Context: Utkarsh Small Finance Bank (SFB) has partnered with Hitachi Payment Services to enhance its payment processing system and debit card management platform. Key Highlights: Government Initiatives to Enhance Financial Services for Underserved & Unserved Sections Initiative Year / Institution Key Features Target Group / Benefit Pradhan Mantri Jan Dhan Yojana (PMJDY) 2014 Zero-balance accounts, RuPay debit card, accidental & life insurance cover Unbanked households Business Correspondent (BC) Model RBI directive Agents deliver doorstep banking services Rural & remote populations Aadhaar Enabled Payment System (AePS) UIDAI + NPCI Biometric-based digital banking transactions Rural & semi-urban poor Unified Payments Interface (UPI) NPCI (2016) Instant, low-cost, interoperable digital payments General public, merchants, small businesses India Stack Govt + Fintech APIs for paperless, cashless, presence-less financial transactions Digital economy & underserved Pradhan Mantri Mudra Yojana (PMMY) 2015 Collateral-free loans up to ₹10 lakh (Shishu, Kishore, Tarun categories) Small businesses, entrepreneurs
RBI Grants In-Principle Approval for Aditya Birla Capital to Operate as Payment Aggregator
Source: ET Context: Aditya Birla Capital’s subsidiary, Aditya Birla Capital Digital Ltd (ABCDL), has received in-principle authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payment and Settlement Systems Act, 2007. What is a Payment Aggregator? A Payment Aggregator (PA) is a third-party service provider that enables merchants (online or offline) to accept various types of digital payments without having to directly integrate with banks or individual payment networks. Examples in India Payment and Settlement Systems Act, 2007 The Payment and Settlement Systems Act, 2007 is the key legislation in India that provides a legal framework for regulation and supervision of payment systems in the country. It empowers the Reserve Bank of India (RBI) to regulate and oversee payment and settlement systems to ensure safety, efficiency, and stability. Objectives
Punjab National Bank Launches India’s First Startup-Centric Branch
Source: BL Context: Punjab National Bank (PNB) inaugurated its first dedicated branch for startups at Bhikaji Cama Place, New Delhi, aligned with the Startup India initiative. Key Highlights: India’s First Startup-Centric Branch A startup-centric branch is a dedicated banking branch that focuses exclusively on meeting the financial and advisory needs of startups and innovation-driven companies. Unlike a normal bank branch, which caters to all types of customers, this branch is designed to provide customized services for entrepreneurs. Key Features
RBI State of the Economy Report (August 2025)
Source: IE Context: The Reserve Bank of India (RBI), in its State of the Economy article published in the August 2025 bulletin, warned that persisting India-US trade policy uncertainties, including the US’s recent 50% tariff on Indian exports (effective August 27, 2025), could pose downside risks to India’s economy. Key Highlights:
UMANG (Unified Mobile Application for New-age Governance)
Context: The Employees’ Provident Fund Organisation (EPFO) has integrated its services with the government-backed UMANG (Unified Mobile Application for New-age Governance) app. This eliminates the need for subscribers to visit EPFO offices or use multiple portals for managing their provident fund accounts. Objectives Key Features Services Available on UMANG
SEBI Approves Groww’s $1 Billion IPO
Source: BS Context: Investment platform Groww has received approval from the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). This will be the largest fund-raise by an Indian capital market firm through the primary market. What is an IPO? Eligibility Criteria for a Company to Launch IPO in India (SEBI Guidelines) A company must meet SEBI’s ICDR Regulations (Issue of Capital and Disclosure Requirements): About Groww
Comprehensive Modular Survey: Education (CMS:E) 2025 by NSO
Source: BS Context: A government report from the Comprehensive Modular Survey: Education (CMS:E) 2025, released by the National Statistical Office (NSO), has revealed a sharp decline in students attending government schools, especially at higher levels of schooling. Key Findings: Expenditure on Education: Shadow Schooling / Private Coaching: About CMS: Education (2025)
Comprehensive Modular Survey (CMS) 2025
Context: The Comprehensive Modular Survey (CMS) 2025 on education revealed that 33% of school students in India take private coaching, indicating growing reliance on “shadow schooling”. About Shadow Schooling: Key Findings of CMS 2025 Report: About CMS (Comprehensive Modular Survey):
Daily Current Affairs (DCA) 28 August, 2025
Daily Current Affairs Quiz28 August, 2025 National Affairs 1. NHAI Launches ‘Project Aarohan’ Source: PIB Context: The National Highways Authority of India (NHAI), in collaboration with Vertis Infrastructure Trust, has launched ‘Project Aarohan’ to promote educational opportunities for children of toll plaza employees. The initiative was inaugurated by NHAI Chairman Shri Santosh Kumar Yadav at NHAI Headquarters, New Delhi. Objective: Key Features of Project Aarohan: 2. Two Indian Startups Launch Satellites on SpaceX’s Falcon 9 Rocket Source: TOI Context: Two Indian space-tech startups successfully launched their satellites onboard SpaceX’s Falcon 9 rocket, marking another milestone for India’s growing private space industry. Key Highlights: About Falcon 9 Rocket: 3. Centre Extends PM SVANidhi Scheme Source: BS Context: The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the extension and revamp of the Prime Minister Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) scheme till March 31, 2030, with an outlay of ₹7,332 crore. Key Features of the Revamped Scheme: PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme About the Scheme: 4. India to Begin Testing Indigenous ‘Iron Dome’ Under Project Kusha Source: TOI Context: India will commence testing of new interceptor missiles in 2026 as part of Project Kusha, a key element of Mission Sudarshan Chakra (MSC) announced by Prime Minister Narendra Modi. The mission aims to provide a multi-layered air and missile defence shield for critical military and civilian assets by 2035. Key Highlights: 5. BioE3 (Biotechnology for Economy, Environment, and Employment) Policy Source: TH Context: The Union Minister of Science and Technology, Dr. Jitendra Singh, launched the BioE3 Challenge for Youth and India’s first National Biofoundry Network, marking one year of the BioE3 (Biotechnology for Economy, Environment, and Employment) Policy. BioE3 Policy The BioE3 Policy (Biotechnology for Economy, Environment and Employment) was launched by the Department of Biotechnology (DBT), Ministry of Science & Technology in 2024. It positions biotechnology as a driver of India’s economy, environmental sustainability, and job creation, aligning with the vision of Atmanirbhar Bharat. What is BioE3 Policy? The BioE3 Policy is a national biotechnology strategy aimed at: Objectives: Read more>> 6. India Introduces First-Ever Guidelines for Animal Blood Transfusion and Blood Banks Source: ET Context: The Department of Animal Husbandry and Dairying (DAHD), Government of India, has introduced the country’s first comprehensive guidelines for animal blood transfusion and the establishment of animal blood banks. Key Highlights: Significance: Banking/Finance 1. India May Become World’s 2nd-Largest Economy by 2038: EY Report Source: ET Context: According to the August 2025 issue of EY Economy Watch, India’s economic trajectory remains robust despite global uncertainties. The report projects India to emerge as the second-largest economy by 2038, supported by strong domestic fundamentals. Key Highlights of the Report: Significance: 2. Specialised Investment Funds (SIFs) Set to Debut in India as SEBI Issues First Approvals Source: BS Context: The Securities and Exchange Board of India (SEBI) has begun granting approvals for Specialised Investment Funds (SIFs), a new product category introduced in April 2025 to allow mutual funds (MFs) to deploy advanced strategies such as long-short equity and debt schemes. Key Highlights: Significance: 3. SEBI on Finfluencers Source: Mint Context: The Securities and Exchange Board of India (SEBI) recently raided the Avadhut Sathe Trading Academy amid allegations of unregistered investment advice, signalling a stricter approach towards “finfluencers” and investor training platforms operating outside regulatory frameworks. Key Highlights: Who are Finfluencers? 4. Government Appoints Goldman Sachs as Advisor for PSB Stake Sale Source: ET Context: The Government of India has appointed Goldman Sachs as the sole transaction advisor for stake dilution in four public sector banks (PSBs) — UCO Bank, Central Bank of India, Punjab & Sind Bank, and Indian Overseas Bank (IOB). What is Stake Dilution? Why is Stake Dilution in PSBs Important? 5. Tata AIA Launches ‘Health SIP’ and ‘Health Buddy’ for Integrated Health and Wealth Solutions Source: BL Context: Tata AIA Life Insurance has introduced Health SIP, a unit-linked health insurance plan (ULIP) that integrates health protection with wealth creation, alongside Health Buddy, a 24×7 virtual health companion. Key Highlights: What is Health SIP? 6. SEBI Proposes Reforms to Block Deal Framework to Enhance Transparency Source: ET Context: The Securities and Exchange Board of India (SEBI) has proposed reforms to the block deal framework to strengthen market transparency and prevent manipulation in large equity transactions. Key Highlights: Significance: 7. BharatPe Launches Unity Bank BharatPe Credit Card Source: BL Context: BharatPe, in partnership with Unity Small Finance Bank, has launched the Unity Bank BharatPe Credit Card on the NPCI RuPay network. The card aims to provide transparent, lifetime-free credit access with innovative features and flexibility for Indian consumers. Key Highlights: Facts To Remember 1. Stress in Small Finance Banks (SFBs) in Q1FY26 Small Finance Banks (SFBs) witnessed a sharp deterioration in profitability and asset quality in Q1FY26, primarily due to rising stress in small-ticket loans and MSME segments. 2. AIBOC opposes plan of central govt to privatise IDBI Bank TheAll-India Bank Officers Confederation has come out strongly against the Centres plan to privatise IDBI Bank, warning that such a step would undermine social justice, financial inclusion, and the countrys economic sovereignty. 3. Mizoram Assembly passes Bill to prohibit beggary The Mizoram Assembly on Wednesday (August 27, 2025) passed a Bill to prohibit beggery in the state amidst objections by opposition members. 4. India set to finalise General Electric deal for LCA Mark 1A engines Soon after the government cleared the ₹62,000-crore order for 97 additional LCA Tejas Mark 1A fighter jets, India is close to finalising a deal worth about $1 billion with U.S. firm General Electric (GE) for 113 GE-404 engines to power the indigenous aircraft. 5. ‘India set to be 2nd-largest economy’ India’s economy could reach $20.7 trillion in terms of purchasing power parity by 2030 and may emerge as the second-largest economy by 2038 with $34.2 trillion gross domestic product (GDP), an EY report said. 6. PM Modi to Engage Global Shipping CEOs at India Maritime Week 2025 India is preparing to host India Maritime Week in October 2025, aimed at
BharatPe Launches Unity Bank BharatPe Credit Card
Source: BL Context: BharatPe, in partnership with Unity Small Finance Bank, has launched the Unity Bank BharatPe Credit Card on the NPCI RuPay network. The card aims to provide transparent, lifetime-free credit access with innovative features and flexibility for Indian consumers. Key Highlights:
