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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Releases Project Finance Guidelines, Mandates 1–1.25% Provisioning for Under-Construction Projects

• The Reserve Bank of India (RBI) has eased final project finance norms, reducing the standard asset provisioning for under-construction project finance loans from 5% (initial draft) to 1% in the final norms.
• The new norms will be effective from October 1, 2025.
• For under-construction commercial real estate exposures, lenders must maintain 25% provisioning.
• In case of a delay in commencement of commercial operations, the provisioning will gradually increase each quarter.
• Projects already financed will continue under the existing provisioning model to ensure smooth implementation.
• Provisioning requirements will be reduced when the project enters the operational phase.
• The easing aligns with the accommodative and consultative stance of RBI Governor Sanjay Malhotra.
• Since taking charge, Governor Malhotra has also:
• Rolled back higher risk weights on bank loans to NBFCs.
• Eased Liquidity Coverage Ratio (LCR) proposed norms.
• Relaxed final guidelines on gold loans.

Recent News :

• The Reserve Bank of India (RBI)has issued a directive requiring all regulated financial entities to use the PRAVAAH portal for submitting applications related to licences, authorisations, and approvals starting May 1, 2025.

About RBI :

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

Reserve Bank of India Shifts Andhra Pradesh Regional Office to Vijayawada,Andhra Pradesh

• The Reserve Bank of India (RBI) has relocated its Andhra Pradesh regional office to Vijayawada, Andhra Pradesh.
• The new office was inaugurated by Shri T. Rabi Sankar, Deputy Governor, RBI.
• The new regional office will include key departments such as:
• Integrated Banking Department (IBD)
• Financial Inclusion and Development Department (FIDD)
• Foreign Exchange Department (FED)
• Department of Supervision (DoS)
• Currency management for Andhra Pradesh will continue to be handled by the RBI’s Hyderabad office.
• The Vijayawada regional office is headed by Attah Omar Basheer, Regional Director.
• With this, the RBI now has offices in 33 locations across India.

India’s Share in Global Exports Rises to 3% Driven by Surging Services Sector

• India’s share in global exports increased from 2.2% in 2010 to 3% in 2023.
• The annual growth rate of India’s export share was 6.3%, the highest among major economies worldwide during this period, as per the UNCTAD (United Nations Conference on Trade and Development) 2024 report.
• The growth reflects the resilience and dynamism of India’s trade sector.
• The report highlights the effectiveness of India’s trade policies, strong manufacturing and services sectors, and export promotion initiatives.
• These factors have enhanced India’s integration into global supply chains.
• India’s total exports (goods and services combined) grew from $274.8 billion in 2009-10 to $776.3 billion in 2022-23.
• In 2024-25, total exports further increased to $825 billion.
• While India showed a steady rise, some other major economies experienced a decline or lower growth in export shares during the same period.
• Comparative export share growth rates of other economies from 2010 to 2023:
• European Union:3.9%
• China:6.1%
• United States: 3.9%

Reserve Bank of India Issues Master Circular to Boost Credit Access and Financial Inclusion for Scheduled Castes (SCs) & Scheduled Tribes (STs)

• The Reserve Bank of India (RBI) issued a ‘Master Circular – Credit Facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)’ to enhance credit access and promote financial inclusion for SCs/STs.
• The circular includes streamlined procedures, special reservations, and enhanced monitoring for effective implementation.
• Several centrally sponsored schemes provide bank credit with government subsidies, and a significant portion is reserved for SC/ST communities

Key Schemes and Provisions:

• DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission):
  • Launched on April 1, 2013, replacing Swarnajayanti Gram Swarozgar Yojana.
  • Aims for 50% coverage of SC/ST beneficiaries among the targeted population.
• Differential Rate of Interest (DRI) Scheme:
  • Provides finance up to ₹15,000 at a 4% interest rate per annum to weaker sections.
  • Banks must ensure at least 40% of total DRI advances go to SC/ST borrowers.
  • Landholding criteria (1 acre irrigated / 2.5 acres unirrigated) are not applicable to SC/ST applicants.
  • Housing loan up to ₹20,000 can be availed in addition to ₹15,000 under the scheme for eligible SC/ST persons.

Credit Enhancement Guarantee Scheme for Scheduled Castes (CEGSSC):

• Launched on May 6, 2015 by the Ministry of Social Justice & Empowerment.
• Objective: Promote entrepreneurship among SCs through credit enhancement guarantees.
• IFCI Ltd. is the Nodal Agency to issue guarantee covers for Member Lending Institutions (MLIs).
• Eligibility:
  • SC individuals, registered companies, societies, partnership firms, or sole proprietorships with more than 51% SC ownership and management control for at least 6 months.
• Guarantee cover: ₹0.15 crore to ₹5 crore.
• Tenure: Up to 7 years or loan repayment period, whichever is earlier.

Monitoring and Oversight:

• A special cell must be set up at the Head Office of banks to monitor credit flow to SC/ST beneficiaries.
• The State Level Bankers’ Committee (SLBC) will:
  • Oversee policy implementation.
  • Conduct quarterly reviews.
  • Consolidate data and assess loan performance.
  • Include representatives from government agencies and financial corporations for consistent oversight.

Reserve Bank of India Releases Master Direction on Electronic Trading Platforms Effective on June 16, 2025

• The Reserve Bank of India (RBI) issued the Master Direction for Electronic Trading Platforms (ETPs) on June 16, 2025.
• These directions do not apply to electronic systems operated by:
• Scheduled commercial banks (including foreign bank branches in India),
• Or standalone primary dealers,where the bank or dealer is the sole quote/price provider and a party to all transactions on the system.
• RBI retains authority to extend regulatory requirements to such systems if needed for public interest or financial system stability.
• The directions are effective immediately and supersede the 2018 ETP directions.
• Electronic Trading Platform (ETP) is defined as any electronic system, other than recognised stock exchanges, where transactions in eligible instruments are contracted.
• Eligible Instruments include:Securities,Money market instruments,Foreign exchange instruments,Derivatives.
• To operate as an ETP, entities must:
• Be incorporated in India,
• Have a minimum net worth of ₹5 crore,
• Maintain technological infrastructure with high reliability, availability, scalability, and security.
• Eligible entities can apply through the PRAVAAH portal of RBI.
• ETP operators must:
• Maintain data records for at least 10 years,
• Submit quarterly reports on platform functioning to RBI by the 15th day of the month following the quarter.
• RBI holds the power to grant, reject, or cancel authorisations based on compliance and public interest.

Reserve Bank of India Announces Relaxation for Import of Shipping Vessels Through New Circular  

• The Reserve Bank of India (RBI) has issued a circular introducing a relaxation for the import of shipping vessels.
• The amendment is made to the Master Direction – Import of Goods and Services (MD-Imports), originally dated January 1, 2016.
• It allows Authorised Dealer Category-I (AD Category-I) banks to permit importers to make advance remittances for shipping vessel imports.
• The significant change is that remittances up to USD 50 million can be made without requiring a bank guarantee or an unconditional, irrevocable standby Letter of Credit (LC).
• This decision aims to enhance ease of doing business and address sector-specific constraints in the shipping industry.
• The directions in this circular are issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act (FEMA), 1999.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

University of Delhi Launches JAIHIND Scheme to Empower ST Students with Digital & Higher Ed Skills

• The University of Delhi has launched the JAIHIND (Janajati Immersive Holistic Intervention for Novel Development) scheme, with the aim of enhancing digital literacy and CUET preparedness among Scheduled Tribe (ST) students from remote rural areas.
• The first pilot batch includes 25 students from Ukhrul district of Manipur, marking a key step toward inclusive higher education access.

Key Highlights:

• Bridge the digital divide and support CUET preparation for ST students from underserved areas.
• Provide training in computer skills, online form-filling, and admission-related communication.
• Promote equitable access to Central University admissions, especially after the CUET mandate in 2022.

• Students from Classes 9 to 12, belonging to Scheduled Tribes.
• First batch: 25 students (12 girls, 13 boys) selected based on academic merit.

Prime Minister Narendra Modi Flags Off India’s First Locomotive Export to Guinea from Bihar

• Prime Minister Narendra Modi flagged off India’s first indigenously manufactured locomotive export to Guinea, from the Marhowrah rail factory in Bihar.
• This initiative marks a significant boost to India’s global trade profile in railway equipment and reflects the success of the Atmanirbhar Bharat (self- reliant India) mission.

Key Highlights:

Export Agreement:

• Deal Size: ₹3,000 crore
• Recipient Country: Republic of Guinea
• Total Locomotives: 150 to be delivered in phases over three years
  • FY 2025–26: 37 locomotives
  • FY 2026–27: 82 locomotives
  • FY 2027–28: 31 locomotives
• Purpose: Support Guinea’s SimFer Simandou iron ore project, one of Africa’s largest mining ventures

Manufacturing Details:

• Factory: Marhowrah Rail Factory, Bihar
• Procurement Mode: Through global competitive bidding, showcasing India’s manufacturing strength
• Gauge Compatibility: Broad, Standard, and Cape gauge systems – ready for global deployment

RECENT NEWS

• Bihar Chief Minister Nitish Kumar inaugurated a 2 MW canal bank solar project along the Bikram Lock Canal in Patna district. The project, built at zero cost to the state, is part of Bihar’s Jal-Jeevan-Hariyali Abhiyan to promote green and sustainable energy.

Delhi to Conduct First-Ever Cloud-Seeding Trial for Artificial Rain

• The Delhi government is preparing to conduct its first cloud-seeding trial by June 2025, aimed at testing the feasibility of inducing artificial rain to tackle pollution and water scarcity.
• The project, developed with IIT Kanpur and supported by IMD and the Ministry of Defence, awaits final clearance from DGCA.

Key Highlights:

• Project Objective: The initiative primarily aims to test cloud-seeding feasibility during peak pollution periods, though it is not directly targeting air quality improvement in this phase.
• Technology Used: A custom cloud-seeding mix will be deployed, consisting of silver iodide (AgI), powdered rock salt, and iodized salt with hygroscopic and glaciogenic properties.
• Ideal Conditions: Trials will target Nimbostratus clouds at altitudes between 500–6000 meters, requiring at least 50% moisture content for effectiveness.

Trial Plan and Cost:

• Total budget: ₹3.21 crore
• Per flight cost: ₹55 lakh
• Flight count: 5 covering 100 sq. km
• Base: Hindon Air Base, Ghaziabad, cleared by Ministry of Defence

Monitoring & Safety: IIT Kanpur will analyse post-rain water samples for silver iodide residue, with initial studies showing no significant environmental risk.

Key Agencies Involved:

• IMD: Provides real-time weather data and 6-hour forecasts
• DGCA, AAI, BCAS: Airspace and aviation clearance
• SPG, CPCB, Ministry of Home, Environment, Defence
• Uttar Pradesh Govt: For inter-state coordination

RECENT NEWS

• Chief of Defence Staff (CDS) General Anil Chauhan inaugurated Techkriti 2025, Asia’s largest intercollegiate technical and entrepreneurial festival, at the Indian Institute of Technology (IIT) Kanpur.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Western Australian Certificate of Education Becomes First Foreign Government-Backed School Board to Operate in India After Over 20 Years

• Western Australian Certificate of Education (WACE) has become the first foreign government-supported school board to begin operations in India in over two decades.
• This marks a significant development in Australia’s expanding education footprint in India, following the entry of Deakin University and University of Wollongong as the first foreign universities to establish campuses in India.
• WACE has received formal equivalence for its Class X and XII qualifications from the Association of Indian Universities (AIU).
• This equivalence allows WACE credentials to be recognised across India.
• The approval enables Australian-style school education to be delivered through international partner schools under the Western Australian International School System (WAIS).
• Under the WAIS curriculum, students typically take five subjects in classes XI and XII, with the option to take six.
• WACE is currently operational in 16 countries

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Anuradha Thakur Appointed as Economic Affairs Secretary Effective July 1, 2025

• Anuradha Thakur, a 1994-batch IAS officer from the Himachal Pradesh cadre, has been appointed as the new Economic Affairs Secretary, effective from July 1, 2025.
• She will replace Ajay Seth, who retires on June 30, 2025.
• She will also become an ex-officio member of the SEBI Board and will be notified shortly as a member of the Central Board of the RBI, joining M Nagaraju as a government nominee.
• Anuradha Thakur is originally from Bihar and will be the first woman Economic Affairs Secretary.
• The post of Economic Affairs Secretary has previously been held by former Prime Minister Manmohan Singh and Montek Singh Ahluwalia, ex-Deputy Chairman of the Planning Commission.
• She has served in key roles in the Corporate Affairs Ministry, Serious Fraud Investigation Office (SFIO), DIPAM, and has been involved in:Air India’s disinvestment, Bharat Bond ETF, PM Internship Programme, 3Is Initiative (Inquiry, Inspection, and Investigation)
• As Economic Affairs Secretary, she will represent the government on the boards of both SEBI and RBI.
• The SEBI Board includes:
• Chairman
• 4 full-time members
• 3 part-time ex-officio members:
• RBI Deputy Governor
• Economic Affairs Secretary
• Corporate Affairs Secretary
• Deepti Gaur Mukerjee, the Corporate Affairs Secretary, will also be a part-time ex-officio SEBI Board member representing the government.

Dinesh K Patnaik Expected to Be Appointed as India’s Next High Commissioner to Canada

• Dinesh K Patnaik, a seasoned diplomat and 1990-batch Indian Foreign Service officer, is likely to be appointed as India’s new High Commissioner to Canada.
• Both India and Canada aim to rebuild bilateral ties that were severely strained after the killing of a Sikh separatist in 2023.
• Patnaik is currently serving as India’s Ambassador to Spain.
• Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney agreed to pursue “constructive” steps to restore stability in bilateral relations, including the early return of envoys to each other's capitals.
• India-Canada relations hit a low after allegations by then Canadian PM Justin Trudeau in 2023, suggesting a possible Indian link to the killing of Khalistani separatist Hardeep Singh Nijjar.
• Following this, India recalled its High Commissioner and five diplomats from Canada, while Canada expelled an equal number of Indian diplomats.
• Jayant Khobragade, currently India’s Ambassador to the Association of Southeast Asian Nations (ASEAN), is expected to succeed Patnaik as Ambassador to Spain.
• The meeting between Modi and Carney at the G7 Summit in Kananaskis focused on repairing the frosty bilateral ties.
• The victory of Mark Carney as leader of the Liberal Party in Canada (April 2025) raised hopes for a reset in India-Canada relations.

Kangana Ranaut Appointed Brand Ambassador for World Para Athletics Championships 2025

• Actor and politician Kangana Ranaut has been named the brand ambassador of the World Para Athletics Championships 2025.
• The event will be held in New Delhi during September–October 2025.
• This is the 12th edition of the Championships and is being touted as the largest para sport event ever held in India.
• The competition programme will include 186 medal events:
• 101 for men
• 84 for women
• 1 mixed event
• This is 15 more events compared to the last edition held in Kobe, Japan.
• This is the fourth time Asia is hosting the World Para Athletics Championships:
• Doha 2015
• Dubai 2019
• Kobe 2024
• New Delhi 2025
• The event is organised by World Para Athletics, a branch of the International Paralympic Committee (IPC).
• President of the Paralympic Committee of India (PCI) : Devendra Jhajharia

Lieutenant Commander Yashasvi Solanki Appointed as Aide-de-Camp to President Droupadi Murmu

• Lieutenant Commander Yashasvi Solanki has been appointed as an Aide-de-Camp (ADC) to President Droupadi Murmu.
• She is the first woman officer from the Indian Navy to hold this prestigious position.
• The President of India, who is also the Supreme Commander of the Armed Forces, appoints five ADCs:
• One from the Indian Navy
• One from the Indian Air Force
• Three from the Indian Army
• Yashasvi Solanki is a native of Haryana and joined the Indian Navy in 2012.
• She serves under the Short Service Commission in the Logistics Branch.
• An Aide-de-Camp (ADC) plays a vital role in:
• Coordinating and communicating between the President and the government/military
• Managing daily schedules and high-level engagements
• Acting as a key liaison for the President of India

CURRENT AFFAIRS: AWARDS AND HONOURS

The Hindu Crowned Champion at WAN-IFRA Digital Media Awards South Asia 2025

• The Hindu earned the prestigious title of Champion of Digital Media Awards South Asia 2025 at the WAN-IFRA Digital Media Awards held in Chennai, clinching 10 awards across various categories.
• This recognition highlights the publication’s leadership in digital storytelling, innovation, and audience engagement.

Key Highlights:

Event Details:

• Organised by: World Association of News Publishers (WAN-IFRA)
• Location: Chennai, India
• Occasion: Digital Media Awards South Asia 2025
• Participants: Leading South Asian news organisations competing across 12 digital categories

Total Awards Won by The Hindu: 10

• 4 Gold, 3 Silver, 3 Bronze

Gold Awards:

• Best Use of Video – The Hindu Made of Chennai
• Best Native Advertising Campaign – The Hindu Made of Chennai
• Best Use of AI in Revenue Strategy
• Best Podcast – In Focus: Why does the Election Commission need seven phases to conduct the General Election?

Silver Awards:

• Best Data Visualisation – How India Voted: A Retrospective (1952–2024)
• Best Use of AI in Revenue Strategy (awarded again in a separate sub-category)
• Best Digital Subscription

Bronze Awards:

• Best Audience Engagement
• Best Data Visualisation – Kallakurichi hooch tragedy
• Best Digital Subscription

CURRENT AFFAIRS: RANKING AND REPORTS

Ambani Heirs Lead India’s Under-40 Wealth Creators List 2025

• The newly released ‘360 ONE Wealth Creators List’, developed jointly by 360 ONE Wealth and CRISIL, highlights India’s top 143 wealth creators under 40, showcasing a fresh generation of entrepreneurs reshaping the country’s economic landscape.
• Topping the list are the Ambani siblings—Aakash, Anant, and Isha Ambani, followed by notable digital entrepreneurs such as Nikhil Kamath (Zerodha) and Bhavish Aggarwal (Ola Electric).

Key Highlights:

• Wealth Concentration: Over 2,000 Indians under 40 collectively hold nearly ₹100 trillion in wealth.
• Top Rankings: Ambani siblings each possess net worths exceeding ₹3.5 lakh crore, leading the chart.
• Corporate Presence: Majority of wealth is linked to publicly listed companies, indicating strong corporate involvement.
• Digital Disruption: Many young wealth creators are first-generation digital entrepreneurs, rapidly disrupting traditional sectors.
• Top 10 Wealth Creators Include:
  • Aakash Mukesh Ambani (Reliance Industries)
  • Anant Mukesh Ambani (Reliance Industries)
  • Isha Mukesh Ambani (Reliance Industries)
  • Varun Jaipuria (Varun Beverages)
  • Nikhil Kamath (Zerodha)
  • Bhavish Aggarwal (Ola Electric Mobility)

India Ranks Third in Global Power Generation Growth Over 2019–24: International Energy Agency’s Report

• According to the International Energy Agency’s latest outlook, India has achieved the third-highest increase in power generation capacity worldwide over the past five years, trailing only China and the United States.
• This surge reflects robust electricity demand, a strong renewables push, and significant investment inflows.

Key Highlights:

• Global Ranking: India placed 3rd in power generation growth (2019–2024), behind China and the US.
• Demand Drivers: Rapidly rising electricity consumption due to expanding residential and commercial infrastructure, widespread use of air conditioners and appliances, and industrial growth.
• Clean Energy Leadership:
  • Solar PV accounted for over 50% of all non-fossil energy investments in the last five years.
  • In 2024, 83% of power sector investments in India targeted clean energy projects.
• India was the largest recipient of development finance for clean energy in 2024, securing USD 2.4 billion.
• FDI in the power sector rose to USD 5 billion in 2023, nearly doubling pre-pandemic levels.
• Government policies permit 100% FDI in most power-related segments (excluding nuclear).
• Backed by the National Solar Mission, PLI schemes for renewable manufacturing, and Green Energy Corridors.
• Committed to 500 GW of non-fossil capacity by 2030 and Net Zero by 2070 under India’s energy transition roadmap.

About IEA

• Founded: 18 November 1974
• Headquarters: France
• Executive Director: Fatih Birol

CURRENT AFFAIRS: MOUS AND AGREEMENT

Department for Empowerment of Persons with Disabilities, National Institute of Open Schooling & The National Council of Educational Research and Training Sign Tripartite MoU to Mainstream Inclusive Education for Divyangjan

• A landmark MoU was signed in New Delhi between the Department for Empowerment of Persons with Disabilities (DEPwD), National Institute of Open Schooling (NIOS), and The National Council of Educational Research and Training (NCERT), under the aegis of the Rights of Persons with Disabilities Act, 2016 and NEP 2020, to build an inclusive educational ecosystem that empowers learners with disabilities nationwide.

Key Highlights:

• Special Accredited Institutions (SAIEDs): NIOS will officially recognise and onboard NGO-run special schools under DEPwD’s DDRS as SAIEDs.
• Programme Offerings: SAIEDs will deliver Open Basic Education (Levels A, B & C), Secondary, Senior Secondary, and vocational courses tailored for Divyangjan.
• NIOS Responsibilities: Manage admissions, exam registration, distribution of self-learning materials, and issuance of ID cards, hall tickets, and certificates, with accommodations and exemptions for students with disabilities.
• Curriculum & Textbook Adaptation: NCERT will review and adapt curricula and textbooks to align with NEP 2020 principles—emphasising relevance, accessibility, and inclusive pedagogy.
• Innovation in Sign Language: NIOS has introduced Indian Sign Language as a secondary-level subject, reinforcing commitment to linguistic inclusion.

Ministry of Panchayati Raj and Bhashini Sign MoU to Integrate AI Language Technology in Panchayati Raj Governance

• The Ministry of Panchayati Raj (MoPR) and Bhashini, the National Language Translation Mission under MeitY, will formalize a landmark MoU at the Constitution Club of India Annexe, New Delhi.
• The ceremony, presided over by S.P. Singh Baghel, Union MoS for Panchayati Raj, and attended by senior secretaries from MoPR and MeitY, will unveil a digital launch video demonstrating Bhashini’s integration with eGramSwaraj.

Key Highlights:

• Objective: Leverage AI-powered language technologies to make MoPR’s digital platforms seamlessly multilingual, boosting inclusivity and accessibility in Panchayati Raj governance.
• Scope: Extend multilingual support across major MoPR portals, outreach programs, live events, and dialogue platforms to empower elected representatives, functionaries, and rural citizens.
• Strategic Impact: Enhance participatory democracy at the grassroots by enabling stakeholders to access planning and governance systems in native languages.
• Event Details:
  • Chief Guest: Prof. S.P. Singh Baghel, Union MoS for Panchayati Raj & Fisheries
  • Key Attendees: Shri Vivek Bharadwaj (Secretary, MoPR), Shri S. Krishnan (Secretary, MeitY), and other senior officials
• Innovation Showcase: A specially curated digital launch video will demonstrate the integration of Bhashini with the eGramSwaraj platform, highlighting real-time translation features and AI-driven user support.

India-Cyprus Sign MoU to Enable UPI-Based Cross-Border Payments

• The National Payments Corporation of India (NPCI) has signed a Memorandum of Understanding (MoU) with Eurobank Cyprus to enable Unified Payments Interface (UPI) services in Cyprus.
• The agreement was finalized during Prime Minister Narendra Modi’s visit to Cyprus, aiming to strengthen fintech and bilateral cooperation.

Key Highlights:

• Objective of the MoU: The pact aims to introduce UPI-based digital payment systems in Cyprus to support cross-border transactions, especially for Indian tourists, students, and businesses.
• Parties Involved: The MoU was signed between NPCI International Payments Ltd. (NIPL) and Eurobank Cyprus, enhancing India’s digital payments reach in Europe.
• Strategic Relevance: Cyprus is a top-10 foreign direct investor in India, with nearly $15 billion in cumulative inflows. This partnership boosts India’s fintech presence in the European and Mediterranean regions.
• Economic Diplomacy: The MoU is one of the major economic outcomes of PM Modi’s Cyprus visit and reflects India’s growing global influence in digital public infrastructure.

Associated Agreements: During the visit, India and Cyprus also announced:

• A collaboration between NSE International Exchange (GIFT City) and Cyprus Stock Exchange to improve capital flow.
• Launch of the India-Greece-Cyprus Business and Investment Council focusing on shipping, renewable energy, aviation, and digital services.

About Cyprus

• Capital: Nicosia
• Currency: Euro
• President: Nikos Christodoulides

CURRENT AFFAIRS : DEFENCE NEWS

Ministry of Defence Launches In-Depth Review of DAP 2020 to Support National Reform Agenda and Boost Defence Modernisation

• The Ministry of Defence (MoD) has formed a committee to conduct a comprehensive review of the Defence Acquisition Procedure (DAP), 2020.
• The review aims to speed up the process of technology infusion, especially for fast-changing technologies.
• The committee will address restrictions on private companies and align DAP with existing Central government policies and initiatives.
• The committee is headed by the Director General (Acquisition) and will submit its report within six months.
• This initiative aligns with the Ministry’s declaration of 2025 as the ‘Year of Reforms’.
• Primary Objective: To meet operational requirements and the modernisation of armed forces in a timely manner to ensure national security.
• The committee will promote design and development in both public and private sectors, with a special focus on start-ups, innovators, and the private defence industry.
• It aims to enable ‘Make in India’ by:
• Promoting defence manufacturing through joint ventures and transfer of technology (ToT).
• Encouraging foreign OEMs via FDI (Foreign Direct Investment)
• Establishing India as a global defence manufacturing and MRO hub.
• The panel includes senior officers from the MoD, representatives from the military industry, and academia.
• Apurva Chandra, former 1980-batch IAS officer and ex-DG (Acquisition), is appointed as the Principal Advisor to the committee.
• The committee has started consultations and invited suggestions from stakeholders by July 5.
• The review focuses on:
• Streamlining acquisition processes: categorisation, ease of doing business, conduct of trials, post-contract management, and fast track procedures.
• Adoption of new technologies like Artificial Intelligence (AI).
• Improving language clarity in DAP by eliminating ambiguity and inconsistencies.
• Addressing other relevant procedural and policy issues.

About Ministry of Defence:

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

CURRENT AFFAIRS : APPS & PORTALS

Adobe Launches Firefly App on iOS and Android for AI Image and Video Creation

• Adobe has launched its Firefly app for iOS and Android devices, enabling users to create AI-generated images and videos directly on smartphones.
• Firefly was already available as a web app before the mobile launch.
• Users can input text prompts to generate or edit content using Adobe’s tools and models from OpenAI, Google, Flux, and others.
• A new feature, Firefly Boards, is currently in beta on the web version.
• Adobe Inc., formerly known as Adobe Systems Incorporated, is a US-based software company headquartered in San Jose, California.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

2025 SIPRI Report: All Nine Nuclear-Armed Nations, Including India and Pakistan, Continued Modernising Nuclear Arsenals in 2024  

• As per the 2025 SIPRI report, all nine nuclear-armed nations, including India and Pakistan, continued to modernise their nuclear arsenals in 2024 by upgrading weapons and developing newer delivery systems.
• India is believed to have slightly expanded its nuclear arsenal in 2024, continuing the development of new nuclear delivery systems.

Key Highlights :

• India’s stored warheads increased from 172 in January 2024 to 180 in January 2025.
• Pakistan’s nuclear warhead count remained unchanged at 170.
• China added around 100 warheads per year since 2023, increasing its total to 600 in January 2025 from 500 in 2024.
• It has 24 deployed and 576 stored warheads, making it the fastest-growing nuclear arsenal in the world.
• United States:
• 1,770 deployed, 1,930 stored
• Total inventory: 5,177 in 2025 (down from 5,328 in 2024).
• Russia:
• 1,718 deployed, 2,591 stored
• Total inventory: 5,459 in 2025 (down from 5,580 in 2024).
• Global nuclear inventory in 2025: 12,241 warheads, out of which 9,614 are in military stockpiles for potential use.
• The nine nuclear-armed countries are:

1. United States
2. Russia
3. United Kingdom
4. France
5. China
6. India
7. Pakistan
8. North Korea (DPRK)
9. Israel

CURRENT AFFAIRS: IMPORTANT DAYS 

World Hydrography Day 2025: June 21 

• Every year on June 21st, World Hydrography Day is commemorated to promote awareness about the importance of hydrography, safe navigation, and maritime environmental conservation.
• The theme this year is "Seabed Mapping: Enabling Ocean Action".

History

• The International Hydrographic Bureau was founded in 1921 with the goal of providing a forum for states to confer on issues such as safe navigation, technical standards, and the conservation of the maritime environment.
• In 1970, the name was changed to the International Hydrographic Organization (IHO).
• In 2005, the United Nations General Assembly passed a resolution calling for the International Hydrographic Organization to commemorate World Hydrography Day on June 21st.
• The international commemoration of World Hydrography Day began in 2006.
• The day honors hydrographers' efforts and raises awareness about the vital importance of hydrography in people's lives.

International Yoga Day 2025: June 21

• Every year on the 21st of June, International Yoga Day is commemorated to create awareness about the relevance and advantages of yoga in everyone's life.
• The 2025 theme, “Yoga for One Earth, One Health,”

History

• On December 27, 2014, The Prime Minister proposed that the UN General Assembly commemorate International Yoga Day with the goal of boosting public awareness about the relevance of yoga around the world.
• Finally, on December 11, 2014, the United Nations General Assembly recognized International Yoga Day, and 170 member states accepted the proposed draught resolution.
• On June 21, 2015, the first International Yoga Day was observed all around the world.

World Music Day 2025: June 21

• On June 21, World Music Day, also known as the Fete de la Musique in French, is then observed.
• The importance of music in our lives is highlighted on this day, which honors musicians.
• The theme for World Music Day 2025 is "Healing Through Harmony".

History

• Fête de la Musique was held in Paris in 1982 to commemorate World Music Day. This day was arranged by two members of the French Minister of Culture, Jack Lang, a French politician, and Maurice Fleuret, a composer, music journalist, radio producer, and arts administrator.
• Maurice Fleuret was asked by Jack Lang to become Director of Music and Dance at the French Ministry of Culture. Maurice Fleuret conducted research on musical practice and evolution.
• Following that, he investigated the French population, discovering that one out of every two individuals was interested in learning to play musical instruments. As a result, he began to mark the Summer Solstice as World Music Day in order to recognize the people and their interests.
• Maurice Fleuret researched the cultural habits of the French and discovered that one out of every two young people played a musical instrument.
• He intended to get people out of their houses and into the streets by proposing that the summer solstice (June 21) be designated as World Music Day.

Daily CA One- Liner: June 21

• The University of Delhi has launched the JAIHIND (Janajati Immersive Holistic Intervention for Novel Development) scheme, with the aim of enhancing digital literacy and CUET preparedness among Scheduled Tribe (ST) students from remote rural areas.
• Prime Minister Narendra Modi flagged off India’s first indigenously manufactured locomotive export to Guinea, from the Marhowrah rail factory in Bihar
• The Delhi government is preparing to conduct its first cloud-seeding trial by June 2025, aimed at testing the feasibility of inducing artificial rain to tackle pollution and water scarcity
• The Hindu earned the prestigious title of Champion of Digital Media Awards South Asia 2025 at the WAN-IFRA Digital Media Awards held in Chennai, clinching 10 awards across various categories
• The newly released ‘360 ONE Wealth Creators List’, developed jointly by 360 ONE Wealth and CRISIL, highlights India’s top 143 wealth creators under 40, showcasing a fresh generation of entrepreneurs reshaping the country’s economic landscape
• According to the International Energy Agency’s latest outlook, India has achieved the third-highest increase in power generation capacity worldwide over the past five years, trailing only China and the United States
• A landmark MoU was signed in New Delhi between the Department for Empowerment of Persons with Disabilities (DEPwD), National Institute of Open Schooling (NIOS), and The National Council of Educational Research and Training (NCERT), under the aegis of the Rights of Persons with Disabilities Act, 2016 and NEP 2020, to build an inclusive educational ecosystem that empowers learners with disabilities nationwide
• The Ministry of Panchayati Raj (MoPR) and Bhashini, the National Language Translation Mission under MeitY, will formalize a landmark MoU at the Constitution Club of India Annexe, New Delhi
• The National Payments Corporation of India (NPCI) has signed a Memorandum of Understanding (MoU) with Eurobank Cyprus to enable Unified Payments Interface (UPI) services in Cyprus
• Every year on June 21st, World Hydrography Day is commemorated to promote awareness about the importance of hydrography, safe navigation, and maritime environmental conservation
• Every year on the 21st of June, International Yoga Day is commemorated to create awareness about the relevance and advantages of yoga in everyone's life
• On June 21, World Music Day, also known as the Fete de la Musique in French, is then observed.
• The Reserve Bank of India (RBI) has eased final project finance norms, reducing the standard asset provisioning for under-construction project finance loans from 5% (initial draft) to 1% in the final norms.
• The Reserve Bank of India (RBI) has relocated its Andhra Pradesh regional office to Vijayawada, Andhra Pradesh.
• India’s share in global exports increased from 2.2% in 2010 to 3% in 2023.
• The Reserve Bank of India (RBI) issued a ‘Master Circular – Credit Facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)’ to enhance credit access and promote financial inclusion for SCs/STs.
• The Reserve Bank of India (RBI) issued the Master Direction for Electronic Trading Platforms (ETPs) on June 16, 2025.
• The Reserve Bank of India (RBI) has issued a circular introducing a relaxation for the import of shipping vessels.
• Western Australian Certificate of Education (WACE) has become the first foreign government-supported school board to begin operations in India in over two decades.
• Anuradha Thakur, a 1994-batch IAS officer from the Himachal Pradesh cadre, has been appointed as the new Economic Affairs Secretary, effective from July 1, 2025.
• Dinesh K Patnaik, a seasoned diplomat and 1990-batch Indian Foreign Service officer, is likely to be appointed as India’s new High Commissioner to Canada.
• Actor and politician Kangana Ranaut has been named the brand ambassador of the World Para Athletics Championships 2025.
• Lieutenant Commander Yashasvi Solanki has been appointed as an Aide-de-Camp (ADC) to President Droupadi Murmu.
• The Ministry of Defence (MoD) has formed a committee to conduct a comprehensive review of the Defence Acquisition Procedure (DAP), 2020.
• Adobe has launched its Firefly app for iOS and Android devices, enabling users to create AI-generated images and videos directly on smartphones.
• As per the 2025 SIPRI report, all nine nuclear-armed nations, including India and Pakistan, continued to modernise their nuclear arsenals in 2024 by upgrading weapons and developing newer delivery systems.