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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Approves Record ₹2.69 Trillion Surplus Transfer to Government

• The Reserve Bank of India (RBI) Central Board approved a record surplus transfer of ₹2.69 trillion to the government for FY 2024-25.
• The transfer was approved despite maintaining the contingent risk buffer (CRB) at 7.5%, which is the upper limit of a newly widened CRB range.
• RBI expanded the Contingent Risk Buffer (CRB) range from 5.5-6.5% (followed for FY19-24) to 4.5-7.5% of the balance sheet.
• The new CRB range is 6% ± 1.5% of RBI’s balance sheet size.
• This is the second consecutive year RBI has transferred a record surplus. In FY23-24, it transferred ₹2.11 trillion maintaining the buffer at 6.5%.
• The surplus transfer is based on RBI's Economic Capital Framework (ECF), recommended by the Expert Committee chaired by former RBI Governor Bimal Jalan.

Key Highlights :

• The ECF was reviewed after five years, as mandated, and the CRB was increased to 7.5% considering the macroeconomic assessment.
• RBI was able to transfer a higher surplus due to profits from heavy dollar sales in FY24-25:
• Gross dollar sales: $399 billion (FY25) vs. $153 billion (FY24)
• Net dollar sales: $34.5 billion, highest since 2008-09 financial crisis.
• The higher surplus transfer is expected to ease the government’s fiscal deficit by ~20 basis points from the budgeted 4.4% of GDP.
• The Union Budget 2025-26 projected ₹2.56 trillion dividend income from RBI and PSUs, but the actual transfer now exceeds this, potentially enabling additional government spending of around ₹70,000 crore.
• Bond markets expected a higher surplus (around ₹3 trillion), so the widening of the CRB range was unexpected and may cause slight disappointment.
• If the buffer was maintained at last year's level (6.5%), the surplus could have surpassed ₹3 trillion.
• RBI’s strong dividend this year was mainly driven by:
• Large gross dollar sales
• Interest income from government securities and foreign currency assets.
• The RBI conducted an internal review of the Economic Capital Framework considering operational experience and changing asset profiles.
• The framework maintains flexibility to adjust risk buffers annually, based on macroeconomic conditions, enabling smooth surplus transfers.
• Surplus Distribution Policy details:
• If Available Realised Equity (ARE) exceeds 7.5% of the balance sheet, excess can be written back to income.
• If ARE falls below 4.5%, no surplus transfers to the government until minimum equity levels are restored.
• In FY24, ARE was ₹4.58 trillion, equal to 6.5% of the balance sheet.
• RBI’s annual report with updated figures is expected soon.

Recent News :

• In May 2025, The Reserve Bank of India (RBI)net sold $34.5 billion in FY25 (2024-25), the highest since the global financial crisis (2008-09).

About RBI :

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

Government Approves 8.25% Interest Rate on Employees’ Provident Fund for FY25

• The Government has ratified an interest rate of 8.25% on the Employees’ Provident Fund (EPF) for FY 2024-25.
• This approval allows the Employees’ Provident Fund Organisation (EPFO) to credit the annual interest accumulation into the post-retirement funds of over 7 crore subscribers.
• On February 28, 2024, the EPFO had decided to retain the 8.25% interest rate on EPF deposits for FY25, the same rate as FY24.
• The Ministry of Finance gave its concurrence on the 8.25% interest rate, which was then communicated to the EPFO by the Labour Ministry.
• The decision was taken at the 237th meeting of the Central Board of Trustees of the EPFO, chaired by Union Labour & Employment Minister Mansukh Mandaviya.
• EPF offers relatively higher and stable returns compared to many fixed-income instruments, providing steady growth for post-retirement savings.

Interest rate history highlights:

• In February 2024, EPFO had marginally increased the interest rate to 8.25% for FY23-24 (up from 8.15% in FY22-23).
• In March 2022, the interest rate was reduced to an over four-decade low of 8.1% for FY21-22 (from 8.5% in FY20-21).
• The 8.10% rate for FY20-21 was the lowest since 1977-78, when the rate was 8%.

SIDBI Report: MSME Loan Demand Up 11%, but Supply Drops 11% in Jan-Mar 2025

• Commercial loan demand in the MSME sector grew by 11% year-on-year (y-o-y) during the January to March 2025 quarter, as per a report by SIDBI and TransUnion CIBIL.

Key Highlights :

• Private sector banks, which account for 42% of MSME credit demand, saw an 8% growth in this period.
• Public sector banks, with a 39% share, registered a stronger 15% growth in MSME credit demand.
• Despite the increase in demand, commercial credit supply (by value) rose only 3% y-o-y for FY24-25.
• However, in Jan–Mar 2025, there was an 11% decline in supply compared to the same quarter in the previous year.
• The decline in supply was attributed to heightened credit concerns among lenders, possibly due to rising external economic headwinds.
• Certain areas remained strong:Credit through new cash credit facilities grew 7% y-o-y during Jan–Mar 2025, indicating continued traction in working capital financing.
• Private banks experienced the sharpest y-o-y decline in growth at -14%, mainly due to:Reduced demand from borrowers with exposure of ₹10 crore to ₹50 crore.
• Significant drop in medium to long-term loans (tenure >1 year) and overdraft facilities.
• As of May 12, 2025, there were 35 crore Udyam-registered MSMEs, including those on the Udyam Assist Portal.
• Of these, only 3.68 crore MSMEs have accessed credit at least once, showing a large untapped credit market.
• This situation provides an opportunity for lenders to expand into the New-to-Credit (NTC) segment and grow the MSME loan portfolio.

BoB Report: Corporate Fixed Assets See Robust Investment Growth in FY25 Driven by Consumer, Pharma, and Infrastructure Sectors

• The corporate sector showed encouraging growth in fixed asset investments for FY25 with an overall increase of 7.6%.
• Leading sectors driving investments are primarily in the infrastructure space, including cement and construction, engineering, and the auto and mobility sectors.
• The consumer-oriented industries show a diverse investment trend but are expected to gain traction with a revival in consumption.

Key Highlights :

• The food sector recorded a 12.4% increase in fixed asset investments, rising from ₹17,626 crore (FY24) to ₹19,819 crore (FY25).
• The edible oil sector investments grew by 12.3%, from ₹10,319 crore to ₹11,593 crore.
• The household and personal products segment saw a modest increase of 1.7%, from ₹62,606 crore to ₹63,656 crore.
• In the auto and mobility sector:
• Passenger car manufacturers showed 20.6% growth.
• Two- and three-wheeler manufacturers grew by 9.9%.
• Auto ancillary firms rose by 14%, with investments increasing from ₹15,979 crore to ₹18,209 crore.
• Growth is fueled by the increasing focus on electric vehicles (EVs).
• Retailing sector investments grew by 17.5%, from ₹20,760 crore to ₹24,384 crore, due to expansion to compete with online platforms.
• Other sectors with strong investment growth:
• Private banks: 16.5% increase
• Chemicals: 7.4% increase
• Engineering for construction: 7.0% increase
• The report indicates companies are strengthening their asset base and preparing to meet future demand.

U.S. government plans to reduce proposed tax on outward remittances from 5% to 3.5%

• The U.S. government has decided to reduce the proposed excise tax on outward remittances from 5% to 3.5%.
• This change was made through an amendment to the One Big Beautiful Bill Act, passed by the U.S. House of Representatives on May 23, 2025.
• The original Bill included major changes to income tax, healthcare, corporate tax, and national debt regulations, and had proposed a 5% excise tax on remittance transfers.
• The amendment replaced the 5% tax rate with 3.5%.
• The Bill now needs approval from the Republican-majority Senate before becoming law.
• The Indian government has not yet assessed the potential impact of this tax on inward remittances.
• According to Reserve Bank of India (RBI) data, the U.S. is the largest source of remittances to India, contributing 27.7% (about $32.9 billion) in 2023-24.
• The tax will apply to Indians living in the U.S. (green card holders, H1B visa holders, etc.), adding a 3.5% tax on remittances in addition to any income taxes already paid.
• The tax is expected to be effective from January 1, 2026.

Reserve Bank of India imposes ₹63.6 lakh fine on Union Bank and ₹40 lakh on Lendbox for regulatory violations

• The Reserve Bank of India (RBI) imposed penalties on Union Bank of India and Transactree Technologies Pvt Ltd (Lendbox) for regulatory non-compliance.
• Union Bank of India was fined ₹63.6 lakh for violating provisions of the Banking Regulation Act, 1949 and directions related to Credit Flow to Agriculture – Collateral Free Agricultural Loans.
• Transactree Technologies Pvt Ltd (Lendbox) was fined ₹40 lakh for non-compliance with the Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017.
• The penalties are due to deficiencies in regulatory compliance.
• RBI clarified that the penalties do not question the validity of any transaction or agreement entered into by the entities with their customers.

Aditya Birla Sun Life Insurance partners with Equitas Small Finance Bank to enhance life insurance reach via bank branches

• Aditya Birla Sun Life Insurance Company Limited (ABSLI) partnered with Equitas Small Finance Bank to expand life insurance accessibility through the bank’s branch network.
• Equitas customers can access ABSLI’s life insurance products directly at bank branches, including:Salaried Term Plan, Nishchit Aayush Plan, Assured Savings Plan.
• These cover protection, savings, and retirement solutions.
• The partnership aims to promote financial inclusion, especially in semi-urban and rural markets where Equitas has a strong presence.
• It targets previously underserved communities.
• ABSLI leverages this collaboration to support the industry vision of “Insurance for All by 2047.”

ABSLI is a joint venture between the Aditya Birla Group and Sun Life Financial Inc.

CURRENT AFFAIRS: NATIONAL NEWS

Central Marine Fisheries Research Institute to Host MECOS-4 International Symposium on Marine Ecosystems in Kochi

• The Central Marine Fisheries Research Institute (CMFRI) will host the 4th International Symposium on Marine Ecosystems: Challenges and Opportunities (MECOS-4) from November 4 to 6, 2025, in Kochi.
• The event is organized jointly with the Marine Biological Association of India (MBAI).

Key Details:

• Theme & Focus:
  Addressing climate change impacts and emerging threats to marine ecosystems, including rising sea temperatures and extreme weather events.
• Participants:
  Marine scientists, researchers, policymakers, and industry experts globally will collaborate to tackle issues in marine fisheries and aquaculture.
• Objectives:
  To develop a comprehensive roadmap for sustainable marine fisheries and innovative aquaculture practices that meet growing seafood demands and safeguard coastal community livelihoods.
• Topics Covered:
  • Ecosystem and biodiversity conservation
  • Sustainable fisheries and mariculture
  • Climate and environmental resilience
  • Marine products, value chains, and livelihoods
  • Special focus on marine mammals and seabirds research
• Opportunities for Young Researchers:
  • Platform for emerging marine researchers and students in India to showcase their research
  • Five Young Marine Biologist Awards for researchers under 35 for outstanding presentations
  • Five memorial awards honoring marine fisheries research pioneers: S. Jones, M. Devaraj, N.R. Menon, R. Reghuprasad, and PSBR James

ECI Introduces Mobile Deposit Facility and Rationalises Canvassing Norms

• The Election Commission of India (ECI) has implemented two major poll-day reforms— a Mobile Deposit Facility outside polling stations and the rationalisation of canvassing boundaries—to streamline procedures, protect voting secrecy, and enhance voter convenience.

Key Highlights:

• Mobile Deposit Facility:
  • Mandatory phone deposit in pigeonhole boxes or jute bags just outside polling stations.
  • Devices must be switched off and are returned only after voting.
  • Returning Officers may grant local exemptions under exceptional circumstances.
  • Reinforces Rule 49M of the Conduct of Elections Rules to safeguard ballot secrecy.
• Rationalised Canvassing Norms:
  • No electioneering within 100 meters of polling stations.
  • Unofficial identity-slip booths must be positioned beyond the 100 meter
  • Aligned with the Representation of the People Act, 1951, to ensure neutrality on poll day.
• Objectives:
  • Enhance voter convenience for senior citizens, women, and Persons with Disabilities (PwD).
  • Prevent digital disruptions and uphold the integrity of the voting process.
  • Streamline voter management and maintain law and order around polling venues.
• Significance:
  • Addresses rising mobile usage and potential security risks at polling booths.
  • Creates a disciplined, secure, and accessible voting environment without compromising fairness.

Fisheries Secretaries Conference 2025 Emphasizes Technology and Policy Reform in Aquaculture

• Ministry of Fisheries, Animal Husbandry & Dairying convened the Fisheries Secretaries Conference 2025 and a National Workshop on Technology in Aquaculture in New Delhi.
• Chaired by Abhilaksh Likhi, Secretary (Fisheries), MoFAH&D, the event reviewed progress under flagship schemes and explored drone-based fish transport, satellite monitoring, and digital platforms to modernize India’s fisheries sector.

Key Highlights:

• Flagship Schemes Reviewed:
  • Pradhan Mantri Matsya Sampada Yojana (PMMSY) – boosting production and infrastructure
  • Fisheries & Aquaculture Infrastructure Development Fund (FIDF) – increasing awareness and registrations
  • PM Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) – introducing basic and comprehensive insurance for aquaculture
• Innovative Tech Interventions:
  • 70 kg payload drones for live-fish transport in remote terrains
  • Satellite-based resource mapping and biometric IDs for fisher safety
  • ReALCraft adoption for real-time vessel monitoring
• Aquaculture Insurance under PM-MKSSY:
  • Natural calamity cover as Basic Insurance
  • Disease coverage in Comprehensive plan
  • Premium cap of ₹1 lakh per 1,800 m³ unit with 10% incentive for SC/ST and women
  • Emphasis on digital enrolment via the National Fisheries Digital Platform (NFDP)
• Other Focus Areas:
  • Ornamental fisheries, seaweed farming, artificial reefs
  • Promotion of Amrit Sarovars for inland aquaculture
  • Strengthening capacity building, extension services, and FFPO support

Prime Minister Narendra ModiChairs 10th NITI Aayog Governing Council Meeting: Focus on Viksit Bharat@2047

• Prime Minister Narendra Modi chaired the 10th Governing Council Meeting of NITI Aayog at Bharat Mandapam, New Delhi.
• The meeting revolved around the theme “Viksit Rajya for Viksit Bharat@2047”, underscoring the role of states as primary drivers in India’s vision to become a fully developed nation by 2047—the centenary of India’s independence.
• The meeting strategically aligned state initiatives with the national vision of Viksit Bharat@2047.
• Emphasis was placed on decentralized, inclusive, and sustainable development.
• Focus on leveraging states’ unique strengths to accelerate national progress.

Key Objectives

• States as Growth Catalysts: Encourage states to prepare inclusive, long-term roadmaps for development.
• Data-Driven Governance: Establish Monitoring & Evaluation (M&E) units and improve ICT infrastructure.
• Employment & Skilling: Focus on entrepreneurship, skill development, and job creation to harness the demographic dividend.
• Green Growth: Explore renewable energy and circular economy
• Urban-Rural MSME Growth: Address informal sector employment across urban and rural areas.
• Promotion of Tier-2 and Tier-3 Cities: Strengthen manufacturing and

Focus Areas Discussed (from 4th National Conference of Chief Secretaries)

1. Manufacturing ecosystems in Tier 2 & 3 cities
2. Service ecosystems in Tier 2 & 3 cities
3. Rural non-farm MSMEs and informal sector employment
4. Urban MSMEs and job creation
5. Renewable energy opportunities
6. Circular economy and sustainable development practices

Background

• NITI Aayog, established on January 1, 2015, replaced the Planning Commission.
• The Governing Council is the apex decision-making body of NITI Aayog.
• Chaired by the Prime Minister, it includes Chief Ministers, Lt Governors, Union Ministers, and senior officials.

Ministry of Environment, Forest and Climate Change Announces Top 21 Sustainable Ideas Under ‘Ideas4LiFE’ Initiative

• The Ministry of Environment, Forest and Climate Change (MoEFCC) has declared the 21 winning entries under its ‘Ideas4LiFE’ campaign, a part of Mission LiFE (Lifestyle for Environment).
• The winners were chosen from a total of 1384 submissions, aimed at promoting eco-friendly habits and sustainable living across India.
• The results were announced by Union Environment Minister Bhupender Yadav.

Key Points:

• Organizers: MoEFCC in collaboration with UNICEF YuWaah
• Platform: Official portal – https://ideas4life.in
• Total Entries Received: 1384
• Winners Selected: 21 ideas (Top 3 per theme)
• Target Groups: Youth, research scholars, academic institutions
• Purpose: To crowdsource scalable and innovative solutions aligned with Mission LiFE's environmental goals
• Launch Context: Aligned with PM’s vision of “Mindful and Deliberate Utilization of Resources”

Mission LiFE Themes & Selection Process

The initiative focused on seven sustainability themes, and the selection involved a rigorous three-phase evaluation.

Seven Themes of Mission LiFE:

1. Save Energy
2. Save Water
3. Say No to Single-Use Plastic
4. Adopt Sustainable Food Systems
5. Reduce Waste
6. Reduce E-waste
7. Adopt Healthy Lifestyles

Prime Minister Narendra Modi Inaugurates Rising North East Investors Summit 2025 to Boost Regional Growth

• Prime Minister Narendra Modi inaugurated the Rising North East Investors Summit 2025 at Bharat Mandapam, New Delhi, aiming to accelerate inclusive development in the North Eastern states.
• The two-day summit serves as a key initiative to attract investments across vital sectors and strengthen the region’s role in India’s economic roadmap.

Key Highlights:

• Organizers and Participants: The event brought together industry leaders, policymakers, central ministries, and state governments to explore strategic investments.

Sectors in Focus:

• Tourism and Hospitality
• Agro-Food Processing
• Textiles, Handloom, and Handicrafts
• Healthcare, Education, and Skill Development
• Infrastructure, Logistics, IT, and Energy
• Entertainment and Sports
• Aim: To attract investment and drive economic transformation in the North Eastern region through sustainable and inclusive growth.
• Strategic Context: The summit aligns with India’s “Act East Policy”, boosting connectivity and cooperation with ASEAN nations and promoting the Northeast as a gateway to East Asia.

Initiatives and Engagements:

• Business-to-Business (B2B) and Business-to-Government (B2G)
• Exhibition zones showcasing regional potential.
• Ministerial sessions to discuss infrastructure and economic strategy.

Wings India 2026 to Be Held in Hyderabad from January 28–31

• The Ministry of Civil Aviation, Government of India under the leadership of Hon’ble Minister Sh. Ram Mohan Naidu organized a curtain raiser event for Wings India 2026, Asia’s largest civil aviation event in New Delhi in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI).
• Hon’ble Minister of state for civil aviation, Sh. Murlidhar Mohol; Secretary Civil Aviation, Sh. Samir Kumar Sinha; Chairman Airport Authority of India, Sh. Vipin Kumar; DG BCAS, Sh. Rajesh Nirwan; Chairman FICCI Civil Aviation Committee, Mr. Remi Maillard; Director General FICCI, Ms. Jyoti Vij graced the occasion.

Key Highlights:

• Curtain Raiser: A curtain raiser event was held in Delhi on May 23, 2025, attended by Union Ministers and foreign stakeholders to build momentum ahead of the main event.
• Organizers: The event is organized by the Ministry of Civil Aviation, AAI, and FICCI, reaffirming government and industry commitment to civil aviation growth.
• Venue and Dates: Scheduled at Begumpet Airport, Hyderabad, from January 28–31, 2026, continuing its tradition as a key aviation hub.
• Comprehensive Industry Platform: The event will bring together airlines, aircraft manufacturers, investors, vendors, cargo operators, space industry players, and banking institutions.
• Focus Areas: Key focus areas include commercial aviation, general aviation, business jets, advanced air mobility, and space technologies.

Objectives:

• Showcase innovations and technological advancements in aviation.
• Foster collaboration among industry players and policymakers.
• Attract investments and promote regional aviation initiatives.
• Support skill development to meet future workforce demands.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India to urge Financial Action Task Force to reinclude Pakistan in grey list during upcoming review

• India plans to submit a dossier at the upcoming Financial Action Task Force (FATF) meeting to demand that Pakistan be placed back on the grey list.
• The grey list identifies countries with strategic deficiencies in combating money laundering and terrorist financing.
• India will highlight Pakistan’s failures such as:
• Lack of restitution of money,
• Hosting terrorists,
• Using development funds to buy military equipment,
• Failure to pass promised laws like the Anti-Terrorism (Amendment) Bill, 2020.
• Pakistan was removed from the grey list in 2022 after FATF recognized some progress in its AML (Anti-Money Laundering) and CFT (Counter-Terrorist Financing)
• Following the April 22 Pahalgam terrorist attack, India has increased pressure on Pakistan both militarily and economically.
• The Defence Ministry has granted emergency procurement powers to the armed forces; however, no big additional defence spending is expected for the current financial year.
• India will also oppose Pakistan’s loan proposal at the World Bank and previously opposed a $1 billion loan for Pakistan at the IMF board meeting held on May 9.
• Pakistan reportedly allocates about 18% of its general budget to defence affairs, higher than the 10-14% average even for conflict-affected countries.
• From 1980 to 2023, Pakistan’s arms imports increased by over 20% during years it received IMF disbursements compared to years without aid.

About FATF :

• Founded : 1989
• Headquarters : Paris, France
• President : Elisa de Anda Madrazo
• The FATF holds Plenary meetings tri-annually in February, June, and October to review Mutual Evaluation Reports (MERs) of countries.
• If a country has major deficiencies in its AML/CFT regime (Anti-Money Laundering/Combating the Financing of Terrorism), it is placed on the Grey List — officially called "jurisdictions under increased monitoring."
• If a country fails to address FATF concerns, it is escalated to the Black List, known as "high-risk jurisdictions" or Non-Cooperative Countries or Territories (NCCTs).
• The Black List includes countries that are non-cooperative in fighting terror financing and money laundering.
• As of now, the countries on the Black List are:
• Iran
• North Korea
• Myanmar (added recently due to military actions after the 2021 coup).

CURRENT AFFAIRS: STATE NEWS

Nagshankar Temple Designated Model Site for Turtle Conservation in Assam

• The Nagshankar Temple in Biswanath district, Assam, has been officially recognized as a model temple for freshwater turtle conservation.
• MLA Padma Hazarika unveiled the designation on World Turtle Day (May 23, 2025) during an event co-hosted by Kaziranga National Park, Assam State Zoo, DBT-NER Biotech Hub Chaiduar College, the Turtle Survival Alliance (TSA) Foundation India, Aaranyak, and Help Earth.

Key Highlights:

• Cultural Tradition: Temple ponds in Assam conserve turtles as reincarnations of Lord Vishnu, fostering deep community engagement.
• Project Management: TSA Foundation India oversees turtle care; local ‘Kaso Mitras’ (community turtle guardians) were formally acknowledged.
• Educational Outreach: Launched a freshwater turtle identification brochure to raise awareness among residents.
• Species Diversity: The Nagshankar complex sustains 13 freshwater turtle species, including:
  • Critically Endangered: Black softshell (Nilssonia nigricans), Assam roofed (Pangshurasylhetensis)
  • Endangered: Indian softshell ( gangetica), peacock softshell (N. hurum), narrow-headed softshell (Chitra indica), spotted pond turtle (Geoclemyshamiltonii), tricarinate hill turtle (Melanochelystricarinata)
  • Vulnerable to Least Concern: Indian flapshell (Lissemys punctata), Indian roofed (Pangshura tecta), brown roofed (Pangshura smithii), Assam leaf (Cyclemysgemeli), Indian tent (Pangshura tentoria), Indian black ( trijuga)
• Ecological Role: Turtles act as “vultures of the aquatic ecosystem”, maintaining water quality by scavenging decomposed matter.
• Women’s Contribution: Kaso Sakhi, a women’s weavers’ group supported by TSA, showcased turtle-motif handlooms, blending conservation with livelihoods.

CURRENT AFFAIRS: AWARDS AND HONOURS

“It Was Just an Accident” Wins Palme d’Or at 78th Cannes Film Festival

• Iranian dissident filmmaker Jafar Panahi triumphed at Cannes on May 24, 2025, as his revenge thriller “It Was Just an Accident” received the Palme d’Or, marking his first award at the festival despite a 15-year travel ban.
• Presented by Cate Blanchett, Panahi’s victory drew a thunderous standing ovation, underscoring the film’s—and the director’s—remarkable resilience.

Key Highlights:

• Historic Win: Panahi, aged 64, won despite being imprisoned in Iran three years ago and legally barred from filmmaking and travel.
• Distributor Streak: Neon has now backed the last six Palme d’Or winners, including “Parasite,” “Titane,” and “Triangle of Sadness.”
• Grand Prix (Second Prize): Awarded to “Sentimental Value” by Norwegian director Joachim Trier.
• Best Director & Actor: Kleber Mendonça Filho for “The Secret Agent”; Wagner Moura won Best Actor for the same film.
• Jury Prize (Split): “Sirât” by ÓliverLaxe and “Sound of Falling” by Mascha Schilinski.
• Best Actress: Nadia Melliti for “The Little Sister.”
• Best Screenplay: Belgian brothers Jean-Luc and Pierre Dardenne for “Young Mothers”, their third screenplay prize.
• Best First Film: Hasan Hadi’s “The President’s Cake,” the first Iraqi film to win at Cannes.
• Festival Context: A major power outage in southeastern France (suspected arson) was resolved just before the closing ceremony; the event concluded the 78th Cannes, where S. tariff proposals on foreign films stirred debate but left most filmmakers unperturbed.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Wellington Management receives CCI approval to invest in Porter 

• The Competition Commission of India (CCI) has given approval to US-based Wellington Management to acquire a stake in SmartShift Logistics Solution, the parent company of logistics unicorn Porter.
• The deal was cleared under the green channel route as per Section 6(4) of the Competition Act, 2002 and Rule 3 of the Competition (Criteria of Combination) Rules, 2024.
• Under this route, transactions posing no appreciable adverse effect on competition are automatically approved upon notification.
• Wellington Management, through its affiliate Wellington Hadley Harbor AIV II Master Investors (Cayman) III, is acquiring shares from existing investors:
• Peak XV Partners Investments IV
• Lightrock Growth Fund I S A, SICAV-RAIF.
• Wellington Management will also subscribe to Series F compulsorily convertible preference shares (CCPS) of SmartShift Logistics Solution.
• The transaction involved several share purchase and subscription agreements signed on May 2, 2025.
• In May 2025, Porter raised $200 million in Series F funding co-led by Kedaara Capital and Wellington Management.
• Early investors Peak XV Partners (formerly Sequoia Capital India & SEA) and Kae Capital exited by selling their stakes.
• Following this funding round, Porter became the third unicorn of 2025 after Netradyne and Juspay.
• Porter operates in logistics services, competing with companies like Shadowfax, Pidge, and cityXfer.

Recent News :

• In May 2025, The CCI approved the acquisition of equity shares of Haldiram Snacks Food Private Limited (Target) by Jongsong Investments Pte. Ltd. (Acquirer).

About CCI:

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

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Agnikul Cosmos Achieves Milestone with Successful Test of Electric-Pump Semi-Cryogenic Engine

• Agnikul Cosmos successfully conducted a test firing of its electric motor-driven semi-cryogenic rocket engine, the first of its kind in India.

Key Highlights :

Engine Features:

• The engine uses an electric motor to drive the pumps that circulate propellants.
• It is semi-cryogenic, combining liquid oxygen (cryogenic oxidizer) with a non-cryogenic fuel like refined kerosene.
• Electric motor-driven throttling enables higher accuracy and rapid response, essential for handling complex trajectories.

Significance:

• The test is a key milestone towards firing a cluster of engines together for more powerful launches.
• The engine is based on Agnikul’ssignature single-piece engine design.
• The successful test advances Agnikul’s plan for a larger Stage 1 launch by the end of this year.

Manufacturing & Technology:

• Many components of the pump were 3D-printed and assembled at Agnikul’sRocket Factory - 1 located at the IIT-Madras Research Park, Chennai.
• The motor drives and control software were designed and developed in-house by Agnikul Cosmos.

Advantages:

• Electric motor use in pumps allows for efficient fuel pumping with variable throttling.
• Enables firing of multiple engines simultaneously, crucial for scalability in rocket launches.

CURRENT AFFAIRS: SPORTS NEWS

Kush Maini Clinches First F2 Sprint Victory at Monaco, Becomes First Indian Winner

• Seventeen-year-old Indian driver Kush Maini won the Formula 2 Sprint Race at the Monaco Grand Prix, marking the first-ever F2 victory by an Indian at the iconic circuit.
• Driving for DAMS Lucas Oil, Maini converted pole position (earned via the reverse-grid system after a P10 feature qualifying) into a controlled, mistake-free win over 30 laps.

Key Highlights:

• Historic Win: Became the first Indian to win an F2 race at Monaco, one of motorsport’s most prestigious venues.
• Team & Equipment: Racing for DAMS Lucas Oil, Maini secured his first podium and first win of the 2025 season.
• Pole to Victory: Qualified P10 for Sunday’s feature race, which inverted to pole for the Saturday Sprint—then led every lap from lights out.
• Driver Performance: Demonstrated exceptional racecraft and consistency, maintaining composure under pressure and managing tyre wear.

Kidambi Srikanth Finishes Runner-Up at Malaysia Masters 2025

• India’s Kidambi Srikanth claimed the men’s singles runner-up spot at the Malaysia Mastersin Kuala Lumpur, falling to World No. 4 Shi Feng Li of China in straight games, 21-11, 21-9, in the final.

Key Highlights:

• Final Result: Defeated by Shi Feng Li (China), 21-11, 21-9.
• Path to Final: Overcame Kanta Tsuneyama (Japan) in the semi-final, 21-18, 24-22, to secure his spot.
• Previous Achievement: Srikanth is the 2021 World Championships silver medallist, underscoring his continued presence at the top level.
• Opposition Quality: Shi Feng Li, the World No. 4, maintained his ranking with a commanding performance in the final.
• Tournament Significance: The Malaysia Masters is part of the BWF World Tour Super 500, attracting the sport’s elite.

Hockey India Masters Cup 2025 Inaugural Edition Scheduled in Chennai from June 18–27

• The Hockey Unit of Tamil Nadu will host the first-ever Hockey India Masters Cup 2025 in Chennai from June 18 to 27, 2025, featuring dedicated competition for veteran hockey players.

Key Highlights:

• Categories & Age Criteria:
  • Men’s Masters: Players aged 40 and above
  • Women’s Masters: Players aged 35 and above
• Format:
  • League-cum-Knockout structure
  • Pools formed based on the final number of teams
• Team Announcements:
  • Names of participating teams in both categories will be released shortly
• Registration:
  • Players must register through their respective State Member Units
• Significance:
  • Provides a focused platform for veteran men’s and women’s hockey talent
  • Marks a new chapter in promoting lifelong engagement in Indian hockey

India Announces 18-Member Test Squad for England Tour Under Shubman Gill

• The BCCI has named an 18-member squad for the upcoming England Test tour, appointing Shubman Gill as captain and Rishabh Pant as vice-captain and primary wicketkeeper.
• This youthful selection signals a bold shift in India’s red-ball strategy.

Key Highlights:

• Leadership Choices:
  • Shubman Gill (5th youngest Test captain) at the helm—premature elevation
  • Jasprit Bumrah overlooked for leadership despite tactical acumen and away-Test pedigree.
• Spin All-Rounder Debate:
  • Ravindra Jadeja retained for his three-dimensional skills and England track record.
  • Axar Patel makes a strong case—Test bowling average of 19.34 and four half-centuries—yet misses out.
• New Batting Core:
  • KL Rahul, Gill, Pant, Yashasvi Jaiswal to anchor the post-Kohli/Rohit era.
  • Sai Sudharsan and Karun Nair vie for permanence—domestic form versus past promise.
• Pace Battery Composition:
  • Jasprit Bumrah spearheads with Siraj, Akash Deep, Prasidh Krishna, and Arshdeep Singh offering variety and rotation in English conditions.

About BCCI

• President: Roger Binny
• Headquarters: Mumbai
• Founded: December 1928

Napoli Clinches 2024–25 Serie A Title with Final Round Win Over Cagliari

• Napoli secured the 2024–25 Serie A title with a decisive 2–0 victory over Cagliari at the Diego Armando Maradona Stadium, outpacing Inter Milan by just one point on the final day of the season.
• Under the leadership of Antonio Conte, who was suspended from the touchline, the win marked a historic milestone for both club and coach.

Key Highlights:

• Goal Scorers:
  • Scott McTominay (bicycle kick before halftime)
  • Romelu Lukaku (early second-half goal)
• Inter Milan's Result: 2–0 win over Como (goals by de Vrij and Correa), but they finished 1 point behind Napoli.
• Title-Deciding Scenario:
  • Napoli entered the final round with a 1-point lead.
  • Their win ensured the title, regardless of Inter's result.
  • The city of Naples erupted in celebration with fireworks and flares.
• Historical Achievement:
  • Antonio Conte becomes the first manager to win Serie A with three different clubs – Juventus, Inter Milan, and Napoli.
  • This is Napoli’s second Serie A title in three years, highlighting a period of consistent excellence.

Daily CA One- Liner: May 25 & 26

• The Central Marine Fisheries Research Institute (CMFRI) will host the 4th International Symposium on Marine Ecosystems: Challenges and Opportunities (MECOS-4) from November 4 to 6, 2025, in Kochi
• The Election Commission of India (ECI) has implemented two major poll-day reforms— a Mobile Deposit Facility outside polling stations and the rationalisation of canvassing boundaries—to streamline procedures, protect voting secrecy, and enhance voter convenience
• Ministry of Fisheries, Animal Husbandry & Dairying convened the Fisheries Secretaries Conference 2025 and a National Workshop on Technology in Aquaculture in New Delhi
• Prime Minister Narendra Modi chaired the 10th Governing Council Meeting of NITI Aayog at Bharat Mandapam, New Delhi
• The Ministry of Environment, Forest and Climate Change (MoEFCC) has declared the 21 winning entries under its ‘Ideas4LiFE’ campaign, a part of Mission LiFE (Lifestyle for Environment).
• Prime Minister Narendra Modi inaugurated the Rising North East Investors Summit 2025 at Bharat Mandapam, New Delhi, aiming to accelerate inclusive development in the North Eastern states
• The Ministry of Civil Aviation, Government of India under the leadership of Hon’ble Minister Sh. Ram Mohan Naidu organized a curtain raiser event for Wings India 2026, Asia’s largest civil aviation event in New Delhi in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI).
• The Nagshankar Temple in Biswanath district, Assam, has been officially recognized as a model temple for freshwater turtle conservation
• Iranian dissident filmmaker Jafar Panahi triumphed at Cannes on May 24, 2025, as his revenge thriller “It Was Just an Accident” received the Palme d’Or, marking his first award at the festival despite a 15-year travel ban
• Seventeen-year-old Indian driver Kush Maini won the Formula 2 Sprint Race at the Monaco Grand Prix, marking the first-ever F2 victory by an Indian at the iconic circuit.
• India’s Kidambi Srikanth claimed the men’s singles runner-up spot at the Malaysia Mastersin Kuala Lumpur, falling to World No. 4 Shi Feng Li of China in straight games, 21-11, 21-9, in the final.
• The Hockey Unit of Tamil Nadu will host the first-ever Hockey India Masters Cup 2025 in Chennai from June 18 to 27, 2025, featuring dedicated competition for veteran hockey players
• The BCCI has named an 18-member squad for the upcoming England Test tour, appointing Shubman Gill as captain and Rishabh Pant as vice-captain and primary wicketkeeper.
• Napoli secured the 2024–25 Serie A title with a decisive 2–0 victory over Cagliari at the Diego Armando Maradona Stadium, outpacing Inter Milan by just one point on the final day of the season.
• The Reserve Bank of India (RBI) Central Board approved a record surplus transfer of ₹2.69 trillion to the government for FY 2024-25.
• The Government has ratified an interest rate of 8.25% on the Employees’ Provident Fund (EPF) for FY 2024-25.
• Commercial loan demand in the MSME sector grew by 11% year-on-year (y-o-y) during the January to March 2025 quarter, as per a report by SIDBI and TransUnion CIBIL.
• The corporate sector showed encouraging growth in fixed asset investments for FY25 with an overall increase of 7.6%.
• The U.S. government has decided to reduce the proposed excise tax on outward remittances from 5% to 3.5%.
• The Reserve Bank of India (RBI) imposed penalties on Union Bank of India and Transactree Technologies Pvt Ltd (Lendbox) for regulatory non-compliance.
• Aditya Birla Sun Life Insurance Company Limited (ABSLI) partnered with Equitas Small Finance Bank to expand life insurance accessibility through the bank’s branch network.
• India plans to submit a dossier at the upcoming Financial Action Task Force (FATF) meeting to demand that Pakistan be placed back on the grey list.
• The Competition Commission of India (CCI) has given approval to US-based Wellington Management to acquire a stake in SmartShift Logistics Solution, the parent company of logistics unicorn Porter.
• Agnikul Cosmos successfully conducted a test firing of its electric motor-driven semi-cryogenic rocket engine, the first of its kind in India.