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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Banking System Liquidity Surplus Exceeds ₹4 Trillion Amid Robust Variable Rate Reverse Repo Demand

• The banking system liquidity surplus, measured by funds parked in the RBI’s Liquidity Adjustment Facility (LAF), surged to ₹4.04 trillion, the highest since May 19, 2022.
• The surge is mainly due to increased government spending and a record ₹2.69 trillion surplus transfer by the RBI in May.
• During the seven-day Variable Rate Reverse Repo (VRRR) auction on Thursday, the RBI received bids worth around ₹1.7 trillion against a notified amount of ₹1 trillion and accepted ₹1 trillion at a cut-off rate of 5.47%.
• The bidding was significantly higher compared to the previous week's auction, which saw bids of only ₹84,975 crore.
• VRRR auctions are used to absorb excess liquidity from the banking system and align overnight rates with the repo rate.
• The overnight weighted average call rate (WACR) is currently near the Standing Deposit Facility (SDF) rate of 5.25% and below the repo rate of 5.50%.
• The RBI may conduct daily VRRR auctions and potentially raise the notified amount to better align the WACR with the repo rate.
• The recent liquidity improvement is attributed to higher government spending and lower-than-expected GST collections, easing typical liquidity pressures.
• The RBI has already reduced the Cash Reserve Ratio (CRR), limiting its options for further liquidity withdrawal besides VRRR.
• The RBI is expected to focus on shorter-tenure VRRR operations (less than 14 days) as fine-tuning measures to avoid overlapping with upcoming GST outflows.
• The RBI aims to improve the transmission of a 100-basis-point repo rate cut during this easing cycle and is unlikely to absorb durable liquidity for now.

RBI Reports Improvement in Scheduled Commercial Banks’ Asset Quality; Gross NPAs Decline to 2.3%                                  

• As per the Reserve Bank of India’s (RBI) Financial Stability Report (FSR), Asset quality of Scheduled Commercial Banks (SCBs) continues to improve, with Gross NPA (GNPA) and Net NPA ratios at multi-year lows, .
• Gross NPA ratio of SCBs declined to 2.3% as of March 31, 2025, down from 2.8% a year ago.

Key Highlights :

• Public Sector Banks (PSBs) saw a notable improvement, with GNPAs falling from 3.7% in March 2024 to 2.8% in March 2025.
• Private Sector Banks maintained a stable GNPA ratio at 2.8%, while Foreign Banks improved further to 0.9%.
• Macro stress tests indicated that SCBs’ capital levels will remain above regulatory minimums even under adverse stress scenarios.
• The RBI’s FSR noted that loan write-offs, including technical write-offs, were a key driver for the decline in GNPAs over the last five years.
• The write-offs-to-GNPA ratio rose to 31.8% in FY25, up from 29.5% in FY24, driven by private sector lenders and foreign banks; PSBs showed a marginal decline.
• GNPAs may increase slightly to 2.6% by March 2027, for 46 banks covering 98% of SCBs' total assets.
• Sector-wise, the agriculture sector had the highest GNPA contribution at 6.1%.
• In personal loans, GNPA remained stable at 1.2%.
• However, PSBs’ GNPA from credit cards rose sharply to 14.3%, compared to 2.1% in private sector banks.
• The share of large borrowers in total GNPAs stood at 37.5%, while their share in outstanding loans was 43.9%.
• The GNPA ratio of large borrowers declined significantly from 3.8% in Sept 2023 to 1.9% in March 2025.

Reserve Bank of India Report States Write-offs Key Driver Behind Decline in non-performing assets Over Last 5 Year

• Write-offs were a major contributor to the reduction in Non-Performing Assets (NPAs) over the past five years, according to the RBI’s Financial Stability Report (FSR).
• Asset quality of Scheduled Commercial Banks (SCBs) improved, with Gross NPA and Net NPA ratios falling to multi-decadal lows of 2.3% and 0.5%, respectively, in FY 2024–25 (FY25).
• The write-offs-to-Gross NPA ratio for SCBs increased to 31.8% in FY25 from 29.5% in FY24, led by private banks and foreign banks, while Public Sector Banks (PSBs) saw a marginal decline.
• Unsecured retail loans accounted for 25% of retail loans and 8.3% of gross advances, but had a Gross NPA ratio of 1.8%, compared to 1.2% for the overall retail portfolio as of March 2025.\
• Slippages in unsecured retail loans remained elevated for Private Sector Banks (PVBs), contributing 78.9% of total fresh slippages in H2 FY25, compared to 11.3% for PSBs and 6.4% for Small Finance Banks (SFBs).
• Write-offs in the unsecured retail loan segment were 81.9% by PVBs and only 10.9% by PSBs in FY25

Reserve Bank of India’s Financial Stability Report: Stressed Assets of Non-Banking Financial Companies in Microfinance Sector Rise to 5.9% in March 2025 from 3.9% in September 2024

• As per the Reserve Bank of India’s (RBI) Financial Stability Report (FSR), the share of stressed assets of Non-Banking Financial Companies (NBFCs) in the microfinance sector (including NBFC-MFIs) increased to 5.9% in March 2025 from 3.9% in September 2024.

Key Highlights :

• Slippage ratios among upper layer NBFCs have been rising, along with an upward trend in loan write-offs.
• Write-offs for upper layer NBFCs surged to 72.9% in March 2025 from about 50% in June 2022.
• For middle layer NBFCs, write-offs increased to 38.7% from approximately 20% during the same period.
• Combined write-offs for both layers rose to 46.4% in March 2025, up from nearly 20% in June 2022.
• The Non-Banking Stability Indicator showed a marginal deterioration since December 2024, mainly due to increased risks in cost of funds and borrowing.
• Despite this, the RBI stated that the NBFC sector remains resilient and is well-positioned to support economic growth due to healthy balance sheets.
• NBFCs, including Housing Finance Companies (HFCs) and fintech firms, account for 84.3% of personal loans below ₹50,000.
• Rising credit risk is noted with about 10% of borrowers of small personal loans already having overdue loans.
• Over two-thirds of recent personal loan borrowers had more than three active loans at the time of origination, indicating growing debt stress among small-ticket borrowers.
• Bank lending to NBFCs has declined, though bank finance remains the dominant funding source.
• Reduced access to bank borrowing has pushed up the cost of funds and increased foreign currency borrowings.
• Credit growth for upper and middle layer NBFCs rose to 20.7% year-on-year in March 2025 from 16% in September 2024, mainly driven by upper layer NBFCs.
• Growth acceleration was influenced by the reclassification of a housing finance company as an NBFC-UL and a merger of a middle layer NBFC with an upper layer entity.

Securities and Exchange Board of India Proposes Dedicated Electronic Book Provider Platform for not-for-profit organisations Fundraising via Social Stock Exchange

• The Securities and Exchange Board of India (SEBI) has proposed a dedicated electronic book provider platform for fundraising by not-for-profit organisations (NPOs) through the Social Stock Exchange (SSE).
• The new framework introduces a common bidding and settlement platform called the SSE Electronic Book Provider (SSE-EBP) to facilitate NPOs issuing Zero Coupon Zero Principal instruments and other permitted securities.
• NPOs aiming to raise ₹50 lakh or more in a single issue or through shelf issues must use the SSE-EBP
• The platform will be accessible to a broad range of participants, including qualified institutional buyers (QIBs), non-institutional investors, and retail investors.
• Issuers are required to submit detailed fundraising documents and term sheets before the issue date, outlining project details, issue size, and key terms.
• Investors can place bids through an anonymous pooling system on working days between 9 am and 5 pm, aligned with the schedule of recognised stock exchanges.
• Issuers must submit a Draft Fund Raising Document (DFRD) and a term sheet specifying issue size, bid terms, minimum lot size, and mode of allotment.
• If successful bidders fail to make payment on time, they will face a 30-day debarment from the SSE-EBP platform.

Recent News :

• In May 2025, SEBI is considering exempting the proposed long delta end-of-day position limits in index options specifically for structured products and market-linked debentures (MLDs).

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Tuhin Kanta Pandey
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

IFC Partners with IndiGrid to Develop India’s Largest Battery Energy Storage System in Gujarat  

• IFC, a member of the World Bank Group, has committed ₹460 crore to IndiGrid for building India’s largest standalone Battery Energy Storage System (BESS) project in Gujarat
• The project will support Gujarat’s clean energy goals by improving grid stability and ensuring reliable power during peak demand.
• The funding includes long-term financing of USD 55 million (approximately ₹460 crore), structured through listed non-convertible debentures:
• USD 38.5 million from IFC’s own account
• USD 16.5 million in concessional support from the Clean Technology Fund (under the World Bank’s Climate Investment Funds framework)
• IndiGrid is the first Infrastructure Investment Trust (InvIT) in the Indian power sector and is a trusted partner of IFC in promoting sustainable and inclusive infrastructure.
• The initiative aligns with India’s target of 500 GW of clean energy capacity by 2030, indicating a structural transformation in the power sector.
• IFC is the largest global development institution focused on supporting the private sector in emerging markets.
• Managing Director of IndiGrid : Harsh Shah

Max Financial’s Axis Max Life Reports Unauthorized Access to Customer Data   

• Axis Max Life Insurance, a joint venture between Axis Bank and Max Financial Services Ltd, reported a potential cyber threat after receiving anonymous communication about unauthorised access to customer data.
• In a regulatory filing on July 1, 2025, Max Financial Services Ltd informed BSE and NSE about the alleged data breach.
• An unidentified sender claimed to have breached systems and accessed sensitive customer information.
• A detailed investigation is being conducted with cybersecurity experts to determine the root cause and take remedial measures.

About Axis Max Life Insurance :

• Max Financial Services holds a majority stake in Axis Max Life Insurance.
• Axis Max Life Insurance is the fifth-largest insurer in India, with a sum assured of ₹21.9 trillion and assets under management (AUM) of ₹1.75 trillion, as per the latest annual report.
• Managing Director and CEO : Sumit Madan

Income Tax Department Notifies Cost Inflation Index for FY 2025-26 on July 1, 2025

• The Income Tax Department has notified the Cost Inflation Index (CII) for the financial year 2025-26 (Assessment Year 2026-27) on July 1, 2025.
• The CII for FY 2025-26 is set at 376, which will be used to compute the indexed cost of acquisition for assets sold in FY 2025-26.
• This new CII figure will be effective from April 1, 2026.
• The CII helps in adjusting the purchase price of long-term capital assets to account for inflation, thereby reducing the capital gains tax liability.
• According to current rules, if a house property is acquired on or before July 22, 2024, and sold on or after July 23, 2024, homeowners can choose between two tax calculation methods:
• Old rule: Tax calculated at 20% with indexation benefit.
• New rule: Long-Term Capital Gains (LTCG) tax calculated at 12.5% without indexation benefit.

Receivables Exchange of India Limited TReDS Platform Crosses ₹2 Lakh Crore Milestone in MSME Invoice Financing

• Receivables Exchange of India Limited (RXIL), a TReDS platform, has crossed the milestone of ₹2 lakh crore in MSME invoice financing.
• RXIL is a joint venture promoted by SIDBI and NSE, along with State Bank of India (SBI), ICICI Bank, and Yes Bank.
• In FY25 alone, the platform facilitated financing worth ₹80,500 crore.
• Over 44,000 MSMEs are registered on the RXIL platform, covering 1,600 postal codes.
• RXIL is regulated by the Reserve Bank of India (RBI) and provides working capital access to MSMEs by discounting over 88.5 lakh invoices.
• The platform operates in a fully-digital, infrastructure-backed environment, boosting MSME registrations.
• CMD of SIDBI and Chairman of RXIL : Manoj Mittal
• Managing Director and CEO of RXIL : Ketan Gaikwad

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Puri to Become Odisha’s Sixth Municipal Corporation

• Odisha Chief Minister Mohan Charan Majhi announced, that Puri, one of India’s most revered pilgrimage sites, will be upgraded to a municipal corporation.
• Sixth Municipal Corporation: Puri will join Bhubaneswar, Cuttack, Sambalpur, Berhampur, and Rourkela as the sixth municipal corporation in
• This transformation aims to enhance civic services and manage the city’s increasing population and footfall, especially during festivals like Rath Yatra and Bahuda Yatra.

Key Highlights :

• Reason for Upgrade: The move addresses infrastructure strain caused by the rising population and heavy pilgrim inflow, particularly during major religious events.
• Expanded Jurisdiction: The new corporation will include 7–8 nearby gram panchayats from Puri Sadar and Brahmagiri blocks to better manage regional development.
• Improved Civic Services: Focus areas include roads, sanitation, water supply, and drainage. The upgrade will enable better planning and execution of urban projects.
• New Projects Announced:
  • Shree Jagannath Museum: To showcase Lord Jagannath’s history, rituals, and traditions.
  • Library and Research Centre: For scholars studying Jagannath culture and Odia heritage.
  • 300-seat Auditorium: To host light and sound shows narrating Jagannath-related stories.
• Vision for 2036: The government plans to develop Puri as a spiritual and tourist capital of Odisha by 2036, ensuring it becomes a clean, green, and modern city aligned with cultural values.

RECENT NEWS

• Prime Minister Narendra Modi launched 105 development projects worth over ₹18,600 crore during his visit to Bhubaneswar, Odisha. He also unveiled the Odisha Vision Document, a long-term roadmap to transform the state into a $500 billion economy by 2036 and a $1.5 trillion economy by 2047, coinciding with Odisha’s centenary and India’s 100th year of independence.

Government Reduces Toll Rates by Up to 50% on Structured Highway Sections

• The Ministry of Road Transport and Highways (MoRTH) has introduced a new toll calculation formula that will reduce toll charges by up to 50% on National Highway stretches that include bridges, tunnels, flyovers, and elevated roads.
• The objective is to lower travel costs and boost the use of these roadways.

Key Highlights:

• Old Toll Calculation Method: Earlier, tolls were calculated at 10 times the per km rate for structured roads due to higher construction and maintenance costs.
• Revised Toll Formula: Toll will now be calculated based on the lower of the two:
  • (10 × length of structures) + rest of the highway, or
  • 5 × total length of the highway (including structures).
• Example for Clarity: For a 40 km structured stretch, the old toll was based on 400 km (10 × 40 km). Under the new rule, it will be charged for 200 km (5 × 40 km), reducing the toll by half.

RECENT NEWS

• To foster innovation, recognize excellence, and promote quality in the development of National Highways in India, the Ministry of Road Transport and Highways (MoRTH) organized the 6th edition of the National Highways Excellence Awards 2023 (NHEA 2023) on April 15, 2025, at Bharat Mandapam, New Delhi.

Kerala to Inaugurate State’s First Skin Bank at Thiruvananthapuram Medical College

• Kerala is set to launch its first-ever Skin Bank at Thiruvananthapuram Government Medical College, coinciding with World Plastic Surgery Day.
• The facility, established at a cost of ₹6.75 crore, aims to provide crucial support to burn victims across the state.
• It has received approval from the Kerala State Organ and Tissue Transplant Organisation (K-SOTTO) for accepting skin donations.

Key Highlights :

• First Skin Bank in Kerala: The skin bank in Thiruvananthapuram Medical College will be the state’s first dedicated facility to treat burn victims using donated skin.
• Inauguration on World Plastic Surgery Day: The facility will be inaugurated on July 15, aligning with World Plastic Surgery Day, enhancing awareness about reconstructive burn treatment.
• Function of a Skin Bank: Skin banks store skin from donors, which can be used to replace damaged skin in burn victims, thereby reducing pain and infection risk. The skin is preserved at controlled temperatures for safe transplantation.
• Approval from K-SOTTO: The skin bank has received regulatory clearance from K-SOTTO, enabling ethical and systematic organ/skin donation in Kerala.
• Expansion Plans: A second Skin Bank is under development at Kottayam Government Medical College, marking further expansion of critical care infrastructure.
• Upgraded Burn Treatment Facilities: The state has established Burn Centres at Alappuzha, Kollam, and Kannur Medical Colleges, and also started Plastic Surgery Units and Burn ICUs to provide specialized care for burn injuries.

RECENT NEWS

• In a significant stride towards biodiversity conservation, Kerala has become home to India’s first butterfly sanctuary. The Aralam Wildlife Sanctuary in Kannur district has officially been renamed the Aralam Butterfly Sanctuary, marking a first-of-its-kind move in the country.

Netaji Subhas University of Sports and Entrepreneurship to Be Established in Bengal

• Bengal is set to host India’s first dedicated sports university, named Netaji Subhas University of Sports and Entrepreneurship (NSUSE), in Chinsurah, Hooghly.
• Initiated by the Techno India Group, this private university will be a national first, blending sports education with entrepreneurship, and promises to transform India’s sports and youth empowerment landscape.
• The Netaji Subhash University of Sports and Entrepreneurship Bill, 2025, was recently passed in the Bengal Assembly and awaits the Governor’s assent.

Key Highlights :

• First Full-Fledged Sports University in India: NSUSE will be the country’s first full-scale university focused exclusively on sports and entrepreneurship, positioning Bengal as a national leader in this emerging sector.
• Academic & Research Excellence: The university will offer specialized courses in sports science, performance analytics, physiotherapy, nutrition, sports law, management, and coaching.
• International Collaborations & Training: NSUSE will partner with global institutions and organizations like the Indian Olympic Association (IOA) and All India Football Federation (AIFF) to provide world-class training and research opportunities.
• Visionary Private Initiative: The university is being set up in a private capacity by Techno India Group, with state government cooperation, making it Bengal’s 48th university under the Mamata Banerjee administration.
• Economic and Employment Impact: The institution aims to contribute to India’s $10 billion sports industry, creating skilled professionals, generating employment, and boosting entrepreneurial innovation.
• Legacy and Youth Empowerment: Named in honor of Netaji Subhas Chandra Bose, NSUSE is designed to blend national pride with modern education, promoting youth empowerment and grassroots health initiatives.

RECENT NEWS

• West Bengal has achieved a significant milestone in preserving and promoting its cultural heritage by securing Geographical Indication (GI) tags for seven new products, including the iconic Nolen Gurer Sandesh and Baruipur guavas.

Chhattisgarh Approves State Logistics Policy 2025 to Boost Export and Infrastructure Efficiency

• The Chhattisgarh Cabinet has approved the State Logistics Policy 2025 with the objective of transforming the centrally located state into a logistics and export hub.
• The policy is aligned with India’s National Logistics Policy and focuses on improving infrastructure, reducing logistics costs, and enhancing export competitiveness.

Key Highlights :

• Objective of the Policy: The policy aims to reduce logistics costs, streamline the supply chain, and improve ease of doing business in the state, particularly for export-oriented industries.
• Support for MSMEs and Farmers: Infrastructure such as dry ports and inland container depots will be developed to help MSMEs, farmers, and forest-based producers access national and international markets.
• Focus on Cold Chain Infrastructure: The policy will prioritize cold storage and warehousing facilities, especially in regions like Bastar and Surguja, to minimize post-harvest losses.
• Investment Promotion: It seeks to attract investment from logistics companies, warehouse operators, and e-commerce platforms, with potential support in terms of land and incentives.
• Pre-Clearance System for Industrial Parks: The state may allow chemical/logistics parks to offer pre-environmental clearances, expediting project timelines for new industries.

RECENT NEWS

• The Chhattisgarh government, led by Chief Minister Vishnu Deo Sai, is planning to introduce a stricter anti-conversion law to curb illegal religious conversions in the state. Although the state already has the Chhattisgarh Freedom of Religion Act, 1968, Home Minister Vijay Sharma announced that a new law will be introduced to prevent conversions through alleged coercion, inducements, or “faith healing” gatherings. 

CURRENT AFFAIRS : INTERNATIONAL NEWS

Russia Becomes First Nation to Officially Recognize Taliban Government in Afghanistan           

• Russia became the first country to formally recognise the Taliban government in Afghanistan since it seized power in 2021.
• This came after Moscow officially removed the Taliban from its list of outlawed organisations.
• The Russian Foreign Ministry confirmed it had received credentials from Afghanistan's newly appointed Ambassador, Gul Hassan Hassan.
• No other country has formally recognised the Taliban regime since the U.S.-led withdrawal in August 2021 ended 20 years of war.
• However, countries like China, United Arab Emirates (UAE), Uzbekistan, and Pakistan have appointed ambassadors to Kabul, indicating steps toward recognition.

Recent News :

• Prime Minister Narendra Modi will not attend Russia’s Victory Day celebrations scheduled for May 9, 2025, in Moscow, Russia.

About Russia :

• President : Vladimir Putin
• Prime minister: Mikhail Mishustin
• Capital: Moscow
• Currency: Russian Ruble

CURRENT AFFAIRS: AWARDS AND HONOURS        

S.R.N. Mehta CBSE School Team Wins NASA-NSS Space Settlement Design Contest 2025

• Students of S.R.N. Mehta CBSE School, Kalaburagi, secured first prize in the NASA-NSS Space Settlement Design Contest 2025 (8th grade category) for their innovative “IRA” space colony project, earning international acclaim for India.

Key Highlights :

• Contest & Participation: The NASA Ames Research Center- and National Space Society-organized competition saw 4,900+ students from 25 countries vying to design future space habitats.
• Winning Project – “IRA”: Developed by an 11-member team, the proposal emphasized sustainability, safety, and green technologies in a self-supporting orbital colony.
• International Presentation: On June 21, 2025, at the International Space Development Conference (ISDC-2025) in Orlando, Florida, the students delivered a poster and oral presentation before 250+ space experts and astronauts.
• Team Composition: The winning group included Aarna Adarsh, Deepika, Khushi, Poorvaja, Pranati, Saanika, Shambhavi, Sharan, Shreya, Zaisha Falak, and Nihar, mentored by Principal Rajashekhar Reddy.
• Kennedy Space Center Visit: The U.S. trip featured a tour of the NASA Kennedy Space Center, exposing students to rocket launch facilities and fostering STEM career aspirations.

Prime Minister Narendra Modi Conferred Trinidad and Tobago’s Highest Civilian Honour During Historic Visit

• Prime Minister Narendra Modi was awarded the Order of the Republic of Trinidad and Tobago, the nation’s highest civilian award, during his first official visit to the Caribbean country.
• This honour recognizes his global leadership and efforts to strengthen ties with the Indian diaspora.

Key Highlights :

• First Indian PM Visit Since 1999: PM Modi’s visit marks the first Prime Ministerial-level visit from India to Trinidad and Tobago in over two decades.
• Award for Global Leadership & Diaspora Support: The award was given in recognition of Modi’s international stature, his support for the Indian-origin community worldwide, and his help during the COVID-19 pandemic.
• Presented by Trinidad PM Kamla Persad-Bissessar: The award was announced by the Prime Minister of Trinidad and Tobago, highlighting the cultural and historical ties between the two nations.
• Symbolic Cultural Gifts: During the visit, PM Modi gifted holy water from the Mahakumbh and a replica of the Ram Mandir, reinforcing spiritual and cultural diplomacy.
• Part of Five-Nation Tour: Trinidad and Tobago was one of the stops in PM Modi’s five-nation tour, reflecting India’s increasing engagement with Caribbean nations.
• Honoured in Ghana Too: Prior to this, PM Modi was conferred the Officer of the Order of the Star of Ghana, another top-level foreign honour for his contributions to global partnerships.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Trinidad & Tobago Sign Six Key Agreements During Prime Minister Narendra Modi Historic Visit

• Prime Minister Narendra Modi visited Trinidad & Tobago, marking the first Indian Prime Ministerial visit in over 25 years.
• The visit led to the signing of six important Memorandums of Understanding (MoUs) in Port of Spain, aimed at boosting cooperation in multiple sectors.

Key Highlights :

• First High-Level Visit Since 1999: PM Modi’s visit is the first by an Indian PM to Trinidad & Tobago since 1999, symbolizing a renewed diplomatic push.
• Six Strategic MoUs Signed: The two nations signed six MoUs focusing on:
• Pharmaceutical standards
• Quick impact infrastructure projects
• Cultural exchange
• Sports development
• Diplomatic training
• Sharing official records and research
• Enhanced People-to-People Ties: PM Modi announced OCI (Overseas Citizenship of India) eligibility for sixth-generation persons of Indian origin in Trinidad & Tobago, helping deepen cultural and familial ties.
• Broad Areas of Bilateral Cooperation Discussed: Talks between PM Modi and PM Kamla Persad-Bissessar covered agriculture, education, digital payments, and healthcare, as well as climate change, cybersecurity, and disaster management.
• Meeting with President Christine Kangaloo: PM Modi held discussions with President Christine Carla Kangaloo, a Pravasi Bharatiya Samman Awardee, reinforcing cooperation on Global South priorities and international equity.
• This visit and the agreements signed mark a new chapter in India–Trinidad & Tobago relations, enhancing cooperation across sectors while building on shared heritage and global challenges.

CURRENT AFFAIRS: SPORTS NEWS

D Gukesh Wins Rapid Chess Title at SuperUnited Rapid & Blitz 2025 in Zagreb

• Indian Grandmaster and World Chess Champion D Gukesh clinched the rapid title at the SuperUnited Rapid & Blitz 2025 tournament in Zagreb, Croatia, scoring 14 points out of 18, finishing ahead of elite players like Duda and Magnus Carlsen.

Key Highlights :

• Dominant Rapid Performance: Gukesh showcased brilliant form across three days, with five consecutive wins.
• On the final day, he drew with Anish Giri and Ivan Saric, before defeating Wesley So, securing the top spot in the rapid section.
• Final Rapid Standings:
  • 1st: D Gukesh – 14 points
  • 2nd: Jan-Krzysztof Duda – 11 points
  • 3rd: Magnus Carlsen – 10 points
• Other Indian Performer: R Praggnanandhaa scored 9 points, with a win over Saric and draws against Wesley So and Duda.
• Top Competitors' Scores:
  • Fabiano Caruana – 9 points
  • Alireza Firouzja, Anish Giri, Wesley So – 8 points each

RECENT NEWS

• Indian Grandmaster D Gukesh defeated World Chess Champion Magnus Carlsen at the prestigious Norway Chess 2025 tournament. This victory marks Gukesh’s first classical win over Carlsen, a momentous achievement for the 19-year-old prodigy and a significant milestone in his rapidly rising career.

About Croatia

• Capital: Zagreb
• President: Zoran Milanović
• Prime minister: Andrej Plenković

CURRENT AFFAIRS : PERSON IN NEWS

Sub-Lieutenant Astha Poonia Becomes First Woman Fighter Pilot in Indian Navy, Achieving Historic Gender Milestone

• Sub-Lieutenant Astha Poonia became the first woman to be inducted into the fighter stream of the Indian Navy, marking a major milestone in gender inclusivity in combat roles.
• She received the "Wings of Gold" from Rear Admiral Janak Bevli, Assistant Chief of the Naval Staff (Air), on 3 July 2025 at INS Dega, Visakhapatnam.
• Poonia completed the Second Basic Hawk Conversion Course alongside Lieutenant Atul Kumar Dhull.
• The Ministry of Defence highlighted this as a pivotal moment for naval aviation and women officers in the armed forces.
• On the same day, the Defence Acquisition Council (DAC) approved 10 capital acquisition proposals worth approximately ₹1.05 trillion.
• Key procurements include indigenously developed Quick Reaction Surface-to-Air Missiles (QRSAMs), naval vessels, armoured recovery vehicles, electronic warfare systems, and an integrated common inventory management system for the tri-services.
• The Indian Navy received the Udaygiri, the second stealth frigate of the Project 17A class, designed by the Navy’s Warship Design Bureau and built by Mazagon Dock Shipbuilders Limited (MDL).
• Udaygiri is an advanced multi-mission warship equipped with stealth, sea-keeping, and survivability technologies.
• The Navy commissioned INS Arnala, the first of 16 indigenously built Anti-Submarine Warfare Shallow Water Crafts (ASWSWC), as part of the Eastern Naval Command.
• INS Arnala is the largest Indian Naval warship powered by a diesel engine-waterjet combination, equipped with underwater sensors, acoustic communication systems, and a comprehensive weapons suite including lightweight torpedoes, rockets, decoys, and mine-laying capabilities.
• It also supports search and rescue operations in coastal waters.

CURRENT AFFAIRS : OBITUARIES

Ex-Nigeria Goalkeeper Peter Rufai Passed Away

• Peter Rufai, former Nigeria goalkeeper, passed away at the age of 61.
• He was instrumental in Nigeria’s victory at the 1994 Africa Cup of Nations.
• Rufai had a 20-year playing career, representing clubs in Portugal, Spain, Belgium, and the Netherlands.
• He was part of Nigeria’s 1994 FIFA World Cup squad in the USA, which brought global recognition to Nigerian football.
• Rufai also played in the 1998 FIFA World Cup in France.
• He was the first Nigerian goalkeeper to score a goal in an international match — during a 1993 AFCON qualifier against Ethiopia
• Rufai was the first Nigerian player from a royal family and earned over 60 caps for the Super Eagles.
• After retiring in 2000, he founded the Staruf Football Academy to coach young players.

Michael Madsen, Star of Kill Bill and Reservoir Dogs, Passed Away

• Michael Madsen, the iconic Hollywood actor, passed away at the age of 67.
• He was best known for roles in Quentin Tarantino’s films, including:Reservoir Dogs (1992) – as Blonde, Kill Bill: Volume 1 & 2, The Hateful Eight
• He was found unresponsive at his Malibu home; the Los Angeles County Sheriff’s Department reported no foul play, according to TMZ.
• His manager, Ron Smith, confirmed the preliminary cause of death as cardiac arrest, pending a coroner’s report in 4–6 weeks.
• Madsen’s acting career spanned over 300 film credits since the 1980s, including work in many low-budget projects.
• Other notable films in his career include Thelma & Louise and Donnie Brasco.
• His performance in Reservoir Dogs as Mr. Blonde — known for the infamous torture scene set to Stealers Wheel’s "Stuck in the Middle with You" — remains one of his most recognized roles.

CURRENT AFFAIRS: IMPORTANT DAYS

World Zoonoses Day 2025: July 6

• Every year on June 6th, World Zoonoses Day is commemorated as the anniversary of the first-ever vaccine given for any zoonotic disease way back in 1885.
• The purpose of this day is to raise awareness of illnesses that can spread from humans to animals.

History

• In 2300 B.C., Rabies was first recorded and the Mosaic Esmuna Code of Babylon showed the first written account of rabies causing death in humans and dogs.
• on September 29, 1976, Ebola was Discovered. It was named after the Ebola River in the Democratic Republic of Congo.
• In 2009, Swine Flu Outbroke. The C.D.C. estimates that the global death toll is due to H.1.N.1. influenza is more than 284,000.
• On January 30, 2020, WHO declared the novel coronavirus outbreak a public health emergency of worldwide concern.
• On this day on 6th July 1885, a French biologist named Louise Pasteur who is also very known for his theory of pasteurization successfully administered the first-ever vaccination given for a zoonotic disease to a man named Joseph Meister who was bitten by a dog with rabies.

Daily CA One- Liner: July 6 & 7

• Odisha Chief Minister Mohan Charan Majhi announced, that Puri, one of India’s most revered pilgrimage sites, will be upgraded to a municipal corporation
• The Ministry of Road Transport and Highways (MoRTH) has introduced a new toll calculation formula that will reduce toll charges by up to 50% on National Highway stretches that include bridges, tunnels, flyovers, and elevated roads.
• Kerala is set to launch its first-ever Skin Bank at Thiruvananthapuram Government Medical College, coinciding with World Plastic Surgery Day.
• Bengal is set to host India’s first dedicated sports university, named Netaji Subhas University of Sports and Entrepreneurship (NSUSE), in Chinsurah, Hooghly
• The Chhattisgarh Cabinet has approved the State Logistics Policy 2025 with the objective of transforming the centrally located state into a logistics and export hub.
• Students of S.R.N. Mehta CBSE School, Kalaburagi, secured first prize in the NASA-NSS Space Settlement Design Contest 2025 (8th grade category) for their innovative “IRA” space colony project, earning international acclaim for India.
• Prime Minister Narendra Modi was awarded the Order of the Republic of Trinidad and Tobago, the nation’s highest civilian award, during his first official visit to the Caribbean country
• Prime Minister Narendra Modi visited Trinidad & Tobago, marking the first Indian Prime Ministerial visit in over 25 years.
• Indian Grandmaster and World Chess Champion D Gukesh clinched the rapid title at the SuperUnited Rapid & Blitz 2025 tournament in Zagreb, Croatia, scoring 14 points out of 18, finishing ahead of elite players like Duda and Magnus Carlsen.
• Every year on June 6th, World Zoonoses Day is commemorated as the anniversary of the first-ever vaccine given for any zoonotic disease way back in 1885.
• The banking system liquidity surplus, measured by funds parked in the RBI’s Liquidity Adjustment Facility (LAF), surged to ₹4.04 trillion, the highest since May 19, 2022.
• As per the Reserve Bank of India’s (RBI) Financial Stability Report (FSR), Asset quality of Scheduled Commercial Banks (SCBs) continues to improve, with Gross NPA (GNPA) and Net NPA ratios at multi-year lows, .
• Write-offs were a major contributor to the reduction in Non-Performing Assets (NPAs) over the past five years, according to the RBI’s Financial Stability Report (FSR).
• As per the Reserve Bank of India’s (RBI) Financial Stability Report (FSR), the share of stressed assets of Non-Banking Financial Companies (NBFCs) in the microfinance sector (including NBFC-MFIs) increased to 5.9% in March 2025 from 3.9% in September 2024.
• The Securities and Exchange Board of India (SEBI) has proposed a dedicated electronic book provider platform for fundraising by not-for-profit organisations (NPOs) through the Social Stock Exchange (SSE).
• IFC, a member of the World Bank Group, has committed ₹460 crore to IndiGrid for building India’s largest standalone Battery Energy Storage System (BESS) project in Gujarat
• Axis Max Life Insurance, a joint venture between Axis Bank and Max Financial Services Ltd, reported a potential cyber threat after receiving anonymous communication about unauthorised access to customer data.
• The Income Tax Department has notified the Cost Inflation Index (CII) for the financial year 2025-26 (Assessment Year 2026-27) on July 1, 2025.
• Receivables Exchange of India Limited (RXIL), a TReDS platform, has crossed the milestone of ₹2 lakh crore in MSME invoice financing.
• Russia became the first country to formally recognise the Taliban government in Afghanistan since it seized power in 2021.
• Sub-Lieutenant Astha Poonia became the first woman to be inducted into the fighter stream of the Indian Navy, marking a major milestone in gender inclusivity in combat roles.
• Peter Rufai, former Nigeria goalkeeper, passed away at the age of 61.
• Michael Madsen, the iconic Hollywood actor, passed away at the age of 67.