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CURRENT AFFAIRS: BANKING & FINANCE

Insurance Regulatory and. Development Authority of India, permits one-time UPI mandate for buying life, and health cover

• The Insurance Regulatory and Development Authority of India (IRDAI) has permitted a one-time UPI mandate for blocking premium amounts for life and health insurance policies.
• Previously, no premium deposit/proposal deposit was required while submitting a proposal form, except for policies issued based on a declaration of good health where coverage starts immediately upon payment.

Key Highlights :

• Insurers must obtain explicit consent from the policyholder before deducting the premium amount from their bank account.
• Based on insurer requests, UPI One Time Mandate (OTM) has been enabled to streamline premium payments and ensure smooth transactions.
• The UPI mandate allows customers to block funds in their bank accounts for premium payments, ensuring funds are available while delaying actual debit.
• Under the Bima Applications supported by Blocked Amount (Bima - ASBA) system, funds are transferred only when the insurance policy is issued.
• The insurer blocks the premium amount. If the proposal is accepted, the amount is debited. If the proposal is rejected, the blocked amount is unblocked and returned to the customer.
• Insurers must offer Bima-ASBA as an option for policyholders purchasing life and health insurance policies.
• The UPI mandate facility will be an optional mode of payment, available alongside existing payment methods.

About IRDAI:

• Headquarters (HQ): Hyderabad, Telangana, India
• Chairperson: Debasish Panda (as of October 2023)
• Founded: 1999
• The IRDAI is an autonomous and statutory body under the jurisdiction of the Ministry of Finance, Government of India.
• It is tasked with regulating and licensing the insurance and re-insurance industries in India.
• It was constituted by the Insurance Regulatory and Development Authority Act, 1999,an Act of Parliament passed by the Government of India.

Karnataka Bank launches 2 products to mark its 101st Founders’ Day on February 18, 2025

• Karnataka Bank launched two new banking products to commemorate its 101st Founders' Day.

About the 2 new Banking Products :

• KBL Stri is a specialized savings bank account designed for women, catering to homemakers, professionals, and entrepreneurs.
• KBL One Family Banking Programme is a solution that links family members under a single ID, offering shared privileges, tailored benefits, and seamless banking access.
• Madhusudan Sai, Spiritual Leader, stressed the importance of fostering strong customer relationships.
• With a strong capital base and strategic investments in digital transformation, Karnataka Bank aims to stay resilient and relevant in modern banking.
• During the event, the dignitaries released 101 symbol lapel pins, launched new products, and handed over CSR commitment letters to three beneficiaries.

Recent News:

• In January 2025, Karnataka Bank earned top honours in six categories at the 2024 IBA Banking Technology Awards, highlighting its leadership in digital banking.

About Karnataka Bank:

• Founded: 1924
• Headquarters: Mangaluru, Karnataka, India
• Managing Director & CEO: Srikrishnan Hari Hara Sarma
• Tagline: "Your Family Bank, Across India"

Securities and Exchange Board of India proposes mandatory SIM-binding for trading accounts to curb unauthorised transactions

• The Securities and Exchange Board of India (SEBI) has proposed a SIM-binding authentication mechanism to enhance security in stock market transactions and prevent unauthorized access to investors' trading and demat accounts.
• The new system, inspired by Unified Payments Interface (UPI) authentication, ensures that a trading account can only be accessed if the unique client code (UCC) matches the registered mobile device and SIM.
• This significantly reduces the risk of fraudulent activities.
• SEBI has released a draft consultation paper and invited public feedback until March 11, 2025.

Key Highlights :

• The proposed framework includes:
• Biometric authentication on the primary mobile device for added security.
• QR code-based, time-sensitive authentication for users accessing accounts from other devices like desktops or laptops.
• A fallback mechanism for users who lose or change their primary mobile device.
• A feature to temporarily lock trading accounts to prevent misuse.
• Support for multiple UCCs linked to the same mobile device, allowing authorized family members to share a registered number.

Recent News:

• In February 2025, SEBI launched a dedicated portal for reporting Related Party Transactions (RPTs) to enhance corporate governance and transparency in India’s securities market.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Life Insurance Corporation of India Launches Smart Pension Plan with Multiple Annuity Options

• Life Insurance Corporation of India (LIC) has launched a single-premium smart pension plan offering various annuity options for Single Life and Joint Life
• The plan was unveiled by Financial Services Secretary M Nagaraju and LIC CEO & MD Siddhartha Mohanty, in the presence of senior officials from the finance ministry and LIC.
• The Non-Par and Non-Linked plan includes liquidity options for partial or full withdrawal as per policy terms.

Key features of the plan:

• Minimum Purchase Price: ₹1,00,000, with incentives for higher purchase amounts.
• Flexible annuity payment modes: Yearly, Half-yearly, Quarterly, or Monthly.
• Special Feature: Immediate annuity option for NPS subscribers.
• Death Benefit Options: Lump sum, annuitisation of the benefit, installment payments, liquidity option, advanced annuity, or annuity accumulation.

About Life Insurance Corporation of India (LIC):

• Headquarters (HQ): Mumbai, Maharashtra, India
• Chairman: Siddharth Mohanty
• Founded: 1956

Asian Development Bank plans 50% expansion to boost development across Asia-Pacific

• Asian Development Bank (ADB) has approved a plan to scale up its operations by 50% over the next decade, leveraging its existing capital base to enhance development impact across Asia and the Pacific.
• The Capital Utilization Plan (CUP) outlines a pathway to increase ADB’s annual financing commitments from $24 billion in 2024 to over $36 billion by 2034.

Key Highlights :

• This expanded financing will support developing member countries (DMCs) in addressing key development challenges.
• The plan builds on capital management reforms in 2023 that increased ADB’s financing capacity and strengthened concessional lending through the Asian Development Fund, benefiting the poorest and most vulnerable nations.
• ADB projects a steady increase in net income over the next decade and aims to strategically invest part of it to help DMCs develop high-quality, bankable projects.
• Nonsovereign operations are expected to rise from 20% to 27% of commitments, while sovereign operations will expand moderately with a more balanced portfolio.
• ADB also plans to introduce a borrowing facility with financial and non-financial incentives to boost investments in resilience and sustainability.
• ADB will develop approaches to private sector development, digital transformation, regional cooperation, and public goods.
• It has set ambitious climate finance targets, aiming to allocate 50% of total commitments to climate projects and reach $13 billion in private sector financing by 2030.
• Progress will be reviewed annually to ensure alignment with the region’s evolving needs.

About Asian Development Bank (ADB):

• Headquarters: Mandaluyong, Metro Manila, Philippines
• Founded: 1966
• President: Masatsugu Asakawa
• Members: 68 (49 regional and 19 non-regional)

Reserve Bank of India Corrects Hindi Translation of Ombudsman Scheme to Avoid Conflict with Lokpal Act

• The Reserve Bank of India (RBI) corrected the Hindi translation of its Ombudsman Scheme to avoid conflict with the Lokpal Act.
• The Lokpal and Lokayuktas Act, 2013 mandates the establishment of Lokpal at the Union level and Lokayuktas at the State level to investigate corruption allegations against public officials.
• The term “Lokpal” is legally reserved under this Act, which came into force on January 16, 2024.

Key Highlights:

• The Reserve Bank of India (RBI) introduced the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS), 2021 to handle customer complaints against RBI-regulated entities.
• However, the scheme’s Hindi translation mistakenly used “रिज़र्वबैंक-एकीकृत लोकपाल योजना, 2021”.
• This led to confusion, as “Lokpal” is exclusively designated for anti-corruption bodies under the 2013 Act.
• To comply with legal provisions, RBI renamed the scheme in Hindi as “रिज़र्वबैंक-एकीकृत ओम्बड्समैन योजना, 2021”.
• The term “लोकपाल” was replaced with “ओम्बड्समैन” across all official documents.
• This correction ensures clarity and legal accuracy, avoiding any misinterpretation between RBI’s Ombudsman scheme and the Lokpal Act.

Recent News:

• In February 2025, The RBI approved the voluntary amalgamation of two urban co-operative banks in Hyderabad: Twin Cities Co-operative Urban Bank with Kranti Co-operative Urban Bank, and Navanirman Co-operative Urban Bank with Rajadhani Co-operative Urban Bank.

About RBI :

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

RBIDATA: The Reserve Bank of India’s New Mobile App for Macroeconomic and Financial Statistics

• The Reserve Bank of India (RBI) has introduced RBIDATA, a mobile application designed to enhance public access to macroeconomic and financial data.
• The app offers a user-friendly interface with interactive visual elements, making complex economic data more accessible and comprehensible for a wider audience.

Key Highlights:

• RBIDATA provides access to over 11,000 economic data series covering various aspects of India’s economy.
• The information is sourced from reliable databases, ensuring authenticity and relevance for users seeking financial insights.
• The app presents data in a structured manner, allowing users to explore various economic indicators such as inflation and price indices, banking and monetary statistics, national income and GDP trends, external trade and balance of payments, and government finance and fiscal policy data.
• One of the key features of RBIDATA is its interactive graphs and charts, which help users analyse time-series data effectively.
• Users can view economic trends over different periods, download datasets for in-depth analysis, and customize data views with filters and sorting options.
• The app also provides contextual details such as data sources, measurement units, and frequency of updates, ensuring clarity in data interpretation.
• RBIDATA incorporates several features to improve user accessibility.
• The "Popular Reports" section highlights frequently viewed reports, making it easier to access widely used economic statistics.
• An advanced search functionality allows users to quickly locate specific datasets without navigating through multiple sections.
• Additionally, the app includes a "Banking Outlet Locator," enabling users to find banking facilities within a 20-kilometre radius, which is particularly beneficial for individuals and businesses seeking nearby banking services.
• Beyond India-specific statistics, RBIDATA provides economic data from SAARC (South Asian Association for Regional Cooperation) countries.
• The inclusion of the "SAARC Finance" link offers a broader perspective on regional economic trends, fostering cross-border financial awareness.

International Financial Services Authority Notifies New Bullion Market Regulations, 2025

• The International Financial Services Authority (IFSCA) has introduced the IFSCA Bullion Market Regulations, 2025, replacing the IFSCA (Bullion Exchange) Regulations, 2020.
• These new regulations expand the scope of the bullion market ecosystem in GIFT City, Gujarat, and introduce key consumer safeguards.

Key Highlights:

• The name has been changed from Bullion "Exchange" Regulations to Bullion "Market" Regulations to reflect a broader coverage beyond just the bullion exchange.
• It now includes all market participants involved in the bullion ecosystem.
• IFSCA is empowered to conduct inspections, inquiries, and impose penalties to ensure consumer interests are safeguarded.

Minimum Net Worth Requirement:

• Bullion Exchange: Minimum net worth of USD 10 million.
• Bullion Clearing Corporation: Minimum net worth of USD 10 million.
• IFSCA may require higher net worth based on the risk management needs of the business.

Definition of Key Management Personnel (KMP):

• For the first time, KMP has been defined in Regulation 2(1)(t).
• The definition includes individuals with the ability to influence decisions and those involved in core business functions.

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister for Environment, Forest, and Climate Change, Shri Bhupender Yadav, Inaugurates 'Waste Recycling & Climate Change 2025' Conclave

• Union Minister for Environment, Forest, and Climate Change, Shri Bhupender Yadav, inaugurated a day-long conclave organized by the Recycling and Environment Industry Association of India (REIAI) on ‘Waste Recycling & Climate Change 2025’.
• He highlighted that India generates 62 million tonnes of waste annually, with a sharp increase in plastic, electronic, and hazardous waste.
• The linear economy model (take-make-dispose) is unsustainable due to landfill pressure, resource depletion, and environmental damage.
• A circular economy—focused on reducing, reusing, and recycling—is essential to conserve resources, drive innovation, and create jobs.

India’s Transition to a Circular Economy

• Under PM Narendra Modi’s leadership, India is moving from waste management to resource recovery through the waste-to-wealth initiative.
• By 2050, India’s circular economy is expected to be worth $2 trillion and create 10 million jobs, offering new opportunities for start-ups.

Government Support for Recycling Industry

• The recycling industry is encouraged to adopt new technologies to reduce natural resource dependence and cut critical mineral imports.
• Circular economy principles align with Atmanirbhar Bharat, boosting economic growth and global competitiveness.

Extended Producer Responsibility (EPR) Policies

• The Ministry has implemented EPR frameworks for e-waste, plastic, waste tyres, batteries, and used oil.
• Registered recyclers earn additional profits from the sale of EPR certificates.

Union Minister for Rural Development and Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, Inaugurates NAKSHA Pilot Programme for Geospatial Land Survey

• Union Minister for Rural Development and Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, inaugurated the National Geospatial Knowledge-based Land Survey of Urban Habitations (NAKSHA) Pilot Programme at Raisen, Madhya Pradesh.
• This initiative, launched by the Department of Land Resources, Ministry of Rural Development, aims to modernize land surveying using advanced geospatial technology.

Key Highlights of the NAKSHA Launch

• Launch of SOP Booklet, Video, and Flyers for public awareness.
• Flagging off of WDC Yatra along with screening of the WDC Video and Watershed Anthem.
• Simultaneous launch in 122 Urban Local Bodies (ULBs) and various Revenue Department Headquarters across 26 States and 3 Union Territories.
• Demonstration of advanced land surveying technologies including drones and GNSS Rovers.

Dignitaries Present at the Event

The event was presided over by Dr. Mohan Yadav, Chief Minister of Madhya Pradesh, and attended by:

• Chandrashekhar Pemmasani, Minister of State for Rural Development and Communications.
• Shri Prahlad Singh Patel, Minister for Panchayati Raj and Rural Development, MP.
• Shri Karan Singh Verma, Revenue Minister, MP.
• Shri Narayan Singh Panwar, Minister for Fisheries Development, MP.
• Shri Prabhu Ram Chaudhary, MLA, Sanchi.
• Shri Manoj Joshi, Secretary, Department of Land Resources, Govt. of India.

Objectives and Benefits of the NAKSHA Programme

• Creation and updation of land records in urban and peri-urban areas.
• Empowering citizens by improving land ownership clarity and reducing disputes.
• Enhancing ease of living through transparent and efficient property administration.
• Supporting urban planning by integrating IT-based property record systems.
• Boosting sustainable development through geospatial mapping.

Recent news

• In Feb 2025, Madhya Pradesh has taken a major step in India’s economic landscape by introducing the country’s first dedicated Global Capability Centers (GCC) Policy 2025.

India’s First Open-Air Art Wall Museum Showcases 150 Years of India Meteorological Department

• India has taken an innovative step in blending science and art with the inauguration of the country’s first Open-Air Art Wall Museum at Mausam Bhawan, New Delhi.
• Jitendra Singh, Union Minister of State for Science and Technology and Earth Sciences, inaugurated this unique initiative to commemorate the 150-year journey of the India Meteorological Department (IMD).

How the Open-Air Art Museum Celebrates IMD’s 150-Year Legacy

• IMD was established in 1875 and has been instrumental in weather forecasting, disaster management, aviation, and agriculture.
• The museum features 38 murals, narrating IMD’s historical evolution, meteorological advancements, and contributions to climate resilience.
• The murals showcase:
  • Historic weather events and advancements in forecasting technology.
  • IMD’s role in disaster preparedness, including cyclone warnings and monsoon predictions.
  • Cultural references such as Kalidasa’s “Meghaduta” and Tansen, highlighting the deep connection between weather and Indian heritage.
• This initiative transforms scientific knowledge into an engaging, accessible public experience.

About IMD

• Founded: 15 January 1875
• Headquarters: New Delhi
• Director General : Mrutyunjay Mohapatra
• The IMD is an Indian agency of the Ministry of Earth Sciences of the Government of India.

India’s Smartphone Exports Reach Record High of Rs 1.55 Trillion

• India’s smartphone exports surged 56% to an all-time high of Rs 1.55 trillion between April 2024 and January 2025, up from Rs 991.2 billion in the same period last year.
• This remarkable growth has been driven by the Production-Linked Incentive (PLI) scheme, which has strengthened the domestic manufacturing ecosystem and boosted exports.
• Apple and Samsung are leading this expansion, with Apple accounting for nearly 70% of total shipments.

Apple’s Dominance in India’s Smartphone Export Growth

• Apple’s contract manufacturers contribute 70% of total smartphone exports.
• Foxconn’s Tamil Nadu plant ships 50% of Apple’s total exports from India.
• Tata Electronics (after acquiring Wistron’s Karnataka operations) contributes 22%.
• Pegatron’s Tamil Nadu unit adds 12% to iPhone exports.
• The PLI scheme has encouraged Apple to shift production from China, increasing iPhone shipments.
• Apple’s exports from India in FY24 were valued at Rs 65,000 crore, expected to rise further in FY25.

Samsung’s Contribution to India’s Smartphone Export Growth

• Samsung contributes 20% of India’s total smartphone exports.
• The Noida plant, one of the largest mobile manufacturing units in the world, has played a crucial role.
• Samsung continues to expand production and exports, benefiting from India’s favorable policies.
• Competing with Apple, Samsung is strengthening its global market presence.

Impact of the PLI Scheme on India’s Smartphone Exports

• Smartphones have become India’s 2nd largest export category (from 67th a decade ago).
• The PLI scheme (launched in April 2020) provides financial incentives for achieving production targets.
• Rise in smartphone exports over the years:
  • FY21: Rs 233.9 billion
  • FY22: Rs 473.4 billion
  • FY23: Rs 916.5 billion
  • FY24: Rs 1.31 trillion
• January 2025 exports alone reached Rs 250 billion, a 140% increase from January 2024.

India’s Urban Unemployment Rate Steady at 6.4% in Q3 FY25

• The urban unemployment rate in India remained unchanged at 6.4% in the October-December quarter of FY25, according to the latest Periodic Labour Force Survey (PLFS) released by the Ministry of Statistics and Programme Implementation (MoSPI).
• This follows a decline from 6.6% in Q1 FY25 to 6.4% in Q2 FY25, signaling a stable employment scenario in urban areas.
• Despite the steady overall rate, the survey reveals shifts in gender-specific employment trends, youth job opportunities, and labor force participation.

Gender-Wise Unemployment Trends

Male Unemployment

• Increased slightly to 5.8% in Q3 FY25, up from 5.7% in Q2 FY25

Female Unemployment

• Improved, dropping to 1% from 8.4% in Q2 FY25
• Indicates better job opportunities for women in urban areas
• However, the gender employment gap remains significant

Youth Employment Trends

• Ages 15-29: Youth unemployment rose to 16.1% in Q3 FY25 from 15.8% in Q2 FY25
• Reflects challenges in job availability for fresh graduates and first-time job seekers

Labour Force Participation Rate (LFPR) Trends

The LFPR in urban areas remained stable at 50.4%, with notable gender variations:

Male LFPR

• Increased to 75.4% from 75% in Q2 FY25, indicating more men engaging in economic activities

Female LFPR

• Declined slightly to 25.2% from 25.5%, showing a marginal withdrawal of women from the workforce

CURRENT AFFAIRS: INTERNATIONAL NEWS

Bilateral Trade Between India and Qatar Set to Reach $28 Billion

• India and Qatar have elevated their bilateral relationship to a strategic partnership following talks between Prime Minister Narendra Modi and Amir Sheikh Tamim Bin Hamad Al-Thani.
• Both countries have agreed to double bilateral trade from $14 billion to $28 billion over the next five years.
• Two agreements were signed: a Strategic Partnership Agreement to enhance cooperation in trade, energy security, and international forums, and a Revised Double Taxation Avoidance Agreement to strengthen economic collaboration.
• Additionally, five Memoranda of Understanding (MoUs) were signed covering economic partnership, management of archives, and cooperation in youth affairs and sports.
• India had previously signed a $78 billion agreement with Qatar in 2024 to extend LNG imports until 2048 at favorable rates.
• Modi and Amir discussed trade, investments, technology, energy, and people-to-people ties, as well as regional and global issues of mutual interest.
• The Amir of Qatar was accorded a ceremonial guard of honor at Rashtrapati Bhavan by President Droupadi Murmu, with Modi also present.
• Modi personally welcomed Amir at the Delhi airport with a warm handshake and hug, highlighting the close ties between the two leaders.
• India and Qatar share deep-rooted ties in trade, investment, energy, technology, and culture, which have continued to strengthen in recent years.

About Qatar:

• Capital: Doha
• Currency: Qatari Riyal (QAR)
• Emir (Head of State): Sheikh Tamim bin Hamad Al Thani
• Prime Minister: Sheikh Mohammed bin Abdulrahman Al Thani

CURRENT AFFAIRS: STATE NEWS

Kerala Health Department Launches nPROUD (New Programme for Removal of Unused Drugs) initiative

• In a first-of-its-kind initiative in India, the Kerala Drugs Control Department is set to launch a programme for the collection and scientific disposal of expired and unused medicines.
• The Kerala government is set to launch 'nPROUD' (New Programme for Removal of Unused Drugs), a pioneering initiative aimed at the scientific collection and disposal of expired and unused medicines.
• This program, the first of its kind at the government level in India, addresses the critical issue of improper disposal of pharmaceuticals, which can lead to antimicrobial resistance, health hazards, and environmental pollution.
• Under nPROUD, facilities will be established to collect unused medicines from households, allowing residents to deposit them at designated collection points.
• The project will initially roll out in Kozhikode Corporation and Ulliyeri Panchayat, with plans for statewide expansion.
• The collected medicines will be processed at the Kerala Enviro Infrastructure Limited (KEIL) waste treatment plant, ensuring environmentally safe disposal.
• The official inauguration of nPROUD is scheduled for February 22 in Kozhikode, led by Health Minister Veena George.
• This initiative reflects Kerala's commitment to public health and environmental sustainability by providing a structured system for the disposal of pharmaceutical waste.

Recent News:

• In February 2025, Kerala government approved the Kerala Health System Improvement Programme (KHSIP).

About Kerala:

• Chief Minister: Pinarayi Vijayan
• Governor: Rajendra Vishwanath Arlekar
• Capital: Thiruvananthapuram
• National Parks: Eravikulam National Park, Periyar Wildlife Sanctuary, Silent Valley National Park, Parambikulam Tiger Reserve
• Wildlife Sanctuaries: Wayanad Wildlife Sanctuary, Idukki Wildlife Sanctuary, Chilika Lake Wildlife Sanctuary

Inland water transport terminal to boost India-Bhutan-Bangladesh ties inaugurated in Assam

• In a significant boost to India's Act East policy, the Inland Waterways Transport (IWT) Terminal at Jogighopa in Assam was inaugurated on February 18, 2025.
• The ceremony was led by Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, alongside Bhutan's Finance Minister, Lyonpo Namgyal Dorji.
• This state-of-the-art terminal, strategically located on the Brahmaputra River (National Waterway-2), is poised to enhance trade and connectivity between India, Bhutan, and Bangladesh.
• The Jogighopa terminal is designed to serve as an international port of call for Bhutan and Bangladesh, facilitating efficient logistics and cargo movement in Assam and the broader Northeast region.
• Equipped with a reinforced cement concrete jetty and electric-level luffing cranes, the terminal ensures modern and efficient cargo handling.
• Its strategic position, approximately 91 km from Bhutan's Gelephu, 108 km from the Bangladesh border, and 147 km from Guwahati, underscores its potential as a pivotal trade hub.
• The inauguration also witnessed the flagging off of cargo vessels destined for Bangladesh, marking a tangible step towards bolstering regional trade.
• Prime Minister Narendra Modi lauded the development, emphasizing its role in improving infrastructure and promoting inland waterways for progress and prosperity.
• This initiative reflects India's commitment to strengthening regional ties and underscores the strategic importance of multimodal connectivity in the Northeast.

Recent News:

• Assam will host the world’s largest Jhumur dance on February 24, 2025, ahead of the Advantage Assam 2.0 Investment Summit.

About Assam:

• Chief Minister: Himanta Biswa Sarma
• Governor: Lakshman Prasad Acharya
• Capital: Dispur
• National Parks: Kaziranga National Park, Manas National Park, Dibru-Saikhowa National Park
• Wildlife Sanctuaries: Pobitora Wildlife Sanctuary, Orang National Park, Bura-Chapori Wildlife Sanctuary, Nameri Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

India Expands Battery Manufacturing with ₹18,100 Crore Production Linked Incentive Scheme

• The Ministry of Heavy Industries (MHI), Government of India, has signed a Programme Agreement with Reliance New Energy Battery Limited under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage.
• Signed this agreement grants 10 GWh ACC capacity, making Reliance eligible for incentives under India’s ₹18,100 crore PLI ACC scheme.

Key Highlights

PLI ACC Scheme Overview

• Approved in May 2021 with a total outlay of ₹18,100 crore to establish 50 GWh of battery manufacturing capacity.
• 40 GWh capacity awarded so far to four firms under the scheme.
• First bidding round (March 2022) allocated 30 GWh to three firms, with agreements signed in July 2022.

Objectives and Impact

• Enhances domestic battery production, ensuring globally competitive manufacturing costs.
• Offers flexibility for firms to adopt cutting-edge technology in ACC manufacturing.
• Supports India's EV and renewable energy sectors, promoting a clean energy transition.

Union Budget FY2025-26 Initiatives

• 35 additional Capital Goods for EV battery production exempted from Basic Customs Duty (BCD).
• Focus on domestic production, value addition, and a self-reliant battery ecosystem.

RECENT NEWS

• In Feb 2025, Reliance New Energy Battery Limited, a subsidiary of Reliance Industries Limited, secured a 10 gigawatt-hour (GWh) capacity under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage.

StockGro and Zomato Launch Financial Literacy Program for Delivery Partners

• StockGro, a leading financial knowledge platform, has partnered with Zomato, India’s top food delivery service, to launch a financial literacy program aimed at improving the financial stability and planning skills of delivery partners.
• The initiative provides educational training on budgeting, saving, and investing, offered in multiple regional languages to ensure accessibility.

Key Highlights:

Financial Training for Gig Workers:

• StockGro has conducted 10 financial literacy workshops across Delhi, Hyderabad, Kolkata, and Bangalore, reaching over 1,000 delivery partners.
• The sessions focus on money management skills, helping gig workers handle irregular income and plan for financial security.

Zomato’s Commitment to Delivery Partners:

• This program aligns with Zomato’s broader mission to upskill and support one million gig workers.
• Zomato has been actively investing in financial well-being initiatives to provide its workforce with essential benefits and training.

Leadership:

• Ajay Lakhotia, Founder & CEO of StockGro
• Anjalli Ravi Kumar, Chief Sustainability Officer, Zomato

StockGro’s Role in Financial Literacy:

• StockGro connects users with SEBI-registered experts to enhance investment strategies.
• This collaboration is part of its broader mission to promote financial awareness, particularly among gig economy workers.

Zomato Unveils ‘Nugget’: AI-Powered No-Code Customer Support Platform

• Zomato has launched ‘Nugget’, a no-code AI-driven customer support platform designed to help businesses automate and streamline their customer service.
• Developed over three years, Nugget already manages 15 million+ monthly interactions across Zomato’s ecosystem, including Blinkit and Hyperpure.
• This marks Zomato’s strategic shift towards AI-powered business solutions, enhancing efficiency in customer interactions.

Key Features of Nugget

No-Code Automation for Businesses

• Enables businesses to integrate AI-driven support without coding expertise
• Allows easy customization to match unique business needs

AI-Powered Customer Query Resolution

• Autonomously resolves 80% of customer queries, reducing manual intervention
• Continuously learns and adapts in real-time, enhancing accuracy

Advanced AI Tools for Customer Support

• Image Classification – Helps categorize and resolve visual queries
• Automated Quality Audits – Ensures service consistency
• Voice AI Agents – Handles automated voice-based customer interactions
• AI-Powered Analytics – Provides actionable insights into customer support performance

Why Is Zomato Investing in AI-Driven Solutions?

Launch of ‘Zomato Labs’

• Nugget is the first product from Zomato Labs, Zomato’s new in-house AI innovation unit
• Represents a shift towards B2B AI solutions beyond food delivery and restaurant discovery

Rebranding as ‘Eternal Ltd.’

• Zomato Ltd. has rebranded to Eternal Ltd., consolidating all ventures:
  • Zomato (food delivery & restaurant discovery)
  • Blinkit (quick commerce)
  • Hyperpure (B2B supplies)
  • Nugget (AI-driven business solutions)

About Zomato

• Founders: Deepinder Goyal, Akriti Chopra, Pankaj Chaddah, Gunjan Patidar
• Founded: July 2008
• Formerly: FoodieBay (2008–2010)
• Headquarters: Gurugram, Haryana, India

CURRENT AFFAIRS: MOUS AND AGREEMENT

Ministry of Labour & Employment Signs MoU with APNA to Boost Job Opportunities

• The Ministry of Labour & Employment (MoLE) has signed an MoU with APNA, a leading job recruitment platform, to enhance employment prospects for young job seekers.
• This partnership will add over 10 lakh job opportunities annually to the National Career Service (NCS) Portal, strengthening domestic employment avenues.

About the NCS Portal

• Serves as a bridge between job seekers and employers.
• 40 lakh+ registered employers and 40 crore vacancies mobilized since its launch.
• Nearly 10 lakh vacancies available at any given time.

Key Benefits of the MoU

• Expanded Job Access: Increased employment options across metro and non-metro cities.
• Seamless Integration: APNA will post job listings on NCS, connecting formal and informal sector employers with candidates.
• Inclusive Hiring: Ensures equal opportunities for women and persons with disabilities.
• Diverse Talent Pool: APNA will access NCS’s vast candidate database, while MoLE ensures smooth integration via an online and offline interface.
• Strengthening the Job Market: Aligns with NCS’s mission to build a dynamic, inclusive job ecosystem.

India and Qatar Elevate Bilateral Ties to Strategic Partnership, Enhancing Trade, Investment, and Energy Cooperation

• India and Qatar have decided to upgrade their bilateral relations to a strategic partnership, focusing on trade, investment, and energy cooperation.
• This decision was announced during the two-day visit of Qatari Amir Sheikh Tamim Bin Hamad Al Thani to India.
• Both nations aim to double their bilateral trade from $14.08 billion to $28 billion within the next five years, with Qatar expressing strong interest in expanding investments in India's key sectors.

Key Highlights of the India-Qatar Partnership

1. Bilateral Trade & Investment Goals

• India and Qatar aim to double trade from $14.08 billion to $28 billion within five years.
• Discussions covered trade, investment, energy, and economic collaboration.
• Qatar is India’s largest supplier of LNG (Liquefied Natural Gas) and LPG (Liquefied Petroleum Gas).
• The strategic partnership aligns Qatar with UAE, Saudi Arabia, Oman, and Kuwait, which have similar ties with India.

2. Qatar’s Investments in India

• The Qatar Investment Authority (QIA) has invested $1.5 billion in sectors such as:
  • Retail
  • Power
  • Information Technology
  • Education & Healthcare
  • Affordable Housing
• Areas identified for further Qatari investment include:
  • Infrastructure & Ports
  • Shipbuilding
  • Renewable Energy & Smart Cities
  • Food Parks & Startups
  • New Technologies (AI, Robotics, Machine Learning)
• A joint business forum was held to explore investment opportunities.

3. Agreements Signed

• A revised Double Taxation Avoidance Agreement (DTAA) was signed.
• Agreements on:
  • Economic partnership
  • Cooperation in archives & documentation
  • Youth affairs & sports
• Invest India signed an MoU with its Qatari counterpart to improve investment facilitation.

4. Free Trade Agreement (FTA) Discussions

• India is exploring an FTA with Qatar.
• Parallel FTA negotiations are ongoing with the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

India-International Telecommunication Union Collaboration on AI-Driven Digital Twins for Infrastructure

• The Department of Telecommunications (DoT) and the International Telecommunication Union (ITU) have taken a major step in digital infrastructure planning by signing a Letter of Intent (LoI) to explore the potential of AI-driven digital twin technologies.
• This partnership aims to integrate 5G, IoT, AI, and AR/VR into urban and infrastructure planning by creating real-time virtual models of physical assets.

Significance of AI-Driven Digital Twins in Infrastructure

• Digital twin technologies create virtual models that mirror physical assets, systems, or processes.
• AI integration enables real-time monitoring, predictive analysis, and scenario simulations.
• Optimizes planning, enhances maintenance predictions, and improves adaptability in transportation, healthcare, and urban development.
• Contributes to efficient, sustainable, and responsive infrastructure.

India’s Long-Term Goals with Digital Twin Collaboration

• India aims to be a global leader in digital infrastructure by 2047.
• Digital twin technologies will drive modernization in urban planning, transportation, and healthcare.
• Promotes economic growth and environmental sustainability.
• India’s bid to host the ITU-Plenipotentiary Conference in 2030 will further boost its role in global ICT policies.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Kerala Launches World’s First AI-Driven Government Screening Program for Chronic Eye Diseases with Remidio

• The Kerala Government has launched Nayanamritham 2.0, the world’s first AI-powered public health screening program for chronic eye diseases in collaboration with Remidio, a leading Indian health-tech company.
• Expanding beyond its initial focus on diabetic retinopathy, the upgraded program now includes glaucoma and age-related macular degeneration (AMD), marking a significant milestone in AI-driven healthcare.

Key Highlights:

About Nayanamritham 2.0:

Expansion of Screening Services:

• Building on the success of Nayanamritham 1.0, which introduced diabetic retinopathy screening, the new phase extends its scope to detect glaucoma and AMD.
• Screenings will now be available at Community Health Centers, Taluk Hospitals, and District Hospitals, ensuring widespread accessibility.

AI-Powered Diagnosis for Faster and Accurate Screening:

• Optometrists are now equipped with Remidio’s AI-enabled fundus cameras, which instantly classify cases as referable or non-referable.
• This real-time AI screening allows for faster diagnoses and timely specialist referrals, improving patient outcomes.

A Global First in Public Healthcare:

• Kerala becomes the first government public health system globally to implement AI-based chronic eye disease screening at scale.
• This initiative positions Kerala at the forefront of technology-driven public health innovations.

Transformative Collaboration with Remidio:

• Remidio, a homegrown health-tech company, is leading a scalable, data-driven approach to eye care.
• The AI-driven screening model aims to reduce preventable blindness, enhance early detection, and improve healthcare efficiency.
• CEO of Remidio: Anand Sivaraman.
• By leveraging AI and innovative screening technologies, Nayanamritham 2.0 is set to revolutionize eye care accessibility, early detection, and patient outcomes in Kerala and beyond.

CURRENT AFFAIRS: OBITUARY

Former Mumbai captain and selector Milind Rege dies at 76

• Milind Rege, a stalwart of Mumbai cricket, passed away in Mumbai, Maharashtra due to cardiac arrest at the age of 76.

Rege's Cricketing Achievements:

• Five-time Ranji Trophy champion with Mumbai.
• Off-spinning all-rounder with 126 wickets in 52 first-class matches (1966-67 to 1977-78).
• Scored 1,532 runs at an average of 23.56.

Contributions Beyond Playing:

• Served as selector and chief selector for Mumbai cricket.
• Held senior roles at Tata Sports Club and Tata Communications.
• Advisor to the Mumbai Cricket Association (MCA) for four years.
• TV commentator and cricket expert, known for his deep knowledge and mentorship.

CURRENT AFFAIRS: IMPORTANT DAYS

World Day of Social Justice 2025: 20th February

• The United Nations (UN) World Day of Social Justice is annually observed on February 20 to encourage people to look at how social justice affects poverty eradication
• World Day of Social Justice is not a public holiday but rather a global observance that has been in effect since 2009.
• More than one hundred international political leaders held a World Summit for Social Development in Copenhagen, Denmark in 1995, to fight against poverty and full employment and aspired that they would also strive to have stable, and safe societies.
• They reached an agreement to announce a declaration that is also called the Copenhagen Declaration and Programme of Action for Social Development.
• The Copenhagen Declaration and Programme of Action for Social Development were reviewed by the UN member states a decade later in New York in 2005.
• Finally, 20th February was declared the annual World Day of Social Justice by the United Nations on November 26, 2007.
• The International Labour Organization (ILO) is the first specialized agency of the United Nations formed on October 29, 1919.
• ILO is also credited with proposing the observance of February 20th as World Day of Social Justice adopting the ILO Declaration on Social Justice for a Fair Globalisation at the International Labour Conference on June 10, 2008.
• The guiding principles behind this declaration are the Philadelphia Declaration of 1944 and the Declaration on Fundamental Principles and Rights at Work of 1998.
• The contemporary vision of the ILO’s mandate in the era of globalization and the free-market economy is guided by the Declaration of 2008.

Daily CA One- Liner: February 20

• Union Minister for Environment, Forest, and Climate Change, Shri Bhupender Yadav, inaugurated a day-long conclave organized by the Recycling and Environment Industry Association of India (REIAI) on ‘Waste Recycling & Climate Change 2025’
• Union Minister for Rural Development and Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, inaugurated the National Geospatial Knowledge-based Land Survey of Urban Habitations (NAKSHA) Pilot Programme at Raisen, Madhya Pradesh
• India has taken an innovative step in blending science and art with the inauguration of the country’s first Open-Air Art Wall Museum at Mausam Bhawan, New Delhi
• India’s smartphone exports surged 56% to an all-time high of Rs 1.55 trillion between April 2024 and January 2025, up from Rs 991.2 billion in the same period last year
• The urban unemployment rate in India remained unchanged at 6.4% in the October-December quarter of FY25, according to the latest Periodic Labour Force Survey (PLFS) released by the Ministry of Statistics and Programme Implementation (MoSPI)
• The Ministry of Heavy Industries (MHI), Government of India, has signed a Programme Agreement with Reliance New Energy Battery Limited under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage
• StockGro, a leading financial knowledge platform, has partnered with Zomato, India’s top food delivery service, to launch a financial literacy program aimed at improving the financial stability and planning skills of delivery partners
• Zomato has launched ‘Nugget’, a no-code AI-driven customer support platform designed to help businesses automate and streamline their customer service
• The Ministry of Labour & Employment (MoLE) has signed an MoU with APNA, a leading job recruitment platform, to enhance employment prospects for young job seekers
• India and Qatar have decided to upgrade their bilateral relations to a strategic partnership, focusing on trade, investment, and energy cooperation
• The Department of Telecommunications (DoT) and the International Telecommunication Union (ITU) have taken a major step in digital infrastructure planning by signing a Letter of Intent (LoI) to explore the potential of AI-driven digital twin technologies
• Reliance Industries Limited (RIL) has achieved a historic milestone, securing 2nd place in the FutureBrand Index 2024, surpassing global giants like Apple, Nike, and Disney.
• The Insurance Regulatory and Development Authority of India (IRDAI) has permitted a one-time UPI mandate for blocking premium amounts for life and health insurance policies.
• Karnataka Bank launched two new banking products to commemorate its 101st Founders' Day.
• The Securities and Exchange Board of India (SEBI) has proposed a SIM-binding authentication mechanism to enhance security in stock market transactions and prevent unauthorized access to investors' trading and demat accounts.
• Life Insurance Corporation of India (LIC) has launched a single-premium smart pension plan offering various annuity options for Single Life and Joint Life annuities.
• Asian Development Bank (ADB) has approved a plan to scale up its operations by 50% over the next decade, leveraging its existing capital base to enhance development impact across Asia and the Pacific.
• The Lokpal and Lokayuktas Act, 2013 mandates the establishment of Lokpal at the Union level and Lokayuktas at the State level to investigate corruption allegations against public officials.
• The Reserve Bank of India (RBI) has introduced RBIDATA, a mobile application designed to enhance public access to macroeconomic and financial data.
• The International Financial Services Authority (IFSCA) has introduced the IFSCA Bullion Market Regulations, 2025, replacing the IFSCA (Bullion Exchange) Regulations, 2020.
• India and Qatar have elevated their bilateral relationship to a strategic partnership following talks between Prime Minister Narendra Modi and Amir Sheikh Tamim Bin Hamad Al-Thani.
• In a first-of-its-kind initiative in India 'nPROUD', the Kerala Drugs Control Department is set to launch a programme for the collection and scientific disposal of expired and unused medicines.
• In a significant boost to India's Act East policy, the Inland Waterways Transport (IWT) Terminal at Jogighopa in Assam was inaugurated on February 18, 2025.
• The Kerala Government has launched Nayanamritham 2.0, the world’s first AI-powered public health screening program for chronic eye diseases in collaboration with Remidio, a leading Indian health-tech company.
• Milind Rege, a stalwart of Mumbai cricket, passed away in Mumbai, Maharashtra due to cardiac arrest at the age of 76.
• The United Nations (UN) World Day of Social Justice is annually observed on February 20 to encourage people to look at how social justice affects poverty eradication