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CURRENT AFFAIRS: BANKING & FINANCE

Reserve Bank of India Says Interest Rate On Government of India Floating Rate Bond 2033 Shall Be 8.34%

• The rate of interest on Government of India Floating Rate Bond 2033 (GOI FRB 2033) applicable for the half year March 22, 2024 to September 21, 2024 shall be 8.34% per annum, the Reserve Bank of India announced.
• FRB 2033 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield (WAY) of last three auctions (from the rate fixing day, i.e., March 22, 2024) of 182 Day T-Bills, plus a fixed spread (1.22 percent).

About Floating Rate Bonds

• Floating Rate Bonds are government securities that do not have a fixed coupon rate, but keep varying throughout their tenure based on the fluctuations in benchmark.
• The benchmark rate may be the repo rate, reverse repo rate, average T-Bill and Savings scheme interest rate.
• Note that the RBI floating rate bonds cannot be traded, and they also cannot be used as collaterals.
• But these bonds have the least volatility and have no credit risk involved in it.
• If you're someone who wants a safe investment option that provides you with regular coupons, you can consider this.
• For a senior citizen, concerned about fluctuation in FRB, the Senior Citizens Savings Scheme (SCSS) can be considered.
• Once you've utilized the SCSS limit of Rs 30 lakh, you can invest the rest of the funds in RBI floating-rate bonds.
• SCSS currently offers 8.2% interest lower than GOI FRB 2033.
• The coupons received in both schemes are taxable according to the income tax slab.
• These bonds can be purchased directly via the RBI Retail Direct account or the NSE GoBid platform.

Recent News:

• In March 2025, The Reserve Bank of India (RBI) released the results of the sixth round of India’s Remittances Survey (2023-24), revealing a shift in migration trends.
• US Overtakes UAE as India’s Largest Source of Remittances, Says RBI Survey

About RBI :

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

Scapia resumes onboarding of their travel credit cards on the Federal Bank platform

• Scapia has relaunched its travel-focused credit card, emphasizing simplified travel rewards and a seamless user experience.
• After a temporary halt in 2024 due to regulatory restrictions on Federal Bank, its co-brand partner, Scapia has resumed credit card issuance with new benefits.
• In 2023, Scapia launched its credit cards focused on the travel space.
• Scapia was unique because their card products and the whole app and experience are concentrated on travel.
• In 2024, Scapia had to stop onboarding new customers because the regulator asked Federal Bank, their banking partner, to discontinue onboarding new co-brand credit card customers.

Key Highlights:

• Scapia’s zero forex markup makes it ideal for international travelers, allowing users to make purchases in foreign currencies without extra charges.
• However, these transactions do not earn rewards.
• Cardholders can enjoy unlimited domestic lounge access by spending INR 10,000 monthly.
• Additionally, purchases made at airport outlets (up to INR 1,000) are reimbursed in Scapia Coins (1 Coin = INR 0.2).
• Through the Scapia Coins Rewards Programme, users earn 10% Scapia Coins on every transaction and 20% on travel spends via the Scapia app.
• With the conversion rate of 5 Scapia Coins = 1 Rupee, this translates to 2% rewards on regular spends and 4% on travel bookings.
• The Scapia credit card is lifetime free, with no joining or annual fees, making it an attractive option for frequent travelers.

About Federal Bank:

• Founded: 1931
• Headquarters: Aluva, Kerala, India
• Managing Director & CEO: KVS Manian
• Tagline: "Your Perfect Banking Partner"

Reserve Bank of India imposes penalty of Rs 36 lakh on IDBI Bank and Citibank

• The central bank stated that the penalty of Rs 36 lakh on IDBI Bank was imposed for failing to undertake due diligence while processing inward remittances from a foreign currency account, the report stated.
• RBI stated that it has also imposed a penalty of Rs 36.28 lakh on Citibank N.A. for contravention of the directions related to reporting of transactions undertaken under the Liberalised Remittance Scheme.

Other Penalties by RBI:

Bank Name	Penalty Amount	Reason for Penalty	Legal Basis
Sreenivasa Padmavathi Co-operative Urban Bank Ltd., Telangana	₹1.20 lakh	Non-compliance with RBI directions on Priority Sector Lending (PSL) and failure to deposit the prescribed amount in the MSE Refinance Fund due to shortfall in PSL target for FY 2022-23.	Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
Sind Co-operative Urban Bank Ltd., Telangana	₹1.30 lakh	Non-compliance with RBI directions on PSL and failure to deposit the prescribed amount in the MSE Refinance Fund despite a cautionary letter.	Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
The Karnataka Co-operative Bank Ltd., Muddebihal, Karnataka	₹5.00 lakh	Non-compliance with RBI directions on PSL and failure to deposit the prescribed amount in the MSE Refinance Fund despite a cautionary letter.	Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
The Karimnagar Co-operative Urban Bank Ltd., Telangana	₹3.10 lakh	Non-compliance with RBI directions on PSL and failure to deposit the prescribed amount in the MSE Refinance Fund despite a cautionary letter.	Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
The Karaikudi Co-operative Town Bank Ltd., Tamil Nadu	₹50,000	Non-compliance with RBI directions under the Supervisory Action Framework (SAF), including sanctioning loans beyond exposure limits and without proper collateral security.	Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949

Equitas Bank renews T20 partnership with Chennai Super Kings (CSK) and Gujarat Titans (GT) for 2025

• Equitas Small Finance Bank has renewed its partnership with Chennai Super Kings (CSK) and Gujarat Titans (GT) as the Official Banking Partner.
• This marks a six-year association with CSK and a three-year partnership with GT.
• The collaboration aligns with Equitas' ‘Bank Behind Champions’ campaign, emphasizing excellence and community engagement.
• Equitas' branding will be featured on CSK's lead helmet and the back of GT's helmet this season.
• The campaign integrates outdoor advertising and localized activities to raise awareness about Equitas' CASA and loan products.
• The ‘Bank Behind Champions’ initiative aims to provide exceptional banking services to entrepreneurs, employees, and CSR beneficiaries.
• Equitas also focuses on expanding access to digital banking, offering customers a convenient and rewarding Do-It-Yourself (DIY) banking experience.

About Equitas Small Finance Bank:

• Founded: 2007
• Headquarters: Chennai, Tamil Nadu, India ​
• Managing Director & CEO: P. N. Vasudevan
• Tagline: "It's Fun Banking"

Zuno General Insurance Integrates ‘Pay How You Drive’ as a Standard Feature in Motor Policies

• Zuno General Insurance has introduced Zuno SmartDrive, integrating the Pay-How-You-Drive (PHYD) feature into its motor insurance policies.
• It is the first insurer in India to offer mobile telematics as a built-in feature at no extra cost.
• The PHYD feature, previously an add-on, is now automatically included in all new and renewing policies.
• Using mobile telematics, it evaluates speed, braking patterns, and distractions, allowing policyholders to track their driving scores via the Zuno app.
• Safer driving can result in lower premiums, offering financial incentives to responsible drivers.
• Zuno SmartDrive personalizes premium calculations, shifting from a fixed pricing model to behavior-based pricing.
• This ensures policyholders have greater control over insurance costs.
• In addition to renewal discounts, customers can earn weekly and monthly rewards based on driving scores, displayed on a leaderboard in the Zuno app.
• Through Zuno SmartDrive, Zuno General Insurance aims to deliver a data-driven and personalized insurance experience, helping policyholders optimize coverage costs while encouraging safe driving habits.

About Zuno General Insurance:

• Zuno General Insurance, formerly known as Edelweiss General Insurance Company Limited.
• Established in 2017.
• Headquartered in Mumbai, Maharashtra

CURRENT AFFAIRS: NATIONAL NEWS

East Coast Railway Becomes First in India to Achieve 250 Million Tons Freight Loading

• East Coast Railway (ECoR) has created history by becoming the first railway zone in India to achieve 250 million tons (MT) of originating freight in the financial year 2024-25.
• This milestone was achieved on March 21, 2024, 11 days ahead of schedule, reaffirming ECoR’s dominance as the highest freight-loading railway zone in India.

Key Highlights of ECoR’s Achievement

Record-Breaking Freight Performance

• Highest Freight Loading Zone: ECoR has set a new benchmark for Indian Railways, maintaining its position as the top-performing zone in freight movement.
• Second Consecutive Year: ECoR crossed the 250 MT mark for the second year in a row.
• Sustained Growth: ECoR has achieved over 200 MT of freight loading for six consecutive years, showcasing efficiency and strategic planning.

Freight Unloading Performance

• Total Freight Unloaded in 2024-25: 228.3 MT
• Growth Rate: 2.6% increase compared to the previous fiscal year (2023-24).
• Comparison with Last Year: By March 21, 2023, ECoR had unloaded 222.4 MT, reflecting continuous operational improvements.

Key Contributors to ECoR’s Success

1. Coalfields

• Mahanadi Coalfields Limited (MCL) at Talcher remains one of the largest contributors to freight movement.

2. Major Ports under ECoR

• Paradeep Port
• Dhamara Port
• Visakhapatnam Port
• Gangavaram Port
• Gopalpur Port

3. Iron Ore Mines

• Bailadila Mines (Chhattisgarh)
• Keonjhar District Mines (Odisha)

4. Steel and Aluminium Industries

• Consistent demand from steel and aluminium industries has significantly contributed to freight growth.

Global Funding for Women-Led Tech Startups Declines in 2024

• Global funding for women-led tech startups fell to $29.6 billion in 2024, marking an 11% drop from $33.1 billion in 2023 and a 21% decline from $37.5 billion in 2022.
• Despite this downturn, India ranked second globally in all-time funding for women-led startups, following the United States, as per a Tracxn report.

Key Highlights

Global Overview

• Decline in Funding:
  • 2024: $29.6 billion
  • 2023: $33.1 billion
  • 2022: $37.5 billion
• Women-led startups accounted for 11.7% of total global funding in 2024.
• Global women-led startup ecosystem: Over 69,000 companies, raising $309 billion to date.
• 45 funding rounds exceeded $100 million in 2024 (15% increase from 2023, but 40% drop from 2022).

Major Deals and Investors

• Top 3 Companies with $1 Billion+ Funding in 2024:
  • OpenAI
  • Abound
  • Wiz
• Most Active Investors in 2024:
  • Seed-stage: Y Combinator, Techstars, Antler
  • Early-stage: Lightspeed Venture Partners, General Catalyst, Accel
  • Late-stage: Notable Capital, Sapphire Ventures, SoftBank Vision Fund

Sector-Wise Investment Trends

• Enterprise Applications received the highest funding: $16.1 billion (8% decline from 2023).
• Top sectors in all-time funding:
  • Retail: $7.8 billion
  • EdTech: $5.4 billion
  • Enterprise Applications: $5 billion

India’s Position in Women-Led Startup Funding

• 2nd globally in all-time funding for women-led tech startups: $26.4 billion raised.
• Highest-funded year: 2021 ($6.3 billion).
• India’s global share in 2022: 15.18% ($5 billion out of global funding).
• India ranked 3rd in 2024 in annual funding, after the US and UK, contributing 3.96% of global women-led startup funding.

City-Wise & Industry Trends in India

• Top Cities for Women-Led Startup Funding:
  • Bengaluru
  • Mumbai
  • Delhi NCR
• No new unicorns in 2023 and 2024 (last surge in 2021 with eight new unicorns).

Women-Led Startups That Went Public in 2024

• MobiKwik
• Usha Financial
• Tunwal
• Interiors and More
• LawSikho

Acquisitions and IPO Trends

• Decline in Acquisitions of Women-Led Startups:
  • 2021: 45 acquisitions
  • 2022: 36 acquisitions
  • 2023: 25 acquisitions
  • 2024: 16 acquisitions

Government Initiatives for Women Entrepreneurs

• TREAD Program (Trade Related Entrepreneurship Assistance and Development):
  • Provides financial loans through NGOs.
  • Aims to empower women entrepreneurs through financial support, training, and networking opportunities.

CURRENT AFFAIRS: AWARDS AND HONOURS

Chairman of The Sanmar Group, Vijay Sankar Honored with Denmark’s Prestigious Knight’s Cross

• Vijay Sankar, the Honorary Consul General of Denmark for Southern India and Chairman of The Sanmar Group, has been awarded the Knight’s Cross of the Order of Dannebrog by the King of Denmark.
• This distinguished honor recognizes his exceptional consular services and his efforts in strengthening Indo-Danish relations.
• The award was presented by Rasmus Abildgaard Kristensen, Ambassador of Denmark in India, at a special ceremony in Chennai.
• The event also highlighted the Sankar family’s five-decade-long association with Denmark’s consular services.

Key Points (Exam-Oriented)

Award & Recipient

• Recipient: Vijay Sankar
• Honor: Knight’s Cross of the Order of Dannebrog
• Conferred By: King of Denmark
• Date & Venue: March 18, 2025 – Chennai
• Presented By: Rasmus Abildgaard Kristensen, Ambassador of Denmark in India

Reason for Recognition

• Outstanding consular services
• Strengthening Indo-Danish diplomatic ties

RECENT NEWS

• Denmark has announced the launch of the Green Transition Alliance India (GTAI) to strengthen its collaboration with India on sustainable energy solutions.

Renowned Sculptor Ram Sutar Honored with Maharashtra Bhushan Award

• Ram Sutar, the acclaimed sculptor best known for designing the Statue of Unity, has been awarded the Maharashtra Bhushan, the highest civilian honor of Maharashtra.
• The announcement was made by Maharashtra Chief Minister Devendra Fadnavis in the state Legislative Assembly.
• A selection committee chaired by Fadnavis finalized Sutar’s name for the award.
• At 100 years old, Sutar continues to contribute to India’s artistic heritage and has been entrusted with sculpting a statue of Dr. Babasaheb Ambedkar for Chaityabhoomi, Mumbai.

Key Points (Exam-Oriented)

Award Announcement

• Recipient: Ram Sutar
• Award: Maharashtra Bhushan
• Selection Committee Head: CM Devendra Fadnavis
• Finalized On: March 12, 2025
• Announced In: Maharashtra Legislative Assembly

Achievements of Ram Sutar

• Designer of the Statue of Unity, the world’s tallest statue (Gujarat).
• Commissioned to create a statue of Dr. Babasaheb Ambedkar for Chaityabhoomi, Mumbai.
• Honored with Padma Shri (1999) and Padma Bhushan (2016).
• Born in Dhule, Maharashtra, and recently turned 100 years old.

Maharashtra Bhushan Award Details

About the Award

• Highest Civilian Honor of Maharashtra.
• Presented annually by the Government of Maharashtra.
• Recognizes outstanding contributions across various fields.

Establishment and History

• Instituted in 1995 by the Shiv Sena-BJP alliance government.
• First awarded in 1996.

Fields of Recognition

• Initially honored achievements in: Literature, Art, Sport, and Science.
• Later expanded to include: Social Work, Journalism, Public Administration, and Health Services.

Prize and Selection Process

• Includes a cash prize of ₹25 lakh, a memento, and a citation.
• Recipients are chosen by a committee appointed by the Maharashtra government.

RECENT NEWS

• In February 2025, Maharashtra is set to establish India’s first Artificial Intelligence (AI) university, marking a significant step in advancing AI education, research, and innovation.

Veteran Telugu cinema superstar, Chiranjeevi Honored with Lifetime Achievement Award at UK Parliament

• Veteran Telugu cinema superstar Chiranjeevi has been conferred with the Lifetime Achievement Award for his immense contribution to Indian cinema, cultural influence, and public service.
• The award was presented by London-based think tank Bridge India at the prestigious House of Commons in the UK Parliament.

Key Highlights

Grand Recognition at the UK Parliament

• Venue: House of Commons, UK Parliament
• Presented By: Bridge India
• Hosted By: British-Indian MP Navendu Mishra, along with Sojan Joseph and Bob Blackman
• Attended By: Several MPs, Ministers, Under Secretaries, and Diplomats

Chiranjeevi’s Contribution to Indian Cinema

• Career Span: Over four decades
• Total Films: More than 150
• Notable Movies:
  • Rudraveena
  • Indra
  • Khaidi
  • Swayamkrushi
• Impact: His films have influenced Indian cinema, inspiring actors and filmmakers alike.

Philanthropic and Public Service Initiatives

• Chiranjeevi Charitable Trust (CCT): Provides free medical aid and blood donation services.
• COVID-19 Relief Efforts: Played a key role in helping thousands during the pandemic.
• Educational Support: Upliftment programs for underprivileged students.
• Political Role: Served as Minister of Tourism, Government of India.

Bridge India’s Recognition of Global Icons

• About Bridge India: A London-based think tank focused on India’s global influence, socio-political affairs, and cultural contributions.
• Objective: Honoring individuals who significantly contribute to cinema, public service, and global diplomacy.

Bharat Petroleum Corporation Limited Inaugurates Floating Solar Power Plant at Kochi Refinery

• Bharat Petroleum Corporation Limited (BPCL) has made a major stride in sustainable energy with the launch of a floating solar power plant at the Kochi Refinery.
• The project was inaugurated by Chief Secretary Sarada Muraleedharan, marking a significant step in BPCL’s transition toward renewable energy integration.

Key Features of the Floating Solar Power Plant

• Capacity: 3.2 MW AC
• Location: Rainwater harvesting pond within the Kochi Refinery
• Coverage Area: 8 acres of the 19-acre waterbody
• Investment: ₹28.93 crore

Chief Secretary’s Visit to BPCL’s Bio-Gas Plant

• During her visit, Chief Secretary Sarada Muraleedharan also inspected the ongoing 150 TPD Municipal Solid Waste to Compressed Bio-Gas (CBG) plant near the Brahmapuram waste dumping yard.

Key Objectives of the Bio-Gas Project:

• Converts municipal solid waste into compressed bio-gas.
• Provides an eco-friendly waste management solution.
• Strengthens BPCL’s commitment to green energy and waste-to-energy solutions.

Günter Blöschl Wins 2025 Stockholm Water Prize for Pioneering Flood Hydrology Research

• Renowned hydrologist Günter Blöschl has been honored with the 2025 Stockholm Water Prize for his groundbreaking research in flood hydrology.
• Announced by the Prize Committee, the award recognizes his significant contributions to flood risk assessment and water resource management under climate change.
• His work has enhanced global flood prediction models, helping communities prepare for extreme weather events.

Key Highlights

Award & Recognition

• Recipient: Günter Blöschl
• Institution: Vienna University of Technology
• Awarded For: Pioneering research in flood risk analysis and climate change impact on water resources.

Scientific Contributions

• Developed a global flood risk database, enhancing disaster preparedness.
• Established a direct link between climate change and increasing flood frequency.
• Demonstrated that recent floods are more severe than historical records indicate.

Academic & Professional Background

• Professor at Vienna University of Technology and Head of the Institute of Hydraulic Engineering and Water Resources Management.
• Founder of the Doctoral Programme of Water Resources Systems (running for over 15 years).
• Holds a part-time professorship at the University of Bologna.
• International Research Experience: Worked in the US, Canada, and Australia.

Stockholm Water Prize & Ceremony

• Awarded by: Stockholm Water Foundation in collaboration with the Royal Swedish Academy of Sciences.
• Presentation by: King Carl XVI Gustaf of Sweden during World Water Week in August 2025.

Collaborations & Influence

• Worked alongside previous Stockholm Water Prize laureates, including Taikan Oki and Andrea Rinaldo.
• His research continues to shape global policies on flood risk management and climate resilience.

Vinod Kumar Shukla Wins 59th Jnanpith Award, Becomes First Recipient from Chhattisgarh

• Eminent Hindi writer Vinod Kumar Shukla has been named the recipient of the 59th Jnanpith Award, India’s highest literary honour.
• At 88 years old, he is recognized for his unique literary style, blending linguistic creativity and emotional depth.
• He is the first author from Chhattisgarh to receive this prestigious award and the 12th Hindi writer to be honored.

Key Highlights

Winner Details

• Award Name: 59th Jnanpith Award
• Recipient: Vinod Kumar Shukla
• Age: 88 years
• Literary Fields: Short stories, poetry, and essays
• First from Chhattisgarh: First-ever recipient from the state
• 12th Hindi Writer: 12th author writing in Hindi to receive the honor

Selection & Award Components

• Selection Body: Jnanpith Selection Committee chaired by Pratibha Ray.
• Committee Members: Madhav Kaushik, Damodar Mauzo, Prabha Varma, Anamika, A Krishna Rao, Prafful Shiledar, Janki Prasad Sharma, and Madhusudan Anand.
• Award Includes:
  • ₹11 lakh cash prize
  • Bronze Saraswati statue
  • Citation

Notable Works of Vinod Kumar Shukla

• "Deewar Mein Ek Khirkee Rahati Thi" – Won Sahitya Akademi Award in 1999
• "Naukar Ki Kameez" (1979) – Adapted into a film by Mani Kaul
• "Sab Kuch Hona Bacha Rahega" (1992) – Renowned poetry collection

Jnanpith Award Overview

• Established: 1961
• First Awarded in 1965 to Malayalam poet G. Sankara Kurup for "Odakkuzhal".
• Recognizes outstanding literary contributions in Indian languages.

CURRENT AFFAIRS: RANKING AND INDEX

India’s Happiness Ranking Improves in World Happiness Report 2025

• India’s ranking in the World Happiness Report 2025 has shown steady improvement, climbing to 118th out of 147 countries, compared to 139th in 2020.
• The report, released by the University of Oxford’s Wellbeing Research Centre in collaboration with Gallup and the UN Sustainable Development Solutions Network, highlights key factors such as economic growth, improved perception of corruption, and rising personal freedom as contributors to India’s upward trend.

Key Findings of the World Happiness Report 2025

India’s Performance

• Current Rank (2025): 118
• Previous Rank (2024): 126
• Best Rank: 94 (2011)
• Lowest Rank: 144 (2019)

Key Improvements

• Personal Freedom: Ranked 23rd in 2024, the highest in five years.
• GDP per Capita Rank: Improved to 93rd in 2024 from 97th in 2022.
• Perception of Corruption: Rank improved to 56th in 2024 from 71st in 2022.

Areas of Concern

• Low Social Support: Weak community ties and social trust.
• Economic Inequality: Growing wealth disparity affecting overall happiness.
• Mental Health Issues: Rising stress levels and work-life imbalance.

Global Happiness Trends

Top 5 Happiest Countries

1. Finland (1st for the 8th consecutive year)
2. Denmark
3. Iceland
4. Sweden
5. Netherlands

Notable Changes

• Costa Rica (6th) and Mexico (10th) entered the top 10 for the first time.
• The US dropped to 24th due to rising social isolation, particularly among young adults.
• The UK ranked 23rd, its lowest position since 2017.

Bottom 5 Unhappiest Countries

143. Zimbabwe
144. Malawi
145. Lebanon
146. Sierra Leone
147. Afghanistan (Unhappiest for the fourth consecutive year).

Understanding the World Happiness Index

• First Published: 2012
• Released By:
  • Wellbeing Research Centre (University of Oxford)
  • Gallup
  • UN Sustainable Development Solutions Network

Ranking Factors

1. GDP per capita (Economic prosperity)
2. Social Support (Community & trust)
3. Healthy Life Expectancy
4. Freedom to Make Life Choices
5. Generosity (Charitable activities)
6. Perception of Corruption (Trust in governance)

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Tata Motors Signs Vicky Kaushal as Brand Ambassador for Passenger and Electric Vehicles

• Tata Motors has partnered with Bollywood actor Vicky Kaushal to represent its passenger and electric vehicle lineup.
• The collaboration was announced in Mumbai as part of the company’s broader marketing strategy.
• The partnership launched with the "Take the Curvv" campaign, promoting the new Tata Curvv SUV during the Indian Premier League (IPL) season.
• The campaign includes 20-second commercials showcasing the SUV’s features and design.
• The Tata Curvv is positioned as a mid-SUV featuring category-first innovations and distinctive design elements.
• The campaign aims to appeal to consumers looking to "break free from the expected."
• Tata Motors continues to expand in both conventional and electric vehicle segments, playing a key role in India’s "Make in India" manufacturing initiative.

Parminder Chopra takes additional charge as Chairman and Managing Director of REC Limited

• The Indian government has appointed Smt. Parminder Chopra, the current Chairman and Managing Director (CMD) of Power Finance Corporation Ltd. (PFC), to additionally serve as the CMD of REC Ltd.
• According to a regulatory filing, the Ministry of Power issued an office order on March 20, 2025, appointing Chopra to the role with immediate effect for a period of three months or until further orders.
• Chopra’s appointment follows the completion of Vivek Kumar Dewangan’s tenure as CMD of REC Limited.
• Dewangan stepped down after completing a combined seven-year tenure at the Ministry of Power and REC.
• Parminder Chopra brings over 35 years of experience in the power and financial sectors.
• She became the first woman to lead PFC as its CMD on August 14, 2023.
• Prior to that, she served as Director (Finance) at PFC starting July 1, 2020.
• Chopra has also played a pivotal role in financing power and infrastructure projects, contributing to PFC's recognition as a "Maharatna"
• Her prior experience includes roles at NHPC Limited and Power Grid Corporation of India Limited.
• REC Limited, a key non-banking financial company (NBFC) under the Ministry of Power, specializes in power sector financing across India.
• Meanwhile, PFC, where Chopra continues to serve as CMD, plays a crucial role in implementing projects such as the Integrated Power Development Scheme (IPDS) and Ultra Mega Power Projects (UMPPs).

L&T promotes Subramanian Sarma to Deputy Managing Director & President

• Subramanian Sarma has been appointed as Deputy Managing Director and President of Larsen & Toubro Ltd. (L&T).
• His new role will be effective from April 2, 2025, and his tenure has been extended until February 3, 2028.
• Sarma holds a Chemical Engineering degree and a Master’s from IIT Bombay.
• He has over 40 years of industry experience, with 30 years in the Middle East managing Oil & Gas operations.
• Before joining L&T, he was MD of a global EPC contractor in the Oil & Gas sector in the Middle East.
• This move reinforces L&T’s leadership strength as the company continues its focus on infrastructure, hydrocarbon, and energy sectors.
• Meanwhile, the company's board approved long term borrowings of upto Rs 12,000 crore, including through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate.
• Larsen & Toubro (L&T) is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Indian Space Research Organisation & Semiconductor Laboratory develops 32-bit Microprocessors for space applications

• The first production lots of the 32-bit microprocessors VIKRAM3201 & KALPANA3201, developed for space applications, were handed over to V. Narayanan, Secretary, DOS/Chairman, ISRO, by Shri S. Krishnan, Secretary, MeitY, in a function organized at New Delhi by the Semiconductor Laboratory (SCL), Chandigarh.
• These microprocessors were designed and developed by the Vikram Sarabhai Space Centre of ISRO in collaboration with SCL, Chandigarh.

About VIKRAM3201:

• VIKRAM3201 is India’s first fully indigenous 32-bit microprocessor, qualified for use in the harsh environmental conditions of launch vehicles.
• Fabricated at the 180nm CMOS semiconductor fab of SCL, this processor is an advanced version of the 16-bit VIKRAM1601 microprocessor, which has been in use in ISRO’s launch vehicle avionics system since 2009.
• A “Make-in-India” version of the VIKRAM1601 processor was later inducted in 2016 after the establishment of the 180nm semiconductor fab at SCL,
• VIKRAM3201 features a custom Instruction Set Architecture, floating-point computation capability, and high-level language support for the Ada language.
• All software tools, including the Ada compiler, assembler, linker, and simulator, along with the Integrated Development Environment (IDE), were developed in-house by ISRO.
• A C language compiler is under development to provide more flexibility to users in other domains.
• This development marks a significant step toward self-reliance in high-reliability microprocessors and onboard computers for navigation, guidance, and control of launch vehicles.
• The initial lot of VIKRAM3201 devices was successfully validated in space in the Mission Management Computer of the PSLV Orbital Experimental Module (POEM-4) during the PSLV-C60 mission.

About KALPANA3201:

• KALPANA3201 is a 32-bit SPARC V8 RISC microprocessor based on the IEEE 1754 Instruction Set Architecture.
• It has been designed to be compatible with open-source software toolsets and includes an in-house developed simulator and IDE.
• The microprocessor has been successfully tested with flight software.

Other devices:

• Four other devices jointly developed with SCL were also handed over to support significant miniaturization of the launch vehicle avionics system.
• These include two versions of a Reconfigurable Data Acquisition System (RDAS), which integrates multiple 24-bit Sigma-Delta Analog to Digital Converters on a single chip, a Relay Driver Integrated Circuit, and a Multi-Channel Low Drop-out Regulator Integrated Circuit for high-reliability applications.
• An MoU was also signed between SCL and Vikram Sarabhai Space Centre of ISRO for the development and delivery of miniaturized unsteady pressure sensors for measuring dynamic pressure in wind tunnels.
• This advancement strengthens India’s capabilities in high-reliability microprocessors and avionics, enhancing efficiency and performance in future space missions.

Recent News:

• In March 2025, ISRO strengthened India’s space research capabilities by launching the Shri S Ramakrishnan Centre of Excellence in Fluid and Thermal Science Research at IIT Madras.

About ISRO:

• Established: 1958
• Headquarters: New Delhi, India
• Chairman: V. Narayanan

World's First 'Supersolid' Created From Light: A Groundbreaking Discovery

• This groundbreaking discovery of a "supersolid" state of light marks a major milestone in physics.
• Scientists have successfully transformed light into a solid-like phase that retains superfluid properties, allowing friction-free flow while maintaining an ordered structure.
• The experiment, published in Nature on March 5, was led by researchers from the National Institute of Optics (CNR-INO) and CNR-Nanotec in Italy.
• Iacopo Carusotto described the supersolid as a fluid made of coherent quantum droplets, maintaining their arrangement even when flowing past obstacles.
• This achievement represents a new approach to supersolidity beyond traditional atomic systems, according to senior researcher Dimitrios Trypogeorgos.
• The discovery could bridge the gap between fundamental science and practical applications, including advancements in quantum computing, materials science, and energy storage.
• This could lead to novel applications in light-emitting devices and beyond.
• While still in its early stages, this discovery expands our understanding of light and matter, potentially revolutionizing the way energy is manipulated in the future.

CURRENT AFFAIRS: OBITUARY

Man behind Prime Minister Modi's Project Cheetah, Vincent Van Der Merwe, found dead

• World-renowned conservationist Vincent van der Merwe, a key figure in Prime Minister Narendra Modi’s Project Cheetah, was found dead in Riyadh, Saudi Arabia.
• The 42-year-old was found in the hallway of his apartment with a head injury.
• He was in Riyadh working with the Saudi Arabian government on a plan to reintroduce cheetahs

Contributions to Project Cheetah

• As the Founder of The Metapopulation Initiative (TMI), Van der Merwe specialized in cheetah conservation across Asia and Africa.
• He played a crucial role in India’s effort to reintroduce cheetahs to Kuno National Park after 70 years.
• He was responsible for acclimatizing cheetahs from Namibia and South Africa to Indian conditions.
• Despite challenges, he strongly believed in the success of Project Cheetah.

About Project Cheetah:

• Project Cheetah, India's ambitious attempt to introduce African cheetahs in the wild in the country, has been completed 2 years after its launch in September 2022.
• The project involves the translocation of cheetahs from South Africa and Namibia to Kuno National Park in Madhya Pradesh.
• The project is implemented by the National Tiger Conservation Authority (NTCA) in collaboration with the Madhya Pradesh Forest Department, Wildlife Institute of India (WII),and cheetah experts from Namibia and South Africa.

CURRENT AFFAIRS: BOOKS AND AUTHOR

‘March of Glory’ Book Launched to Mark 50 Years of India’s 1975 Hockey World Cup Victory

• To commemorate the Golden Jubilee of India’s first and only Hockey World Cup victory in 1975, a book titled ‘March of Glory’ was officially launched, at Shivaji Stadium, New Delhi.
• The book, co-authored by hockey historian K. Arumugam and journalist Errol D’Cruz, chronicles the historic triumph of the Indian hockey team in Kuala Lumpur on March 15, 1975.

Key Highlights of the Book Launch

Event Details

• Event: Launch of the book ‘March of Glory’
• Occasion: 50th Anniversary of India’s 1975 Hockey World Cup victory
• Date: March 18, 2025
• Venue: Shivaji Stadium, New Delhi

Book Authors

• K. Arumugam – Hockey historian, founder of One Thousand Hockey Legs (OTHL)
• Errol D’Cruz – Journalist

Focus of the Book

• Chronicles India’s 1975 Hockey World Cup victory.
• Features key match details, player quotes, and over 250 rare photographs.
• Highlights India’s shocking loss to Argentina, comeback victories, and tense final win against Pakistan.

Special Guests at the Launch

• Dilip Tirkey – President of Hockey India
• Ashok Kumar – Scorer of winning goal in 1975 final
• H. J. S. Chimni – Member of 1975 World Cup-winning team
• Harbinder Singh, Zafar Iqbal, Vineet Kumar – Olympians
• 300 young hockey players from OTHL

Significance of the Book

• Hockey India President Dilip Tirkey praised the book for its historical importance, stating that it serves as a vital documentation of Indian hockey’s glorious past.
• The book aims to inspire future generations by reliving India’s greatest hockey achievement.

CURRENT AFFAIRS: IMPORTANT DAYS

World Meteorological Day 2025: March 23

• World Meteorological Day is celebrated on March 23 every year all over the world and it is an annual event.
• Purpose : The day is celebrated as the establishment of the World Meteorological Organization (WMO), and it concentrates on the behavior of Earth’s atmosphere.

Theme

• This year World Meteorological Day is celebrated keeping the theme of "Closing the Early Warning Gap Together."

History

• In 1873, The First Weather Organization was formed and the International Meteorological Association was formed to exchange information about weather across national borders.
• On March 23rd, 1953, The International Meteorological Organization became the World Meteorological Organization, which it still is today.
• On March 23rd, 1961, The first World Meteorological Day was observed, on the anniversary of the organization’s creation.

World Tuberculosis (TB) Day 2025: March 24

• World Tuberculosis Day, observed on 24 March each year all over the world, is designed to build public awareness about the global epidemic of tuberculosis and efforts to eliminate the disease.
• It is commemorated to raise public awareness about the devastating health, social and economic consequences of tuberculosis, and to step up efforts to end the global tuberculosis epidemic.

Theme

• The theme of World TB Day 2025 - “Yes! We Can End TB: Commit, Invest, Deliver” –conveys the urgent need to invest resources to ramp up the fight against TB and achieve the commitments to end TB made by global leaders.

History

• On March 24, 1882, Dr. Robert Koch announced the discovery of Mycobacterium tuberculosis, the bacteria that causes tuberculosis (TB).
• During this time, TB killed one out of every seven people living in the United States and Europe.
• Koch’s discovery was the most important step taken toward the control and elimination of this deadly disease.
• A century later, March 24 was designated World TB Day: a day to educate the public about the impact of TB around the world.

Daily CA One- Liner: March 23 & 24

• East Coast Railway (ECoR) has created history by becoming the first railway zone in India to achieve 250 million tons (MT) of originating freight in the financial year 2024-25
• Global funding for women-led tech startups fell to $29.6 billion in 2024, marking an 11% drop from $33.1 billion in 2023 and a 21% decline from $37.5 billion in 2022.
• Vijay Sankar, the Honorary Consul General of Denmark for Southern India and Chairman of The Sanmar Group, has been awarded the Knight’s Cross of the Order of Dannebrog by the King of Denmark
• Ram Sutar, the acclaimed sculptor best known for designing the Statue of Unity, has been awarded the Maharashtra Bhushan, the highest civilian honor of Maharashtra
• Veteran Telugu cinema superstar Chiranjeevi has been conferred with the Lifetime Achievement Award for his immense contribution to Indian cinema, cultural influence, and public service
• Bharat Petroleum Corporation Limited (BPCL) has made a major stride in sustainable energy with the launch of a floating solar power plant at the Kochi Refinery
• Renowned hydrologist Günter Blöschl has been honored with the 2025 Stockholm Water Prize for his groundbreaking research in flood hydrology.
• Eminent Hindi writer Vinod Kumar Shukla has been named the recipient of the 59th Jnanpith Award, India’s highest literary honour.
• India’s ranking in the World Happiness Report 2025 has shown steady improvement, climbing to 118th out of 147 countries, compared to 139th in 2020.
• To commemorate the Golden Jubilee of India’s first and only Hockey World Cup victory in 1975, a book titled ‘March of Glory’ was officially launched, at Shivaji Stadium, New Delhi.
• The rate of interest on Government of India Floating Rate Bond 2033 (GOI FRB 2033) applicable for the half year March 22, 2024 to September 21, 2024 shall be 8.34% per annum, the Reserve Bank of India announced.
• After a temporary halt in 2024 due to regulatory restrictions on Federal Bank, its co-brand partner, Scapia has resumed credit card issuance with new benefits.
• The central bank stated that the penalty of Rs 36 lakh on IDBI Bank was imposed for failing to undertake due diligence while processing inward remittances from a foreign currency account, the report stated.
• Equitas Small Finance Bank has renewed its partnership with Chennai Super Kings (CSK) and Gujarat Titans (GT) as the Official Banking Partner.
• Zuno General Insurance has introduced Zuno SmartDrive, integrating the Pay-How-You-Drive (PHYD) feature into its motor insurance policies.
• Tata Motors has partnered with Bollywood actor Vicky Kaushal to represent its passenger and electric vehicle lineup.
• The Indian government has appointed Smt. Parminder Chopra, the current Chairman and Managing Director (CMD) of Power Finance Corporation Ltd. (PFC), to additionally serve as the CMD of REC Ltd.
• Subramanian Sarma has been appointed as Deputy Managing Director and President of Larsen & Toubro Ltd. (L&T).
• The first production lots of the 32-bit microprocessors VIKRAM3201 & KALPANA3201, developed for space applications, were handed over to V. Narayanan, Secretary, DOS/Chairman, ISRO, by Shri S. Krishnan, Secretary, MeitY, in a function organized at New Delhi by the Semiconductor Laboratory (SCL), Chandigarh.
• This groundbreaking discovery of a "supersolid" state of light marks a major milestone in physics.
• World-renowned conservationist Vincent van der Merwe, a key figure in Prime Minister Narendra Modi’s Project Cheetah, was found dead in Riyadh, Saudi Arabia.
• World Meteorological Day is celebrated on March 23 every year all over the world and it is an annual event.
• World Tuberculosis Day, observed on 24 March each year all over the world is designed to build public awareness about the global epidemic of tuberculosis and efforts to eliminate the disease