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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS 

Reserve Bank of India imposes penalties on Shriram Finance and HDFC Bank for regulatory violations

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹2.70 lakh on Shriram Finance Limited (SFL) for violating provisions of the RBI (Digital Lending) Directions, 2025.
• The penalty on SFL was imposed under the powers granted by Section 58G and Section 58B of the RBI Act, 1934.
• RBI clarified that this penalty is for regulatory non-compliance and does not affect the validity of any transactions or agreements between Shriram Finance and its customers.
• Shriram Finance Limited is one of India’s largest retail non-banking financial companies (NBFCs).
• Separately, RBI imposed a monetary penalty of ₹4.88 lakh on HDFC Bank Limited.
• The penalty on HDFC Bank was imposed under Section 11(3) of the Foreign Exchange Management Act (FEMA), 1999.
• The violation involved granting a term loan to a client without adherence to FEMA norms.
• RBI issued a Show Cause Notice to HDFC Bank, and after reviewing facts, concluded that contravention was proven and imposed the penalty.

Reserve Bank of India Releases Draft Norms for Closure of Shipping Bills in Export Data Processing and Monitoring System

• The Reserve Bank of India (RBI) released draft norms on July 11, 2025 for the Closure of Shipping Bills in the Export Data Processing and Monitoring System (EDPMS).
• The move aims to resolve regulatory compliance issues related to reconciliation of small-value exports in the EDPMS.
• The EDPMS was introduced in February 2014 by the RBI to monitor realisation of export proceeds.
• Due to a significant increase in export transactions, reconciliation of each shipping bill with payment has become challenging.
• As per the draft guidelines, Authorised Dealer Category – I banks (AD banks) can follow a relaxed procedure for shipping bills valued up to ₹10 lakh (or equivalent per bill).
• No penalties shall be imposed by banks for delays in compliance under this relaxation.
• The draft norms are issued under Sections 10(4) and 11(1) of FEMA, 1999.
• These directions do not override any other legal permissions or approvals that may be required under other regulations.

Reserve Bank of India revises norms for gold, silver-backed loans to farmers and small businesses 

• The Reserve Bank of India (RBI) has allowed voluntary pledging of gold and silver jewellery as collateral for agriculture and small business loans.
• The norms apply to:All commercial banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), State and District Cooperative Banks
• This comes after the collateral-free loan limit for farmers was increased from ₹1.6 lakh to ₹2 lakh per borrower in December 2024.
• Loans up to ₹10 lakh to Micro and Small Enterprises (MSEs) must be given without collateral.
• The goal is to support farmers amid rising input costs and inflation, making loans for farming and allied activities like dairy, poultry, and fisheries easier to access
• Loan-to-Value (LTV) Ratio for Gold LoansGeneral cap: 75% LTV for all lenders (e.g., ₹100 worth of gold → max loan = ₹75)
• Relaxed LTV limits based on loan size:
  • Up to ₹2.5 lakh: LTV = 85%
    
  • ₹2.5–5 lakh: LTV = 80%
    
  • Above ₹5 lakh: LTV = 75%
    
• Loans under ₹2.5 lakh: No detailed credit appraisal

Restrictions & Precautions

• No loans against:
  • Primary gold or silver
    
  • Gold/silver-backed ETFs or Mutual Fund units
    
  • Gold/silver with doubtful ownership
    
• Ownership proof: Borrower must declare rightful ownership of the pledged jewellery.
• Re-pledging is banned: Lenders cannot re-pledge gold or silver already pledged by a borrower.

Valuation of Gold/Silver Collateral

• Valuation based on actual purity (caratage).
• Use the lower of the following two as reference price:
  • 30-day average closing price (same purity)
  • Previous day's closing price (same purity)
• Price source: IBJA or SEBI-regulated commodity exchange

Reserve Bank of India Amends Basel III Norms to Broaden Credit Rating Choices for Scheduled Commercial Banks

• The Reserve Bank of India (RBI) has amended Basel III Capital Regulations to expand credit rating options for Scheduled Commercial Banks (excluding Local Area Banks, Payments Banks, and Regional Rural Banks).
• Banks are now permitted to use credit ratings from M/s CareEdge Global IFSC Limited for assigning risk weights to their claims on non-resident corporates located in International Financial Services Centres (IFSC).
• Earlier, banks could only use ratings from three international agencies: Fitch, Moody’s, and Standard & Poor’s.
• The RBI has defined a rating-risk weight mapping for CareEdge Global IFSC Ltd as follows:
• AAA – 20% risk weight
• AA – 30%
• A – 50%
• BBB – 100%
• BB & below – 150%
• The change broadens credit risk assessment options for banks dealing with international exposures under the IFSC framework.

PhonePe Maintains Leading UPI Position with 46% Market Share in June, Data Shows

• PhonePe retained its top position on the UPI leaderboard, processing over 8.54 billion transactions and holding a 46.46% market share, as per National Payments Corporation of India (NPCI) data.
• Google Pay processed over 6.54 billion transactions, with a 35.56% market share.
• Paytm processed 1.26 billion transactions, holding a 6.90% market share.
• Total UPI transactions in June 2025 were 18.39 billion, showing a slight 1.5% decline compared to 18.67 billion in May 2025.
• Newer Third-Party Application Providers (TPAPs) like:
• Navi processed 406.01 million transactions with a 2.21% market share (TPAP approval in 2023).
• money processed 218.96 million transactions, with a 1.19% market share (TPAP approval in 2024).
• State-wise UPI volume contributions in June:
• Maharashtra: 8.8%
• Karnataka: 5.61%
• Uttar Pradesh: 5.15%
• A notable 41.7% of total UPI transaction volume in June was classified as ‘unclassified’ by NPCI due to missing location data.

Reserve Bank of India Consolidates Citizen’s Charter into Unified List of 204 Services for Institutions and Public

• The Reserve Bank of India (RBI) has updated and consolidated its Citizen’s Charter, merging services for regulated institutions and the public into a single list of 204 services.
• The new charter came into effect from July 1, 2025, aiming to bring banking services closer and faster to common citizens.
• The Citizen’s Charter is an open document detailing the services provided by RBI and the timeframe for their delivery.
• It includes both regulatory approvals for banks and financial institutions and services for the public, such as:Lodging complaints, Claiming unclaimed deposits, Applications under the Right to Information (RTI) Act
• Previously, RBI services were split into two parts:133 services under ‘Regulatory Approvals’, 58 services under ‘Citizen’s Charter’
• The revision has also shortened the time period for 11 services, directly benefiting consumers.
• A key feature of the new charter is the introduction of a more digital and user-friendly system.
• Out of the 204 services, 180 are now accessible via PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation), RBI’s online portal.
• The remaining services are accessible through offline forms or platforms such as the Auditor Allocation System and e-Kuber.
• This digital push is part of a broader effort to simplify access to government and financial services, especially for citizens less familiar with banking procedures.

ICICI Prudential AMC Submits Draft Red Herring Prospectus to SEBI for ₹10,000 Crore Initial Public Offering   

• ICICI Prudential Asset Management Company (AMC), India’s second-largest mutual fund manager by assets, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise funds via an Initial Public Offering (IPO).
• The company is a joint venture between ICICI Bank and British insurer Prudential.
• The IPO will be an Offer for Sale (OFS) of 1.76 crore shares by promoter Prudential, representing a 10% stake.
• The IPO size is expected to be around ₹10,000 crore, according to investment bankers.
• ICICI Bank holds a 51% stake in the AMC, while Prudential owns 49%.
• Nimesh Shah is the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Prudential AMC.
• DRHP is a preliminary document submitted to SEBI when a company plans to raise funds through an IPO.
• In the Indian listed AMC space:
• HDFC AMC is the largest with a market cap of ₹1.09 lakh crore
• Followed by Nippon Life India AMC with ₹50,828 crore
• And Aditya Birla Sun Life AMC with ₹23,604 crore

About ICICI Prudential Asset Management Company :

• Founded : 1993
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Mr. Nimesh Shah\
• It is the second-largest asset management company in India after the SBI Mutual Fund.

Jumbotail Raises $120 Million in Series D Round for B2B Ecommerce Expansion 

• Jumbotail, a B2B ecommerce platform, has raised $120 million (around ₹1,028 crore) in its Series D funding round.
• The funding round was led by SC Ventures, the investment arm of Standard Chartered.
• Jumbotail has completed the acquisition of Solv India.
• The fresh capital infusion has pushed Jumbotail’s valuation beyond $1 billion, making it India’s fifth unicorn of 2025.
• Other unicorns in 2025 include Netradyne, Porter, Drools, and Fireflies AI.

About Jumbotail :

• Founded in 2015 by Karthik Venkateswaran and Jhina, Jumbotail provides go-to-market products and services that connect emerging brands with mom-and-pop stores.

Slice Launches India’s First UPI-Enabled Physical Bank Branch in Bengaluru’s Koramangala 

• Fintech firm Slice has launched India’s first UPI-powered physical bank branch in Koramangala, Bengaluru.
• The branch offers a fully digital banking experience, including:UPI-integrated ATMs, Instant account opening, Cash transactions without debit cards
• Located on 80 Feet Road, a key area in Bengaluru’s startup ecosystem.
• Customers can deposit and withdraw cash using UPI, replacing the need for traditional debit cards.
• Slice has also launched a UPI-linked credit card, which:Has no annual or joining fees, Allows users to make QR code payments from their credit line
• The branch is a pilot project for a potential nationwide rollout of UPI-based banking formats.
• India’s overseas financial assets saw a significant rise in FY 2024–25, driven primarily by:Higher overseas direct investments, Increased currency and deposits, A strong build-up of reserve assets
• These three components accounted for over 72% of the total growth in foreign assets, with reserve assets contributing more than half of the increase.
• Total external financial assets of India grew by USD 105.4 billion during the year.
• External financial liabilities rose by USD 74.2 billion, resulting in a net decline of USD 31.2 billion in non-residents’ claims on India.
• In the last quarter (January–March 2025), residents’ overseas assets increased by USD 60 billion, outpacing the USD 25.8 billion rise in foreign-owned assets within India.
• On the liability side, the main contributors were:Inward direct investments, Loans, Currency and deposits
• In the January–March 2025 quarter, inward direct investment and loans accounted for over three-fourths of the rise in foreign liabilities of Indian residents.

Interest Rate for Floating Rate Savings Bond, 2020 (Taxable) – FRSB 2020(T) Set for July 1 to December 31, 2025

• The coupon rate of Floating Rate Savings Bonds, 2020 (Taxable) [FRSB 2020 (T)] is reset every six months, based on 35 basis points above the National Savings Certificate (NSC) rate.
• For the period July 1, 2025 to December 31, 2025, the coupon rate remains at 8.05% (7.70% NSC rate + 0.35% spread), unchanged from the previous half-year.
• Interest is payable on January 1, 2026, and cannot be received on a cumulative basis.
• Bonds are issued for a minimum of ₹1,000 (face value) and in multiples thereof, with no maximum investment limit.
• Non-Resident Indians (NRIs) are not eligible to invest in these bonds.
• Premature withdrawal is not permitted, except for senior citizens under specific conditions:
• Age 60 to 70: Lock-in period of 6 years
• Age 70 to 80: Lock-in period of 5 years
• Age 80 and above: Lock-in period of 4 years
• Penalty applies on premature withdrawal by senior citizens.
• Interest is reset semi-annually and is due on July 1 and January 1 each year.

Reserve Bank of India Publishes Complete List of Verified Digital Lending Apps on Official Website 

• The Reserve Bank of India (RBI) has published a list of legal Digital Lending Apps (DLAs) on its official website.
• The list helps consumers verify if a digital lending app is associated with a regulated entity.
• The list includes around 1,600 DLAs, featuring major fintech platforms such as Google Pay, BharatPe, Axio, LendingKart, Navi, Paytm, and PhonePe.
• This step is part of RBI’s 2023 digital lending guidelines, which aimed to ensure transparency and public access to verified digital lending platforms.
• In May 2024, RBI directed all regulated entities to report their DLAs via the centralised information management system portal.
• The list will be updated automatically based on entries submitted through the portal, with no further validation by RBI.

Recent News :

• In May 2025, The Reserve Bank of India (RBI) acquired 57.5 tonnes of gold in FY25, marking its second-largest annual gold purchase since 2017.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Sanjay Malhotra

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Maharashtra Declares Sarvajanik Ganeshotsav as Official State Festival

• The Maharashtra government has officially recognised Sarvajanik Ganeshotsav (Public Ganesh Festival) as a state festival, ensuring government support and funding for its widespread celebration across the state.
• The announcement was made by Cultural Affairs Minister Ashish Shelar in the Legislative Assembly.

Key Highlights

• Government Recognition: Sarvajanik Ganeshotsav will now receive official status as a state festival, enabling financial and logistical support from the government for public celebrations.
• Support for Cultural Heritage: The move aims to preserve Maharashtra’s cultural identity and promote unity through large-scale community participation in the festival.
• Historical Significance:
  • Initiated in 1893 by freedom fighter Lokmanya Tilak as a means to unite citizens during British rule.
  • Served as a platform to foster nationalism and social solidarity.

RECENT NEWS

• Reliance Defence, a subsidiary of Reliance Infrastructure, has partnered with U.S.-based defence contractor Coastal Mechanics Inc. (CMI) to establish a cutting-edge Maintenance, Repair, and Overhaul (MRO) facility in Maharashtra.

Assam Launches ‘Gajah Mitra’ Scheme to Mitigate Human–Elephant Conflicts

• The Assam government approved the ‘Gajah Mitra’ initiative on July 11, 2025, aiming to protect both local communities and elephant populations by creating safe habitats and employing non-violent deterrents in conflict-prone areas.

Key Highlights :

• Targeting 80 High-Risk Zones: The scheme focuses on areas with frequent human–elephant encounters, such as Nagaon, Sonitpur West, Dhanasiri, and Karbi Anglong East.
• Elephant Forage Zones: Cultivation of bamboo and Napier grass — preferred elephant foods — to draw herds away from villages.
• Rapid Response Teams: Specialized units will guide elephant herds back to forests using humane, non-lethal methods, reducing the need for violent interventions.
• Conflict Statistics: Between 2000 and 2023, over 1,400 human and 1,209 elephant fatalities were recorded, with 626 elephant deaths attributed to electrocution from unsafe fencing.
• Village Impact: 527 villages affected, with Goalpara reporting the highest incidents; the scheme seeks to restore migration corridors and safeguard farmland.
• Government Commitment: Chief Minister Himanta Biswa Sarma emphasized urgent action to ensure peaceful coexistence and prevent further loss of life on both sides.

RECENT NEWS

• In a landmark policy push aimed at promoting social inclusion and grassroots empowerment, Assam Chief Minister Himanta Biswa Sarma on June 23, 2025, announced that the transgender community in Assam will now be granted OBC (Other Backward Class) status.

India to Host First Global Conference on Manuscript Heritage (Sept 11–13, 2025)

• The Ministry of Culture has announced that India will organise its inaugural Global Conference on Manuscript Heritage from September 11–13, 2025, at Bharat Mandapam, New Delhi, with the aim of preserving and sharing the country’s vast repository of ancient manuscripts.
• The announcement was made on Guru Purnima, underscoring India’s reverence for its guru–śiṣya tradition.

Key Highlights :

• Conference Theme & Dates: Titled “Reclaiming India’s Knowledge Legacy Through Manuscript Heritage”, the three-day event will run from September 11 to 13, 2025.
• Hybrid Format & Global Reach: Over 500 delegates, including 75 renowned scholars from India and abroad, will participate both in-person and online.
• Vast Manuscript Holdings: India holds more than 10 million manuscripts in diverse scripts and languages, covering philosophy, science, medicine, literature, rituals, and arts.
• Tribute to Vivekananda: The September 11 start date commemorates Swami Vivekananda’s 1893 speech at the Parliament of the World’s Religions, reflecting India’s commitment to global peace and knowledge exchange.
• Exhibitions & Demonstrations: Features rare manuscripts (including UNESCO Memory of the World works), live conservation demos, cultural programmes, and start-up showcases on manuscript innovation.
• Manuscript Research Partner (MRP) Programme: Launch of a specialised initiative offering training, script labs, and hands-on workshops for young scholars.
• Call for Papers: Researchers may submit papers or case studies by August 10, 2025, via the official website https://gbm-moc.in or email to gbmconference@gmail.com.

Uttarakhand to Plant Over 5 Lakh Saplings on Harela Festival (July 16, 2025)

• Uttarakhand will celebrate the Harela festival on July 16, 2025, with a massive plantation drive, aiming to plant over 5 lakh saplings across the state.
• The initiative promotes environmental conservation and hopes to set a new record, reinforcing the state’s dedication to protecting nature and Mother Earth.

Key Highlights :

• Scale of Plantation: A total of 5 lakh+ saplings will be planted — 3 lakh in Garhwal and 2 lakh in Kumaon regions.
• Festival Themes:
  • “Ek Ped Maa Ke Naam” (A tree in mother’s name)
  • “Harela Ka Tyohar Manao, Dharti Maa Ka Rin Chukao” (Celebrate Harela, repay Earth’s debt)
• Plantation Sites: Saplings will be planted in public parks, riverbanks, forests, schools, government campuses, and residential areas.
• Record-Breaking Goal: The drive seeks to surpass the 2016 record of 2 lakh saplings planted in one day, underlining the state’s growing commitment to climate action.

RECENT NEWS

• Uttarakhand Chief Minister Pushkar Singh Dhami launched the Bhagirath mobile app as part of the state’s Jal Sanrakshan Abhiyan (Water Conservation Campaign) 2025. The initiative, aligning with the campaign’s theme “Dhara Mera, Naula Mera, Gaon Mera, Prayas Mera,” aims to involve citizens in reporting endangered water sources in their areas.

Trade Facilitation Conference 2025 Inaugurated by Pankaj Chaudhary in New Delhi

• Minister of State for Finance, Pankaj Chaudhary, inaugurated the first-ever Trade Facilitation Conference 2025 in New Delhi, under the theme “Scientific Excellence for Seamless Trade.”
• The event focused on promoting scientific testing systems and streamlined trade procedures to enhance ease of doing business and support India's trade growth.

Key Highlights :

• Organisers: The conference was organised by the Central Revenues Control Laboratory (CRCL) and the Central Board of Indirect Taxes and Customs (CBIC).
• Theme Focus: “Scientific Excellence for Seamless Trade” emphasised reducing trade delays using modern laboratories, compliance standards, and technology-driven testing.
• Minister's Address: MoS Pankaj Chaudhary highlighted the need for a modern testing framework to ensure quality, promote exports, and boost economic growth.
• Impact on Trade: Scientific testing support helps customs officials ensure faster clearance, lower trade costs, and enhanced export efficiency.
• Participation: Over 400 delegates from sectors like customs, trade, industry, and science attended the event.
• Future Vision: The conference marks the beginning of a government initiative to establish India as a global trade hub, ensuring goods meet health, safety, and quality standards.

Arthunkal Police Station Becomes India’s First ISO 9001:2015–Certified Station

• Under the Quality Management System (QMS) standards of IS/ISO 9001:2015, Arthunkal Police Station in Alappuzha, Kerala, has been officially certified by the Bureau of Indian Standards (BIS)—the first such recognition for any police station in India.
• The certificate was presented, in a ceremony attended by senior law-enforcement and BIS dignitaries.

Key Highlights :

• First in the Nation: Arthunkal Police Station is the first-ever police station in India to attain IS/ISO 9001:2015 certification, highlighting its commitment to international quality standards.
• Scope of Certification: Recognises excellence in crime prevention, investigation, traffic management, public grievance redressal, and overall law-enforcement services.
• Award Presentation: Certificate handed over by Praveen Khanna, Deputy Director General (Standardization), BIS, to Ravada Azad Chandrashekhar, State Police Chief of Kerala.
• Ceremonial Dignitaries:
  • M.P. Mohanachandran, District Police Chief, Alappuzha (Welcome Address)
  • H. Venkatesh, ADGP (Law & Order) (Presidential Address)
  • G. Venkatanarayanan, S. Syamsundar (IG, South Zone), Dr. S. Sateesh Bino (DIG, Ernakulam Range)

RECENT NEWS

• The Kerala Fisheries Department has conferred the Fisheries Department Excellence Award 2025 on Kasaragod district, acknowledging its outstanding performance under the Popular Fish Farming Project.

Cabinet Sanctions ₹1 Lakh Crore Employment-Linked Incentive Scheme to Generate 3.5 Crore Jobs

• The Union Cabinet approved a ₹1 lakh crore Employment-Linked Incentive (ELI) scheme under the Union Budget 2024–25, designed to create over 3.5 crore new jobs—with special emphasis on the manufacturing sector—while ensuring social security and formalisation of employment.

Key Highlights :

• Eligibility Period: Applies to jobs created between 1 August 2025 and 31 July 2027.
• Job Targets: Scheme aims for 3.5 crore new jobs, including 1.92 crore positions for first-time workers.
• Employer Support: Firms receive up to ₹3,000 per new employee per month for two years; manufacturing hires can extend incentives for an additional two years.
• Employee Benefit: Each new worker is granted one month’s wage (up to ₹15,000) as a direct benefit.
• Launch Details: Announced by MoS Finance Ashwini Vaishnaw during a Cabinet briefing in New Delhi.
• Broader Package: ELI is one of five initiatives under the Prime Minister’s ₹2 lakh crore Employment & Skill Development Package, targeting over 4 crore youth.
• Objectives: To formalise employment, expand social security coverage, and reduce youth unemployment across sectors, with a focus on boosting manufacturing.

RECENT NEWS

• In a major initiative to strengthen India’s innovation ecosystem, the Union Cabinet approved the Research Development and Innovation (RDI) Scheme on July 1, 2025, with an outlay of ₹1 lakh crore.

India Launches First-Ever Electric Truck Incentive Scheme under PM E-DRIVE

• The Indian Government has introduced the country’s first electric truck (e-truck) subsidy scheme under the PM E-DRIVE programme, offering financial assistance of up to ₹9.6 lakh per vehicle.
• Launched by Union Minister H.D. Kumaraswamy on July 12, 2025, this scheme aims to promote clean and sustainable freight transport and aligns with India’s net-zero emission target by 2070.

Key Highlights :

• Scope of Subsidy: The scheme offers a maximum subsidy of ₹9.6 lakh per electric truck (N2 and N3 category vehicles with GVW 3.5–55 tonnes), provided as an upfront discount.
• Implementation Platform: Manufacturers will be reimbursed via the PM E-DRIVE portal on a first-come, first-served basis.
• Warranty Requirements:
• Battery: Minimum 5 years or 5 lakh km
• Vehicle and Motor: 5 years or 2.5 lakh km
• Environmental Mandate: Beneficiaries must scrap old diesel trucks to qualify, supporting the removal of high-emission vehicles.
• Targeted Rollout: The scheme will facilitate deployment of 5,600 electric trucks, with 1,100 in Delhi alone, under a budget of ₹100 crore.
• Focus Sectors: Key industries include cement, steel, logistics, and ports, where heavy-duty freight vehicles dominate.
• Climate Impact: Diesel trucks, though only 3% of vehicle count, contribute 42% of transport-related GHG emissions — the scheme addresses this gap directly.
• Industry Participation: Companies like Tata Motors, Ashok Leyland, and Volvo Eicher are expected to benefit and expand electric truck production.
• Public Sector Model: SAIL has committed to purchasing 150 e-trucks and aims to electrify 15% of its hired fleet, setting an example for other PSUs.

CURRENT AFFAIRS : INTERNATIONAL NEWS

International Solar Alliance’s Seventh Regional Committee Meeting (RCM) for Asia-Pacific to Boost Solar Collaboration and Regional Partnerships

• The International Solar Alliance (ISA) will host the Seventh Regional Committee Meeting (RCM) for the Asia and the Pacific Region from July 15–17, 2025 in Colombo, Sri Lanka.
• The theme of the event is “Advancing Solar Cooperation Across a Region of Diversity and Opportunity.”
• The RCM is chaired by the Vice President from the region, the Socialist Republic of Sri Lanka.
• The meeting aims to align regional solar priorities with ISA’s evolving strategic vision.
• It supports ISA member countries in:Adopting advanced solar technologies, Diversifying supply chains, Integrating emerging solutions like Green Hydrogen and energy storage
• These efforts build on the ISA–Asian Development Bank (ADB) joint project on Ecosystem Readiness for Green Hydrogen, showcased at the Asia Clean Energy Forum (ACEF) 2025 in Manila, Philippines.
• Discussions will include the establishment of new regional STAR Centres to enhance:Institutional capacity, Technical expertise, Support for long-term solar energy goals
• The Asia and Pacific Region includes:28 Member Countries, 30 Signatory Countries, 24 Prospective Countries, totaling 54 countries engaged with ISA in the region.
• ISA was launched in 2015 by India and France at COP21 in Paris.
• The Alliance currently has 123 Member and Signatory Countries.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATION

Aditya Birla Group Chairman Kumar Mangalam Birla Appointed to USISPF Executive Committee and Board of Directors

• Kumar Mangalam Birla, Chairman of the Aditya Birla Group, has been appointed to the Board of Directors and the Executive Committee of the U.S.-India Strategic Partnership Forum (USISPF).
• The Aditya Birla Group is the largest Indian greenfield investor in the United States, with investments exceeding $15 billion.
• The Group has operations in 15 U.S. states across sectors such as metals, carbon black, and chemicals.
• Birla was recently awarded the Global Leadership Award at the 2025 USISPF Leadership Summit in Washington, D.C.
• The award recognizes his business leadership and efforts to strengthen the U.S.-India economic partnership.
• USISPF plays a key role in promoting strategic and economic ties between India and the United States.
• Chairman of USISPF and Founder and CEO of JC2 Ventures : John Chambers

Govind Mohan’s Term as Union Home Secretary Extended Until August 2026

• The Appointments Committee of the Cabinet (ACC) has approved the extension of Union Home Secretary Govind Mohan’s tenure till August 22, 2026.
• Govind Mohan is a 1989 batch IAS officer from the Sikkim cadre.
• He was appointed as Union Home Secretary in August 2024, succeeding Ajay Kumar Bhalla, who completed his tenure on August 22, 2024.
• His service extension goes beyond his superannuation date of September 30, as per Fundamental Rule (FR) 56 and Rule 16 of the All India Services Rules, 1958.
• The extension is valid till August 22, 2026 or until further orders.

Sukanya Sonowal of IIT Guwahati Named Commonwealth Youth Peace Ambassador 

• Sukanya Sonowal, from Lakhimpur district, Assam, has been selected as a Commonwealth Youth Peace Ambassador.
• She is now a member of the Executive Committee of the Commonwealth Youth Peace Ambassador Network (CYPAN).
• She has been appointed as the Lead – Communications & Public Relations for a two-year term (2025–2027).
• Sukanya is currently a 4th-year B.Tech student at IIT Guwahati, pursuing Biosciences and Bioengineering.
• CYPAN is part of the Youth Commonwealth under the Commonwealth of Nations.
• The Commonwealth of Nations is an association of 56 independent countries across Asia, Africa, Europe, and the Pacific region.
• The Commonwealth Secretariat is headquartered in London, Britain.

CURRENT AFFAIRS: AWARDS AND HONOURS

Varsha Deshpande Wins 2025 UN Population Award for Championing Gender Equality

• Varsha Deshpande, a noted women’s rights activist from Satara, Maharashtra, was honoured with the 2025 United Nations Population Award in the individual category for her relentless efforts to prevent sex-selective abortions and promote gender equality.
• The award was presented on World Population Day (July 11, 2025) at a special ceremony in New York.

Key Highlights :

• Lifelong Advocacy: Deshpande has been a vocal advocate for reproductive rights and the protection of the girl child for over three decades.
• Founder and Secretary: She founded the Dalit Mahila Vikas Mandal in 1990, working towards the upliftment of Dalit women and addressing issues related to gender-based discrimination.
• Bold Legal Enforcement: Known for conducting sting operations to expose illegal sex-selective abortion practices, she played a key role in implementing the PCPNDT Act, which prohibits pre-natal gender determination in India.
• UN Recognition:
  • The UN Population Fund (UNFPA) commended her for addressing deep-rooted discrimination based on gender, caste, and religion.
  • UNFPA India Representative Andrea M Wojnar stated that Deshpande’s grassroots efforts have had a lasting impact on the dignity and rights of women and girls.
• Event Significance: The award ceremony also marked the 40th anniversary of the UN Population Award, highlighting its continued relevance.

Award Background:

• Established in 1981, first awarded in 1983.
• Given annually to individuals or institutions for notable contributions in population and reproductive health.
• Includes a gold medal, diploma, and cash prize.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research & Development Organisation and Indian Air Force  Successfully Test Indigenous RF-Seeker Equipped Astra BVRAAM from Su-30 Mk-I

• The Defence Research & Development Organisation (DRDO) and the Indian Air Force (IAF) successfully conducted a flight-test of the indigenous Beyond Visual Range Air-to-Air Missile (BVRAAM) 'Astra'.
• The test was conducted on July 11, 2025, from a Su-30 Mk-I aircraft off the coast of Odisha.
• Two missile launches were carried out against high-speed unmanned aerial targets at different ranges, target aspects, and launch conditions.
• In both cases, the targets were destroyed with pin-point accuracy.
• The missile was equipped with an indigenous Radio Frequency (RF) seeker, designed and developed by DRDO.
• All subsystems, including the RF seeker, performed as expected during the test.
• Flight data from the test was validated by Range Tracking instruments deployed at the Integrated Test Range (ITR), Chandipur.
• The Astra weapon system has a range of over 100 km and features a state-of-the-art guidance and navigation system.
• Over 50 public and private industries, including Hindustan Aeronautics Limited (HAL), contributed to the development of the Astra missile.

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS): Ajay Bhatt

About DRDO:

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

Indian Army initiates Operation Shiva to safeguard Amarnath Yatra with 8,500 troops and C-UAS deployment

• The Indian Army launched Operation Shiva to secure the ongoing Amarnath Yatra with 8,500 troops and a counter-unmanned aerial system (C-UAS) grid.
• The 38-day pilgrimage started on July 3 and will conclude on August 9.
• The pilgrimage follows two routes: the 48 km Nunwan-Pahalgam route (Anantnag district) and the 14 km Baltal route (Ganderbal district).
• Operation Shiva is conducted in coordination with civil administration and Central Armed Police Forces (CAPFs) to ensure smooth and secure yatra conduct.
• The operation addresses threats from Pakistan-backed proxies post Operation Sindoor.
• Over 50 C-UAS and electronic warfare systems are deployed to neutralize drone threats; regular UAV missions and live monitoring of routes are active.
• Engineer task forces deployed for bridge construction, track widening, and disaster mitigation.
• Medical support includes 150+ doctors and medical personnel, two advanced dressing stations, nine medical aid posts, a 100-bed hospital, and 26 oxygen booths with 2,00,000 litres of oxygen.
• Signal companies ensure seamless communication; EME detachments provide technical support; bomb detection and disposal squads are active.
• Emergency supplies include rations for 25,000 persons, Quick Reaction Teams (QRTs), tent cities, water points, and heavy equipment like bulldozers and excavators.
• Indian Army helicopters are on standby for contingency response.
• The Army uses live tracking of yatra convoys via high-resolution PTZ cameras and drone feeds for real-time threat monitoring and multi-agency coordination.
• Operation Shiva emphasizes the Army's commitment to ensuring a safe, seamless, and spiritually fulfilling pilgrimage.
• Over 1.40 lakh pilgrims have paid obeisance at the Amarnath cave shrine so far; over 4 lakh registered online for this year's yatra.
• Last year, over 5.10 lakh pilgrims visited the shrine, which is known for its naturally formed ice lingam.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Prasar Bharati Signs 3-Year MoU to Promote Handball in India

• In a key step to boost handball's popularity nationwide, Prasar Bharati signed a three-year Memorandum of Understanding (MoU) with the Handball Association of India (HAI).
• The MoU aims to provide wider broadcast coverage of handball events and foster greater public interest and player participation.

Key Highlights :

• MoU Exchange: The agreement was signed between Gaurav Dwivedi, CEO of Prasar Bharati, and Anandeshwar Pande, Executive Director of HAI, in the presence of Navneet Kumar Sehgal, Chairman of Prasar Bharati.
• Broadcast Platforms: All national and international handball events will be aired on DD Sports, streamed via Waves OTT, and shared on other Prasar Bharati platforms.
• Focus on Visibility: The initiative will help popularize handball across India, particularly among youth in rural and urban areas, by offering greater media exposure.
• Promotion of Talent: The MoU aims to spotlight young talent, increase fan engagement, and create better opportunities for players.
• Sport Development: The partnership is expected to strengthen handball's foundation in India and improve its performance on the global stage.

CURRENT AFFAIRS: SPORTS NEWS

Iga Swiatek Clinches First Wimbledon Title with Historic 'Double Bagel' Win

• Poland’s Iga Swiatek won her first Wimbledon title, defeating Amanda Anisimova (USA) with a rare 6-0, 6-0 scoreline.
• The 57-minute match became one of the most one-sided women’s finals in Grand Slam history and marked a major milestone in Swiatek’s already impressive career.

Key Highlights :

• Historic Final Score: Swiatek won with a "double bagel" (6-0, 6-0), only the third time this has happened in a women’s Grand Slam final, and the first since 1988.
• Grand Slam Achievement: This win is Swiatek’s sixth Grand Slam title and her first on grass, making her the only active female player to win major titles on clay, hard, and grass courts.
• Milestone Match Win: The victory was also her 100th Grand Slam match win, achieved in just 120 matches — one of the fastest in history.
• Dominant Performance: Swiatek won 55 of 79 points in the match, while Anisimova committed 28 unforced errors, contributing heavily to the result.
• Amanda Anisimova’s Debut Final: Anisimova, 23, was playing in her first Grand Slam final after a remarkable run, which included a semifinal win over World No. 1 Aryna Sabalenka. Despite the loss, she will enter the WTA Top 10 for the first time.
• Royal Recognition: The Princess of Wales, Kate Middleton, attended the final and participated in the prize ceremony, adding to the prestige of the occasion.

Harikrishnan A. Ra. Becomes India’s 87th Chess Grandmaster

• Chennai-based chess player Harikrishnan A. Ra. has officially become India’s 87th Grandmaster (GM) after securing his final GM norm at the La Plagne International Chess Festival in France.
• This success marks the end of a seven-year journey that began when he first became an International Master.

Key Highlights :

• Final GM Norm Achieved: Harikrishnan secured his third and final GM norm by drawing his last-round match against Indian player P. Iniyan at La Plagne, after defeating Jules Moussard (France) in the penultimate round.
• Seven-Year Climb to GM: He had been an International Master (IM) for seven years, narrowly missing GM norms in previous events.
• He finally completed all three norms across three countries:

• 1st GM norm – Biel International Chess Festival 2023 (Switzerland)
• 2nd GM norm – Lince Andujar Chess Open, June 2025 (Spain)
• 3rd GM norm – La Plagne Chess Festival, July 2025 (France)

• Performance Under Pressure: At La Plagne, he required 1.5 points in the final two rounds, which he achieved to secure the title and a 4th-place finish in the tournament.

Italy and Netherlands Secure Spots in 2026 ICC Men’s T20 World Cup

• In the final of the Europe Qualifiers, the Netherlands clinched a crucial victory, while Italy leveraged a superior net run rate to book their place in the 2026 ICC Men’s T20 World Cup—marking Italy’s debut in the tournament.
• The event featured a dramatic last day where all four contenders remained in contention.

Key Highlights :

• Netherlands’ Match-Winning Performance: The Dutch side chased down 134/7 comfortably, sealing qualification with a win on the final day.
• Italy’s Historic Debut: Despite losing the match, Italy advanced by maintaining the required net run rate, becoming first-time qualifiers.
• Contenders in the Race: Jersey and Scotland also competed on the last day but fell short of qualification.
• Key Player Contributions: Benjamin Manenti and Grant Stewart anchored Italy’s batting, while Roelof van der Merwe starred for the Netherlands with 3 wkts / 15 runs.
• Tournament Hosts: The 2026 edition will be co-hosted by India and Sri Lanka, featuring 20 teams in total.
• Remaining Qualification Path: The Asia EAP Qualifier will add three teams, and the Africa Qualifier will contribute two more, completing the lineup.

Daily CA One-Liner:  July 13 & 14

• The Maharashtra government has officially recognised Sarvajanik Ganeshotsav (Public Ganesh Festival) as a state festival, ensuring government support and funding for its widespread celebration across the state.
• The Assam government approved the ‘Gajah Mitra’ initiative on July 11, 2025, aiming to protect both local communities and elephant populations by creating safe habitats and employing non-violent deterrents in conflict-prone areas.
• The Ministry of Culture has announced that India will organise its inaugural Global Conference on Manuscript Heritage from September 11–13, 2025, at Bharat Mandapam, New Delhi, with the aim of preserving and sharing the country’s vast repository of ancient manuscripts.
• Uttarakhand will celebrate the Harela festival on July 16, 2025, with a massive plantation drive, aiming to plant over 5 lakh saplings across the state.
• Minister of State for Finance, Pankaj Chaudhary, inaugurated the first-ever Trade Facilitation Conference 2025 in New Delhi, under the theme “Scientific Excellence for Seamless Trade.”
• Under the Quality Management System (QMS) standards of IS/ISO 9001:2015, Arthunkal Police Station in Alappuzha, Kerala, has been officially certified by the Bureau of Indian Standards (BIS)—the first such recognition for any police station in India.
• The Union Cabinet approved a ₹1 lakh crore Employment-Linked Incentive (ELI) scheme under the Union Budget 2024–25, designed to create over 3.5 crore new jobs—with special emphasis on the manufacturing sector—while ensuring social security and formalisation of employment.
• The Indian Government has introduced the country’s first electric truck (e-truck) subsidy scheme under the PM E-DRIVE programme, offering financial assistance of up to ₹9.6 lakh per vehicle.
• Varsha Deshpande, a noted women’s rights activist from Satara, Maharashtra, was honoured with the 2025 United Nations Population Award in the individual category for her relentless efforts to prevent sex-selective abortions and promote gender equality.
• In a key step to boost handball's popularity nationwide, Prasar Bharati signed a three-year Memorandum of Understanding (MoU) with the Handball Association of India (HAI).
• Poland’s Iga Swiatek won her first Wimbledon title, defeating Amanda Anisimova (USA) with a rare 6-0, 6-0 scoreline
• Chennai-based chess player Harikrishnan A. Ra. has officially become India’s 87th Grandmaster (GM) after securing his final GM norm at the La Plagne International Chess Festival in France
• In the final of the Europe Qualifiers, the Netherlands clinched a crucial victory, while Italy leveraged a superior net run rate to book their place in the 2026 ICC Men’s T20 World Cup—marking Italy’s debut in the tournament.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹2.70 lakh on Shriram Finance Limited (SFL) for violating provisions of the RBI (Digital Lending) Directions, 2025.
• The Reserve Bank of India (RBI) released draft norms on July 11, 2025 for the Closure of Shipping Bills in the Export Data Processing and Monitoring System (EDPMS).
• The Reserve Bank of India (RBI) has allowed voluntary pledging of gold and silver jewellery as collateral for agriculture and small business loans.
• The Reserve Bank of India (RBI) has amended Basel III Capital Regulations to expand credit rating options for Scheduled Commercial Banks (excluding Local Area Banks, Payments Banks, and Regional Rural Banks).
• PhonePe retained its top position on the UPI leaderboard, processing over 8.54 billion transactions and holding a 46.46% market share, as per National Payments Corporation of India (NPCI) data.
• The Reserve Bank of India (RBI) has updated and consolidated its Citizen’s Charter, merging services for regulated institutions and the public into a single list of 204 services.
• ICICI Prudential Asset Management Company (AMC), India’s second-largest mutual fund manager by assets, has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise funds via an Initial Public Offering (IPO).
• Jumbotail, a B2B ecommerce platform, has raised $120 million (around ₹1,028 crore) in its Series D funding round.
• Fintech firm Slice has launched India’s first UPI-powered physical bank branch in Koramangala, Bengaluru.
• The coupon rate of Floating Rate Savings Bonds, 2020 (Taxable) [FRSB 2020 (T)] is reset every six months, based on 35 basis points above the National Savings Certificate (NSC) rate.
• The Reserve Bank of India (RBI) has published a list of legal Digital Lending Apps (DLAs) on its official website.
• The International Solar Alliance (ISA) will host the Seventh Regional Committee Meeting (RCM) for the Asia and the Pacific Region from July 15–17, 2025 in Colombo, Sri Lanka.
• Kumar Mangalam Birla, Chairman of the Aditya Birla Group, has been appointed to the Board of Directors and the Executive Committee of the U.S.-India Strategic Partnership Forum (USISPF).
• The Appointments Committee of the Cabinet (ACC) has approved the extension of Union Home Secretary Govind Mohan’s tenure till August 22, 2026.
• Sukanya Sonowal, from Lakhimpur district, Assam, has been selected as a Commonwealth Youth Peace Ambassador.
• The Defence Research & Development Organisation (DRDO) and the Indian Air Force (IAF) successfully conducted a flight-test of the indigenous Beyond Visual Range Air-to-Air Missile (BVRAAM) 'Astra'.
• The Indian Army launched Operation Shiva to secure the ongoing Amarnath Yatra with 8,500 troops and a counter-unmanned aerial system (C-UAS) grid.