tata Sons).
• Lead Book Managers for the IPO include:JM Financial, BNP Paribas, Bank of America Securities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), IIFL Securities, Jefferies India Pvt Ltd, Morgan Stanley India, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management, UBS Securities India
• HDB Financial Services was established in 2007 and operates as an upper layer non-deposit-taking NBFC offering both secured and unsecured loans.

UBS increases FY26 GDP forecast to 6.4% despite trade tensions

• Swiss brokerage UBS has raised India’s FY26 GDP growth forecast to 6.4%, up from its earlier estimate of 6%.
• This revision highlights that economic momentum is holding up despite the trade war.
• As per official data, India’s economic growth slowed to 7.4% in the March 2025 quarter, bringing down the annual growth rate to 6.5% for FY25.
• In comparison, India’s GDP growth for FY24 was 9.2%.
• UBS’s optimistic outlook for higher growth is based on:
• Better-than-expected domestic demand momentum
• Likely easing of tariffs on Chinese imports
• Hopes of a US-India trade deal
• Lower global crude oil prices acting as a tailwind

OECD forecasts India’s GDP growth at 6.3% for FY26

• The Organisation for Economic Co-operation and Development (OECD) estimates India’s GDP growth at 6.3% in FY26 (2025-26) and 6.4% in FY27 (2026-27).
• India and Indonesia are projected to continue experiencing strong and broadly stable economic growth.

Factors impacting growth include:

• Easing monetary policy aiding expansions in both economies.
• Higher tariffs in the United States, global trade policy uncertainty, and domestic fiscal policy uncertainty in Indonesia may offset growth.
• G20 economies’ headline inflation is projected to moderate from 6.2% in 2024 to 3.6% in 2025 and 3.2% in 2026.
• Employment growth is expected to be more resilient in some non-OECD emerging economies such as India and South Africa, but to slow further in China due to its ageing population reducing labor supply.
• The global growth rate is projected to slow from 3.3% in 2024 to 2.9% in 2025 and 2026.
• The slowdown will be most noticeable in the United States, Canada, Mexico, and China.

Country-wise growth projections:

• United States: 2.8% (2024) → 1.6% (2025) → 1.5% (2026)
• Euro area: 0.8% (2024) → 1.0% (2025) → 1.2% (2026)
• China: 5.0% (2024) → 4.7% (2025) → 4.3% (2026)

Netherlands remains top destination for India's petroleum product exports

• The Netherlands became India’s largest destination for export of petroleum products in FY23 and consolidated this position in FY25.
• In FY25:
• The Netherlands accounted for over 20.6% (over a fifth) of India’s petroleum product shipments.
• The UAE was the second largest destination with only 10% share.
• Out of the total $22.7 billion of India’s petroleum product exports, 58% went to the Netherlands.
• The Netherlands is:
• India’s third largest goods export destination after the US and UAE.
• A prime centre for storing petroleum products due to its port infrastructure and strategic location, facilitating shipping to other European countries.
• Petroleum product exports from India (in $ billion):
• FY20: $41.24 billion
• FY21: Decline observed
• FY23: Peak year for exports
• FY25: Increased to $63.27 billion

Reserve Bank of India Approves Global FinTech Wise for Cross-Border Payment Aggregation in India

• Global FinTech Wise has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Cross Border for export transactions.
• This approval strengthens Wise’s role in India’s cross-border payments ecosystem, especially supporting freelancers and SMEs in the export economy.

Key Highlights :

• India accounts for 10% of all money sent from abroad via Wise’s platform, making it a key market for the company.
• Wise has expanded its domestic presence by launching a full-stack office in Hyderabad and appointing Smrithi Ravi as the APAC Head of Engineering.
• Wise introduced new product features tailored for India, such as receiving international payments in eight major currencies (USD, GBP, EUR, etc.) through its international account details
• Wise operates under its own Authorised Dealer II (AD-II) licence, making transactions faster and more cost-effective:
• The cost to send INR 1 lakh abroad via Wise is approximately 1.5%.
• 70% of transactions are completed within 12 hours, compared to the industry norm of 2–3 business days.
• The new Payment Aggregator licence allows Wise to support higher inbound payment limits up to INR 25 lakh.
• It also enables Wise to explore future outbound business payments from India.

Insolvency and Bankruptcy Regulation Amendments to Enhance Value and Accelerate Debt Resolution

• The recently amended Insolvency and Bankruptcy regulations allow part-wise resolution of corporate debtors and enable interim finance providers to attend Committee of Creditors (CoC) meetings as observers without voting rights.
• These amendments aim to maximise value and improve efficiency in the debt resolution process.

Key Highlights :

• The resolution professional, with CoC approval, can invite expressions of interest (EoI) for resolution plans either for the corporate debtor as a whole or for one or more assets of the corporate debtor.
• Concurrent invitations help to:
• Reduce timelines for resolution,
• Prevent value erosion in visible segments,
• Encourage broader investor participation (as stated by the Insolvency and Bankruptcy Board of India (IBBI)).
• Interim finance providers can now attend CoC meetings as observers without voting rights, allowing them to gain a better understanding of the debtor’s operational status and make informed funding decisions.
• This move is expected to improve investor confidence and ease access to interim finance, especially benefiting sectors like power, construction, and real estate.
• The amendments have:
• Harmonised timelines for payments under resolution plans,
• Ensured that financial creditors who did not vote in favour will receive pro rata payments and be paid in priority over those who voted for the plan at each stage.
• This approach balances legitimate rights of dissenting creditors with practical constraints of phased implementations.
• Resolution professionals must present all resolution plans (including non-compliant ones) to the CoC with relevant details.

JioHotstar and RBI Launch Five-Part Docuseries ‘RBI Unlocked: Beyond the Rupee’; Premier Episode Released

• Reliance’s JioHotstar and the Reserve Bank of India (RBI) launched a five-part documentary series titled ‘RBI Unlocked: Beyond the Rupee’.
• The series is produced by Chalkboard Entertainment and commissioned by the RBI to document its 90-year history and create awareness of its functions and roles.
• The documentary provides an in-depth look into the RBI’s role in shaping India’s economic journey.

Key Highlights :

• RBI functions highlighted include:
• Currency management
• Monetary policy
• Regulation and supervision of banks and NBFCs
• Regulation of currency issuance, interest rates, markets, and payment and settlement systems
• Promoting financial inclusion
• The series features conversations with key financial leaders, including:
• Current and former RBI Governors
• Secretary of the Department of Financial Services
• Secretary of the Department of Economic Affairs
• Economists and industry experts
• It includes footage from high-security gold vaults, printing presses, crisis management war rooms, and archival clips with dramatic recreations.
• The documentary highlights how RBI impacts 4 billion Indians, influencing inflation, interest rates, currency safety, and economic crisis management.
• The first episode titled “As Good As Gold” focuses on the role of gold during the 1991 economic crisis.
• Future episodes will cover banking reforms, the RBI’s bio-bubble approach during the COVID-19 pandemic, and other landmark events.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

West Bengal Loses Over ₹22,000 Crore in MGNREGS Funds as Allocation is Redirected to Other States

• The Centre halted MGNREGS funding to West Bengal effective March 9, 2022, under Section 27 of the MGNREG Act due to noncompliance with central directives.
• Consequently, West Bengal missed out on approximately ₹22,000 crore from FY23 to FY25, as these funds were reallocated to Tamil Nadu, Uttar Pradesh, Bihar, and Maharashtra.

Key Highlights :

• Frozen Funds for West Bengal: Release of MGNREGS funds stopped since March 2022, despite the state having received ₹7,508 crore in FY22. No savings occurred in the scheme’s overall outlay, which held steady around ₹86,000–88,000 crore

Redistribution to Other States:

• Tamil Nadu: Funding rose from ₹9,707 crore in FY23 to ₹12,603 crore in FY24, before tightening norms reduced its share to ₹7,600 crore in FY25.
• Uttar Pradesh: Increased from ₹8,510 crore in FY22 to ₹10,269 crore in FY23, then declined to ₹9,700 crore in FY25.
• Bihar: Grew steadily from ₹5,407 crore in FY22 to over ₹6,700 crore in FY25.
• Maharashtra: Saw allocation rise from ₹2,056 crore in FY22 to ₹4,900 crore in FY25.

Stable National Spending: Total MGNREGS expenditure was ₹96,812 crore in FY22, then declined to ₹88,290 crore in FY23, ₹88,217 crore in FY24, and ₹85,771 crore in FY25, reflecting overall efforts to curb leakages as economic activity recovered post-Covid.

Impact on Scheme Objectives:

• MGNREGS ensures 100 days of guaranteed wage employment for rural households volunteering for unskilled manual work.
• With West Bengal excluded, the Centre’s funding remained fully utilised, and allocations may increase once the state becomes compliant again.

India Secures Presidency of International Institute of Administrative Sciences (IIAS) for 2025–2028

• In a landmark achievement, India has been elected President of the International Institute of Administrative Sciences (IIAS) for the 2025–2028 term.
• The election, held marks India’s first-ever victory in the 100-year history of the IIAS presidency and the first time the election was conducted through a ballot process.

Key Highlights :

About IIAS:

• IIAS is a global federation with 31 Member States, 20 National Sections, and 15 Academic Research Centres, focusing on scientific research in public administration.
• India has been a member since 1998, represented by the Department of Administrative Reforms and Public Grievances (DARPG).
• It closely collaborates with the United Nations, including participation in CEPA and UNPAN, though it is not a UN-affiliated body.

2025–2028 IIAS Presidential Election:

• Nomination: India nominated Shri V. Srinivas, Secretary, DARPG, in November 2024.
• Hearings: Conducted in February 2025 at Bharat Mandapam, New Delhi, during the Annual IIAS Conference.
• Contenders: India, South Africa, Austria, and Bahrain. South Africa later withdrew in May 2025.
• Election Result (June 3, 2025):
  • Total votes polled: 141
  • India: 87 votes (61.7%)
  • Austria: 54 votes (38.3%)

Uttar Pradesh Reserves 20% Police Posts for Ex-Agniveers under Agneepath Scheme

• In a significant step to honour and rehabilitate military-trained youth, the Uttar Pradesh Cabinet has approved 20% horizontal reservation for former Agniveers in direct police recruitment.
• Announced the policy will be implemented from 2026, aligning with the return of the first Agniveer batch from the Agneepath scheme.

Key Highlights :

Policy Framework and Scope:

• 20% horizontal reservation in recruitment for posts such as Police Constable, PAC, Mounted Constable, and Fireman.
• Horizontal reservation means it applies within existing categories (General, SC, ST, OBC).

Eligibility and Relaxation:

• Ex-Agniveers eligible under this policy must have completed their 4-year tenure under the Agneepath scheme.
• 3-year age relaxation granted to eligible candidates for recruitment purposes.

About the Agneepath Scheme:

• Launched in 2022 by the Union Government.
• Youth aged 17.5 to 21 years serve as Agniveers in the Army, Navy, and Air Force for 4 years.
• After completion, 25% may be retained in service; the remaining receive a Seva Nidhi exit package.

Objectives Behind the Decision:

• Provide career avenues to discharged Agniveers in civil services.
• Leverage their discipline and training to enhance police force effectiveness.
• Reinforce the state’s commitment to national service personnel.

Background:

• In July 2024, CM Yogi Adityanath had promised reservation in state jobs for ex-Agniveers.
• This policy fulfills that commitment and will begin with the first eligible batch in 2026.

IICA to Establish First Regional Campus in Shillong with PM-DevINE Support

• The Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, has acquired 5 acres of land in New Shillong Township to establish its first regional campus outside Delhi.
• The initiative, supported by ₹100.95 crore under the PM-DevINE (Prime Minister’s Development Initiative for North East) scheme, aims to promote inclusive development and institutional presence in the North East.

Key Highlights :

Strategic Location and Infrastructure:

• Campus to be set up in New Shillong Township, within the Knowledge City cluster.
• Will be located alongside IIM Shillong, National Law University Meghalaya, and NIFT, promoting academic collaboration.
• Upcoming Shillong airport to enhance regional connectivity.

Funding and Support:

• ₹100.95 crore allocated under PM-DevINE, a central government initiative focused on North East development.

Purpose and Objectives:

• Serve as a hub for training, research, and policy advisory in areas like corporate governance, ESG, CSR, and insolvency.
• Strengthen the institutional footprint of IICA in the region and enhance corporate regulatory capacity.
• Align with national goals such as Ease of Doing Business, Vikshit Bharat @2047, and Atmanirbhar Bharat.

Background:

• IICA is an autonomous institution under the Ministry of Corporate Affairs, serving as a think tank and training body for corporate law, governance, and compliance.
• Has previously conducted over 300 training programs in the North East, highlighting its ongoing engagement with the region.

Union Minister Launches C CARES 2.0 to Digitally Empower Coal Sector Workers

• Union Minister of Coal and Mines, Shri G. Kishan Reddy launched C CARES Version 2.0, an upgraded digital platform of the Coal Mines Provident Fund Organization (CMPFO).
• Developed by C-DAC with support from SBI, the portal aims to enhance efficiency in Provident Fund (PF) and pension disbursement services for coal workers.

Key Highlights :

Objective: The platform aims to improve transparency, accountability, and service delivery in PF and pension settlements, aligning with the Digital India initiative and the vision of Minimum Government, Maximum Governance.

Digital Transformation of CMPFO Services:

• Introduces real-time claim tracking, ensuring quicker and more transparent PF and pension processing.
• Enables Direct Benefit Transfer (DBT) to workers’ bank accounts, minimizing delays.
• Ensures automatic ledger updates based on coal companies' data submissions.

Mobile-Based Access and User Interface:

• Workers can view their profile, PF balance, employment history, and claim status through a dedicated mobile app.
• Chatbot-enabled grievance redressal system included for better user support.

Administrative and Analytical Tools:

• Features dashboards for CMPFO and coal companies for customized reporting and predictive analytics, improving decision-making and service delivery.

Pilot Rollout Locations:

• Initially launched in 5 regional offices:
  • Godavarikhani &Kothagudem (SCCL)
  • Asansol-I (ECL)
  • Bilaspur (SECL)
  • Nagpur (WCL)
• Nationwide rollout planned from 1st July 2025.

Background Info:

• CMPFO, under the Ministry of Coal, was established in 1948.
• Serves over 3.3 lakh PF subscribers and 6.3 lakh pensioners in the coal sector.
• The first version of C CARES began the digitization process; Version 2.0 represents a major upgrade with mobile access and real-time integration.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Bahrain, Colombia, DRC, Latvia, and Liberia Elected to UN Security Council as Non-Permanent Members for 2026–2027 Term

• Bahrain, Colombia, Democratic Republic of the Congo (DRC), Latvia, and Liberia were elected as non-permanent members of the UN Security Council (UNSC) for two-year terms starting January 2026 and ending December 2027.
• They will join the current non-permanent members elected in 2024: Denmark, Greece, Pakistan, Panama, and Somalia, serving through 2026.
• The new members will succeed Algeria, Guyana, Republic of Korea, Sierra Leone, and Slovenia, whose terms end in December 2025.

Key Highlights :

• The UN Security Council consists of:
• 15 members total,
• 5 permanent members with veto power: China, France, Russia, the United Kingdom, and the United States,
• 10 non-permanent members elected by the UN General Assembly for staggered two-year terms.
• Elections are held annually by secret ballot, with seats allocated by regional groups.
• Candidates need a two-thirds majority vote in the 193-member General Assembly to win.
• In the 2025 election, 188 Member States participated; only one round of balloting was required.
• Vote details by regional group:
• Africa and Asia-Pacific: Bahrain (186 votes), DRC (183 votes), Liberia (181 votes) with one abstention.
• Eastern Europe: Latvia (178 votes), with 10 abstentions.
• Latin America and the Caribbean: Colombia (180 votes), with eight abstentions.
• Latvia will serve on the Security Council for the first time in its history.
• Other countries’ past terms:
• Colombia: 7 times
• DRC: 2 times
• Bahrain and Liberia: once each
• The non-permanent seats are distributed among four regional groupings:
• Africa and Asia
• Eastern Europe
• Latin America and the Caribbean
• Western Europe and other States
• The 2025 election filled five seats:
• Two for Africa
• One for Asia-Pacific
• One for Eastern Europe
• One for Latin America and the Caribbean

About UNSC :

• Formation : 24 October 1945
• Headquarters : New York City, United States
• Presidency : Greece (May 2025)

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Anil Kumble Appointed Ambassador for Karnataka Forest Department and Wildlife Conservation

• Former Indian cricket team captain Anil Kumble has been appointed as the ambassador of the Karnataka Forest Department and for wildlife conservation.
• Kumble stated he would work with the department towards the conservation and development of forests and wildlife in Karnataka.
• Anil Kumble mentioned that his prior role as Vice-President of the Karnataka Wildlife Board would be helpful in fulfilling his new responsibilities.

Deutsche Bank names Stefan Schaffer as CEO of Deutsche India

• Deutsche Bank appointed Stefan Schaffer as the new CEO of Deutsche India, its global capability centre (GCC).
• Schaffer will also serve as Global CIO for Corporate Functions and Head of Global Technology Centres at Deutsche Bank.
• Since joining Deutsche Bank in 2020, Stefan has held senior roles in the Technology, Data and Innovation (TDI) division, including:
• Head of the Bucharest Technology Center,
• President of the Board of Directors in Romania,
• Head of Shared Applications and Services.

About Deutsche India :

• Deutsche India, established in 2005, supports Deutsche Bank’s global businesses and infrastructure functions.
• Deutsche Bank has been operating in India since 1980, with a presence in corporate and investment banking, retail banking, private wealth management, and global business services.

Annalena Baerbock of Germany Elected President of the 80th UN General Assembly

• Annalena Baerbock, former German Foreign Minister, was elected President of the 80th session of the UN General Assembly.
• She won 167 votes in a secret ballot, defeating write-in candidate Helga Schmid who got 7 votes; 14 delegations abstained.
• Baerbock is the first woman from the Western European group and the fifth woman overall to hold the post.
• At 44 years old, she is one of the youngest leaders to become GA President.
• The UN General Assembly presidency rotates among five regional groups.
• Her election comes amid global challenges: ongoing conflicts, deadlock in the Security Council, faltering development goals, and the upcoming selection of the next UN Secretary-General.
• The Assembly acts as a platform for accountability through initiatives like the Veto Initiative (2022), ensuring issues blocked in the Security Council are debated.
• The five permanent Security Council members (China, France, Russia, UK, US) hold veto power, which can block Council actions.
• In her acceptance speech, Baerbock pledged to be an “honest broker and unifier” for all 193 Member States, with the theme “Better Together.”
• Her three priorities as President:

1. Making the UN more efficient and effective,
2. Advancing the 2030 Agenda for Sustainable Development,
3. Making the Assembly a truly inclusive forum.

• Baerbock highlighted the importance of the UN80 initiative, launched by Secretary-General António Guterres in March, calling for bold ambition and readiness to make difficult decisions.
• The 80th session begins on 9 September,2025 and is expected to focus on ongoing crises and important reforms, including the UN80 initiative and the selection of the next Secretary-General (term ends 2026).

Sumit Khandelwal appointed as new Chief Financial Officer of UCO Bank

• UCO Bank, a state-run bank, has appointed Sumit Khandelwal as its new Chief Financial Officer (CFO) with immediate effect.
• Sumit Khandelwal replaces Sujoy Dutta as the bank’s CFO.
• Prior to this appointment, Khandelwal served as General Manager and Zonal Head of UCO Bank’s New Delhi zone.
• He has over 15 years of diverse banking experience, having worked in multiple corporate branches, zones, and departments within UCO Bank.

About UCO Bank :

• Founded : 6 January 1943
• Headquarters : Kolkata, West Bengal, India
• MD &CEO : Ashwani Kumar

TCL India extends brand partnership with cricketer Rohit Sharma

• TCL India has renewed its brand partnership with cricketer Rohit Sharma, who will continue as the brand’s ambassador for a second consecutive year.
• The collaboration emphasizes TCL’s focus on innovation and performance, reflected in the brand philosophy: “Master the Moment.”
• Rohit Sharma is one of India’s most respected cricket players and represents qualities like composure and strategic approach, aligning with TCL’s brand identity.
• The partnership aims to strengthen TCL’s presence and outreach in the Indian consumer electronics market.
• Rohit Sharma is exclusively represented by Rise Worldwide.
• This association links a global consumer electronics company with a prominent Indian sports figure.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India–UK FTA Includes ‘Most-Favoured-Nation’ Renegotiation Mechanism and Domestic Safeguards

• The India-UK Free Trade Agreement (FTA), concluded, features a renegotiation clause that allows either country to revisit specific provisions if the other offers more favorable terms to a third nation.
• The agreement aims to boost bilateral trade—projected to double from $60 billion in 2024 to $100 billion by 2030—while safeguarding domestic policy space and enabling rapid customs clearance.

Key Highlights :

Renegotiation Mechanism:Either party can renegotiate clauses if the other extends better trade terms to a third country, ensuring both sides can keep pace with India’s expanding FTA network (e.g., ongoing US and EU talks).

Projected Economic Impact:

• UK GDP Boost: Estimated £3.3 billion increase by 2035.
• Employment Gains in India: Significant growth expected in labour-intensive sectors like textiles, leather, and footwear.

Tariff Reductions—UK Exports to India:

• 90% of UK tariff lines see reduced duties on products such as whisky, gin, automotive goods, medical devices, cosmetics, aerospace components, lamb, salmon, electrical machinery, soft drinks, chocolate, and biscuits.
• Whisky and gin tariffs cut from 150% to 75%, eventually reaching 40% over ten years.
• Automotive tariffs fall from 100%+ to 10% under a tariff-rate quota.

Tariff Eliminations—India Exports to UK:

• 99% of Indian tariff lines (covering nearly 100% of trade value) qualify for zero duty, benefiting textiles, marine products, leather, footwear, sports goods, toys, gems, jewellery, engineering goods, auto parts, engines, and organic chemicals.

India to Build First-Ever Indigenous Polar Research Vessel under GRSE–Kongsberg MoU

• Union Minister of Ports, Shipping & Waterways Shri Sarbananda Sonowal witnessed the signing of an MoU between Garden Reach Shipbuilders & Engineers Ltd. (GRSE) and Norway’s Kongsberg, paving the way for the construction of India’s first indigenously built Polar Research Vessel (PRV).
• The PRV, tailored for the National Centre for Polar and Ocean Research (NCPOR), will bolster India’s scientific outreach in polar and southern ocean studies.

Key Highlights :

• Strategic Partnership: GRSE will leverage its shipbuilding expertise, while Kongsberg provides design know-how for the PRV, enhancing India’s ‘Make in India’ credentials in specialized maritime platforms.
• Scientific Mission: The vessel will be equipped with state-of-the-art scientific equipment to facilitate deep-sea exploration, marine ecosystem research, and polar climate studies, strengthening India’s research infrastructure.
• MAHASAGAR Vision: At Nor-Shipping 2025, Shri Sonowal reaffirmed India’s MAHASAGAR (Mutual and Holistic Advancement for Security Across the Regions) vision, expanding the earlier SAGAR initiative to promote inclusive, decarbonized ocean-based trade and regional security.
• Sagarmala 2.0 & Maritime Growth: Emphasis on bridging infrastructure gaps, boosting shipbuilding, repair, and recycling, and positioning India as a global maritime leader, with green initiatives and international cooperation as cornerstones.
• India–Norway Collaboration: During a roundtable with the Norwegian Shipowners’ Association, India highlighted:

• 11% share of NSA’s global order book held by Indian shipyards
• India as the second-largest seafarer contributor to Norway’s fleet
• 87% HKC compliance among Indian ship recycling yards
• Opportunities under Sagarmala programme and the $2.9 billion Maritime Development Fund for green ports, digital platforms (ONOP, MAITRI), and green shipping corridors.

• Global Engagement: Shri Sonowal’s five-day visit to Norway and Denmark aims to deepen maritime ties and invite investments in India’s evolving maritime sector.

CURRENT AFFAIRS: SPORTS NEWS

Royal Challengers Bengaluru Clinch Maiden IPL Title in Thrilling Final Against Punjab Kings

• In a historic moment for franchise cricket, Royal Challengers Bengaluru (RCB) lifted their first-ever Indian Premier League (IPL) trophy, defeating Punjab Kings by 6 runs in a nail-biting final at the Narendra Modi Stadium, Ahmedabad.
• The win was an emotional culmination for RCB fans and a fitting tribute to Virat Kohli’s long-standing contributions to the team.

Key Highlights :

Final Match Summary:

• RCB scored 190/9 in 20 overs after being put in to bat.
  • Top scorers: Virat Kohli (43 runs), Rajat Patidar (26 runs).
  • Punjab bowlers: Arshdeep Singh and Kyle Jamieson took 3 wickets each.
• Punjab Kings managed 184/8 in their 20 overs.
  • Shashank Singh remained unbeaten with 61 runs.

Game-Changing Performance:

• Krunal Pandya was the star with the ball for RCB:
  • Bowling figures: 4 overs, 17 runs, 2 wickets.
  • Awarded Player of the Match for his economical and impactful spell.

Post-Match Awards:

• Orange Cap (Most Runs): Sai Sudarshan (Gujarat Titans).
• Purple Cap (Most Wickets):Prasidh Krishna (Gujarat Titans).
• Most Valuable Player (MVP): Surya Kumar Yadav (Mumbai Indians) for consistent batting throughout the season.

Oscar Piastri Wins Spanish Grand Prix 2025, Extends F1 Championship Lead

• Australian Formula One driver Oscar Piastri clinched his fifth win of the 2025 season with a commanding performance at the Spanish Grand Prix held at the Circuit de Barcelona-Catalunya.
• Driving for McLaren, the 24-year-old started from pole position and dominated the race to outpace teammate Lando Norris, extending his lead in the championship standings.

Key Highlights :

Dominant Weekend Performance:

• Piastri secured pole position with the largest qualifying margin of the 2025 season.
• He led all practice sessions, showcasing superior pace throughout the weekend.
• Delivered a flawless race, maintaining the lead and avoiding any major challenge on track.

Championship Context:

• This win came after consecutive defeats to Norris at Imola and Monaco, restoring Piastri’s momentum in the title race.
• It marks his fifth victory in nine races, keeping him at the top of the driver standings.

Spanish GP 2025 Podium Finishers:

• 1st: Oscar Piastri (McLaren)
• 2nd: Lando Norris (McLaren)
• 3rd: Max Verstappen (Red Bull)

CURRENT AFFAIRS: IMPORTANT DAYS

World Environment Day 2025: June 5

• On June 5^th, World Environment Day 2025 is observed all over the world.
• World Environment Day is an international day dedicated to raising public awareness about various environmental challenges.
• Theme of World Environment Day 2025: Beat Plastic Pollution

History

• In 1968, Sweden suggests to the UN to have a conference that is focused on the environment.
• In 1972, First U.N Environmental Conference was held. Maurice Strong finally lead the discussions about marine pollution, human overpopulation, and global warming
• In 1974, The first World Environment Day was celebrated in Spokane, Washington.
• In 2019, China Hosted World Environment Day, and China raised awareness of the 7 million people who die annually from air pollution with the slogan  'Beat Air Pollution.'

Daily CA One- Liner: June 5

• The Centre halted MGNREGS funding to West Bengal effective March 9, 2022, under Section 27 of the MGNREG Act due to noncompliance with central directives.
• In a landmark achievement, India has been elected President of the International Institute of Administrative Sciences (IIAS) for the 2025–2028 term
• In a significant step to honour and rehabilitate military-trained youth, the Uttar Pradesh Cabinet has approved 20% horizontal reservation for former Agniveers in direct police recruitment
• The Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, has acquired 5 acres of land in New Shillong Township to establish its first regional campus outside Delhi.
• Union Minister of Coal and Mines, Shri G. Kishan Reddy launched C CARES Version 2.0, an upgraded digital platform of the Coal Mines Provident Fund Organization
• The India-UK Free Trade Agreement (FTA), concluded, features a renegotiation clause that allows either country to revisit specific provisions if the other offers more favorable terms to a third nation
• Union Minister of Ports, Shipping & Waterways Shri Sarbananda Sonowal witnessed the signing of an MoU between Garden Reach Shipbuilders & Engineers Ltd. (GRSE) and Norway’s Kongsberg, paving the way for the construction of India’s first indigenously built Polar Research Vessel
• In a historic moment for franchise cricket, Royal Challengers Bengaluru (RCB) lifted their first-ever Indian Premier League (IPL) trophy, defeating Punjab Kings by 6 runs in a nail-biting final at the Narendra Modi Stadium, Ahmedabad
• Australian Formula One driverOscar Piastri clinched his fifth win of the 2025 season with a commanding performance at the Spanish Grand Prix held at the Circuit de Barcelona-Catalunya.
• The Asian Development Bank (ADB) has approved an $800 million program for Pakistan to strengthen fiscal sustainability and improve public financial management.
• Canara Bank has announced the removal of charges for non-maintenance of minimum balance across all types of Savings Bank (SB) accounts.
• Paytm Cloud Technologies Limited (PCTL) incorporated a wholly owned subsidiary named Paytm Singapore Private. Limited (“Paytm Singapore”) on June 3, 2025.
• HDB Financial Services, a non-banking financial company (NBFC) and arm of HDFC Bank, received approval from Securities and Exchange Board of India (SEBI) to launch one of the largest Initial Public Offerings (IPOs) in the NBFC sector.
• Swiss brokerage UBS has raised India’s FY26 GDP growth forecast to 6.4%, up from its earlier estimate of 6%.
• The Organisation for Economic Co-operation and Development (OECD) estimates India’s GDP growth at 6.3% in FY26 (2025-26) and 6.4% in FY27 (2026-27).
• The Netherlands became India’s largest destination for export of petroleum products in FY23 and consolidated this position in FY25.
• Global FinTech Wise has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Cross Border for export transactions.
• The recently amended Insolvency and Bankruptcy regulations allow part-wise resolution of corporate debtors and enable interim finance providers to attend Committee of Creditors (CoC) meetings as observers without voting rights.
• Reliance’s JioHotstar and the Reserve Bank of India (RBI) launched a five-part documentary series titled ‘RBI Unlocked: Beyond the Rupee’.
• Bahrain, Colombia, Democratic Republic of the Congo (DRC), Latvia, and Liberia were elected as non-permanent members of the UN Security Council (UNSC) for two-year terms starting January 2026 and ending December 2027.
• Former Indian cricket team captain Anil Kumble has been appointed as the ambassador of the Karnataka Forest Department and for wildlife conservation.
• Deutsche Bank appointed Stefan Schaffer as the new CEO of Deutsche India, its global capability centre (GCC).
• Annalena Baerbock, former German Foreign Minister, was elected President of the 80th session of the UN General Assembly.
• UCO Bank, a state-run bank, has appointed Sumit Khandelwal as its new Chief Financial Officer (CFO) with immediate effect.
• TCL India has renewed its brand partnership with cricketer Rohit Sharma, who will continue as the brand’s ambassador for a second consecutive year.
• On June 5^th, World Environment Day 2025 is observed all over the world.