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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India fines HDFC Bank ₹91 lakh for breaches in lending norms, outsourcing rules, and KYC compliance

• The Reserve Bank of India (RBI) imposed a penalty of ₹91 lakh on HDFC Bank for violating the Banking Regulation Act, 1949 and RBI directions related to interest rates on advances, outsourcing of financial services, and KYC norms.
• The penalty was due to use of multiple benchmarks for the same loan category, subsidiary conducting non-permitted business, and outsourcing KYC compliance to external agents.
• The action was taken based on findings of the Statutory Inspection for Supervisory Evaluation (ISE) for the bank’s position as on 31 March 2024.

About HDFC Bank:

• Founded: 1994
• Headquarters: Mumbai, Maharashtra, India
• Managing Director & CEO: Sashidhar Jagdishan
• Tagline: "We understand your world"

India’s Gross Domestic Product Records Strong 8.2% Growth in Q2, Boosted by Manufacturing and Services Sectors

• The country’s gross domestic product (GDP) grew by 8.2% in Q2 FY 2025–26, driven by strong performance in the manufacturing, secondary, and tertiary sectors.
• The Q2 GDP growth of 8.2% was higher than the 8% recorded in Q1 and the 5.6% growth in the same quarter last year.

Key Highlights :

• The country’s nominal GDP increased by 8.7% during the second quarter of the current financial year.
• The manufacturing sector, which accounts for 14% of GDP, expanded by 1% in Q2, compared to 2.2% growth in the same quarter of the previous year.
• India, already the world’s fourth-largest economy, is projected to become the third-largest economy by 2030 with a GDP of USD 7.3 trillion.
• India’s external sector remained strong in April–October 2025, as cumulative exports (merchandise + services) rose by 84% to USD 491.80 billion, compared to USD 469.11 billion a year earlier.
• The RBI increased its FY 2025–26 GDP forecast from 5% to 6.8%, indicating improved economic momentum.
• The World Bank projects 6.5% GDP growth for India in 2026, citing strong consumption and the benefits of GST reforms.

India’s forex reserves fall by $4.4 billion to $688.1 billion

• India’s forex reserves declined by USD 4.472 billion to USD 688.104 billion during the week ended 21 November,2025 mainly due to a sharp fall in gold reserves.
• The overall reserves had earlier increased by USD 5.543 billion to USD 692.576 billion in the previous reporting week.
• Foreign Currency Assets (FCA), the largest component of reserves, fell by USD 1.69 billion to USD 560.6 billion, impacted by movements in euro, pound, and yen.
• Gold reserves recorded a steep decline of USD 2.675 billion to USD 104.182 billion for the week.
• Special Drawing Rights (SDRs) decreased by USD 84 million to USD 18.566 billion.
• India’s reserve position with the IMF dropped by USD 23 million to USD 4.757 billion during the reporting week.
• In summary, India’s foreign exchange reserves decreased by USD 4.4 billion, driven primarily by reductions in gold reserves, FCA, SDRs, and the IMF reserve position.

Moody’s projects India’s GDP to grow 7% in 2025, leading emerging market expansion

• Moody’s Ratings stated on November 28, 2025 that India will lead growth among emerging markets and the Asia-Pacific (APAC)
• India’s GDP is projected to grow 7% in 2025 and 4% in 2026, according to Moody’s.
• Moody’s said India’s domestic growth drivers continue to underpin economic resilience despite global uncertainty.
• Although the Indian rupee has weakened against the US dollar, most rated companies have strong currency risk management or financial buffers.
• Investment-grade Indian companies continue to have access to international capital markets, Moody’s
• APAC GDP growth is projected to remain steady at 4% in 2026, compared with 3.3% in 2024 and an expected 3.6% in 2025.
• On a weighted average basis, emerging markets in APAC will grow at 6%, while advanced markets will record only 1.3% growth

Utkarsh Small Finance Bank and Axis Securities Launch Integrated 3-in-1 Banking and Investment Account

• Utkarsh Small Finance Bank Limited (Utkarsh SFBL) partnered with Axis Securities to launch a unified 3-in-1 account combining banking and investment services.
• The 3-in-1 account links a Utkarsh SFBL savings account with Axis Securities’ demat and trading account.
• The partnership aims to enhance financial inclusion by making investing simpler, intuitive, and more accessible for customers.
• Customers get multi-channel access through branches, Internet Banking, Mobile Banking, and assisted services.
• Axis Securities will provide technology-driven trading platforms, research insights, and flexible brokerage plans to support investors.
• The initiative helps both new and experienced investors with easy access to equity, derivatives, and other investment products.

International Monetary Fund Forecasts India’s GDP to Grow 6.6% in FY26 in Its 2025 Article IV Report

• The International Monetary Fund (IMF) released the India: 2025 Article IV Consultation report projecting India’s real Gross Domestic Product (GDP) growth at 6.6% in Financial Year 2025-26(FY26).
• The report stated that GST 2.0 reforms are expected to reduce the impact of the USA’s 50% tariffs on India.
• The IMF projected India’s real GDP to moderate to 6.2% in FY27, compared to 5% in FY25 and 7.8% in Q1 FY26.
• India’s inflation is projected to ease to 2.8% in FY26, down from 6% last year, but expected to rise to around 4% in FY27.
• The IMF reclassified India’s ‘de facto’ exchange rate regime to a ‘crawl-like arrangement’, shifting from the earlier ‘stabilized arrangement’.
• Earlier, in 2023, India was moved from a ‘floating’ exchange rate category to a ‘stabilized arrangement’.
• A crawl-like arrangement refers to an exchange rate system with small, gradual periodic currency adjustments.

India’s April–October fiscal deficit rises to 52.6% of the FY26 budget estimate

• India’s fiscal deficit stood at Rs 8.25 lakh crore (USD 92.26 billion) during April–October 2025, reaching 6% of the FY 2025-26 target.
• The fiscal deficit in the same period of the previous year was 5% of Budget Estimates (BE).
• The government’s full-year fiscal deficit target for 2025-26 is 4% of GDP, amounting to Rs 15.69 trillion.
• According to CGA data, the Centre received Rs 18 trillion, which is 5% of BE 2025-26, up to October.
• Net tax revenue declined to Rs 12.74 lakh crore from Rs 13.05 lakh crore in the same period last year.
• Non-tax revenue increased to Rs 4.89 lakh crore, compared with Rs 4 lakh crore in the previous fiscal period.
• Non-debt capital receipts during April–October stood at Rs 37,095 crore.
• The Centre transferred Rs 8.34 trillion to state governments as tax devolution, which is Rs 1.11 trillion higher than last year.
• Total government expenditure rose to Rs 26.26 lakh crore from Rs 24.7 lakh crore a year ago.
• Capital expenditure increased significantly to Rs 6.18 lakh crore compared with Rs 4.7 lakh crore last year.
• As per CGA, total expenditure was Rs 26.25 trillion (51.8% of BE), including Rs 20 trillion on revenue expenditure and Rs 6.17 trillion on capital expenditure.
• Of the total revenue expenditure, Rs 6.73 trillion was spent on interest payments and Rs 2.46 trillion on major subsidies.

Securities and Exchange Board of India panel proposes public asset and liability disclosure for top officials, including Chairperson, WTMs and CGM-level officers

• The Securities and Exchange Board of India’s (SEBI) High-Level Committee (HLC) proposed a multi-tier disclosure regime requiring the SEBI Chairperson, Whole-Time Members (WTMs), and CGM-level officers to publicly disclose their assets and liabilities.
• The reforms gained urgency after conflict-of-interest allegations involving former SEBI chief Madhabi Puri Buch, prompting SEBI to review its internal ethics and disclosure framework.

Key Highlights :

• The committee was tasked with strengthening transparency, accountability, and ethical standards, and was chaired by Pratyush Sinha, former Chief Vigilance Commissioner and retired IAS officer.
• HLC members included former regulators and industry leaders, reinforcing the credibility of the reform process.
• To avoid influence and misuse of position, the committee recommended prohibiting the Chairperson and WTMs from accepting gifts, directly or indirectly, from persons with official dealings, consistent with SEBI’s existing regulations.
• SEBI aims to introduce a new era of transparency, with the HLC recommending public disclosure of assets and liabilities for Chairperson, WTMs, and CGM-level officers, forming a major part of its proposed reforms.
• The need for reforms was triggered by Hindenburg Research’s allegations regarding potential offshore investment conflicts, sparking debate on ethical standards in financial regulation.
• SEBI formed a six-member HLC in March 2025 to overhaul its ethics framework, drawing from global practices of regulators like the S. SEC and U.K. FCA.
• The panel recommended that senior officials publicly disclose movable/immovable properties, investments, and liabilities, while all SEBI employees must file internal disclosures of assets, relatives’ relationships (as per Companies Act, 2013), and financial interests.
• Candidates for top SEBI posts must declare actual, potential, or perceived conflicts of interest during appointment, enabling evaluation of ethical suitability.
• The committee proposed uniform investment restrictions, allowing new investments only in professionally managed pooled funds, and requiring senior officials to liquidate, freeze, or sell existing investments through approved options.
• The Chairperson and WTMs should be treated as ‘insiders’ under SEBI (Prohibition of Insider Trading) Regulations, 2015, ensuring stricter trading and disclosure controls.
• The HLC expanded the definition of ‘family’ to include spouse, dependent children, individuals under legal guardianship, and financially dependent blood or marital relatives, removing ambiguity in identifying conflict-linked relations.
• The committee recommended a complete ban on accepting gifts from individuals or organisations that deal or may deal with SEBI, along with a strong recusal mechanism for decision-making in conflict situations.
• A yearly summary of recusals by the Chairperson, WTMs, part-time members, and senior staff should be published in SEBI’s annual report, enhancing institutional transparency.
• Once approved by the SEBI Board and the Ministry of Finance, these recommendations will become part of SEBI’s revised Code of Conduct and Ethics Policy, implemented prospectively.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Prime Minister Narendra Modi Inaugurates 77-ft Statue of Lord Rama & Ramayana Theme Park in Goa

• Prime Minister Narendra Modi inaugurated a 77-foot bronze statue of Lord Rama and the newly developed Ramayana Theme Park at Shree Samsthan Gokarn Partagali Jeevottam Math in Canacona, South Goa.
• The event marked the beginning of the 550th-year celebrations of the Math, known as Sardha Panchashatamanotsava, recognised as one of India’s oldest spiritual institutions.

Key Highlights

• During the ceremony, PM Modi released a commemorative postal stamp and coin to honour the Math’s 550-year legacy, which has played a major role in preserving the Dwaita Vedanta tradition and spiritual learning among the Gowd Saraswat Brahmin community.
• The Ramayana Theme Park aims to serve as an interactive cultural and spiritual centre, promoting India’s epic legacy and enhancing religious tourism in the region.
• Earlier the same day, the Prime Minister visited Udupi, Karnataka, where he participated in the Laksha Kantha Gita Parayana, a mass recitation of the Bhagavad Gita involving over one lakh participants, including monks, students and devotees.
• In Udupi, he also inaugurated the Suvarna Teertha Mantapa and dedicated the Kanaka Kavacha (gold-plated window covering) for the Kanakana Kindi, a site linked to saint Kanakadasa, who is believed to have had a divine vision of Lord Krishna at that spot.
• The events highlight the government’s focus on cultural revival, spiritual unity, and preservation of India’s civilisational heritage, while integrating traditional values with modern commemorative initiatives such as theme parks and national symbols.

• About Goa:
  Chief Minister: Dr. Pramod Sawant
  • Governor: Pusapati Ashok Gajapathi Raju
  • Capital: Panaji
  • National Parks: Bhagwan Mahavir National Park
  • Wildlife Sanctuaries: Bondla Wildlife Sanctuary, Cotigao Wildlife Sanctuary, Mhadei Wildlife Sanctuary, Netravali Wildlife Sanctuary, Salim Ali Bird Sanctuary

RECENT NEWS

• The 56th edition of the International Film Festival of India (IFFI) will be held from November 20 to 28, 2025, in Goa, continuing its tradition as South Asia’s only FIAPF-accredited competitive film festival since 1952. 

Institute of Chartered Accountants of India Sets Guinness World Record for India’s Largest Career Guidance Session

• The Institute of Chartered Accountants of India (ICAI) created a Guinness World Record for organising the largest single-day career advice session in Mumbai.
• The event recorded participation from over 7,400 students, teachers, and principals, with 6,166 students officially counted as per Guinness World Records criteria.
• The record-setting programme was part of ICAI’s flagship initiative CAFY 4.0 – Career in Accounting and Finance for Youth and the Super Mega Career Counselling Programme, aimed at guiding students in informed career planning.
• The initiative addresses the gap in structured career guidance in India, particularly for students in non-urban regions, and promotes awareness about opportunities in accounting, finance, economics, business management, and related fields.
• The session included:
  • Career orientation sessions and motivational talks
  • Live question-and-answer interactions
  • Resource distribution
  • Participation from students across commerce, science, and humanities streams
• Although the Mumbai event achieved the world record, the effort was part of a pan-India outreach, with over 1.3 lakh students participating nationwide.
• The achievement strengthens ICAI’s role beyond a regulatory professional body, positioning it as a career enabler, mentor, and national knowledge contributor.
• ICAI stated that CAFY will continue as a long-term initiative offering:
  • Career aptitude mapping
  • Financial literacy seminars
  • Scholarship and exam guidance
  • Mentorship opportunities with Chartered Accountants
• ICAI President Charanjot Singh Nanda called the milestone a reflection of ICAI’s commitment to empowering India’s youth and helping them make confident and informed career decisions.
• The recognition enhances ICAI’s global visibility and highlights India’s ability to execute large-scale educational and career counselling programmes.

India Sends 73-Tonne Medical Aid to Afghanistan

• India delivered 73 tonnes of medical aid to Kabul, Afghanistan, including life-saving medicines, vaccines and essential nutritional supplements, to support Afghanistan’s affected healthcare system.
• The assistance was announced by the Ministry of External Affairs (MEA) and is part of India’s continued humanitarian outreach to the Afghan population facing severe shortages of essential medical supplies.
• The consignment included:
  • Critical medicines
  • Vaccines for immunisation
  • Medical and nutritional supplements
    making it one of the largest recent humanitarian shipments sent by India to Afghanistan.
• India has been one of the major regional contributors to Afghanistan’s development, supporting areas such as infrastructure, healthcare, education and energy.
• Since 2021, India has increased humanitarian support by sending wheat, vaccines, medicines, and providing scholarships and training for Afghan students and professionals.
• The medical aid shipment holds significance in terms of:
  • Humanitarian support, helping address medical shortages and healthcare accessibility.
  • Regional diplomacy, strengthening India’s role as a stable and compassionate partner in South Asia.
  • Soft power diplomacy, reflecting India’s approach based on goodwill and humanitarian commitment.
  • Strengthening bilateral people-to-people ties, fostering trust and long-term cooperation between India and Afghanistan.

Basic Animal Husbandry Statistics 2025 Released

• The Ministry of Fisheries, Animal Husbandry and Dairying, along with the Ministry of Panchayati Raj, released the Basic Animal Husbandry Statistics (BAHS) 2025, presenting updated data on milk, egg, meat and wool production, including per-capita availability and state-wise performance.
• India continued as the world’s largest milk producer, recording 247.87 million tonnes in 2024–25, showing a 3.58% increase from the previous year.
• Per capita milk availability increased to 485 grams/day, up from 468 grams/day (2023–24).
• The top milk-producing states were Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra, contributing 54.09% of total output.
• Milk production grew across animal categories:
  • Crossbred cattle: +4.97%
  • Indigenous cattle: +3.51%
  • Buffaloes: +2.45%
• India remained the 2nd largest egg producer globally, producing 149.11 billion eggs in 2024–25, showing 4.44% growth.
• Per capita egg availability increased to 106 eggs/year, compared to 101 eggs/year in the previous cycle.
• Major egg-producing states (64.37% share) included Andhra Pradesh, Tamil Nadu, Telangana, West Bengal and Karnataka.
• Production share: Commercial poultry (84.49%) and Backyard poultry (15.51%).
• India retained its position as the 4th largest meat producer globally, with total production reaching 10.50 million tonnes, marking a 2.46% increase.
• Poultry meat accounted for nearly 50% of total output with 5.18 million tonnes.
• Major producers were West Bengal, Uttar Pradesh, Maharashtra, Andhra Pradesh and Telangana, contributing 57.55% collectively.
• India's wool production rose to 34.57 million kilograms, registering a 2.63% increase.
• Rajasthan remained the top contributor with 47.85% of national wool output, followed by Jammu and Kashmir, Gujarat, Maharashtra and Himachal Pradesh, together contributing 85.98%.

GIFT City to Emerge as an Intellectual Property Hub in India

• GIFT City in Gujarat is expanding its role beyond finance and fintech and is now being developed as a major centre for Intellectual Property Rights  (IPR).
• The model draws inspiration from global jurisdictions like Guernsey, which is known for hosting international IP-holding companies.
• The objective is to attract Indian and foreign businesses to register and hold IP within India, reducing the outflow of Indian-owned IP to foreign countries.
• GIFT City is India’s first operational smart city and home to the country’s only International Financial Services Centre (IFSC) known as GIFT International Financial Services Centre (GIFT IFSC).
• Established in 2015, it offers a globally competitive ecosystem for sectors such as banking, capital markets, insurance, fund management, leasing, fintech, and global business services.
• GIFT IFSC provides advantages such as:
  • Tax benefits
  • Relaxed currency regulations
  • Ease of doing business through single-window clearance
  • Modern legal and regulatory framework

These factors make GIFT City a strong candidate to become a base for intellectual property ownership.

• The regulatory body International Financial Services Centres Authority (IFSCA) has proposed enabling IP registration and management within GIFT City. An expert committee has been formed to design a competitive IP regime that would encourage companies to shift or retain IP ownership in India.
• The plan aims to build a unified ecosystem enabling IP-based financing, licensing, royalty structuring, technology transfer, and cross-border IP trading, helping position India as a global innovation economy.
• The initiative is strategically important as:
  • Many Indian companies currently register patents, trademarks, and other IP abroad due to favourable tax or legal systems.
  • Developing a strong domestic regime will help retain IP assets, ensuring long-term economic value stays within India.
  • A global-standard regulatory framework at GIFT City will ensure a transparent and compliant IP ecosystem valued by international investors.
• Turning GIFT City into an IP-holding hub is expected to boost:
  • Foreign direct investment (FDI)
  • Research and development (R&D)
  • Technology transfer
  • Employment in legal, financial, and innovation-based sectors

About Gujarat:

• Chief Minister: Bhupendra Patel
• Governor: Acharya Devvrat
• Capital: Gandhinagar
• National Parks: Gir National Park, Blackbuck National Park, Vansda National Park, Marine National Park
• Wildlife Sanctuaries: Nal Sarovar Bird Sanctuary, Velavadar Blackbuck Sanctuary, Kutch Desert Wildlife Sanctuary, Barda Wildlife Sanctuary, Purna Wildlife Sanctuary

CURRENT AFFAIRS: AWARDS AND HONOURS

44th India International Trade Fair (IITF) 2025 Concludes in New Delhi

• The 44th India International Trade Fair (IITF) 2025 concluded with an award presentation ceremony at Bharat Mandapam, New Delhi.
• The fair was organised by the India Trade Promotion Organisation (ITPO) under the theme “Ek Bharat, Shreshtha Bharat.”
• More than 18 lakh visitors attended the two-week event, which featured participation from Indian states, ministries, PSUs, private organisations, and international exhibitors.

Award Winners:

• Partner State Category
  • Gold: Rajasthan
  • Silver: Bihar
  • Bronze: Uttar Pradesh
  • Commendation: Maharashtra
• Focus State Category
  • Gold: Jharkhand
• States & Union Territories
  • Gold: Odisha
  • Silver: Madhya Pradesh
  • Bronze: Puducherry
  • Commendation: Delhi, Goa, Karnataka
• Best Thematic Presentation
  • Gold: Meghalaya
  • Silver: Kerala
  • Bronze: Andhra Pradesh
  • Commendation: Chhattisgarh, Arunachal Pradesh, Tripura
• Swachh Pavilion (Swachh Bharat Abhiyan)
  • Gold: Haryana
  • Silver: Punjab
  • Bronze: Assam
  • Commendation: Andaman & Nicobar Islands, Uttarakhand, Tamil Nadu

Awards to Ministries, PSUs & Commodity Boards:

• Ministries / Govt Departments
  • Gold: Ministry of Defence
  • Silver: Ministry of Mines
  • Bronze: Ministry of Railways
  • Commendation: Ministry of Ayush, Ministry of Power, Ministry of Rural Development (SARAS Ajeevika Mela)
• Ministries, PSUs & PSBs
  • Gold: Airports Authority of India
  • Silver: National e-Governance Division
  • Bronze: Food Corporation of India
  • Commendation: Ministry of Textiles, SBI, LIC
• Commodity Boards
  • Gold: Tea Board India
  • Silver: Spices Board India
  • Bronze: Coir Board
  • Commendation: National Turmeric Board, Coconut Development Board, National Jute Board
• Public Communication & Outreach
  • Gold: Directorate General of Taxpayer Services
  • Silver: Ministry of Health & Family Welfare
  • Bronze: Central Board of Direct Taxes
  • Commendation: Registrar General & Census Commissioner of India, SEBI, Ministry of Environment, Forest and Climate Change
• Empowering India Category
  • Gold: Ministry of Agriculture & Farmers Welfare
  • Silver: Ministry of MSME
  • Bronze: NBCC (India) Ltd.
  • Commendation: MoSPI, Coal India Ltd., NAFED

Foreign Pavilion & Private Sector Awards:

• Foreign Pavilion
  • Gold: Thailand
  • Silver: Iran
  • Bronze: Dubai
  • Commendation: Korea, Turkey, Tibetan Chamber of Commerce
• Private Sector
  • Gold: RDM Care (AYUR)
  • Silver: Dairy India Pvt. Ltd. (Ananda)
  • Bronze: United Ekta Engineering Udyog Pvt. Ltd. & Mittal Electronics (Sujata)
  • Commendation: Juhi Arts, Kuber Essentials, Pansari Industries, Romana Herbalcare, Shree Shyam Til Patti

Food & Services Awards:

• Food Stalls
  • Gold: Bansal Food and Beverages
  • Silver: Rohilya Food Pvt. Ltd.
  • Bronze: Daana Pani
  • Commendation: Saada Punjab, Mother Dairy
• Vending Points
  • Gold: Daana Pani
  • Silver: Gath Bandhan Farms
  • Bronze: Bansal Foods & Beverages

Jay Shah Awarded “Indian of the Year 2025” in Outstanding Achievement Category

• Jay Shah, Chairman of the International Cricket Council (ICC), received the Indian of the Year 2025 award under the Outstanding Achievement category for his significant contributions to modernising cricket administration.
• The award recognises his leadership in implementing major reforms such as pay parity between men's and women’s teams and launching the Women’s Premier League (WPL).
• Jay Shah served as Secretary of the Board of Control for Cricket in India (BCCI) from 2019 to 2024, and currently serves as the ICC Chairman (2024–present).
• His major contributions include:
  • Women’s cricket reforms, including equal pay and the successful establishment of the WPL.
  • Modernisation of cricket operations, including major media rights deals and infrastructure development such as the National Cricket Academy Centre of Excellence.
  • A strong push for the inclusion of cricket in the Olympic Games to boost international reach.
  • Strengthening global fan engagement and international cricket expansion strategies.
• During the ceremony, the Indian women’s cricket team was also honoured under the Sports category, following their ICC Women’s World Cup 2025 victory, reflecting the impact of reforms introduced during Shah’s tenure.
• The award also highlights India’s rising influence in global sports governance, the growing importance of inclusivity in sports, and India’s expanding role in shaping global cricket.
• Jay Shah dedicated the award to Harmanpreet Kaur, Mithali Raj, and Jhulan Goswami, acknowledging their contributions toward strengthening women’s cricket in India.
• The event was held on 28 November 2025 and was attended by major personalities from sports, culture, and policymaking.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Chief Election Commissioner Gyanesh Kumar to take charge as Chair of International Institute for Democracy and Electoral Assistance on December 3, 2025

• The Election Commission of India (ECI) announced that Gyanesh Kumar, the Chief Election Commissioner (CEC), will assume the Chairship of the International Institute for Democracy and Electoral Assistance (IIDEA) on 3 December 2025.
• He will preside over all Council meetings during 2026 as the Chair of IIDEA.
• The Chairship will be taken over during the Council of Member States meeting in Stockholm, Sweden.
• India, being the world’s largest electorate (nearly 1 billion voters), will share best practices from its transparent electoral processes with Electoral Management Bodies (EMBs)
• The Chairship reflects the global recognition of the ECI as one of the world’s most credible and innovative EMBs.
• India is a founding member of IIDEA.
• Joint programs, workshops and research will be conducted between IIIDEM (India International Institute of Democracy and Election Management) and IIDEA.
• Focus areas include disinformation, electoral violence, and voter trust erosion.
• Under the CEC’s leadership, IIDEA and ECI will work together to document and disseminate technological and administrative innovations
• IIIDEM has signed 28 MoUs with different countries.
• It has trained 3169 officials from nearly 142 countries.

About IIDEA :

• IIDEA was Established in 1995 as an Inter-governmental organization with the Objective of strengthening democratic institutions, promoting inclusive, resilient, and accountable
• IIDEA has 35 member countries and its Observers are the United States and Japan.
• The 35 Member Countries include: Australia, Barbados, Belgium, Benin, Botswana, Brazil, Cabo Verde, Canada, Chile, Costa Rica, Dominican Republic, Estonia, Finland, France, Germany, Ghana, India, Indonesia, Luxembourg, Mauritius, Mexico, Mongolia, Namibia, Netherlands, Norway, Panama, Peru, Philippines, Portugal, South Africa, Spain, Sweden, Switzerland, Tunisia, Uruguay.

Piyush Gupta, former DBS CEO, named Chairman of Temasek India

• Piyush Gupta, former DBS CEO, has been appointed Chairman of Temasek India effective December 1, 2025.
• He retired as DBS CEO in March 2025 before taking up this new role at Temasek.
• As Chairman, he will work closely with Ravi Lambah, Head of the Temasek India team and Head of Strategic Initiatives, on investment strategies in India.
• He will support Temasek’s portfolio companies in identifying new opportunities in India and will engage with the Indian government and business communities.
• Temasek earlier announced plans to invest US$10 billion in India over the next three years, expanding its US$40 billion India portfolio.
• Piyush Gupta will provide strategic counsel, strengthen institutional networks, enhance franchise value, and expand portfolio access for Temasek in India.
• He is currently the Deputy Chairman of Keppel, Chairman of Singapore Management University’s Board of Trustees, and Chairman of Mandai Park Holdings.
• He also serves on the Future Economy Advisory Panel of Singapore’s Ministry of Trade and Industry.
• Before joining DBS in 2009, he was Citibank’s CEO for South East Asia-Pacific.

Paschal Donohoe named Managing Director and Chief Knowledge Officer of the World Bank Group

• The World Bank Group (WBG) appointed Paschal Donohoe as its Managing Director (MD) and Chief Knowledge Officer (CKO).
• Paschal Donohoe is the former Minister for Finance of Ireland, bringing extensive public- and private-sector experience to the role.
• He succeeds Axel van Trotsenburg, who is retiring at the end of November 2025 after a 37-year career.
• As MD & CKO, Paschal Donohoe will oversee the WBG’s strategic engagement with governments, civil society organisations, foundations, philanthropies, and private-sector stakeholders.
• In the private sector, he worked for nearly a decade at Procter & Gamble, gaining key corporate and management experience.
• In public service, he has over 20 years of government experience, including almost 10 years as Ireland’s Minister for Finance.
• He served as President of the Eurogroup (2020–2023), coordinating euro-area finance ministers.
• He also served as Ireland’s Minister for Finance since January 2025.
• His honours include being named European of the Year by European Movement Ireland and being awarded Chevalier de la Légion d’Honneur (Knight of the Legion of Honour) by France.

Sipan Kumar Garg takes over as Chairman and Managing Director of THDC India while continuing as Director (Finance)

• Sipan Kumar Garg has assumed charge as Chairman and Managing Director (CMD) of THDC India in addition to serving as Director (Finance).
• The CMD post became vacant following the demise of R. K. Vishnoi on 15 November 2025.
• K. Vishnoi, aged 58, had been serving as CMD of THDC India since 2021.
• As per the official order, Garg’s additional charge is effective from 16 November 2025 for 3 months, or until a full-time CMD is appointed, or until further orders.
• THDC India confirmed that Garg assumed the CMD role on 25 November 2025.
• Sipan Kumar Garg has been serving as Director (Finance) of THDC India since 17 August 2024.
• He has over 24 years of experience in finance, accounts, taxation, and commercial functions in the power sector.
• Before joining THDC India, he worked as Chief Financial Officer (CFO) at Aravali Power Company Pvt. Ltd. and Patratu Vidyut Utpadan Nigam Ltd., both subsidiaries of NTPC Ltd.
• THDC India, a subsidiary of NTPC, engages in power generation through solar, hydro, thermal, and pumped storage

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Receives ‘Taragiri’, the Fourth Indigenous Nilgiri-Class (Project 17A) Advanced Stealth Frigate

• Taragiri (Yard 12653), the fourth ship of the Nilgiri Class (Project 17A) and the third built by MDL, was delivered to the Indian Navy on 28 Nov 2025, marking progress in Aatmanirbharta in warship construction.
• Taragiri is the modern reincarnation of the former INS Taragiri, a Leander-class frigate that served from 1980 to 2013 for 33 years.
• Project 17A frigates are versatile multi-mission platforms featuring advanced stealth, firepower, automation, and survivability
• The ship was designed by the Warship Design Bureau (WDB) and supervised by the Warship Overseeing Team (Mumbai), using the Integrated Construction philosophy to meet timelines.
• P17A ships carry upgraded weapon and sensor suites compared to the P17 Shivalik class, including BrahMos SSM, MFSTAR, MRSAM, 76mm SRGM, 30mm/12.7mm CIWS, and ASW rockets and torpedoes.
• These ships use CODOG propulsion with a diesel engine + gas turbine, driving Controllable Pitch Propellers (CPP), supported by an advanced Integrated Platform Management System (IPMS).
• Taragiri is the fourth P17A ship delivered in 11 months, with its build period reduced to 81 months compared to 93 months for the first ship Nilgiri.
• The remaining three P17A ships (one at MDL, two at GRSE) will be delivered by August 2026.
• The project has 75% indigenisation, involved 200+ MSMEs, and generated employment for 4,000 direct and 10,000+ indirect

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google and Accel team up to launch the 2026 AI Cohort under the Atoms programme

• Accel and Google have partnered to launch the 2026 AI Cohort under Accel’s Atoms programme.
• Both organisations plan to co-invest up to $2 million in early-stage Indian AI startups.
• The partnership is supported through the Google AI Futures Fund, which will also assist diaspora founders building products for India and global markets.
• Selected startups will receive funding, along with access to Google Cloud, Gemini, and DeepMind resources.
• The Atoms programme is now exclusively focused on AI and has already backed 40 startups.
• These supported startups have collectively raised over $300 million in follow-on funding.
• Accel, formerly known as Accel Partners, is a global venture capital firm headquartered in Palo Alto, California, United States.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Punjab National Bank approves ₹711-crore bid, enabling NARCL to take over Noida Entertainment City’s debt

• The National Asset Reconstruction Company (NARCL) has acquired the debt of Noida’s Entertainment City after Punjab National Bank (PNB) accepted its ₹711-crore offer.
• The stressed asset had ₹1,000 crore outstanding debt, and the deal ensures full principal recovery for lenders.
• Punjab National Bank (PNB) was the lead lender, and the bidding process was managed by PNB Investment Services.
• NARCL had submitted its offer last year, but lenders initially explored options for a higher bidder.
• A Swiss Challenge process was conducted, but no counter-bids were received.

CURRENT AFFAIRS: SPORTS NEWS

India’s Giovanna de Sequeira Wins Bronze at World Professional Jiu-Jitsu Championship 2025

• Giovanna de Sequeira, a 10-year-old Indian athlete, won a bronze medal at the World Professional Jiu-Jitsu Championship 2025 held in Abu Dhabi.

Key Highlights:

• She competed in the Under-28 kg Infant/Girls Gi category.
• Her achievement is notable as she made a comeback after undergoing knee surgery five months earlier.
• Giovanna rebuilt her form by first participating in the Kickboxing National Championship, marking her return to competitive sports.
• She trains under coach Raunak Singh and was accompanied by her family, including her sister Erica de Sequeira, who holds an advanced international jiu-jitsu certification.
• The medal highlights India’s growing presence and improving performance in global martial arts competitions, especially among young athletes.
• The achievement also reflects increasing access to professional coaching, exposure, and structured support systems in non-mainstream sports in India.

Deepti Sharma Becomes Costliest Player in WPL 2026 Auction

• The Women’s Premier League (WPL) 2026 auction held in New Delhi recorded a major milestone as Indian all-rounder Deepti Sharma became the costliest player, securing a bid of ₹3.2 crore.
• UP Warriorz used the Right-to-Match (RTM) option to match Delhi Capitals’ bid, successfully retaining her.
• With this, Deepti became the second-highest paid player in WPL history, just behind Smriti Mandhana’s ₹3.4 crore contract (2023).
• Deepti’s soaring value is attributed to her standout performance in the 2025 ICC Women’s World Cup, where she was named Player of the Tournament and finished as the highest wicket-taker with 22 wickets.
• Among overseas players, Amelia Kerr (New Zealand) became the costliest foreign buy after being purchased by Mumbai Indians for ₹3 crore.
• Shikha Pandey was another notable pick, bought by UP Warriorz for ₹2.4 crore, despite having no international appearances since 2023, reflecting confidence in her experience and consistency.
• In a surprising outcome, Australia’s captain Alyssa Healy remained unsold, despite being one of the top names in previous seasons.
• A total of 67 players were bought across five franchises, with overall spending reaching ₹40.8 crore. The auction saw a mix of international stars, domestic emerging talent and returning veterans.
• The WPL 2026 season will be held from 9 January to 5 February, with matches scheduled in Navi Mumbai and Vadodara.
• The final will be played two days before the Men’s T20 World Cup, jointly hosted by India and Sri Lanka.

CURRENT AFFAIRS: IMPORTANT DAYS

World AIDS Day 2025 Observed on 1st December

• World AIDS Day 2025 is observed on 1st December with the theme “Overcoming disruption, transforming the AIDS response.”
• The day aims to raise awareness about AIDS, a sexually transmitted disease caused by HIV (Human Immunodeficiency Virus).
• AIDS can be prevented and controlled through proper awareness, safe practices, and timely medical intervention.
• World AIDS Day was first initiated in 1988 and observed on 1st December to promote global health awareness.
• The day serves as an opportunity to support people living with HIV, remember those who lost their lives to the disease, and strengthen global efforts in fighting the epidemic.
• From 1996 onwards, the observance was taken over by the United Nations Programme on HIV/AIDS (UNAIDS), making it an annual campaign for education, prevention, and awareness.
• The World AIDS Campaign was registered as a nonprofit organization in 2004 in the Netherlands to coordinate global awareness and advocacy efforts.

Daily CA One- Liner: November 30 & December 1

• Prime Minister Narendra Modi inaugurated a 77-foot bronze statue of Lord Rama and the newly developed Ramayana Theme Park at Shree Samsthan Gokarn Partagali Jeevottam Math in Canacona, South Goa
• The Institute of Chartered Accountants of India (ICAI) created a Guinness World Record for organising the largest single-day career advice session in Mumbai
• India delivered 73 tonnes of medical aid to Kabul, Afghanistan, including life-saving medicines, vaccines and essential nutritional supplements, to support Afghanistan’s affected healthcare system.
• The Ministry of Fisheries, Animal Husbandry and Dairying, along with the Ministry of Panchayati Raj, released the Basic Animal Husbandry Statistics (BAHS) 2025, presenting updated data on milk, egg, meat and wool production, including per-capita availability and state-wise performance
• GIFT City in Gujarat is expanding its role beyond finance and fintech and is now being developed as a major centre for Intellectual Property Rights
• The 44th India International Trade Fair (IITF) 2025 concluded with an award presentation ceremony at Bharat Mandapam, New Delhi
• Jay Shah, Chairman of the International Cricket Council (ICC), received the Indian of the Year 2025 award under the Outstanding Achievement category for his significant contributions to modernising cricket administration
• Giovanna de Sequeira, a 10-year-old Indian athlete, won a bronze medal at the World Professional Jiu-Jitsu Championship 2025 held in Abu Dhabi
• The Women’s Premier League (WPL) 2026 auction held in New Delhi recorded a major milestone as Indian all-rounder Deepti Sharma became the costliest player, securing a bid of ₹3.2 crore.
• The Reserve Bank of India (RBI) imposed a penalty of ₹91 lakh on HDFC Bank for violating the Banking Regulation Act, 1949 and RBI directions related to interest rates on advances, outsourcing of financial services, and KYC norms.
• The country’s gross domestic product (GDP) grew by 8.2% in Q2 FY 2025–26, driven by strong performance in the manufacturing, secondary, and tertiary sectors.
• India’s forex reserves declined by USD 4.472 billion to USD 688.104 billion during the week ended 21 November,2025 mainly due to a sharp fall in gold reserves.
• Moody’s Ratings stated on November 28, 2025 that India will lead growth among emerging markets and the Asia-Pacific (APAC)
• Utkarsh Small Finance Bank Limited (Utkarsh SFBL) partnered with Axis Securities to launch a unified 3-in-1 account combining banking and investment services.
• The International Monetary Fund (IMF) released the India: 2025 Article IV Consultation report projecting India’s real Gross Domestic Product (GDP) growth at 6.6% in Financial Year 2025-26(FY26).
• India’s fiscal deficit stood at Rs 8.25 lakh crore (USD 92.26 billion) during April–October 2025, reaching 6% of the FY 2025-26 target.
• The Securities and Exchange Board of India’s (SEBI) High-Level Committee (HLC) proposed a multi-tier disclosure regime requiring the SEBI Chairperson, Whole-Time Members (WTMs), and CGM-level officers to publicly disclose their assets and liabilities.
• The Election Commission of India (ECI) announced that Gyanesh Kumar, the Chief Election Commissioner (CEC), will assume the Chairship of the International Institute for Democracy and Electoral Assistance (IIDEA) on 3 December 2025.
• Piyush Gupta, former DBS CEO, has been appointed Chairman of Temasek India effective December 1, 2025.
• The World Bank Group (WBG) appointed Paschal Donohoe as its Managing Director (MD) and Chief Knowledge Officer (CKO).
• Sipan Kumar Garg has assumed charge as Chairman and Managing Director (CMD) of THDC India in addition to serving as Director (Finance).
• Taragiri (Yard 12653), the fourth ship of the Nilgiri Class (Project 17A) and the third built by MDL, was delivered to the Indian Navy on 28 Nov 2025, marking progress in Aatmanirbharta in warship construction.
• Accel and Google have partnered to launch the 2026 AI Cohort under Accel’s Atoms programme.
• The National Asset Reconstruction Company (NARCL) has acquired the debt of Noida’s Entertainment City after Punjab National Bank (PNB) accepted its ₹711-crore offer.
• World AIDS Day 2025 is observed on 1st December with the theme “Overcoming disruption, transforming the AIDS response.