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CURRENT AFFAIRS: BANKING & FINANCE

Axis Bank launches 24/7 global USD clearing through Kinexys by J.P. Morgan

• Axis Bank, one of the largest private sector banks in India, has become the first Indian-headquartered financial institution to launch near-real-time, 24/7 programmable USD clearing capabilities for its commercial clients, leveraging Kinexys Digital Payments (KDP), a unit of Kinexys by J.P. Morgan.
• By utilizing KDP, Axis Bank can offer its commercial clients optionality to leverage 24/7 cross-border payments while also using foundational state-of-the-art blockchain-based infrastructure.
• This aims to enhance payment execution certainty and enable innovative corporate use cases, such as programmable, multi-bank cash concentration.
• KDP first launched blockchain deposit accounts in 2019, and they are now used by a growing number of corporate and financial institution clients around the world to facilitate and automate on demand, 24/7 multi-currency payment movements across borders.
• Since inception, over $1.5 trillion in transaction volume has been processed on the Kinexys platform, the average daily transaction volume across the Kinexys platform is over $2 billion and it has seen 10x year-over-year growth in payments transactions.

Recent News:

• In February 2025, Axis Bank launched the 9th edition of Evolve, a knowledge-sharing seminar aimed at equipping MSMEs with digital transformation strategies, innovation insights, and operational resilience.

About Axis Bank:

• Founded Year: 1993
• Headquarters: Mumbai, Maharashtra, India
• CEO: Amitabh Chaudhry
• Slogan: "Badhti Ka Naam Zindagi" (A Life of Progress)

Bank Of India Announces Tie-Up With New India Assurance

• Bank of India will offer its customers a variety of general insurance products from the New India Assurance Co., following an agreement between the companies which was announced.
• The partnership aims to make insurance more accessible to the bank's customers, by taking advantage of Bank of India's network of 5,200 branches across the country and New India Assurance's expertise in the insurance field.
• With this tie-up, Bank of India's customers will have access to insurance solutions, including health, motor, personal accident, home, and commercial insurance products offered by NIACL, a systemically important insurance company, the public sector's bank's release stated.

Recent News:

• In March 2025, State-owned Life Insurance Corporation of India (LIC), The New India Assurance Company and General Insurance Corporation of India (GIC Re) retained the domestic systemically important insurers (D-SIIs) tag.

About Bank of India:

• Founded: 1906
• Headquarters: Mumbai, Maharashtra, India
• Managing Director & CEO: Rajneesh Karnatak
• Tagline: "Relationships Beyond Banking"

About New India Assurance:

• Headquarters (HQ): Mumbai, Maharashtra, India
• Chairman & Managing Director (CMD): Ms. Girija Subramania
• Founded: 1919

Department of Telecommunications (DoT) & National Bank for Agriculture and Rural Development to provide high-speed broadband for digital empowerment in rural areas

• The Department of Telecommunications (DoT) and National Bank for Agriculture and Rural Development (NABARD) signed an MoU for digital empowerment in rural areas across the country.
• The objective of the MoU is to drive rural development in institutions supported by NABARD, by providing access to digital services, digital governance and promoting a digital economy through high-speed broadband connectivity under BharatNet programme.

Key Highlights:

• NABARD will share information including geo-coordinates and contact details of institutions and Digital Bharat Nidhi (DBN) under DoT will share geo-coordinates of BharatNet point of presence (PoP) locations in gram panchayats (GPs), from where high-speed broadband connectivity to be extended to rural institutions/enterprises.
• They will collaborate on awareness programs and capacity-building measures for start-ups, entrepreneurs, and rural institutions.
• Both DBN and NABARD will promote each other’s efforts to enable a digital economy by leveraging high-speed broadband connectivity using BharatNet.
• NABARD will promote the inclusion of ICT infrastructure, including broadband access support to institutions under their schemes and projects.
• DBN has been instrumental in enabling high-speed broadband and mobile connections across gram panchayats and villages in the country.
• This collaboration, through high-speed broadband connectivity under BharatNet will further provide digital impetus to the institutions such as Primary Agriculture Co-operative credit societies, etc. supported and computerised by NABARD.
• According to the government, as many as 18 lakh gram panchayats out of the total 2.68 lakh in the country have been made service-ready for providing high-speed internet services under the BharatNet project.
• The BharatNet project is being implemented by DoT in a phased manner to provide broadband services to all gram panchayats in the country.

Recent News:

• In March 2025, The National Bank for Agriculture and Rural Development (NABARD) has approved ₹109.3 crore for 10 rural road projects in six districts of Himachal Pradesh under Rural Infrastructure Development Fund (RIDF) XXX, State Public Works Minister Vikramaditya Singh

About NABARD:

• It is an All India Development Financial Institution (DFI) and an apex Supervisory Body for overall supervision of Regional Rural Banks, State Cooperative Banks and District Central Cooperative Banks in India.
• Headquarters: Mumbai, Maharashtra
• Founded: July 12, 1982 by the Government of India
• Chairman: Shaji K V

Bank of Baroda Offers Financial Aid Under Pradhan Mantri-Vidyalaxmi Scheme

• Bank of Baroda announced that it has gone live with the new Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme to provide financial support to meritorious students.
• The PM-Vidyalaxmi Scheme is an initiative by the central government for students seeking financial assistance to pursue higher education and to ensure that financial constraints do not deprive the youth of India from pursuing quality higher education.
• The bank has 12 dedicated Education Loan Sanctioning Cells (ELSC) and 119 Retail Assets Processing Cells (RAPC), in addition to more than 8,300 branches, to cater to the needs of students from across the country.
• The PM-Vidyalaxmi Scheme is a special loan product that enables collateral-free, guarantor-free education loans, made accessible through an entirely digital application process.
• Students who get admission in the top 860 identified Quality Higher Educational Institutions (QHEIs) of the nation are eligible to apply for an education loan under this scheme.
• Loan amounts up to Rs 7.5 lakh will be provided a 75 per cent credit guarantee by the Government of India, to encourage banks to expand coverage.
• In addition to the PM-Vidyalaxmi Scheme, Bank of Baroda stated it offers collateral-free education loans up to Rs 7.5 lakh for all courses in India.

Recent News:

• In March 2025, Bank of Baroda (BoB) launched the ‘bob Global Women NRE & NRO Savings Account’, becoming the first public sector bank to introduce an NRI account exclusively for women.

About Bank of Baroda (BoB):

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

Parliament passes Banking Laws (Amendment) Bill to allow 4 nominees in bank account

• Parliament passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees, with the Rajya Sabha approving it by a voice vote.
• It amends the:

(i) Reserve Bank of India (RBI) Act, 1934,

(ii) Banking Regulation Act, 1949,

(iii) State Bank of India Act, 1955,

(iv) Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and

(v) Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.

• Under the RBI Act, scheduled banks must maintain a certain level of average daily balance with the RBI as cash reserves.
• The Bill changes the definition of fortnight to the period from: (i) first day to fifteenth day of each month, or (ii) sixteenth day to the last day of each month.
• It also changes this definition under the Banking Regulation Act where non-scheduled banks are required to maintain cash reserves.

Who is the Nominee?

• A Nominee refers to an individual entrusted with the task of protecting the securities held by an investor.
• In case of any unfortunate events such as death or inability to act, this person is authorized to act on behalf of the investor.

Major Changes in the new amendments:

• The Banking Regulation Act prohibits the director of a bank (except its chairman or whole-time director) to hold office for more than eight years consecutively.
• The Bill seeks to increase this period to 10 years for co-operative banks.
• The Banking Regulation Act prohibits a director on a bank’s board to serve on the board of another bank.
• This does not apply to directors appointed by
• The Bill extends this exemption to the director of a central co-operative bank.
• Under the Banking Regulation Act, substantial interest in a company refers to holding shares of over five lakh rupees or 10% of the paid-up capital of the company, whichever is less.
• The Bill amends this to increase the threshold to two crore rupees.
• Deposit holders can now appoint up to four nominees, either successively or simultaneously.
• Previously, only one nominee was allowed.
• The State Bank of India Act, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980 provide for transferring unpaid or unclaimed dividends to an unpaid dividend account.
• If the money in the account remains unpaid or unclaimed for seven years, it is transferred to the Investor Education and Protection Fund (IEPF).
• Any person whose shares or unclaimed/ unpaid money is transferred to IEPF can claim the transfer or refund.
• At present, the remuneration paid to the auditors of banks is fixed by the RBI in consultation with the central government.
• The Bill empowers banks to decide the remuneration of their auditors.

Asian Development Bank and Shriram Finance Sign Deal to Boost MSME and EV Financing in India

• The Asian Development Bank (ADB) and Shriram Finance Limited have signed a loan agreement for $150 million to boost access to finance for micro, small, and medium-sized enterprises (MSMEs) in India with a focus on business loans and for financing electric vehicles (EVs) and low-emission commercial vehicles for business purposes.
• The loan will particularly benefit women-owned MSMEs and those in lagging states.
• The transaction is part of a total $306 million financing package led by ADB as the mandated lead arranger and bookrunner, which includes a loan of $150 million from Japan International Cooperation Agency and INR 500 million from Export-Import Bank of India.
• ADB’s loan also supports the government’s initiatives to reduce air pollution through the adoption of EVs and low-emission (Bharat Stage-VI compliant) vehicles.
• The government’s EV30@30 initiative targets 30% of all new vehicle sales to be electric by

Recent News:

• In February 2025, the Asian Development Bank (ADB) appointed Emma Veve as Director General of its Pacific Department (PARD), where she will be responsible for the department’s vision and strategy in the subregion.
• Masato Kanda officially assumed office as the 11th President of the Asian Development Bank (ADB) in February 2025.

About Asian Development Bank:

• ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific.
• Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet.
• Founded in 1966, ADB is owned by 69 members—49 from the region.

About Shriram Finance:

• Shriram Finance Limited is the flagship company of the Shriram Group and is one of India’s largest non-banking financial companies specializing in commercial vehicle financing and MSME lending.
• Founded in 1979, Shriram Finance has 3,196 branches and 79,405 employees serving over 9 million customers, with assets under management of INR 2.54 trillion and strong operations in rural and semi-urban areas.

CURRENT AFFAIRS: NATIONAL NEWS

India Becomes the World’s Second-Largest Tea Exporter in 2024

• India surpassed Sri Lanka to become the second-largest tea exporter globally, trailing behind Kenya.
• Tea exports in 2024: 254 million kilograms (Mkg), up from 231 Mkg in 2023.
• Revenue generated: ₹7,112 crore, reflecting a significant boost to the tea industry.
• Kenya remains the top tea exporter, shipping over 500 Mkg in 2024.

Factors Behind the Growth

1. Government Policies & Industry Support

• Favorable export policies and government schemes promoting orthodox tea production.
• Incentives for tea exports helped India expand its global market presence.

2. Orthodox Tea Segment Growth

• Orthodox tea has seen higher demand internationally, boosting export volumes.
• Government incentives played a key role in promoting this segment.

Economic & Industry Impact

• India produces 1,400 Mkg of tea annually, with a major portion consumed domestically.
• Export growth strengthens India’s global tea market position and industry revenues.
• Target: 300 Mkg tea exports by 2030, leveraging the rising demand and quality improvements.

Comparison of India’s Tea Exports (2023 vs. 2024)

Year	Tea Export (Mkg)	Global Rank	Major Competitor	Revenue (₹ Crore)
2023	231	3rd	Sri Lanka	Not Specified
2024	254	2nd	Kenya	7,112

India Hosts First Nano Electronics Roadshow to Boost Semiconductor Innovation

• The Ministry of Electronics and Information Technology (MeitY), in collaboration with IISc Bengaluru, IIT Bombay, IIT Madras, IIT Delhi, IIT Kharagpur, and IIT Guwahati, successfully hosted India’s first Nano Electronics Roadshow at the National Science Seminar Complex, IISc Bengaluru.
• The event was inaugurated by Shri S. Krishnan, Secretary, MeitY, alongside Shri Abhishek Singh, Additional Secretary, MeitY.

Key Highlights

Showcasing India’s Semiconductor Innovation

• 100+ intellectual properties (IPs) and 50+ breakthrough technologies were presented.
• 35+ promising startups showcased innovations backed by six advanced nanoelectronics centers.
• The event witnessed participation from 700+ industry leaders, policymakers, and academics, fostering collaboration.

Advancing India’s Semiconductor Ecosystem

• Aligned with PM Narendra Modi’s Atmanirbhar Bharat initiative, the event emphasized self-reliance in semiconductors.
• MeitY’s Nano Centers are crucial for innovation and talent development, contributing to an 85,000-strong skilled workforce.
• India’s semiconductor market is projected to grow from $45-50 billion today to $100-110 billion by 2030.

Research Meets Real-World Application

• 48 cutting-edge technology demonstrations were presented by students from Nano Centers.
• Four MoUs were signed to strengthen academia-industry partnerships:
  • IISc with KAS Technologies and Antigone Solutions Pvt. Ltd.
  • Center for Nano Science and Engineering with India Electronics & Semiconductor Association (IESA).
  • Madnani Chemdist Novatech LLP with Primary Healthtech Pvt. Ltd.
• Innovative startups were recognized for their contributions to semiconductor and nanoelectronics advancements.

Industry-Academia Collaboration

• Shri Abhishek Singh, Additional Secretary, MeitY, highlighted initiatives like the India AI Mission and INUP Program in tackling real-world challenges.
• Prominent attendees included:
  • Utpal Shah, SVP, Tata Electronics
  • Anand Ramamoorthy, Micron
  • Govindan Rangarajan, Director, IISc
  • Juzer Vasi, IIT Bombay
  • V. Narayanan, Chair, ISRO
  • Rangesh Raghavan, India Head, Lam Research
  • Ramagopal Rao, VC, BITS Pilani
  • Shivkumar Kalyanaraman, CEO, Anusandhan National Research Foundation

Ministry of Agriculture Launches Digital Crop Survey System for Real-Time Crop Data Collection via Mobile Interface

• The Ministry of Agriculture and Farmers Welfare has introduced the Digital Crop Survey (DCS) System to collect real-time crop-sown details directly from the field using a mobile interface.
• This initiative aims to improve accuracy in crop area estimation and enhance agricultural production forecasting.

Key Features of Digital Crop Survey (DCS) System

• Real-time Data Collection: Captures crop details directly from fields through a mobile interface.
• Enhanced Accuracy: Ensures precise and up-to-date agricultural data.
• Integration with Agri Stack: Developed in compliance with the Digital Personal Data Protection Act, 2023 and other IT regulations in India.

Data Privacy & Security Measures

Aspect	Details
Consent-Based Data Collection	Farmers’ data is collected only with their consent.
Restricted Data Sharing	Data is shared only with authorized entities for specific purposes.
State Control	A federal structure ensures states retain control over datasets.
Secure Transmission	Uses encryption and secure APIs for data safety.
Regular Audits	Security audits and risk assessments are conducted periodically.

Cybersecurity Measures

• Adheres to MeitY and CERT-In guidelines for cybersecurity.
• Implements robust cybersecurity frameworks to prevent data breaches.

Digital Inclusion for Farmers

• Support Mechanisms: Farmer Producer Organizations (FPOs), Krishi Sakhis, and Common Service Centres (CSCs) assist farmers.
• State-led Camps: Ensures farmers without mobile access can participate in the survey.

Indian Government to Raise ₹8 Lakh Crore via Dated Securities in H1 FY26 to Address Fiscal Deficit

• The Indian government plans to raise ₹8 lakh crore through dated securities in the first half (H1) of FY26 to bridge the fiscal deficit.
• This is part of the total gross market borrowing of ₹14.82 lakh crore estimated for FY26, as announced by the Ministry of Finance.
• The borrowing will be conducted through multiple weekly auctions and will include ₹10,000 crore of Sovereign Green Bonds (SGrBs).

Key Highlights

• The fiscal deficit for FY26 is projected at ₹15.68 lakh crore, which is 4.4% of GDP. The government aims to finance this shortfall using a combination of market borrowings, small savings, and other instruments.
• For the first half of FY26, the government will raise ₹8 lakh crore, accounting for 54% of the total borrowing. The borrowing will involve the issuance of dated securities across different maturities ranging from 3 years to 50 years.
• Additionally, the net market borrowings through dated securities will be ₹11.54 lakh crore for FY26.

Revenue and Expenditure Estimates

• For FY26, the government's total receipts (excluding borrowings) are estimated at ₹34.96 lakh crore, while total expenditure is projected to be ₹50.65 lakh crore. The net tax receipts are expected to be ₹28.37 lakh crore.

Weekly Borrowing Auctions

• The borrowing will take place through 26 weekly auctions, with each auction ranging between ₹25,000 crore and ₹36,000 crore.

Maturity Share Distribution of Dated Securities

• The borrowing program includes securities of various tenures. The 10-year bonds constitute the largest share at 26.2%, followed by 40-year (14%) and 15-year (14%) securities. The issuance also includes bonds with 3-year, 5-year, 7-year, 30-year, and 50-year tenures.

Treasury Bills (T-Bills) Borrowing Plan for Q1 FY26

The government will issue Treasury Bills (T-Bills) worth ₹19,000 crore per week in Q1 FY26. This includes:

• ₹9,000 crore in 91-day T-Bills
• ₹5,000 crore in 182-day T-Bills
• ₹5,000 crore in 364-day T-Bills

Other Key Measures

• The Ways and Means Advances (WMA) limit for H1 FY26 has been set at ₹1.50 lakh crore.
• To ensure flexibility in the borrowing program, the government, in consultation with the Reserve Bank of India (RBI), may modify issuance terms, including notified amounts, issuance periods, and types of instruments such as floating rate bonds and inflation-indexed bonds, depending on market conditions.

India's Textile Sector Contributes 2% to GDP, Ranks 6th Globally with 3.9% Share in Textile Exports

• India's textile industry plays a crucial role in the national economy, contributing 2% to GDP and positioning the country as the 6th largest textile exporter with a 3.9% share in global exports.
• The sector is projected to reach $350 billion by 2030, generating 3.5 crore jobs.

Rise of Technical Textiles

• Beyond traditional textiles, technical textiles are transforming the industry. These specialized fabrics prioritize functionality over appearance and cater to diverse sectors such as automobiles, construction, healthcare, and agriculture.

National Technical Textiles Mission (NTTM)

Launched in 2020-21, the NTTM aims to boost India's technical textiles sector with a ₹1,480 crore outlay for five years (until 2025-26). The mission focuses on four key areas:

1. Research, Innovation, and Development – Encourages R&D in technical textiles to develop new materials and processes.
2. Promotion and Market Development – Increases the adoption of technical textiles through promotional efforts and global partnerships.
3. Export Promotion – Strengthens exports with a dedicated export council.
4. Education, Training, and Skill Development – Supports specialized education, internships, and workforce training in technical textiles.

• So far, ₹517 crore has been allocated, with ₹393.39 crore utilized across various initiatives. 168 research projects worth ₹509 crore have been approved under the NTTM.

NTTM Initiatives Driving Growth

1. GIST 2.0 (Grant for Internship Support for Technical Textiles) – Enhances industry-academia collaboration by offering hands-on training, supporting Make in India.
2. GREAT Scheme (Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles) – Launched in August 2023, this program provides ₹50 lakh to startups and ₹6.5 crore to institutes like IIT Indore and NIT Patna for specialized courses.
3. Skill Development Programs – Aims to train 50,000 individuals through courses by SITRA, NITRA, and SASMIRA in fields like medical, protective, and agricultural textiles.
4. Technotex 2024 – Organized under Bharat Tex 2024, showcasing 71 innovative projects, including 48 prototypes and 23 research presentations.

Success Stories in Technical Textiles

• Eicher Goodearth’s Mahina – India’s first bonded leak-proof period underwear, offering 12-hour protection and lasting up to 100 washes.
• Tamil Nadu’s Textile Push – State budget initiatives include PM MITRA Park in Virudhunagar, a textile park in Salem, and higher capital subsidies for technical textiles investments.

CURRENT AFFAIRS: STATE NEWS

Nagaland Prioritizes Early Warning System, Rooftop Solar Installations for Immediate Implementation

• Nagaland plans to implement an Early Warning System (EWS) to boost disaster preparedness in the state, especially ravaged by natural calamities.
• The EWS aims for early detection of impact from calamities and consequently getting the relevant mitigation efforts into action.
• This, in turn, could act as a shield against Nagaland’s vulnerability and reduce the impact.
• This system will provide crucial warnings for earthquakes, heatwaves, heavy rainfall, lightning strikes, landslides and other extreme weather events that could cause disasters.
• This system is expected to improve response measures and thereby play a vital role in protecting the lives of citizens and their properties.
• In addition to the EWS, Nagaland has also launched the Nagaland Solar Mission by expanding solar energy adoption in the state.
• Under the PM Surya Ghar Muft Bijli Yojana, the central government is offering Nagaland consumers subsidies between 60 per cent and 54 per cent for rooftop solar systems ranging from one kilowatt to three kilowatts.
• In addition, the Nagaland government is providing subsidies ranging from 36 per cent to 31 per cent.
• As a consequence, residents are getting total financial assistance up to 96 per cent for installations up to two kilowatts and up to 85 per cent for systems up to three kilowatts.
• Nagaland has invested Rs 10 crore in FY2025 – 26 to support this initiative.
• It is also establishing a Solar Mission Team at the Directorate level and a Solar Mission Cell at the Secretariat level to oversee the execution of this scheme.

Recent News:

• As of March 2025, Nagaland secured the runners-up position in the ASMITA Khelo India Pencak Silat Women’s League 2025 (North East Zone), claiming 10 gold, 8 silver, and 16 bronze medals.

About Nagaland:

• Chief Minister: Neiphiu Rio
• Governor: La. Ganesan
• Capital: Kohima
• National Parks: Intanki National Park
• Wildlife Sanctuaries: Fakim Wildlife Sanctuary, Puliebadze Wildlife Sanctuary, Rangapahar Wildlife Sanctuary

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Hitachi Cash Management Services names Yusuf Pachmariwala as Managing Director & Chief Executive Officer

• Hitachi Cash Management Services, a subsidiary of Hitachi Payment Services, announced a leadership transition with Yusuf Pachmariwala set to assume the role of Managing Director & Chief Executive Officer, effective April 1, 2025.
• Yusuf will succeed Anup Neogi, who has decided to retire from the role.
• Currently serving as Director Operations – Cash Business at Hitachi Payment Services, Yusuf has played a crucial role in scaling cash business operations and achieving operational excellence through consistent, swift, and effective execution.
• Prior to his current role, Yusuf held leadership positions with organizations including Tata AIA Life Insurance, HCL Perot Systems, HDFC Bank, and Stock Holding Corporation of India.
• He is a Chartered Financial Analyst (CFA) from the ICFAI and an Associate Member of the Institute of Cost and Works Accountants of India (AICWA).

Union Government Assigns IAS Atul Kumar Tiwari Additional Charge as Chairperson of the National Council of Vocational Education & Training Chairperson

• AS Atul Kumar Tiwari (1990 batch) belonging to the Karnataka cadre, has been assigned an additional charge as the Chairperson of the National Council of Vocational Education & Training (NCVET).
• Tiwari, who currently serves as Secretary of Ministry of Skill Development and Entrepreneurship, has been granted ex-post facto approval for this role by the Appointments Committee of the Cabinet (ACC).
• His tenure will extend for three months or until a regular incumbent is appointed or until further orders, whichever is earlier.
• Meanwhile, IAS Neha Bansal (2010 batch) from the AGMUT cadre has been appointed as Deputy Director (Level-13) in the National Archives of India under the Ministry of Culture.
• Her appointment, approved under the Central Staffing Scheme, will be for a tenure of five years or until further orders.
• The Department of Personnel and Training (DoPT) issued an official order regarding both appointments on March 25, 2025.

CURRENT AFFAIRS: DEFENCE

Ministry of Defence signs Rs 2,500-cr contracts for Nag anti-tank missile systems & 5,000 Light Vehicles

• The Ministry of Defence (MoD) has signed a contract with Armoured Vehicles Nigam Limited (AVNL) for the procurement of the Nag Missile System (NAMIS) Tracked version of the anti-tank weapon platform, and with Force Motors Ltd and Mahindra & Mahindra Ltd for around 5,000 Light Vehicles for the armed forces, at a total cost of around Rs 2,500 crore.
• These contracts have been inked under the Buy (Indian-Indigenously Designed, Developed and Manufactured) category.
• This system will be operated by frontline mechanised infantry troops.
• The MoD stated that the NAMIS (Tracked) is one of the most “sophisticated” anti-tank weapon systems.
• It is equipped with enemy armour with fire-and-forget anti-tank missiles and a sighting system for enhanced firepower and lethality.
• Explaining the capabilities of this missile, the third-generation fire-and-forget missile is mounted on the BMP-2 armoured chassis and that it also has amphibious capabilities.
• It is called NAMICA (Nag Missile Carrier).
• The missile can lock on before launch and is equipped with an imaging infrared (IIR) seeker.
• It is an all-weather system with a range of 500 metres to 4 km.
• The warhead is stated to weigh 8 kg and can reach speeds of roughly up to 230 metres per second
• The vehicle has a rapid launch capability, allowing all six missiles to be fired within 20 seconds.
• Moreover, even in the existing “outdated inventory” of second-generation ATGMs, the Army is short of approximately 50 percent of launchers and nearly 85 percent of missiles concerning the total requirement.

About Light Vehicles :

• Light Vehicles are designed with enhanced engine power to cater to a payload of 800 kg and will provide mobility to the armed forces in all types of terrain and operational conditions.
• Light Vehicles are used to transport soldiers quickly and efficiently to forward locations.
• Their compact size allows them to navigate rough terrains that larger vehicles usually face challenges in.
• They facilitate the movement of supplies, equipment, and ammunition to frontline units.

Recent News:

• In March 2025, India signed a $248 million contract with Russia’s Rosoboronexport to acquire 1,000 horsepower (HP) engines for its T-72 battle tanks, aiming to improve their mobility and offensive strength on the battlefield.

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS): Ajay Bhatt

CURRENT AFFAIRS: RANKING AND INDEX

Roshni Nadar Becomes First Indian Woman in World's Top 10 Richest Women

• Roshni Nadar, Chairperson of HCL Technologies, is now the first Indian woman to enter the world’s top 10 richest women
• Ranked 5th in the Hurun Global Rich List 2025, with a net worth of ₹3.5 lakh crore (US$40 billion).
• Her wealth surged after inheriting a 47% stake in HCL Technologies from her father, Shiv Nadar.
• She remains India’s richest woman and the third-richest person in India in 2025.

Who is Roshni Nadar?

Early Life and Education

• Born into the renowned Nadar family, daughter of Shiv Nadar, founder of HCL Technologies.
• Holds a Bachelor’s degree from Northwestern University and an MBA from Kellogg School of Management.
• Received the Schaffner Award (2023) from Kellogg for her contributions to society.

Role at HCL Technologies

• Chairperson of HCL Technologies, a global IT firm with a market capitalization of US$48 billion.
• CSR Board Chair – Leads Corporate Social Responsibility (CSR) programs.

Philanthropic Contributions

• Shiv Nadar Foundation – Oversees education and leadership programs worth $1.2 billion.
• VidyaGyan Academy – Provides quality education to underprivileged students in Uttar Pradesh.
• Board Memberships:
  • MIT School of Engineering’s Dean’s Advisory Council.
  • The Nature Conservancy.

Global Recognitions

• Chevalier de la Légion d’Honneur (2024) – France’s highest civilian honor.
• Featured in Forbes’ 100 Most Powerful Women list since 2017.

Hurun Global Rich List 2025: Top 10 Wealthiest Women

Rank	Name	Net Worth (US$ Billion)	Country	Industry
1	Alice Walton	102	USA	Retail (Walmart)
2	Francoise Bettencourt Meyers	67	France	Cosmetics (L’Oréal)
3	Julia Koch & Family	60	USA	Diversified (Koch Industries)
4	Jacqueline Mars	53	USA	Food & Beverage (Mars Inc.)
5	Roshni Nadar	40	India	IT (HCL Technologies)
6	Abigail Johnson	32	USA	Finance (Fidelity Investments)
7	Marilyn Simons & Family	31	USA	Investments (Renaissance Technologies)
8	Linda Stephens & Family	30	USA	Energy (Endeavor Energy Resources)

CURRENT AFFAIRS: MOUS AND AGREEMENT

Unique Identification Authority of India & IIIT-Hyderabad Launch Biometric SDK Benchmarking Challenge

• The Unique Identification Authority of India (UIDAI), in collaboration with IIIT-Hyderabad, has launched a large-scale competition to test age invariance in biometric algorithms, focusing on fingerprint authentication for children aged 5-10 years.

Key Features

Focus on Fingerprint Authentication

• Tests 1:1 matching algorithms with biometric updates after 5-10 years.
• Ensures secure evaluation with anonymized datasets (no data sharing with participants).

Encouraging Global Participation

• Open to researchers and developers worldwide.
• Provides access to UIDAI’s field-collected dataset for model improvement.
• Registration available at uidai.gov.in and the UIDAI website.

Challenge Timeline & Rewards

• Dates: March 25, 2025 – May 25, 2025
• Prize Pool: ₹7.7 lakh (USD 9,000)
• Opportunity: Top performers may collaborate with UIDAI to advance biometric technology.

Lanka India Business Association (LIBA) Launched to Strengthen Economic Ties

• The Lanka India Business Association (LIBA) has been officially launched in Sri Lanka to enhance economic collaboration between India and Sri Lanka.
• As India is projected to become the world’s second-largest economy by 2075, this initiative aims to foster trade, investment, and business networking between the two nations.

Economic Shift Towards the East

• The global economy is witnessing a shift towards Asia, with India emerging as a major growth driver.
• South Asia, especially India, is becoming a hub for economic expansion.
• Sri Lanka, due to its strategic location and historical trade ties with India, stands to benefit significantly from this transformation.

India-Sri Lanka Economic Ties

• India and Sri Lanka share a long-standing trade relationship spanning centuries.
• Indian goods frequently utilize Sri Lanka’s port infrastructure for exports to the East.
• Colombo Port serves as a key transshipment hub for Indian exports.
• India is one of Sri Lanka’s largest trading partners, fostering investments across multiple sectors.
• The launch of LIBA is expected to accelerate economic synergy between both nations.

Key Objectives of LIBA

LIBA aims to:

• Strengthen bilateral trade and investment
• Connect Indian and Sri Lankan entrepreneurs for business partnerships.
• Provide business facilitation services for new investors.
• Promote digital economy, startups, and MSME growth.
• Leverage Sri Lanka’s strategic geographical position as a trade hub.

CURRENT AFFAIRS: SPORTS NEWS

Khelo India Para Games (KIPG) 2025 – Key Highlights

• The second edition of the Khelo India Para Games (KIPG) 2025 concluded after eight days of intense competition, celebrating the determination and excellence of India’s para-athletes. The event was held at three venues in New Delhi:
• Jawaharlal Nehru Indoor Stadium
• Indira Gandhi Indoor Stadium
• Karni Singh Shooting Range

A total of 1,300 para-athletes participated, showcasing their resilience and talent.

Why in the News?

• Haryana topped the medal tally with 34 golds, followed by Tamil Nadu (28 golds) and Uttar Pradesh (23 golds).
• 18 national records were broken, highlighting India's increasing competitiveness in para-sports.

Haryana’s Continued Dominance

Haryana continued its supremacy in KIPG, maintaining its top rank in the medal tally:

Year	Gold	Silver	Bronze	Total Medals	Rank
2023	40	39	26	105	1st
2025	34	39	31	104	1st

Meanwhile, Tamil Nadu improved its ranking, jumping from 3rd place in 2023 to 2nd place in 2025, while Uttar Pradesh slipped from 2nd to 3rd.

Record-Breaking Performances

A total of 18 national records were shattered across various sports, marking a milestone in India's para-sports landscape.

Star Para Powerlifters (Gold Medalists)

• Jaspreet Kaur (Punjab)
• Manish Kumar (Haryana)
• Seema Rani (Punjab)
• Jhandu Kumar (Bihar)

Track and Field Athletes Who Broke National Records

• Dilip Mahadu Gavit (Maharashtra)
• Sharath Makanahalli Shankarappa (Karnataka)
• Manish Kumar (Haryana)
• Manjeet (Haryana)
• Bhavani Munniyandi (Andaman & Nicobar Islands)
• Lalitha Killaka (Andhra Pradesh)
• Khushboo Gill (Tamil Nadu)
• Enbatamizhi S (Tamil Nadu)
• Keerthika Jayachandran (Tamil Nadu)
• Lakshmi (Haryana)
• Usha (Haryana)
• Dolly Gola (Delhi)
• Jaspreet Kaur Sran (Punjab)
• Fatima Khatoon (Uttar Pradesh)

Final Day Highlights – Gujarat Excels in Table Tennis

• Gujarat dominated table tennis, securing 21 medals (4 gold, 5 silver, 12 bronze).
• Haryana followed with 8 medals, including 3 golds.

Final Medal Tally – Khelo India Para Games 2025

Rank	State	Gold	Silver	Bronze	Total
1	Haryana	34	39	31	104
2	Tamil Nadu	28	19	27	74
3	Uttar Pradesh	23	21	20	64
4	Rajasthan	22	18	24	64
5	Maharashtra	18	13	12	43
6	Gujarat	12	24	23	59
7	Karnataka	10	5	7	22
8	Delhi	8	11	20	39
9	Punjab	8	2	5	15
10	Andhra Pradesh	4	8	3	15

Daily CA one- Liner: March 29

• India surpassed Sri Lanka to become the second-largest tea exporter globally, trailing behind Kenya.
• The Ministry of Electronics and Information Technology (MeitY), in collaboration with IISc Bengaluru, IIT Bombay, IIT Madras, IIT Delhi, IIT Kharagpur, and IIT Guwahati, successfully hosted India’s first Nano Electronics Roadshow at the National Science Seminar Complex, IISc Bengaluru.
• The Ministry of Agriculture and Farmers Welfare has introduced the Digital Crop Survey (DCS) System to collect real-time crop-sown details directly from the field using a mobile interface
• The Indian government plans to raise ₹8 lakh crore through dated securities in the first half (H1) of FY26 to bridge the fiscal deficit.
• India's textile industry plays a crucial role in the national economy, contributing 2% to GDP and positioning the country as the 6th largest textile exporter with a 3.9% share in global exports.
• Roshni Nadar, Chairperson of HCL Technologies, is now the first Indian woman to enter the world’s top 10 richest women list
• The Unique Identification Authority of India (UIDAI), in collaboration with IIIT-Hyderabad, has launched a large-scale competition to test age invariance in biometric algorithms, focusing on fingerprint authentication for children aged 5-10 years
• The Lanka India Business Association (LIBA) has been officially launched in Sri Lanka to enhance economic collaboration between India and Sri Lanka.
• The second edition of the Khelo India Para Games (KIPG) 2025 concluded after eight days of intense competition, celebrating the determination and excellence of India’s para-athletes. The event was held at three venues in New Delhi:
• Axis Bank, one of the largest private sector banks in India, has become the first Indian-headquartered financial institution to launch near-real-time, 24/7 programmable USD clearing capabilities for its commercial clients, leveraging Kinexys Digital Payments (KDP), a unit of Kinexys by J.P. Morgan.
• Bank of India will offer its customers a variety of general insurance products from the New India Assurance Co., following an agreement between the companies which was announced.
• The Department of Telecommunications (DoT) and National Bank for Agriculture and Rural Development (NABARD) signed an MoU for digital empowerment in rural areas across the country.
• Bank of Baroda announced that it has gone live with the new Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme to provide financial support to meritorious students.
• Parliament passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees, with the Rajya Sabha approving it by a voice vote.
• The Asian Development Bank (ADB) and Shriram Finance Limited have signed a loan agreement for $150 million to boost access to finance for micro, small, and medium-sized enterprises (MSMEs) in India with a focus on business loans and for financing electric vehicles (EVs) and low-emission commercial vehicles for business purposes.
• Nagaland plans to implement an Early Warning System (EWS) to boost disaster preparedness in the state, especially ravaged by natural calamities.
• Hitachi Cash Management Services, a subsidiary of Hitachi Payment Services, announced a leadership transition with Yusuf Pachmariwala set to assume the role of Managing Director & Chief Executive Officer, effective April 1, 2025.
• AS Atul Kumar Tiwari (1990 batch) belonging to the Karnataka cadre, has been assigned an additional charge as the Chairperson of the National Council of Vocational Education & Training (NCVET).
• The Ministry of Defence (MoD) has signed a contract with Armoured Vehicles Nigam Limited (AVNL) for the procurement of the Nag Missile System (NAMIS) Tracked version of the anti-tank weapon platform, and with Force Motors Ltd and Mahindra & Mahindra Ltd for around 5,000 Light Vehicles for the armed forces, at a total cost of around Rs 2,500 crore.