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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Reports Improvement in Banks' Supervisory Data Quality Index in March 2025

• The Supervisory Data Quality Index (sDQI) of Scheduled Commercial Banks (SCBs) improved to 3 in March 2025 from 86.8 in March 2024, according to the Reserve Bank of India (RBI).

Key Highlights :

• The sDQI measures data quality in terms of:Accuracy, Timeliness, Completeness, Consistency of regulatory returns submitted by banks.

sDQI Score Categories:

• Above 90: Good
• 80 to 90: Acceptable
• 70 to 80: Needs Improvement
• Below 70: Not Acceptable

In March 2025:

• State-owned banks, private sector banks, and foreign banks scored in the “80–90” acceptable range.
• Small finance banks scored above 90, categorized as “good”.
• The sDQI for SCBs covers 87 banks and evaluates the quality of key regulatory returns such as:Asset-Liability and Off-Balance Sheet Exposures (ALE), Asset Quality (RAQ), Operating Results (ROR), Risk-Based Supervision Return (RBS), Liquidity Return (LR), Capital Adequacy (RCA), Central Repository of Information on Large Credits (CRILC)

About RBI :

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

India's Leading Private Banks Yet to Adopt ISO 20022 SWIFT Standard Before November 2025 Deadline

• India’s top private banks have not fully migrated to the ISO 20022 SWIFT messaging standard ahead of the November 2025 deadline.
• So far, only State Bank of India (SBI) has fully transitioned to the ISO 20022
• India’s compliance rate is well below the global adoption rate of 43%.
• Despite multiple deadline extensions, Indian banks lag behind in adopting the new messaging standard.
• The SWIFT deadline of November 2025 is considered final with no further extensions expected.

Key Highlights :

• SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging provider connecting more than 11,000 banks
• After the deadline, non-compliant banks could face penalties and disruption risks for cross-border payments.
• ISO 20022 offers richer, more granular data in payment messages, leading to benefits such as:Improved analytics, Less manual intervention, More accurate compliance, Higher operational resilience, Enhanced fraud prevention
• The slow migration pace in India is mainly due to the high cost of overhauling core banking systems.
• As of early 2025, only four Indian banks have partially transitioned to ISO 20022.
• SWIFT has stressed the importance of timely migration and warned of penalties for banks still using the old system after November 25, 2025.

Securities and Exchange Board of India Proposes Permitting All KYC Agencies to Function as Accreditation Bodies

• The Securities and Exchange Board of India (SEBI) has proposed that all KYC Registration Agencies (KRAs) be allowed to function as accreditation agencies, expanding eligibility beyond subsidiaries of stock exchanges and depositories.
• Currently, only subsidiaries of stock exchanges and depositories (under specific conditions) are eligible to be accreditation agencies.

Key Highlights :

• Presently, only two accreditation agencies operate in the market:

1. CDSL Ventures Ltd (subsidiary of CDSL)
2. NSDL Data Management Ltd (subsidiary of NSDL)

• Both current accreditation agencies are also KRAs, and there are a total of five KRAs registered with SEBI.
• SEBI believes this is the right time for the change as it would cause no disruption to the existing accreditation ecosystem.
• The move is expected to:Increase the number of accreditation agencies, Enhance competition, Enable cost-efficient servicing.
• SEBI also proposed faster onboarding of accredited investors by allowing Alternative Investment Funds (AIFs) to temporarily onboard investors based on the first-level due diligence by AIF managers.
• However, funds should be received from such investors only after they receive an accreditation certificate from an accreditation agency.
• Any commitment made by a provisionally onboarded investor:
• Shall not be included in the calculation of the scheme's corpus until accreditation is received.
• Shall be null and void if the investor fails to obtain accreditation before the final close, in the case of close-ended AIF schemes.
• SEBI has invited public comments on the proposal until July 8,2025.

Recent News :

• SEBIhas amended the SECC Regulations, 2018 and Depositories and Participants Regulations, 2018 to enhance governance at Market Infrastructure Institutions (MIIs) such as stock exchanges, clearing corporations, and depositories.

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.

ICRA Estimates India’s GDP Growth to Slow to 6.2% in FY26 from 6.5% in FY25

• Leading rating agency Icra projects India’s real GDP growth for FY26 at 6.2%, down from 6.5% in FY25.
• Real Gross Value Added (GVA) growth is expected to ease to 6% in FY26 from 6.4% in FY25.

Key Highlights :

• Inflation forecasts for FY26:Consumer Price Index (CPI) expected to be above 3.5%,Wholesale Price Index (WPI) projected to be over 1.8%.
• Fiscal deficit is forecast at 4.4% of GDP for FY26.
• Current Account Deficit (CAD) projected between 1.2% and 1.3% of GDP for FY26.
• Rural demand is likely to remain upbeat, supported by:Rabi cash flows,Above-normal reservoir levels
• Factors expected to boost household disposable income include:Sizeable income tax relief in the Union Budget 2025-26, Interest rate cuts leading to lower EMIs, Moderation in food inflation
• Merchandise exports are expected to remain tepid in the near term.
• Services exports are expected to outpace merchandise export growth.
• The Central government’s capital expenditure is budgeted to rise by 10.1% in FY26, expected to boost investment activities.
• Private capital expenditure may gain some traction but faces uncertainty due to a muted export outlook and trade policy uncertainties.

Bank of Maharashtra Partners with SBI Card to Introduce Co-Branded Credit Cards

• Bank of Maharashtra (BoM) has entered into a strategic partnership with SBI Card to launch co-branded credit cards.
• The co-branded credit cards have features such as reward points, cashback offers, fuel surcharge waivers, EMI facilities, and exclusive merchant discounts across key spending categories like dining, travel, and e-commerce.
• The collaboration aims to enhance customer value by leveraging:Bank of Maharashtra’s extensive banking network and trusted customer relationships, SBI Card’s credit card expertise, digital capabilities, and diverse product suite
• The co-branded credit cards will be offered to eligible customers nationwide.
• Customers can apply through both online and branch-based channels, ensuring ease of access and seamless onboarding.

About BoM :

• Managing Director & CEO : Nidhu Saxena
• Founded : 1935
• Headquarters : Pune, Maharashtra
• The Government of India holds 79.6% equity in Bank of Maharashtra.

About SBI Card :

• SBI Card was launched in May 1998 as a joint venture between the State Bank of India and GE Capital.
• The headquarters of SBI Card is in Gurugram.
• The current Managing Director & CEO of SBI Card is Salila Pande.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Centre Sanctions ₹2,006.40 Crore for Himachal Pradesh’s 2023 Disaster Recovery

• The Government of India, via a high-level committee chaired by Union Home Minister Amit Shah, has approved ₹2,006.40 crore under the National Disaster Response Fund (NDRF) to support post-monsoon 2023 recovery in Himachal Pradesh.
• This package will finance reconstruction, rehabilitation, and resilience-building following catastrophic floods, landslides, and cloudbursts that claimed over 550 lives and damaged critical infrastructure.

Key Highlights:

• Purpose of Funds:
  • Rebuild damaged infrastructure (roads, bridges, public buildings)
  • Resettle affected families and provide livelihood support
  • Strengthen disaster resilience through improved early-warning systems and slope stabilization
• High-Level Committee:
  • Chaired by Home Minister Amit Shah
  • Includes Finance Minister, Agriculture Minister, and NITI Aayog Vice-Chairman
• 2023 Monsoon Impact:
  • July–August 2023: torrential rains led to widespread cloudbursts, floods, and landslides
  • Over 550 fatalities and extensive damage to roads, bridges, and public utilities

RECENT NEWS

• The Centre has officially notified the appointment of Justice Gurmeet Singh Sandhawalia as the new Chief Justice of the Himachal Pradesh High Court. Justice Sandhawalia, the senior-most puisne Judge of the Punjab and Haryana High Court, has been appointed following a recommendation by the Supreme Court Collegium.

Google Launches Asia-Pacific’s First Safety Engineering Centre in Hyderabad

• Google inaugurated its first Safety Engineering Centre (GSEC) in the Asia-Pacific region at Hyderabad, Telangana.
• This centre is the fourth GSEC globally and aims to strengthen cybersecurity, AI safety, and fraud prevention.
• Telangana Chief Minister A Revanth Reddy inaugurated the centre, highlighting its role in boosting the state’s digital defense and economy.

Key Highlights:

• Global Milestone: Hyderabad hosts Google’s 4th GSEC worldwide and first in Asia-Pacific, positioning India as a strategic hub for cybersecurity.
• Core Objectives: Protection against online fraud, securing enterprise and government infrastructure, and responsible AI system development and testing.
• Technological Innovations: Use of AI and Large Language Models (LLMs) including Gemini Nano for real-time scam alerts on Android; fraud detection across Gmail, Pay, and Search; enhanced Google Play Protect; and adversarial testing with SynthID to prevent AI misuse.
• Google in Telangana: Operating since 2007 with 7,000+ employees, Google collaborates with the government in education, traffic management, start-up support, and skill development through initiatives like Young India Skills University.

RECENT NEWS

• As the 72nd edition of the Miss World pageant unfolds in Telangana from May 10 to 31, 2025, contestants from around the globe are arriving in Hyderabad to partake in this internationally acclaimed event.

Maharashtra Declares Hindi as the ‘General’ Third Language in Schools (Classes 1-5)

• The Maharashtra government, aligning with the State Curriculum Framework 2024 and NEP 2020, has issued a directive making Hindi the default third language taught in Marathi and English medium schools from Classes 1 to 5.
• While the policy allows opting for other Indian languages if requested by at least 20 students per class, this provision has sparked controversy over language imposition and regional identity concerns.

Key Highlights:

• Policy Update: Hindi will be generally taught as the third language for Classes 1-5 in Marathi and English medium schools.
• Option for Other Languages: Students may choose an alternative Indian language if a minimum of 20 students per grade opt for it, with instruction provided either through a hired teacher or online.
• Marathi Language Status: Marathi remains compulsory across all mediums.
• Government Justification: The policy aims to promote multilingualism, national integration, and cognitive development, consistent with NEP 2020’s three-language formula.
• Previous Controversy:
  • Earlier compulsory introduction of Hindi from Class 1 was put on hold in April 2025 after public backlash.
  • The current directive is seen as a reversal of that decision, reigniting debates on language imposition and state autonomy in education.
• NEP 2020 Context:
  • Recommends a three-language formula including the regional language, Hindi, and English.
  • However, it provides states with flexibility in implementation, which has led to controversies like this in Maharashtra.

RECENT NEWS

• India is set to develop its first underwater museum and artificial coral reef around the decommissioned warship INS Guldar near Nivati Rocks, located off the coast of Vengurla in Sindhudurg district, Maharashtra.

Calcutta High Court Directs Restart of MGNREGA in West Bengal by August 1, 2025

• The Calcutta High Court, ordered the Central Government to resume work under MGNREGA in West Bengal from August 1, ending a nearly three-year suspension.
• The scheme was halted in March 2022 over alleged fund misuse and non- payment of wages, leaving over 25 million rural workers without guaranteed employment.
• The court highlighted the fundamental right to livelihood and asserted that past irregularities cannot indefinitely block the Act’s future implementation.

Key Highlights:

• Three-Year Suspension Ended: MGNREGA works and wage payments, stopped since March 2022, will recommence by August 1, 2025.
• Right to Livelihood Emphasized: Division Bench of Chief Justice T S Sivagnanam and Justice Chaitali Chatterjee underlined that the Act cannot be kept in “cold storage” at the expense of millions’ livelihoods.
• Timeline of Events:
  • December 21, 2021: Centre invoked Section 27 of MGNREGA to halt wage disbursements, citing corruption.
  • March 2022: Issuance of new work permits was stopped.
  • June 18, 2025: High Court directive for scheme’s resumption.
• Court Observations: The bench ruled there must be a “line drawn between past actions and future steps,” prioritizing public interest over indefinite suspension.
• Impact on Rural Economy: Resumption is set to benefit nearly 2.5 crore workers, restore rural income, and recover an estimated ₹5,000 crore annual loss, as per NREGA Sangharsh Morcha.
• Legal Advocacy: Petition filed by Paschim Banga Khet Majoor Samity (PBKMS) and argued by Advocate Purbayan Chakraborty, who stressed the violation of fundamental rights due to the halt.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India and Canada to Restart Free Trade Agreement Negotiations After 21-Month Hiatus

• India and Canada have agreed to resume negotiations on a free trade agreement (FTA) that was suspended in September 2023, just before New Delhi was to host the G-20 Summit.
• The decision was made during the first meeting between Canadian PM Mark Carney and Indian PM Narendra Modi on the sidelines of the G7 Summit in Kananaskis, Canada.
• Both leaders agreed to normalize ties, starting with the early return of High Commissioners to their respective capitals.
• They discussed restarting talks on the Early Progress Trade Agreement (EPTA) as a step towards a Comprehensive Economic Partnership Agreement (CEPA).
• Future collaboration areas discussed include:Clean energy, Digital transformation, LNG (Liquefied Natural Gas), Food security, Critical minerals, Higher education, Mobility, Supply chain resilience
• The suspension of talks followed political tensions triggered by allegations of Canadian interference in domestic affairs by India, leading to diplomatic expulsions in October 2024.
• Despite tensions, bilateral merchandise trade grew from $8.3 billion (FY23) to $8.4 billion (FY24).

In 2024-25:

• India’s exports to Canada rose 9.8% to $4.2 billion
• Imports from Canada declined 2.3% to $4.4 billion
• Services trade between the two countries is also substantial.
• FTA negotiations initially started in 2010, relaunched in March 2022, and included talks on an interim deal called EPTA.
• Canadian pension funds have invested heavily in India’s infrastructure and energy sectors, with portfolio investments exceeding $75 billion.
• Over 600 Canadian companies have a presence in India; more than 1,000 companies are active in the Indian market.

About Canada :

• Prime Minister : Mark Carney
• Capital : Ottawa
• Currency : Canadian dollar

India, Ukraine Hold Inaugural Joint Working Group Meeting on Agriculture

• The first Joint Working Group (JWG) meeting on Agriculture between India and Ukraine was held virtually.
• The meeting was co-chaired by Shri Ajeet Kumar Sahu, Joint Secretary (IC), Department of Agriculture & Farmers Welfare, and Oksana Osmachko, Deputy Minister of Agrarian Policy and Food of Ukraine.
• The meeting is seen as an important milestone in strengthening bilateral cooperation in agriculture and allied sectors.
• India highlighted its agricultural achievements and innovative initiatives, such as:Use of digital solutions in agriculture, Climate-resilient agricultural practices, Risk mitigation and credit initiatives
• Key Indian government programs mentioned:National Mission on Edible Oils–Oilseeds, National Food Security Mission–Pulses, e-NAM (Electronic National Agriculture Market)
• Ukraine expressed interest in deepening cooperation in areas like:Food processing, Agricultural mechanisation, Digital agriculture, Genome editing, Plant breeding technologies, Soil fertility and soil mapping
• Both countries discussed:Horticulture, Technology transfer, Knowledge sharing, Capacity building, Research collaboration, Market access

About Ukraine :

• President : Volodymyr Zelenskyy
• Prime Minister : Denys Shmyhal
• Capital : Kyiv
• Currency : Hryvnia

CURRENT AFFAIRS: AWARDS AND HONOURS

Padma Bhushan Conferred on Shri Ram Bahadur Rai at IGNCA

• Veteran journalist and cultural intellectual Shri Ram Bahadur Rai was presented the Padma Bhushan—India’s third-highest civilian honour at a special ceremony held by the Ministry of Home Affairs at the Indira Gandhi National Centre for the Arts (IGNCA) in Delhi.
• Unable to attend the Rashtrapati Bhavan function, Shri Rai received his medal and citation signed by the President of India from DG Shri Satpal Chauhan, with senior journalists, academicians, and dignitaries in attendance.

Key Highlights:

• Notable Attendees:
  • Shri Najeeb Jung (former Lieutenant Governor of Delhi)
  • Prof. Ramesh Chandra Gaur (Dean, IGNCA)
  • Shri Hemant Sharma and Shri Santosh Bhartiya (senior journalists)
  • Shri Manmohan Singh Chawla (Trustee, SGT University)
• Distinguished Career:
  • President of IGNCA Trust and Chancellor of SGT University
  • Over four decades in journalism, plus 15 years in student movements (JP Movement, jailed under MISA during Emergency)
  • Editorial tenure at Hindusthan Samachar, Jansatta, Navbharat Times, and others
  • MA in Economics from Banaras Hindu University
• Major Publications:
  • Biographies: Manzil Se Zyada Safar (V.P. Singh), Shashwat Vidrohi Rajneta (Acharya Kripalani)
  • Political analysis: Rahbari ke Sawal
  • Journalism memoir: Kali Khabron ki Kahani
  • Essays in Pandit Deendayal Upadhyay Samagra
• Previous Honours:
  • Padma Shri (2015)
  • Ganesh Shankar Vidyarthi Samman (2013)
  • Madhavrao Sapre Award, Hindi Ratna Samman, and others between 1990–2020

Sahitya Akademi Announces Bal Sahitya Puraskar 2025 Winners: 24 Exceptional Children’s Literature Works Recognized

• The Sahitya Akademi, India’s premier literary institution under the Ministry of Culture, has declared the Bal Sahitya Puraskar 2025 recipients—24 distinguished authors honored for outstanding children’s books first published between January 1, 2019 and December 31, 2023.
• The Sahitya Akademi, India’s national academy of letters under the Ministry of Culture, has announced the Yuva Puraskar 2025 winners, recognizing 23 young authors for their outstanding literary contributions across multiple Indian languages.
• Under President Sri Madhav Kaushik, the Executive Board selected works spanning 24 Indian languages and diverse genres, showcasing the depth and richness of contemporary children’s literature.

Key Highlights:

Complete List of Awardees:

Complete List of 2025 Awardees:

• Eligibility & Timeline: Only works first published between 2019–2023 were considered, ensuring recent contributions have had time to establish impact among young readers.
• Assessment Criteria: Selections based on narrative quality, age-appropriate content, educational value, cultural relevance, and reader engagement.
• Genre Diversity:
  • Poetry: 8 titles (Assamese, Dogri, Gujarati, Marathi, Odia, Rajasthani, Santali, Sindhi)
  • Short Stories: 6 collections (Bengali, Hindi, Kannada, Kashmiri, Konkani, Maithili)
  • Novels: 5 works (English, Malayalam, Nepali, Punjabi, Tamil)
  • Dramatic Works: 3 (Manipuri play; Rajasthani drama)
  • Articles: 1 collection (Urdu)
• Linguistic Representation: Awards span 24 Indian languages, underscoring the Akademi’s commitment to multilingual literary excellence and cultural preservation.
• Award Package:
  • ₹50,000 cash prize per winner.
  • Engraved copper plaque housed in an elegant casket as a lasting symbol of achievement.

CURRENT AFFAIRS: RANKING AND INDEX

India’s Position in WEF Energy Transition Index 2025:

• India has fallen to 71st place in the World Economic Forum’s Energy Transition Index (ETI) 2025, down from 63rd in 2024, despite making strides in energy efficiency and green investments.
• The index evaluates 118 countries on energy security, sustainability, and equity.

Key Details:

• Ranking:
  • Top countries: Sweden (1st), Finland (2nd), Denmark (3rd), Norway (4th), Switzerland (5th)
  • Other notable ranks: China (12th), USA (17th), Congo (last)
• India’s Strengths:
  • Significant improvements in energy efficiency
  • Enhanced regulatory frameworks supporting clean energy
  • Expanded access to clean fuels and energy infrastructure
  • Reduced energy intensity and methane emissions
• Challenges for India:
  • Progress needed on energy equity and energy security
  • High dependency on fuel imports
  • Issues with grid reliability and energy access in rural areas
• Global Trends from the Report:
  • Only 28% of countries improved in all three pillars of the index
  • 77 out of 118 countries showed overall improvement in ETI scores
  • Despite $2 trillion clean energy investments in 2024, global emissions reached a record 37.8 billion tonnes
  • Challenges include rising AI-related energy demand, geopolitical tensions, and uneven clean energy deployment

Report Details:

• Title: “Fostering Effective Energy Transition 2025”
• Published by: World Economic Forum (WEF) in collaboration with Accenture
• Evaluation Criteria:
  • 3 Pillars: Energy security, sustainability, equity
  • 5 Readiness Factors: Political commitment, finance, innovation, infrastructure, and human capital

QS World University Rankings 2026 Released: MIT Leads, Indian Institutes Show Gains and Declines

• The QS World University Rankings 2026 has been officially released, listing over 1,500 universities across more than 100 countries.
• Regarded as one of the most credible global rankings for academic excellence, the latest edition reflects a dynamic shift in global higher education, highlighting improvement in nearly 500 institutions compared to the previous year.
• The rankings evaluate universities based on multiple indicators, including academic reputation, faculty/student ratio, employer reputation, citations per faculty, international student ratio, and sustainability efforts.

Key Highlights:

• MIT (Massachusetts Institute of Technology) has retained the #1 global rank for the 14th consecutive year, excelling across major metrics including research, innovation, and global employability.
• Top 10 Universities Globally (2026):
  • 1st – Massachusetts Institute of Technology (MIT) (Rank in 2025: 1)
  • 2nd – Imperial College London (Rank in 2025: 2)
  • 3rd – Stanford University (up from 6th)
  • 4th – University of Oxford (down from 3rd)
  • 5th – Harvard University (down from 4th)
  • 6th – University of Cambridge (down from 5th)
  • 7th – ETH Zurich (Swiss Federal Institute of Technology) (unchanged)
  • 8th – National University of Singapore (NUS) (unchanged)
  • 9th – University College London (UCL) (unchanged)
  • 10th – California Institute of Technology (Caltech) (unchanged)
• Global Trends:
  • The rankings reflect increasing global competition in education.
  • Almost 500 institutions improved their positions year-on-year.
  • Rising performance is attributed to better research output, stronger faculty profiles, and improved international diversity.
• Notable Riser:
  • Sunway University (Malaysia) made a remarkable leap by over 120 places, signaling Asia’s educational rise through enhanced research infrastructure and global collaborations.
• Regional Coverage:
  • The 2026 edition includes universities from over 100 countries and regions, covering North America, Europe, Asia, Australia, Latin America, and Africa.
  • It continues to serve as a benchmark for students, researchers, and policy-makers.

Performance of Indian Universities in QS 2026:

• Indian Trends:
  • IIT Delhi and IIT Madras showed significant improvement, with IIT Madras jumping 47 spots.
  • IIT Kanpur advanced by 41 places, indicating enhanced global performance.
  • IIT Bombay and IISc Bangalore saw a slight decline in rank.
  • University of Delhi maintained its rank.
  • Anna University dropped notably, falling 82 places compared to 2025.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Jio Financial Services Takes Full Ownership of Jio Payments Bank with 100% Stake Acquisition

• Jio Financial Services Limited (JFSL) has acquired 7.9 crore shares of Jio Payments Bank Ltd (JPBL) from the State Bank of India (SBI) for ₹104.50 crore.
• Following this acquisition, JPBL has become a wholly owned subsidiary of JFSL.
• In March 2025, JFSL had announced its intention to acquire SBI’s 17.8% stake in JPBL.
• JPBL was established in 2016 as a joint venture between Reliance Industries Ltd (RIL) and SBI, with RIL holding 77% stake.
• RIL received the RBI licence to operate a payments bank in August 2015.
• JPBL commenced operations in April 2018, becoming the sixth payments bank to go live in India.
• In 2023, RIL demerged its financial services arm, creating Jio Financial Services (JFS), which inherited RIL’s stake in JPBL.
• In August 2024, JFS increased its stake to 82.17% by purchasing 6.8 crore equity shares from SBI for ₹68 crore.

About Jio Financial Services Ltd (JFSL) :

• Founded : 22 July 1999
• Headquarters : Mumbai, Maharashtra

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Commissions INS Arnala, First Indigenous Anti-Submarine Warfare Shallow Water Craft

• The Indian Navy has commissioned INS Arnala, the country’s first indigenously designed and built Anti-Submarine Warfare Shallow Water Craft (ASW-SWC).
• The commissioning ceremony took place at the Naval Dockyard in Visakhapatnam and was presided over by Chief of Defence Staff General Anil Chauhan.
• INS Arnala was built by Garden Reach Shipbuilders and Engineers (GRSE), Kolkata, and was delivered on 8 May at L&T Shipyard, Kattupalli, under a public-private partnership.
• It is the first in a series of eight ASW-SWCs intended to enhance India’s coastal defence
• The vessel is 77 metres long and is named after the historic Arnala Fort off Vasai, Maharashtra.
• Equipped with advanced underwater surveillance systems and mine-laying capabilities.
• The ship’s crest features a stylised auger shell, symbolising resilience and vigilance in hostile environments.
• Its motto, Arnave Shauryam – “Valour in the Ocean” – signifies the courage of its crew.
• Over 80% indigenous content, making it a key milestone in the Indian Navy’s indigenisation efforts and supporting the government’s ‘Aatmanirbhar Bharat’ (self-reliant India) initiative.

About Ministry of Defence:

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

CURRENT AFFAIRS: BOOKS AND AUTHOR

“The Stars Light the Way”: Sucheta Raj Khanna’s Debut Novel Exploring Faith, Identity, and Destiny

• Published by Penguin Random House India, Singapore-based life coach Sucheta Raj Khanna weaves a reflective tale of personal transformation and ancestral wisdom in her first novel, “The Stars Light the Way: A Journey Through Time and Beyond.”
• The story follows Shazma, a successful expatriate in Singapore, whose life is upended when she receives an unexpected invitation to serve in the Indian Parliament, forcing her to confront buried grief and a deeper spiritual calling.

Key Highlights:

• Protagonist & Setting: Shazma lives a stable life in Singapore with her husband Nikhil before being drawn back to India’s political arena, creating a vivid cross-cultural backdrop.
• Spiritual Catalyst: Mysterious signs from her late father (SR) guide Shazma’s reflections, illustrating how ancestral legacy shapes present choices.
• Internal vs. External Journey: The novel balances outer ambition (political service) with an inner quest for truth, courage, and resilience.

A.K. Bhattacharya Releases Third Volume “Different Strokes (1998–2014)” on India’s Finance Ministers

• Veteran journalist A.K. Bhattacharya has published the third installment of his acclaimed series on India’s finance ministers—Different Strokes (1998–2014)—through Penguin Business.
• Spanning the tenures of Yashwant Sinha, Jaswant Singh, Pranab Mukherjee, and Chidambaram, the book chronicles India’s post-1991 reform momentum, marked by accelerated GDP growth, a telecom and infrastructure boom, rising government revenues, and emerging fiscal and employment challenges.
• Bhattacharya’s clinical, non-judgemental narrative builds on his earlier volumes—Volume I: The Stewards of Destiny (1947–1977) and Volume II: The Reformers (1977–1998)—to offer an objective account of policymaking during a pivotal era.

Key Highlights:

• Comprehensive Period Coverage: Analyzes India’s economic governance from 1998 to 2014, a transformative phase following the 1991 liberalization.
• Ministerial Profiles: Detailed, balanced portrayals of Sinha, Singh, Mukherjee, and Chidambaram, focusing on their policy priorities and challenges.
• Policy-Making Dilemmas: Examines coalition pressures, institutional constraints, and the trade-offs between growth and fiscal prudence.
• Reform Analysis: Evaluates key reforms and missed opportunities in employment generation, social spending, taxation, and fiscal consolidation.

CURRENT AFFAIRS : OBITUARIES

Renowned Beethoven Interpreter and Pianist Alfred Brendel Passed away

• Alfred Brendel, renowned pianist and poet, passed away at the age of 94 at his home in London.
• He was especially celebrated for his refined interpretations of Beethoven, performing and recording the 32 Beethoven piano sonatas three times.

About Alfred Brendel :

• Born on January 5, 1931, in Wiesenberg, northern Moravia (now part of the Czech Republic).
• Brendel’s career spanned over six decades. He gave his first recital in Graz, Austria, in 1948 at age 17 and performed his final concert with the Vienna Philharmonic on December 18, 2008, at the Musikverein.
• His education was interrupted during World War II, when he and his mother fled as the Russian army invaded.
• Brendel settled in London in 1971 and lived there until his death.
• Apart from Beethoven, Brendel was acclaimed for his performances of Mozart, Schubert, Liszt, and Haydn.
• In 1983, he performed all 32 Beethoven sonatas at New York’s Carnegie Hall over a month — part of 77 recitals in 11 cities during the 1982–83 season.
• He repeated the sonata cycle again in the 1990s.
• Despite 10 Grammy nominations, he never won the award.
• He also authored several books, including a collection of poems titled “Cursing Bagels.

Scientist and Abdul Kalam’s Translator Nellai S Muthu Found Dead in Thiruvananthapuram                            

• Nellai S Muthu, aged 70, a former ISRO scientist and renowned translator of APJ Abdul Kalam’s books, was found dead at his residence in Thiruvananthapuram.
• He was a native of Nellai (Tirunelveli), Tamil Nadu.
• Authored over 100 books covering diverse subjects including science, children’s literature, poetry, history, and literary criticism.
• Notable works include:Ariviyal Penmanigal, Vinveli 2057, Arivuttum Vignana Vilayattu, Vaira Padigangkal, Sevvayil Uluvettakum Naal Vaippum
• He translated Kumaran Asan’s Chandalabhikshuki into Tamil, contributing to the field of literary translation.
• Recognized for his contributions to science communication and Tamil literature, he was honoured by the Tamil Nadu government.

CURRENT AFFAIRS: IMPORTANT DAYS

World Kidney Cancer Day: June 12

• World Kidney Cancer Day, held every year on the second Thursday of June, falls on June 12, 2025, and serves as a global platform to spotlight kidney cancer—a disease that often progresses silently.

Key Highlights:

• This year’s theme, “Understanding Kidney Health,” underscores the need for awareness, early detection, and risk reduction, and is championed by the International Kidney Cancer Coalition (IKCC) in over 45 countries.
• Founded in 2017 by the International Kidney Cancer Coalition (IKCC)
• Has evolved into a major annual public health observance with events, health camps, and educational drives worldwide

World Refugee Day 2025: June 20

• Every year on June 20th, World Refugee Day is commemorated to raise awareness of the plight of refugees and the difficulties they face.
• The theme of World Refugee Day 2025 is to recognize refugees all throughout the world.- “Health for All: Solidarity with refugees”

History 

• In 1914, World Day of Migrants and Refugees is established by Pope Pius X and is celebrated in January.
• On December 4, 2000, Resolution 55/76 ie The United Nations General Assembly decided to observe World Refugee Day from June 2001.
• In 2000, the 50th anniversary of the 1951 Convention relating to the Status of Refugees was observed.

Daily CA One- Liner: June 20

• The Government of India, via a high-level committee chaired by Union Home Minister Amit Shah, has approved ₹2,006.40 crore under the National Disaster Response Fund (NDRF) to support post-monsoon 2023 recovery in Himachal Pradesh
• Google inaugurated its first Safety Engineering Centre (GSEC) in the Asia-Pacific region at Hyderabad, Telangana
• The Maharashtra government, aligning with the State Curriculum Framework 2024 and NEP 2020, has issued a directive making Hindi the default third language taught in Marathi and English medium schools from Classes 1 to 5
• The Calcutta High Court, ordered the Central Government to resume work under MGNREGA in West Bengal from August 1, ending a nearly three-year suspension
• Veteran journalist and cultural intellectual Shri Ram Bahadur Rai was presented the Padma Bhushan—India’s third-highest civilian honour at a special ceremony held by the Ministry of Home Affairs at the Indira Gandhi National Centre for the Arts (IGNCA) in Delhi
• The Sahitya Akademi, India’s premier literary institution under the Ministry of Culture, has declared the Bal Sahitya Puraskar 2025 recipients—24 distinguished authors honored for outstanding children’s books first published between January 1, 2019 and December 31, 2023
• India has fallen to 71st place in the World Economic Forum’s Energy Transition Index (ETI) 2025, down from 63rd in 2024, despite making strides in energy efficiency and green investments
• The QS World University Rankings 2026 has been officially released, listing over 1,500 universities across more than 100 countries.
• Published by Penguin Random House India, Singapore-based life coach Sucheta Raj Khanna weaves a reflective tale of personal transformation and ancestral wisdom in her first novel, “The Stars Light the Way: A Journey Through Time and Beyond.”
• Veteran journalist A.K. Bhattacharya has published the third installment of his acclaimed series on India’s finance ministers—Different Strokes (1998–2014)—through Penguin Business.
• World Kidney Cancer Day, held every year on the second Thursday of June, falls on June 12, 2025, and serves as a global platform to spotlight kidney cancer—a disease that often progresses silently
• Every year on June 20th, World Refugee Day is commemorated to raise awareness of the plight of refugees and the difficulties they face.
• The Supervisory Data Quality Index (sDQI) of Scheduled Commercial Banks (SCBs) improved to 89.3 in March 2025 from 86.8 in March 2024, according to the Reserve Bank of India (RBI).
• India’s top private banks have not fully migrated to the ISO 20022 SWIFT messaging standard ahead of the November 2025 deadline.
• The Securities and Exchange Board of India (SEBI) has proposed that all KYC Registration Agencies (KRAs) be allowed to function as accreditation agencies, expanding eligibility beyond subsidiaries of stock exchanges and depositories.
• Leading rating agency Icra projects India’s real GDP growth for FY26 at 6.2%, down from 6.5% in FY25.
• Bank of Maharashtra (BoM) has entered into a strategic partnership with SBI Card to launch co-branded credit cards.
• India and Canada have agreed to resume negotiations on a free trade agreement (FTA) that was suspended in September 2023, just before New Delhi was to host the G-20 Summit.
• The first Joint Working Group (JWG) meeting on Agriculture between India and Ukraine was held virtually.
• Jio Financial Services Limited (JFSL) has acquired 7.9 crore shares of Jio Payments Bank Ltd (JPBL) from the State Bank of India (SBI) for ₹104.50 crore.
• The Indian Navy has commissioned INS Arnala, the country’s first indigenously designed and built Anti-Submarine Warfare Shallow Water Craft (ASW-SWC).
• Alfred Brendel, renowned pianist and poet, passed away at the age of 94 at his home in London.
• Nellai S Muthu, aged 70, a former ISRO scientist and renowned translator of APJ Abdul Kalam’s books, was found dead at his residence in Thiruvananthapuram.