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CURRENT AFFAIRS: BANKING & FINANCE

Reserve Bank of India proposes scrapping foreclosure charges on floating rate loans for individuals and Micro, Small and Medium Enterprises

• The Reserve Bank of India (RBI) has issued draft guidelines proposing the removal of foreclosure charges on floating-rate loans for retail and MSME borrowers, including loans granted to individual borrowers for business purposes.
• These changes will provide greater flexibility for borrowers to switch lenders offering better terms and allow them to prepay their loans without incurring penalties, which currently range from 4-5% on the outstanding principal for personal loans.
• According to the draft circular, regulated entities (REs), except Tier 1 and 2 primary (urban) cooperative banks and base layer NBFCs, shall not impose prepayment penalties on floating-rate loans sanctioned to individuals and MSE borrowers, up to an aggregate limit of ₹7.50 crore per borrower.
• This waiver will enable MSMEs to utilize their savings for expansion, improve cash flow, and enhance financial stability.
• Additionally, the RBI has proposed that lenders must permit loan prepayment without enforcing a minimum lock-in period and must not retrospectively levy charges that were previously waived or undisclosed to borrowers.
• The central bank has invited comments and feedback from stakeholders and the public on these draft guidelines until March 21.

Recent News:

• In February 2025, The RBI launched RBIDATA, a mobile app providing seamless access to 11,000+ macroeconomic and financial data series.

About RBI:

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

Reserve Bank of India imposes penalty on Citibank, Asirvad Micro Finance, JM Fin Home Loans

• The Reserve Bank of India (RBI) imposed monetary penalties on Citibank, Asirvad Micro Finance, and JM Financial Home Loans for violating regulatory norms.
• The RBI’s action was based on supervisory findings following a statutory inspection of the companies’ financial position as of March 31, 2023 (for Citibank and Asirvad Micro Finance) and March 31, 2022, and March 31, 2023 (for JM Financial Home Loans).

Key Highlights:

• Citibank was fined ₹39 lakh for reporting breaches in ‘Large Exposures’ limits with delay and failing to upload rectified data within seven days of receiving rejection reports from Credit Information Companies (CICs).
• Asirvad Micro Finance was penalized ₹6.20 lakh for failing to report household income of certain borrowers to CICs, not providing factsheets to some gold loan customers, and not implementing auto-escalation of complaints rejected by its internal grievance redress mechanism to the internal ombudsman.
• JM Financial Home Loans was fined ₹1.50 lakh for failing to disclose its approach for gradation of risk and the rationale for different interest rates for different borrower categories. The company also did not explicitly communicate this in application forms or sanction letters.

Recent News:

• In February 2025, The Reserve Bank of India (RBI) imposed penalties on Nainital Bank Limited (₹61.40 lakh) for non-compliance with norms on ‘Interest Rate on Advances’ and ‘Customer Service in Banks,’ Ujjivan Small Finance Bank (₹6.70 lakh) for failing to issue loan agreements to some borrowers, and Shriram Finance (₹5.80 lakh) for not periodically reviewing risk categorization of accounts.

LTI Mindtree gains after joining hands with Eurobank S.A

• LTIMindtree gained 2.85%, reaching ₹5,634.15, after announcing a strategic collaboration with Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A., to enhance customer experience and improve banking operations for Eurobank and its subsidiaries.

Key Highlights of the Collaboration:

• Fairfax Digital Services (a Fairfax Company) enabled the partnership.
• A Global Delivery Center will be established in India.
• LTIMindtree has been chosen as the Services Partner for Eurobank Luxembourg's Temenos implementation program, handling:
  • Maintenance
  • Data migration
  • Quality assurance
  • Post-production support
• The collaboration will focus on modernizing the technology infrastructure across Cyprus, Luxembourg, and Greece to enhance customer experience and operational efficiency.

About LTIMindtree:

• LTIMindtree, a Larsen & Toubro Group company, is a global technology consulting and digital solutions firm that helps enterprises reimagine business models, accelerate innovation, and drive growth through digital technologies.
• The company combines the strengths of Larsen & Toubro Infotech and Mindtree, delivering large-scale digital transformation and solving complex business challenges.

Reserve Bank of India's 87,000-cr rupee-dollar swap to shore up banks' liquidity

• The Reserve Bank of India (RBI) will conduct a three-year dollar-rupee buy-sell swap auction worth $10 billion (approximately ₹87,000 crores) on February 28, 2025 to inject liquidity into the banking system.
• “In order to meet the durable liquidity needs of the system, the Reserve Bank has decided to inject rupee liquidity for a longer duration through a long-term USD-INR buy-sell swap,” RBI

Second Swap in Two Months

• Market participants will be required to place bids based on the premium they are willing to pay to RBI for the swap's tenor, which will determine the auction’s cut-off.
• This marks the second swap auction by the central bank in 2025, following a $5.1 billion six-month swap conducted on January 31.
• Under this swap mechanism, the RBI will buy dollars from banks in exchange for rupees, injecting liquidity into the system, and will sell the dollars back after three years.
• The January 31, 2025 swap was part of a broader set of liquidity measures announced on January 27, including:

• Open Market Operations (OMO): ₹60,000 crore worth of government securities purchases in three tranches of ₹20,000 crore each.
• 56-day Variable Rate Repo (VRR): ₹50,000 crore auction.

What is OMO & VRR?

• Open market operation (OMO) refers to the purchase and sale of securities in the open market by the Central Bank of a country.
• VRR is a short-term liquidity adjustment tool employed by the RBI to supply funds to the banking system.

Mirae Asset Sharekhan Expands into Life Insurance Distribution with ICICI Prudential, HDFC Life Partnerships

• Mirae Asset Sharekhan, a leading financial services platform, has entered the life insurance distribution sector through strategic partnerships with ICICI Prudential Life Insurance and HDFC Life.
• This move aligns with the company’s vision of offering a one-stop financial platform that integrates wealth creation with long-term financial security.
• With a growing number of retail investors in the stock market, Mirae Asset Sharekhan aims to bridge the gap between investment and financial protection by providing a diverse range of life insurance products, including:
• Term Life & Health Plans – Ensuring income protection and financial security for dependents.
• Unit Linked Insurance Plans (ULIPs) – Offering market-linked returns alongside life cover.
• Endowment Plans – Providing risk-free savings with life cover for family security.
• Annuity & Retirement Solutions – Ensuring financial stability post-retirement.
• ICICI Prudential Life’s Guaranteed Pension Plan Flexi aims to secure retirement savings with a guaranteed lifelong income, while its GIFT Select Plan combines financial protection with assured income benefits.
• HDFC Life’s Click 2 Protect Elite provides a comprehensive safety net against uncertainties, while Click 2 Achieve offers immediate income with customizable premium payment options.
• By integrating insurance with investment solutions, Mirae Asset Sharekhan is strengthening its position in the financial services ecosystem, catering to the evolving needs of modern investors.

About HDFC Life:

• Headquarters: Mumbai, Maharashtra, India
• Founded: 2000
• CEO: Vibha Padalkar
• Subsidiaries: HDFC Life Insurance, HDFC Pension Management, HDFC Life Asset Management
• Key Products: Life Insurance, Health Insurance, Pension Plans, Unit-Linked Insurance Plans (ULIPs), Term Insurance, Child Plans, Retirement Plans, Critical Illness Plans

About ICICI Prudential Life Insurance:

• Headquarters: Mumbai, Maharashtra, India
• Founded: 2001
• CEO: Anup Bagchi
• Subsidiaries: ICICI Prudential Pension Funds Management Company Limited
• Key Products: Life Insurance, Health Insurance, Pension Plans, Unit-Linked Insurance Plans (ULIPs), Term Insurance, Child Plans, Retirement Plans, Critical Illness Plans

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Shri Narendra Modi inaugurates the first edition of the SOUL Leadership Conclave

• Prime Minister Shri Narendra Modi inaugurated the first edition of the School of Ultimate Leadership (SOUL) Leadership Conclave 2025 at Bharat Mandapam, New Delhi.
• Addressing the gathering of distinguished leaders and aspiring young leaders, he emphasized the importance of leadership in nation-building and the development of excellent leaders across all fields.
• He highlighted that SOUL is not just a name but the essence of India's social life, representing a transformative step toward a Viksit Bharat (Developed India).
• A dedicated SOUL campus will be established near GIFT City, Gujarat, to provide world-class training for future leaders.

Key Highlights of PM Modi’s Address

1. SOUL’s Role in Leadership Development

• SOUL aims to train leaders through a scientific and structured approach.
• The training will emphasize:
  • Critical thinking
  • Risk-taking ability
  • Solution-driven mindset
  • Adaptability to disruptive changes
• Leadership development has already begun with:
  • Workshops for State Education Secretaries and State Project Directors for NEP implementation.
  • Training for Chief Minister’s Office (CMO) staff in Gujarat.

4. Leadership for Emerging and Traditional Sectors

Emerging Sectors:

• Deep-tech
• Space
• Biotechnology
• Renewable energy

Traditional Sectors:

• Sports
• Agriculture
• Manufacturing
• Social service

Leadership in Public Policy & Governance

• Future leaders must establish global institutions of excellence.
• Governance and policymaking should incorporate global best practices while prioritizing national interests.
• SOUL will play a crucial role in preparing leaders to navigate international business and governance complexities.

SOUL as a Global Leadership Hub

• SOUL will act as a leadership laboratory, identifying key challenges and opportunities for leadership development.
• The “Amrit Peedhi” (New Generation) will benefit from SOUL’s world-class leadership training.
• The institution aims to produce leaders who will influence multiple sectors globally.

Background of SOUL Leadership Conclave 2025

• Dates: February 21–22, 2025
• Participants: Leaders from diverse domains, including:
  • Politics
  • Sports
  • Arts & Media
  • Public Policy
  • Business
  • Social Sector
  • Spirituality
• Objective: To foster collaboration, thought leadership, and inspire young minds.
• Focus: Learning from both failures and successes to build a strong leadership ecosystem.

India’s First Zoo-Based Biobank Established at PNHZP, Darjeeling

• India has made a significant advancement in wildlife conservation by setting up the country’s first zoo-based biobank at Padmaja Naidu Himalayan Zoological Park (PNHZP), Darjeeling, West Bengal.
• Operational since July 2024, this facility aims to preserve genetic materials of endangered species.
• Additionally, the zoo has launched an animal museum, enhancing conservation and research efforts.
• This initiative is in collaboration with the Centre for Cellular and Molecular Biology (CCMB) under the Ministry of Science and Technology, marking a major milestone in India’s biodiversity preservation.

Key Features of the Biobank at PNHZP

• Functions as a ‘frozen zoo’ to store DNA, cells, and tissues of endangered species.
• Utilizes cryogenic storage at -196°C using liquid nitrogen to maintain viability for future research, breeding, and species revival.
• As of February 2025, genetic samples from 60 animals across 23 species have been collected, focusing on those at high risk of extinction.
• Part of a broader national strategy, with similar biobanks planned for the National Zoological Park (Delhi) and Nandankanan Zoological Park (Odisha).
• Supports genetic research, disease studies, and conservation efforts, acting as a safeguard against biodiversity loss due to climate change and habitat destruction.

Launch of Animal Museum & Other Facilities

PNHZP has also introduced a pathology laboratory and a skeleton museum to strengthen its conservation initiatives:

• Pathology Laboratory: Facilitates advanced medical diagnostics for wildlife, ensuring early disease detection and improved health management.
• Skeleton Museum: Preserves skeletal remains of endangered species, providing educational insights into their anatomy and evolution.
• The animal museum was inaugurated on December 23, 2024, by West Bengal’s Forest Minister, Birbaha Hansda.

PNHZP’s Contribution to Conservation

• Established on August 14, 1958, PNHZP is a pioneer in conserving high-altitude Himalayan species like the red panda, snow leopard, and Himalayan wolf.
• Successfully released nine captive-bred red pandas into the wild at Singalila National Park (2022–2024), leading to five cubs being born naturally.
• The zoo’s red panda conservation program was shortlisted for the 2024 World Association of Zoos and Aquariums (WAZA) Conservation Awards.

RECENT NEWS

• The West Bengal government, under Chief Minister Mamata Banerjee, has introduced the “Nodi Bandhan” scheme in the 2025-26 budget to enhance riverine development and prevent erosion along the Ganga-Padma.

Prime Minister Narendra Modi to Visit Mauritius as Guest of Honour for National Day Celebrations

• Prime Minister Narendra Modi will visit Mauritius next month to participate as the Guest of Honour at the country’s National Day celebrations.
• The announcement was made by Mauritian Prime Minister Navin Ramgoolam, who emphasized that Modi’s presence highlights the deep and historic ties between the two nations.

Mauritius’ National Day: A Historic Occasion

• Mauritius celebrates its National Day on March 12, marking its independence from British rule in 1968.
• The event is a symbol of the country’s sovereignty and progress.
• PM Modi’s presence adds special significance to this year’s celebrations, reinforcing the strong India-Mauritius relationship.

PM Modi’s Visit: Strengthening Bilateral Ties

• Mauritian PM Navin Ramgoolam called it a “singular privilege” to host Modi despite his tight diplomatic schedule.
• The visit is a testament to India-Mauritius relations, which span diplomatic, economic, and cultural cooperation.
• India has played a key role in Mauritius’ development initiatives, infrastructure projects, and strategic partnerships.

Previous Indian Dignitaries at Mauritius’ National Day

• In 2023, President Droupadi Murmu attended Mauritius’ National Day as the Chief Guest, reinforcing India’s commitment to fostering strong diplomatic ties.
• Several Indian leaders have participated in past independence celebrations, emphasizing the historical and cultural connections between the two nations.

India-Mauritius Relations: A Strong Partnership

1. Economic and Trade Cooperation

• India is one of Mauritius’ largest trade and investment partners.
• The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) has boosted bilateral trade and investment.

2. Infrastructure Development

India has supported Mauritius in major infrastructure projects, including:

• Metro Express Project, enhancing urban mobility.
• Renovation of the Supreme Court of Mauritius.
• Social Housing Project, providing affordable housing.

3. Defense and Security Ties

• India and Mauritius collaborate in maritime security, defense training, and joint military exercises.
• The Indian Navy plays a crucial role in strengthening Mauritius’ maritime security capabilities.

4. Cultural and Historical Ties

• Mauritius has a significant Indian diaspora, making up nearly 70% of the population.
• Bhojpuri, Hindi, and Tamil are widely spoken, reflecting strong cultural and linguistic ties

About Mauritius

• Capital: Port Louis
• Currency: Mauritian Rupee
• Prime minister: Navin Ramgoolam

India Takes Over Chairmanship of Bay of Bengal Programme Inter-Governmental Organisation (BOBP-IGO)

• India has officially assumed the Chairmanship of BOBP-IGO from Bangladesh during the 13th Governing Council Meeting held in Malé, Maldives.
• The transition, attended by representatives from Sri Lanka, Maldives, and Bangladesh, was part of the “Policy Guidance for Mainstreaming Ecosystem Approach to Fisheries Management (EAFM) in Small-Scale Fisheries” conference, organized from February 20-22, 2025.
• Leading India’s delegation, Dr. Abhilaksh Likhi, Secretary, Department of Fisheries, Government of India, took over the chairmanship and reaffirmed India’s commitment to sustainable fisheries, regional cooperation, and small-scale fishers’ welfare.
• This leadership aligns with India’s vision of ‘Viksit Bharat 2047’, promoting economic growth while ensuring environmental sustainability.

Key Highlights of India’s Chairmanship of BOBP-IGO

1. Leadership Transition

• India assumed the Chairmanship of BOBP-IGO from Bangladesh at the 13th Governing Council Meeting.
• The transition was attended by representatives from Sri Lanka, Maldives, and Bangladesh.
• The event was hosted in Malé, Maldives, under the EAFM in Small-Scale Fisheries Conference.

2. India’s Key Focus Areas as Chair

• Strengthening sustainable fisheries development and regional cooperation.
• Promoting small-scale fishers’ welfare across the Bay of Bengal region.
• Enhancing marine resource management and responsible fishing practices.
• Boosting training, capacity building, and research initiatives.
• Tackling Illegal, Unreported, and Unregulated (IUU) fishing through regional collaboration.

3. India’s Leadership and Role

• Led by Dr. Abhilaksh Likhi, Secretary, Department of Fisheries, Government of India.
• Driving policy innovation for sustainable fisheries management.
• Focusing on technological advancements, knowledge exchange, and data sharing.

4. Alignment with Global and National Goals

• India’s chairmanship aligns with ‘Viksit Bharat 2047’, supporting:
  • Poverty alleviation.
  • Economic development.
  • Marine ecosystem protection.
• Expected collaboration with international organizations like:
  • Food and Agriculture Organization (FAO).
  • Southeast Asian Fisheries Development Center (SEAFDEC).
  • United Nations Office on Drugs and Crime (UNODC).

RECENT NEWS

• The 13th edition of the joint India-Maldives military exercise ‘Ekuverin’ is being hosted by the Maldives from 2-15 February 2025.

About Maldives

• Capital: Malé
• Currency: Maldivian Rufiyaa
• President: Mohamed Muizzu

Hyderabad Hosts International Art Exhibition: "Topographies of Tents, Terracotta, and Time"

• Art lovers in Hyderabad are in for a visual and intellectual experience as Srishti Art Gallery and Goethe-Zentrum Hyderabad collaborate to present "Topographies of Tents, Terracotta, and Time."
• This international exhibition brings together the works of renowned national and international artists, exploring themes of identity, displacement, and transformation.

An Immersive Artistic Experience

Curated by Matthew Partridge, the exhibition will feature three distinguished artists, each offering unique perspectives through diverse artistic mediums:

• Arnaldo Drés González (Venezuela/Germany)
• Sudhakar Chippa (India)
• Swen Kählert (Germany)

Meet the Artists and Their Unique Styles

Arnaldo Drés González – Migration and Impermanence

• González's art reflects themes of migration, impermanence, and identity.
• Uses discarded materials to create luminous pathways, symbolizing the fluid nature of movement and belonging.
• His installations of transient shelters represent the fragmented sense of home experienced by displaced individuals.

Sudhakar Chippa – Tradition Meets Urbanization

• Chippa reimagines terracotta, a traditional Indian material, into floating geometric structures.
• His work symbolizes the expansion of urban landscapes and explores the balance between modernization and tradition.
• Challenges perceptions of terracotta by using it to represent urbanization, environmental transformation, and human progress.

Swen Kählert – Fusion of Art, Architecture, and Nature

• Kählert experiments with fluid acrylic forms, allowing time and nature to shape his work.
• His background in urban design and architecture influences his innovative, evolving artistic creations.
• His pieces bridge fine art and architecture, emphasizing organic movement and environmental influences.

A Collaborative Journey – Residency at Banyan Hearts Open Studio

This exhibition developed through an artist residency at Banyan Hearts Open Studio, where:

• González and Kählert explored Hyderabad’s rich artistic traditions, landscapes, and materials.
• Chippa, as a local artist, facilitated a cultural exchange, providing insights into regional artistic expressions.
• Their journey was documented through photographs, videos, and interviews, adding a storytelling dimension to the exhibition.

Curator Matthew Partridge – Bringing a Cross-Cultural Vision

• Hamburg-based artist, author, and musician.
• Co-founder of Westwerk, an artist cooperative in Germany.
• Background in literature and philosophy from Cambridge University.
• Known for fostering cross-cultural artistic collaborations through experimental and dynamic curation.

Srishti Art Gallery – A Hub of Artistic Innovation

With 25 years of artistic excellence, Srishti Art Gallery has hosted over 200 exhibitions, making it a leading platform for contemporary art in India. The gallery:

• Encourages dialogue between Indian and international artists.
• Promotes experimental and contemporary art through exhibitions and interactive projects.
• Continues to push artistic boundaries, making it a fitting venue for this cross-cultural exploration.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

FBI Director Kash Patel to be named US bureau of alcohol, tobacco, firearms and explosive (ATF) chief

• Newly appointed FBI Director Kash Patel is set to also lead the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) as its acting director.
• This development follows the dismissal of ATF General Counsel Pamela Hicks by Attorney General Pam Bondi, after President Donald Trump ordered the removal of all remaining Biden-era U.S. Attorneys.
• Hicks, who served 28 years in the Department of Justice, confirmed her departure in a LinkedIn post, expressing gratitude for her tenure.
• Patel's confirmation as FBI chief faced opposition from Republican Senators Lisa Murkowski of Alaska and Susan Collins of Maine but received backing from the rest of the Republican Party, including Senate Minority Leader Mitch McConnell.
• The confirmation passed with a narrow 51-49 vote, with all Senate Democrats voting against him.

Former Reserve Bank of India governor Shaktikanta Das appointed Principal Secretary-2 to Prime Minister Modi

• Former Governor of the Reserve Bank of India (RBI) Shaktikanta Dashas been appointed Principal Secretary II to Prime Minister Narendra Modi, according to a notification issued by the Secretariat of the Appointments Committee of the Cabinet.
• His expertise will be crucial in managing economic challenges such as trade wars, rupee volatility, and slowing growth.

Key Highlights of Shaktikanta Das’s Career:

• Former RBI Governor (2018–2024), led during critical periods such as demonetization and COVID-19.
• IAS Officer (1980 batch, Tamil Nadu cadre) with extensive experience in the Finance Ministry, including roles as Revenue Secretary and Economic Affairs Secretary.
• Managed banking sector reforms, helping reduce gross NPAs from 10.8% (2018) to 2.8% (2024).
• Played a key role in major financial events, including the IL&FS crisis and the Russia-Ukraine war’s economic impact.
• Oversaw RBI's monetary policy during the pandemic, implementing repo rate cuts, loan moratoriums, and liquidity measures.
• Longest-serving RBI Governor since Bimal Jalan, with a six-year tenure.

CURRENT AFFAIRS: DEFENCE

Indian Army Boosts Air Defense With Modernization Efforts

• With advanced systems like the AK-203 rifle and QRSAM, India aims to meet modern warfare
• The Indian Army is undergoing significant modernization, enhancing its air defense capabilities by replacing outdated weapon systems with state-of-the-art alternatives and addressing new-age threats, including drones.

Key Highlights:

• A key part of this modernization is the AK-203 rifle, currently manufactured in Amethi, Uttar Pradesh.
• This rifle is positioned as a superior alternative to the AK-47 and a replacement for the INSAS rifle, which has had performance issues since the 1990s.
• The INSAS (Indian Small Arms System) rifle, weighing 15 kg, has limited effectiveness beyond 400 meters.
• According to Zee Hindustan, the AK-203 has superior specifications—it is lighter (3.8 kg), has double the effective range (800 meters), and can fire 700 rounds per minute compared to INSAS's 650.
• Additionally, the AK-203 has an improved magazine capacity of 30 rounds versus INSAS's 20 rounds.
• While the AK-203 focuses on ground-level combat, the Indian Army is also strengthening its air defense capabilities.
• The Army Air Defense (AAD) Core is integrating fragmentation munitions and deploying advanced radar systems to neutralize aerial threats.
• To further enhance air defense, the Indian Army is set to establish contracts for the Quick Reaction Surface-to-Air Missile (QRSAM) system.
• This indigenous system, developed under Atmanirbhar Bharat, will provide rapid response against aerial threats.
• Additionally, the Very Short Range Air Defense System (VSHORADS) has been successfully tested for low-altitude threats.
• The AAD evolution will incorporate EL70, ZU-23MM, and Shilka missile systems to counter drone technology and smart munitions.
• Given the changing battlefield landscape, AAD strategists recognize the urgent need for enhanced aerial defense systems.
• The modernization of artillery and air defense highlights India’s commitment to operational readiness and domestic defense manufacturing.
• The Indian defense industry now faces the challenge of delivering timely supplies to support the Army's ambitious modernization.
• Overall, these advancements underscore India’s proactive military approach, ensuring preparedness against diverse threats, and reinforcing the national objective of self-reliance in defense.

CURRENT AFFAIRS: ACQUISITION & MERGERS

ONGC NTPC Green Acquires Ayana Renewable Power in $2.3 Billion Deal to Expand Clean Energy Portfolio

• ONGC NTPC Green Private Limited (ONGPL) acquires Ayana Renewable Power for INR 195B ($2.3B), marking its first strategic acquisition.
• Ayana’s 4.1 GW operational and under-construction portfolio accelerates ONGPL’s renewable energy ambitions.
• The deal aligns with India’s goal of 500 GW renewable capacity by 2030 and Net-Zero emissions by 2070.

Key Highlights:

• ONGPL, a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has signed a Share Purchase Agreement (SPA) to acquire a 100% stake in Ayana Renewable Power Private Limited.
• The transaction is valued at INR 195 billion ($2.3 billion) and includes investments from National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital.
• This acquisition accelerates ONGPL’s expansion into renewable energy and strengthens India’s commitment to sustainability.
• Ayana’s portfolio consists of 4.1 GW operational and under-construction assets, with an additional 1 GW in the pipeline.
• The assets are largely contracted with high-credit-rated off-takers, including SECI, NTPC, GUVNL, and Indian Railways.
• The parent companies of ONGPL—ONGC and NTPC—are committed to achieving Net Zero emissions by 2038 and 2050, respectively.
• This acquisition supports those sustainability goals while advancing India’s renewable energy capacity target of 500 GW by 2030.
• NIIF, India’s largest domestic infrastructure fund, played a key role in scaling Ayana into a leading renewable energy platform.
• Founded by BII in 2018, Ayana has expanded its investments across solar, wind, and round-the-clock (RTC) projects while securing a top ESG rating—ranked 1st in Asia and among the top three globally by ISS ESG.

CURRENT AFFAIRS: AWARDS AND HONOURS

Indian Biologist Purnima Devi Barman Named in TIME’s Women of the Year 2025

• Renowned wildlife conservationist Purnima Devi Barman has been featured in TIME Magazine’s Women of the Year 2025 list, recognizing extraordinary leaders shaping a more equitable and sustainable world.
• She is the only Indian woman on this year’s list, alongside global figures like Nicole Kidman and Gisele Pelicot of France.
• Barman is celebrated for her remarkable efforts in conserving the greater adjutant stork (Hargila), which has significantly influenced both environmental conservation and social empowerment.

Key Achievements of Purnima Devi Barman

1. Global Recognition & Impact

• Named among 13 influential women worldwide in TIME’s 2025 list.
• The only Indian woman to be recognized this year.
• Her conservation work has had a lasting impact in India, Cambodia, and beyond.

2. The Turning Point (2007 Incident)

• Witnessed a tree being cut down, destroying a greater adjutant stork’s nest.
• Faced local opposition but remained determined to protect the species.
• Marked the beginning of her wildlife conservation journey.

3. Conservation Success: Saving the Greater Adjutant Stork

• Increased the stork population in Assam from 450 (2007) to over 1,800 (2023).
• The International Union for Conservation of Nature (IUCN) improved the stork’s status from “Endangered” to “Near Threatened”.

4. Formation of the ‘Hargila Army’

• Established a network of 20,000+ women to protect stork nests.
• Integrated environmental education with cultural awareness.
• Empowered women socially and economically through community-driven initiatives.

5. Cultural & Social Transformation

• Introduced baby showers for stork chicks to make conservation a cultural tradition.
• Promoted textile weaving featuring stork motifs to create sustainable livelihoods.
• Conservation efforts are now deeply embedded in Assamese culture.

6. International Influence

• Schools in France and Cambodia are incorporating her conservation model into their education systems.
• The Hargila Army movement is inspiring global conservation efforts.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tata Power Partners with AWS to Modernize India’s Energy Sector

• Tata Power has announced a strategic partnership with Amazon Web Services (AWS) to modernize its digital infrastructure and accelerate India’s transition toward a sustainable energy ecosystem.
• This collaboration will leverage cloud technology, artificial intelligence (AI), and the Internet of Things (IoT) to enhance operational efficiency, strengthen grid resilience, and empower consumers with smarter energy management tools.

Key Highlights of the Tata Power-AWS Collaboration

1. Digital Transformation of India’s Energy Sector

• Tata Power is migrating 23 mission-critical applications to AWS using Amazon Elastic Kubernetes Service (EKS).
• Integration of cloud computing, AI, and IoT will enable real-time energy monitoring and automation.
• Smarter energy distribution will help reduce inefficiencies and improve service reliability.

2. Consumer Benefits & Sustainability Focus

• Consumers will have access to digital platforms for real-time monitoring and control of energy consumption.
• Aligns with India’s energy conservation initiatives and carbon footprint reduction goals.
• AWS’s AI and machine learning capabilities will optimize energy distribution, promoting green energy adoption.

3. Supporting India’s Renewable Energy Goals

• India aims to achieve 500 GW of non-fossil fuel energy by 2030.
• Cloud-based technologies will enhance grid stability and optimize energy supply and demand.
• Tata Power’s digital transition aligns India’s energy sector with global best practices.

Recent news

• Tata Power Renewable Energy, a unit of Tata Power, has formed a partnership with the state-run Canara Bank to provide affordable financing options for rooftop solar installations.

CURRENT AFFAIRS: RANKING AND REPORTS

Lancet Study Highlights 30% Decline in India’s Suicide Death Rate

• A recent Lancet study based on the Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) 2021 reveals a 30% decline in India’s suicide death rate from 1990 to 2021.
• The study also states that, on a global scale, one person dies by suicide every 43 seconds.
• In India, the decline is more pronounced among females, with mental health initiatives and policy reforms playing a crucial role in this reduction.

Key Findings of The Lancet Study

India-Specific Suicide Rate Decline

• 1990: 18.9 per lakh population
• 2021: 13 per lakh population
• Greater decline observed in females compared to males.

Gender-wise Breakdown

• Females: Declined from 16.8 per lakh (1990) to 10.3 per lakh (2021).
• Males: Declined from 20.9 per lakh (1990) to 15.7 per lakh (2021).

Most Vulnerable Section

• Educated women (2020) recorded the highest suicide death rates.
• Family problems identified as the most common contributing factor.

Major Initiatives Behind the Decline

1. Decriminalization of Suicide

• Mental Healthcare Act, 2017 decriminalized suicide, ensuring treatment instead of punishment.
• Bharatiya Nyaya Sanhita (BNS) removed any provisions similar to Section 309 of the IPC, which previously criminalized suicide attempts.

2. National Suicide Prevention Strategy (2022)

• Aims to reduce suicide mortality by 10% by 2030.

3. WHO’s Mental Health Action Plan (2013–2030)

• Recognizes mental health as a key factor in achieving overall well-being.

4. Other Key Mental Health Initiatives

• National Mental Health Policy (2014): Focuses on mental well-being and suicide prevention.
• Promotes mental health awareness and access to counseling.

5. Toll-Free Mental Health Helplines

• Manodarpan: Launched by the Ministry of Education for students’ mental health.
• KIRAN: A national helpline offering mental health support.

CURRENT AFFAIRS: SPORTS NEWS

Vishvaa Rajakumar Wins Memory League World Championship 2025

• In a remarkable display of cognitive brilliance, 20-year-old Vishvaa Rajakumar from India has been crowned the winner of the Memory League World Championship 2025, as reported by The New York Times.
• This prestigious global competition tests participants' ability to memorize and recall sequences of numbers, images, and words in record time.
• Rajakumar's record-breaking performance included recalling 80 digits in just 13.5 seconds, showcasing his extraordinary mental agility and memorization skills.

Key Highlights of Vishvaa Rajakumar’s Achievement

• Winner of the Memory League World Championship (February 2025).
• Set a new benchmark by recalling 80 digits in 13.5 seconds.
• Used the "Memory Palace" technique, an ancient Roman memorization strategy.
• Stressed the importance of hydration for better cognitive function.
• Expressed deep emotional joy, calling it an amazing experience.
• Future goal: Establishing a memory training institution in India.

The Secret Behind His Success: The Memory Palace Technique

• The "Memory Palace" technique associates information with familiar locations.
• Rajakumar visualized different rooms in a house to recall sequences of numbers and words.
• This technique helps in organizing and retrieving information effortlessly.
• He revealed that he can remember 50 stories for 100 words using this method.

CURRENT AFFAIRS: IMPORTANT DAYS

Central Excise Day 2025: February 24

• Every year February 24 is celebrated as the central Excise Day all over the world.
• The day is being celebrated to honor the service of the Central Board of Excise and Customs (CBEC) to the country.

History

• The Central Excise Department was one of the oldest departments in India which was established in the year 1855, under the British Raj.
• “The Central Excise Act” or “The Central Excise and Salt Act” was regulated in the year 1944, in which year for the first time Central Excise Day was celebrated but later in the year 1996 these acts get some changes.
• For the Central Excise Officers under the Union Government the “Power to Arrest” was given in the year 1973, which in the year 2013 was given to the Service Tax Matters.
• In this act, at first, there were 67 items mentioned about the Excise Duties which now approximately reach the number 1000.
• After the year 2017, July, and the appearance of GST the Central Excise department only focus on Petroleum and Liquor products to get the tax on perfect assurances.
• In recognition of the establishment of laws, the CBEC has celebrated Central Excise day since the passing of the Salt Act which was signed into law on February 24, 1944.

Daily CA One- Liner: February 23 & 24

• Prime Minister Shri Narendra Modi inaugurated the first edition of the School of Ultimate Leadership (SOUL) Leadership Conclave 2025 at Bharat Mandapam, New Delhi
• India has made a significant advancement in wildlife conservation by setting up the country’s first zoo-based biobank at Padmaja Naidu Himalayan Zoological Park (PNHZP), Darjeeling, West Bengal
• Prime Minister Narendra Modi will visit Mauritius next month to participate as the Guest of Honour at the country’s National Day celebrations
• India has officially assumed the Chairmanship of BOBP-IGO from Bangladesh during the 13th Governing Council Meeting held in Malé, Maldives
• Art lovers in Hyderabad are in for a visual and intellectual experience as Srishti Art Gallery and Goethe-Zentrum Hyderabad collaborate to present "Topographies of Tents, Terracotta, and Time."
• Renowned wildlife conservationist Purnima Devi Barman has been featured in TIME Magazine’s Women of the Year 2025 list, recognizing extraordinary leaders shaping a more equitable and sustainable world
• Tata Power has announced a strategic partnership with Amazon Web Services (AWS) to modernize its digital infrastructure and accelerate India’s transition toward a sustainable energy ecosystem
• A recent Lancet study based on the Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) 2021 reveals a 30% decline in India’s suicide death rate from 1990 to 2021.
• In a remarkable display of cognitive brilliance, 20-year-old Vishvaa Rajakumar from India has been crowned the winner of the Memory League World Championship 2025, as reported by The New York Times.
• The Reserve Bank of India (RBI) has issued draft guidelines proposing the removal of foreclosure charges on floating-rate loans for retail and MSME borrowers, including loans granted to individual borrowers for business purposes.
• The Reserve Bank of India (RBI) imposed monetary penalties on Citibank, Asirvad Micro Finance, and JM Financial Home Loans for violating regulatory norms.
• LTIMindtree gained 2.85%, reaching ₹5,634.15, after announcing a strategic collaboration with Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A., to enhance customer experience and improve banking operations for Eurobank and its subsidiaries.
• The Reserve Bank of India (RBI) will conduct a three-year dollar-rupee buy-sell swap auction worth $10 billion (approximately ₹87,000 crores) on February 28, 2025 to inject liquidity into the banking system.
• Mirae Asset Sharekhan, a leading financial services platform, has entered the life insurance distribution sector through strategic partnerships with ICICI Prudential Life Insurance and HDFC Life.
• Newly appointed FBI Director Kash Patel is set to also lead the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) as its acting director.
• Former Governor of the Reserve Bank of India (RBI) Shaktikanta Dashas been appointed Principal Secretary II to Prime Minister Narendra Modi, according to a notification issued by the Secretariat of the Appointments Committee of the Cabinet.
• With advanced systems like the AK-203 rifle and QRSAM, India aims to meet modern warfare challenges.
• ONGC NTPC Green Private Limited (ONGPL) acquires Ayana Renewable Power for INR 195B ($2.3B), marking its first strategic acquisition.
• Every year February 24 is celebrated as the central Excise Day all over the world.