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CURRENT AFFAIRS : BANKING & FINANCE

Rise in FCNR(B) Deposits Drives Robust Non-Resident Indians Deposit Growth in FY25                  

• India’s total outstanding NRI deposits rose 8.4% in March 2025, continuing momentum from 9.4% growth in March 2024, despite rupee depreciation in late FY25.
• The RBI’s hike in interest rate ceilings helped curb outflows and attract capital inflows.

Key Highlights :

Key RBI Measures (Dec 2024 Monetary Policy)

• Interest rate ceilings raised for FCNR(B) deposits:
  • 1–3 years: from ARR + 250 bps → ARR + 400 bps
  • 3–5 years: from ARR + 350 bps → ARR + 500 bps
• These relaxations were applicable till March 31, 2025.

Growth Trend of NRI Deposits

• FY22: –2.0%
• FY23: –0.1%
• FY24: 9.4%
• FY25: 8.4%

Type-wise Deposit Performance

✅ FCNR(B) Deposits:

• $25.7 billion (Mar 2024) → $32.81 billion (Mar 2025)
• Growth: 27.5% (after 32.9% in FY24)
• Preferred due to:
  • Natural hedge against rupee depreciation
  • Capital preservation amid global uncertainties

✅ NRO Deposits:

• Grew 13.1% to $31.1 billion (Mar 2025)
• Nearly doubled from $15.97 billion (Mar 2020)

✅ NR(E)RA Deposits:

• Grew 2.1% to $100.7 billion
• Previous dip in FY23 to $95.8 billion, now recovered

Employees' Provident Fund Organisation Increases Advance Claim Auto-Settlement Cap to ₹5 Lakh for Members

• The Employees' Provident Fund Organisation (EPFO) has increased the auto-settlement limit for advance claims from ₹1 lakh to ₹5 lakh.
• This move aims to enhance member services and enable faster disbursal of funds, especially during urgent financial needs.
• Auto-settlement of advance claims was first introduced during the COVID-19 pandemic to provide quick financial assistance.
• With the new ₹5 lakh limit, more advanced claims will qualify for auto-processing.
• Eligible claims will now be processed within 3 days of submission.

Recent News :

• In May 2025, The Government has ratified an interest rate of 8.25%on the Employees’ Provident Fund (EPF) for FY 2024-25.

About EPFO:

• Under: Ministry of Labour & Employment, Government of India.
• Key Purpose: Manages Employees’ Provident Fund (EPF), Pension (EPS), and Insurance (EDLI) for salaried employees.
• CEO: Ramesh Krishnamurthi
• Headquarters: New Delhi

Galaxy Health Insurance unveils wellness-based health plan with added benefits

• Galaxy Health Insurance has launched a new health insurance product called Galaxy Marvel to cater to the evolving needs of today’s health-conscious society.
• The product is launched in partnership with Policybazaar, enhancing its availability to a wide customer base pan-India.
• Galaxy Marvel promotes wellness by offering health-linked incentives and digital wallet credits to policyholders who maintain good health.

Key features include:

• Premium discounts for healthy lifestyles
• Zero co-payment feature
• Coverage for both modern and AYUSH treatments (including robotic surgeries)
• Room rent without caps
• Outpatient services offered across four plans
• Additional benefits like newborn and maternity cover
• Galaxy Marvel follows the insurer’s first flagship product called Galaxy Promise, launched in October 2024.

About Galaxy Health Insurance :

• Galaxy Health Insurance is headquartered in Chennai and received its license from IRDAI in March 2024.
• The company currently operates through a network of over 8,800+ agents across the four southern States:Tamil Nadu, Karnataka, Telangana, Andhra Pradesh
• MD & CEO : G Srinivasan

Reserve Bank of India to Hold 7-Day Variable Rate Reverse Repo Auction to Absorb ₹1 Lakh Crore Surplus Liquidity

• The Reserve Bank of India (RBI) will conduct a 7-day Variable Rate Reverse Repo (VRRR) auction on June 27, 2025.
• The auction aims to absorb surplus liquidity of ₹1 lakh crore from the banking system.
• This decision comes as surplus liquidity reached ₹2.43 lakh crore as on June 23.
• The move signals RBI's intent to actively manage liquidity and anchor short-term interest rates.
• Objective: To reduce distortions caused by excess liquidity and bring system liquidity closer to 1% of deposits.
• RBI will not conduct the usual 14-day main VRRR auction on Friday, June 27, 2025, due to evolving liquidity conditions.
• The 14-day VRRR operation was also not conducted on June 13.

S&P Global Revises India’s FY26 GDP Growth Forecast Upward to 6.5%

• S&P Global has raised its forecast for India’s economic growth in FY26 (fiscal year ending March 31, 2026) to 6.5%, up from the earlier estimate of 6.3%.
• The upward revision is attributed to factors such as:Monetary easing, Lower crude oil prices, Normal monsoon, Income-tax concessions
• The projection was published in S&P Global’s latest Asia-Pacific Economic Outlook report.
• S&P Global expects India’s domestic demand growth to be more resilient compared to exports.
• The revised forecast of 6.5% aligns with the Reserve Bank of India’s (RBI) estimate for FY26.

Key Highlights :

• RBI’s Monetary Policy Committee has pegged India’s GDP growth for 2025-26 at 5% with quarterly projections as follows:
• Q1: 6.5%
• Q2: 6.7%
• Q3: 6.6%
• Q4: 6.3%
• S&P Global had lowered its GDP growth forecast last month to 6.3% due to uncertainties over the US tariff policy but has now reverted to the earlier 6.5% projection.
• Other major international agencies have lower forecasts:
• The World Bank lowered India’s growth projection to 6.3% citing weaker external demand and trade barriers.
• The International Monetary Fund (IMF) reduced its forecast to 6.2% for the current financial year.
• For the financial year ended March 2025, India’s economy grew by 6.5%, which was the slowest pace of expansion since the Covid-19 pandemic began in 2020-21, according to the National Statistics Office.
• Despite the slowdown, India remains one of the fastest growing major economies in the world.

Consumer Price Index Basket to Expand and Base Year Revised to 2024                                 

• The Consumer Price Index (CPI), a key indicator for measuring retail inflation in India, is set for a major revamp by the Ministry of Statistics and Programme Implementation (MoSPI).
• The CPI basket will be expanded from the current 299 items to approximately 407 items, based on findings from the Household Consumption Expenditure Survey (HCES) 2023-24.

Key Highlights :

• The base year for CPI calculation will be updated from 2012 to 2024, with implementation expected from Q1 2026.
• The CPI basket expansion aims to better reflect evolving consumption patterns, including modern consumption trends such as:Digital services, Health technology, Processed food
• The current CPI basket weightages are:
• Food & Beverage: 54.2%
• Services: 40 items with 23.36% weight
• Goods: 259 items with 76.6% weight
• The new weighting diagram will be developed based on the HCES 2023-24 data to accurately capture current spending patterns across Indian households.
• There is a proposal to exclude food items from inflation targeting, as suggested by the Economic Survey 2023-24 due to:
• Supply shocks affecting food prices (weather conditions, global market volatility)
• Monetary policy tools (e.g., repo rate) being ineffective in controlling food price volatility
• Food and beverages currently make up over half of the CPI basket, heavily influencing inflation readings
• Inflation targeting by the Reserve Bank of India (RBI) relies heavily on the CPI.
• The last revision of the CPI base year was done in 2015, based on data from the Consumer Expenditure Survey (CES) 2011-12 (NSS 68th Round).

Private Sector Business Activity Hits 14-Month Peak in June: PMI Data                 

• India’s private sector output grew at its fastest pace in 14 months in June, driven by increases in new business intakes and international sales.
• The HSBC Flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61 in June from a revised 59.3 in May.

What Is the Purchasing Managers Index (PMI)?

• The Purchasing Managers' Index (PMI) is a key economic indicator used to assess the business conditions in the manufacturing and services sectors.
• It reflects whether business activity is expanding, contracting, or remaining stable based on responses related to important business variables.

Key Highlights :

• The PMI index has remained above the 50-mark (which separates growth from contraction) for 47 consecutive months
• The manufacturing sector led the increase in business activity, with growth also picking up in the services sector.
• Manufacturing growth rate hit a two-month high.
• Services growth rate reached a ten-month high.
• Factors boosting output included:
• Favourable demand trends
• Efficiency gains
• Technology investments
• The HSBC Flash India Manufacturing PMI rose to 58.4 in June from 57.6 in May, signaling the best operating conditions since April 2024.
• Input and output prices continued to rise in both manufacturing and services, but the rate of increase showed signs of softening.
• The survey noted an intensification of capacity pressures among companies, with outstanding business volumes rising at a modest but faster pace than May.
• The sequence of rising backlogs extended to three-and-a-half years, indicating sustained demand pressures in both manufacturing and services.
• Flash PMI survey covers 75% to 85% of about 800 responses from manufacturing and services firms monthly.
• The final manufacturing PMI for June will be released on July 1,2025 and the services and composite PMI figures on July 3,2025.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Atal Mission for Rejuvenation and Urban Transformation Completes 10 Years: A Decade of Urban Transformation in India

• India marked a major urban development milestone as the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) completed 10 years on June 25, 2025.
• Launched in 2015, the Mission aimed to enhance quality of life in urban areas through robust infrastructure and inclusive service delivery in 500 cities and towns. It has now evolved into AMRUT 2.0, expanding its reach and ambition.

Key Highlights :

• Mission Objective: Focused on universal access to tap water, sewerage, urban mobility, and green spaces in urban India.
• Investment and Achievements (AMRUT Phase 1):
  • ₹77,640 crore in approved State Annual Action Plans (SAAPs).
  • ₹35,990 crore committed as Central Assistance.
  • Projects worth ₹79,401 crore completed with ₹72,656 crore
  • Over 2.03 crore households provided with tap water connections.
  • 1.5 crore households connected to sewerage systems.
• Core Areas Covered:
  • Water supply: universal metering, rejuvenation of water bodies, and treatment plants.
  • Sewerage & sanitation: faecal sludge management, underground networks, and wastewater reuse.
  • Urban mobility: footpaths, ferry services, and non-motorized transport infrastructure.
  • Green spaces: parks for children and elderly, with up to 2.5% of project cost allocated.
• AMRUT 2.0 (Launched Oct 1, 2021):
  • ₹2.99 lakh crore total outlay (₹76,760 crore Central share).
  • Covers all Urban Local Bodies (ULBs) in India.
  • Focus: Water security, self-reliance, 100% sewerage coverage in AMRUT cities.
  • 3,568 water supply projects worth ₹14 lakh crore approved.
  • 181 lakh new tap connections and 10,647 MLD water treatment capacity planned.
  • 592 sewerage projects worth ₹67,607 crore, targeting 67 lakh sewer connections and 6,739 MLD treatment capacity.
  • SCADA technology adopted in 1,487 projects for real-time monitoring.

Madhya Pradesh Mandates Digital Attendance for Government School Teachers

• The Madhya Pradesh School Education Department has directed that, from 1 July 2025, all teachers in government schools must record their attendance online via the ‘Humare Shikshak’ platform—integrated with the Education 3.0 portal—with non-compliance triggering leave deductions.

Key Highlights :

• Compulsory Digital Marking Window: Teachers must log attendance within one hour of school start and up to 30 minutes after school end.
• Leave Deduction Mechanism: Failure to mark digitally results in an automatic half-day casual leave deduction, adjusted from annual or optional leave balances.
• Statewide Coverage: Applies to lakhs of teachers and education department employees across Madhya Pradesh’s government schools.
• Integrated E-Governance Tool: The ‘Humare Shikshak’ platform manages daily attendance and service records, linked to the Education 3.0
• Transparency & Accountability: Aims to eliminate attendance discrepancies, streamline leave/transfer decisions, and strengthen real-time administrative oversight.

RECENT NEWS

• In a landmark move aimed at securing water resources and promoting inter-State cooperation, Madhya Pradesh and Maharashtra signed an MoU on May 10, 2025, to jointly implement the Tapti Basin Mega Recharge Project.

NITI Aayog Unveils Future Front Report: “India’s Data Imperative: The Pivot Towards Quality”

• NITI Aayog released the third edition of its quarterly insights series, Future Front, titled “India’s Data Imperative: The Pivot Towards Quality.”
• The report underscores the urgent need to improve data quality across public systems to strengthen digital governance, build citizen trust, and enhance service delivery.
• It introduces two innovative tools to guide this transformation.

Key Highlights :

• Data-Quality Scorecard: A tool to assess and monitor critical attributes like accuracy, completeness, and timeliness.
• Data-Quality Maturity Framework: Enables agencies to self-evaluate their data practices and formulate actionable improvement roadmaps.
• Governance Focus: Emphasizes that high-quality data foundations are essential for India’s digital ecosystem and effective policymaking.
• Senior Leadership Endorsement: Launched by V.R. Subrahmanyam (CEO, NITI Aayog), Dr. Saurabh Garg (Secretary, MoSPI), and Debjani Ghosh (Distinguished Fellow, NITI Aayog).
• Objective: To align India’s data systems with global standards, ensuring reliable insights for decision-makers and fostering public confidence.

RECENT NEWS

• NITI Aayog released a report titled Enhancing Competitiveness of MSMEs in India, in collaboration with the Institute for Competitiveness (IFC). The report provides a comprehensive analysis of India’s Micro, Small, and Medium Enterprises (MSMEs), identifying key challenges and presenting a set of systemic reforms aimed at boosting their competitiveness.

Dharti Aaba Janbhagidari Abhiyan (DAJA) 2025: India’s Largest Tribal Empowerment Campaign

• The Government of India has launched the Dharti Aaba Janbhagidari Abhiyan (DAJA), a historic tribal welfare campaign running from 15 June to 15 July 2025, aiming to reach over 5 crore tribal citizens across 1 lakh+ villages.
• Led by the Ministry of Tribal Affairs, it honors Bhagwan Birsa Munda and is part of the Janjatiya Gaurav Varsh

Key Highlights :

• Unprecedented Scale: Covers 550+ districts, 3,000+ blocks, 700+ tribal communities, and 75 Particularly Vulnerable Tribal Groups (PVTGs) across 31 States/UTs.
• Five Pillars of DAJA:
  • Janbhagidari: Tribal-led participation and leadership
  • Saturation: Ensuring 100% scheme coverage
  • Cultural Inclusion: Use of tribal languages, art, and traditions
  • Convergence: Multi-ministerial and civil society collaboration
  • Last-Mile Delivery: Reaching remotest PVTG and tribal habitations
• Notable Leaders & Support:
  • Jual Oram (Union Minister): Called DAJA a “mass movement for dignity and respect”
  • Durga Das Uikey (MoS): Highlighted tribal youth and women participation
  • Vibhu Nayar (Secretary): Emphasized tech-driven monitoring and cultural revival
• Nationwide Launches & Events:
  • Ladakh: Nirmala Sitharaman promoted millet nutrition in Rongo
  • Madhya Pradesh: Governor Mangubhai Patel inaugurated DAJA in Sehore
  • Assam: CM Himanta Biswa Sarma termed it a “new chapter” in tribal development
  • Maharashtra: CM Devendra Fadnavis focused on tribal entrepreneurship
  • Andhra Pradesh: Parvathipuram launch centered on forest-dwelling groups
  • Kerala: Wayanad hosted a Tribal Conclave for collaborative planning

‘ECoR Yatra’ App Launched to Streamline Rath Yatra 2025 Travel

• East Coast Railway has unveiled the ‘ECoR Yatra’ mobile app—available on the Google Play Store—to assist pilgrims travelling to Puri between June 25 and July 7, 2025.
• The app delivers real-time railway updates, accommodation options, and amenity details to enhance the Rath Yatra experience.

Key Highlights :

• Real-Time Train Status: Live updates on train running status, PNR enquiry, and special Rath Yatra train schedules.
• Ticket Booking Integration: Book reserved tickets via IRCTC link and unreserved tickets through UTS on Mobile.
• Accommodation Details: Check and reserve retiring rooms, tourist huts, and other pilgrim lodging options.
• Passenger Amenities Info: Locate drinking water points, e-catering services, medical aid booths, and wheelchair access at stations.
• Emergency Support: One-tap access to Railway Protection Force, ambulance services, and the railway grievance portal.
• Multilingual, User-Friendly UI: Designed for pan-India pilgrims, with intuitive navigation and digital literacy guides for first-time app users.

‘Vidya Shakti’: Andhra Pradesh’s Online Remedial Programme to Support Slow Learners

• The Government of Andhra Pradesh has launched ‘Vidya Shakti’, a digital remedial education initiative aimed at helping academically weak students in government schools.
• The program focuses on Mathematics, Science, and English, using technology-driven, after-school learning

Key Highlights :

• Objective: Improve learning outcomes, reduce dropouts, and enhance Gross Enrolment Ratio (GER) through targeted academic support.
• Subjects Covered: Maths, Science, and English for students needing remedial help.
• Coverage: Implemented across 4,424 Zilla Parishad, Government, and Municipal schools, 576 Kasturba Gandhi Balika Vidyalayas (KGBVs), and Residential & Model schools.
• Execution Model: Sessions conducted after school hours; teachers trained via 5-day orientation.
• Training Partner: IIT-Madras Pravartak supports advanced teacher training and content delivery.
• Student Support: Focus on Class 10 mentoring, fixed schedules, and personalised academic guidance.
• Leadership Involved:
  • V. Vijay Rama Raju, Director, School Education
  • V. N. Mastanayya, Secretary, APREIS
  • K. V. Srinivasulu Reddy, Director, Govt. Examinations
  • M. V. Krishna Reddy, Director, SCERT
• Vision: Promote a “learning-first” culture in government schools by bridging learning gaps and building academic confidence.

RECENT NEWS

• In a groundbreaking move, Andhra Pradesh Chief Minister N. Chandrababu Naidu announced the launch of ‘Creator Land’, India’s first transmedia entertainment city.

Bihar to Host First Small Modular Reactor -Based Nuclear Power Plant Under ₹20,000 Crore Mission

• Bihar will establish its first-ever nuclear power plant using Small Modular Reactor (SMR) technology, announced by Union Power Minister Manohar Lal Khattar.
• This project is part of India’s ₹20,000 crore Nuclear Energy Mission, aiming to expand clean energy and bolster regional power security.

Key Highlights :

• SMR Technology Advantage: SMRs offer a compact, cost-effective, and safer alternative to traditional reactors, ideal for energy-deficient regions like Bihar.
• Mission Budget & Vision: The ₹20,000 crore allocation under Budget 2025–26 targets at least one nuclear plant per state to enhance energy security and sustainable growth.
• Regional Impact: The SMR plant will stabilize Bihar’s grid, boost industrialisation, and support the state’s growth targets.
• Complementary Battery Storage: A 1,000 MW battery project with ₹18 lakh/MW viability gap funding will enhance grid stability and renewable integration, building on a 500 MWh BESS laid in Siwan.
• Energy Reforms Recognised: Bihar’s rollout of 8 million smart meters and reduction in technical and commercial losses earned an additional 500 MW power allocation for peak summer demand.
• Power Vision 2035: A multi-energy roadmap combining thermal, solar, wind, storage, and nuclear sources to ensure a diversified, scalable energy mix through 2035.

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.

Nitish Kumar Inaugurates 4.57 km Six-Lane Ganges Bridge Connecting Patna to Raghopur

• Bihar Chief Minister Nitish Kumar inaugurated a 4.57 km-long six-lane bridge over the Ganges River, linking Patna with Raghopur, the constituency of opposition leader Tejashwi Yadav.
• The bridge marks a significant infrastructure milestone for the state, carrying both developmental and political implications ahead of the upcoming elections.

Key Highlights :

• Strategic Infrastructure: The bridge connects Kachchi Dargah (Patna) with Raghopur (Vaishali district), offering an all-weather alternative to boat transport for residents of the Raghopur diyara (riverine area).
• Inauguration Ceremony: Inaugurated by Nitish Kumar in the presence of Deputy CMs Samrat Choudhary and Vijay Kumar Sinha, and Assembly Speaker Nawal Kishor Yadav.
• Political Significance: Following the inauguration, Nitish Kumar drove directly to Raghopur, signaling a direct political outreach to opposition territory.
• Socio-Economic Impact: The bridge is expected to enhance connectivity, reduce travel time, and improve access to health, education, and economic opportunities for rural populations.
• Electoral Context: The move is viewed as a pre-election development push by the longest-serving Chief Minister, as he eyes a fifth consecutive term.

RECENT NEWS

• In a significant pre-election welfare move, Bihar Chief Minister Nitish Kumar announced a threefold increase in social security pensions, raising the monthly amount from ₹400 to ₹1,100 for the elderly, widows, and disabled beneficiaries.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Oman to Introduce Personal Income Tax from 2028, Leading Gulf States in Taxation

• Oman plans to introduce personal income tax starting from 2028, becoming the first among the six-member Gulf Cooperation Council (GCC) nations to do so.
• The proposed tax rate is 5%, applicable only to individuals earning over $109,000 annually, targeting the top 1% of earners in Oman.
• The plan was announced via royal decree on June 22, 2025, and reported by the official Oman News Agency.
• The move is part of Oman’s strategy to reduce reliance on hydrocarbons and diversify government revenue sources.
• Oil and gas revenues currently account for up to 85% of Oman’s public income, making the economy vulnerable to global energy market fluctuations.
• The income tax is intended to:Enhance financial stability, Provide a new revenue stream, Mitigate risks of over-dependence on oil, Support economic diversification.
• This tax reform aligns with Oman’s Vision 2040, which aims to transform Oman into a technology-based economy.
• Oman has been considering income tax for several years and has already introduced other fiscal reforms, such as a 2020 programme to reduce public debt and promote economic growth.
• The move comes amid global pressure and IMF suggestions that Gulf states may need to adopt new taxation policies to ensure long-term economic resilience.
• Historically, the absence of personal income tax has helped attract migrant workers and boost development in the Gulf region.

About Oman :

• Crown Prince : Theyazin bin Haitham
• Sultan : Haitham bin Tariq
• Capital : Muscat
• Currency : Omani rial (OMR)

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

China’s Former Vice Finance Minister Zou Jiayi Appointed as New Asian Infrastructure Investment Bank President

• Zou Jiayi, former Vice Finance Minister of China, was appointed as the next President of the Asian Infrastructure Investment Bank (AIIB).
• The appointment was announced during the 10th Annual Meeting of the AIIB Board of Governors held in Beijing.
• Zou Jiayi will succeed the founding AIIB President Jin Liqun, whose second five-year term ends on January 15, 2026.
• Zou’s five-year term as AIIB President will begin on January 16, 2026.
• China is the largest shareholder of AIIB, holding 26.54% voting shares.
• India is the second-largest shareholder with 7.58%, followed by Russia (5.9%) and Germany (4.1%).
• Zou Jiayi has extensive experience working with major international financial institutions including:World Bank Group, Asian Development Bank (ADB), New Development Bank (NDB).

About Asian Infrastructure Investment Bank :

• Formation : 16 January 2016
• Headquarters : Beijing, China
• Membership : 110 member states

Government Withdraws Appointment of Pankaj Dwivedi as Union Bank Executive Director

• The government has cancelled the appointment of Pankaj Dwivedi as Executive Director (ED) of the state-owned Union Bank of India.
• Pankaj Dwivedi was previously a General Manager at Punjab & Sind Bank before his appointment as ED of Union Bank in March last year for a three-year term.
• Following the cancellation, Dwivedi is expected to revert to his parent bank, Punjab & Sind Bank, as General Manager.
• The Delhi High Court, in August last year, had questioned Dwivedi’s appointment as ED during the hearing of a Public Interest Litigation (PIL).
• The PIL was filed by a woman challenging his appointment due to a pending sexual harassment chargesheet against him.
• The court’s questioning and the ongoing legal concerns likely influenced the unprecedented government decision to cancel the appointment.

UGRO Capital Elevates Anuj Pandey to Chief Executive Officer (CEO) Role

• UGRO Capital, a leading DataTech NBFC focused on MSME lending, has promoted Anuj Pandey as its new Chief Executive Officer (CEO).
• Anuj Pandey is a founding team member of UGRO and was previously the company’s Chief Risk Officer.
• The promotion reflects UGRO’s aim to strengthen institutional leadership as it scales its MSME lending business.
• Pandey has been instrumental in building UGRO’s risk governance framework and credit architecture since inception.
• He brings around 25 years of diverse experience, having worked in leadership roles at:GSK Consumer, ABN AMRO Bank, Barclays Bank, Religare
• As CEO, Pandey will lead:UGRO’s pan-India MSME business operations, Digital platforms, Partner ecosystem

South Korea Names First Civilian Defence Minister in More Than Six Decades                                  

• South Korea appointed its first civilian defence minister in 64 years, Ahn Gyu-back, marking a significant shift in military oversight.
• The appointment came amid growing public demand for stronger civilian control of the military, especially after the failed martial law attempt in December 2024.
• The martial law attempt, linked to former president Yoon Suk Yeol, led to his impeachment and suspension by the South Korean lawmakers.
• Kim Yong-hyun, former defence minister under Yoon, is currently on trial for insurrection, accused of recommending martial law and drafting related decrees.
• South Korea’s President Lee Jae Myung had promised during his election campaign to appoint a defence minister from the civilian sector, responding to the martial law crisis and calls for military reform.
• Previous governments attempted to appoint a civilian defence minister but were deterred by the threat from North Korea’s nuclear program.
• The two Koreas remain technically at war, as the 1950-53 Korean War ended in an armistice, not a peace treaty.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research and Development Organisation Proposes 28 Indigenous Weapon Systems for Emergency Procurement by Armed Forces  

• The Defence Research and Development Organisation (DRDO) has offered 28 indigenous weapon systems for emergency procurement by India’s armed forces — Army, Navy, and Air Force.
• This initiative aligns with the government’s self-reliance (Atmanirbhar Bharat) push in defence manufacturing.
• Under emergency procurement powers, the armed forces can add new and replenish existing weapon systems as per operational needs.
• The list of DRDO-offered weapons includes various systems such as:
• Rockets
• Missiles
• Grenades
• Anti-drone missiles
• And many more
• The forces have been provided with a vendor and product list, comprising names of both private defence manufacturers and public sector undertakings (PSUs).
• The 28 pieces of equipment are distributed as:
• 14 for the Army
• 8 for the Navy
• 6 for the Indian Air Force
• DRDO-developed systems played a key role in Operation Sindoor, which successfully repelled a Pakistani attack following the Pahalgam terror attack.
• Important DRDO weapon systems include:
• BrahMos supersonic cruise missiles
• MRSAM (Medium Range Surface to Air Missile) air-edge fence missile systems
• Akash air-edge fence systems
• In response to the May 10 Pakistani retaliation, Indian forces conducted strikes on Pakistani airbases including Murid and Nur Khan.

About DRDO:

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

Defence Minister Rajnath Singh to Head Indian Delegation at Shanghai Cooperation Organisation Defence Ministers’ Meeting in Qingdao, China

• Defence Minister Rajnath Singh will lead the Indian delegation to the Shanghai Cooperation Organisation (SCO) Defence Ministers’ Meeting in Qingdao, China on June 25–26, 2025.
• The meeting will focus on regional and global security challenges, particularly peace, counter-terrorism, and defence cooperation.
• Rajnath Singh will hold bilateral talks with defence ministers from countries like China and Russia to explore ways to strengthen strategic defence partnerships.
• The SCO was established in 2001 and has grown into a major regional bloc.
• India became a full member in 2017 and served as the rotating chair in 2023.
• The current SCO member countries are:
• India
• China
• Russia
• Kazakhstan
• Kyrgyzstan
• Pakistan
• Tajikistan
• Uzbekistan
• Iran
• Belarus
• China holds the SCO chairmanship for 2025, with the theme: “Upholding the Shanghai Spirit: SCO on the Move.”

CURRENT AFFAIRS: AWARDS AND HONOURS

Kalinga Institute of Industrial Technology Makes Global Debut in QS World University Rankings 2026 with Top Honors

• Kalinga Institute of Industrial Technology (KIIT) Deemed-to-be-University (KIIT-DU) has achieved a historic milestone by making its first-ever entry into the QS World University Rankings 2026—emerging as the top-ranked private university in Odisha and securing the 9th position among private higher education institutions in India.

Key Highlights :

• Debut in QS Global Rankings: KIIT made its formal debut in the QS World University Rankings 2026, evaluated among 1,500+ global institutions—a first for the university.
• Top Private Institution in Odisha: Ranked 1 among all private universities in Odisha, reflecting its regional academic leadership.
• Ranked 9th in India (Private): Achieved the 9th rank among India’s top private higher education institutions, further enhancing its national reputation.
• Strong Asian Performance: Secured 55th position in the QS Southern Asia University Rankings, showcasing its growing influence across the region.
• Key Evaluation Metrics: QS assessed parameters like:
  • Academic reputation
  • Employer reputation
  • Faculty-student ratio
  • Research citations
  • International student and faculty ratio
  • Global research network
  • Graduate employability
  • Sustainability performance

RECENT NEWS

• On June 20, 2025, Prime Minister Narendra Modi launched 105 development projects worth over ₹18,600 crore during his visit to Bhubaneswar, Odisha. He also unveiled the Odisha Vision Document, a long-term roadmap to transform the state into a $500 billion economy by 2036 and a $1.5 trillion economy by 2047

CURRENT AFFAIRS: IMPORTANT DAYS

World Vitiligo Day - 25 June

• Every year on 25th June, World Vitiligo Day is observedwith the aim of increasing the effort for vitiligo healthcare and education and raising awareness of the social stigma and mental challenges faced by those affected by vitiligo.
• Vitiligo, a skin disorder in which the skin cell melanocytes that produce melanin are destroyed by the body's immune system, causing the skin to lose its colour and resulting in whitish, smooth patches on the skin.
• The theme for 2025 is 'Innovation for Every Skin, Powered by AI'.

History

• The first World Vitiligo Day was organised in 2011 by the non-profit organisations VR Foundation (USA) and VITSAF (Nigeria)and their supporters around the world with a resolution to create awareness about this unrecognised disease and its impact on the vitiligo-affected people.
• Its primary focus was to highlight the challenges and create awareness.
• The day - 25th June, was chosen by Yan Valle, CEO of "The Vitiligo Research Foundation", to commemorate the death of Michael Jackson with an idea to have a day dedicated to vitiligo awareness.
• Over the period, its purpose has expanded, and a steady effort is made every year to recognise 25th June as "World Vitiligo Day" by the United Nations to provide this campaign with a wider platform to reach and create awareness throughout the globe.

International Day against Drug Abuse & Illicit Trafficking 2025: June 26

• Every year on June 26th, the International Day Against Drug Abuse and Illicit Trafficking is commemorated to raise awareness about the impact and negative consequences that drugs have on society.
• International Day Against Drug Abuse on 26th June 2025, with the theme “Breaking the chains: Treatment, Prevention and Recovery for All.”

History

• On December 7, 1987, the United Nations General Assembly established June 26 as International Day Against Drug Abuse and Illicit Trafficking. During the early twentieth century, the global epidemic of drug usage was already recognized.
• Illicit drugs and drug trafficking pose a significant health risk to humanity. Even though the younger generation is aware that drugs are hazardous to them, they continue to use them for recreational purposes.
• This delight later turns into addiction, which can lead to poor health, disease transmission through needle sharing, poor self-hygiene, psychological illness, overdose death, and so on.
• It socially, physically, culturally, emotionally, and monetarily devastates people and society.
• Drug use has severe cultural and economic consequences for all nations, hence it is critical that they take substantial steps to reduce drug use. Drug trafficking is an unlawful worldwide trade that encompasses the manufacturing, cultivation, distribution, and sale of illegal substances.

Daily CA One- Liner: June 26

• India marked a major urban development milestone as the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) completed 10 years on June 25, 2025.
• The Madhya Pradesh School Education Department has directed that, from 1 July 2025, all teachers in government schools must record their attendance online via the ‘Humare Shikshak’ platform—integrated with the Education 3.0 portal—with non-compliance triggering leave deductions
• NITI Aayog released the third edition of its quarterly insights series, Future Front, titled “India’s Data Imperative: The Pivot Towards Quality.
• The Government of India has launched the Dharti Aaba Janbhagidari Abhiyan (DAJA), a historic tribal welfare campaign running from 15 June to 15 July 2025, aiming to reach over 5 crore tribal citizens across 1 lakh+ villages
• East Coast Railway has unveiled the ‘ECoR Yatra’ mobile app—available on the Google Play Store—to assist pilgrims travelling to Puri between June 25 and July 7, 2025
• The Government of Andhra Pradesh has launched ‘Vidya Shakti’, a digital remedial education initiative aimed at helping academically weak students in government schools
• Bihar will establish its first-ever nuclear power plant using Small Modular Reactor (SMR) technology, announced by Union Power Minister Manohar Lal Khattar
• Bihar Chief Minister Nitish Kumar inaugurated a 4.57 km-long six-lane bridge over the Ganges River, linking Patna with Raghopur, the constituency of opposition leader Tejashwi Yadav
• Kalinga Institute of Industrial Technology (KIIT) Deemed-to-be-University (KIIT-DU) has achieved a historic milestone by making its first-ever entry into the QS World University Rankings 2026—emerging as the top-ranked private university in Odisha and securing the 9th position among private higher education institutions in India
• Every year on 25th June, World Vitiligo Day is observedwith the aim of increasing the effort for vitiligo healthcare and education and raising awareness of the social stigma and mental challenges faced by those affected by vitiligo
• Every year on June 26th, the International Day Against Drug Abuse and Illicit Trafficking is commemorated to raise awareness about the impact and negative consequences that drugs have on society.
• India’s total outstanding NRI deposits rose 8.4% in March 2025, continuing momentum from 9.4% growth in March 2024, despite rupee depreciation in late FY25.
• The Employees' Provident Fund Organisation (EPFO) has increased the auto-settlement limit for advance claims from ₹1 lakh to ₹5 lakhs.
• Galaxy Health Insurance has launched a new health insurance product called Galaxy Marvel to cater to the evolving needs of today’s health-conscious society.
• The Reserve Bank of India (RBI) will conduct a 7-day Variable Rate Reverse Repo (VRRR) auction on June 27, 2025.
• S&P Global has raised its forecast for India’s economic growth in FY26 (fiscal year ending March 31, 2026) to 6.5%, up from the earlier estimate of 6.3%.
• The Consumer Price Index (CPI), a key indicator for measuring retail inflation in India, is set for a major revamp by the Ministry of Statistics and Programme Implementation (MoSPI).
• India’s private sector output grew at its fastest pace in 14 months in June, driven by increases in new business intakes and international sales.
• Oman plans to introduce personal income tax starting from 2028, becoming the first among the six-member Gulf Cooperation Council (GCC) nations to do so.
• Zou Jiayi, former Vice Finance Minister of China, was appointed as the next President of the Asian Infrastructure Investment Bank (AIIB).
• The government has cancelled the appointment of Pankaj Dwivedi as Executive Director (ED) of the state-owned Union Bank of India.
• UGRO Capital, a leading DataTech NBFC focused on MSME lending, has promoted Anuj Pandey as its new Chief Executive Officer (CEO).
• South Korea appointed its first civilian defence minister in 64 years, Ahn Gyu-back, marking a significant shift in military oversight.
• The Defence Research and Development Organisation (DRDO) has offered 28 indigenous weapon systems for emergency procurement by India’s armed forces — Army, Navy, and Air Force.
• Defence Minister Rajnath Singh will lead the Indian delegation to the Shanghai Cooperation Organisation (SCO) Defence Ministers’ Meeting in Qingdao, China on June 25–26, 2025.