Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs March 2025 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs March 02nd & 03rd 2025, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs March 02nd & 03rd 2025 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

Daily Current Affairs PDF of March 02nd & 03rd 2025

Get More: Static GK Pdfs

CURRENT AFFAIRS: BANKING & FINANCE

Indian fintech firm, NPST partners with Hyperface to enable instant credit access via UPI for banks

• NPST, an Indian fintech firm, has partnered with Hyperface to offer embedded credit lines through UPI for banks and credit issuers.
• India has a significant gap in affordable credit access, with only 100 million credit cards compared to over 400 million UPI users.
• The collaboration aims to provide seamless, digital-first credit solutions to enhance purchasing power and promote financial inclusion.
• Consumers will have access to pre-approved credit lines at the point of sale and the ability to split payments into flexible installments.
• Merchants will benefit from higher conversion rates, larger transaction values, and improved customer loyalty.
• NPST will integrate its UPI switch technology with Hyperface’s Embedding Banking Platform to facilitate seamless transactions.
• Hyperface’s Credit Management Engine is a modular, flexible, and scalable system for embedding credit in UPI.
• The solution provides real-time credit risk assessment, instant business insights for banks, and built-in compliance tools.
• Banks and credit issuers can rapidly deploy and re-calibrate UPI-based credit products.
• The partnership aims to drive scalability, innovation, and sustainability in India’s digital credit ecosystem.

Bank of Baroda Leads the Way with Central Bank Digital Currency (CBDC)-Powered Merchant Cashback Initiative

• Bank of Baroda (BoB) has launched a pilot Loyalty/Cashback Programme for merchants, leveraging the programmability of the Central Bank Digital Currency (CBDC).
• The initiative is in collaboration with a fintech company and is available through the ‘bob Merchant App’.
• It enables small and medium merchants, such as local retail shops, grocery stores, and pharmacies, to independently create and run loyalty/cashback programmes.
• Merchants do not need to invest in additional infrastructure or software to operate these reward programmes.
• Merchants can configure their cashback offers, including the campaign period, cashback percentage, and expiry date.
• During the campaign period, BoB customers using the bob World Digital Rupee app will receive cashback in the form of Programmable CBDC (PCBDC).
• PCBDC can only be used at the specific merchant outlet where it was issued, ensuring targeted customer engagement.

About Bank of Baroda (BoB):

• Founded: 1908
• Headquarters: Vadodara, Gujarat, India
• Managing Director & CEO: Debadatta Chand
• Tagline: "India’s International Bank"

Securities and Exchange Board of India (SEBI) Launches Centralized Database for Corporate Bonds

• Securities and Exchange Board of India (SEBI) has launched a centralized database portal for corporate bonds called Bond Central to provide a single, authentic source of information on corporate securities.
• The portal has been developed by the Online Bond Platform Providers Association (OBPP Association) in collaboration with Market Infrastructure Institutions (MIIs), including stock exchanges and depositories.
• Bond Central is a public information repository, accessible free of cost, aimed at enhancing transparency and informed decision-making for investors and market participants.
• The OBPP Association, a not-for-profit entity, will operate the portal with support from MIIs.
• Key features of Bond Central:
  • Unified view of corporate bonds across exchanges and issuers.
  • Comparison tool for corporate bond prices with Government Securities (G-Secs) and other fixed-income indices.
  • Access to detailed risk assessments, corporate bond documents, and disclosures to help investors evaluate opportunities.
  • Standardised corporate bond data to reduce information asymmetry and build market trust.

Recent News:

• In February 2025, The Securities and Exchange Board of India (SEBI) fined the Indian Clearing Corporation Ltd. (ICCL), a subsidiary of BSE Ltd., ₹5.05 crore for regulatory breaches.

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.

Reserve Bank of India’s ‘Regulations at a Glance’ Handbook: Key Takeaways for Cooperative Banks

• The Reserve Bank of India has released the“Regulations at a Glance” handbook, compiled by the Department of Regulation (DoR), to provide a broad overview of the regulatory landscape across various activities and entities.
• Organized into 6 chapters, it presents a tabular summary of major regulations issued by the DoR.

Key Highlights:

1. Licensing of New Institutions

• Urban Cooperative Banks (UCBs):
  • Required paid-up capital/net worth: ₹12.5 lakh – ₹4 crore (depending on center and population size).
  • RBI stopped accepting new applications for UCB licenses since 2004.
• Rural Cooperative Banks (StCBs & CCBs):
  • Declared as StCB/CCB by the State Government.
  • RBI grants licenses based on NABARD's recommendations and internal assessment.
• Promoter Conditions:
  • Focus on educational background, financial standing, governance capacity, and ability to mobilize capital.

2. Branch Licensing

• UCBs:
  • Automatic Route: Financially Sound and Well Managed (FSWM) UCBs can open 1-5 new branches, limited to 10% of their existing branches.
  • Approval Route: FSWM UCBs must submit an Annual Business Plan (ABP) to RBI for approval by December 15.
• StCBs & DCCBs:
  • Require NABARD & RBI approval.
  • Conditions: CRAR ≥ 9%, NNPA ≤ 5%, no CRR/SLR default, good compliance record.
  • DCCBs need three years of operation, net profit in last two years, and no RBI restrictions.

3. Governance Framework

• Governed by respective State/Central Cooperative Society Laws.
• Banking Regulation Act, 1949 (BR Act) provisions applied since 2020.
• Key RBI governance requirements:
  • Formation of an Audit Committee of the Board.
  • Eligibility criteria for directors, MD/CEO/WTD, tenure limits, and provisions for Board supersession.
  • Large UCBs must appoint an independent Chief Risk Officer (CRO).
  • NABARD issues governance guidelines for rural cooperatives.

4. Credit Risk Regulations

• Urban Cooperative Banks:
  • Maximum exposure to shares, bonds, and debentures: ₹10 lakh (in dematerialized form).
  • Loan-to-Value (LTV) ratio: 50%.
• Rural Cooperative Banks:
  • Maximum exposure: ₹5 lakh.
  • LTV ratio: 50%.
• Securitization of Standard Assets:
  • Permitted: SCBs, AIFIs, NBFCs, HFCs.
  • Not Permitted: RRBs and Cooperative Banks.
  • SFBs follow their operating guidelines.

5. Interest Rate Framework for SCBs & Cooperative Banks

• Uniformity:
  • Interest rates must be consistent across all branches and customers.
  • No discrimination between deposits of the same amount on the same date at different branches.
• Transparency:
  • Rates must be disclosed in advance.
  • Interest rates on NRE/NRO deposits cannot exceed comparable domestic term deposits.

6. Mergers & Amalgamations

• Governed by the BR Act, 1949.
• RBI Approval Required under Section 44A for voluntary banking company mergers.
• For UCBs (March 23, 2021 guidelines):
  • Amalgamations considered only if depositors’ funds are fully protected.
• DCCB-StCB Amalgamations:
  • Governed by May 24, 2021 guidelines under Sections 44A & 56.

7. Resolution of Banking Companies & Cooperative Banks

• RBI Powers:
  • Can apply to the government for compulsory bank restructuring.
  • Can supersede Boards (Section 36ACA & 36AAA) and issue management directives (Section 35A).
  • License Cancellation (Section 22(4)):
    • Banks can appeal to the Central Government within 30 days.
    • Post-cancellation Liquidation:
      • Banking companies: High Court appoints liquidator.
      • Uni-state cooperative banks: State Registrar of Cooperative Societies appoints liquidator.
      • Multi-state cooperative banks: Central Registrar appoints liquidator.

Recent News:

• In February 2025, The RBI will roll back its 2023 increase in risk weights on bank loans to NBFCs, effective April 1, 2025, to address slowing bank credit growth.

About RBI :

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

India and Japan renew $75 billion bilateral currency swap agreement

• The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Reserve Bank of India signed the second Amendment and Restatement Agreement of the Bilateral Swap Arrangement (BSA).
• The BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for the US Dollar.
• The size of the BSA remains unchanged, that is, up to 75 billion US Dollars.
• Japan and India believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability.

What Is a Currency Swap?

• Currency swaps are agreements between two parties to trade one currency for another at a preset rate over a given period.
• These exchanges are more complex than simply changing denominations for accounting purposes.
• Instead, they set the stage for a large portion of global economic activity, allowing businesses to operate smoothly across borders and giving central banks powerful tools to manage monetary policy.

Reserve Bank of India penalises HSBC, IIFL Samasta Finance over compliance lapses

• The Reserve Bank of India imposed a penalty of ₹66.60 lakh on HSBC and ₹33.10 lakh on IIFL Samasta Finance.
• HSBC outsourced the disposal/closure of anti-money laundering (AML) alerts to a group company.
• HSBC failed to report unhedged foreign currency exposures of certain borrowers to credit information companies (CICs).
• HSBC opened savings deposit accounts for ineligible entities.
• IIFL Samasta Finance charged interest on loans before actual disbursement or cheque issuance.
• IIFL Samasta Finance failed to classify certain overdue accounts (90+ days) as NPAs.
• Some NPA accounts were incorrectly classified as ‘standard assets’ without full arrears clearance.
• Multiple customer identification codes were allotted instead of a Unique Customer Identification Code (UCIC) for individuals.
• Violations were based on financial positions as of March 31, 2023.
• RBI imposed these penalties as part of regulatory enforcement to ensure compliance with banking norms.

UPI Lite Integration: WhatsApp Set to Simplify Digital Transactions

• WhatsApp is working on integrating UPI Lite to enhance its payment system.
• UPI Lite is designed for small, frequent transactions and reduces failures during peak hours.
• Beta version (v2.25.5.17) testing suggests the feature is under development.
• Unlike regular UPI, UPI Lite allows users to preload a small balance for faster transactions.
• Key features of WhatsApp’s UPI Lite integration:
  • Limited to the primary device – Cannot be used on linked devices.
  • Pin-free payments – Allows quick transactions without authentication.
• WhatsApp has over 500 million users in India, making it a potential competitor to Google Pay, PhonePe, and Paytm.
• Currently, WhatsApp is not listed as a UPI Lite-supported app, but this integration could change that.
• WhatsApp is also working on bill payments, enabling users to pay utility bills, recharge mobiles, and more within the app.

About UPI Lite:

• Founded: Introduced by the National Payments Corporation of India (NPCI) in September 2022.
• Headquarters: Mumbai, India.
• CEO: Dilip Asbe (Managing Director & CEO of NPCI).

Fintech startup,Rupee112 Launches India’s First Fully Automated WhatsApp Loan Disbursal

• Rupee112, a Gurgaon-based fintech startup, has launched India’s first fully automated loan disbursal service via WhatsApp.
• The service enables salaried professionals to access instant unsecured loans.
• AI and ML streamline the lending process, eliminating paperwork and reducing approval times.
• Borrowers can secure loans between ₹5,000 and ₹1,00,000 by messaging Rupee112’s official WhatsApp number.
• Real-time verification ensures fast loan disbursal directly into bank accounts within minutes.
• The AI-driven model addresses challenges in traditional lending, improving security and efficiency.
• WhatsApp integration enhances financial accessibility, leveraging a widely used platform in India.
• The initiative reflects India’s digital transformation in fintech, emphasizing seamless, digital-first financial solutions.
• Founded in 2023, Rupee112 focuses on financial inclusion, expanding services through mobile apps and WhatsApp-based lending.
• With rising fintech adoption, digital lending solutions are expected to drive financial inclusion in India.

Unified Payments Interface (UPI) Records Highest-Ever Monthly Transactions in January 2025

• UPI transactions in January 2025 surpassed 16.99 billion, with a total transaction value exceeding Rs 23.48 lakh crore, marking the highest number recorded in any month, according to the Finance Ministry.

Key highlights

• The digital payments landscape in India has shown remarkable growth in the financial year 2023-24.
• The total UPI transaction volume exceeded 131 billion, with a total value crossing Rs 200 lakh crore during the year.
• Unified Payments Interface (UPI) continues to dominate India's digital payment ecosystem, contributing to 80% of retail payments across the country.
• Its ease of use, extensive bank participation, and fintech adoption have made it the most preferred mode of real-time transactions.

As of January 2025, the UPI ecosystem includes:

• Over 80 UPI apps
• 641 banks participating in the system
• People to Merchant (P2M) transactions contributed 62.35% of the total UPI volume.
• Peer-to-Peer (P2P) transactions accounted for 37.65% of the total volume.
• In January 2025, 86% of P2M transactions were valued up to Rs 500, highlighting the trust citizens place in UPI for small-value payments.

RECENT NEWS:

• IRDAI has introduced Bima-ASBA, a UPI-based system for life and health insurance premium payments, effective March 1, 2025. It allows policyholders to block funds in their bank accounts, which are debited only after policy approval.

Reserve Bank of India (RBI) introduced a $10 billion dollar-rupee buy-sell swap

• The Reserve Bank of India (RBI) introduced a $10 billion dollar-rupee buy-sell swap on February 21, 2025, to inject rupee liquidity for a longer duration.
• This follows a $5 billion swap conducted less than a month ago, reinforcing RBI's strategy to address liquidity needs.

Key highlights

• The swap aims to stabilize the rupee's value while increasing India's foreign exchange reserves.
• RBI has been selling dollars to manage rupee volatility, reducing rupee liquidity in the system.
• As of December 31, 2024, RBI’s net forward dollar sales stood at $67.93 billion.
• In Q3 FY24, RBI sold $45 billion in the spot market, including $15.15 billion in December, $20.22 billion in November, and $9.27 billion in October.

How the Swap Works

• The buy-sell swap allows banks to sell US dollars to RBI while agreeing to repurchase the same amount at the end of the swap period.
• This helps maintain a balanced foreign exchange flow while addressing rupee liquidity concerns.

Additional Liquidity Measures by RBI

• In the past five weeks, RBI has infused over Rs 3.6 lakh crore into the banking system via:
  • Debt purchases
  • Forex swaps
  • Longer-duration repos
• Measures taken in January 2025 included:
  • Variable Rate Repo (VRR) auctions of different tenors
  • Daily VRR auctions (January 16-23)
  • $5 billion dollar-rupee swap (January 31)
  • Open Market Operations (OMO) purchases worth Rs 60,000 crore
  • 56-day VRR auction scheduled in February
• RBI’s $10 billion buy-sell swap is a strategic move to inject durable liquidity, curb volatility in the rupee, and strengthen forex reserves, ensuring a stable financial environment.

CURRENT AFFAIRS: NATIONAL NEWS

10,000 Farmer Producer Organizations Achieved under Government’s Flagship Scheme

• The Central Sector Scheme for Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs) was launched by Prime Minister Narendra Modi on February 29, 2020, with a budget of ₹6,865 crore till 2027-28.
• The initiative aims to empower small and marginal farmers by improving market access, financial aid, and collective bargaining power.
• Recently, the 10,000th FPO was launched in Khagaria, Bihar, focusing on maize, banana, and paddy. So far, 30 lakh farmers have been linked to FPOs, with 40% participation from women, significantly boosting the agricultural economy.

Key Highlights of the Scheme

About the Scheme

• Launched by: PM Narendra Modi on February 29, 2020
• Budget: ₹6,865 crore (2020-2027)
• Objective: Formation of 10,000 FPOs to boost farmers’ income through collective farming and marketing
• Latest Milestone: 10,000th FPO registered in Khagaria, Bihar
• Beneficiaries: 30 lakh farmers, with 40% women participation

Financial Assistance Provided

• Equity grants: ₹4 crore to 4,761 FPOs
• Credit guarantee cover: ₹453 crore for 1,900 FPOs

Financial Support for FPOs

• ₹18 lakh per FPO for management costs (3 years)
• Matching equity grant of ₹2,000 per farmer (up to ₹15 lakh per FPO)
• Credit guarantee facility of up to ₹2 crore per FPO

Role of FPOs in Agriculture

What are FPOs?

Farmer Producer Organizations (FPOs) are registered groups of farmers who collaborate for better market access, reduced costs, and resource sharing.

• Regulated under: Companies Act (Part IXA) or Co-operative Societies Act
• Mandated by: Small Farmers’ Agribusiness Consortium (SFAC)

Objectives of FPOs

• Enhance farmers’ income through better market linkages
• Reduce input costs by providing collective access to seeds, fertilizers, and technology
• Ensure financial and credit support to small and marginal farmers
• Promote value addition through processing and branding
• Encourage sustainable farming practices

Government Support & Ministry Convergence

Ministry/Department	Support Provided
Agriculture & Farmers Welfare	Licenses, dealership support, e-NAM linkages
Food Processing	35% capital subsidy, 50% grant for branding and marketing
MSME	Funds for management, equity grants, and credit facility
Fisheries, Animal Husbandry & Dairying	Dairy FPO support with ₹500 crore allocation
APEDA	Export assistance for registered FPOs
Spices Board	Support for value-added spice production and export

Key Initiatives Under the Scheme

1. Credit Guarantee Fund (CGF)

• Provides financial security for banks to lend to FPOs.

2. ONDC Integration

• 5,000+ FPOs onboarded on the Open Network for Digital Commerce (ONDC) for online selling.

3. CSC MoU

• 10,000 FPOs to be converted into Common Service Centers (CSCs) to provide digital services in rural areas.

Centre Plans to Reduce States' Tax Share to 40%:

• The Union government is considering a reduction in the share of central tax revenues allocated to states, lowering it from the current 41% to at least 40%.
• This recommendation will be submitted to the Finance Commission of India, chaired by economist Arvind Panagariya, which is expected to present its report by October 31, 2025, for implementation from fiscal year 2026-27.
• The move, aimed at managing the Centre’s rising expenditure, may increase tensions between the central and state governments.
• Additionally, the Centre is exploring restrictions on revenue-deficit grants to curb freebies and debt waivers by state governments.

Key Highlights of the Proposal

1. Tax Share Reduction for States

• The Centre will propose reducing states’ tax share from 41% to at least 40%.
• The proposal is expected to be approved by the Union Cabinet by March 2025 before being sent to the Finance Commission.
• A 1% reduction in states’ share could provide the Centre with an additional ₹350 billion ($4.03 billion) in revenue.
• The Finance Commission’s recommendations are advisory and not legally binding on the government.

2. Reasons for Reducing States’ Share

• The federal fiscal deficit for 2024-25 is estimated at 4.8% of GDP, while states’ fiscal deficit stands at 3.2%.
• The share of states in tax devolution has increased from 20% in 1980 to 41% now.
• The Centre’s spending requirements have increased, especially during economic slowdowns and post-COVID-19 recovery.
• Rising cesses and surcharges (not shared with states) now account for over 15% of the Centre’s tax revenue, up from 9-12% earlier.

3. Restrictions on Freebies & Grants to States

• The Centre is considering linking revenue-deficit grants to states meeting certain conditions.
• This move aims to discourage freebies, debt waivers, and cash handouts for political gains.
• It is unclear whether the Centre will completely deny grants to states engaging in such expenditures.
• Revenue-deficit grants have significantly declined from ₹1.18 trillion ($13.61 billion) in 2021-22 to ₹137 billion ($1.58 billion) in 2025-26.

Indira Gandhi National Centre for the Arts Hosts Literary Discussion on Kailash Satyarthi’s Autobiography Diyaslai

• The Indira Gandhi National Centre for the Arts (IGNCA), under the Ministry of Culture, in collaboration with the Satyarthi Movement for Global Compassion, organized a literary discussion on Diyaslai, the autobiography of Nobel Peace Prize laureate Kailash Satyarthi.
• The event focused on the book’s exploration of social justice, child rights, and global compassion.

About the Book – Diyaslai

1. A Story of Activism & Social Change

• Diyaslai is the autobiography of Kailash Satyarthi, a renowned child rights activist and Nobel Peace Prize winner (2014).
• The book narrates his life struggles, activism, and relentless fight against child labor.
• Satyarthi shares his journey from humble beginnings in Vidisha, Madhya Pradesh, to leading global movements advocating for children’s rights and education.

2. Global Impact of Satyarthi’s Work

• He spearheaded the Global March Against Child Labour, a movement spanning 186 countries.
• His activism has rescued and rehabilitated thousands of child laborers, influencing policy reforms and international action.

3. Themes of the Autobiography

• Diyaslai not only recounts Satyarthi’s fight for children’s freedom and education but also sheds light on:
  • The emotional and societal challenges he faced in this journey.
  • The power of compassion and resilience in achieving social justice.
  • The need for collective action to protect vulnerable children worldwide.

CURRENT AFFAIRS: INTERNATIONAL NEWS

India Extends $1 Mn Grant To Lao People's Democratic Republic (Lao PDR) For Rice Fortification Project

• The Indian government has granted approximately USD 1 million to Lao People's Democratic Republic (Lao PDR) under the India-UN Development Partnership Fund.
• The grant supports the project ‘Strengthening Large-scale Food Fortification: The Case of Investing in Rice Fortification’.
• The initiative focuses on fortifying rice to combat micronutrient deficiencies and enhance long-term nutrition strategies.
• The project aims to bolster food systems and improve the nutritional diversity of the country's food supply.
• It seeks to address malnutrition by fortifying a widely consumed staple food in Lao PDR.
• The Permanent Mission of India to the UN highlighted this as part of India's diplomatic and developmental cooperation with Lao PDR.
• The India-UN Development Partnership Fund, established in June 2017, supports developing countries in achieving UN Sustainable Development Goals (SDGs).
• This grant reinforces India’s commitment to global development and nutrition initiatives.

CURRENT AFFAIRS: BUSINESS NEWS

Employees’ Provident Fund Organisation Retains 8.25% Interest Rate on Provident Fund Deposits for FY 2024-25

• The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO), in its meeting held, recommended that the current annual interest rate of 8.25% on provident fund deposits be retained for the financial year 2024-25.
• Despite trade union demands for a higher rate, the government decided to maintain the existing rate due to economic considerations.

Key Decisions from the CBT Meeting

1. Interest Rate Retained at 8.25%

• Union Labour Minister Mansukh Mandaviya chaired the meeting, where the proposal to increase the interest rate was raised by trade union representatives.
• The government chose to maintain the existing 8.25% rate, citing it as a stable and competitive return compared to other fixed-income investments.
• Once the Government of India officially notifies the rate, EPFO will credit the interest into subscribers’ accounts.
• The Union Labour Ministry highlighted that the EPF remains an attractive tax-free investment (up to a specified limit) with stable returns.

2. Trade Unions Demand Interest Rate Hike

• Trade union representatives, including R. Karumalaiyan from the Centre of Trade Unions (CITU), demanded that the interest rate be raised to at least 8.5%.
• The demand was based on concerns over rising prices and economic challenges affecting workers.
• However, Minister Mandaviya ruled out an increase, citing the Reserve Bank of India’s (RBI) recent repo rate cuts to control inflation.
• The CBT decided to wait for the economic impact of these measures before reconsidering an interest rate hike.

Additional Discussions & Decisions

4. Pension & Employee Contributions

The CBT also discussed two major demands raised by trade unions:

• Increasing the minimum pension amount under the Employees’ Pension Scheme (EPS).
• Raising the contribution slab for EPS.

The board has asked EPFO to prepare a detailed report on these issues for discussion in a future meeting.

5. Update on Higher Pension Applications

• EPFO informed the CBT that 72% of higher pension applications have been processed so far.
• This reflects significant progress in addressing pension-related concerns raised by employees and pensioners.

6. Key Modifications to the Employees’ Deposit Linked Insurance (EDLI) Scheme

To enhance insurance benefits for EPF members and their families, the CBT approved several key changes to the EDLI scheme:

(a) Minimum Life Insurance Benefit

• A minimum life insurance benefit of ₹50,000 will now be provided to EPF members who pass away without completing one year of continuous service.
• This amendment is expected to provide relief in over 5,000 cases annually where employees die in service.

(b) EDLI Benefit for Employees Who Die Within Six Months of Last Contribution

• If an EPF member passes away within six months of their last contribution, the EDLI benefit will still apply—as long as the member’s name is not officially struck off company rolls.
• This change is expected to benefit over 14,000 families every year.

(c) Relaxation in Employment Continuity Norms

• Under the new rule, a gap of up to two months between two jobs will now be considered as continuous service.
• This ensures that employees who frequently switch jobs remain eligible for a higher EDLI benefit.
• The modification is expected to benefit over 1,000 cases of deaths in service annually.

RECENT NEWS

• In Nov 2024, the Ministry of Labour & Employment directed the Employees’ Provident Fund Organisation (EPFO) to ensure Universal Account Number (UAN) activation for employees using Aadhaar-based OTP.

Index of Eight Core Industries (ICI) – January 2025 Report

• The Index of Eight Core Industries (ICI) is a key economic indicator that tracks the performance of eight fundamental sectors of the Indian economy. These industries significantly influence the Index of Industrial Production (IIP), making their growth an important marker of economic health.
• The latest ICI report for January 2025 highlights trends in these core sectors and their impact on industrial and economic growth.

Understanding the Eight Core Industries

The ICI covers eight key industries, which together hold a 40.27% weightage in the overall Index of Industrial Production (IIP):

• Coal
• Crude Oil
• Natural Gas
• Refinery Products (such as petroleum and diesel)
• Fertilizers
• Steel
• Cement
• Electricity

Performance Overview – January 2025

• ICI Growth: 4.2% year-on-year (YoY), indicating positive momentum.
• Improvement from December: Growth in January 2025 follows a 3.5% increase in December 2024, showing steady industrial expansion.
• Cumulative Growth (April 2024 – January 2025): 6.1%, compared to 5.3% in the previous financial year.

Sector-Wise Growth Analysis

1. Coal Industry

• Growth: 8.5% (January 2025)
• Cumulative Growth: 9.2% (April 2024 – January 2025)
• Key Factors: Increased domestic production and higher power sector demand.

2. Crude Oil Production

• Decline: -2.1% (January 2025)
• Cumulative Growth: -1.5%
• Key Challenges: Lower production and maintenance shutdowns at major sites.

3. Natural Gas Production

• Growth: 3.8% (January 2025)
• Cumulative Growth: 4.2%
• Key Factors: Enhanced exploration and increased industrial/household demand.

4. Petroleum Refinery Products

• Growth: 5.3% (January 2025)
• Cumulative Growth: 6.5%
• Key Factors: Rising domestic and export demand, improved refining capacity.

5. Fertilizer Production

• Growth: 2.7% (January 2025)
• Cumulative Growth: 3.9%
• Key Factors: Higher agricultural demand, government subsidies, and incentives.

6. Steel Production

• Growth: 6.8% (January 2025)
• Cumulative Growth: 7.1%
• Key Factors: Increased infrastructure projects and automobile sector demand.

7. Cement Industry

• Growth: 5.6% (January 2025)
• Cumulative Growth: 5.9%
• Key Factors: Expansion in construction and real estate sectors.

8. Electricity Generation

• Growth: 4.1% (January 2025)
• Cumulative Growth: 5.3%
• Key Factors: Higher demand from households and industries, integration of renewables.

Key Takeaways from ICI January 2025 Report

• Overall Growth: 4.2% YoY, indicating continued industrial recovery.
• Strongest Performers: Coal, Steel, and Refinery Products showed the highest growth.
• Challenges in Crude Oil: Declining production raises concerns over supply constraints.
• Government Support: Policies and infrastructure investments boosted fertilizers, cement, and electricity sectors.
• Steady Cumulative Growth: 6.1% (April 2024 – January 2025) reflects stable industrial momentum.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India-European Union Meeting on Science & Technology Cooperation Held in New Delhi

• An India-European Union (EU) —An India-European Union (EU) Meeting on Science and technology of the Principal Scientific Adviser to the Government of India, Vigyan Bhawan Annexe.
• The meeting was part of a series of sectoral engagements coinciding with the visit of E. Ms. Ursula von der Leyen, President of the European Commission, to India, accompanied by the College of Commissioners.
• Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, and Ms. Ekaterina Zaharieva, EU Commissioner for Startups, Research, and Innovation, co-chaired the meeting.

High-Level Participation from India and EU

On the Indian side, the meeting was attended by key officials, including:

• Abhay Karandikar, Secretary, Department of Science and Technology (DST)
• Dr. M. Ravichandran, Secretary, Ministry of Earth Sciences (MoES)
• Dr. Rajesh S. Gokhale, Secretary, Department of Biotechnology (DBT)
• Senior scientists and advisors from DST, MoES, DBT, and the Office of the Principal Scientific Adviser

From the European Commission, the delegation included:

• Mr. Marc Lemaître, Director-General, Directorate-General for Research and Innovation
• Ms. Nienke Buisman, Head of Unit, International Cooperation
• Mr. Pierrick Fillon-Ashida, First Counsellor & Head of Research & Innovation Section, EU Delegation to India
• Other senior EU officials specializing in research and innovation

Strengthening Research & Innovation in Key Areas

Discussions focused on deepening India-EU research partnerships in critical sectors such as:

• Clean energy and climate change research
• Artificial Intelligence (AI) & responsible AI
• Biotechnology and bio-manufacturing
• Water resource management
• Smart grids and high-performance computing
• Quantum computing and the bio-economy
• Blue economy, electric vehicles (EVs), and battery technology

India's Growing Innovation Ecosystem Recognized

• India’s rapidly expanding innovation ecosystem—ranking third globally in startup and unicorn creation—was acknowledged as a key driver of collaboration.
• The discussion highlighted India’s leadership in renewable energy, AI, and biopharmaceuticals, reinforcing the country's position as a global research and technology hub.

CURRENT AFFAIRS: OBITUARY

Oldest Test Cricketer Ron Draper Passed Away at 98

• Ron Draper, a top-order batsman and occasional wicketkeeper, played two Test matches for South Africa against Australia in 1950.
• Born on December 24, 1926, he made a century on his first-class debut for Eastern Province against Orange Free State on his 19th birthday.
• Draper played first-class cricket until 1959/60, finishing with a batting average of 41.64.

Oldest Living Test Cricketer Now

• With Draper’s passing, Neil Harvey (96), a former Australian cricketer, becomes the oldest living Test player.

Previous Oldest Test Cricketers

• Norman Gordon (South Africa) – Lived to 103 (passed away in 2016).
• John Watkins (South Africa) – Lived to 98 (passed away in 2021).
• Ron Draper leaves behind a legacy as one of South Africa’s cricket veterans, known for his strong batting performances and contributions to first-class cricket.

CURRENT AFFAIRS: IMPORTANT DAYS

World Seagrass Day – March 1

• World Seagrass Day is observed annually on March 1 to highlight the ecological importance of seagrass and promote conservation efforts.
• Seagrass plays a crucial role in maintaining marine biodiversity, stabilizing coastlines, and acting as a major carbon sink.
• The United Nations General Assembly (UNGA) officially declared this day on May 22, 2022, following a resolution proposed by Sri Lanka to emphasize the urgent need for seagrass conservation.

What is Seagrass?

• Seagrass is a flowering marine plant that thrives in shallow coastal waters worldwide, except in Antarctica. Unlike seaweed, which is an algae, seagrass has roots, stems, and leaves, making it similar to terrestrial plants.

Key Characteristics of Seagrass:

• Provides food and shelter for a variety of marine organisms.
• Supports biodiversity, acting as a habitat for fish, turtles, and sea horses.
• Stabilizes coastlines by preventing erosion.
• Acts as a carbon sink, absorbing and storing carbon dioxide.

History of World Seagrass Day

• Seagrass has existed for over 100 million years, evolving from terrestrial plants to survive underwater.
• It developed unique adaptations like underwater pollination and saline resistance.
• Recognizing its ecological importance, the UN declared March 1 as World Seagrass Day to raise awareness and encourage global conservation.
• The initiative was driven by Sri Lanka’s resolution at the United Nations General Assembly (UNGA).

World Hearing Day: 3rd March

• World Hearing Day is announced to be celebrated on March 3rd, 2025.
• This year 2025, World Hearing Day theme is “Changing mindsets: Empower yourself to make ear and hearing care a reality for all!”
• In late 1816, Laurent Clerc helped to establish the earliest recorded permanent institution for deaf students in the U. S.
• In 1870, Hearing educators eliminated sign language and agreed to embrace oral teaching at the Second International Congress on Deaf Education in Milan, Italy.
• The World Health Organisation (WHO) created a holiday to raise awareness to avoid deafness in 2007 and the holiday was renamed from International Ear Care Day to World Hearing Day in 2016.

World Wildlife Day: 3rd March

• World Wildlife Day 2025 is celebrated on March 3rd, 2025.
• World Wildlife Day 2025 theme is “Wildlife Conservation Finance: Investing in People and Planet”.
• Thailand proposed World Wildlife Day in the General Assembly of the UN on December 20, 2013, to create awareness among people about the world’s wild animals and plants.
• The United Nations General Assembly (UNGA) declared March 3, at its 68th session, the day of the adoption of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).

Daily CA One- Liner: March 2 & 3

• The Central Sector Scheme for Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs) was launched by Prime Minister Narendra Modi on February 29, 2020, with a budget of ₹6,865 crore till 2027-28
• The Union government is considering a reduction in the share of central tax revenues allocated to states, lowering it from the current 41% to at least 40%.
• The Indira Gandhi National Centre for the Arts (IGNCA), under the Ministry of Culture, in collaboration with the Satyarthi Movement for Global Compassion, organized a literary discussion on Diyaslai, the autobiography of Nobel Peace Prize laureate Kailash Satyarthi
• The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO), in its meeting held, recommended that the current annual interest rate of 8.25% on provident fund deposits be retained for the financial year 2024-25
• The Index of Eight Core Industries (ICI) is a key economic indicator that tracks the performance of eight fundamental sectors of the Indian economy. These industries significantly influence the Index of Industrial Production (IIP), making their growth an important marker of economic health
• An India-European Union (EU) —An India-European Union (EU) Meeting on Science and technology of the Principal Scientific Adviser to the Government of India, Vigyan Bhawan Annexe
• NPST, an Indian fintech firm, has partnered with Hyperface to offer embedded credit lines through UPI for banks and credit issuers.
• The Indian government has granted approximately USD 1 million to Lao People's Democratic Republic (Lao PDR) under the India-UN Development Partnership Fund.
• Bank of Baroda (BoB) has launched a pilot Loyalty/Cashback Programme for merchants, leveraging the programmability of the Central Bank Digital Currency (CBDC).
• Securities and Exchange Board of India (SEBI) has launched a centralised database portal for corporate bonds called Bond Central to provide a single, authentic source of information on corporate securities.
• The Reserve Bank of India has released the“Regulations at a Glance” handbook, compiled by the Department of Regulation (DoR), to provide a broad overview of the regulatory landscape across various activities and entities.
• The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Reserve Bank of India signed the second Amendment and Restatement Agreement of the Bilateral Swap Arrangement (BSA).
• Reserve Bank of India imposed a penalty of ₹66.60 lakh on HSBC and ₹33.10 lakh on IIFL Samasta Finance.
• WhatsApp is working on integrating UPI Lite to enhance its payment system.
• Rupee112, a Gurgaon-based fintech startup, has launched India’s first fully automated loan disbursal service via WhatsApp.
• UPI transactions in January 2025 surpassed 16.99 billion, with a total transaction value exceeding Rs 23.48 lakh crore, marking the highest number recorded in any month, according to the Finance Ministry
• The Reserve Bank of India (RBI) introduced a $10 billion dollar-rupee buy-sell swap on February 21, 2025, to inject rupee liquidity for a longer duration.
• Ron Draper, a top-order batsman and occasional wicketkeeper, played two Test matches for South Africa against Australia in 1950.
• World Seagrass Day is observed annually on March 1 to highlight the ecological importance of seagrass and promote conservation efforts.
• World Hearing Day is announced to be celebrated on March 3rd, 2025.
• World Wildlife Day 2025 is celebrated on March 3rd, 2025.