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CURRENT AFFAIRS : BANKING, FINANCE& BUSINESS

Reserve Bank of India Issues Report on Market Timings, Recommends Extension of Call Hours

• A working group of the Reserve Bank of India (RBI), chaired by Radha Shyam Ratho, reviewed trading and settlement timings and recommended extending call money market trading hours.
• Objective of Review: The working group reviewed the current market timings in light of financial developments and feedback from market participants to assess if current timings support market efficiency and recommend enhancements for operational effectiveness.

What is meant by the call money market?

• The call money market is a segment of the money market where banks and other financial institutions lend and borrow funds, primarily on an overnight basis, to meet their short-term liquidity needs.
• These transactions are typically on an unsecured basis, meaning they don't require collateral.

Key Highlights :

• Extended Call Money Market Hours: The group suggested extending the call money market trading hours until 7 pm to offer more flexibility for banks in managing their balance sheets.
• Market Repo and TREP Synchronization: The working group recommended that market repo and TREP (Tri-Party Repo) trading hours be synchronized and extended till 4 pm.
• Unified TREP Trading Hours: The group also proposed unifying TREP trading hours for members settling obligations through Designated Settlement Banks (DSBs) and the RBI.
• Liquidity Adjustment Facility (LAF): The group recommended preponing the timing of the LAF auction to 30 am-10 am from the current 10 am-10.30 am slot.
• Flexibility for Balance Sheet Management: The extension of call money market hours will help banks manage their overnight funds better by providing flexibility when transactions are unsettled by 5 pm.
• Government Securities Market Hours: The group suggested continuing the existing trading hours for the government securities market, but recommended permitting transactions in government securities with non-residents between 5 pm and 11.30 pm.
• Reporting of Non-Resident Transactions: Transactions with non-residents should be reported to NDS-OM on a T+1 basis and settled on a T+2 basis.
• No Change in Interest Rate Derivatives and Forex Markets: The group did not recommend any changes to the trading hours for interest rate derivatives or the foreign exchange
• Growth in Overnight Money Market: Between 2014-15 and 2024-25, the overnight money market turnover grew significantly from ₹281.37 trillion to ₹1,324.05 trillion, driven by the expansion of the collateralised segment.
• Decline in Call Money Market Share: The share of call money in the overnight market declined from 13% in 2014-15 to 2% in recent years, with TREP now accounting for 69% of daily average volume.

Reserve Bank of India Proposes Removing Cap on 'Vostro' Accounts Investments to Boost Rupee-Linked Trade   

• The Reserve Bank of India (RBI) has sought the government's approval to remove the cap on foreign banks using vostro accounts to buy short-term sovereign debt, aiming to boost rupee-denominated trade.

What is a vostro account?

• Vostro Accounts: These accounts are held by domestic banks on behalf of foreign banks, allowing trading partners to hold rupee-denominated balances from trade transactions.

Key Highlights :

• Special Rupee Vostro Accounts (SRVAs): In 2022, the RBI allowed overseas banks to open SRVAs to settle trade transactions in the rupee as part of efforts to enhance the currency's internationalisation.
• Limit on SRVA Investments: The government imposed a limit of using 30% of account balances to buy securities with a residual maturity of less than one year, including treasury bills.
• Issue with the 30% Limit: The 30% cap was intended to promote long-term capital flows and ensure financial stability, but it has become a roadblock for managing short-term liquidity, especially for SRVA holders.
• RBI's Recommendation: The RBI recommended to the finance ministry to remove the cap to facilitate short-term liquidity management and improve participation in the SRVA framework.
• Feedback from Vostro Account Holders: According to feedback, the restriction hinders SRVA holders' ability to make short-term investments, which are meant to be used or repatriated quickly.
• RBI's Role in Internationalisation: The RBI aims to promote the rupee's internationalisation through initiatives like SRVAs and the relaxation of investment caps, which could encourage broader participation in the framework.
• Progress on SRVAs: As of December 2024, there were 123 correspondent banks from 30 countries opening 156 SRVAs with 26 Indian banks. The combined balance of all vostro accounts, including SRVAs, was 134.55 billion rupees (around $1.60 billion).
• Recent RBI Decisions: In Jan 2025, The RBI has allowed overseas branches of authorised banks to open rupee accounts for individuals outside India and has permitted Indian exporters to open foreign currency accounts overseas for trade payments.
• Next Steps: The final decision on lifting the cap will be made by the finance ministry based on feedback from the RBI and discussions with vostro account holders.

About RBI :

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

Reserve Bank of India Penalizes ICICI, Axis, Bank of Maharashtra, IDBI, and Bank of Baroda for Regulatory Non-Compliance

Recent News :

• In March 2025, the Reserve Bank of India (RBI) imposed a monetary penalty of Rs 36.30 lakh on IDBI Bank for failing to conduct due diligence while processing inward remittances from a foreign currency account.

S&P Global Ratings Lowers India’s GDP Growth Forecast for FY 2025-26 to 6.3% Due to US Tariff Policy Uncertainty

• S&P Global Ratings has revised India’s GDP growth projection for FY 2025-26 from 6.5% to 6.3%, citing uncertainty over the US tariff policy and downside risks to the economy.
• Despite the downward revision, S&P projected India's GDP growth to remain at 6.5% in FY 2026-27.
• S&P noted that downside risks to the growth outlook remain firm, particularly if the global tariff shock negatively impacts the real economy, and the long-term global economic configuration is uncertain.
• S&P emphasized that there are no winners in escalating protectionist policies, which can hurt global growth.
• The US's trade policy, including tariffs, is expected to slow global growth.
• S&P projected the INR/USD exchange rate to be at 88 by the end of 2025, up from 86.64 in 2024.
• The INR has been experiencing significant fluctuations due to the US tariff announcements, with the rupee currently around 84 against the dollar.
• S&P expects the US economy to grow at 1.5% in 2025 and 1.7% in 2026, reflecting the impact of tariff policies on its own economy.

Recent News :

• In April 2025, Deloitte projected India's GDP growth at 6.5-6.7% for the current fiscal year (2025), driven by tax incentives and domestic demand growth, despite an uncertain global trade environment.

GST Collection Hits Record High of ₹2.37 Lakh Crore in April 2025, Up 12.6% Y-o-Y

• Goods and Services Tax (GST) collection rose 12.6% Y-o-Y to an all-time high of about ₹2.37 lakh crore in April 2025.

Key Highlights :

• Previous GST Collections:
• April 2024: GST mop-up was ₹10 lakh crore, the second-highest collection since the GST regime began on July 1, 2017.
• March 2025: GST collection was ₹96 lakh crore.
• GST Registrations: More than five states (including Uttar Pradesh, Gujarat, Maharashtra, Karnataka, and Tamil Nadu) now have over 1 million GST registrations each, out of a total of 15 million registrations across the country.
• E-way Bill Generation:Recorded a growth of 20.2% in March 2025.
• The fourth quarter of FY25 saw the highest y-o-y growth of 19.4% in e-way bill generation, indicating heightened economic activity.
• GST Council Composition:The GST Council consists of 33 members.
• As per Article 279A, the Union Finance Minister is the chairperson of the GST Council.
• The Union Minister of State in charge of revenue (finance) is also a member.
• Quorum: One-third of the total number of GST Council members constitutes the quorum.
• Decision-making in the GST Council: Every decision of the GST Council requires the majority approval of not less than three-quarters of the total votes of the members present and voting.
• The voting weightage is as follows:
• Central Government: One-third weightage in total votes cast.
• State Governments: Two-thirds weightage in total votes cast.
• GST Tax Slabs: The GST Council has classified goods and services into five tax slabs:0%, 5%, 12%, 18%, and 28%.
• GST Appellate Tribunals:TheFinance Ministry notified the constitution of 31 Appellate Tribunals across 28 states and 8 Union Territories for GST-related appeals.
• The GST Appellate Tribunal (GSTAT) will have 44 benches across the country, with four members in each bench:
• Three members from the central government.
• One member from the state government.
• Monetary Limits for Filing Appeals: As per the 53rd GST Council meeting, the monetary limit for filing appeals by the department before the GST Appellate Tribunal is ₹20 lakh.

Recent News :

• The Goods and Services Tax (GST) collections for February 2025 recorded a 9.1% year-on-year (YoY) growth, reaching approximately ₹1.84 lakh crore.

India’s Total Exports Rise by 6.01% to Record $824.9 Billion in FY25: RBI Report    

• As per the latest data released by the Reserve Bank of India on services trade for March 2025, India’s total exports have touched an all-time high of US$824.9 billion in the financial year 2024–25.
• This marks a growth of 6.01% over the previous year’s export figure of US$778.1 billion, setting a new milestone in the country’s trade trajectory.
• Services exports continued to drive the growth momentum, reaching a historic high of US$387.5 billion in 2024–25, up 13.6% from US$341.1 billion in the previous year.
• For March 2025, services exports stood at US$35.6 billion, reflecting a year-on-year growth of 18.6% compared to US$30.0 billion in March 2024.
• In 2024–25, merchandise exports excluding petroleum products rose to a record US$374.1 billion, registering a 6.0% increase from US$352.9 billion in 2023–24 — the highest ever annual non-petroleum merchandise exports.

About Ministry of Commerce and Industry :

• Cabinet Minister :Piyush Goyal
• Minister of State :Jitin Prasada

India Post Payments Bank Reaffirms Its Support for India's Labour Force on Labour Day

• India Post Payments Bank (IPPB) emphasized its commitment to the welfare of Shramiks (labourers) on the occasion of Labour Day (May 01).

Key Highlights :

• IPPB launched the Antyodaya Shramik Suraksha Yojana (ASSY) for unorganised sector workers, which is an affordable insurance scheme providing comprehensive coverage and protection.
• The Antyodaya Shramik Suraksha Yojana (ASSY) was launched by the Hon'ble Chief Minister of Gujarat on 8th July 2023 at Kheda, Gujarat.
• 6,97,531 policies have been issued to labourers or Shramiks under the scheme since its inception, with 355 claims settled, amounting to a total claim amount of ₹5,41,17,754.
• The ASSY scheme is being offered through IPPB and issued by its six insurance partners:

1. New India Assurance
2. Bajaj Allianz General Insurance
3. TATA AIG General Insurance
4. Niva Bupa Health Insurance
5. Aditya Birla Health Insurance
6. Start Health

• The fundamental mandate of India Post Payments Bank (IPPB) is to remove barriers for the unbanked and underbanked populations and ensure services reach the last mile, leveraging the Postal network comprising approximately:
• 1,65,000 Post Offices (~140,000 in rural areas)
• 3,00,000 Postal employees
• MD & CEO of India Post Payments Bank : Mr. R. Viswesvaran

India Post Joins Forces with SBI Mutual Fund to Simplify KYC Verification for Investors Nationwide

• Department of Posts (DoP) partners with SBI Funds Management Limited (SBIFM) to simplify the customer on-boarding process for mutual fund investors.
• The partnership is formalized through a Memorandum of Understanding (MoU) aimed at leveraging India Post’s extensive network for doorstep KYC verification services for SBI Mutual Fund investors.
• The collaboration ensures that investors from any location can easily complete the KYC process through India Post’s vast infrastructure.
• The partnership supports the Government of India’s Jan Nivesh initiative, which aims to increase financial inclusion and encourage greater participation in India’s capital markets.
• India Post’s role in facilitating KYC verifications has been proven through successful collaborations with other mutual fund companies, including UTI Mutual Fund and SUUTI (Securities and Exchange Board of India’s public fund).
• India Post has handled over 5 lakh KYC verifications in a short period, demonstrating its capability to manage high-volume operations with precision, security, and efficiency.

About SBI Mutual Fund :

• Founded : 29 June 1987
• Headquarters : Mumbai, Maharashtra
• MD &CEO : Mr. Nand Kishore
• SBIFMPL is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra ModiDedicates ₹8,800 Crore Vizhinjam International Seaport in Kerala

• Prime Minister Narendra Modi inaugurated the Vizhinjam International Deepwater Multipurpose Seaport in Thiruvananthapuram, Kerala, coinciding with Adi Shankaracharya’s birth anniversary.
  ● Developed at a cost of ₹8,800 crore under a PPP model with Adani Ports, it is India’s first deepwater transshipment hub and will accommodate vessels over 20,000 TEUs.

Key Highlights

• Location & Capacity: Situated 10 nautical miles from major shipping lanes; designed to triple India’s transshipment capacity.
  ● Strategic Objectives: Reduce India’s 75% dependency on foreign ports, boost the country’s share in global maritime trade, and drive coastal economic growth.
  ● National Initiatives: Aligned with Sagarmala, PM-Gati Shakti, and the Maritime Amrit Kaal Vision 2047; integrated into the India–Middle East–Europe Economic Corridor (IMEEC).
  ● Employment & Industry: Expected to generate thousands of jobs and spur growth in MSMEs, tourism, fisheries, and the shipping sector, complementing Kochi’s shipbuilding cluster.
  ● Policy Support: Backed by Seafarer Policy reforms (seafarers grew from 1.25 lakh to 3.25 lakh in 10 years) and the Budget 2025 push for indigenous shipbuilding.
  ● Infrastructure Synergy: Benefits from upgraded fishing harbors (PM Matsya Sampada Yojana), Vande Bharat trains, enhanced highways, and social schemes like Jal Jeevan Mission and Ayushman Bharat.

India Achieves Major Milestone in ITER Fusion Project with Central Solenoid Completion

• India has emerged as a major contributor to a key breakthrough in the ITER project — the world's most ambitious nuclear fusion initiative — by supplying the massive cryostat and related technologies.
• This project, aimed at mimicking the sun's energy production on Earth, has reached a landmark.
• India supplied the 30 m cryostat chamber, cryolines, in-wall shielding, cooling and heating systems that create the Tokamak’s ultra-cold, superconducting environment.
• The sixth module of the Central Solenoid—ITER’s core magnet system—has been completed, providing sufficient magnetic force to “lift an aircraft carrier” and confine plasma at 150 million °C.

Key Highlights

• The Central Solenoid acts as the reactor’s electromagnetic “heart,” shaping and controlling superhot hydrogen for fusion experiments.
  ● ITER aims for a 10× energy gain (500 MW fusion output from 50 MW input); India’s cryogenic infrastructure maintains magnets at –269 °C using liquid helium.
  ● ITER partners include India, EU (host), USA, China, Russia, Japan, and South Korea, with components sourced from 30+ countries and 100+ factories.
  ● In 2025, ITER inserted its first vacuum vessel module ahead of schedule, underscoring the project’s rapid progress.
  ● Though ITER won’t feed electricity to the grid, it will demonstrate “burning plasma” physics and guide the development of future commercial fusion reactors, with growing private-sector involvement.

NITI Aayog and IFC Release Report on Enhancing MSME Competitiveness

• NITI Aayog, in collaboration with the Institute for Competitiveness (IFC), has published “Enhancing Competitiveness of MSMEs in India,” a detailed assessment of the challenges facing Micro, Small, and Medium Enterprises (MSMEs).
• The report offers a roadmap of systemic reforms aimed at strengthening MSMEs through improved financing, skill development, technology adoption, and market integration.

Key Highlights of the Report

• Financing Gaps: Despite formal credit access rising for micro and small units (14%→20%) and medium enterprises (4%→9%) between 2020–24, only 19% of credit demand is met. Recommendation: Revamp the CGTMSE for scalable, inclusive finance.
• Skill Development Needs: A large share of the MSME workforce lacks formal vocational training, limiting productivity. Recommendation: Expand targeted training in R&D and innovation.
• Technology Adoption: Unreliable power, poor connectivity, and high costs hinder digitalization and R&D investment. Recommendation: State-led support for digital tools and modern technologies.
• Market Access: Limited global reach, especially in high-potential northeastern and eastern regions. Recommendation: Digital marketing training, logistics partnerships, and direct market-linkage platforms.
• Cluster-Based Policy Framework: Proposes adaptive, regionally tailored policies to foster innovation, competitiveness, and MSME integration into global value chains.

RECENT NEWS

• NITI Aayog launched a report titled ‘Unlocking $25+ Billion Export Potential – India’s Hand & Power Tools Sector’, aiming to explore the potential of India’s hand and power tools industry in the global trade landscape.
• Former Cabinet Secretary Rajiv Gauba has been appointed as a Full-Time Member of NITI Aayog, as per an official notification released.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Australia Unveils World's Largest Electric-Powered Ferry Ship   

• Australian boatbuilder Incat launched the world’s largest electric-powered ship on May 2, 2025, a 130-metre (426-feet) aluminium catamaran named Hull 096.
• The ship is designed to carry 2,100 passengers and up to 225 vehicles across the River Plate between Buenos Aires and Uruguay for South American ferry operator Buquebus.
• Hull 096 is powered by over 250 tonnes of batteries and features an Energy Storage System (ESS) built by Wartsila, providing more than 40 megawatt hours of installed capacity, connected to eight electric-driven waterjets.
• The boat was originally planned to run on liquefied natural gas (LNG) but was reconfigured to battery power.
• Shipping accounts for nearly 3% of global greenhouse gas emissions, according to the International Maritime Organization (IMO), which has voted for a global pricing system to help curb maritime carbon emissions.
• The IMO requires ships to use a less carbon-intensive fuel mix by 2028 or face financial penalties.

Recent News :

• In March 2025, The 9th edition of India-Australia Defence Policy Talks was held in New Delhi on March 17, 2025.

About Australia :

• Prime Minister :Anthony Albanese
• Capital :Canberra
• Currency :Australian dollar

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Financial Services Institutions Bureau Proposes Sanjay Joshi for Chairman and Managing Director Role at Oriental Insurance Company Limited

• The Financial Services Institutions Bureau (FSIB) has recommended Sanjay Joshi for the post of Chairman-cum-Managing Director (CMD) of Oriental Insurance Company Limited (OICL).
• The CMD post became vacant after R R Singh retired at the end of February 2025.
• Amit Misra, who is the Executive Director, was appointed as acting CMD of OICL for three months starting from 1 March 2025.
• Sanjay Joshi is currently serving as a General Manager at United India Insurance Company.
• Joshi is a 1989-batch direct recruit officer with over 30 years of experience in the general insurance sector.
• He has worked as a branch head and divisional head in various regional offices throughout his career.

About Oriental Insurance Company Limited :

• Founded : 12 September 1947
• Headquarter : New Delhi, India

Poonam Gupta Appointed as Deputy Governor of Reserve Bank of India    

• Poonam Gupta took over as the Deputy Governor of the Reserve Bank of India (RBI) on April 2, 2025.
• Her tenure will be for a period of three years or until further orders, whichever is earlier.
• As Deputy Governor, Dr. Gupta will oversee the following departments:
• Monetary Policy Department
• Financial Markets Operations Department
• Department of Economic and Policy Research
• Financial Stability Department
• International Department
• Department of Statistics and Information Management
• Corporate Strategy and Budget Department
• Department of Communication
• Gupta is the fourth woman to be appointed as Deputy Governor of RBI, following KJ Udeshi, Shyamala Gopinath, and Usha Thorat.

About Dr. Poonam Gupta :

• Prior to this appointment, she was the Director General of the National Council of Applied Economic Research (NCAER), where she led research on economic growth
• She served as a member of the Economic Advisory Council to the Prime Minister and was the Convener of the Advisory Council to the 16th Finance Commission.
• Before joining NCAER, Dr. Gupta held senior positions for nearly two decades at both the International Monetary Fund (IMF) and the World Bank.

Gyaneshwar Kumar Singh Appointed as Director General and Chief Executive Officer of Indian Institute of Corporate Affairs (IICA)

• Shri Gyaneshwar Kumar Singh has been appointed as the new Director General and Chief Executive Officer of the Indian Institute of Corporate Affairs (IICA), a think tank under the Ministry of Corporate Affairs, Government of India.
• He is a distinguished officer of the Indian Post & Telecommunication Accounts and Finance Service (IP&TAFS).
• Previous roles of Shri Singh include:
• Joint Secretary in the Ministry of Corporate Affairs.
• CEO of the Investor Education and Protection Fund Authority (IEPFA).
• Member of the Governing Body of the Insolvency and Bankruptcy Board of India (IBBI).

About Indian Institute of Corporate Affairs (IICA):

• Established: 2008
• Location: Manesar, Gurugram, Haryana

CURRENT AFFAIRS: AWARDS AND HONOURS

Satwiksairaj Rankireddy and Chirag Shetty Receive Major Dhyan Chand Khel Ratna Award

• SatwiksairajRankireddy and Chirag Shetty, who secured the 1 rank in the Badminton World Federation (BWF) rankings in 2023 and clinched the Asian Games gold in Hangzhou, were awarded the Major Dhyan Chand Khel Ratna Award by Dr. Mansukh Mandaviya, Union Minister of Youth Affairs & Sports, in New Delhi.
• They were initially shortlisted for the award in 2023 but couldn’t receive it due to tournament commitments.

Key Highlights

• Indian Government Support: The pair highlighted the support from various government initiatives, such as Khelo India and TOPS, which aided their progress.
• Recent Performance: The pair made it to the podium at the Malaysia Open and India Open in January 2024. Their next tournaments are the Singapore Open (May 27 - June 1) and the Indonesia Open (June 3-8).

All India Football Federation (AIFF) Awards 2025: Subhasish Bose and Soumya Guguloth Recognized as Players of the Year

• Subhasish Bose was named the Men’s Player of the Year, while Soumya Guguloth took home the Women’s Player of the Year award for the 2024-25 season at the All India Football Federation (AIFF) Awards held in Bhubaneswar.

Key Highlights

• Best Coaches: Khalid Jamil was named the Best Men’s Coach, and Sujata Kar received the Best Women’s Coach award.
• Best Goalkeepers: Vishal Kaith and Elangbam Panthoi Chanu were honored as the Best Goalkeepers in the men’s and women’s categories, respectively.
• Most Promising Players: Brison Fernandes and Toijam Thoibisana Chanu were recognized as the Most Promising Players of the Year.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Denmark Renew Partnership for Clean Energy Transition

• India and Denmark have signed a renewed Memorandum of Understanding (MoU), deepening their collaboration in the energy sector.
• The agreement, signed by Shri Pankaj Agarwal, Secretary of the Ministry of Power, and E. Mr. Rasmus Abildgaard Kristensen, Ambassador of Denmark to India, focuses on accelerating clean energy transitions and supports India’s goal of achieving net-zero emissions by 2070.
• This partnership aligns with India’s growing commitment to sustainable energy development, facilitating knowledge exchange and technological cooperation.

Key Highlights of the Renewed MoU

• Collaboration Focus: Includes power system modeling, renewable energy integration, cross-border electricity trading, and electric vehicle (EV) infrastructure development.
• Enhanced Knowledge Sharing: Promotes expert interactions, joint training sessions, and study tours to improve practical exposure and expertise.
• Sustainability Commitment: Leverages Denmark’s clean energy expertise to accelerate India’s clean energy transition, contributing to meeting India’s climate targets.

About Denmark

• Capital: Copenhagen
• Currency: Krone
• Prime minister: Mette Frederiksen

India and TCS Partner with IBM to Boost Quantum Computing Ecosystem

• IBM and Tata Consultancy Services (TCS) have entered into a groundbreaking collaboration to advance India’s quantum computing industry.
• This initiative is part of the development of the Quantum Valley Tech Park in Amaravati, Andhra Pradesh.
• The tech park will feature an IBM Quantum System Two, equipped with a 156-qubit Heron quantum processor, envisioned to be the largest quantum computer in India.
• The partnership aims to foster quantum research, innovation, and applications that will address complex challenges in India and globally.

Key Highlights of the Collaboration

• National Quantum Mission: The collaboration supports India’s aim to become a global leader in quantum technology.
• Cloud-Based Access: TCS will enable access to IBM’s cloud-based quantum computers for local researchers, scientists, and developers.
• Industry Collaboration: TCS will develop quantum applications across sectors like life sciences, energy optimization, cryptography, and more.
• Job Creation and Innovation: The initiative will create high-end jobs, attract top talent, and bring global investments to the region.

About IBM

• CFO: James J. Kavanaugh
• CEO: Arvind Krishna (6 Apr 2020–)
• Headquarters: Armonk, New York, United States
• Founded: 16 June 1911, Endicott, New York, United States

RECENT NEWS

• In February 2025, Tata Consultancy Services (TCS) has secured a significant IT transformation deal with UPM, a Finland-based company specializing in sustainable materials. This strategic partnership aims to modernize UPM’s IT infrastructure, focusing on cloud migration, digital transformation, and improving operational efficiency.

CURRENT AFFAIRS: RANKING AND REPORTS

Indian Institute of Management (IIM) Bangalore Recognized as Top Business School in QS Executive MBA Rankings 2025

• Indian Institute of Management (IIM) Bangalore has been acknowledged as the top business school among Indian institutions in the QS Executive MBA Rankings 2025.
• However, the institute's global ranking has dropped to 50 from 41 last year.
• The rankings evaluate 233 top executive MBA programs globally, with seven Indian institutions making the list, including both IIMs and private institutions like the Indian School of Business (ISB).

Key Highlights of the Rankings

Global Rankings

Key Metrics and Insights

• Career Outcomes: IIM Bangalore scored 87.1 on the "career outcomes" metric, ranking in the top 25 globally.
• Global Representation: India is represented by seven schools in this year’s rankings, an increase from three institutions in 2022 and 2023.
• Decline in Rankings: Four of the seven Indian institutions have seen a decline in their rankings compared to the previous year, including ISB, IMT Ghaziabad, and Woxsen School of Business.

CURRENT AFFAIRS: IMPORTANT DAYS

Coal Miners Day 2025 In India - May 4

• Every year Coal Miners Day is celebrated on May 4.
• This day is celebrated for the miners who are working in the field.
• Coal is the basic form of energy. Coal is one of the major fossil fuels that contain rich Carbon

History

• Coal Mining was begun in India in 1774.
• Coal Miners became easily significant during the period of the Industrial Revolution between 1760 and 1840. In that period, coal was significantly used for many purposes like heating the building.
• In the 19th Century, Coal was highly used in both government and management.
• The highly coal rich producing countries are Odisha, Jharkhand, Chattisgarh, West Bengal, and some central parts of the country.
• The first Coal mining began in Raniganj Coalfields which is located on the banks of the Damodar river.

World Laughter Day 2025: May 5

• Every year World Laughter Day is celebrated on the first Sunday of May and this year World Laughter Day falls on the 5th of May.
• World Laughter Day was established in 1998 and the first celebration was on 10 May 1998, in Mumbai, India, arranged by Dr. Madan Kataria, founder of the worldwide Laughter Yoga movement.

History

• Every year on the first Sunday of May, World Laughter Day was observed to promote awareness about laughter and its health benefits.
• World Laughter Day was celebrated in 1998 when Dr. Madan Kataria announced the first celebration of this day on May 10.
• Dr Madan Kataria established World Laughter Day in 1998. He is the founder of the Laughter Yoga Movement.
• The main aim of this World Laughter Day is to make us aware of the countless benefits of laughter in leading a healthy and fulfilling life.
• Initially, Laughter Day was celebrated only in India but after that because of the unique and meaningful concept, World Laughter Day has spread to different countries.
• Now, the Laughter Yoga Movement and World Laughter Day are celebrated in different parts of the world.

Daily CA One- Liner: May 4 & 5

• Prime Minister Narendra Modi inaugurated the Vizhinjam International Deepwater Multipurpose Seaport in Thiruvananthapuram, Kerala, coinciding with Adi Shankaracharya’s birth anniversary.
• India has emerged as a major contributor to a key breakthrough in the ITER project — the world's most ambitious nuclear fusion initiative — by supplying the massive cryostat and related technologies
• NITI Aayog, in collaboration with the Institute for Competitiveness (IFC), has published “Enhancing Competitiveness of MSMEs in India,” a detailed assessment of the challenges facing Micro, Small, and Medium Enterprises (MSMEs).
• Satwiksairaj Rankireddy and Chirag Shetty, who secured the No.1 rank in the Badminton World Federation (BWF) rankings in 2023 and clinched the Asian Games gold in Hangzhou, were awarded the Major Dhyan Chand Khel Ratna Award by Dr. Mansukh Mandaviya, Union Minister of Youth Affairs & Sports, in New Delhi.
• Subhasish Bose was named the Men’s Player of the Year, while Soumya Guguloth took home the Women’s Player of the Year award for the 2024-25 season at the All India Football Federation (AIFF) Awards held in Bhubaneswar.
• India and Denmark have signed a renewed Memorandum of Understanding (MoU), deepening their collaboration in the energy sector.
• IBM and Tata Consultancy Services (TCS) have entered into a groundbreaking collaboration to advance India’s quantum computing industry.
• A working group of the Reserve Bank of India (RBI), chaired by Radha Shyam Ratho, reviewed trading and settlement timings and recommended extending call money market trading hours.
• The Reserve Bank of India (RBI) has sought the government's approval to remove the cap on foreign banks using vostro accounts to buy short-term sovereign debt, aiming to boost rupee-denominated trade.
• S&P Global Ratings has revised India’s GDP growth projection for FY 2025-26 from 6.5% to 6.3%, citing uncertainty over the US tariff policy and downside risks to the economy.
• Goods and Services Tax (GST) collection rose 12.6% Y-o-Y to an all-time high of about ₹2.37 lakh crore in April 2025.
• As per the latest data released by the Reserve Bank of India on services trade for March 2025, India’s total exports have touched an all-time high of US$824.9 billion in the financial year 2024–25.
• India Post Payments Bank (IPPB) emphasized its commitment to the welfare of Shramiks (labourers) on the occasion of Labour Day (May 01).
• Department of Posts (DoP) partners with SBI Funds Management Limited (SBIFM) to simplify the customer on-boarding process for mutual fund investors.
• Australian boatbuilder Incat launched the world’s largest electric-powered ship on May 2, 2025, a 130-metre (426-feet) aluminium catamaran named Hull 096.
• The Financial Services Institutions Bureau (FSIB) has recommended Sanjay Joshi for the post of Chairman-cum-Managing Director (CMD) of Oriental Insurance Company Limited (OICL).
• Poonam Gupta took over as the Deputy Governor of the Reserve Bank of India (RBI) on April 2, 2025.
• Shri Gyaneshwar Kumar Singh has been appointed as the new Director General and Chief Executive Officer of the Indian Institute of Corporate Affairs (IICA), a think tank under the Ministry of Corporate Affairs, Government of India.
• Indian Institute of Management (IIM) Bangalore has been acknowledged as the top business school among Indian institutions in the QS Executive MBA Rankings 2025
• Every year Coal Miners Day is celebrated on May 4
• Every year World Laughter Day is celebrated on the first Sunday ofMay and this year World Laughter Day falls on the 5th of May