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CURRENT AFFAIRS: BANKING & FINANCE

Securities and Exchange Board of India Reshapes Fundraising Rules: Rights Issues to Close In 23 Days

• The Securities and Exchange Board of India (SEBI) has introduced a new regulation to expedite the capital-raising process for companies by reducing the timeline for completing rights issues to 23 days.
• The rule will come into effect from April 7, 2025.
• The reduced timeline makes rights issues a more efficient alternative to preferential issues, which take around 40 days.
• Rights issues must remain open for a minimum of 7 days and a maximum of 30 days.
• Stock exchanges, depositories, and the registrar to the issue will validate application bids and finalize the basis of allotment.
• Companies now have greater flexibility in allocating shares to specific investors.
• The revised framework will allow companies to secure capital faster, ensuring quicker access to funds for expansion, debt repayment, or operational needs.
• The shorter timeline improves financial flexibility and adaptability.
• Investors will benefit from improved liquidity, a streamlined application process, and reduced uncertainties.
• The integration of stock exchanges and depositories enhances market efficiency, making rights issues more attractive and boosting participation in capital markets.

Recent News:

• In March 2025, The Securities and Exchange Board of India (SEBI) experienced a 48% year-on-year rise in total income, reaching ₹2,075 crore in FY 2023-24, largely due to higher revenue from fees and subscriptions.

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 releases Data on the Financial Performance of non-government non-financial (NGNF) FDI Companies

• The Reserve Bank of India (RBI) released data on the financial performance of non-government non-financial (NGNF) FDI companies in India for 2023-24, based on the audited annual accounts of 2,418 companies following Indian Accounting Standards (Ind-AS).

Key Highlights:

• Sales Growth:
  • Manufacturing sector: 6.4% growth (decline from previous year).
  • Services sector: 12.7% growth (lower than before).
  • Exceptions: Wholesale & retail trade and Electricity, gas, steam & air conditioning supply industries saw steady growth.
• Paid-up Capital (PUC):
  • ₹5,30,160 crore, contributing 51.1% of total FDI company PUC in the RBI’s census.
• FDI Sources:
  • Singapore, Mauritius, and the US were top investors.
  • Other key sources: Japan, the Netherlands, UK, and Germany.
• Sectoral Distribution:
  • Major companies belonged to manufacturing and services.
  • One-third of companies in services were from information & communication industries.
• Expenditure & Profitability:
  • Operating expenses: 7.8% rise in line with slowing sales growth.
  • Operating profit: 20.4% increase (higher than 15.3% in 2022-23).
  • Manufacturing & services: Operating profit up 20.4% and 19.0%, respectively.
• Funding Trends:
  • Private limited FDI companies had higher profit growth than public limited FDI firms.
  • Internal funds share: Increased to 52.1% (from 48.1% in 2022-23).
  • External funds share: Dropped to 47.9%, mainly due to lower trade payables.
• Capital Utilization:
  • Gross Fixed Capital Formation (GFCF): Decreased to 38.8% of total funds (from 48.3% in 2022-23).
  • Increased investments in equity instruments and bank balances (excluding cash & equivalents).

Recent News:

• The Reserve Bank of India (RBI) has named Dr. Ajit Ratnakar Joshi as its new Executive Director (ED), effective March 3, 2025.

About RBI :

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

Reserve Bank of India and National Centre for Financial Education (NCFE) Launch Nationwide Campaigns to Boost Financial Literacy

• The Reserve Bank of India (RBI) and the National Centre for Financial Education (NCFE) have launched multiple nationwide campaigns to enhance financial literacy in India.
• Lead banks have been directed to establish Financial Literacy Centres (FLCs) to conduct special awareness camps.
• The "RBI Kehta Hai" campaign promotes safe banking practices through multi-media channels, while mass media awareness programmes educate people across different age groups.
• To standardize financial education, RBI has developed the Financial Awareness Messages (FAME) booklet, which includes targeted content for different groups, including senior citizens.
• Additionally, the NCFE and Centre for Financial Literacy (CFL) are conducting Financial Education (FE) programmes for students (below 18 years) and senior citizens (above 60 years).

Impact & Surveys on Financial Literacy

• The National Strategy for Financial Education (NSFE), formulated by NCFE, aims to provide essential financial knowledge and skills.
• In the last three years, 54 Financial Literacy Programmes have been conducted in North Eastern states, significantly improving awareness of financial concepts and fraud prevention.
• A Financial Literacy & Inclusion Survey (2017) was conducted across 29 States and 5 Union Territories (excluding Andaman & Nicobar Islands) using the OECD/INFE Toolkit.
• The survey measured financial literacy based on knowledge, attitude, and behavior.

Recent News:

• In March 2025, Mobile financial service provider bKash has launched "Digital Union", a year-long pilot initiative in two unions of Cumilla—Jagannathpur and Panchthubi—to promote safe and easy digital transactions at the grassroots level. The initiative aims to expand nationwide.
• In March 2025, Sa-Dhan, an RBI-promoted Self-Regulating Organisation (SRO) of Microfinance and Impact Finance Institutions and HSBC Expanded Digital Financial Literacy in 7 States

Digital Payments in India Grow at 46% compound annual growth rate (CAGR), Driven by Unified Payment Interface (UPI)

• India's digital payment transactions (including UPI) saw a massive surge in FY 2024-25 (till January), crossing 18,120 crore transactions with a transaction value of ₹2,330 lakh crore, according to the Ministry of Finance.

Key Growth Trends

• Overall digital transactions increased from 8,839 crore (FY 2021-22) to 18,737 crore (FY 2023-24), reflecting a 46% CAGR.
• UPI growth:
  • Transactions surged from 4,597 crore (FY 2021-22) to 13,116 crore (FY 2023-24), achieving a CAGR of 69%.
  • UPI accounted for ~70% of total digital transactions in FY 2023-24.
• Banks offering digital payments expanded from 216 (FY 2021-22) to 572 (FY 2023-24).

Government Initiatives Driving Growth

1. DIGIDHAN Mission – Strengthens India's digital payments ecosystem.
2. Incentive Schemes for Banks – Encourages banks and partners to promote digital transactions.
3. RuPay & BHIM-UPI P2M Incentive Scheme – Boosts RuPay debit card adoption and low-value UPI merchant transactions.
4. Expansion of Digital Infrastructure – Growth in QR codes, POS terminals, and Third-Party App Providers (TPAPs).

About Ministry of Finance:

• Cabinet Minister: Smt. Nirmala Sitharaman
• Minister of State (MoS): Shri Pankaj Chaudhary, Dr. Bhagwat Kishanrao Karad

CURRENT AFFAIRS: NATIONAL NEWS

The National Archives of India Celebrates the 135th Foundation Day on March 11, 2025

• The National Archives of India (NAI) celebrated its 135th Foundation Day on March 11, 2025, with a grand event featuring the inauguration of the “Indian Heritage through Architecture” exhibition by Union Minister Shri Gajendra Singh Shekhawat.
• The event also saw the launch of the ‘Gyan Bharatam Mission’ and highlighted the world’s largest digitization program, ensuring the preservation of India’s rich historical records.

Key Highlights of the Celebration

1. Exhibition: “Indian Heritage through Architecture”

• Showcased India’s architectural legacy from ancient, medieval, Mughal, and colonial eras.
• Featured original archival documents, UNESCO records, and personal papers of eminent personalities.
• Thematic clusters provided in-depth exploration of India’s cultural and spiritual heritage.

2. Launch of ‘Gyan Bharatam Mission’

• Aims to expand access to India’s vast knowledge repository.
• Inspired by the success of NAI’s digitization program.
• Focuses on making historical documents widely accessible for research and public interest.

3. World’s Largest Digitization Program

• Six lakh pages are conserved monthly to preserve historical documents.
• Lakhs of pages digitized daily to enhance research accessibility.
• Ensures long-term preservation of India’s documentary heritage.

4. Release of ‘Thumb Printed: Champaran, Indigo Peasants Speak to Gandhi (Volume III)’

• Documents 423 testimonies from the Champaran Satyagraha.
• Features 143 principal testators, including 5 women and 11 minors.
• Highlights the voices of Indigo farmers who suffered under British rule.

5. Historical Background of the National Archives of India

• Established as the Imperial Record Department in Kolkata on March 11, 1891.
• Shifted to Delhi in 1911, with its current building completed in 1926.
• Fully transferred from Kolkata to Delhi by 1937.
• Functions under the Ministry of Culture and implements the Public Records Act, 1993, and Public Record Rules, 1997.

6. NAI’s Vast Repository

• Holds over 34 crore pages of Public Records.
• The collection includes maps, treaties, rare manuscripts, cartographic records, parliamentary debates, censuses, travel accounts, and proscribed literature.
• Records available in multiple languages, including Sanskrit, Persian, and Odia.

Federation of Indian Export Organisations Launches SheTrades India Hub to Empower Women Entrepreneurs

• The Federation of Indian Export Organisations (FIEO) launched the SheTrades India Hub, a groundbreaking initiative aimed at empowering women entrepreneurs and strengthening India’s export ecosystem.
• This initiative is part of a global effort led by the International Trade Centre (ITC) and is funded by the UK Government's SheTrades Commonwealth+ Programme.
• With this launch, FIEO became the host institution for the 20th SheTrades Hub worldwide.

Key Highlights

1. Global Collaboration for Women's Economic Empowerment

• The SheTrades India Hub is established in partnership with ITC and the UK Government’s SheTrades Commonwealth+ Programme.
• India joins the ranks of 19 other countries hosting SheTrades Hubs globally.

2. Boosting Women’s Role in India’s Export Sector

• The initiative focuses on enhancing market access, business skills, and financial inclusion for women-led enterprises.
• Aims to increase women's participation in international trade and contribute to India's economic growth.

3. Government’s Commitment to Inclusive Trade

• Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT), reaffirmed the government's dedication to fostering an inclusive trade environment.
• Encourages policies that support women entrepreneurs in global markets.

About FIEO

• Founded: 1965
• President: Ashvini Kumar
• Vice President: Israr Ahmed
• Director General & CEO: Dr. Ajay Sahai
• Headquarters: New Delhi

CURRENT AFFAIRS: STATE NEWS

Assam to launch first satellite ‘ASSAMSAT’ for governance and development

• Assam is set to launch its first satellite, ‘ASSAMSAT,’ marking a major step in utilizing space technology for governance and development.
• Finance Minister Ajanta Neog announced the initiative during the 2025-26 state budget presentation in the Assembly.
• The satellite will enhance the flow of critical data for better management of key socio-economic initiatives, benefiting agriculture, disaster management, infrastructure, border security, and law enforcement.
• The project is being developed in collaboration with IN-SPACe under the Union Ministry of Space, showcasing Assam’s commitment to advanced technology in public services.
• To encourage innovation and research, the Assam government plans to involve college and university students in experimental satellite development.
• This initiative, in collaboration with IN-SPACe and ISRO, aims to foster young talent and strengthen India’s space sector.

Recent News:

• In March 2025, In a significant move honoring Ratan Tata's contributions to Assam's development, the state cabinet decided to name the upcoming Electronics City in Jagiroad as Ratan Tata Electronic City.

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: APPOINTMENTS & RESIGNATIONS

Nissan Chief Executive Officer (CEO), Makoto Uchida to step down on April 1, 2025 planning officer Espinosa named successor

• Nissan Motor Co. is set to appoint Ivan Espinosa as its new Chief Executive Officer (CEO), replacing Makoto Uchida, who will step down at the end of March, 2025.
• Espinosa, a company insider who joined Nissan in 2003, currently serves as Chief Planning Officer.

Challenges Ahead for Nissan

• Espinosa faces a tough task in stabilizing Nissan's struggling business and securing a financial backer.
• The company has been in turmoil since the 2018 ouster of Carlos Ghosn, and its recent failed merger with Honda Motor Co. has further impacted its standing.
• Nissan's financial struggles worsened when it reported a 94% drop in fiscal half-year net income in November 2024, leading to job cuts and reduced production capacity.
• Although Uchida attempted a merger with Honda to create a strong competitor against Toyota and China’s BYD, the deal collapsed in February due to power imbalance issues.
• Now, Nissan is reportedly seeking a new partner, ideally from the US technology sector.
• Industry speculation suggests that Foxconn (Hon Hai Precision Industry Co.) could be a potential ally, given its interest in entering the electric vehicle (EV) market.

Former Reserve Bank of India deputy governor MK Jain to join Reliance Industries as advisor

• MK Jain, former deputy governor of the Reserve Bank of India (RBI), is set to join Reliance Industries as an advisor.
• The conglomerate, controlled by Mukesh Ambani, is strengthening its leadership by bringing in senior talent from the banking sector.
• Jain previously chaired an RBI-appointed standing external advisory committee to assess applications for universal and small finance banks.
• He retired from the RBI in June 2023 and is credited with turning around IDBI Bank and Indian Bank.
• As an advisor, he will help Reliance strategize on its financial services business.
• Reliance Industries had spun off its financial services arm, Jio Financial Services, into a separately listed entity in July 2023.
• The Ambani family holds 47.12% of the firm, which has a market valuation of ₹1.38 trillion.
• Jio Financial Services, chaired by former banker KV Kamath, focuses on digital customer acquisition and business expansion.
• Jio Finance (NBFC arm) operates nine offices across seven cities.
• Jio Payments Bank has expanded its business correspondent network to 7,300 agents nationwide.
• Jio Payment Solutions has integrated its payment services with JioBharat feature phones, enabling small merchant onboarding.
• Jio BlackRock Asset Management, a joint venture with BlackRock, has received in-principle approval from SEBI and is awaiting final clearance.

Atul Kumar Goel assumes charge as Chief Executive of  Indian Banks’ Association (IBA)

• Atul Kumar Goel has assumed charge as Chief Executive (CE) of the Indian Banks’ Association (IBA).
• He served as MD & CEO of Punjab National Bank (PNB) from February 2022 to December 2024 and was Chairman of IBA for two terms in 2021-22 and 2022-23.
• His predecessor, Sunil Mehta, was MD & CEO of PNB from 2017 to 2019 and served as IBA CE from January 2020 to September 2024.
• Goel is a qualified Chartered Accountant with 30 years of banking experience.
• He has worked at Allahabad Bank (now Indian Bank), Union Bank of India as Executive Director, UCO Bank as MD & CEO, and PNB as MD & CEO.
• His leadership at IBA is expected to strengthen policy advocacy and banking reforms in India.

About Indian Banks' Association (IBA):

• Chairman: M.V. Rao (MD and CEO of Central Bank of India)
• Chief Executive: Atul Kumar Goel
• Founded: 1946
• Headquarters: Mumbai, Maharashtra
• Member: 247 (These include: Public Sector Banks, Private Sector Banks, Foreign Banks with Indian Operations, Cooperative Banks, Financial Institutions)

CURRENT AFFAIRS: ACQUISITION & MERGERS

Competition Commission of India clears ONGC-NTPC Green's proposal to acquire Ayana for Rs 19,500 crore

• The Competition Commission of India (CCI) has approved ONGC-NTPC Green's acquisition of Ayana Renewable Power Pvt Ltd for ₹19,500 crore (USD 2.3 billion).
• ONGC-NTPC Green Pvt Ltd (ONGPL) is a 50:50 joint venture between ONGC Green (OGL) and NTPC Green Energy Ltd (NGEL).
• In February 2025, ONGPL signed a share purchase agreement to acquire a 100% stake in Ayana Renewable Power.
• This deal marks the second-biggest transaction in India's renewable energy sector, following Adani Green Energy's USD 3.5 billion acquisition of SB Energy India in 2021.
• Ayana is a leading renewable energy platform with 4.1 GW of operational and under-construction assets spread across resource-rich states in India.

About CCI:

• The Competition Commission of India (CCI) is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act of 2002.
• Founded: October 14, 2003
• Headquarters: New Delhi, India
• Chairperson: Ravneet Kaur

Competition Commission of India (CCI) Approves ORIX’s Stake Sale in Greenko Energy Holdings to AMG Green Power B.V.

• The Competition Commission of India (CCI) has approved AMG Green Power B.V. (AMG Power)’s acquisition of a stake in Greenko Energy Holdings (GEH) from ORIX Corporation.
• Additionally, CCI has cleared the issuance of convertible notes by AM Green (Luxembourg) S.À.R.L (AMG Lux) to ORIX Corporation.
• Under the proposed transaction, AMG Power will acquire a portion of ORIX’s shareholding in GEH, while ORIX will subscribe to convertible notes issued by AMG Lux.
• AMG Power is a newly established entity with no business operations globally or in India, and AMG Lux functions solely as a holding company.
• ORIX Corporation, a Japan-based financial services group, operates across corporate finance, leasing, real estate, asset management, private equity, and renewable energy.
• In India, its activities include automobile leasing, commercial vehicle loans, financial services, infrastructure investment, asset management, and power generation.
• Greenko Energy Holdings (GEH) is a major player in India's renewable energy sector, managing a diverse portfolio of wind, solar, hydro, and energy storage projects across multiple states.

Asset Reconstruction Company (India) Ltd (Arcil) Acquires Ujjivan Small Finance Bank’s stressed microfinance loans aggregating ₹365.5 crore for ₹34.26 crore

• Asset Reconstruction Company (India) Ltd (Arcil) has acquired Ujjivan Small Finance Bank’s (SFB) non-performing and written-off microfinance loans worth ₹365.5 crore for ₹34.26 crore, implying a 94% haircut for Ujjivan SFB.
• The bank had an overall provision of 66.51% on this loan portfolio.
• The acquisition was conducted through a Swiss Challenge auction process, as per Arcil’s statement.
• Pallav Mohapatra, MD & CEO of Arcil, stated that the company aims to leverage its expertise in recoveries to unlock value from the acquired loans while supporting financial stability in the microfinance sector.

About Asset Reconstruction Company:

• Founded: 2002
• Headquarters: Mumbai, Maharashtra
• Regulated by: Reserve Bank of India (RBI)
• Ownership: Jointly owned by banks and financial institutions, including SBI, ICICI Bank, IDBI Bank, and PNB.

About Ujjivan Small Finance Bank:

• Founded: 2017 (Converted from Ujjivan Financial Services, which started in 2005)
• Headquarters: Bengaluru, Karnataka
• MD & CEO: Sanjeev Nautiyal

CURRENT AFFAIRS: DEFENCE

India-Bangladesh joint patrol 'Corpat' and bilateral exercise 'Bangosagar' begin in Bay of Bengal

• The 6th Coordinated Patrol (CORPAT) and 4th BONGOSAGAR bilateral exercise between the Indian Navy and Bangladesh Navy commenced on March 10, 2025, and will continue until March 12, 2025, in the Bay of Bengal, as per a statement by Inter Services Public Relations (ISPR).
• Regular patrols and drills have enhanced interoperability and cooperation between the two naval forces, ensuring better maritime security and economic development in the region.

Objective & Participation

• The exercises aim to combat illegal fishing, smuggling, human trafficking, piracy, and drug trafficking in the designated maritime zones of both nations.
• Bangladesh Navy is represented by BNS ABU UBAIDAH and a maritime patrol aircraft.
• The Indian Navy is participating with INS RANVIR and a helicopter.
• The patrols are supervised by Commander Flotilla West.

Significance & Previous Exercises

• CORPAT has been held annually since 2018 to improve information sharing, maritime crime prevention, and regional security.
• BONGOSAGAR-23 and the 5th CORPAT were conducted in November 2023, featuring communication drills, surface gunfire, tactical maneuvers, and a humanitarian assistance and disaster relief (HADR) exercise.

CURRENT AFFAIRS: AWARDS AND HONOURS

Indian Prime Minister Narendra Modi to Receive Mauritius' Highest Civilian Honour

• Mauritian Prime Minister Navin Ramgoolam announced that Indian Prime Minister Narendra Modi will be conferred with the Grand Commander of the Order of the Star and Key of the Indian Ocean, the nation's highest civilian award.
• This recognition marks PM Modi as the first Indian to receive this prestigious honour, acknowledging his significant contributions to strengthening India-Mauritius ties.

Key Highlights

1. Historic Recognition for PM Modi

• First Indian to be awarded Mauritius' highest civilian honour.
• Fifth foreign national to receive the distinction.
• Previously conferred upon Nelson Mandela in 1998.
• 21st international honour for PM Modi from a foreign country.

2. Strengthening India-Mauritius Strategic Partnership

During PM Modi’s visit, several Memorandums of Understanding (MoUs) were signed to enhance bilateral cooperation:

• Local Currency Settlement System MoU between Central Bank of Mauritius and Reserve Bank of India.
• Credit Facility Agreement between the Mauritius Government and State Bank of India (SBI) for the Pipe Replacement Programme.
• Diplomatic Training Programme MoU between the Institute of Foreign Service of India and Mauritius’ Ministry of Foreign Affairs.
• Technical Agreement on White Shipping Information Sharing between Indian Navy and Mauritius Police Force.

About Mauritius

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

CURRENT AFFAIRS: MOUS AND AGREEMENT

Inland Waterways Authority of India & Delhi Government Collaborate to Develop Cruise Tourism on Yamuna

• The Inland Waterways Authority of India (IWAI), under the Ministry of Ports, Shipping and Waterways (MoPSW), has signed a Memorandum of Understanding (MoU) with multiple Delhi government agencies—including the Irrigation and Flood Control Department, Delhi Development Authority (DDA), Delhi Jal Board (DJB), and Delhi Transport Corporation (DTC)—to promote cruise tourism on a 4-km stretch of the Yamuna River (National Waterway 110) between Sonia Vihar and Jagatpur.
• The MoU signing ceremony, held at Asita Park, was attended by Governor of Delhi Vinai Kumar Saxena, Delhi Chief Minister Rekha Gupta, Union Minister Sarbananda Sonowal, and Union Minister of State Shantanu Thakur, along with senior officials from MoPSW and IWAI.

Key Highlights

• Eco-Friendly Cruise Tourism: The project aims to develop sustainable cruise tourism on the Sonia Vihar–Jagatpur stretch, ensuring cleaner and greener waterways.
• Deployment of Hybrid Boats: Electric-solar hybrid boats, each with a capacity of 20-30 passengers, will be introduced. These boats will feature bio-toilets, public announcement systems, and life jackets for passenger safety.
• Infrastructure Development: IWAI will install two HDPE jetties to support ferry operations, boosting short-distance navigation and recreational activities on National Waterway 110.
• Enhancing Delhi’s Tourism & Transport: The initiative is expected to revitalize the Yamuna, promote sustainable tourism, and offer a new mode of urban transport in the capital.
• Part of a Larger Waterways Development Plan: This project aligns with PM Narendra Modi’s vision and Union Minister Sarbananda Sonowal’s leadership to modernize India’s waterways. IWAI is also upgrading National Waterways 1, 2, 3, and 16 with new terminals, fairways, night navigation aids, and locks.
• Harit Nauka Initiative: Under this initiative, electric catamarans have been introduced in Varanasi and Ayodhya, with six more planned for Mathura and Guwahati to enhance sustainable inland water transport.

About IWAI

• Founded: 27 October 1986
• Headquarters: Noida, Uttar Pradesh
• Agency executive: Sh Vijay Kumar, Chairman

RECENT NEWS

• In March 2025, The Inland Waterways Authority of India (IWAI) signed a Memorandum of Understanding (MoU) with the Jammu & Kashmir (J&K) government to develop river cruise tourism in the Union Territory.

National Highways Logistics Management Limited & Inland Waterways Authority of India Sign Memorandum of Understanding for Multi-Modal Logistics Park in Varanasi

• A Memorandum of Understanding (MoU) was signed between National Highways Logistics Management Limited (NHLML) and the Inland Waterways Authority of India (IWAI) to develop a state-of-the-art Multi-Modal Logistics Park (MMLP) in Varanasi, Uttar Pradesh.
• The signing took place in the presence of Union Minister for Road Transport and Highways, Nitin Gadkari, and Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal.

Key Highlights of MMLP Varanasi

• Strategic Location: The 150-acre logistics park is well-connected to NH7 via a 650m access road and is 1.5 km from the NH7-NH2 junction.
• Seamless Multi-Modal Connectivity: The park will integrate with the Eastern Dedicated Freight Corridor (EDFC) through a 5.1 km railway line from Jeonathpur Station and with National Waterway-1. It is also 30 km from Lal Bahadur Shastri Airport, ensuring smooth transportation access.
• Boost to Trade & Economy: The project is expected to attract significant investment, generate employment opportunities, and enhance logistics efficiency to drive economic growth.
• Strengthening India's Logistics Sector: This initiative reinforces India's commitment to modernising its logistics network and positioning itself as a global economic powerhouse through efficient trade and transport solutions.

Department of Posts Partners with IISc for Digital Address Code Initiative

• The Department of Posts (DoP) has launched the “Digital Address Code” (DAC) initiative to create a standardized, geo-coded addressing system in India.
• This project aims to establish “Address as a Service” (AaaS) for the simplified and efficient delivery of public and private services.

Key Highlights of the Initiative

• Strategic Collaboration: DoP, under the Ministry of Communications, has signed an MoU with the Foundation for Science Innovation and Development (FSID), Indian Institute of Science (IISc), Bengaluru, to design and document the Digital Address Public Infrastructure (DPI) technology framework.
• Purpose & Vision: The Digital Address DPI will provide a standardized, geo-referenced, and interoperable addressing system that will revolutionize address data creation, sharing, and consumption across India.
• Integration with Key Services: The initiative will support government, business, and citizen services, enabling:
  • Streamlined service delivery
  • Efficient emergency response
  • Enhanced financial inclusion
  • Improved urban planning
• Technological Advancement: The partnership with IISc Bengaluru will ensure a secure, scalable, privacy-respecting, and future-ready framework to support India's digital economy and governance needs.

India and Qatar Sign Memorandum of Understanding on Financial and Economic Cooperation

• In a major step towards strengthening bilateral ties, the Ministry of Finance (MoF) of India and the Ministry of Finance of the State of Qatar signed a Memorandum of Understanding (MoU) on financial and economic cooperation on February 18, 2025, during the visit of HH Amir of Qatar to India.

Key Highlights of the MoU

• Signing Ceremony: The MoU was signed in New Delhi, by Shri Baldeo Purushartha, Joint Secretary, Department of Economic Affairs, MoF (India), and Mohammed Hassan Jabir Al-Jabir, Ambassador of Qatar.
• Objective & Scope: The agreement aims to promote and enhance mutual cooperation in the fields of:
  • Economic policies
  • Use of financing tools
  • Public-Private Partnership (PPP) frameworks
  • Investment expansion
• Institutional Collaboration: The MoU will facilitate investment in emerging sectors in both countries and expand multi-faceted economic cooperation.
• Knowledge & Expertise Sharing: Both nations will collaborate through:
  • Workshops, seminars, and conferences
  • Exchange of technical and documentary information
  • Facilitating dialogue between business communities

RECENT NEWS

• In February 2025, India and Qatar decided to upgrade their bilateral relations to a strategic partnership, strengthening cooperation in trade, investment, and energy. This decision was taken during the two-day visit of Qatari Amir Sheikh Tamim Bin Hamad Al Thani to India.

Central Council for Research in Homoeopathy and Adamas University Ink MoU to Boost Homoeopathy Research

• The Central Council for Research in Homoeopathy (CCRH) and Adamas University, Kolkata, signed a Memorandum of Understanding (MoU) to strengthen academic and research collaboration in homoeopathy.
• This partnership aims to promote scientific research, interdisciplinary studies, and knowledge exchange in alternative medicine.
• The Ministry of Ayush emphasized that this initiative will contribute to the integration of homoeopathy into mainstream healthcare.

Key Highlights of the MoU

1. Partnership Details

• Signed between CCRH, New Delhi, and Adamas University, Kolkata.
• Agreement finalized on March 1, 2025.
• Signed by Subhash Kaushik (Director General, CCRH) and Suranjan Das (Vice-Chancellor, Adamas University).
• Nobel Laureate Gregory Paul Winter attended the signing ceremony.

2. Objectives of the Collaboration

• Enhance academic and research collaboration in homoeopathy.
• Promote scientific advancements and knowledge exchange.
• Encourage evidence-based research in alternative medicine.
• Strengthen academic ties and joint research projects.
• Support the mainstream integration of homoeopathy.

3. Role of CCRH in Homoeopathy Research

• Apex research body under the Ministry of Ayush.
• Conducts core research activities in homoeopathy.
• Collaborates with national and international institutes for research.

Bharti Airtel Partners with SpaceX to Bring Starlink Internet to India

• In a landmark agreement, Bharti Airtel has partnered with Elon Musk’s SpaceX to bring Starlink’s satellite internet services to India.
• This first-of-its-kind agreement is subject to SpaceX obtaining the necessary regulatory approvals from the Indian government.

Key Highlights

1. Regulatory Approvals for Starlink in India

• SpaceX has applied for security clearance from the Indian government.
• The Home Ministry is reviewing SpaceX’s application for Starlink’s authorization in India.

2. Strategic Collaboration Between Airtel and SpaceX

• Airtel’s own satellite service, OneWeb, focuses on enterprise solutions, while this partnership allows Airtel to offer consumer satellite services.
• This agreement intensifies competition between Reliance Jio and SpaceX, as they previously clashed over spectrum allocation methods.

3. Expanding Connectivity Across Rural India

• Airtel and SpaceX will work together to offer Starlink equipment in Airtel’s retail stores.
• Plans to connect schools, health centers, and rural communities with satellite internet.
• Starlink’s services will complement Airtel’s existing telecom network, expanding its nationwide connectivity reach.

4. Strengthening Airtel’s Position in Satellite Internet

• With Starlink and Eutelsat OneWeb, Airtel strengthens its satellite broadband offerings.
• The partnership will enhance connectivity packages for businesses, enterprises, and underserved communities.

RECENT NEWS

• In January 2025, Bharti Airtel and Bajaj Finance formed a partnership to create one of India’s largest digital platforms for financial services, leveraging Airtel’s customer base and distribution network with Bajaj Finance’s diverse product offerings.

CURRENT AFFAIRS: SPORTS NEWS

Australia and England Set for Historic 150th Anniversary Day-Night Test at Melbourne Cricket Ground

• Test cricket is set to celebrate a monumental milestone as Australia and England face off in a one-off day-night Test match to commemorate 150 years since the first-ever Test match.
• Cricket Australia (CA) has confirmed that the historic Melbourne Cricket Ground (MCG) will host this pink-ball Test from March 11 to March 15, 2027.
• This highly anticipated clash not only pays tribute to Test cricket’s legacy but also reflects its evolution into the modern era, with the introduction of the day-night format.

Significance of the 150th Anniversary Test

A Tribute to the First-Ever Test Match

• The first official Test match was played at MCG in March 1877, where Australia and England squared off in what became the foundation of international cricket.
• The 150th Anniversary Test serves as a historic tribute to this match, reinforcing the legendary rivalry and camaraderie between the two cricketing giants.

A Rare and Historic Occasion

• This will be the first-ever pink-ball Test played by the Australian men’s team at the MCG.
• In 2024, Australia’s women’s team made history by playing the first day-night Test at the MCG against England during the Women’s Ashes.
• The MCG also hosted the Centenary Test in 1977, marking 100 years since the first Test match—a game in which Australia won by 45 runs, mirroring the result of the inaugural Test.

Legacy of Centenary Test Matches

1977: The First Centenary Test at MCG

The first Centenary Test in 1977 remains one of the most iconic matches in cricket history, featuring moments such as:

• David Hookes smashing five consecutive boundaries off Tony Greig.
• Rick McCosker batting with a broken jaw.
• Derek Randall’s brilliant century for England.

1980: The Second Centenary Test at Lord’s

• In 1980, Australia and England played a second Centenary Test at Lord’s to mark 100 years since the first Test in England (1880).
• These centennial matches have upheld cricket’s commitment to honoring its past while embracing the future.

CURRENT AFFAIRS: OBITUARY

Legendary Tirumala Tirupati Devasthanams (TTD), Singer Garimella Balakrishna Prasad Passed Away

• Renowned music composer, classical singer, and Tirumala Tirupati Devasthanams (TTD), court scholar Garimella Balakrishna Prasad passed away at 76 at his home in Tirupati.
• He was a stalwart in devotional and classical music, particularly known for his popularization of Annamacharya kirtans.

His Legacy in Devotional Music

• Joined the TTD Annamayya project as a singer in 1976, dedicating his life to composing, recording, and publishing Annamacharya’s kirtans until
• Recipient of the prestigious Central Sangeet Natak Academy Award for his contributions to Indian classical music.
• Instrumental in introducing the Sankirtana Yajna process in Telugu and trained disciples through Bhakti TV’s Hari Sankirtana.
• Performed over 6,000 concerts worldwide, including a record-breaking feat of singing 300 kirtans nonstop and composing over 600 Annamayya kirtans.
• Lead singer in the Lakhsha Galarchana, a historic event at Secunderabad Parade Ground, which entered the Guinness Book of World Records.
• Despite being the nephew of playback singer S. Janaki and receiving film industry opportunities, he remained devoted to classical and devotional music.

Daily CA One-Liner: 13^th March

• The National Archives of India (NAI) celebrated its 135th Foundation Day on March 11, 2025, with a grand event featuring the inauguration of the “Indian Heritage through Architecture” exhibition by Union Minister Shri Gajendra Singh Shekhawat.
• The Federation of Indian Export Organisations (FIEO) launched the SheTrades India Hub, a groundbreaking initiative aimed at empowering women entrepreneurs and strengthening India’s export ecosystem
• Mauritian Prime Minister Navin Ramgoolam announced that Prime Minister Narendra Modi will be conferred with the Grand Commander of the Order of the Star and Key of the Indian Ocean, the nation's highest civilian award.
• The Inland Waterways Authority of India (IWAI), under the Ministry of Ports, Shipping and Waterways (MoPSW), has signed a Memorandum of Understanding (MoU) with multiple Delhi government agencies—including the Irrigation and Flood Control Department, Delhi Development Authority (DDA), Delhi Jal Board (DJB), and Delhi Transport Corporation (DTC)—to promote cruise tourism on a 4-km stretch of the Yamuna River (National Waterway 110) between Sonia Vihar and Jagatpur
• A Memorandum of Understanding (MoU) was signed between National Highways Logistics Management Limited (NHLML) and the Inland Waterways Authority of India (IWAI) to develop a state-of-the-art Multi-Modal Logistics Park (MMLP) in Varanasi, Uttar Pradesh
• The Department of Posts (DoP) has launched the “Digital Address Code” (DAC) initiative to create a standardized, geo-coded addressing system in India.
• In a major step towards strengthening bilateral ties, the Ministry of Finance (MoF) of India and the Ministry of Finance of the State of Qatar signed a Memorandum of Understanding (MoU) on financial and economic cooperation on February 18, 2025, during the visit of HH Amir of Qatar to India
• The Central Council for Research in Homoeopathy (CCRH) and Adamas University, Kolkata, signed a Memorandum of Understanding (MoU) to strengthen academic and research collaboration in homoeopathy
• In a landmark agreement, Bharti Airtel has partnered with Elon Musk’s SpaceX to bring Starlink’s satellite internet services to India
• Test cricket is set to celebrate a monumental milestone as Australia and England face off in a one-off day-night Test match to commemorate 150 years since the first-ever Test match
• The Securities and Exchange Board of India (SEBI) has introduced a new regulation to expedite the capital-raising process for companies by reducing the timeline for completing rights issues to 23 days.
• The Reserve Bank of India (RBI) released data on the financial performance of non-government non-financial (NGNF) FDI companies in India for 2023-24, based on the audited annual accounts of 2,418 companies following Indian Accounting Standards (Ind-AS).
• The Reserve Bank of India (RBI) and the National Centre for Financial Education (NCFE) have launched multiple nationwide campaigns to enhance financial literacy in India.
• India's digital payment transactions (including UPI) saw a massive surge in FY 2024-25 (till January), crossing 18,120 crore transactions with a transaction value of ₹2,330 lakh crore, according to the Ministry of Finance.
• Assam is set to launch its first satellite, ‘ASSAMSAT,’ marking a major step in utilizing space technology for governance and development.
• Nissan Motor Co. is set to appoint Ivan Espinosa as its new Chief Executive Officer (CEO), replacing Makoto Uchida, who will step down at the end of March, 2025.
• MK Jain, former deputy governor of the Reserve Bank of India (RBI), is set to join Reliance Industries as an advisor.
• Atul Kumar Goel has assumed charge as Chief Executive (CE) of the Indian Banks’ Association (IBA).
• The Competition Commission of India (CCI) has approved ONGC-NTPC Green's acquisition of Ayana Renewable Power Pvt Ltd for ₹19,500 crore (USD 2.3 billion).
• The Competition Commission of India (CCI) has approved AMG Green Power B.V. (AMG Power)’s acquisition of a stake in Greenko Energy Holdings (GEH) from ORIX Corporation.
• Asset Reconstruction Company (India) Ltd (Arcil) has acquired Ujjivan Small Finance Bank’s (SFB) non-performing and written-off microfinance loans worth ₹365.5 crore for ₹34.26 crore, implying a 94% haircut for Ujjivan SFB.
• The 6th Coordinated Patrol (CORPAT) and 4th BONGOSAGAR bilateral exercise between the Indian Navy and Bangladesh Navy commenced on March 10, 2025, and will continue until March 12, 2025, in the Bay of Bengal, as per a statement by Inter Services Public Relations (ISPR).
• Renowned music composer, classical singer, and Tirumala Tirupati Devasthanams (TTD), court scholar Garimella Balakrishna Prasad passed away at 76 at his home in Tirupati.