27 daily compilations, 471 items across 6 topics — Facts To Remember weighed the most. Read the charts first: they tell you where this month's questions will come from.
27
daily compilations
471
items covered
6
topics
45
data tables
Items by topic
Items per day
Darker = a heavier day. Two-day posts are split across their days.
Where the items sat
Other exams 471 (100%)
Most mentioned this month
How many items each name appeared in. Know these cold.
1. Special Intensive Revision (SIR) of Electoral Rolls in Bihar – 2025
Context
India’s electoral system is widely praised for enabling high participation by the poor and marginalised, unlike many Western democracies. However, the Election Commission of India’s (ECI) recent move to conduct a Special Intensive Revision (SIR) of electoral rolls in Bihar ahead of the October 2025 Assembly elections has sparked concerns about voter exclusion due to procedural and documentary barriers.
What is Special Intensive Revision (SIR)?
Special Intensive Revision (SIR) is a comprehensive, door-to-door verification of houses process to update and verify electoral rolls.
Constitutional Provisions
Article 326 of the Constitution:
Eligibility: Indian citizen, ≥18 years, not disqualified under any law, and ordinarily resident in the constituency.
Article 324: Empowers ECI to supervise and conduct elections.
Section 21 of RP Act, 1950: Allows revision of electoral rolls.
Section 16 of RP Act, 1950: Specifies disqualifications for registration.
Section 23 & 24 of RP Act, 1950:
Section 23: Verification of documents for eligibility
Section 24: Appeal provision to District Magistrate and CEO
Why SIR in Bihar?
Last intensive revision: 2003 (with 01.01.2003 as qualifying date)
New Qualifying Date: 01.07.2025
Reasons for SIR:
Rapid urbanisation and migration
Rise in eligible youth voters
Underreporting of deaths
Risk of inclusion of foreign/illegal voters
Objective: Ensure accuracy, integrity, and transparency of electoral rolls
Objective of SIR
Ensure transparency, inclusivity, and accuracy in electoral rolls.
Facilitate registration of:
Elderly
Persons with Disabilities (PwDs)
Poor and vulnerable populations
Reinforce voter integrity and trust in the electoral process.
2. NITI Aayog’s US Trade Proposal: A Risk to India’s Food Security?
Context
A recent NITI Aayog paper recommends significant tariff cuts on key US agricultural imports—rice, dairy, poultry, corn, apples, almonds, and genetically modified (GM) soya—under the proposed India-US Free Trade Agreement (FTA). However, experts warn these moves could critically undermine India's food security, farmer incomes, and trade sovereignty.
Key Recommendations and Criticisms
Rice Tariff Elimination: A Dangerous Precedent
NITI suggests scrapping tariffs on US rice, citing India's rice export surplus.
Critique: Historical lessons from the PL-480 era (1960s–70s) and GATT rounds show that prematurely locking low tariffs can lead to long-term vulnerabilities.
Vulnerability to Global Price Volatility
The paper ignores risks of global grain price crashes (like in 2014–2016) and price spikes (2005–2008, 2010–11).
Without tariffs, cheap US subsidised grains could flood Indian markets, discouraging local production.
Undermining India’s WTO Position
Removing rice tariffs may reward US trade lobbies that consistently challenge India's MSP and procurement policies at the WTO.
For example, the USA Rice Federation has accused India of distorting global markets through its subsidy system.
Genetically Modified Imports
GM Corn and Soya: Containment Unrealistic
Recommends importing:
GM corn byproducts (DDGS) for animal feed (re-export model).
GM soybean seeds for coastal crushing under a “controlled” model.
Critique: India’s fragmented supply chains and poor enforcement make GM contamination likely, risking:
Domestic food chain pollution.
Export bans from countries rejecting GMOs.
Why This Matters
Strategic Autonomy and Rural Stability
The paper underestimates:
India’s reliance on tariff flexibility to manage food price shocks.
The fragility of rural incomes and the scale of agrarian employment (700+ million people).
Tariff flexibility is not outdated protectionism—it is a vital tool to:
Stabilize domestic markets,
Insulate small farmers from subsidized imports,
And safeguard food security.
Need for Democratic Consultation
Any decision to liberalise the farm sector under FTA must involve:
3. QUAD Launches First-Ever 'QUAD at Sea Ship Observer Mission'
Context
The Coast Guards of India, Japan, the United States, and Australia have launched the first ‘QUAD at Sea Ship Observer Mission’. Conducted under the Wilmington Declaration, this is the first cross-embarkation mission involving two officers (including women) from each QUAD nation. The officers have embarked on board the US Coast Guard Cutter (USCGC) Stratton, currently route to Guam.
Strategic Significance
Enhances:
Maritime interoperability
Joint operational readiness
Domain awareness in the Indo-Pacific
Supports the QUAD’s vision of a Free, Open, Inclusive, and Rules-Based Indo-Pacific.
Aligns with the QUAD Leaders’ Summit (September 2024) commitment to deeper maritime cooperation.
India's Role & Strategic Vision
Reinforces India’s SAGAR doctrine: Security and Growth for All in the Region.
As the Goods and Services Tax (GST) completes eight years of implementation on July 1, tax experts acknowledge its successes but say a lot more work needs to be done in terms of simplification and rationalisation of rates.
Achievements So Far
GST replaced a complex, multi-state indirect tax system.
Brought uniformity in tax treatment across States.
Improved compliance via digitisation and e-invoicing systems.
Key Reforms Suggested (GST 2.0)
Inclusion of Fuel and Electricity in GST
Items like petrol, diesel, ATF, natural gas remain outside GST.
Their inclusion would:
Reduce tax cascading
Ease cash flow issues for sectors like transport, logistics, oil & gas
Current system: Five major slabs – 0%, 5%, 12%, 18%, 28% (plus special rates: 0.25%, 1%, and 3%)
Suggestion: Reduce to fewer slabs for simplicity and efficiency
Rationalisation will aid compliance and reduce classification disputes
Minimising Input Tax Credit (ITC) Restrictions:
Multiple ITC restrictions have caused confusion and litigation.
Experts call for a more liberal and transparent ITC mechanism
Streamlining Audits and Dispute Resolution:
Absence of a GST Appellate Tribunal (GSTAT) delays resolution of appeals.
High pendency of GST-related cases
PwC recommends revisiting dispute resolution frameworks for faster redressal
Addressing Procedural Hassles:
Procedural complexity and litigation on minor issues overshadow compliance efforts.
Need to simplify:
Audit norms
Return filing
Compliance mechanisms
TH
2. RBI Financial Stability Report (FSR) – June 2025
Context
The June 2025 FSR presents the RBI’s biannual assessment of systemic risks and financial sector resilience in India. Released against a backdrop of rising global economic and geopolitical uncertainty, the report strikes a cautiously optimistic tone on India’s macro-financial stability but flags key vulnerabilities.
Key Takeaways
Global Risks and India’s Exposure
External headwinds from trade policy conflicts, geopolitical tensions (e.g., Middle East), and volatile capital flows have intensified.
A 100 bps slowdown in global growth could shave off 30 bps from India’s GDP growth.
Financial markets remain highly sensitive to interest rate signals and debt sustainability concerns, especially in advanced economies.
Macroeconomic Fundamentals Remain Strong
India’s GDP is projected to grow steadily at 6.5% in FY26, supported by rural consumption, infrastructure spending, and corporate deleveraging.
Inflation is well-contained, with food prices softening and imported inflation risks minimal due to stable crude prices.
Current Account Deficit (CAD) remains manageable and forex reserves are robust, providing external sector stability.
Banking Sector: Strong but Watchful
Capital and Profitability
Banks are well-capitalised: CRAR remains comfortably above regulatory norms, even under severe stress scenarios.
Profitability metrics like Return on Assets (RoA) and Return on Equity (RoE) have improved, aided by higher operating efficiency and lower provisioning needs.
Asset Quality
GNPA and NNPA are at multi-decade lows.
However, RBI’s stress tests show potential rise in GNPA to 5–6% by 2027 under adverse scenarios.
The most vulnerable segments are:
Unsecured personal loans
Retail credit in Tier-III cities and youth borrowers
Private sector banks with higher exposure to risky segments
Credit Growth Deceleration
Bank credit growth has slowed sharply, driven by:
Tighter risk-weight norms on personal loans and NBFC exposure.
2. India's Fertiliser Paradox: Need for a New National Fertiliser Policy
Context
India is the second-largest consumer of fertilisers globally. Despite increased domestic production, 30% of fertilisers are still imported, making India vulnerable to global supply shocks, especially during geopolitical conflicts or trade disruptions.
Key Challenges Highlighted
Overuse and Imbalance
Average fertiliser use: 141.2 kg/hectare (NPK)
Current N:P:K usage ratio: 6.7:2.7:1 (vs. recommended 4:2:1)
Overuse of Nitrogen (N): 67.5%
Overuse of Phosphorus (P): 35%
Low Fertiliser Use Efficiency
Nitrogen: 30–35%
Phosphorus: 15–20%
Potassium: 50–60%
This implies a significant share of nutrients is lost, contributing to soil degradation, groundwater contamination, and climate change through nitrous oxide emissions.
Financial Burden
FY24 Fertiliser Subsidy: ₹1.75 lakh crore
Urea alone: ₹1.31 lakh crore
Current subsidy regime incentivizes overuse of urea, discouraging balanced nutrient application.
Global Comparison
India mirrors China's pre-2015 fertiliser subsidy mistakes, which led to overapplication and environmental degradation.
Shifting cultivation is a traditional subsistence farming method where small patches of forest (called swiddens) are cleared—usually through slashing and burning—and cultivated for a few years. Once soil fertility declines, the farmer abandons the land, allowing it to regenerate naturally during a fallow period before returning after a decade or more.
How It Works: Key Features
Slash-and-Burn Clearing: Vegetation is cut, dried, and burned. The resulting ash boosts soil nutrients.
Short Cultivation Cycle: Food crops like rice, maize, roots, and tubers are grown until yield declines.
Extended Fallow Period: Land is left unused for natural regeneration, often longer than the cultivation period.
Manual Labor: Basic tools like hoes and digging sticks are used; no machinery is involved .
Subsistence Focus: Primarily serves the farmer’s family and local community.
Where It’s Practiced
Tropical forests globally: Central & South America, Sub-Saharan Africa, Southeast Asia, parts of India.
India: Prevalent in hilly tribal areas—Northeast, Odisha, Chhattisgarh, Andhra Pradesh—where it's known locally as jhum, podu, or chena.
Advantages
Low-input and cost-effective: Relies on basic labor and natural soil fertilization.
Ecosystem-sensitive: Long fallows allow forests to regenerate; secondary vegetation helps prevent erosion and supports biodiversity.
Cultural significance: Deeply embedded in indigenous traditions and lifestyles.
Challenges & Issues
Deforestation and Habitat Loss: Frequent clearing reduces forest coverage and disrupts ecosystems.
Soil Degradation: Shortened fallow cycles lead to nutrient depletion, increased erosion, and lowered agricultural productivity .
Land Pressure: Population increase and reduced fallow periods intensify ecological stress.
Unsustainability: Overuse turns shifting cultivation into destructive slash-and-burn farming, especially when regeneration does not occur.
Facts To Remember
1. EC clarifies on rules for intensive revision of Bihar voter list
As the electoral rolls in Bihar are undergoing a special intensive revision (SIR), the Election Commission (EC) uploaded the 2003 list of 4.96 crore electors, and clarified that a person born after 1987 need not give the proof of birth of parents if their names figure on the 2003 rolls.
2. Bank Credit Growth Slows to 9.8% in May 2025 Amid Weak Retail Lending
According to the Reserve Bank of India (RBI), non-food bank credit growth decelerated to 9.8% year-on-year (YoY) in May 2025, compared to 16.2% in May 2024. The slowdown was most prominent in the retail lending segment, including personal loans, credit cards, and vehicle finance.
3. Above Normal Rain in July: IMD
The India Meteorological Department (IMD) has asked authorities and residents of central India, Uttarakhand and Haryana to stay alert to the risk of flooding as the southwest monsoon is expected to be above normal in most parts of the country in July, at 106 per cent of the long period average (LPA).
4. Govt Set to Launch Digital Platform for Power Sector Soon
The government is working to launch a digital platform to enhance coordination, data sharing, and innovation in the power sector.
5. Dollar’s deep dive masks Re’s steeper slide vs euro
The dollar ended June with its worst first-half performance in four decades. However, the dollar’s slide in the international markets has been masking the rupee’s weakness, which is seen in its movement against the euro.
6. SBI turns 70
tate Bank of India (SBI), the country’s largest and most trusted bank, marks 70 years since its formation on July 1, 1955.
Five to remember · 1 July 2025
Aligns with the QUAD Leaders’ Summit (September 2024) commitment to deeper maritime cooperation. QUAD Launches First-Ever 'QUAD at Sea Ship Obse…
However, RBI’s stress tests show potential rise in GNPA to 5–6% by 2027 under adverse scenarios. RBI Financial Stability Report (FSR) – June 2025
Users: Over 61 crore (610 million) as of April 2025 PhonePe Enters Co-Branded Credit Card Market wi…
Section 21 of RP Act, 1950: Allows revision of electoral rolls. Special Intensive Revision (SIR) of Electoral R…
India mirrors China's pre-2015 fertiliser subsidy mistakes, which led to overapplication and environmental degradation. India's Fertiliser Paradox: Need for a New Nati…
On July 2, 2025, Railway Minister Ashwini Vaishnaw launched RailOne, a new all-in-one mobile application developed by CRIS (Centre for Railway Information Systems), the IT arm of Indian Railways.
Key Features of the RailOne App
RailOne is a comprehensive, all-in-one platform integrating a variety of services in a single app:
Unreserved Ticketing System (UTS) via R-Wallet with 3% discount
Live train tracking
Grievance redressal portal
E-catering, porter booking, and last-mile taxi services
Single-sign-on using mPIN or biometric
Integration with existing RailConnect and UTS credentials
No need for multiple railway apps – saves space and improves user experience
Technologies
The modernised Passenger Reservation System (PRS) is being upgraded to:
Support multilingual, agile, and scalable operations
The Union Cabinet has approved a major employment incentive scheme titled Employment-Linked Incentive (ELI) with a total outlay of ₹99,446 crore, aimed at boosting job creation, especially in the manufacturing sector.
Key Features
Objective: Encourage formal job creation by providing financial incentives to employers and first-time employees.
Target: Creation of 3.5 crore jobs over two years (August 1, 2025 – July 31, 2027).
Of these, 1.92 crore are projected to be first-time job entrants.
Eligibility:
Employees earning up to ₹1 lakh/month.
Additional employees retained in jobs for at least six months.
Incentive Structure:
First-time employees to receive one month’s wage (up to ₹15,000).
Employers to get incentives of up to ₹3,000 per month for each new job, for a two-year period.
For jobs in the manufacturing sector, incentives extend to the third and fourth years.
The Reserve Bank of India (RBI), on June 19, 2025, released its final guidelines on project finance provisioning, increasing general provisions for loans extended during the construction phase. The new norms will take effect from October 1, 2025, and will apply only to new projects.
What is RBI’s New Project Finance Norms?
RBI's new project finance norms, effective October 1, 2025, aim to streamline lending to infrastructure and other projects by banks and NBFCs, promoting stability and growth. The revised framework introduces a principle-based approach for resolving stress in project finance, allows flexibility in extending the date of commencement of commercial operations (DCCO), and reduces provisioning requirements during the construction phase.
Key Norms
Commercial Real Estate (CRE) projects: 1.25% general provision
Commercial Real Estate – Residential Housing (CRERH): 1.0%
All other projects: 1.0% during the construction phase
Applies uniformly to projects, including those by MSMEs and small residential housing developers
Concerns Raised
Blanket Provisioning Irrespective of Risk
Crisil Ratings and banking officials criticized the uniform approach, noting that the norms are not linked to individual project credit risk, unlike existing capital requirements for corporate lending which are aligned to credit ratings.
This delinking disregards the diverse risk profiles across sectors and projects.
Impact on Smaller Players
MSMEs and small-scale housing projects will be disproportionately impacted.
Bankers argue this could discourage lending to productive sectors that are vital for inclusive growth.
Higher Cost of Infrastructure Finance
Increased provisioning means higher capital cost for banks, who in turn may pass this cost to borrowers, making infrastructure financing more expensive.
Sector-Agnostic Norms
Critics say that diverse sectors with differing risk levels and loss-given-defaults should not be treated uniformly under the same provisioning requirement.
2. Saraswat Bank Seeks RBI Nod to Merge New India Cooperative Bank
Context
Saraswat Cooperative Bank has formally approached the Reserve Bank of India (RBI) seeking approval to merge the troubled New India Cooperative Bank (NICB) with itself, provided both institutions receive shareholder approval. The move aims to rescue NICB, which is facing financial distress and regulatory restrictions.
Background on NICB's Crisis
In February 2025, RBI imposed severe restrictions on NICB:
Barred from issuing fresh loans.
Withdrawals were capped at ₹25,000 per depositor.
RBI superseded the board and appointed an administrator.
The trigger: allegations of fund misappropriation and negative net worth.
As of FY25, NICB’s net worth is negative ₹102.74 crore.
Saraswat Bank’s Proposal
Saraswat aims to:
Take over assets and liabilities of NICB.
Protect depositor interests.
Consider issuing shares to NICB shareholders in a restricted manner (excluding those involved in fraud).
The Reserve Bank of India (RBI) plays a central role in regulating and approving mergers, ensuring systemic stability, depositor protection, and adherence to financial norms under the Banking Regulation Act, 1949, particularly Section 44A.
Key Highlights:
Regulatory Oversight
RBI supervises the entire lifecycle of a bank merger — from proposal to post-merger integration.
Ensures alignment with national financial stability and banking sector consolidation goals.
Approval Process
Mergers require RBI’s prior approval.
RBI evaluates:
Financial and operational health of merging entities
Capital adequacy and governance structure
Impact on depositors and creditors
Strategic relevance and risk factors
Shareholder Approval
As per Section 44A, approval from:
Two-thirds majority of shareholders (either in person or proxy) of both transferor and transferee banks is mandatory for the scheme of amalgamation.
Lending Business Overlaps
RBI discourages overlapping businesses between:
Banks and NBFC subsidiaries
Banks and fintech platforms
Aims to preserve credit discipline and reduce conflict of interest.
Cross-Border Mergers
RBI's FEMA regulations govern cases involving foreign banks or international mergers.
Requires:
No contravention of foreign exchange laws
Adequate disclosures and due diligence
RBI and government clearance
4. NBFC Credit Growth Slows Despite RBI Support
Context
Bank lending to non-banking financial companies (NBFCs) has continued to decline, despite the RBI's rollback of stricter risk-weight norms in April 2025. The sector is facing cautious bank sentiment, growing reliance on bond markets, and delinquencies in microfinance and unsecured loan segments.
The Reserve Bank of India’s (RBI)June 2025 Financial Stability Report presents a positive outlook on India’s financial system, noting that financial conditions have eased, aided by accommodative monetary policy. However, assessing financial conditions remains complex due to the interplay of multiple variables.
What is the Financial Conditions Index (FCI)?
The RBI’s June bulletin proposed an experimental Financial Conditions Index (FCI) to better track the overall state of financial markets at high frequency. While not yet an official tool, it reflects RBI’s interest in building a composite gauge for financial market conditions.
Structure of the Proposed FCI
The proposed FCI includes 20 indicators from five key financial market segments:
Money Market – tracks the spread of the weighted average call rate over the repo rate.
The banking experience in India is undergoing a rapid and intelligent transformation. From account upgrades to auto loan closures, what once took days is now being completed in minutes — thanks to Artificial Intelligence (AI).
Key Areas of AI Adoption in Banking
Customer-Facing Transformation
Chatbots and voice bots handle real-time queries (WhatsApp, email, SMS).
Used by HDFC, Axis, Federal, Yes Bank, Barclays for multilingual and personalised support.
Operational Automation
Tasks like NOCs, credit memos, KYC now done in minutes (was days).
GenAI can finish credit assessments in ~10 minutes.
AI scans and summarises PDFs and documents.
Hyper-Personalisation & Predictive Banking
AI predicts user needs (e.g., rent reminders, EMI alerts).
Shift towards natural language, app-free interfaces.
Internal Productivity Tools
Barclays uses Microsoft Copilot and GitLab Duo for drafting and coding.
Axis Bank’s GenAI tool (ADI) supports over 100,000 staff.
AI Infrastructure and Regulatory Oversight
Around 65–70% of BFSI IT budgets now touch AI, either through fraud analytics, data streaming, or workflow automation.
Infrastructure providers like Microsoft Azure, AWS, and Google Cloud are building the GenAI backbone for banks.
To ensure ethical deployment, RBI has formed FREE-AI (Framework for Responsible and Ethical Enablement of AI), led by IIT Bombay, to set guardrails for AI usage in banking.
Key Benefits & Current Limitations
Benefits
Efficiency Gains: Operational efficiency improved by 15–20%, according to EY.
Faster Turnaround: Up to 60% reduction in query handling time (e.g., at SBI).
7. Slice Launches India’s First UPI-Based Credit Card and UPI-Focused Bank Branch
Context
Fintech startup Slice has launched a new UPI-powered credit card, called the Slice Super Card, along with India’s first physical UPI-centric bank branch and ATM in Bengaluru. The initiative aims to revolutionize how Indians access and use credit through digital platforms.
Key Features of the Slice Super Card
No joining or annual fees.
Offers UPI-based credit payments—users can pay by scanning QR codes or making UPI transactions directly from a pre-approved credit line.
“Slice in 3” feature: lets users split payments into three interest-free installments.
The card integrates digital credit with India’s most used payment system—UPI, enabling seamless offline and online purchases.
India’s First UPI-Focused Bank Branch & ATM
Location: Koramangala, Bengaluru
Facilities include:
Instant online onboarding
Kiosk-based account opening
Cash deposit and withdrawal via UPI-enabled ATM
24x7 automated customer support
A digitally self-service banking experience
This marks a significant shift in traditional banking infrastructure toward cashless and frictionless digital banking, focused on ease and inclusion.
Objective: Financial Inclusion Through UPI Credit
Although 200+ million Indians use digital payments, access to formal credit remains limited.
Slice, now merged with North East Small Finance Bank, operates as a full-stack bank, controlling its own infrastructure and licenses to serve broader credit needs.
Goal: Deliver real-time credit at point-of-sale using mobile and UPI, especially to underserved customers and merchants.
8. AU Small Finance Bank Partners with LIC to Boost Life Insurance Access
Context
On July 2, 2025, AU Small Finance Bank (AU SFB) entered into a strategic partnership with the Life Insurance Corporation of India (LIC) to expand life insurance distribution across rural and semi-urban India.
Key Highlights
Objective: Supports India’s vision of ‘Insurance for All by 2047’ by improving life insurance penetration in underserved regions.
Product Offerings: AU SFB will distribute LIC’s full suite of life insurance products, including:
Term Insurance
Endowment Plans
Whole Life Policies
Pension and Annuity Plans
Child-specific Insurance Plans
Strategic Significance:
Enhances AU SFB’s transition into a full-spectrum financial services provider, integrating banking, protection, and long-term financial planning.
Enables LIC to tap into AU’s strong rural presence and customer-centric model for deeper market penetration.
About AU Small Finance Bank (AU SFB)
Founded: 1996 by Sanjay Agarwal
Status: Largest Small Finance Bank (SFB) in India
Type: Scheduled Commercial Bank
MD & CEO: Sanjay Agarwal
Customer Base (as of March 31, 2025): Over 1.13 crore
9. SEBI Proposes New IT Capacity Guidelines for Commodity Exchanges and Clearing Corporations
Context
The Securities and Exchange Board of India (SEBI) has released a draft proposal to revise the IT capacity planning norms for commodity exchanges and clearing corporations, aiming for a more efficient and realistic approach in managing technological infrastructure.
Key Highlights of the Proposal
IT System Capacity Norms
New Requirement: Maintain IT capacity at 2 times the projected peak load.
Previous Norm (2016): Required 4 times the peak load but applied only to exchanges.
Current Proposal: Now extends to clearing corporations as well, ensuring uniformity.
Planning and Monitoring Mechanism
Forward-looking capacity planning mandated.
Quarterly stress testing to assess real-time preparedness.
Real-time automated alert systems must be deployed to detect high utilization.
Utilisation Threshold
If utilisation exceeds 75% of installed IT capacity:
Immediate corrective action is required.
Aimed at avoiding disruptions and ensuring operational resilience.
Scope of the Framework
Applies to:
Hardware systems
Software systems
Third-party vendor platforms
Agriculture
1. Government to Develop ‘Co-operative Stack’ Through PACS for Rural Scheme Delivery
Context
In a move akin to the Agri Stack initiative, the Government of India is developing a “Co-operative Stack” to streamline rural scheme delivery via Primary Agricultural Credit Societies (PACS). This is part of a broader effort to digitise and strengthen the rural cooperative ecosystem.
What is the Co-operative Stack?
A technology-driven, integrated platform that connects government schemes with PACS to deliver unified, transparent, and efficient services in rural areas.
It is being built on the model of Agri Stack, which consolidates farmer data, including land records, crop details, and government scheme usage.
Key Developments
Use of Emerging Technologies
Integration of AI-based solutions such as automated weather advisories to support farm-level decisions.
Improved transparency, accountability, and service efficiency post-digitisation.
Institutional Shift
The Co-operative Stack intends to replace fragmented rural delivery mechanisms (like SHGs and FPOs) with PACS as the central node for service delivery.
The Reserve Bank of India previously restricted PACS activity due to lack of transparency — an issue now being addressed through digitisation.
1. SBI celebrates 70th foundation day, felicitates students
State Bank of India celebrated its 70th foundation day on Tuesday and felicitated 18 children of its staff for their exemplary academic performance and selection into prestigious institutions and organisations.
2. INS Tamal, the last of foreign-built Navy ships, commissioned
The Indian Navy on Tuesday commissioned INS Tamal (F71), a multi-role stealth, guided missile frigate, at the Yantar Shipyard in Kaliningrad, Russia.
3. INS Udaygiri Delivered: Boost to India’s Naval Power & Indigenous Shipbuilding
Project 17A is a successor to the earlier Project 17 (Shivalik-class) and reflects India’s growing capability in indigenous warship design and manufacturing. The Indian Navy received INS Udaygiri, the second stealth frigate under the advanced Project 17A on July 2, 2025.
4. SEBI appoints Sunil Jayawant Kadam as Executive Director
Sunil Jayawant Kadam has been appointed as the Executive Director of the Securities and Exchange Board of India (SEBI), the regulator said in a statement.
5. Kesavan Ramachandran is new RBI executive director
The Reserve Bank of India has appointed Kesavan Ramachandran as the Executive Director with effect from July 1, 2025, according to a statement.
6. MGNREGA work demand increased by 4.5%
Households demanding work under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) sawa 4.5 per cent jump in June, when compared to the same month last year. Around 27.59 million households had sought work under the scheme in June this year, while the number was 26.39 million in June 2024, data sourced from the website.
Five to remember · 2 July 2025
Objective: Supports India’s vision of ‘Insurance for All by 2047’ by improving life insurance penetration in underserved regions. AU Small Finance Bank Partners with LIC to Boos…
Target : Creation of 3.5 crore jobs over two years (August 1, 2025 – July 31, 2027). Employment-Linked Incentive (ELI) Scheme
Unreserved Ticketing System (UTS) via R-Wallet with 3% discountRailOne App Launched by Railways
Commercial Real Estate (CRE) projects: 1.25% general provisionRBI’s New Project Finance Norms
As of FY25, NICB’s net worth is negative ₹102.74 crore. Saraswat Bank Seeks RBI Nod to Merge New India …
Prime Minister Narendra Modi has embarked on a five-nation diplomatic tour beginning July 3, 2025, with a focus on strengthening India’s engagement with the Global South and reinforcing cooperation through multilateral platforms such as BRICS. The tour includes official visits to Ghana, Brazil, Trinidad and Tobago, Argentina, and Namibia. PM Modi will participate in the BRICS Summit in Rio de Janeiro, Brazil.
About BRICS
Origin
Coined in 2001 by Jim O’Neill, Chief Economist at Goldman Sachs, in the report “Building Better Global Economic BRICs”.
Originally referred to Brazil, Russia, India, China (BRIC).
South Africa joined in 2010, forming BRICS.
Headquarters
BRICS Tower, Shanghai, China
Member Countries
Brazil – Latin America’s economic leader with vast natural resources
Russia – Reasserting its geopolitical and economic influence
India – Fast-growing economy with a large domestic market
China – Global industrial and trade powerhouse
South Africa – Represents Africa and emerging economies on the continent
Formation Context
Formed in 2006 (BRIC), expanded in 2010 (BRICS)
Emerged from the need for economic and political collaboration among fast-growing emerging markets
Key Goals and Objectives of BRICS
Economic Cooperation:
Boost intra-BRICS trade, investment, and growth
Advocate for a balanced global financial system
Political Influence
Seek greater representation in global institutions (IMF, World Bank)
Counterbalance Western dominance
Social Development:
Promote inclusive growth, poverty reduction, and improved living standards
Environmental Sustainability
Collaborate on climate change and promote sustainable development
Reform of Global Governance:
Push for restructuring of the UN, IMF, and World Bank to reflect the interests of emerging economies
2. Quad Launches Critical Minerals Initiative
Context
The foreign ministers of the Quad grouping—India, the US, Japan, and Australia—launched the Quad Critical Minerals Initiative to ensure secure, diversified, and reliable supply chains of critical minerals. The move aims to counter global economic coercion and reduce overdependence on any single country, particularly amid concerns over China’s dominance and price manipulation in the sector.
Objectives of the Quad Critical Minerals Initiative
Diversify and secure supply chains of critical minerals vital to sectors like EVs, electronics, semiconductors, and defense.
Promote economic security and collective resilience among Quad nations.
Expand cooperation on e-waste recycling, reprocessing of rare earths, and private sector investment in the critical minerals sector.
Why Critical Minerals Matter
Rare earths like neodymium, dysprosium, terbium, etc., are vital for:
Electric vehicle (EV) motors
Jet fighter engines
Semiconductor manufacturing
China dominates processing and refining of these minerals, not just mining.
It has used export controls to restrict access for strategic and economic leverage, including:
Banning exports of gallium, germanium, and certain heavy rare earths.
Imposing bureaucratic hurdles on Indian and Western companies.
Impact on India
India’s growing EV manufacturing industry is facing supply constraints due to lack of approvals from China for sourcing rare earth magnets.
Beijing has also pushed Indian companies to import full motor assemblies, rather than components, further increasing dependency.
National Critical Mineral Mission (NCMM)
India’s NCMM, with a budget of ₹16,300 crore, aims to:
Boost domestic exploration
Acquire overseas assets
Support processing R&D and recycling
Seek funding through RISE and other multilateral platforms
Affordable Internet: Cheapest global mobile data (~₹10/GB)
Mobile Penetration: Widespread access across urban and rural India
2. C-FLOOD: India’s Unified Flood Inundation Forecasting System
Context
Union Jal Shakti Minister Shri C. R. Patil inaugurated C-FLOOD, a cutting-edge flood forecasting and dissemination system, on July 2, 2025, at Shram Shakti Bhawan, New Delhi. Developed collaboratively by C-DAC Pune, Central Water Commission (CWC), and NRSC, this initiative is a significant advancement in India's disaster resilience framework.
Key Features of C-FLOOD
What is C-FLOOD?
A web-based Unified Inundation Forecasting System offering:
2-day advance flood forecasts
Village-level flood inundation maps
Water level predictions
Technology Used:
Powered by 2D hydrodynamic modelling
Simulations run on High-Performance Computing (HPC) systems under the National Supercomputing Mission (NSM)
Integrated with satellite-based outputs from NRSC under the National Hydrology Project (NHP)
Coverage:
Currently operational in:
Mahanadi River Basin
Godavari River Basin
Tapi River Basin
Strategic Importance
Disaster Preparedness:
Supports National Disaster Management Emergency Response Portal (NDEM) with real-time flood forecasts
Public Awareness:
Ministry directed CWC and partner agencies to popularize the portal for wider public preparedness
Accuracy Improvements:
Use of satellite validation and ground-truthing to enhance forecast precision
3. Special Registration Scheme for Employers and Workers (SPREE)
Context
The Employees’ State Insurance Corporation (ESIC), during its 196th Corporation Meeting chaired by Union Labour & Employment Minister Dr. Mansukh Mandaviya in Shimla, approved SPREE 2025 (Scheme for Promotion of Registration of Employers and Employees). This initiative is aimed at expanding social security under the ESI Act, 1948.
Key Highlights of SPREE 2025
Duration of the Scheme:
July 1 to December 31, 2025
Objective:
Promote voluntary registration of unregistered employers and employees, including contractual and temporary workers, under the ESI Act.
Registration Process:
Employers can register digitally via the ESIC portal, Shram Suvidha portal, and MCA portal.
Registration will be valid from the date declared by the employer.
Significance of the Scheme
Encourages voluntary compliance by removing fears of:
Retrospective penalties
Legal action
Backdated financial demands
Helps bring left-out establishments and workers under the ESI umbrella, especially in contractual and informal sectors.
Aligns with India’s vision of a welfare-centric and inclusive labour ecosystem.
What is ESIC?
The Employees’ State Insurance Corporation provides healthcare, insurance, and social protection to workers under the ESI Act, 1948, covering medical, maternity, disability, and unemployment benefits.
1. Microfinance institutions Will Return to Normalcy: Ind-Ra
Context
According to a recent report by India Ratings (Ind-Ra), the microfinance institution (MFI) sector in India is expected to return to pre-crisis normalcy only by the second half of FY26, owing to profitability challenges, rising costs, and regulatory uncertainties. The credit rating agency has assigned a ‘deteriorating outlook’ to the sector.
Key Highlights
Delayed Recovery Timeline
MFIs are unlikely to recover to FY24 performance levels before H2 FY26.
Factors slowing recovery include:
High operating expenses
Pressure on lending yields
Regulatory tightening by State governments
Impact of Tamil Nadu and Karnataka Ordinances
Both Tamil Nadu and Karnataka introduced ordinances aimed at curbing coercive loan recovery practices by collection agents.
These regulatory actions have:
Created repayment anxieties among borrowers
Affected collection efficiency and loan performance
Reduced lender confidence in the sector
Profitability and Yield Pressures
Return profiles of MFIs remain under pressure, particularly in rural and semi-urban segments.
Yield rationalization and heightened scrutiny have limited MFIs’ ability to price loans profitably.
Banking Sector’s Risk Mitigation
Banks, which are key lenders to MFIs, are now adjusting risk models and factoring in non-MFI exposure to manage portfolio risks.
This may reduce overall credit flow to MFIs, further constraining their growth.
2. SEBI Introduces Common Contract Note with Single VWAP
Context
The Securities and Exchange Board of India (SEBI) has mandated the implementation of a common contract note featuring a single volume weighted average price (VWAP) for trades executed across exchanges. This directive came into effect on June 27, 2025, and is aimed at streamlining the post-trade reporting process for investors and brokers alike.
Key Highlights
Common Contract Note Introduced
SEBI’s reform ensures that all trades executed across multiple stock exchanges (e.g., NSE, BSE) will be aggregated in a single contract note.
This eliminates the current system where investors receive multiple contract notes for trades conducted on different exchanges.
The volume-weighted average price (VWAP)
The volume-weighted average price (VWAP) is a technical analysis indicator used on intraday charts that resets at the start of every new trading session. It's the average price a security has traded at throughout the day, based on both volume and price.
The contract note will reflect a single VWAP per security, computed across all exchanges.
This simplifies understanding of execution price, especially in high-frequency or algorithmic trades split across venues.
Benefits of the Reform
Simplified compliance and reporting for brokers and back-office teams.
Enhanced transparency and clarity for investors in terms of pricing and charges.
Reduced paperwork and administrative burden for intermediaries.
In a major move to strengthen digital financial safeguards, the Reserve Bank of India (RBI) has issued an advisory encouraging all banks to adopt the Financial Fraud Risk Indicator (FRI) developed by the Department of Telecom (DoT). This initiative reflects a growing emphasis on real-time fraud prevention amid the rising use of digital payments across India.
Key Highlights
Real-Time Fraud Detection
The FRI tool allows real-time risk classification of mobile numbers.
Risk levels are categorized as:
Medium risk
High risk
Very high risk
Banks can use this tool to screen mobile numbers during transactions to prevent fraud.
Data Sources
The FRI system is powered by cross-agency intelligence from:
5. SEBI Tightens Royalty Disclosure Norms for Listed Firms
Context
The Securities and Exchange Board of India (SEBI) has introduced enhanced disclosure norms for royalty payments to related parties, following concerns over excessive outflows and opaque contractual arrangements. The changes are aimed at ensuring informed oversight by audit committees and shareholders.
Key Highlights
Trigger for Reform
A SEBI study in Nov 2024 found that 1 in 4 listed companies paid over 20% of net profits as royalties to related parties over FY14–FY24.
Key Disclosure Mandates
Disaggregation of composite royalty agreements: Companies must disclose key components (brand, patents, tech, know-how) of composite IP agreements and explain why individual attributions aren’t possible.
Peer comparison: Enhanced disclosures will allow material related-party royalty payments to be compared across firms.
Sunset clauses: Mandatory disclosure of payment duration to prevent perpetual or one-sided agreements.
Differentiation of fees: Professional fees, management support fees, or technical know-how charges must be disclosed, but not clubbed as royalties.
Parent-Subsidiary Transparency
If a parent entity receives non-uniform royalties from subsidiaries abroad, it must disclose the minimum and maximum rates, a move some experts consider operationally burdensome.
6. RBI Pushes for Real-Time Credit Reporting and Grameen Credit Score to Boost Financial Inclusion
Context
In a significant move to improve the accuracy and efficiency of lending decisions, the Reserve Bank of India (RBI) has emphasized the need for real-time or near real-time credit reporting by lenders to Credit Information Companies (CICs). The central bank also announced plans to roll out a Grameen Credit Score system tailored to improve credit access in rural India.
Key Announcements
Real-Time Credit Reporting
Since January 1, 2025, lenders have upgraded from monthly to fortnightly credit data submission.
RBI now urges further progress to real-time updates, which would:
Enhance underwriting precision
Reflect loan closures and repayments promptly
Improve consumer credit experience
M. Rajeshwar Rao, RBI Deputy Governor, said this shift requires investment in technology, process reengineering, and change management.
Risks and Data Governance Challenges
Data accuracy and security remain critical.
Rao cautioned that:
Inaccurate or incomplete data may distort analytics and decision-making.
Poor data security may result in legal and reputational risks.
The growing reliance on AI and ML models raises model risk, especially if biases, validation, and performance drifts are not managed.
Grameen Credit Score for Rural Inclusion
RBI is designing a Grameen Credit Score system to:
Boost formal credit access for rural populations, SHG members, and marginalised communities.
Complement existing credit scores but tailored for informal rural borrowing behavior.
No Pre-Payment Charges for Business Loans to Individuals and MSEs
RBI bans prepayment penalties on:
Loans to individuals and micro/small enterprises (MSEs), with or without co-obligants.
Loans sanctioned by scheduled commercial banks, NBFCs, small finance banks, urban cooperative banks, and RRBs.
Applies to loans up to ₹50 lakh, irrespective of prepayment source or lock-in period.
IndusInd Bank has launched INDIE for Business, a digital banking platform aimed at empowering India’s 60 million-plus Micro, Small and Medium Enterprises (MSMEs) by offering integrated solutions across payments, lending, collections, and account management.
Key Features & Benefits
Unified Financial Dashboard
360° view of all business accounts
Real-time tracking of loans, EMIs, and due dates
Digital Self-Onboarding
Paperless registration using Aadhaar, debit card, or net banking
Enables access to POS, QR payments, and payment links
Multi-Entity Profile Management
Manage multiple business entities with profile switching
Bulk Payments & Tax Compliance
Automate payments such as vendor salaries, GST, income tax, and customs duties
Cross-Border Capabilities
Supports instant, paperless international transactions
Operational Flexibility & Security
On-the-go transaction authorization with role-based access
Relevance to MSMEs
Traditional banking often lacks tailored services for MSMEs due to collateral requirements and procedural delays
INDIE for Business provides a seamless experience with tax integration, bulk transaction support, and enhanced loan visibility
8. Karur Vysya Bank Partners with Kshema General Insurance for Rural-Focused Bancassurance
Context
Karur Vysya Bank (KVB) has entered into a strategic bancassurance alliance with Kshema General Insurance to launch a specialized dual-benefit insurance product named Kshema Kisan Sathi, focusing on India’s rural and agri-centric population.
Key Highlights of the Partnership
Product Launch:
Kshema Kisan Sathi is a tailor-made insurance solution targeting rural families, farmers, and agri-entrepreneurs.
Strategic Focus:
Aims to foster financial inclusion, resilience, and self-sufficiency in India’s rural economy.
Technology + Outreach:
Leverages Kshema’s tech-driven insurance platform with KVB’s vast rural customer network for wide-scale penetration.
Socio-Economic Impact:
Seeks to boost the rural economy through enhanced insurance coverage, risk mitigation, and financial stability.
What Is Bancassurance?
Definition:
Bancassurance is a distribution model in which a bank partners with an insurance company to sell insurance products through its branches and customer networks.
Benefits:
For banks: Additional revenue stream through commissions
For insurers: Access to a wide, pre-existing client base
For customers: Convenience and bundled financial services under one roof
9. SBI Launches Specialized Global Trade Finance Centres in Kolkata and Hyderabad
Context
The State Bank of India (SBI) has inaugurated two specialized Global Trade Finance Centres (GTFCs) in Kolkata and Hyderabad to enhance its trade finance capabilities and offer faster, tech-enabled services in import-export processing.
Key Highlights
Focus Areas:
Inland trade processing
Import and export transaction management
Digitization of document flows
Customer Benefits:
Faster turnaround time
Enhanced compliance standards
Superior customer experience through streamlined and specialized service delivery
Tech-Driven Transformation
SBI’s trade finance operations are transitioning from traditional paper-based systems to digital platforms using advanced technologies:
Artificial Intelligence (AI)
Machine Learning (ML)
Blockchain
Document Digitization
This shift is expected to enhance accuracy, speed, and risk management in trade finance.
Agriculture
1. Artificial Intelligence (AI)-driven National Pest Surveillance System (NPSS)
Context
India’s Ministry of Agriculture and Farmers Welfare plans to expand its Artificial Intelligence (AI)-driven National Pest Surveillance System (NPSS) nationwide to mitigate crop losses from pests, weeds, and diseases. The system leverages AI-based image recognition to detect pest attacks and issue advisories.
In a significant legal and financial development, State Bank of India (SBI) has classified its loan account of Reliance Communications Ltd. (RCom) as fraud, implicating its former chairman Anil D. Ambani in alleged fund diversion and financial irregularities. The move comes after a year-long process involving forensic audits and show-cause notices.
2. Banking System Surplus Liquidity Hits ₹3.31 Trillion — Highest Since June 13, Says RBI
As per the Reserve Bank of India (RBI) data, net liquidity in the Indian banking system stood at a surplus of ₹3.31 trillion as of July 1, 2025, the highest level recorded since June 13. The surplus persists despite recent Variable Rate Reverse Repo (VRRR) operations conducted to absorb excess liquidity.
3. PNB Waives Charges for Non-Maintenance of Minimum Balance in Savings Accounts
Punjab National Bank (PNB) has announced a significant customer-centric move by waiving penal charges for non-maintenance of Minimum Average Balance (MAB) in all savings accounts, effective July 1, 2025.
4. Starlink launches services in Sri Lanka, bridging digital divide with Island-wide coverage
Sri Lanka becomes the latest Asian nation to join Starlink’s network, following Japan, the Philippines, Malaysia, Mongolia, and Indonesia. Coverage is now live across the island, with monthly plans for residential users and for businesses.
Five to remember · 3 July 2025
Launched: 1st July 2015 by Prime Minister Narendra Modi India Celebrates 10 Years of Digital India Init…
The Employees’ State Insurance Corporation provides healthcare, insurance, and social protection to workers under the ESI Act, 1948, covering medical, maternity, disability, and unemployment benefits. Special Registration Scheme for Employers and W…
Potential 15–30% drop in bank fee income. IRDAI Eases Concerns Over Bancassurance Crackdo…
A SEBI study in Nov 2024 found that 1 in 4 listed companies paid over 20% of net profits as royalties to related parties over FY14–FY24. SEBI Tightens Royalty Disclosure Norms for List…
Since January 1, 2025, lenders have upgraded from monthly to fortnightly credit data submission. RBI Pushes for Real-Time Credit Reporting and G…
The Union Cabinet has approved the National Sports Policy (NSP) 2025, replacing the 2001 policy. It aims to transform India into a global sporting powerhouse and prepare the nation for the 2036 Olympics.
What is National Sports Policy 2025?
It is a comprehensive national framework designed to:
Promote sports excellence from grassroots to elite levels
Boost participation and inclusivity
Integrate sports with economy, education, technology, and governance
The policy follows a whole-of-government and multi-stakeholder implementation model.
Key Features of NSP 2025 (Crisp)
Excellence on Global Stage
Early talent ID & grassroots-to-podium model
Elite training at SAI centres with AI & sports science
Sports as Economic Driver
Promotes sports tourism, local manufacturing (e.g., Meerut)
Supports startups via PPPs, CSR, innovation hubs
Social Inclusion & Traditional Sports
Tailored schemes for women, tribals, PwDs
Revival of Indian games like Kho-Kho, Mallakhamb
Sports as People’s Movement
Mass campaigns: Khelo India, Fit India
National fitness indices for institutions
Education Integration (NEP 2020)
Sports in curriculum with trained PE staff
Dual-career paths for student-athletes
Strategic Implementation
KPI-based national monitoring system
AI-driven state governance; use of wearables, big data
2. IISc Launches BHARAT Study to Build India-Specific Biomarkers for Healthy Ageing
Context
The Indian Institute of Science (IISc) Bengaluru has launched the BHARAT Study to create India-specific reference values for healthy ageing biomarkers. This effort aims to reduce misdiagnosis and improve geriatric care by addressing the limitations of Western-centric medical benchmarks.
What is Healthy Ageing?
Healthy ageing is the process of maintaining physical, mental, and functional well-being in later life. It prioritizes quality of life over mere longevity. Biological age—reflected in organ function or cellular markers—often differs from chronological age.
Key Data & Trends on Ageing in India
By 2050, 20% of India’s population (approx. 319 million) will be 60+ (UNFPA India).
Disease burden: Parkinson’s cases may rise 168%, and dementia by 200% (Lancet, 2024).
Only 28% of the elderly receive formal pension support (NSSO 75th round).
Less than 5% of Primary Health Centres have geriatric outpatient services (MoHFW).
Gender disparity: Women outlive men but suffer more disability-adjusted life years (DALYs).
Features of Healthy Ageing
Functional independence in daily tasks (e.g., cooking, walking).
Resilience to stress, such as surgery or infections.
Good mental health with low social isolation and depression.
Use of preventive biomarkers like CRP, HDL, and metabolite levels.
Culturally adapted health standards rather than universal Western benchmarks.
Why India Needs a Contextual Approach
Faster ageing transition than OECD peers (e.g., Kerala's elderly dependency rate to hit 35%).
Western lab norms often misinterpret Indian metabolic profiles (e.g., B12 deficiency).
Social security void: <20% elderly covered under old age pension schemes.
Rural-urban divide in access to geriatric wards and transport.
Weakened family care due to nuclearisation of households.
Challenges to Healthy Ageing
Data scarcity: Most available biomarkers are based on Western studies like NHANES.
Cultural reluctance to medical screening among tribal and rural elders.
Low budget priority: NPHCE underfunded within NHM.
Sampling bias: Difficulty in finding healthy elderly for baseline samples.
NITI Aayog has released a strategic roadmap titled “Chemical Industry: Powering India’s Participation in Global Value Chains (GVCs)”. The report envisions India becoming a global chemical powerhouse with 12% GVC share and USD 1 trillion output by 2040.
Current Landscape of India’s Chemical Industry
Global Rank: 6th largest producer globally; 3rd in Asia.
GDP Contribution: 7% of manufacturing GDP; supports pharma, textiles, agriculture, construction.
Fragmentation: MSME-dominated; lacks integrated clusters and infrastructure.
GVC Participation: Only 3.5% global share; trade deficit of USD 31 billion (2023).
Import Dependence: High reliance on China for APIs and Gulf for feedstock.
Regulatory Challenges: Long delays in environmental clearances (12–18 months).
Skill Gaps: 30% shortfall in trained professionals in green chemistry and nanotech.
Opportunities Identified
Green Chemistry Demand: Eco-friendly chemical demand rising globally.
China+1 Strategy: Global firms looking for alternatives to China.
FTAs Leverage: Trade pacts with UAE, EU, ASEAN open export potential.
PLI Schemes & Parks: Government support via PLI, PCPIRs, mega chemical clusters.
Employment Potential: 7 lakh skilled jobs possible by 2030.
Challenges Facing the Sector
Feedstock vulnerability, outdated clusters, high logistics costs.
Regulatory bottlenecks and policy inconsistency.
Poor academia-industry interface and low patent output.
1. FinMin Urges PSBs to Ramp Up Branch Expansion Amidst Private Bank Competition
Context
The Union Finance Ministry has directed public sector banks (PSBs) to accelerate physical branch expansion to compete with the aggressive network growth of private banks and small finance banks (SFBs), despite strong digital adoption.
Key Highlights:
Branch Expansion Drive:
PSBs were asked to identify high-potential locations and open more branches, especially in underserved and semi-urban/rural areas.
The goal is to counterbalance the expansion by private banks and SFBs, and to enhance customer trust through a “phygital” model (physical + digital).
Special Focus:
Finance Ministry urged banking infrastructure expansion in the Northeast, where branch density is low.
2. AMFI Seeks ₹250 Chhoti SIP Rollout Plans from Fund Houses After SEBI Nudge
Context
To promote small-ticket investing and deepen mutual fund penetration, the Securities and Exchange Board of India (SEBI) has nudged AMFI (Association of Mutual Funds in India) to push for the rollout of ₹250 micro-SIPs under the Chhoti SIP initiative.
Key Highlights:
SEBI's Initiative:
First proposed in a January 2025 consultation paper.
Aimed to financialise savings and expand retail participation in mutual funds.
Proposed cost subsidies for fund houses to absorb onboarding and transaction-related costs for low-ticket investments.
AMFI’s Response:
On June 27, AMFI sent a letter to all fund houses asking for their plans to launch ₹250 SIPs.
The move comes as over two-thirds of fund houses are yet to introduce these offerings.
Current Status:
Top 15 AMCs (by AUM) have already reduced minimum SIP sizes—some as low as ₹100.
However, ₹250 SIPs specifically qualify under SEBI’s proposed subsidised framework.
The final circular from SEBI is still awaited, adding to market uncertainty.
Implementation Challenges:
The SEBI framework limits subsidy eligibility to only the first three ₹250 SIPs per investor.
AMCs report technical and procedural hurdles in verifying investor eligibility during onboarding.
If SIPs are launched at any other amount, subsidy benefits won't apply.
Association of Mutual Funds in India (AMFI)
Association of Mutual Funds in India (AMFI) is an Indian trade association for all the asset management companies of SEBI registered mutual funds in India.
India is preparing to roll out a new Consumer Price Index (CPI) series aimed at enhancing the accuracy and responsiveness of inflation measurement, by widening the coverage of goods/services and updating the base year.
Key Highlights:
Broader and Granular Representation
The new CPI series will:
Expand the basket of goods and services to reflect evolving consumption patterns.
Correct under-representation of services, which currently distorts inflation signals.
Capture regional variations, offering granular insights into rural vs urban inflation and inter-state price divergences.
Methodological Overhaul
Proposed upgrades include:
Enlarged sample size for greater statistical reliability.
Technology-based data collection, including use of AI and eCommerce platforms.
Better weight allocation techniques to avoid bias in the absence of micro-level data.
Integration of AI in Price Measurement
AI enables:
Real-time, low-cost, and high-frequency data harvesting.
Tracking price pressure build-ups and evaluating the impact of trade policies.
Modelling of price rigidity and transmission lag, aiding better macroeconomic policy design.
Significance
A more representative CPI will:
Improve the accuracy of monetary policy (especially inflation targeting).
Enable quicker responses to price shocks.
Help in diagnosing supply-side bottlenecks effectively.
AI-led modelling offers a paradigm shift in the way CPI and inflation dynamics are tracked, potentially placing India at the forefront of data-driven economic governance.
4. DSP Launches India’s First Retail Offshore Mutual Fund from GIFT City
Context
India has officially opened the door to retail-focused offshore mutual funds with the launch of DSP Mutual Fund’s Global Equity Fund on June 2, 2025, from GIFT City (Gujarat International Finance Tec-City). This marks a regulatory milestone, enabling resident Indians to invest globally without relying on offshore brokerages, while sidestepping the Reserve Bank of India’s overseas investment caps applicable to SEBI-regulated mutual funds.
Key Highlights:
First Retail Global Fund Under GIFT City’s New 2025 Framework
5. RBI Bans Pre-Payment Charges on Floating Rate Loans for Individuals and MSEs
Context
The Reserve Bank of India (RBI) has prohibited pre-payment charges on floating rate loans extended to individuals and Micro & Small Enterprises (MSEs), effective from January 1, 2026. The move aims to promote greater borrower flexibility, ensure fair lending practices, and eliminate anti-competitive barriers in credit markets.
Key Highlights:
Who Benefits?
Individuals
Micro & Small Enterprises (MSEs) → Loans for business or personal purposes
What Loans are Covered?
Floating rate term loans and demand loans
Sanctioned or renewed on or after January 1, 2026
Includes loans with co-obligants
Dual rate loans (fixed + floating): Charges barred only if floating at time of pre-payment
6. Mashreq Bank Gets In-Principle Nod to Open IBU at GIFT City, Gujarat
Context
Mashreq Bank, one of the leading financial institutions in the UAE, has received in-principle approval (IPA) to set up an International Financial Services Centre Banking Unit (IBU) at GIFT City in Gujarat, making it the first UAE-based bank to achieve this milestone.
Key Highlights:
Regulatory Milestone:
Mashreq Bank secured in-principle approval from the International Financial Services Centres Authority (IFSCA).
Approvals have also been obtained from the UAE Central Bank and the Special Economic Zone (SEZ) Authority.
Expected Launch:
The IBU is expected to become operational by Q4 2025, subject to final regulatory clearances.
Premises & Staffing:
Branch location at GIFT City has been finalized.
Recruitment for key positions is underway.
Services to be Offered by Mashreq’s GIFT City IBU
Foreign Currency Loans
Trade Finance Solutions
Treasury and Risk Management Products
These offerings will allow Mashreq to serve multinational clients more efficiently across time zones and regulatory jurisdictions.
Strategic Significance
This marks a key development in India-UAE financial cooperation.
Enhances GIFT City’s position as a preferred destination for global banking operations.
Positions Mashreq to capitalize on cross-border financing and international trade flows via India’s IFSC ecosystem.
1. KisaanSay to Partner with 500 FPOs Under Co-Branded Profit-Sharing Model
Context
KisaanSay, a B2C agribusiness company that sources food products directly from farmers, is scaling up its partnership with Farmer Producer Organisations (FPOs) across India to boost farmer incomes and supply chain efficiency.
Key Highlights:
Expansion Plan:
KisaanSay plans to collaborate with 500 FPOs over the next 4–5 years, up from 20 currently engaged.
Profit Sharing Model:
FPOs will handle production and bear associated costs, while KisaanSay will manage marketing and sales. Profits will be split 50:50 under a co-branded model.
Current Reach:
The company has reached 50,000 farmers through its network and offers over 100 farm-based products.
Supply Chain Strategy:
Products are first packed by FPOs and sent to a central warehouse. To reduce logistics costs, regional distribution hubs will be set up across India.
Revenue Potential:
Each participating FPO could earn up to ₹4 crore annually, with some already crossing ₹50 lakh in turnover.
Platform Presence:
KisaanSay’s products are available on major platforms like Amazon, Blinkit, Zepto, BigBasket, Reliance Jio, and soon on Flipkart.
International Plans:
The company is finalizing export deals with Dubai for both online and offline sales.
Government Support:
KisaanSay shared its model during a weekly webinar organised by the Union Agriculture Ministry, initiated by Secretary Devesh Chaturvedi.
Why It Matters:
This model directly connects farmers to consumers, promotes value addition at source, and supports rural entrepreneurship. It also aligns with India’s agri-export goals and digital retail penetration.
2. One-Nation-One-Licence for Micro-Fertiliser Manufacturers Amid Over-Regulation
Context
The Indian Micro Fertilisizers Manufacturers Association (IMMA) has called for a complete overhaul of India's fertiliser regulatory regime, citing high compliance costs, excessive inspections, and outdated provisions under the Fertiliser Control Order (FCO).
Key Highlights:
Industry Demand:
IMMA has urged the Centre to implement a "One Nation, One Licence" policy for micro-fertiliser manufacturers to eliminate the need for separate state-level licences.
Outdated Framework:
IMMA President Rahul Mirchandani said the Fertiliser Control Order (FCO) has outlived its original intent, similar to how FERA was replaced with FEMA to reflect a liberalised economy.
Compliance Burden:
Over-regulation leads to compliance costs of 8–15%, passed on to farmers. Micronutrient fertilisers require multiple registrations, state depots, and face frequent inspections.
Growth Sector:
Micronutrient fertilisers are one of the fastest-growing segments in Indian agriculture, with FY2025 consumption at 6.35 lakh tonnes and a 7.1% CAGR, mainly driven by cereals and grains.
Recommendations:
Pan-India valid licence
Eliminate state-wise sale permissions
Centralised digital product registry
Rationalise local inspector powers
Align compliance with IGST regime
Why It Matters
The fertiliser industry plays a key role in agricultural productivity. Rationalising outdated regulations and streamlining compliance can boost domestic production, lower prices, and reduce reliance on imports.
1 Title: Centre to Begin Signature Process for Motion to Remove Justice Yashwant Varma
Date: 4 July 2025
Context:
Ahead of the Monsoon Session of Parliament (starting July 21), the Central Government is preparing to initiate a motion seeking the removal of Justice Yashwant Varma of the Allahabad High Court following the discovery of burnt currency notes at his official residence.
2. 3 Apache combat helicopters to arrive in India by July 15
Following the India-U.S. Defence Ministers’ dialogue, the long-awaited Apache combat helicopters are to be delivered in the next two weeks.
3. Nvidia becomes worlds most valuable firm
Nvidia hit a market value of $3.92 trillion in intraday trade on Thursday, as Wall Street doubled down on optimism about artificial intelligence (AI).
4. RBI announces seven-day rate reverse repo auction on 4 July
The Reserve Bank of India (RBI) saiD it will conduct a seven-day variable rate reverse repo auction worth ₹1 trillion on 4 July, after a review of liquidity conditions in the banking system.
5. PM Modi Conferred Ghana’s Highest Honour: ‘The Officer of the Order of the Star of Ghana’
During his visit to Accra, Prime Minister Narendra Modi was awarded Ghana’s highest civilian honour and addressed a joint session of the Ghanaian Parliament, emphasizing India’s solidarity with the Global South.
Five to remember · 4 July 2025
By 2050, 20% of India’s population (approx. 319 million) will be 60+ (UNFPA India). IISc Launches BHARAT Study to Build India-Speci…
GVC Participation: Only 3.5% global share; trade deficit of USD 31 billion (2023). NITI Aayog Report on Chemical Industry
First proposed in a January 2025 consultation paper. AMFI Seeks ₹250 Chhoti SIP Rollout Plans from F…
Banking Regulation Act, 1949: Sections 21, 35A, and 56 RBI Bans Pre-Payment Charges on Floating Rate L…
Investment cap: Subject to individual $250,000 LRS limit DSP Launches India’s First Retail Offshore Mutu…
1. India's First Equine Disease-Free Compartment (EDFC) Recognised by WOAH
Context
India has achieved a major milestone in its animal health and trade facilitation efforts with the World Organisation for Animal Health (WOAH) formally recognising the country’s first Equine Disease-Free Compartment (EDFC). This facility will now allow Indian sport horses to participate in international competitions and trade under globally accepted health and biosecurity norms.
What is an Equine Disease-Free Compartment (EDFC)?
An EDFC is a scientifically managed and biosecure zone where horses are kept free from specific equine diseases, meeting international standards set by the WOAH Terrestrial Animal Health Code.
Location: Remount Veterinary Corps (RVC) Centre & College, Meerut Cantonment, Uttar Pradesh
Recognised by: World Organisation for Animal Health (WOAH)
Established under: Ministry of Fisheries, Animal Husbandry and Dairying
Key Features of the EDFC
Aspect
Details
Disease-Free Certification
Free from Equine Influenza, Glanders, Surra, Equine Piroplasmosis, and Equine Infectious Anemia
African Horse Sickness
India remains free since 2014
Biosecurity Measures
Standard Operating Procedures for pest control, hygiene, waste disposal, and animal health monitoring
24×7 Surveillance
Continuous veterinary checks and real-time monitoring of equine health
Compartmentalisation
Segregates a defined sub-population of horses to maintain disease-free status
Significance and Impact
Trade Facilitation: Indian horses can now participate in international equestrian events and global trade, enhancing export potential.
Boost to Sports: Opens new opportunities for Indian equestrian athletes and sport horses in global arenas.
Veterinary Infrastructure Strengthening: Demonstrates India’s advancement in adopting science-based, globally harmonised animal health practices.
Replicability: India is extending the compartmentalisation model to poultry sector (HPAI-free compartments) to enable safe exports of poultry products.
Why This Matters
Reinforces India’s biosecurity framework
Aligns with international trade and animal health protocols
Positions India as a responsible and proactive stakeholder in global animal husbandry and veterinary governance
Banking and Finance
1. SEBI Bans Jane Street Group for Stock Manipulation
Context
On July 4, 2025, the Securities and Exchange Board of India (SEBI) took stern enforcement action against U.S.-based hedge fund giant Jane Street Group and its affiliated entities for allegedly manipulating the Bank Nifty index and unlawfully earning ₹4,843.6 crore through a deceptive trading scheme.
Key Allegations by SEBI:
Market Manipulation Tactics: Jane Street is accused of artificially inflating prices in the underlying cash market on weekly index expiry days to benefit its options positions.
Use of Excessive Orders: The firm allegedly placed excessively large orders at high prices, thereby influencing index levels for strategic advantage.
Violation of PFUTP Norms: SEBI noted that such actions may violate the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) under the SEBI Act.
SEBI’s Interim Order:
Immediate Market Access Ban: Jane Street is barred from taking new positions or trading in Indian markets during the investigation period.
₹4,844 Crore Impounded: Unlawful profits accrued by Jane Street between January 2023 and March 2025 are under freeze.
Close Surveillance Ordered: SEBI has instructed stock exchanges to monitor Jane Street’s activities for any indirect market access.
Regulatory Action Taken:
Market Ban:
Jane Street and its four entities are barred from accessing Indian securities markets.
Escrow Order:
SEBI ordered the creation of an escrow account with a scheduled commercial bank to deposit the entire sum earned through the alleged manipulation.
Freeze on Accounts:
Banks, depositories, and other market intermediaries were directed to not allow debits from Jane Street’s accounts without SEBI’s permission.
About Jane Street:
Headquartered in New York, Jane Street is a major global proprietary trading firm employing over 2,600 people.
In 2024, it earned $20.5 billion in net trading revenue, nearly double its 2023 earnings.
It has made ₹36,502 crore in profits in India between Jan 1, 2023, and Mar 31, 2025.
2. India Ratings Maintains Negative Outlook on IndusInd Bank Despite AA+ Rating Affirmation
Context
India Ratings and Research (Ind-Ra) has affirmed an AA+ rating on IndusInd Bank’s debt instruments while removing them from Rating Watch with Negative Implications. However, the outlook remains “Negative”, reflecting persistent concerns over the bank’s internal controls and financial reporting irregularities.
Key Reasons Behind Negative Outlook
Accounting Irregularities
₹4,920 crore discrepancies in derivatives accounts reported in FY25.
Disclosed on March 20, 2025; triggered a temporary “Rating Watch with Negative Implications.”
Governance and Internal Control Weaknesses
Raises red flags on internal risk management and corporate governance.
India Ratings sees vulnerability in franchise stability despite remedial steps.
Liquidity and Provisions
Bank created ₹62,000 crore in liquidity by winding down its corporate book.
Entire ₹1,325 crore contingent provision buffer was utilized in Q4FY25.
Profitability Under Pressure
RoA expected to fall from avg. 1.8% (FY23–24) to ~1.0% in FY25.
Cost-to-income ratio worsened from 47.1% (FY24) to 60% (FY25).
High Opex due to retail expansion and provisioning needs.
Strategic Uncertainty
Potential leadership change could recalibrate strategy on loan growth, asset mix, and liability management.
May impact credit quality, margin profile, and long-term profitability.
3. RBI Moves to Standardize Credit Bureau Data and Improve Transparency for Borrowers
Context
The Reserve Bank of India (RBI) has initiated a major review of credit bureau processes to address data inconsistencies, enhance information symmetry, and improve customer grievance redressal. This move follows rising concerns among lenders and borrowers about discrepancies in credit scores and inconsistent data updates by Credit Information Companies (CICs).
Key Highlights:
Technical Working Group Formation
RBI has constituted a working group to assess CIC and bank proposals.
Goal: Standardize data reporting, reduce score-related disputes, and improve credit information accuracy.
Involvement of Major Credit Bureaus
All four CICs—TransUnion CIBIL, Equifax, Experian, CRIF High Mark—are actively engaged.
4. MobiKwik Enters Stock Broking Arena with SEBI Nod
What’s the news?
Mobikwik’s wholly-owned subsidiary, MobiKwik Securities Broking Pvt Ltd (MSBPL), received SEBI registration on July 1, 2025, enabling it to operate as a stockbroker and clearing member—authorized for equity trades, clearing, and settlement.
Why it matters?
Represents a strategic step in Mobikwik’s evolution from a digital payments provider to a full-stack fintech platform, enabling it to offer stock trading alongside payments, mutual funds, SIPs, digital gold, and credit services.
Joins established competitors like Groww, Zerodha, AngelOne, Upstox, and ICICI Direct in the retail broking space.
Background
This is Mobikwik’s second major regulatory approval this quarter—earlier, its Zaakpay arm received RBI authorization as a payment aggregator in April.
What’s Next for Mobikwik?
MSBPL will seek membership with stock and commodity exchanges.
Plans include potential expansion into online bond trading.
The company aims to leverage its existing 176 million users and 4.6 million merchants for broking adoption.
1. Status of Youth in Agrifood Systems: FAO Report
Context
The Food and Agriculture Organization (FAO) has released its landmark report titled “Status of Youth in Agrifood Systems”, calling for urgent global action to integrate youth into agriculture and food systems. The report shows that global GDP could rise by 1.4% if NEET (Not in Employment, Education, or Training) youth, especially those aged 20–24, are productively engaged — nearly 45% of this potential lies in agrifood systems.
Key Findings
Declining Youth Participation in Agrifood Systems
Youth working in agrifood systems declined from 54% in 2005 to 44%.
Despite high reliance on agriculture in low-income countries, youth engagement is falling.
Rising Global NEET Rates
Over 20% of global youth (15–24 years) are NEET.
Young women are twice as likely to be NEET compared to young men.
Economic Impact
Eliminating NEET status could raise global GDP by $1.5 trillion.
Agrifood systems can contribute to nearly half this growth through job creation and innovation.
Urbanization and Labour Shortages
54% of youth live in urban areas.
Rural youth participation in industrial agrifood systems is only 5%, threatening future agricultural labour availability.
Climate Vulnerability
395 million rural youth reside in climate-stressed regions with declining agri-productivity.
Rising Youth Food Insecurity
Youth facing moderate or severe food insecurity has risen from 16.7% (2014) to 24.4% (2023), with the sharpest rise in Africa and crisis-hit areas.
FAO’s 3-Pillar Strategy to Empower Youth
Inquire More
Bridge data gaps on youth in agrifood systems.
Strengthen evidence for designing youth-responsive policies.
Include More
Ensure youth representation in policymaking and governance.
Focus on rural and urban inclusion to avoid intergenerational inequality.
Invest More
Create Decent Jobs: Promote opportunities in both on-farm and off-farm sectors.
Modernize Agriculture: Invest in infrastructure, digital tools, and resilient value chains.
Improve Access: Expand access to land, credit, training, markets, and technology.
Promote Safe Migration: Enable orderly, dignified migration pathways for youth.
2. Crop Cutting Experiments (CCEs)
Context
Starting July 2025, the National Statistics Office (NSO) has increased the number of Crop Cutting Experiments (CCEs) conducted across India to improve the accuracy of crop yield estimates. The move is expected to bolster agricultural policy formulation, including export curbs, inflation control, and price management strategies.
Key Highlights:
Objective of the Initiative
To enhance precision in crop yield estimation for kharif and rabi seasons of 2025–26.
To provide data-backed insights for policy decisions such as:
Export bans
Stock limits
Futures trading suspensions
What are Crop Cutting Experiments (CCEs)?
A Crop Cutting Experiment is a scientific sampling method used to estimate crop yield by harvesting and weighing a small, randomly selected portion of a crop field. This method ensures statistically reliable estimates of agricultural productivity.
Key Objectives of CCE
Yield Estimation: Provides accurate per-hectare yield figures.
Production Forecasting: Supports national and state-level crop output calculations.
Policy Formulation: Informs decisions on food security, procurement, subsidies, and export-import strategies.
How CCE is Conducted
Random Plot Selection
Fields and plots are selected using random sampling techniques to avoid bias.
Standardized Plot Size
Each plot has a fixed size, typically depending on crop and region (e.g., 5m × 5m for wheat).
Harvesting & Weighing
The selected area is harvested manually.
Produce is threshed, cleaned, dried, and weighed to determine yield.
Data Compilation & Analysis
Yields from multiple CCEs are compiled.
Statistical methods are applied to estimate average yields at the district, state, or national level.
Why the Expansion of CCEs?
Current methods are outdated and do not cover newer, non-traditional crops like:
Avocado, dragon fruit, kiwi, berries, etc.
Existing estimates cover only 25–26 major crops such as rice, maize, jowar.
1. Nipah virus resurfaces in Kerala, two cases reported
Nipah virus has returned to Kerala, sparking fresh fear in the State. An 18-year-old girl who succumbed to acute encephalitis syndrome (AES) in Kozhikode two days ago and a 38-year-old woman from Thachanattukara in Palakkad district currently undergoing treatment at a private hospital at Perinthalmanna in Malappuram district have tested positive for the virus.
2. Russia becomes first nation to recognise Taliban regime
Russia on Thursday became the first country to formally recognise the Taliban’s government in Afghanistan since it seized power in 2021, after Moscow removed the group from its list of outlawed organisations.
3. Consistent Gukesh seals top spot in rapid section
D. Gukesh took the honours in the rapid section in the 2025 SuperUnited Rapid & Blitz Croatia in the nation’s capital on Friday, with Poland’s Jan-Krzysztof Duda finishing second.
4. Banking Frauds in India Surge to Record 23,953 Cases in FY25, But Fraud Amount Falls Sharply: RBI
According to the RBI Annual Report 2024-25, the number of banking frauds more than tripled to 23,953 cases in FY25, compared to just 7,359 in FY21. However, the total fraud amount declined by 74% to ₹36,014 crore, indicating a growing trend of low-value, high-frequency frauds—especially in digital banking and card transactions.
Five to remember · 5 July 2025
₹4,844 Crore Impounded: Unlawful profits accrued by Jane Street between January 2023 and March 2025 are under freeze. SEBI Bans Jane Street Group for Stock Manipulat…
Youth working in agrifood systems declined from 54% in 2005 to 44%. Status of Youth in Agrifood Systems: FAO Report
Bank created ₹62,000 crore in liquidity by winding down its corporate book. India Ratings Maintains Negative Outlook on Ind…
Borrowers can claim ₹100/day compensation if complaints are unresolved beyond 30 days. RBI Moves to Standardize Credit Bureau Data and…
The company aims to leverage its existing 176 million users and 4.6 million merchants for broking adoption. MobiKwik Enters Stock Broking Arena with SEBI N…
Prime Minister Narendra Modi is attending the BRICS Summit (July 6–7) in Rio de Janeiro, Brazil, alongside leaders from the original five member countries and the newly inducted members — Egypt, Ethiopia, UAE, Iran, and Indonesia.
Key Highlights from the Summit
Geopolitical Focus & Terrorism
PM Modi will push for a strong joint statement on terrorism, particularly condemning the Pahalgam terror attack and supporting Operation Sindoor.
BRICS Foreign Ministers had already included a condemnation in their April 2025 Chair Summary.
A robust paragraph in the Leaders’ Joint Statement is expected.
De-Dollarisation & Local Currency Trade
No BRICS currency is being launched.
BRICS is promoting voluntary trade in local currencies, not anti-dollar, similar to MERCOSUR's model.
US tariff threats (100–500%) are acknowledged but viewed as misplaced.
Major Deliverables Expected
Climate Change Financing Declaration
AI Regulation & Governance Framework
Partnership on Socially Determined Diseases (poverty and inequality-driven diseases)
Most sessions will be open to partner/invited countries, signaling greater transparency and inclusivity.
Expansion & Cohesion
Saudi Arabia’s membership is still pending.
Brazil emphasizes consensus and diversity, not confrontation—supporting BRICS’ Global South character.
India–Brazil Bilateral Engagement
PM Modi to meet President Lula in Brasilia post-summit.
Focus areas for enhanced cooperation:
Defence, Agriculture, Energy, Pharmaceuticals, Digital tech, and AI.
Over 110 bilateral missions (trade + govt) conducted in past two years.
1. India and Trinidad & Tobago Sign Key Agreements
Context
During Prime Minister Narendra Modi’s official visit to Trinidad and Tobago, the two nations signed at least six bilateral agreements, signaling stronger engagement in economic, developmental, and global partnership domains.
Key Highlights:
Sectoral Cooperation:
Financial & Pharmaceutical Ties: The agreements will open doors for India’s financial services and pharma sectors to expand in the Caribbean region, positioning India as a key development partner.
Multilateral Engagements:
Trinidad & Tobago joins India’s global initiatives:
Coalition for Disaster Resilient Infrastructure (CDRI)
Global Biofuel Alliance (GBA) These moves align both nations with global sustainability and climate resilience goals.
Developmental Assistance:
Quick Impact Projects (QIPs) Grant Agreement:
India to fund up to five short-term projects per year (max $50,000 each).
Focused on grassroots development with fast-track execution.
Education & Digital Transformation:
Gift of 2,000 laptops to school students announced by PM Modi.
Supports T&T PM Kamla Persad-Bissessar’s digitisation of education vision.
Agricultural Partnership:
India delivered $1 million worth of agro-machinery to NAMDEVCO.
Additional support pledged for:
Millet cultivation
Seaweed-based fertilizers
Promotion of natural farming techniques
About Trinidad and Tobago
Official Name: Republic of Trinidad and Tobago
Location: Southernmost island country in the Caribbean
Geography: Comprises two main islands — Trinidad and Tobago — and several smaller islets
Kerala has once again reported the presence of the Nipah virus, marking the eighth emergence in as many years. While the state has become adept at containing the virus, critical knowledge gaps remain regarding how the virus spills over from bats to humans.
What is Nipah Virus (NiV)?
Type: RNA virus from the Henipavirus genus, closely related to the Hendra virus.
Nature: Zoonotic disease — transmitted from animals to humans.
Natural Host:Fruit bats (Pteropus species), also known as flying foxes, are the natural reservoir.
Transmission Routes
Direct contact with infected animals (especially pigs)
Consumption of contaminated food (e.g. raw date palm sap)
Human-to-human and animal-to-human transmission observed.
Symptoms of NiV Infection
Acute respiratory illness
Seizures
Encephalitis (swelling of the brain)
Confusion, coma, and potentially death
Incubation Period
Typically 4 to 14 days, but can extend up to 45 days in some cases.
Fatality Rate
40% to 75%, among the highest for zoonotic infections
Why are NiV outbreaks recurring in Kerala?
Endemic status of NiV in fruit bats in Kerala.
Proximity of human settlements to forested areas, increasing human-bat contact.
Robust healthcare surveillance in Kerala helps identify and report NiV outbreaks early.
Other states may be underreporting or missing cases due to weaker surveillance.
3. Gini Index: World Bank Report
Context
A recent World Bank report ranked India among the most equal countries globally based on its Gini index for 2022–23, pegged at 25.5—placing it fourth after the Slovak Republic, Slovenia, and Belarus. However, economists and policy experts have raised serious concerns about data limitations, sampling flaws, and methodological choices that may understate inequality in the country.
What Is the Gini Index?
A statistical measure of inequality, ranging from 0 (perfect equality) to 100 (absolute inequality).
The World Bank report used consumption expenditure data to calculate the Gini index for India.
Key Highlights:
Gini Index Score:
India’s Gini Index (2022–23):25.5
Global Rank:4th most equal country
Countries with better Gini scores:
Slovak Republic
Slovenia
Belarus
Understanding the Gini Index:
Measures income or consumption inequality on a scale from 0 to 100.
0 = Perfect equality, 100 = Absolute inequality (one person has all the income/wealth).
India’s score places it in the “moderately low inequality” category (25–30 range).
Comparative Scores:
China: 35.7
United States: 41.8
UK: 32.4
India is close to entering the “low inequality” category (<25).
Decline in Extreme Poverty:
Dropped from 16.2% in 2011–12 to 2.3% in 2022–23
Indicates broad-based improvement in living standards across income groups.
Government Attribution:
India’s progress credited to:
Welfare schemes and pro-poor policies
Expansion of financial inclusion, digital infrastructure, and social safety nets
Decline in Extreme Poverty
171 million Indians exited extreme poverty between 2011 and 2023.
The share of people living on less than $2.15/day dropped from 16.2% (2011–12) to just 2.3% in 2022–23.
Under the revised World Bank threshold of $3/day, the extreme poverty rate for India is 5.3%.
Drivers of India's Improved Equality
The steady decline in inequality is attributed to targeted government initiatives that expanded financial inclusion, direct benefit transfers, healthcare access, and rural empowerment. Key programmes include:
Ayushman Bharat: Over 41 crore health cards issued with ₹5 lakh coverage.
Stand-Up India: ₹62,807 crore sanctioned to SC/ST and women entrepreneurs.
PMGKAY: Food grains distributed to 80 crore beneficiaries.
PM Vishwakarma Yojana: Nearly 30 lakh artisans registered for credit and training.
TH, BS & TET
4. India Launches Phenome India "National Biobank"
Context
Union Minister of State (Independent Charge) for Science & Technology and CSIR Vice President Dr. Jitendra Singh inaugurated the Phenome India National Biobank at CSIR-IGIB in New Delhi. This state-of-the-art facility is a key milestone in India's effort to build a comprehensive longitudinal health database to facilitate personalised treatment and precision medicine.
About the Phenome India National Biobank
Modelled after UK Biobank, tailored to India’s diverse population.
Will collect genomic, clinical, and lifestyle data from 10,000 individuals across India.
Aims to tackle complex diseases such as:
Diabetes
Cardiovascular diseases
Cancer
Rare genetic disorders
Biobank
A biobank is a collection of biological samples (like blood, tissue, or DNA) and associated information (like health records or family history) that are stored and managed for research purposes. They are crucial for advancing medical and health research by providing researchers with access to a large pool of well-characterized samples and data.
In response to rising instances of cyber fraud and money laundering, the Government of India has advised state-owned banks to close inoperative PM Jan Dhan Yojana (PMJDY) accounts that are increasingly being exploited as mule accounts.
Key Developments
Inoperative Accounts Closure
Accounts with no customer-driven transactions for 24+ months are marked as inoperative.
Banks are initiating closures of such accounts if KYC is not updated.
A nationwide re-KYC drive is underway, especially for older PMJDY accounts.
Fraud & Mule Account Concerns
Inactive accounts are increasingly misused as mule accounts for cybercrime and money laundering.
RBI’s Mule Hunter (AI-ML tool) has been deployed to detect such accounts.
Impact
Retail depositors bear the brunt of mule account frauds.
The issue highlights the need for policy clarity, improved customer awareness, and stronger account surveillance.
Pradhan Mantri Jan Dhan Yojana (PMJDY)
Launch Date: August 28, 2014
Objective To promote financial inclusion by providing affordable access to:
Banking/savings accounts
Remittance services
Credit
Insurance
Pension
Eligibility Criteria
Must be an Indian citizen
Age: 18 to 59 years
Minors above 10 years can open accounts with parental/guardian supervision
Account Features
Can be opened at any bank branch or Bank Mitr (Business Correspondent) outlet
Zero balance required to open the account
Chequebook facility available only if minimum balance is maintained
Comes with a RuPay debit card for cash withdrawals at ATMs
A recent report by the State Bank of India (SBI), titled "The Monetary Multiverse", suggests that subtle cues in RBI Governor Sanjay Malhotra’s speeches and attire may reflect underlying shifts in the central bank’s monetary policy stance. Though intended "on a lighter note," the analysis reveals interesting patterns in language and visuals that may serve as early indicators of policy direction.
Rise of “Growth” Over “Inflation”
The word “growth” appeared 24 times in the June 2025 monetary policy statement, signaling a possible tilt toward accommodative policy.
SBI’s analysts used word clouds to track language shifts in monetary policy communication.
Increased frequency of “growth” compared to “inflation” typically suggests a pro-growth, dovish stance.
Is the RBI Governor’s Tie a Policy Signal?
SBI's report introduced a novel concept: “Necktie Nomics”, which explores whether the colour tone of the RBI Governor’s necktie correlates with policy decisions.
Tie Tone Categories and Policy Implications
Tie Tone
Colours Included
Associated Policy Behavior
Warm
Red, Orange, Coral
Hawkish bias; more rate hikes
Cool
Blue, Aqua, Light Blue
Neutral; mostly rate holds
Dark
Black, Navy, Black with Silver
Decisiveness; clear cuts or hikes
Mixed
Purple, Yellow
High volatility, low predictability
The report assigned:
1 for rate hikes
0 for hold
–1 for rate cuts
It introduced the Tie Volatility and Tilt Index (TVTI), calculated by:
During the latest 50 bps rate cut, Governor Malhotra wore a dark-toned tie, aligning with the "decisive" signal attributed to such tones.
Communication Matters in Central Banking
SBI emphasized that the analysis is not a substitute for traditional economic models, but rather a complementary tool to interpret central bank behavior in a hyper-communicative world.
Visual and verbal cues, though unconventional, could offer early context on monetary policy tilt when supported by data.
Key Takeaways
Linguistic shifts, such as an emphasis on “growth,” may signal easing in monetary policy.
Non-verbal signals (like necktie colours) could reflect policy mood or intent.
Such creative methods, though informal, can enhance market understanding of central bank behavior in real-time.
SBI underlines that these observations are pattern-based, not predictive, and should be interpreted cautiously.
Under Section 14 of the IBC, a moratorium is imposed on the debtor’s assets during insolvency resolution proceedings.
However, if assets have been attached by the ED under PMLA and such attachment is confirmed by a competent authority, they cannot be included in the resolution estate.
NCLAT Observations
Section 238 of the IBC, which gives the Code overriding powers, does not apply to assets attached under PMLA in cases involving proceeds of crime.
The tribunal clarified that IBC and PMLA operate in different domains and there is no irreconcilable inconsistency between them.
The ED is not a creditor, but a public enforcement agency acting to uphold penal laws and international obligations, including under the FATF and UN conventions.
Implications of the Ruling
Assets attached by ED and adjudicated as proceeds of crime cannot be made available for corporate resolution under IBC.
The ruling upholds the decision of the National Company Law Tribunal (NCLT) which had earlier rejected the inclusion of such attached assets in a resolution plan.
5. Public Sector Banks May Scrap Minimum Balance Penalties
Context
In a significant policy shift, public sector banks (PSBs) are reconsidering the need for minimum balance requirements in savings accounts, following discussions with the Finance Ministry. This move comes amid concerns over the declining share of Current Account and Savings Account (CASA) deposits in overall bank liabilities.
Key Developments
Banks that have scrapped the requirement recently:
Canara Bank
Bank of Baroda
Punjab National Bank
Indian Bank
No penalty will be levied on customers for non-maintenance of minimum balance.
The Finance Ministry questioned the rationale of penalizing customers, especially at a time when low-cost deposits are falling.
Context and Rationale
As per RBI’s June 2025 Financial Stability Report, the share of CASA deposits is declining, while banks are relying more on high-cost term deposits and certificates of deposit (CDs).
Jan Dhan Yojana (PMJDY) account performance showed that even dormant accounts gradually accumulated balances, encouraging banks to rethink the relevance of minimum balance norms.
SBI had already removed this requirement in 2020 after public backlash, especially following RTI revelations that penalty collections exceeded net profit in some years.
Changing Banking Economics
Traditionally, savings accounts were a source of low-cost funds used to cross-subsidize free banking services.
However, digital banking has reduced service costs, prompting banks to seek alternative sources of cost recovery:
Debit card charges
Fees for exceeding free transaction limits
Private banks, though generally stricter, often waive minimum balance requirements on:
7. SEBI Proposes Dedicated Electronic Book Provider (EBP) Platform for NPOs on SSE
Context
The Securities and Exchange Board of India (SEBI) has proposed a new framework to enhance fundraising mechanisms for not-for-profit organisations (NPOs) through the Social Stock Exchange (SSE).
What is SSE-EBP?
The Securities and Exchange Board of India (SEBI) has proposed a dedicated Social Stock Exchange Electronic Book Provider (SSE-EBP) platform to enable fundraising by Not-for-Profit Organisations (NPOs).
It will streamline issuance of Zero Coupon Zero Principal (ZCZP) instruments and other SEBI-approved securities.
Key Features:
Applicability
Mandatory for NPOs raising ₹50 lakh or more in a single or shelf issuance.
Open to Qualified Institutional Buyers (QIBs), Non-Institutional Investors, and Retail Investors.
1. Dvara E-Registry Launches Micro Loan Against Property (Micro LAP) for Agri Stakeholders
Context
Agri-fintech start-up Dvara E-Registry has launched a new Micro Loan Against Property (Micro LAP) product aimed at delivering secured, asset-backed credit to small and marginal farmers and other participants in India’s agricultural value chain.
Key Highlights:
Product Purpose:
Provides longer-term, secured credit using immovable assets as collateral.
Targets agri-entrepreneurs and farmers for enterprise growth, diversification, and livelihood stability.
Expands beyond traditional short-tenure farm loans.
2. Country’s First Honeybee Flora Park (Beekeeping Centre)
Context
The Honeybee Flora Park at Kallimel, near Mavelikara, under the Kerala State Horticultural Products Development Corporation (Horticorp), is emerging as a major hub for honey production, farmer training, and now tourism, with plans to set up a museum and laboratory.
Key Highlights:
Operational Overview:
Launched: 2018
Location: 3-acre campus in Thazhakara grama panchayat
Honey Procured: Over 50,000 kg from local farmers
In-house Production: Around 2 tonnes annually from 200 beehives (stingless and Indian honeybees)
Three Core Functions:
Honey Production and Beekeeping
Procurement and Scientific Processing of farmer-produced honey
Farmer Training and Capacity Building
Branding and Product Line:
Honey is sold under the "Amruth Honey" brand (pack sizes: 50g to 5kg)
Value-added products include honey soap and other derivatives
Training & Farmer Support:
1,500+ farmers trained to date
Trained farmers eligible for 40% subsidy on beehives and equipment via Central/State schemes
New Developments:
Honey Museum:
Planned to boost tourism and educational outreach
Aims to showcase beekeeping history, biodiversity, and honey production
Quality Testing Laboratory:
Approved for setup
Construction to begin within two months
Will provide scientific validation for honey quality
Significance
This model supports rural livelihoods, promotes scientific beekeeping, ensures fair pricing for farmers, and integrates eco-tourism to raise awareness on pollination, biodiversity, and sustainable agriculture.
3. Kerala Signs Landmark MoU to Accelerate Climate-Resilient Farming
Context
In a decisive move to strengthen climate resilience in agriculture, the Kerala Climate Resilient Agri Value Chain Modernization Project (KERA) has signed a Memorandum of Understanding (MoU) with Kerala Agricultural University (KAU). The agreement, signed on July 6, 2025, seeks to institutionalize advanced, low-emission, climate-smart farming practices across Kerala’s varied agro-climatic zones.
Key Objectives of the MoU:
Mainstream Climate-Resilient Agriculture (CRA): The MoU sets the stage for scaling CRA technologies that reduce emissions and enhance farm productivity amid growing climate risks.
Leverage Scientific Expertise: KAU will provide research-driven insights, while KERA ensures grassroots-level implementation via farmer networks and institutional support.
Major Initiatives under the Partnership:
Modernisation of Soil Testing Infrastructure:
Laboratories across the state will be upgraded to provide real-time soil health diagnostics, enabling precise nutrient management.
Climate-Smart Crop Advisories:
Development of AI and data-enabled crop advisories tailored to seasonal climate patterns, supported by a new Kerala Agro Climate Research Centre to be established at KAU.
Promotion of Low-Carbon Farming:
Emphasis on water-saving paddy cultivation methods such as Alternate Wetting and Drying (AWD) will be piloted in key paddy-growing districts.
Capacity Building and Digital Tools:
Training programs for farmers and extension workers will be rolled out, backed by ICT-based platforms for continuous learning and decision support.
To enhance climate resilience in agriculture, the National Commodity & Derivatives Exchange (NCDEX) signed a Memorandum of Understanding (MoU) with the India Meteorological Department (IMD) for the development of rainfall-based weather derivatives—a first for India.
Key Highlights:
Purpose of the MoU:
Develop and introduce weather-based derivative products, starting with rainfall-linked contracts, to help stakeholders hedge against climate-related risks.
Why It Matters:
Over 70–90% of India’s rainfall occurs during the monsoon, impacting crops, transportation, and agri-value chains.
Current insurance models are slow and coverage-limited. Derivatives provide faster, market-driven risk mitigation.
Data Support from IMD:
IMD will provide:
Historical rainfall data (to assess flood/drought-prone areas).
Real-time rainfall in gridded and point formats (for current season risk assessment).
Climate deviation analysis to support agri-business decisions.
Sectors to Benefit:
Farmers and FPOs
Agri-traders and logistics firms
Policymakers and insurers
Broader Impact:
Facilitates seasonal and location-specific weather contracts.
Supports agriculture, transport, tourism, and allied industries.
Promotes climate-resilient finance instruments for rural India.
Future Steps:
Capacity-building for stakeholders.
Joint research and development of temperature- and wind-based products.
Potential policy and regulatory backing from SEBI and the Ministry of Agriculture.
1. BoB waives charges on non-maintenance of monthly average balance
The state-owned lender, Bank of Baroda, announced a complete waiver on all charges for non-maintenance of the Monthly Average Balance (MAB) in its standard savings account schemes, effective 1 July 2025, the bank said in a press note.
2. India’s First National Cooperative University in Gujarat
Union Minister Amit Shah laid the foundation stone for Tribhuvan Sahkari University, India’s first national cooperative university, at Anand, Gujarat—the birthplace of Amul and a historic centre of India’s cooperative movement.
University Overview:
Name:Tribhuvan Sahkari University
Location: Anand, Gujarat
Named after:Tribhuvandas Kishibhai Patel, founder of Amul and pioneer of India’s cooperative movement
Institutional Goal: Strengthen India's cooperative ecosystem by producing trained professionals
Five to remember · 6 & 7 July 2025
Launched in 2016, UPI enables real-time person-to-person and merchant transactions using mobile apps. Payments Ecosystem in India
Dropped from 16.2% in 2011–12 to 2.3% in 2022–23Gini Index: World Bank Report
SBI had already removed this requirement in 2020 after public backlash, especially following RTI revelations that penalty collections exceeded net profit in some years. Public Sector Banks May Scrap Minimum Balance P…
BRICS Foreign Ministers had already included a condemnation in their April 2025 Chair Summary. BRICS Summit in Rio de Janeiro, Brazil
40% to 75%, among the highest for zoonotic infections Nipah Virus (NiV)
1. Colombia and Uzbekistan Join New Development Bank (NDB)
Context
Colombia and Uzbekistan have become the latest members of the New Development Bank (NDB), also known as the BRICS Bank. The announcement was made ahead of the 17th BRICS Summit, during the 10th meeting of the NDB’s Board of Directors. The addition brings the total membership to 11 countries.
Current Members of NDB
Founding BRICS Nations (2015):
Brazil
Russia
India
China
South Africa
New Members:
Bangladesh
United Arab Emirates
Egypt
Algeria
Colombia
Uzbekistan
About the NDB
Established: 2015
Headquarters: Shanghai, China
Purpose: Mobilize resources for infrastructure and sustainable development in BRICS and other emerging/developing economies
National Affairs
1. India’s SDG-4 Education Progress Report 2025
Context
The National Indicator Framework (NIF) Progress Report 2025 was released on the occasion of the 19th National Statistics Day. It tracks India’s progress on the 17 Sustainable Development Goals (SDGs) using 284 national indicators.
Key Highlights:
Report by: Ministry of Statistics and Programme Implementation (MoSPI)
Coverage: 284 indicators across 17 SDGs (down from 290 in 2024)
Reference Period: Data from 2015–16 to 2024–25
National Indicator Framework (NIF) Report 2025
Social Protection Coverage: Rose from 22% in 2016 to 64.3% in 2025.
Senior Citizens Supported: Institutional assistance increased from 23,000 (2015) to 1.57 lakh (2023–24).
Agricultural Productivity: GVA per agricultural worker grew from ₹61,247 (2015–16) to ₹94,110 (2024–25).
Inequality Decline (Gini Coefficient):
Rural: 0.283 →0.237
Urban: 0.363 →0.284
Forest Cover: Increased from 21.34% (2015) to 21.76% (2023).
Tertiary Education Gross Enrolment Ratio: Improved from 23.7% (2015–16) to 29.5% (2022–23).
Renewable Energy Share: Rose to 22.13% (2024–25) from 16.02% (2015–16).
UNESCO SDG-4 Scorecard 2025 (Education Focus)
Foundational Literacy Challenge:
India is off-track by 11 percentage points in minimum reading proficiency at primary level.
2. Digital Census 2027: India’s First Tech-Driven Population Survey
Context
The Registrar-General of India (RGI) has announced that the 2027 Census will be India’s first fully digital Census, leveraging mobile technology and self-enumeration portals to ensure faster data availability and improved accuracy.
Key Highlights:
First Digital Census:
For the first time, the Census will be conducted using technology to collect and transmit data electronically to the central server, enabling quicker compilation and processing.
Two-Phase Census:
The exercise will be conducted in two phases, with the option for residents to self-enumerate in both.
Self-Enumeration Option:
Citizens will be able to participate via a dedicated web portal, making the process more participatory and accessible.
Mobile App Usage:
Enumerators will use a Mobile App (available on Android & iOS) to collect data in English, Hindi, and regional languages.
India’s Maternal Mortality Ratio (MMR) stands at 93 per 1 lakh live births (SRS 2019–21), showing notable improvement. However, regional disparities and healthcare system gaps persist, especially in Empowered Action Group (EAG) states.
Key Highlights:
Definition and Measurement
Maternal Mortality Ratio (MMR): Number of maternal deaths per 100,000 live births.
Maternal Death (WHO): Death of a woman during pregnancy or within 42 days of termination due to pregnancy-related causes.
MMR Data (2019–21)
India’s MMR:93
Lowest MMR: Kerala (20)
Highest MMR: Assam (167)
Southern states outperform EAG states (e.g., Bihar, UP, MP, Odisha).
Why MMR Matters
Public Health Barometer: Reflects healthcare access, gender equity, emergency care systems.
SDG 3.1 Target: Reduce global MMR to <70 by 2030 — India needs faster progress.
Avoidable Tragedy: Majority of maternal deaths are preventable with timely obstetric care.
Key Challenges
Three Delays Model (Deborah Maine Framework):
Delay in Decision: Due to social stigma, ignorance, or poor family support.
Delay in Transit: Especially in tribal, hilly, or remote areas.
Delay in Treatment: Lack of specialists, surgical readiness, blood availability.
Infrastructure Bottlenecks:
Only 2,856 out of 5,491 Community Health Centres (CHCs) function as First Referral Units (FRUs).
66% shortage of specialists in public health facilities.
The Ministry of Social Justice and Empowerment has withheld provisional award letters for 66 out of 106 selected candidates under the National Overseas Scholarship (NOS) scheme for FY26, citing shortage of funds.
About the National Overseas Scholarship (NOS) Scheme
Scheme Type:
Central Sector Scheme under the Ministry of Social Justice and Empowerment.
Objective:
To support students from marginalised and economically weaker sections in pursuing Master’s and Ph.D. programs abroad, enhancing their social and economic mobility.
Target Beneficiaries
Scheduled Castes (SCs)
Denotified, Nomadic & Semi-Nomadic Tribes
Landless Agricultural Labourers
Traditional Artisans
Eligibility Criteria
Criteria
Details
Education
Master’s: Bachelor’s with ≥ 60%Ph.D.: Master’s with ≥ 60%
Age Limit
Not more than 35 years as of April 1 of the selection year
Income Limit
Annual family income ≤₹8 lakh
University
Unconditional admission to Top 500 QS-ranked universities
Other Conditions
- Not already studying or settled abroad - Max two children per family eligible
Key Features
Total Annual Slots: 125
115 for SCs
6 for Denotified Tribes
4 for Agricultural Labourers/Artisans
30% reservation for women candidates.
Two-Phase Selection Process:
Phase 1: Candidates with admission in QS Top 500 institutions.
Phase 2: Broader eligibility including QS-ranked or recognised global institutions.
State-wise Cap: No more than 10% of slots per state to promote geographic diversity.
Conditional Funding Clause: If funding is insufficient, fewer award letters are issued despite selection.
5. Northeast District SDG Index 2023–24: NITI Aayog
Context
The NITI Aayog, in collaboration with the Ministry of Development of Northeastern Region (MDoNER) and supported by the United Nations Development Programme (UNDP), released its 2023–24 Northeast District SDG Index. The report highlights a sharp rise in the share of 'front runner' districts, signaling significant progress in localising Sustainable Development Goals (SDGs) across India’s Northeastern states.
Key Highlights:
Overall Performance
Front Runner Districts (SDG Score 65–99):
2021–22: 62% of NE districts
2023–24: 85% of NE districts
A district is labelled "Performer" if it scores between 50 and 64.9.
Top-Performing Districts (2023–24)
Rank
District
State
SDG Score
1
Hnahthial
Mizoram
81.4
2
Champhai
Mizoram
79.8
State-Wise Performance
All districts in Mizoram, Sikkim, and Tripura are now in the 'Front Runner' category.
Significant improvements in Meghalaya (from 1 to 10 front runner districts).
State
2021–22 Front Runners
2023–24 Front Runners
Arunachal Pradesh
13
16
Assam
23
31
Manipur
8
12
Meghalaya
1
10
Mizoram
7
11
Nagaland
N/A
9
Sikkim
4
6
Tripura
8
8
Areas of Concern
Despite the overall rise, decline in front runner status was noted for:
SDG 7: Affordable and Clean Energy
SDG 10: Reduced Inequalities
SDG 12: Responsible Consumption and Production
About the Index
Edition: Second (first released in August 2021)
Coverage:
2021: 103 of 120 districts
2023: 121 of 131 districts (92%)
Indicators: 84 in total
41 from central ministries
43 from state sources
Provides granular, district-level tracking of progress on all 17 SDGs
1. SEBI Proposes Relaxation of Broad-Basing Norms for Mutual Funds
Context
The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing relaxation of the broad-basing requirement for pooled investment funds, following representations by the Association of Mutual Funds in India (AMFI) and other industry stakeholders.
What Are Non-Broad-Based Funds?
Funds with fewer than 20 investors or where one investor holds more than 25% of the corpus.
Previously, SEBI regulations favored broad-based funds to mitigate risks related to preferential treatment or insider dealings.
Key Proposals by SEBI
Advisory Services via Separate Unit
AMCs will be allowed to offer advisory services to pooled funds (with fewer than 20 investors or a single investor holding over 25% of the corpus) through a distinct and ring-fenced unit with dedicated personnel and separate infrastructure.
Target Funds
Covers pooled non‑broad‑based funds, including offshore institutional funds and family-office structures that didn't qualify as broad-based.
Operational segregation to prevent conflicts between mutual fund operations and advisory services
Expanded Ancillary Services
AMCs and their subsidiaries may also:
Serve as global distributors of their investment vehicles
Act as Points of Presence (PoP) for pension schemes (in compliance with PFRDA guidelines)
Undertake fund distribution and marketing activities aligned with fund management
Why It Matters
Business Expansion: Facilitates entry into institutional advisory and structured products
Investor Choice: Allows high-net-worth individuals, family offices, and foreign partners to access AMC expertise
Regulatory Balance: Ensures investor protections and market integrity while enabling AMCs to diversify
BS & TET
2. NPCI to Launch IoT-Enabled UPI Payments
Context
The National Payments Corporation of India (NPCI) is developing an IoT (Internet of Things)-ready version of UPI, aimed at enabling autonomous payments via smart devices such as wearables, connected vehicles, and home appliances. This innovation is part of NPCI’s 2025 roadmap and supports its goal of tenfold growth in UPI transactions.
Key Highlights:
What’s Happening?
The National Payments Corporation of India (NPCI) is developing an IoT-ready version of UPI.
Smart devices like refrigerators, washing machines, smartwatches, connected cars, and smart TVs will soon be able to initiate UPI transactions independently — for example, paying for parking, metro tickets, or renewing subscriptions automatically.
How It Will Work
Device-specific UPI IDs
Each device will be assigned a unique virtual payment address, linked to the user’s main UPI account.
Payment Mandates and AutoPay Features
Implementation of delegated payment frameworks such as UPI Circle and AutoPay.
Users will be able to define mandates and transaction limits per device for better control.
Security and User Authorization
Transactions will require pre-approved mandates, OTPs, or device-based authentication.
NPCI plans to implement strict safeguards to manage risks and prevent unauthorized use.
Why It Matters
For NPCI: Supports its goal of 10x expansion in UPI use cases and penetration.
For Consumers: Enables seamless, contactless payments through everyday smart devices.
For India: Boosts its role as a pioneer in embedded financial infrastructure, enhancing digital adoption and financial inclusion.
The Internet of Things (IoT)
The Internet of Things (IoT) refers to a network of physical objects embedded with sensors, software, and other technologies that enable them to connect and exchange data with other devices and systems over the internet. Essentially, it's about making everyday "things" smart and interconnected, allowing them to communicate and automate tasks, often without human intervention.
BS
3. SEBI to Intensify Surveillance on Derivatives Trading
Context
SEBI Chairman Tuhin Kanta Pandey, speaking at a public event on Monday, announced that the regulator will strengthen surveillance mechanisms for India’s derivatives market. This comes in the backdrop of recent regulatory action against high-frequency trading firm Jane Street.
Key Highlights:
Focus on Derivatives Oversight
SEBI plans to tighten surveillance frameworks for derivatives trading on both:
4. Expand Financial Inclusion Using AI and Fintech Innovation: DFS Secretary
Context
At the CII’s 3rd Financial Inclusion and Fintech Summit (New Delhi, July 7), M. Nagaraju, Secretary of the Department of Financial Services (DFS), urged fintech firms to deepen financial inclusion by leveraging Artificial Intelligence (AI) and digital innovation, while also strengthening fraud and cyber risk management.
Profits and losses must be shared proportionally to each investor’s committed capital.
Pari-passu Rights:
All investors must be treated equally in terms of drawdowns and return distributions, unless an exemption applies.
Objective
Ensure fairness, transparency, and uniformity in investor treatment within AIFs.
Bring clarity to waterfall distribution models and preferential rights often used in legacy and global investor structures.
What Are Alternative Investment Funds (AIFs)?
Alternative Investment Funds (AIFs) are privately pooled investment vehicles that raise funds from investors to invest in non-traditional assets such as private equity, venture capital, hedge funds, infrastructure, and social impact ventures. These differ from conventional instruments like stocks and mutual funds and are governed under the SEBI (Alternative Investment Funds) Regulations, 2012.
Legal Structure:
AIFs in India can be formed as:
Trusts
Limited Liability Partnerships (LLPs)
Companies
Other permissible entities
Types of AIFs in India
Category I: Growth-Oriented and Impact Investments
Focus: Promote innovation, start-ups, SMEs, and social impact.
Venture Capital Funds (VCFs): Finance high-growth start-ups; high risk, high return.
Angel Funds: Early-stage funding with ₹25 lakh minimum per investor.
Infrastructure Funds: Invest in sectors like transport, energy, and urban development.
Social Venture Funds: Support impact-driven ventures in health, education, etc.
Category II: Private and Debt-Oriented Funds
Focus: Invest in private equity and debt without leverage.
Private Equity (PE) Funds: Back unlisted firms with long lock-in periods.
Debt Funds: Invest in unlisted debt securities with strong governance.
Fund of Funds (FoFs): Invest in units of other AIFs for diversified exposure.
Category III: High-Risk, Market-Linked Strategies
Focus: Aggressive strategies, including leverage and arbitrage.
PIPE Funds: Buy publicly traded shares at discounted prices.
Hedge Funds: Invest in domestic/global markets using derivatives and leverage; high fee structure (typically 2% management + 20% performance fee).
Investor Eligibility and Requirements:
Who Can Invest: Resident Indians, NRIs, foreign nationals.
Minimum Investment: ₹1 crore (₹25 lakh for fund managers, employees, directors).
Lock-in Period: Minimum 3 years.
Investor Cap: Max 1,000 investors per scheme (49 for Angel Funds).
The Government of India is considering incorporating Section 27 of the MSMED Act, 2006 into the proposed Jan Vishwas Bill 2.0, aiming to decriminalize minor offences related to non-disclosure of business information by Micro, Small and Medium Enterprises (MSMEs).
Key Highlights:
Objective
Reduce compliance burden and decriminalize petty economic offences to promote ease of doing business.
Plug financial leakages faced by MSMEs due to minor penalties.
Background
Jan Vishwas Bill 2.0 was announced in the FY26 Budget by Finance Minister Nirmala Sitharaman.
It will decriminalize 100 more laws, following the first Jan Vishwas Bill (2023) that decriminalized 180 provisions.
Focus on MSMEs
India has over 65 million registered MSMEs, contributing:
30% to GDP
45% to exports
MSMEs often face penalties for minor non-compliance, which can impact capital flow and growth.
Section 27 of the MSMED Act
Provision: Penalizes MSMEs for non-disclosure of business-related information to central or state authorities.
Penalty structure:
₹1,000 for failure to furnish required information.
Fines range from ₹1,000 to ₹10,000 depending on the nature of non-compliance.
Policy Impact
Reduces fear of prosecution for small businesses.
Promotes trust-based governance and voluntary compliance.
Frees up resources for MSMEs to focus on operations and innovation.
The Department of Fertilizers has prohibited fertiliser companies from planning any plant shutdowns in FY2025–26, citing the need to ensure adequate urea availability during both kharif and rabi seasons. The directive was issued via a government note dated July 3, 2025, shared with top urea manufacturers.
Urea is the most widely used nitrogenous fertilizer in India and globally. With a high nitrogen content (46%), it plays a crucial role in enhancing plant growth and increasing crop yields. Amid rising concerns over fertilizer shortages and import dependency, understanding urea's utility and proper usage is vital.
Key Features of Urea Fertilizer
Primary Nitrogen Source: Urea provides nitrogen—a critical nutrient for vegetative growth, particularly in cereals and high-yield crops.
High Nutrient Efficiency: Contains 46% nitrogen by weight, making it highly efficient and cost-effective.
Mechanism of Action:
Undergoes hydrolysis and nitrification in soil to release nitrogen as ammonium (NH₄⁺) and nitrate (NO₃⁻), both absorbable by plants.
Versatility: Suitable for a wide range of crops and climatic zones.
Other Uses: Also used in animal feed, resins, adhesives, and pharmaceuticals.
Best Practices in Urea Application
Proper Application: Apply based on crop-specific requirements to avoid overuse.
Soil Incorporation: In dry or warm climates, mix into soil to minimize nitrogen loss via volatilization.
Timing & Placement:
Apply during key vegetative stages for maximum uptake.
Avoid surface application before rainfall or irrigation to reduce leaching.
Avoiding Overuse: Excess nitrogen may lead to:
Soil acidification
Water pollution (nitrate leaching)
Increased greenhouse gas emissions (N₂O)
Challenges & Environmental Considerations
Nitrogen Loss: Up to 50% nitrogen can be lost due to volatilization or leaching if poorly managed.
Pollution Risk: Improper use contributes to eutrophication in water bodies and air pollution via ammonia volatilization.
Sustainability Concerns: Need for balanced fertilization (e.g., combining urea with phosphates, potash, or nano-urea) to ensure long-term soil health.
2. iTrapper: Smart Light Trap to Target Pests & Save Beneficial Insects
Context
Hyderabad-based Delta Things Pvt Ltd, in collaboration with PJTSAU, has developed iTrapper, an IoT-enabled intelligent light trap that selectively eliminates crop pests like pink bollworm while safeguarding beneficial insects.
Key Highlights:
Core Technology:
Multiwavelength LED bulb
IoT microcontroller
Crop-specific light wavelength programming
Working Principle:
Emits specific light wavelengths at targeted times to attract harmful pests
Automatically shuts down during periods when beneficial insects are active
Crop-specific settings (e.g., cotton → pink bollworm trap at sunset; paddy → gall midge trap post-midnight)
Benefits & Impact
Eco-Friendly: Chemical-free pest control method
Biodiversity Preservation: Does not kill beneficial insects
Reduced Costs: Minimizes need for pesticide sprays
Smart Features (Export Version):
Bluetooth & mobile app support
Cloud data integration
Onboard camera for hourly image capture
Predictive pest advisories based on AI and weather analysis
1. Mexico wins CONCACAF Gold Cup for record-extending 10th time
Mexico defeated USA 2-1 to retain the CONCACAF Gold Cup and lift the title for a record-extending 10th time. An Edson Alvarez header 13 minutes from time completed a come-from-behind victory for Mexico after a typically hard-fought tussle between the North American arch-rivals.
2. Securitisation volumes up 9% Q1 at ₹ 49K cr in
The sale of loans by banks and nonbanking financial companies (NBFCs) through securitisation grew 9 per cent on ayear-on-year (Y-o-Y) basis to ₹ 49,000 crore in the first quarter of2025-26 (Q1FY26), according to ratings agency Crisil.
3. Gujarat Becomes 3rd Indian State to Cross 1 Crore Stock Market Investors
This milestone was confirmed by the National Stock Exchange (NSE). Gujarat has become the third state in India to record over 1 crore registered stock market investors.
The Union Environment Ministry has granted environmental clearance (EC) to a proposed Waste-to-Energy Plant (WTE) in Bawana, making it the fifth such facility set to come up in Delhi.
4. ₹8,000 Crore Proposals Received Under Centre’s Electronics Components Manufacturing Scheme (ECMS)
The Ministry of Electronics and Information Technology (MeitY) has received proposals worth ₹7,500–8,000 crore from over 100 Indian and global firms under the newly launched Electronics Components Manufacturing Scheme (ECMS), aimed at strengthening India’s electronics supply chain and reducing import dependency.
Five to remember · 8 July 2025
The National Indicator Framework (NIF) Progress Report 2025 was released on the occasion of the 19th National Statistics Day. It tracks India’s progress on the 17 Sustainable Development Goals (SDGs) using 284 national indicators. India’s SDG-4 Education Progress Report 2025
Edition: Second (first released in August 2021) Northeast District SDG Index 2023–24: NITI Aayog
Investor Cap: Max 1,000 investors per scheme (49 for Angel Funds). SEBI Reviewing AIF Norms
It will decriminalize 100 more laws, following the first Jan Vishwas Bill (2023) that decriminalized 180 provisions. Jan Vishwas Bill 2.0
Only 2,856 out of 5,491 Community Health Centres (CHCs) function as First Referral Units (FRUs). India’s Maternal Mortality Ratio (MMR)
In a rare ecological event, the Great Hornbill (Malamuzhakki Vezhambal)—Kerala’s State Bird and an endangered species—was recently sighted in Kakkampara near Ezhimala, a coastal region of Kannur district, far from its traditional forest habitats.
Credit: Wikipedia
Conservation Status
IUCN Red List: Listed as Endangered.
Legal Protection: Covered under Schedule I of the Indian Wildlife (Protection) Act, ensuring maximum protection.
Habitat Anomaly:
Typically found in the evergreen and moist deciduous forests of Kerala—Silent Valley, Nelliampathy, Aralam, Athirappilly, and Parambikulam.
The appearance in a coastal zone is highly unusual and ecologically significant.
2. Cabinet Approved Research Development and Innovation (RDI) Scheme
Context
The Union Cabinet has cleared the Research Development and Innovation (RDI) Scheme with a corpus of ₹1 lakh crore, aiming to transform India’s research and innovation ecosystem, especially in sectors of economic and strategic importance.
Key Objectives of the RDI Scheme
Promote private sector investment in R&D, particularly in strategic and economically critical sectors
Support projects at higher Technology Readiness Levels (TRLs) for faster commercialization
Facilitate technology acquisition where domestic capacity is lacking
Establish a Deep-Tech Fund of Funds to nurture startups and frontier innovation
Institutional Framework
Governing Board (under Anusandhan National Research Foundation, chaired by the PM): Strategic oversight
Executive Council (ANRF): Identifies projects, finalizes fund managers
Empowered Group of Secretaries (EGoS): Reviews and implements scheme, chaired by Cabinet Secretary
Nodal Department: Department of Science and Technology (DST)
Funding Structure: Two-Tier Mechanism
Corpus: ₹1 lakh crore via 50-year interest-free loan to ANRF
Special Purpose Fund (SPF): Managed under ANRF; acts as central custodian of funds
Second-Level Fund Managers:
Selected by ANRF
Disburse concessional long-term loans or equity to R&D/startup projects
Evaluate projects and offer funding through equity or debt
Why It’s Needed
India’s GERD (Gross Expenditure on R&D) was ₹1.27 lakh crore in 2021 (only 0.64% of GDP)
Calorie intake increases with Monthly Per Capita Consumption Expenditure (MPCE) across both rural and urban sectors.
Inequality Reduced:
The gap in calorie intake between the bottom and top fractile classes narrowed in 2023–24.
Main Sources of Protein (2023–24):
Cereals remain the largest source: ~47% in rural and ~39% in urban areas.
The share of cereals in protein intake has declined steadily since 2009–10, offset by increases in eggs, fish, meat, and milk products.
Adjusted Nutrient Intake (Accounts for external meal consumption):
Adjusted values are slightly lower than unadjusted.
Adjusted Calorie Intake (2023–24):
Rural: 2191 Kcal
Urban: 2225 Kcal
PIB
4. FATF 2025 Report Flags Digital Tools as Key Enablers in Terror Financing
Context
The Financial Action Task Force (FATF) released its 2025 comprehensive update on Terrorist Financing Risks, highlighting how emerging digital platforms are increasingly misused to fund terrorism. India features prominently in case studies involving digital tools in the Pulwama and Gorakhnath attacks.
Key Highlights from FATF 2025 Report:
Digital Terror Financing Tools:
Use of e-commerce platforms, cryptocurrencies, VPNs, and third-party payment gateways to anonymously fund and execute terror operations.
Example: The Pulwama bomber procured aluminium powder via Amazon; the Gorakhnath attacker used PayPal and VPNs to finance ISIL-linked operations.
Exploitation of E-Commerce Platforms (EPOMs):
Terrorists are using online marketplaces to purchase dual-use goods covertly.
Lack of monitoring and due diligence enables misuse.
Crypto and Anonymous Tools:
Unregulated cryptocurrency markets, mixing services, and blockchain wallets aid in untraceable fundraising.
Encrypted apps and VPNs help avoid detection and surveillance.
Lone-Actor Radicalisation:
Rise in self-radicalised individuals using crowdfunding, gaming platforms, and social media to mobilise funds and coordinate attacks independently.
Trade-Based Terror Financing:
Use of under- and over-invoicing on digital storefronts to launder and transfer terror funds without raising red flags.
Geographic Focus:
High-risk zones: India, South Asia, West Africa, Sahel, and Middle East.
India cited for both domestic radicalisation and cross-border financial threats.
Regulatory Gaps Identified:
Weak KYC norms on digital wallets and fintech platforms.
Poor data localisation policies hinder law enforcement’s ability to retrieve digital evidence.
Challenges in Combating Digital Terror Financing:
Cross-border legal complexity and lack of cooperation.
Dark web usage and real-time tech adaptability by terror groups.
Inadequate oversight in jurisdictions with lax AML/CTF frameworks.
FATF Recommendations:
Strengthen Digital KYC: Mandatory identity verification for e-wallets, fintech apps, and e-commerce platforms.
Real-Time AI Surveillance: Deploy systems to detect suspicious financial behavior and keyword-triggered purchases.
Global Data Sharing: Establish treaties and digital evidence exchange protocols with tech-hosting nations.
Crypto Oversight: Enforce disclosure, monitoring, and suspicious transaction reporting by crypto exchanges.
Platform Responsibility: Online marketplaces to flag high-risk items, ensure seller verification, and comply with reporting standards.
1. RBI Issues New Directions on Pre-Payment Charges for Loans
Context
To enhance access to affordable credit for Micro and Small Enterprises (MSEs) and resolve customer grievances, the Reserve Bank of India (RBI) has issued the RBI (Pre-payment Charges on Loans) Directions, 2025, effective January 1, 2026.
Key Highlights:
Applicability
Effective from: January 1, 2026
Applies to:
Commercial banks (excluding Payments Banks)
Co-operative banks
NBFCs (including NBFC-UL, NBFC-ML)
All India Financial Institutions (AIFIs)
What is Pre-payment Charges?
Prepayment charges on loans, also known as prepayment penalties, are fees that lenders impose on borrowers who repay their loans before the scheduled end date. These charges compensate the lender for the interest income they would have earned had the loan been repaid according to the original terms.
Pre-Payment Charges Provisions
No Pre-Payment Charges (Floating Rate Loans)
For personal loans (non-business purposes):
No charges for individuals (with/without co-obligants)
For business loans to individuals and MSEs:
No charges if lender is:
Commercial Bank (excluding SFBs, RRBs, LABs)
Tier-4 Primary (Urban) Co-operative Bank
NBFC-UL
AIFI
No charges up to ₹50 lakh if lender is:
Small Finance Bank (SFB)
Regional Rural Bank (RRB)
Tier-3 Urban Co-operative Bank
State & Central Co-operative Banks
NBFC-ML
Universal Application
Applies regardless of the source of pre-payment (borrower’s own funds or loan refinance)
No minimum lock-in period required
Dual/Special Rate Loans
Applicability depends on whether the loan is floating at the time of pre-payment
Other Key Provisions
Cash Credit/Overdraft:
No charge if borrower informs in advance of non-renewal and closes on due date
If pre-paid early, charges only on sanctioned limit
Disclosure Mandate:
All charges must be clearly disclosed in the sanction letter, loan agreement, and Key Facts Statement (KFS)
No Retrospective Charges:
REs cannot re-impose previously waived charges
No Charges if Prepayment Initiated by RE
Charges in Other Cases:
As per RE’s approved policy, but based on prepaid amount or sanctioned limit as applicable
2. SEBI Clampdown Leads to 20% Fall in Retail Participation in F&O Market
Context
The Securities and Exchange Board of India (SEBI) has reported a sharp 20% decline in individual retail traders in the equity derivatives (Futures & Options) market, following its recent interventions aimed at curbing retail frenzy and mitigating financial risks.
Key Findings from SEBI’s Latest F&O Study
Retail Participation Drops Sharply
Unique traders fell from 8.43 million to 6.77 million, a 20% decline.
Turnover by individual traders dropped by 11%, from ₹62,700 crore to ₹56,000 crore.
Sharpest decline (30%) was observed in traders with less than ₹10,000 turnover.
SEBI’s Regulatory Measures (Since November 2024)
Raised contract size for weekly and monthly index derivatives.
Limited weekly index derivative listings.
Mandated upfront premium collection from options buyers.
Abolished calendar spread benefit on expiry day.
These reforms were introduced in response to concerns about financial losses among retail participants and rising speculative trading.
The Department of Financial Services (DFS), Ministry of Finance has refuted media reports claiming that banks have been instructed to close inactivePM Jan Dhan Yojana (PMJDY) accounts.
Key Highlights:
Clarification Issued: DFS has not asked any bank to close inactive PMJDY accounts.
SEBI may revise the weekly expiry schedule of index options to fortnightly, limiting it to one expiry per fortnight, if its recent reforms fail to reduce the speculative surge in options trading volumes. This comes in the backdrop of the Jane Street order for alleged manipulation and the regulator’s ongoing effort to cool down over-heated index derivatives markets.
Why the Move is Being Considered
High index options turnover continues despite prior curbs.
SEBI’s 3 July interim order against US-based Jane Street for ₹4,844 crore market manipulation on options expiry day raised concerns about market integrity.
Retail traders dominate index options, but 91% incurred net losses in FY25, similar to FY24, per SEBI’s Equity Derivatives Study (EDS).
Recent Measures by SEBI
October 2023:
Cut multiple weekly expiries to one per exchange.
Increased contract size to ₹15–20 lakh (from ₹5–10 lakh).
May 2025:
Changed Open Interest (OI) computation to future-equivalent basis, reducing notional exposure leverage.
Tightened position limits to cap risk exposure.
SEBI’s Plan Going Forward
Monitor whether recent reforms reduce speculative volumes in coming weeks.
If impact is marginal, may move to a single fortnightly expiry per benchmark index (Sensex, Nifty).
Final decision to be taken after stakeholder consultations.
Mint
5. ADB Launches UHC PEERS Network to Boost Universal Health Coverage
Context
At the INSPIRE Health Systems Forum in Manila, the Asian Development Bank (ADB)—led by President Masato Kanda—launched the Universal Health Coverage Practitioners and Experts Knowledge Exchange and Resources (UHC PEERS) network. Health ministers and officials from over 25 countries participated in the event.
Why It’s Important
Over 1 billion people in Asia and the Pacific lack access to essential health services.
Many families fall into poverty due to out-of-pocket medical expenses.
ADB estimates show that every $1 invested in primary healthcare yields $10 in economic returns, underlining the importance of public health investments.
Features of UHC PEERS Network
Peer-to-peer learning platform for cross-country collaboration and best practices.
Focus areas include:
Health financing reform
Primary healthcare innovations
Inclusion of underserved communities
Private sector engagement
Complements the UHC Knowledge Hub in Tokyo.
Agriculture
1. CRISPR-Edited Rice Enhances Phosphorus Uptake and Yield: NIPGR
Context
Researchers at the National Institute of Plant Genome Research (NIPGR), New Delhi, have used CRISPR-Cas9 gene-editing technology to improve phosphorus uptake and yield in japonica rice varieties. This development has the potential to reduce India's reliance on phosphate fertilizers and enhance crop productivity, especially in phosphorus-deficient soils.
Why It Matters
Phosphorus (P) is vital for plant growth but is often limited in Indian soils, affecting crop yield.
Even with phosphate fertilizers, only 15–20% is absorbed by plants; the rest is lost due to leaching or runoff.
India is highly import-dependent for phosphate fertilizers, raising sustainability concerns.
Key Scientific Advancement
Focus on Phosphate Transport
Rice absorbs phosphate via root transporters and transfers it to shoots through another transporter, OsPHO1;2.
Researchers targeted the regulation of OsPHO1;2 to improve phosphate translocation from root to shoot.
Identification and Editing Strategy
Repressor Gene Identified:
OsWRKY6 binds to the promoter of OsPHO1;2 and represses it.
Complete knockout of OsWRKY6 using CRISPR improved phosphate uptake but harmed plant development due to loss of other essential functions.
Precision Edit:
Scientists removed only the 30 base pair binding site on the promoter without removing the repressor itself.
This increased OsPHO1;2 expression in roots while preserving other repressor functions.
Results of the Experiment
Higher Shoot Phosphate Accumulation.
Increased Panicle and Seed Numbers.
Yield Boost:
20% increase in yield with recommended P dose.
40% increase with only 10% of recommended P fertilizer.
Seed Quality: Normal in size, starch, and phosphorus content.
Japonica Rice
Japonica rice, also known as sinica rice, is a variety of Oryza sativa (Asian rice) characterized by its short to medium, round, and sticky grains. It's a major rice type cultivated and consumed in East Asia, particularly in Japan, Korea, and China, but also grown in other regions like Italy and parts of the United States. Unlike the longer, thinner grains of indica rice, Japonica rice is known for its stickier texture when cooked, making it suitable for dishes like sushi and rice bowls.
2. National Workshop on DBT Portal 2.0 & NaMo Drone Didi Yojana Held
Context
The Ministry of Agriculture and Farmers’ Welfare (Mechanization & Technology Division) organized a one-day national workshop in New Delhi on the implementation of:
Online Centralized Direct Benefit Transfer (DBT) Platform Version 2.0
1. Bihar Cabinet makes domicile must for women’s job quota
The Bihar Cabinet on Tuesday made domicile mandatory for accessing the 35% reservation for women in State government jobs.
2. Bulgaria becomes 21st member to adopt euro after EU green light
EU Ministers gave the final green light for Bulgaria to adopt the euro on January 1, 2026, making it the single currency area’s 21st member. Bulgaria’s switch from the lev to the euro comes nearly 19 years after the country joined the European Union. EU finance ministers officially set the euro at 1.95583 Bulgarian lev.
3. Public Sector Banks Prioritize Local Language Skills to Improve Customer Service
Amid growing concerns over language barriers in customer interactions, state-owned banks are stepping up efforts to bridge linguistic gaps by mandating local language proficiency for new hires and training existing employees in regional languages.
4. RBI to conduct two day VRRR auction today to soak up ₹ 1 trn
The Reserve Bank of India (RBI) will conduct a two-day variable rate reverse repo (VRRR) auction for a notified amount of ₹ 1 trillion.
5. BoI Waives Balance Penalty, Cuts Home and Edu Loan Rates
Bank of India has waived non-maintenance of minimum balance penalties across all savings bank account schemes, effective immediately.
6. NPCI Ups RuPay Card Play to Challenge Global Rivals Visa, Mastercard
The National Payments Corporation of India (NPCI) is aggressively incentivising banks to push RuPay credit cards, directly challenging global players Visa and Mastercard in India’s booming credit card market.
7. Mustard Oil Identified as Key to India’s Edible Oil Self-Reliance
Industry leaders and data from the 2024–25 crop year indicate that mustard, a vital Rabi oilseed crop, can play a central role in reducing India's edible oil import dependency. Experts advocate for greater acreage, high-yield seed promotion, and assured price mechanisms.
8. Brazil confers its highest civilian honour ‘Grand Collar of the National Order of the Southern Cross’ on PM Modi
Prime Minister Narendra Modi’s four-day visit to Brazil, which enhanced and enriched South dialogue and deepened strategic ties with Brazil, has concluded.
Five to remember · 9 July 2025
India’s GERD (Gross Expenditure on R&D) was ₹1.27 lakh crore in 2021 (only 0.64% of GDP) Cabinet Approved Research Development and Innov…
Retail traders dominate index options, but 91% incurred net losses in FY25, similar to FY24, per SEBI’s Equity Derivatives Study (EDS). SEBI May Scrap Weekly Index Options Expiry
Unique traders fell from 8.43 million to 6.77 million, a 20% decline. SEBI Clampdown Leads to 20% Fall in Retail Part…
Minors above 10 years can open accounts with parental/guardian supervision No Closure of Inactive PMJDY Accounts
Even with phosphate fertilizers, only 15–20% is absorbed by plants; the rest is lost due to leaching or runoff. CRISPR-Edited Rice Enhances Phosphorus Uptake a…
1. Starlink Receives IN-SPACe Approval to Operate in India
Context
On July 9, 2025, IN-SPACe (Indian National Space Promotion and Authorisation Centre), under the Department of Space, granted authorisation to Starlink to operate its satellite broadband services in India. This marks a significant regulatory step for Elon Musk’s SpaceX-owned Starlink, which has long awaited full clearance to launch operations in the country.
IN-SPACe (Indian National Space Promotion and Authorisation Centre)
IN-SPACe, the Indian National Space Promotion and Authorisation Centre, is an autonomous agency under the Department of Space (DoS) in India.
Its primary role is to facilitate and regulate the participation of non-governmental entities (NGEs) in the space sector, acting as a bridge between private players and ISRO.
Importance of IN-SPACe Authorisation
Allows Starlink to deploy its satellite constellation over Indian territory.
Enables broadband coverage in remote and underserved areas lacking mobile infrastructure.
A key step before commercial rollout of satellite internet services.
What Is Starlink?
A low-Earth orbit (LEO) satellite network operated by SpaceX.
Provides high-speed, low-latency internet globally, including in rural and remote locations.
Particularly beneficial for geographies underserved by fiber or mobile networks.
The Government of India has initiated preparatory discussions for Census 2027, but no final decision has been taken yet on updating the National Population Register (NPR) during this exercise, according to senior Home Ministry officials.
What is NPR?
The National Population Register (NPR) is a comprehensive database of “usual residents” of India. A usual resident is defined as someone who has stayed in a local area for at least 6 months or intends to stay for the next 6 months. It includes both Indian citizens and foreign nationals.
Background and Legal Framework
Introduced under: Citizenship Act, 1955
Rules: Citizenship (Registration of Citizens and Issue of National Identity Cards) Rules, 2003
Nodal Agency: Registrar General and Census Commissioner, Ministry of Home Affairs
First Collected: In 2010, updated in 2015 through a door-to-door survey.
Features and Process
Mandatory: Registration is legally compulsory for all usual residents.
Enumeration Method: House-to-house survey during the census’s house-listing phase.
Inclusivity: Covers citizens and non-citizens residing in India.
Levels of Compilation: Local (village/town) → Sub-district → District → State → National.
Possible Outcome: Issue of a National Identity Card based on NPR data.
Authority: Registrar General acts as National Registration Authority.
3. Petroleum & Natural Gas Rules, 2025
Context
The Ministry of Petroleum & Natural Gas has released a draft policy framework to modernise India's upstream oil and gas sector. The draft rules aim to replace outdated regulations and align with evolving energy, environmental, and investment needs.
Key Features:
Stabilisation Clause:
License holders will be protected from future increases in taxes or royalties. They can claim compensation or deductions in case of policy changes affecting their financial terms.
Third-Party Access Mandate:
Lessees must declare any underutilised capacity in pipelines and facilities. Fair and transparent access will be ensured under government oversight.
Green Energy Integration:
The rules permit solar, wind, hydrogen, and geothermal projects within existing oilfields. This supports India's net-zero targets and promotes hybrid energy use.
Environmental Safeguards:
Greenhouse gas (GHG) monitoring, site restoration, and carbon capture and storage (CCS) are made mandatory. Post-closure monitoring will continue for five years.
Data Ownership and Access:
All operational data generated under these rules will be owned by the Government of India. External use will require prior approval, and confidentiality will be maintained for up to seven years.
Dispute Resolution Framework:
A dedicated Adjudicating Authority at the rank of Joint Secretary will handle disputes, ensure compliance, and levy penalties where necessary.
Contractual Reforms:
New model contracts will allow for unitisation (joint development of shared reservoirs), lease mergers, and easier relinquishment of non-viable blocks.
Legal Modernisation:
The new rules will replace the Petroleum Concession Rules (1949) and Petroleum & Natural Gas Rules (1959), aligning them with the amended Oilfields Act, 1948.
Implications
These reforms could boost private investment by reducing regulatory risks and transaction costs.
They align fossil fuel operations with India's climate goals, particularly through CCS and renewable integration.
The rules enhance transparency via stronger data governance and independent adjudication.
Operational flexibility through shared infrastructure and contractual ease could unlock more efficient resource use.
Banking and Finance
1. SEBI Proposes Expanded Role for Credit Rating Agencies
Credit Rating Agencies (CRAs) are organizations that assess the creditworthiness of borrowers, like companies or governments, and assign ratings to their debt instruments. These ratings reflect the agency's opinion on the likelihood that the borrower will repay its debts, including principal and interest, on time. Investors use these ratings to gauge the risk associated with investing in those debt instruments.
Current Regulatory Gap
SEBI regulations currently restrict CRAs to rating listed or to-be-listed securities.
CRAs can rate financial instruments under other financial sector regulators (FSRs) like RBI or IRDAI only if those regulators have issued relevant guidelines.
A lack of such guidelines from some FSRs has led to ambiguity over CRA roles in rating unlisted financial instruments.
Key Proposals in the Consultation Paper
Current Norms:
CRAs are currently allowed to rate only those securities that are:
Listed or proposed to be listed on SEBI-recognised stock exchanges.
Governed under SEBI regulations.
SEBI’s Key Proposal:
CRAs may be allowed to rate financial instruments regulated by other FSRs (e.g., RBI, IRDAI, PFRDA) even if:
The respective regulator has not issued detailed CRA guidelines.
The instrument is not listed or proposed to be listed on an exchange.
Conditions:
Ratings must be:
Fee-based: The CRA receives a professional fee.
Non-fund-based: No financing or credit exposure involved.
India faces increasing exposure to climate-induced disasters such as floods, cyclones, forest fires, and earthquakes. Despite this, disaster risk insurance penetration is low, leaving much of India’s population and property uninsured and financially vulnerable. In this context, catastrophe bonds (cat bonds) offer an innovative risk-transfer mechanism that India could adopt.
What are Catastrophe Bonds (Cat Bonds)?
Cat Bonds are specialized financial instruments that combine insurance and debt features, used to transfer disaster-related risks (like earthquakes, cyclones) from governments or insurers to capital market investors.
Key Features
Hybrid Instrument: Insurance-cum-debt product that securitizes catastrophe risk.
Risk Transfer: Moves risk from sponsor (like a sovereign government) to global investors.
Tradability: Makes hazard insurance cover a tradable security.
The Reserve Bank of India (RBI) has published a list of authorised digital lending apps (DLAs) on its website to help borrowers distinguish between regulated and fraudulent apps. This move is part of its ongoing effort to safeguard digital lending in India and ensure consumer protection.
4. RBI Issues Draft Guidelines on Novation of OTC Derivative Contracts
Context
On July 10, 2025, the Reserve Bank of India (RBI) released draft guidelines proposing a structured mechanism for novation of over-the-counter (OTC) derivative contracts. This move aims to enhance transparency, fairness, and legal certainty in OTC derivatives markets.
What is Novation?
Novation is a legal process that replaces an existing contract with a new one by substituting one counterparty while maintaining identical contractual terms (except the party change).
Parties Involved in Novation:
Transferor: Original party who exits the contract.
Transferee: New party entering the contract.
Remaining Party: The party that remains unchanged and continues in the new contract.
Key Features of the RBI Draft Guidelines
Consent Requirement
Novation can occur only with the explicit consent of the remaining party.
Tripartite Agreement
A formal tripartite agreement among the transferor, transferee, and remaining party is necessary.
Fair Valuation and Market Rates
Novation must occur at prevailing market rates.
The mark-to-market value must be exchanged between transferor and transferee to reflect financial fairness.
Standardised Documentation
RBI has asked FIMMDA (Fixed Income Money Market and Derivatives Association of India) and FEDAI (Foreign Exchange Dealers' Association of India) to:
Develop standard documentation based on international best practices.
Alternatively, participants can use a standard master agreement.
Regulatory Reporting
All novated transactions must be reported to the Trade Repository of CCIL (Clearing Corporation of India Ltd) in compliance with existing norms.
India’s large stockpile of Non-Performing Assets (NPAs) is often seen as a reflection of inefficiency in the banking sector. However, it also presents a significant investment opportunity due to the steep discounts offered in bank-led property auctions—often 20–30% below market value. Despite this, real estate investors have largely stayed away from this sector due to multiple structural and regulatory challenges.
What are NPAs?
NPAs are loans or advances where the borrower has stopped making interest or principal repayments for a specified period, typically 90 days. When a loan turns into an NPA, it is classified into different categories based on its aging and recoverability. Banks are required to maintain provisions for such assets, which can affect their overall profitability and lending capacity.
Classification of NPAs
Banks classify NPAs into different categories based on the time elapsed since the due date:
Substandard Assets:
Loans that remain non-performing for up to 12 months. These assets carry a higher risk, but there is still a reasonable expectation of recovery.
Doubtful Assets:
Loans that have remained substandard for more than 12 months. The probability of recovery becomes significantly lower, and banks need to provide a higher provision for these assets.
Loss Assets:
Loans where the bank or auditors have determined that the recovery is unlikely, though they may not be fully written off from the bank’s books. These assets represent a complete erosion of the bank’s capital if not handled properly.
Introduced a time-bound resolution process for corporate defaults.
Increased transparency and reduced timelines for recovery.
Challenges remain
Delays due to institutional bottlenecks and lack of digital integration.
Inconsistent implementation at the state/local level.
Technology-Driven Solutions
AuctionBazaar, a digital platform, is addressing key inefficiencies by:
Providing searchable property listings.
Offering legal due diligence, valuation support, and e-auction facilitation.
Handling post-auction compliance and documentation.
BS
6. CAMS Launches CAMSPay Gateway for Secure Digital Transactions
Context
Computer Age Management Services (CAMS), a key fintech infrastructure provider in India, has launched a new CAMSPay Payment Gateway tailored to meet the evolving regulatory and technological needs of the digital payments landscape.
Key Highlights:
Launch Objective:
CAMSPay aims to deliver compliance, scalability, and high-performance digital transaction processing in alignment with RBI's mandates.
Regulatory Compliance:
Designed to meet RBI’s tokenisation and data localisation norms.
Fully certified by Mastercard, VISA, and Rupay for payment security and compliance.
Performance Capabilities:
Can process 5,000+ transactions per second (TPS).
Offers real-time analytics, dashboards, and robust reliability.
Strategic Partners:
Built with Mylapay as the technology partner.
Supported by RBL Bank as the BIN (Bank Identification Number) sponsor.
Current Sector Usage:
Already serving entities in BFSI, NBFCs, fintech, and education.
Expansion plans include capital markets, insurance, and brokerages.
Economy
1. India’s Gini Index of 25.5
Context
A recent World Bank Poverty and Equity Brief pegged India's Gini index at 25.5 for 2022–23, making it appear among the most equal countries globally. However, the figure—based on consumption inequality, not income or wealth—has raised eyebrows among economists and policymakers alike.
Understanding the Gini Coefficient
Gini Index: A measure of inequality within a population; 0 represents perfect equality, 100 indicates maximum inequality.
India’s 25.5 figure is based on consumption expenditure, which generally underestimates inequality compared to income or wealth-based metrics.
Data Highlights
Gini Index (Consumption):
Improved from 28.8 in 2011–12 to 25.5 in 2022–23.
Extreme Poverty:
Fell from 16.2% to 2.3% over the same period.
However, data suffers from:
Underreporting by the rich.
High non-response rates among affluent urban households.
Structural underestimation of inequality.
Why the Debate Matters
Wage Inequality
In 2023–24, the top 10% of earners made 13 times more than the bottom 10%.
Large segments of the workforce remain in informal, low-paying jobs (e.g., self-employment, casual labour).
Regional & Spatial Inequality
Rural vs Urban MPCE Gap: Still 70% in 2023–24.
Interstate Disparities:
Rural Tamil Nadu MPCE is nearly double that of Jharkhand.
Urban Telangana MPCE is 70% higher than in Bihar.
These gaps reveal deep developmental imbalances.
Wealth and Intergenerational Inequality
Wealth inequality and intergenerational transfers are excluded from consumption surveys.
These factors significantly skew the real distribution of economic power.
BS
Agriculture
1. Indian Astronaut Shubhanshu Shukla Conducts Agri-Biotech Experiments on ISS
Context
Indian astronaut Shubhanshu Shukla, during the final leg of his mission aboard the International Space Station (ISS), participated in several cutting-edge biological and agricultural experiments under India’s collaborative space science programme with Axiom Space and ISRO.
Key Scientific Experiments Conducted:
Space Germination of Indian Crop Seeds
Seeds Used: Green gram (moong) and fenugreek (methi)
Objective: Study the impact of microgravity on seed germination and early plant development.
Method: Seeds sprouted in petri dishes, photographed, and stored in a space freezer for return to Earth.
Post-Mission Plan: Seeds to be cultivated over multiple generations to observe:
Genetic adaptations
Microbial ecosystem shifts
Changes in nutritional profiles
Microalgae Deployment
Studied for their ability to produce food, oxygen, and biofuels.
Valuable for long-duration space missions due to their:
High adaptability
Efficient oxygen generation
Sustainability in closed-loop ecosystems
Space Crop Breeding
Six plant varieties grown with the aim to:
Identify desirable genetic traits
Enable sustainable space farming through genetic analysis
Stem Cell Research
Focus on testing if microgravity and supplements can:
Accelerate cell repair or recovery
Improve stem cell-based injury healing or tissue growth
Significance of the Research
Pioneers astro-agriculture and space biomedicine using indigenous Indian crops.
Lays foundation for space-based life support systems, crucial for future Mars or lunar missions.
Enhances India’s contribution to global space biology research.
National Fish Farmers Day 2025 was celebrated on 10th July to acknowledge the vital contribution of India’s fish farmers in ensuring food security, enhancing employment, and promoting sustainable aquaculture as part of the country’s growing Blue Economy.
Key Highlights:
Key Announcements
Launch of new Fisheries Clusters.
Release of ICAR Training Calendar.
Launch of seed certification and hatchery operations guidelines.
Virtual foundation stone laying and inauguration of PMMSY-supported projects.
Govt. Schemes
Pradhan Mantri Matsya Sampada Yojana (PMMSY)
The Pradhan Mantri Matsya Sampada Yojana (PMMSY) is a flagship scheme launched by the Indian government to promote the sustainable and responsible development of the fisheries sector.
Launch Date: 2020
Ministry: Ministry of Fisheries, Animal Husbandry and Dairying.
1. Equity Mutual Fund Inflows Rise 24% in June 2025
As per the Association of Mutual Funds in India (AMFI), net inflows into equity mutual funds surged by 24% in June 2025, reaching ₹23,587 crore, up from ₹19,213 crore in May. This marks a rebound after the 22% dip in net equity inflows seen in May — the lowest in nearly a year.
2. Silver in 94kg for Parv in Asian junior weightlifting
Parv Chaudhary has claimed a silver medal in the men’s 94kg category at the Asian junior weightlifting championships in Astana.
3. Wrestlers Varun and Rohit make do with silver
Indian Greco Roman wrestlers, Varun (63kg) and Rohit (87kg), landed silver medals at the Asian under-20 championships in Bishkek, Kyrgyzstan.
4. AIFs Seek Higher Investment Limits for Banks, NBFCs in RBI Draft Norms
Alternative Investment Funds (AIFs), through industry body Indian Venture and Alternate Capital Association (IVCA), have urged the Reserve Bank of India (RBI) to ease the investment limits proposed for Regulated Entities (REs) like banks and NBFCs under the draft circular dated May 19, 2025.
5. India’s Maize Productivity: Regional Successes & National Challenges
According to a FICCI–Yes Bank report based on the Ministry of Agriculture's third advance estimates (2024–25 crop year), India's average maize yield is 3.5 tonnes/hectare, significantly lower than the global average of 6 tonnes/hectare. However, select Indian states are outperforming global leaders like China, Brazil, and Russia.
6. Sahil Kini Appointed CEO of Reserve Bank Innovation Hub
Sahil Kini, a well-known name in the Indian fintech space, has been appointed as the new CEO of the Reserve Bank Innovation Hub (RBIH).
7. DELIVERY OF FIRST INDIGENOUS DIVING SUPPORT VESSEL - ‘NISTAR’
Nistar’, the first indigenously designed and constructed Diving Support Vessel, was delivered by Hindustan Shipyard Limited to the Indian Navy at Visakhapatnam. The warship has been designed and built as per classification rules of the Indian Register of Shipping (IRS). The ship is highly specialised and can undertake Deep Sea Diving and Rescue Operations – a capability with select Navies across the globe.
8. Namibia to launch a UPI-based digital payment system later in 2025.
This follows an agreement between the National Payments Corporation of India (NPCI) and the Bank of Namibia signed in April 2024. Namibia becomes one of the few African countries adopting India’s digital public infrastructure model.
Five to remember · 10 July 2025
First Collected: In 2010, updated in 2015 through a door-to-door survey. National Population Register (NPR)
In 2023–24, the top 10% of earners made 13 times more than the bottom 10%. India’s Gini Index of 25.5
The new rules will replace the Petroleum Concession Rules (1949) and Petroleum & Natural Gas Rules (1959), aligning them with the amended Oilfields Act, 1948. Petroleum & Natural Gas Rules, 2025
Hidden Charges & High Interest: Exorbitant interest (10–20% per month) and steep penalties. RBI’s Whitelist and Key Safety Guidelines
Enables lenders to seize and auction secured assets without court intervention after a 60-day notice. Non-Performing Assets (NPAs) in India
The Ministry of Tribal Affairs, in collaboration with UNICEF India, has launched TALASH (Tribal Aptitude, Life Skills, and Self-Esteem Hub) — a first-of-its-kind national platform designed exclusively for tribal students enrolled in Eklavya Model Residential Schools (EMRSs).
Key Highlights of TALASH Initiative
What is TALASH?
Full form: Tribal Aptitude, Life Skills, and Self-Esteem Hub
An innovative digital platform to help EMRS students with psychometric assessment, career counselling, and life-skills training.
Launched By:
National Education Society for Tribal Students (NESTS)
In collaboration with: UNICEF India
Nodal Ministry: Ministry of Tribal Affairs, Government of India
Objectives of TALASH
Foster self-awareness and personality development among tribal students.
Enable aptitude-based career decision-making through psychometric assessments.
Equip students with life skills such as communication, emotional intelligence, and decision-making.
Train teachers as student mentors and life skill facilitators.
Core Features of TALASH
Psychometric Testing
Based on NCERT's Tamanna model.
Generates individual Career Cards aligned to students’ aptitudes and aspirations.
Career Counselling Modules
Offers detailed information on career options best suited to student profiles.
Promotes informed, interest-aligned career planning.
Life Skills & Self-Esteem Modules
Covers emotional resilience, conflict resolution, and self-confidence.
Encourages value-based growth and socio-emotional development.
Teacher Training Portal
189 EMRS teachers across 75 schools already trained.
Supports peer-led mentoring and capacity-building across tribal regions.
Phased National Rollout
Targets 1.38 lakh+ tribal students across 28 States and 8 UTs.
Full coverage expected by end of 2025.
Initiated through city-level pilots for seamless adoption.
Significance of TALASH
Empowers tribal youth through personalised digital learning.
Bridges the aspirational, emotional, and academic divide in tribal education.
Supports the NEP 2020 vision of holistic, inclusive, and skill-oriented education.
Reaches remote tribal areas through tech-enabled innovation.
2. Aadi KARMAYOGI Mission Launched
Context
In a historic stride towards Viksit Bharat @2047, the Ministry of Tribal Affairs has launched the first Regional Process Lab (RPL) of the Aadi KARMAYOGI – National Mission for Responsive Governance in Bengaluru, Karnataka. This flagship initiative aims to build a cadre of 20 lakh tribal grassroots functionaries, empowering them as agents of inclusive, last-mile governance in tribal areas across India.
What is Aadi KARMAYOGI?
Aadi KARMAYOGI stands for “Tribal Responsive Governance”, a bottom-up reform mission aligned with national goals such as PM-JANMAN, DAJGUA, and Mission Karmayogi. The programme is a whole-of-nation initiative rooted in tribal wisdom, empathy, and convergence.
Key Objectives:
Build a dynamic cadre of tribal changemakers and governance facilitators.
Bridge the last-mile service delivery gap through localized, participatory governance.
Align tribal aspirations with responsive and accountable institutions.
Foster convergence between ministries, civil society, and communities.
1. Finance Ministry Seeks Control Over National Health Claims Exchange (NHCX)
Context
To enhance transparency, curb inflated medical bills, and streamline insurance claims, the Department of Financial Services (DFS) under the Finance Ministry has initiated a move to gain control over the National Health Claims Exchange (NHCX)—currently managed by the Health Ministry.
Key Highlights:
What is NHCX?
A digital platform that connects:
Insurance companies
Healthcare service providers
TPAs (Third Party Administrators)
Government insurance schemes
Aim: To automate and streamline health insurance claims and settlement.
3. Financial Markets Need More Clarity on RBI's Liquidity Management
Context
India’s banking system has witnessed a sharp turnaround in liquidity—from a deficit of ₹2 trillion at end-2024 to a surplus exceeding ₹3–4 trillion daily in mid-2025. This shift poses both opportunities and risks, prompting a call for greater transparency and active liquidity management by the RBI.
Key Developments
From Deficit to Surplus
2024-end: Liquidity deficit (~₹2 trillion) due to RBI's currency market intervention to support the rupee.
Mid-2025: Liquidity surplus (~₹3–4 trillion daily) due to:
Reduced forex market pressure
Favourable inflation outlook
RBI injecting ₹9.5 trillion durable liquidity since Jan 2025
CRR cut of 100 bps (in four tranches) expected to release ₹2.5 trillion
Implications of Excess Liquidity
Positive Effects
Potential Risks
Easier credit transmission
Inflationary pressures, particularly in asset prices
Lower borrowing costs
Depressed savings rates, prompting shift to riskier assets
Boost to investment and consumption
Misallocation of credit to unqualified borrowers
Temporary support to government borrowing
Erosion of bank margins due to cheaper corporate bond financing
Emerging Trends
Deposit Rate Cuts: Banks, flush with funds, are reducing savings deposit rates.
Cheap Loans: Reports indicate loans as low as 6.1% interest, barely above the cost of funds.
Capital Market Preference: Corporates are shifting to capital markets, with:
₹10 trillion corporate bond issuance in FY25
60% of fresh capital raised through debt
Compressed Bank Margins: Capital market competition limits banks' pricing power.
Monetary Policy Challenges
Weighted Average Call Rate (WACR) is below the policy repo rate, indicating excess liquidity.
4. SBI Mutual Fund Enters Specialised Investment Fund (SIF) Space Under Magnum Brand
Context
SBI Mutual Fund (SBI MF), India’s largest asset manager, has officially entered the Specialised Investment Fund (SIF) space under its well-recognised Magnum brand. This marks a significant diversification of its offerings to cater to more sophisticated and market-aware investors.
Key Highlights
Brand Identity: SBI MF has revived the Magnum branding to position its SIF products, leveraging the strong recall from previous schemes under the same name.
Product Focus: SBI MF will initially explore equity and hybrid strategies under the SIF framework.
Distribution Strategy: Wealth counters of banks, national distributors, and individual financial advisors will be primary channels for SIF distribution.
What Are SIFs?
Specialised Investment Funds (SIFs) are a new category of investment vehicles under the mutual fund regulatory framework that:
Can operate across equity, hybrid, and debt segments.
Permitted SIF Categories (as per SEBI norms):
Equity
Equity Long-Short
Equity ex-Top 100 Long-Short
Sector Rotation Long-Short
Hybrid
Active Asset Allocator Long-Short
Hybrid Long-Short
Debt
Debt Long-Short
Sector Long-Short
Strategic Significance
SBI MF plans to leverage its large in-house talent pool for SIF management, similar to other AMCs.
This move indicates growing demand for advanced investment solutions beyond traditional MF structures.
SIFs aim to capture HNI and ultra-HNI interest in sophisticated, market-linked strategies, particularly amid increasing retail investor maturity post-2020.
BS
5. Sanjiv Bhasin Moves SAT Against SEBI Ban in Market Manipulation Case
Context
Sanjiv Bhasin, former Director at IIFL Securities and a well-known market commentator, has filed an appeal with the Securities Appellate Tribunal (SAT) challenging a SEBI order dated 17 June 2025, which barred him from securities trading for alleged market manipulation and front-running.
SEBI Allegations
Nature of Allegations: SEBI alleged that Bhasin and 11 others:
Engaged in coordinated fraudulent trading.
Placed trades prior to making stock recommendations on TV and social media.
Benefited from unlawful gains by influencing prices.
Charges Included: Front-running and manipulation under PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.
Actions Taken by SEBI:
Restraining Bhasin and others from accessing the securities market.
Freezing of bank and demat accounts.
Accused of trades executed before or simultaneously with public recommendations.
What is Front-Running?
Front-running refers to trading a stock based on prior knowledge of a large upcoming order likely to influence its price — an illegal practice under securities laws.
Union Agriculture Minister Shivraj Singh Chouhan has announced the inclusion of seven new agricultural commodities on the e-NAM (National Agriculture Market) platform. This move is aimed at enhancing price realization, improving market access, and strengthening farmer welfare.
New Commodities Added to e-NAM
The following seven region-specific commodities have been added:
Sugarcane
Marcha rice
Katarni rice
Jardalu mango
Shahi litchi
Magahi paan
Banarasi paan
With these additions, the total number of products listed on the e-NAM portal has risen to 238.
About e-NAM Platform
Launched: 2016
Nodal Agency: Small Farmers’ Agri-Business Consortium (SFAC)
Purpose: Unify and digitize India's agri-markets for improved transparency, efficiency, and farmer incomes.
2. Google Launches AI Tools to Boost Indian Agriculture and Linguistic Inclusion
Context
On July 11, 2025, Google announced a series of open-source AI innovations and research partnerships designed to address India’s key challenges in agriculture and multilingual AI inclusivity. The announcement was made at a roundtable hosted at Google’s Bengaluru office, Ananta.
Key Highlights:
AMED API for Agriculture Monitoring:
Google introduced the Agricultural Monitoring and Event Detection (AMED) API, a tool to track crop status and field activity across India.
Built on the Agricultural Landscape Understanding framework.
Enables real-time, granular data for supporting climate-resilient farming and boosting productivity.
Collaboration with IIT-Kharagpur on Cultural Inclusion:
Under the Amplify Initiative, Google DeepMind is partnering with IIT-Kharagpur to build hyperlocal datasets representing India’s linguistic and cultural diversity.
Aims to ensure Large Language Models (LLMs) are deeply contextualised, culturally aware, and relevant to India’s plurality.
Foundational and Applied AI Research:
Google DeepMind emphasized a dual focus:
Advancing foundational AI (e.g., Gemini models)
Solving real-world, high-impact problems, such as climate risk, sustainable agriculture, and AI fairness.
Significance
For Agriculture: AI-driven, open-source platforms like AMED could transform precision farming, aid in climate adaptation, and support policy planning.
For AI Localization: Amplify Initiative ensures future LLMs reflect India’s complex sociolinguistic reality, promoting inclusivity and fairness in tech.
1. Centre identifies domestic firm for S-400 air defence system maintenance, repair, overhaul
The Ministry of Defence has identified an Indian firm to establish a maintenance repair and overhaul (MRO) facility for the S-400 air defence system in the country.
2. Maharashtra Assembly passes public security Bill; law won’t be misused: CM
The Maharashtra Assembly on Thursday passed the Maharashtra Special Public Security Bill, 2024, aimed at preventing “unlawful activities of Left Wing Extremist organisations or similar groups”. The Bill will now be tabled in the Legislative Council.
3. India to host shooting World Cup and junior World Championship
India has been given a World Cup to host in 2027 and the World Junior Championship in 2028, by the International Shooting Sport Federation (ISSF), as announced by the National Rifle Association of India (NRAI)
4. EY launches initiative for GenAI upskilling
EY has launched AI Academy, an initiative to support enterprises in upskilling their talent in the fields of artificial intelligence (AI) and generative AI (GenAI).
5. Ireda gets tax exemption for its bonds; move may attract more investments
State-owned Ireda said bonds issued by the company will be exempt from tax, a development that is expected to attract more investments for renewable energy projects.
6. Musk launches Grok 4 after antisemitism controversy
Elon Musks artificial intelligence startup xAI is rolling out Grok 4 just months after releasing its previous iteration, underscoring the frenetic pace of AI development.
7. India’s Fisheries Sector Doubles Output in 11 Yearsn
India has witnessed a remarkable transformation in its fisheries sector, with total fish production more than doubling in just over a decade. The growth underscores the success of government-led initiatives under the Blue Revolution and Pradhan Mantri Matsya Sampada Yojana (PMMSY).
Five to remember · 11 July 2025
Launched: 2016 by NPCI (National Payments Corporation of India) Growing Retail Digital Payments: The Value of I…
2024-end: Liquidity deficit (~₹2 trillion) due to RBI's currency market intervention to support the rupee. Financial Markets Need More Clarity on RBI's Li…
189 EMRS teachers across 75 schools already trained. TALASH Initiative
Require a minimum investment of ₹10 lakh. SBI Mutual Fund Enters Specialised Investment F…
Nature of Allegations : SEBI alleged that Bhasin and 11 others: Sanjiv Bhasin Moves SAT Against SEBI Ban in Mar…
1. Global Gender Gap Report 2025 by World Economic Forum (WEF)
Report Published By:World Economic Forum (WEF) India’s Rank:131 out of 148 countries Global Gender Gap Closed: 68.8% (123 years to full parity at current pace)
Report Objective & Framework
The Global Gender Gap Report measures gender parity across four core dimensions:
Economic Participation and Opportunity
Educational Attainment
Health and Survival
Political Empowerment
Despite some educational progress, India continues to rank among the lowest globally, especially in economic inclusion and health outcomes for women.
2. MeitY Launches Whitepaper on Quantum Cyber Readiness
Released by: Ministry of Electronics and IT (MeitY), CERT-In, and SISA Title:Transitioning to Quantum Cyber Readiness Purpose: To guide India’s public and private institutions in adapting to quantum-resilient cybersecurity frameworks.
What is Quantum Cyber Readiness?
Quantum cyber readiness refers to a nation’s preparedness to secure its digital infrastructure against threats posed by quantum computers, which are capable of breaking current encryption standards such as RSA and ECC.
Key Highlights of the Whitepaper
Risk Assessment of Quantum Threats
Warns that quantum computing could render existing cryptographic algorithms obsolete, especially RSA and ECC.
Urges immediate planning to counter “harvest now, decrypt later” attacks, where encrypted data is collected today for decryption when quantum computers become viable.
Migration Roadmap to Quantum-Resilient Encryption
Step-by-step guidance for adopting post-quantum cryptography (PQC).
Encourages the integration of NIST-approved quantum-safe algorithms.
Suggests inventory audits of current cryptographic assets and vulnerability assessments.
Sector-Specific Strategies
Offers tailored frameworks for high-impact sectors:
Banking, Financial Services and Insurance (BFSI)
Healthcare
Defence
Critical Infrastructure
Prioritises early adoption of quantum-safe solutions in regulatory-sensitive and data-heavy environments.
Quantum Cyber Resilience Framework
Proposes a proactive defence approach for national digital infrastructure.
Encourages deployment of hybrid cryptographic models during transition phases.
Recommends continuous monitoring, threat intelligence sharing, and periodic testing of quantum readiness.
Public-Private Collaboration
Calls for a coordinated effort between government, tech providers, academia, and industry stakeholders.
Emphasises capacity building, skill development, and indigenous R&D in quantum-safe technologies.
In a remarkable decision taken at the 47th Session of the World Heritage Committee, India’s official nomination for 2024-25 cycle, ‘Maratha Military Landscapes of India’ got inscribed on the UNESCO World Heritage List, becoming India’s 44th property to receive this recognition.
Credit: The Hindu
What is the Maratha Military Landscapes of India?
A network of 12 strategically located forts built between the 17th and 19th centuries CE.
Demonstrates the military vision and architectural ingenuity of the Maratha Empire, especially under Chhatrapati Shivaji Maharaj.
These forts show adaptive use of diverse terrains, highlighting self-reliant defence planning.
India’s World Heritage Status
Total Sites (as of July 2025): 44
Cultural: 36
Natural: 7
Mixed: 1
India’s Global Rank:
6th globally
2nd in Asia-Pacific (after China)
Tentative List Entries: 62
Governing Authority: Archaeological Survey of India (ASI)
Launched by: Ministry of Communications, Department of Telecommunications (DoT)
Context
The Department of Telecommunications (DoT) has expanded the Sanchar Mitra Scheme into a nationwide programme to build digital literacy and enhance cyber safety awareness among citizens through a volunteer-based outreach programme.
What is the Sanchar Mitra Scheme?
A volunteer-based digital outreach programme that engages university students to educate citizens about:
Safe telecom usage
Cyber fraud prevention
Responsible digital behavior
Objectives
Promote digital literacy and cyber hygiene
Bridge the awareness gap between citizens and telecom regulations/services
Empower youth to become telecom ambassadors in their communities
Key Features:
Volunteer Engagement:
Students from telecom, electronics, computer science, and cybersecurity backgrounds serve as “Sanchar Mitras”
Specialized Training:
Volunteers trained by National Communications Academy–Technology (NCA-T) and DoT Media Wing
Modules include 5G, 6G, AI, cybersecurity, and EMF radiation safety
Community Outreach:
Volunteers conduct awareness drives, partner with NGOs, and host workshops for general public and schools
Incentives & Recognition:
Top performers may get:
Internship opportunities
Invitations to India Mobile Congress
Access to ITU global forums
Nationwide Rollout:
Already operational in Assam in collaboration with IITs, IIITs, NITs
5. Assam Initiates Genetic Analysis of Rhino Horns for RhoDIS
Context
The Assam Forest Department, in collaboration with the Wildlife Institute of India (WII), has begun DNA analysis of 2,573 rhino horn samples retained before their destruction in 2021.
Objective
To build the Rhino DNA Index System (RhoDIS) – a forensic database to aid in conservation, individual identification, and anti-poaching enforcement.
About Rhino Horns
Composition: Made of keratin, not bone (same protein as hair and nails).
Structure:
Solid and layered, unlike antlers (which are bony and shed annually).
Contains melanin and calcium to enhance UV resistance and toughness.
Forensic Use: Unique keratin patterns help with genetic fingerprinting in wildlife crime investigations.
Poaching Threat: Targeted due to false medicinal beliefs and high black-market demand.
About Greater One-Horned Rhinoceros (Indian Rhino)
Scientific Name:Rhinoceros unicornis
Status:Vulnerable (IUCN Red List)
Geographic Range:
India: Assam (Kaziranga, Orang, Pobitora), West Bengal (Jaldapara, Gorumara)
Nepal: Chitwan National Park
Significance of RhoDIS (Rhino DNA Index System)
Purpose: Provides individual DNA profiles of rhinos using horn samples.
Benefits:
Strengthens anti-poaching law enforcement.
Enhances genetic monitoring and population management.
Supports international cooperation under CITES and other treaties.
1. RBI Clarifies Collateral Rules for MSE and Agri Loans Involving Gold/Silver Pledge
Context
The Reserve Bank of India (RBI) clarified that loans sanctioned by banks against the voluntary pledge of gold and silver as collateral—up to the collateral-free limit—will not be considered a violation of the central bank’s guidelines on collateral.
Key RBI Clarification
Voluntary Pledge of Gold/Silver:
If borrowers voluntarily offer gold or silver as collateral for loans, such loans will not be treated as violating the RBI’s collateral-free guidelines.
Applies even when the loan amount is within the prescribed collateral-free limit.
Collateral-Free Loan Norms (As per RBI Guidelines)
Sector/Programme
Collateral-Free Loan Limit
Additional Notes
Micro and Small Enterprises (MSE)
₹10 lakh
Mandatory no-collateral up to ₹10 lakh
PM Employment Generation Programme (PMEGP)
₹10 lakh
All PMEGP loans up to ₹10 lakh must be collateral-free
MSEs with Good Track Record
Up to ₹25 lakh
Can be extended with proper approvals
Agricultural & Allied Loans
₹2 lakh per borrower
Collateral & margin requirement must be waived
Significance for Banks and Borrowers
Provides regulatory clarity on classification under PSL norms.
Allows borrowers flexibility to offer gold/silver to secure better terms.
Ensures banks can classify such loans as PSL and meet the 40% target for PSL lending.
About Priority Sector Lending (PSL)
Priority sector lending is lending to those sectors of the economy which may not otherwise receive timely and adequate credit. This role is assigned by the Reserve Bank of India to the banks for providing a specified portion of the bank lending to few specific sectors like agriculture and allied activities, micro- and small enterprises, education, housing for the poor, and other low-income groups and weaker sections.
2. RBI Imposes Penalties on HDFC Bank and Shriram Finance for Regulatory Non-Compliance
Context
On July 12, 2025, the Reserve Bank of India (RBI) imposed monetary penalties on HDFC Bank and Shriram Finance Ltd. for violations of regulatory norms under respective RBI directions.
Details of Penalty Imposed
HDFC Bank
Violation: Contravention of ‘Master Direction – Foreign Investment in India’
Nature of Offence:
Granted a term loan to a client, violating RBI norms relating to foreign investment.
RBI Observation:
Found non-compliance after reviewing HDFC Bank’s response.
Penalty warranted due to established contravention.
Shriram Finance Ltd.
Violation:
Loan repayments were routed through third-party accounts rather than directly by borrowers into the company’s account.
Nature of Concern:
Violation of fair practices code and regulatory transparency.
RBI Clarification:
The penalty pertains solely to compliance deficiencies, not the validity of transactions.
Significance and Implications
Reinforces RBI’s commitment to enforcing compliance under various Master Directions.
Encourages adherence to direct lending practices, especially regarding foreign investment and NBFC operations.
Such penalties serve as deterrents and stress the importance of internal regulatory audits.
3. Asia Index Launches BSE Insurance Index to Track Insurance Sector Performance
Context
On 12th July 2025, Asia Index Pvt Ltd, a joint venture between BSE Ltd and S&P Dow Jones Indices, launched the BSE Insurance Index to track the performance of India’s insurance sector.
Key Highlights of BSE Insurance Index
Launched by: Asia Index (subsidiary of BSE)
Constituents:
Drawn from the BSE 1000 Index, specifically companies classified under the insurance industry.
Purpose:
Acts as a sectoral benchmark to track performance of listed insurance companies.
Facilitates passive investment strategies, including ETFs and Index Funds.
Useful for benchmarking PMS strategies, mutual fund schemes, and insurance fund portfolios.
Reconstitution:
Semi-annually, in June and December.
Ensures relevance and alignment with market developments.
Stock Weighting Rule:
Weight of any individual stock capped at 25% to prevent concentration risk.
Significance
Enhances transparency and visibility of the insurance sector on Indian stock markets.
India’s agricultural ecosystem is dominated by 100 million small and marginal farmers (SMFs). They face low productivity, inadequate market linkages, and vulnerability to shocks, leading to unstable livelihoods. To overcome structural challenges, FPOs have emerged as pivotal institutions transforming household-level subsistence farming into market-oriented agriculture.
Evolution and Role of FPOs
FPOs as Economic Collectives:
Introduced in early 2000s to enhance farmer incomes, improve market access, and build bargaining power by consolidating SMFs into producer enterprises.
Current Scale and Reach:
Over 33,000 registered FPOs in India.
66% are less than 4 years old, earning ₹700–800 per member annually.
Supported by the Central Sector Scheme (CSS) to promote 10,000 FPOs.
Key Contributions:
Livelihood development, food security, and social mobilisation.
Transition to market-linked, diversified and climate-resilient agriculture.
Strengthening backward-forward linkages via Producer Groups (PGs) and Agricultural Production Clusters (APCs).
Empowerment through women-led FPOs (e.g., 84 all-women FPOs supported by PRADAN across 7 states).
Institutional Support and Innovations
Centre of Excellence (FPORC) by PRADAN: Supports FPOs in business planning, governance, financial linkages, and compliance.
Aligns grassroots efforts with national policies under the CSS for 10,000 FPOs.
Strategic Shifts in FPO Functioning:
Acting as input-output managers, value chain facilitators, and community-based planners.
Bridging systemic gaps in rural markets and enabling climate-smart and sustainable agriculture.
Persistent Challenges Faced by FPOs
Domain
Challenges
Revenue & Scale
Most plateau at ₹25–45 lakh annual revenue; 20–30% member engagement
Business Model
Lack of innovation, unclear profitability strategies
Finance & Investment
Weak share capital mobilisation, low credit access, thin margins
Workforce
Low-skilled or underpaid CEOs/Managers; capacity constraints
Institutional Maturity
Fragmented support across states, compliance burden
Recommendations and Way Forward
Financial Deepening:
Enable low-cost instruments: Agriculture Infrastructure Fund (AIF), carbon credit markets, social stock exchanges, blended finance.
Capacity Building:
Invest in CEO/managerial training, handholding support from resource institutions, mentoring from successful FPOs.
Technology Integration:
Promote digital tools, traceability, and market intelligence systems.
Private Sector Partnership:
Corporate India must partner in input procurement, aggregation, warehousing, value addition, and retail partnerships.
Women Empowerment:
Expand women-led FPOs with tailored capacity building, leadership training, and linkages to health and nutrition initiatives.
State-Level Ecosystem Development:
Encourage state governments to create dedicated FPO cells, integrate FPOs with state agri-policies, and support onboarding into eNAM and MSP procurement.
While India’s agriculture is rapidly modernising through AI, digital platforms, and targeted subsidies, the author argues for a compassionate, culturally rooted model of transformation that respects the spiritual, emotional, and ecological ties farmers have with the land.
Key Takeaways:
Agriculture: More Than Economics
Indian agriculture is deeply intertwined with culture, spirituality, and tradition.
Each acre and harvest reflects generational continuity, hope, and resilience, not just output.
Beyond Subsidies: Toward Regenerative Systems
Schemes like PM-Kisan, PMKSY, and Soil Health Cards have improved productivity.
But the future must go beyond transactional support toward regenerative, inclusive systems that respect farmers’ emotional and ecological context.
India vs China: Different Models
China integrates tech via centralised, top-down models.
India must blend AI, IT, and grassroots traditions for a pluralistic, bottom-up approach.
Reforms like Zero Budget Natural Farming (ZBNF) and Paramparagat Krishi Vikas Yojana (PKVY) represent India’s alignment of ancient wisdom with sustainability.
Emotional Ecology and Water Ethics
Water is viewed not just as utility, but a sacred entity, especially in smallholder communities.
India’s water conservation efforts (e.g. Jal Shakti Abhiyan) must integrate both infrastructure and cultural reverence.
Climate Adaptation with Dignity
ICAR’s climate-resilient seeds and AI-based forecasting offer resilience.
India’s strength lies in humanising climate adaptation, empowering communities rather than just protecting them.
Technology with a Human Touch
Platforms like e-NAM, remote sensing, and AI-powered irrigation must be empathetically designed to suit the smallholder farmer.
Tech should empower, not alienate.
Ecological Sovereignty over GM Push
India resists GM crops to protect biodiversity and traditional knowledge.
Agroforestry, carbon sequestration, and organic farming are preferred to safeguard ecological and cultural heritage.
Agriculture as Dharma
Sustainable agriculture is dharma—a duty to:
Future generations
The environment
The food providers
Policy must integrate intelligence with compassion, technology with tradition, and data with dignity.
1. Former CJIs Flag Unchecked Powers to EC in Simultaneous Elections Bill
Two former Chief Justices of India, D.Y. Chandrachud and J.S. Khehar, appeared before the Joint Parliamentary Committee (JPC) reviewing the Constitution (129th Amendment) Bill, 2024 and Union Territories Laws (Amendment) Bill, 2024, which propose the conduct of simultaneous elections for Parliament and State Assemblies.
2. Centre earmarks ₹500 crore for e-truck purchases under PM E-Drive scheme
The Centre on Friday unveiled a scheme to provide financial incentives for purchase of electric trucks under the PM E-Drive initiative, where a sum of ₹500 crore has been set aside for 5,600 electric trucks. Of this financial outlay, a fifth is dedicated for vehicles registered in Delhi.
3. Joint Parliamentary Committee on ‘One Nation One Election’ held meeting at Parliament House
The Joint Parliamentary Committee on ‘One Nation One Election’ today held a meeting at Parliament House in New Delhi.
4. MEA’s Annual Report: India strengthens global counter-terrorism cooperation, engaging 26 countries through Joint Working Groups
In a firm display of its commitment to global peace and security, India has deepened its cooperation on counter-terrorism efforts by engaging 26 countries through Joint Working Groups on Counter Terrorism.
Five to remember · 12 July 2025
With rising elderly population (20% by 2050) and falling fertility, low FLFP increases the dependency ratio, threatening fiscal sustainabilityGlobal Gender Gap Report 2025 by World Economic…
Modules include 5G, 6G, AI, cybersecurity, and EMF radiation safetySanchar Mitra Scheme
Ensures banks can classify such loans as PSL and meet the 40% target for PSL lending. RBI Clarifies Collateral Rules for MSE and Agri…
Weight of any individual stock capped at 25% to prevent concentration risk. Asia Index Launches BSE Insurance Index to Trac…
66% are less than 4 years old, earning ₹700–800 per member annually. Farmer Producer Organizations (FPOs) in India
The PARAKH Rashtriya Sarvekshan 2024, a landmark assessment conducted by the Government of India, has delivered a blunt message: enrolment may be high, but learning outcomes remain dismal. Conducted across 21 lakh students in Classes 3, 6, and 9 in over 74,000 schools and 781 districts, the survey underlines deep foundational learning deficits in the Indian school system.
Key Findings:
Literacy Gaps:
43% of Class 6 students are unable to grasp the main idea of a text.
Numeracy Crisis:
63% of Class 9 students struggle with basic mathematics.
The findings reinforce trends observed in earlier reports like Pratham’s ASER, showing foundational learning gaps persist across rural and urban India.
Underlying Causes
Socioeconomic Disparities: Students from households with educated parents, access to electricity, and digital tools show better performance.
Systemic Gaps:
Poor school infrastructure,
Undertrained teachers,
Overemphasis on rote learning,
Limited parental engagement,
Weak assessment systems.
Policy Implications and Reform Priorities
The NEP 2020 rightly emphasizes foundational literacy and numeracy (FLN) as a national priority. However, classroom-level reforms alone are insufficient without a supportive ecosystem.
Recommendations:
Move beyond rote learning:
Shift curriculum and assessment models toward critical thinking and conceptual clarity.
Early identification & support:
Use regular assessments to detect struggling students early and provide remedial learning.
Teacher training overhaul:
Expand access to continuous professional development, with a focus on pedagogy, FLN, and digital integration.
School-family partnerships:
Foster community engagement and parental involvement to reinforce learning at home.
Leadership development:
As per UNESCO’s Global Education Monitoring Report 2024-25, standardise principal training, promote gender-inclusive hiring, and ensure clearly defined school leadership roles.
2. India’s Carbon Credit Trading Scheme (CCTS)
Context
India has announced emissions intensity of production targets under the CCTS for eight heavy industrial sectors:
Aluminium
Cement
Paper and Pulp
Chlor-alkali
Iron and Steel
Textile
Petrochemicals
Petroleum Refineries
These sectors are part of India’s compliance carbon market, where companies that beat their emission reduction targets can trade excess credits.
CCTS = Market-based mechanism under Indian Carbon Market (ICM) for trading carbon credits.
Focus: Emission intensity-based regulation of greenhouse gas (GHG) emissions.
Replaces PAT by shifting from energy-saving certificates to Carbon Credit Certificates (CCC), where each CCC = 1 tonne of CO₂ equivalent (tCO₂e) reduced.
Key Mechanisms of CCTS
Compliance Mechanism
Applicable to energy-intensive sectors like iron & steel, aluminium, cement, fertilizers, refineries, pulp & paper, textiles.
Entities must meet sector-specific GHG intensity targets.
Entities exceeding targets earn CCCs; underperformers must buy credits.
Offset Mechanism
Allows voluntary participation from non-obligated sectors (e.g., agriculture, afforestation).
Enables generation and trade of carbon credits.
Why is CCTS Important?
Helps India meet its Nationally Determined Contributions (NDCs) — aim to reduce emission intensity by 45% by 2030.
Encourages clean technology adoption, carbon capture, and private sector participation.
What is Carbon Pricing?
An economic tool that assigns a cost to carbon emissions to shift financial burden to polluters.
Provides a market signal to reduce emissions or invest in green technologies.
Transparency & MRV (Monitoring, Reporting, Verification): Gaps in emissions data affect credibility.
Risk of Double Counting: Especially in international trade contexts.
Governance Mechanisms
Mission LiFE (Lifestyle for Environment)
Global mission to promote sustainable living.
Goal: Mobilize 1 billion people by 2028 for pro-planet actions.
Green Credit Program (GCP)
Voluntary market to incentivize tree plantations on degraded forest lands.
Credits awarded based on verified reforestation efforts.
National Steering Committee for Indian Carbon Market (NSCICM)
Apex body guiding rules, targets, and governance of carbon markets.
Bureau of Energy Efficiency (BEE)
Established in 2002, key body implementing carbon market and energy efficiency norms.
TH & PIB
UPSC Civil Services Examination, Previous Year Question (PYQ)
Prelims
Q. Consider the following statements (2023)
Statement—I: Carbon markets are likely to be one of the most widespread tools in the fight against climate change.
Statement—II: Carbon markets transfer resources from the private sector to the State.
Which one of the following is correct in respect of the above statements?
(a) Both Statement—I and Statement—II are correct and Statement—II is the correct explanation for Statement—I
(b) Both Statement—I and Statement—II are correct and Statement—II is not the correct explanation for Statement—I
(c) Statement—I is correct but Statement—II is incorrect
(d) Statement—I is incorrect but Statement—II is correct
Ans: B
3. Special Economic Zone (SEZ) Amendment Bill
Context
The long-awaited Special Economic Zone (SEZ) Amendment Bill is expected to be introduced in the upcoming Monsoon Session of Parliament, marking a major overhaul of the existing SEZ Act, 2005. The Union Cabinet's approval is expected shortly before the Bill is tabled.
Why Is the Amendment Needed?
The current SEZ law, enacted in 2005, has not met expectations in attracting investment in manufacturing.
The reforms aim to align India’s SEZ framework with global trade realities, improve ease of doing business, and boost local manufacturing and employment.
Key Proposed Changes
1. Duty Forgone on Raw Materials for Domestic Sales
Current Rule: SEZ units must pay full customs duty on the finished product sold in the Domestic Tariff Area (DTA).
Proposed Change: Duty to be charged only on raw materials, not on the finished goods.
Expected Impact: Makes SEZ-to-DTA sales less costly, encouraging domestic linkages and higher capacity utilisation.
2. Introduction of Reverse Job Work
What It Means: SEZ units can now carry out partial manufacturing for companies in the domestic area.
Current Restriction: Manufacturing only allowed for exports.
Expected Impact:
Helps manage seasonality in exports.
Reduces idle capacity.
Improves employment generation and technology sharing.
3. Payment in Indian Currency for SEZ Services
Current Rule: Services from SEZs must be paid in foreign exchange.
Proposed Change: Indian Rupee payments to be permitted.
Expected Impact: Brings parity between services and manufacturing sectors within SEZs, promotes greater domestic service demand.
What Are SEZs?
SEZs are special enclaves deemed foreign territory for trade and tax purposes, offering incentives to promote exports and foreign investment.
However, over the years, the model has seen limited success in attracting major manufacturing investments.
1. Rise in Informal Borrowing Among Poor Households in India
Context
Despite near-universal access to bank accounts (96% households as per NFHS-5), recent data from CMIE and Piramal Enterprises show a rising trend in informal borrowing among low-income households due to limited access to formal credit.
What is Informal Credit?
Credit from non-regulated sources such as:
Moneylenders, pawnshops, friends/family, chit funds, etc.
No formal documentation, transparency, or consumer protection.
Often high-interest and exploitative in nature.
Key Trends in Informal Credit Usage
Formal Credit Fall:
4.2% decline in formal credit among poor households (CMIE, 2023).
Rising Informal Borrowing:
5.8% rise in informal borrowing among households earning ₹1–2 lakh annually.
Rural Dependence:
75% of rural adults still rely on informal credit in some form (NABARD, 2019).
Volume of Informal Lending:
Informal credit market estimated at ₹1.4 lakh crore (CRISIL, 2022).
Causes of Informal Credit Reliance
Access Barriers to Formal Credit:
No collateral, income proof, or credit history.
Bureaucratic hurdles and digital exclusion.
Perceived High Risk by Banks/NBFCs:
Low-income borrowers often seen as non-creditworthy.
Result: Credit rationing and risk-averse lending.
Mismatch in Credit Demand-Supply:
Poor need small-ticket, instant, and flexible loans, often for consumption or emergencies.
Formal institutions unable to cater to urgent, localized needs.
Implications for Financial Inclusion
Financial Access ≠ Financial Empowerment:
While bank account ownership is high, credit access remains poor.
Risk of Debt Trap:
Informal loans often carry high-interest rates and can push borrowers into a cycle of debt.
Undermines Digital and Formal Finance Ecosystem:
Weakens trust in formal credit institutions and limits growth of digital lending platforms.
Globally, over 1 billion people remain unbanked, relying solely on cash for everyday transactions. This exposes them to security risks, travel burdens, and limited economic opportunity.
What is Mobile Money?
Mobile money enables financial transactions via text messages on mobile phones.
Unlike traditional banking, it does not require internet access or physical bank branches.
Users can:
Send/receive money using a phone number as an account
Deposit/withdraw money through mobile money agents (e.g., kiosks, shops)
Global Growth
In 2010: 13 million mobile money accounts worldwide
By 2023: 640+ million accounts
3. Banks Prefer VRRR Over SDF as Overnight Rates Firm Up
VRRR is a liquidity absorption mechanism where banks park surplus funds with the RBI.
Conducted via auctions, the interest rate is market-determined through competitive bidding.
Typically, the VRRR rate is equal to or slightly higher than the standard reverse repo rate.
VRRR is deployed when the banking system has excess liquidity, making it an effective tool to:
Curb inflationary pressures
Maintain monetary stability
What is the Standing Deposit Facility (SDF)?
The Standing Deposit Facility (SDF) is a tool introduced by the RBI to absorb surplus liquidity from the banking system without providing any collateral.
Traditionally, when banks had excess funds, they could deposit them with the RBI and earn interest through the reverse repo mechanism, but the RBI had to provide government securities as collateral in exchange. The SDF changes that—it lets banks park their surplus funds securely with the RBI while earning an interest rate, and theRBI doesn’t need to part with any assets in return.
4. RBI’s Nod for Voluntary Gold Pledge Likely to Boost Micro and Agri Lending
Context
The Reserve Bank of India (RBI) has clarified that voluntary pledging of gold for small-value loans will not violate collateral-free lending norms. This regulatory relief is expected to enhance priority sector lending (PSL) to farmers and micro enterprises, sectors critical to inclusive credit growth.
Key Highlights:
New RBI Clarification
Borrowers voluntarily pledging gold to avail loans up to:
₹2 lakh for agriculture
₹10 lakh for MSMEs will not be treated as collateral-based lending under PSL norms.
This move aligns practice with borrower preference and lender risk appetite, without violating the spirit of collateral-free mandates.
Impact on Agricultural Loans
Small and marginal farmers are set to benefit the most.
Banks often hesitate to offer unsecured agricultural loans due to high risk and poor credit history in rural segments.
Gold-backed loans for crop cultivation or allied activities (e.g., dairy, poultry) can now be counted as agricultural lending under PSL.
Boost to MSME Lending
MSMEs are entitled to collateral-free loans up to ₹10 lakh under PSL.
Many borrowers, however, prefer pledging gold voluntarily to avoid strict scrutiny under unsecured lending.
RBI's clarification will allow banks to extend more loans to micro enterprises while maintaining PSL classification.
Regulatory Compliance and PSL Targets
As per PSL norms:
Banks must allocate 40% of Adjusted Net Bank Credit (ANBC) to priority sectors.
Sub-targets include:
18% for agriculture and allied sectors, with:
14% for non-corporate farmers
10% for small and marginal farmers
7.5% for micro enterprises
Earlier, at least one bank reclassified agri gold loans as retail gold loans to avoid perceived regulatory violation.
The new RBI stance removes such ambiguity, allowing accurate PSL reporting without regulatory concerns.
CAMS Limited has announced the launch of The CAMSPay’s New Payment Gateway, a next-generation digital payment infrastructure designed to support high-volume, real-time transactions while ensuring full compliance with evolving Reserve Bank of India (RBI) norms.
India's Digital Payments Surge
India’s digital payments market is on track to hit $10 trillion by 2030, powered by e-commerce expansion, fintech adoption, and digital-first financial services.
Over 5 billion digital transactions are processed monthly, with peak volumes surging beyond 30%.
This rapid growth has exposed the limitations of legacy payment gateways, which struggle with downtime, fraud risk, and slow settlements.
CAMSPay’s Key Differentiators
Regulatory Readiness
Fully compliant with RBI norms
PCI DSS certified
Supports tokenization and data localization, essential for today’s security mandates
Scalability and Real-Time Capabilities
Built for minimal latency and high availability
Engineered to scale with exponential transaction growth
Advanced Security Framework
Multi-factor authentication
AI-driven fraud detection
End-to-end encryption protocols
Payment Gateway
A payment gateway is a service that authorizes and processes credit card or debit card payments for online or physical stores. It acts as a bridge between the merchant and the customer's bank, securely transmitting payment information and ensuring transactions are completed. Essentially, it's a digital point-of-sale system for online businesses.
6. RBI Expands Basel III Credit Rating Options for IFSC Exposures
Context
The Reserve Bank of India (RBI) has amended its Basel III Capital Regulations to broaden the credit rating agencies banks can use for assessing risk weights on claims involving non-resident corporates located in International Financial Services Centres (IFSCs).
Key Highlights:
New Rating Agency Permitted:
Scheduled Commercial Banks (excluding Local Area Banks, Payments Banks, and Regional Rural Banks) can now use CareEdge Global IFSC Ltd ratings for credit risk assessment.
Previous Status:
Banks were limited to using international ratings from Fitch, Moody’s, and Standard & Poor’s.
Purpose of Amendment:
To enhance credit risk assessment options under the Basel III standardized approach for banks with international exposures, particularly in IFSCs.
RBI-Specified Risk Weight Mapping for CareEdge Global IFSC Ltd:
AAA – 20%
AA – 30%
A – 50%
BBB – 100%
BB & below – 150%
7. Slice Launches India’s First UPI-Enabled Physical Bank Branch
India’s first: Physical bank branch with UPI-powered banking
Features of the UPI-Integrated Branch
UPI-integrated ATMs
Instant account opening
Cash transactions via UPI (no need for debit cards)
Cash deposit and withdrawal using UPI apps
Additional Launch
UPI-linked credit card:
No joining or annual fee
Enables QR-code payments directly from credit line
Significance
The branch is a pilot project for potential nationwide expansion of UPI-driven physical branches.
Agriculture
1. India–Saudi Fertilizer Agreement for DAP Imports
Context
Three major Indian fertilizer firms—Indian Potash Ltd (IPL), KRIBHCO, and Coromandel International—have signed a five-year agreement with Saudi Arabia’s Ma’aden to import 3.1 million metric tonnes (MMT) of DAP fertilizer annually starting FY 2025–26.
Key Highlights of the Agreement
Nature of Agreement:
Long-term supply pact to secure Di-Ammonium Phosphate (DAP) imports.
Parties Involved:
Indian Companies: IPL, KRIBHCO, Coromandel
Saudi Company: Ma’aden (Saudi Arabian Mining Company)
Duration:
Five years (FY 2025–30), extendable by mutual consent.
Volume Commitment:
3.1 MMT per annum of DAP—30 Lakh Metric Tonnes (LMT) total over five years.
Strategic Features
Supply Security:
Guarantees long-term DAP availability for Indian farmers.
Joint Research Collaboration:
Includes India-specific R&D for alternative and customized fertilizers to improve soil health and crop productivity.
Bilateral Investment Facilitation:
Explores Indian PSU investments in Saudi mining & fertilizer sectors and reciprocal Saudi investments in India’s agri-inputs ecosystem.
Policy Dialogue Platform:
Bilateral team created for cooperation on fertilizer policy, trade logistics, and mineral sourcing.
Significance for India
Fertilizer Security Backbone:
DAP is a crucial component for India's nutrient-balanced agriculture. A stable supply ensures food security and price stability.
Reduced Import Volatility:
Provides predictable access to fertilizer imports amidst global supply disruptions and geopolitical risks.
Boosts Strategic Ties with Saudi Arabia:
Strengthens India’s engagement with Saudi Arabia beyond energy—towards agricultural and mineral cooperation.
Custom Fertilizer Innovation:
Supports region-specific fertilizer development for India’s diverse agro-climatic zones.
1. ‘Enrolment nearly done in third phase trials for India’s first dengue vaccine’
Following an announcement by the Indian Council of Medical Research (ICMR) and Panacea Biotec Ltd. to initiate third phase trials, about 8,000 of the targeted 10,000 participants have enrolled in the third phase of clinical trials for a dengue vaccine in India, Manoj Murhekar, Director, National Institute of Epidemiology, ICMR, Chennai, told The Hindu.
2. Harikrishnan becomes India’s 87th GM
For seven years, Harikrishnan A. Ra. remained an International Master. In the meantime, he competed in many tournaments in his quest to become a Grandmaster but fell short after coming agonisingly close.
3. Kota Srinivasa Rao, veteran Telugu actor, passes away
Veteran Telugu actor Kota Srinivasa Rao, who gave a new style to villainous and comedic roles, passed away in the early hours of Sunday at his residence in Hyderabad. He was 83.
4. India joins military exercise Talisman Sabre in Australia
India, along with 18 other nations, is participating in Talisman Sabre 2025, a major bilateral military drill led by Australia that commenced. Now in its 11th iteration, the Talisman Sabre is the largest and most sophisticated warfighting exercise ever conducted in the continent.
5. England women clinch last-ball thriller to end series on a high
England women clinched the final T20I of the series by five wickets in a nail-biting finish at Birmingham, chasing down India’s 168-run target off the very last ball of the match to finish on a high.
6. Liquidity Flows Back to RBI, into SDF: Surplus Rises Amid Weak Credit Demand
The Reserve Bank of India’s (RBI) Standing Deposit Facility (SDF) witnessed a record-high average quarterly balance of ₹2.6 lakh crore in Q1FY26 (April–June 2025), reflecting banks’ preference to park surplus funds amid muted credit growth and persistent liquidity overhang.
7. Kotak Mahindra Bank, IndiGo Relaunch Co-Branded Credit Cards With BluChip Travel Rewards
Kotak Mahindra Bank and IndiGo Airlines have relaunched their co-branded credit cards under IndiGo’s newly introduced loyalty program, BluChip. The refreshed offering aims to turn everyday spending into travel rewards, catering to both casual travellers and frequent flyers.
8. Sierra Leone’s Tiwai Island Wins UNESCO Heritage Status
Tiwai Island, a 12 sq. km. tropical forest nestled in Sierra Leone’s Moa River and home to one of the world’s highest concentrations of primates, has officially been inscribed on the UNESCO World Heritage list. The recognition marks a monumental achievement in the country’s environmental conservation efforts — a dream nurtured for decades by environmentalist Tommy Garnett.
Five to remember · 13 & 14 July 2025
As per UNESCO’s Global Education Monitoring Report 2024-25, standardise principal training, promote gender-inclusive hiring, and ensure clearly defined school leadership roles. PARAKH Rashtriya Sarvekshan 2024
Helps India meet its Nationally Determined Contributions (NDCs) — aim to reduce emission intensity by 45% by 2030. India’s Carbon Credit Trading Scheme (CCTS)
Informal credit market estimated at ₹1.4 lakh crore (CRISIL, 2022). Rise in Informal Borrowing Among Poor Household…
Banks must allocate 40% of Adjusted Net Bank Credit (ANBC) to priority sectors. RBI’s Nod for Voluntary Gold Pledge Likely to B…
India’s digital payments market is on track to hit $10 trillion by 2030, powered by e-commerce expansion, fintech adoption, and digital-first financial services. The CAMSPay’s New Payment Gateway
A landmark bird survey conducted in Kaziranga National Park and Tiger Reserve, Assam, between March 18 and May 25, 2025, has documented 43 species of grassland birds, underlining the ecological richness of the Brahmaputra floodplain’s wet grasslands.
Key Highlights:
Species Recorded:
Total grassland bird species: 43
Critically Endangered:Bengal florican
Endangered:Finn’s weaver, swamp grass babbler
Vulnerable (6 species):
Black-breasted parrotbill
Marsh babbler
Swamp francolin
Jerdon’s babbler
Slender-billed babbler
Bristled grassbird
Kaziranga National Park (KNP)
Kaziranga National Park (KNP), located in Assam, spans the districts of Golaghat, Sonitpur, Biswanath, and Nagaon. It is globally renowned for its efforts in wildlife conservation, especially of the Indian rhinoceros.
Key Highlights:
Location & Ranges:
Situated in Assam with 5 administrative ranges, KNP is a critical biodiversity hotspot on the edge of the Eastern Himalaya biodiversity zone.
Established in 1 June 1905.
Indian Rhinoceros Population:
Hosts two-thirds of the world’s Indian rhinoceros population.
2018 Census: Total rhino count stood at 2,613, including:
Tiger Reserve Status:
Declared a Tiger Reserve in 2006 under Project Tiger.
Hosts a significant tiger population alongside other megafauna.
2. National Mobile Monitoring System (NMMS) in MGNREGS
Context
Nearly four years after rolling out the National Mobile Monitoring System (NMMS) and three years after making it mandatory for MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme) workers, the Union Rural Development Ministry has identified serious misuse and manipulation in its implementation.
Introduced to ensure real-time, geo-tagged attendance of MGNREGS workers.
Requires two photographs per day: one at the start and another at the end of the shift.
Aims to improve transparency and curb fake attendance or ghost beneficiaries.
What is MGNREGA ?
MGNREGA was launched in the year 2005 as one of the largest work guaranteed program by the Ministry of Rural Government. The basic objective of MGNREGA was providing 100 days guaranteed employment in every financial year to any rural or adult people who are willing to do public work – related which is unskilled manual work.
Ministry
Ministry of Rural Development
3. Crop Seeds on ISS Project
Context
As Group Captain Shubhanshu Shukla and the Axiom-4 crew return to Earth, the Indian Institute of Space Science and Technology (IIST) is set to launch post-flight research on crop seeds that were part of a biological payload aboard the mission. The project is a significant step in India’s efforts to explore space-based agriculture and microgravity research.
About the “Crop Seeds on ISS” Project
Objective:
To study the impact of microgravity on the growth and yield of selected Indian crop varieties.
Lead Institution:
Space Biology Lab, IIST, Thiruvananthapuram
Collaborating Institutions:
Kerala Agricultural University (KAU) – Provided the seeds
ISRO, European Space Agency (ESA)
ISRO Human Spaceflight Centre (HSFC)
Crop Varieties Sent to ISS
Jyothi and Uma – Rice
Kanakamani – Horse gram
Vellayani Vijay – Tomato
Thilakathara – Sesame
Soorya – Brinjal (Eggplant)
Significance of the Study
Helps understand how plants respond to extraterrestrial environments, crucial for long-duration space missions and off-Earth agriculture.
Adds a biological dimension to India’s human spaceflight program.
Demonstrates India's growing role in astrobiology and space-based food security research.
The Union Ministry of Social Justice & Empowerment has inaugurated the 75th Pradhan Mantri Divyasha Kendra (PMDK) at Government Medical College, Badaun, Uttar Pradesh, reinforcing the Government of India’s commitment to inclusive development and empowerment of Divyangjan (persons with disabilities) and senior citizens.
Pradhan Mantri Divyasha Kendra (PMDK)
The Artificial Limbs Manufacturing Corporation of India (ALIMCO), under the Ministry of Social Justice and Empowerment, is spearheading the PMDK initiative to deliver affordable and high-quality assistive devices to senior citizens and persons with disabilities (PwDs).
Key Features of PMDK:
Implementing Agency:
ALIMCO, a Central Public Sector Undertaking (CPSU) under the Ministry of Social Justice & Empowerment.
Objective:
Provide assistive devices to enhance mobility, dignity, and independence of Divyangjan and senior citizens.
Support economic empowerment through vocational training.
Special Focus:
The newly inaugurated centres give special emphasis to the visually impaired.
Offer a comprehensive range of services:
Prosthetics and orthotics
Braille appliances
Mobility aids
Advanced rehabilitation technologies
Government Schemes for Empowerment of PwDs
Scheme
Objective
PM-DAKSH
Skill development & rehabilitation for Divyangjan
DeenDayal Disabled Rehabilitation Scheme
Financial aid to NGOs for welfare of PwDs
Assistance to Disabled Persons for Purchase/Fitting of Aids and Appliances (ADIP)
Free aids/appliances to PwDs
National Fellowship for Students with Disabilities
Financial support for higher education
Unique Disability ID (UDID) Card
Single document for identification and availing benefits
5. India Ranked 26th in Global Internet Speed Gap: Ookla Report
Context
India ranks 26th globally in average internet connection speed, with a median download speed of 136.53 Mbps (April–June 2025), per Ookla data. The country jumped 93 positions from Rank 119 in September 2022, driven largely by its rapid 5G rollout since October 2022. India is also the world’s largest consumer of mobile data, with per capita consumption reaching 32 GB/month, surpassing China (29 GB) and the US (22 GB), according to the Ericsson Mobility Report.
Comparative Rankings
China: 8th with 207.98 Mbps median speed
USA: 13th with 176.75 Mbps
India: 26th with 136.53 Mbps
5G Rollout Impact
57% of telecom towers in India now support 5G, according to EY.
India’s 5G user base reached 326 million as of March 2025, accounting for 28% of total wireless subscribers.
Monthly 5G data usage per user hit 40 GB — 1.5× more than the average mobile user.
Investment & Infrastructure
₹1.4 lakh crore invested by Indian telecom operators in 5G between FY23–FY25.
1. AU Small Finance Bank Partners with LIC to Distribute Insurance Products
Context
On July 14, 2025, AU Small Finance Bank (AU SFB) and the Life Insurance Corporation of India (LIC) announced a strategic bancassurance partnership to distribute LIC’s insurance offerings through the bank’s branch network and digital platforms.
Key Highlights:
Type of Tie-Up:
Bancassurance agreement for the distribution of LIC’s life insurance products.
Product Categories Covered:
Term Insurance
ULIPs (Unit-Linked Insurance Plans)
Annuity Plans
Savings and Endowment Policies
Channels of Distribution:
Physical branches of AU SFB
Digital platforms and mobile banking interfaces
Strategic Objectives
Financial Inclusion:
Targets rural and underserved segments of society.
Enhances insurance penetration in Tier 2, Tier 3 cities and remote areas.
Mutual Benefits:
AU SFB expands its product suite with LIC’s trusted brand.
LIC gains wider access to AU’s growing customer base and reach.
About the Institutions
LIC:
India’s largest life insurer, state-owned, offering diverse insurance and investment products.
AU Small Finance Bank:
A leading SFB headquartered in Jaipur, serving semi-urban and rural markets, known for its strong retail and MSME footprint.
Despite the Reserve Bank of India (RBI) cutting the repo rate by 100 basis points in recent months, several microfinance institutions (MFIs) have increased their lending rates, citing persistent borrowing costs and asset quality stress. This move contrasts with the expected transmission of monetary policy to end borrowers.
Key Developments
Leading NBFC-MFIs such as CreditAccess Grameen, Muthoot Microfin, and Fusion Finance have hiked interest rates between June and July 2025.
Asirvad Micro Finance and Arohan Financial Services, both earlier penalised by the RBI for “excessive” interest rates, have again revised their rates upward.
Why Are Rates Rising?
High Credit Cost:
Post-pandemic asset quality remains under pressure, increasing credit costs.
Sticky Borrowing Costs:
MFIs claim banks and capital markets haven’t yet passed on lower rates.
Operational Costs:
Rural outreach and servicing add to cost structures.
The Parliamentary Standing Committee on Finance has recently deliberated on setting up a dedicated National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) specifically for IBC-related cases. This comes ahead of proposed amendments to the IBC in the upcoming Monsoon Session of Parliament.
Why Reforms Are Urgent
Delays Continue to Undermine IBC Objectives:
IBC’s original aim was to resolve insolvencies within 330 days.
Yet, resolution cases took an average of 597 days (as per IBBI data till March 2025).
Liquidation cases took 508 days on average.
The Supreme Court’s verdict in the Bhushan Power and Steel case, which overturned a resolution plan, adds uncertainty to outcomes.
Capacity Constraints at NCLT/NCLAT:
The current tribunals handle both company law and IBC matters, leading to severe backlog and inadequate focus.
No significant institutional expansion has accompanied their expanding mandate.
Proposed Solutions
Establish Dedicated IBC Tribunals:
A separate set of NCLT and NCLAT benches exclusively for insolvency matters could streamline case flow and reduce pendency.
Rapid Capacity Expansion:
Immediate recruitment of more judicial and technical members.
Increase infrastructure, digitisation, and case management tools.
Legislative Clarity and Certainty:
Amendments must prevent reversal of resolution plans years later, ensuring finality and investor confidence.
Clear rules on admission timelines, withdrawals, and valuation norms are needed.
With the Unified Payments Interface (UPI) continuing to offer zero-merchant-discount-rate (MDR) transactions, major fintechs are exploring credit products as alternative revenue sources. This includes a focus on co-branded credit cards, personal loans, and gold loans.
Key Developments:
Google Pay is developing a co-branded credit card with Axis Bank, after previously launching:
Gold loans in partnership with Muthoot Finance
Personal loans ranging from ₹30,000 to ₹10 lakh (tenure: 6 months to 6 years)
PhonePe, India's top UPI app, has launched a co-branded credit card with HDFC Bank.
Amazon already operates a popular co-branded ICICI Bank card with over 5 million users and is exploring an NBFC license via Axio (formerly Capital Float).
Fintech Revenue Strategy
Fintechs earn commissions for sourcing credit customers for partner banks:
Credit card sourcing: ₹1,000–₹1,200 per customer
Personal loan commission
Gold loan commission
These credit partnerships also:
Boost user engagement on the fintech platforms
Open cross-selling channels across a wide customer base
Implications for the Fintech Ecosystem
The shift marks a diversification from pure payments to credit-led monetization amid regulatory pressure on free UPI.
It underscores the growing convergence between big tech and banking, especially in India’s fast-evolving digital finance sector.
5. RBI Likely to Adopt Secured Rate as New Benchmark Tool for Monetary Policy Operations
Context
The Reserve Bank of India (RBI) is reportedly preparing to shift its operational benchmark for monetary policy transmission from the unsecured Weighted Average Call Rate (WACR) to a secured overnight rate, such as TREPS or the newly introduced Secured Overnight Rupee Rate (SORR).
Key Highlights:
Reason for Shift:
The secured rates (TREPS/SORR) represent over 98% of overnight market volumes, offering a more robust and transparent benchmark than WACR, which is based on a smaller share of unsecured interbank trades.
Banks have urged RBI to replace the current 14-day variable rate reverse repo (VRRR) auctions with a fixed-rate daily repo to better handle 24x7 banking and fluctuating liquidity.
The move is expected to improve RBI’s ability to anchor short-term interest rates more effectively.
Support Measures Being Considered:
A possible 100 bps cut in CRR (Cash Reserve Ratio) effective from September 2025 to infuse durable liquidity.
Integration of digital systems and operational tweaks to facilitate smoother monetary policy implementation.
Impact
Improved policy transmission to money markets and commercial banks.
Greater stability in short-term rates.
Strengthening of monetary policy credibility and global integration of India's financial markets.
Veteran actor B. Saroja Devi passed away at her residence at Malleswaram in Bengaluru on Monday. She was 87 and died of age-related illness.
2. Indian Astronaut Shubhanshu Shukla Returns from ISS Aboard SpaceX Dragon after 18 Days in Orbit
Group Captain Shubhanshu Shukla, the pilot of Axiom Mission 4 (Ax-4), has begun his return journey to Earth after an 18-day stay aboard the International Space Station (ISS). The mission marks a milestone for India’s expanding role in commercial human spaceflight.
3. NSE 4th in global IPO fundraising in H1
The National Stock Exchange (NSE) ranked fourth on the global IPO league table in the first half of the 2025 calendar year (H1CY25), with a fund offering of $5.51 billion, according to a note from S&P Global Market Intelligence.
4. Union Minister Dr. Mansukh Mandaviya Announces ‘Youth Spiritual Summit’ in Varanasi, from July 18 to 20, 2025
Union Minister of Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya, announced convening of the ‘Youth Spiritual Summit’ on the theme ‘Nasha Mukt Yuva for Viksit Bharat’, a transformative initiative aimed at empowering the Bharat’s Yuva Shakti and fostering a drug-free society in New Delhi.
5. Jannik Sinner wins Wimbledon 2025
The Carlos Alcaraz and Jannik Sinner Wimbledon men's singles final went down to the wire, with the Italian emerging as the winner.
6. Taiwan’s CTBC Bank Applies to Set Up IBU in GIFT City
CTBC Bank, Taiwan’s largest privately owned bank, has applied to the International Financial Services Centres Authority (IFSCA) for establishing an IFSC Banking Unit (IBU) in GIFT City, Gujarat, joining the growing list of foreign banks entering India’s premier international financial hub.
7. Ancy Sojan wins bronze in women’s long jump at Lignano Continental Tour event
In Athletics, India’s Ancy Sojan claimed third place in the women’s long jump at the Lignano Meeting, a World Athletics Continental Tour Bronze event held in Italy.
8. 10th anniversary of Skill India Mission being observed on World Youth Skills Day
Skill Development and Entrepreneurship Minister Jayant Chaudhary reaffirmed the government’s commitment to empowering youth through practical, job-ready skills across sectors. He said, under the leadership of Prime Minister Modi, Skill India continues to transform lives, especially for women and marginalised communities.
Five to remember · 15 July 2025
India’s 5G user base reached 326 million as of March 2025, accounting for 28% of total wireless subscribers. India Ranked 26th in Global Internet Speed Gap:…
Amazon already operates a popular co-branded ICICI Bank card with over 5 million users and is exploring an NBFC license via Axio (formerly Capital Float). Fintech Giants Push Co-Branded Credit Cards
Situated in Assam with 5 administrative ranges, KNP is a critical biodiversity hotspot on the edge of the Eastern Himalaya biodiversity zone. Kaziranga National Park
The secured rates (TREPS/SORR) represent over 98% of overnight market volumes, offering a more robust and transparent benchmark than WACR, which is based on a smaller share of unsecured interbank trades. RBI Likely to Adopt Secured Rate as New Benchma…
Leading NBFC-MFIs such as CreditAccess Grameen, Muthoot Microfin, and Fusion Finance have hiked interest rates between June and July 2025. MFIs Raise Lending Rates Despite RBI Rate Cuts
1. Yakten Becomes India’s First Digital Nomad Village Under ‘Nomad Sikkim’ Initiative
Context
Yakten village in Pakyong district of Sikkim was officially declared India’s first digital nomad village. The recognition marks a milestone in transforming remote rural destinations into sustainable hubs for digital professionals.
Key Highlights:
‘Nomad Sikkim’ Initiative:
Launched through a collaboration between the Pakyong district administration and NGO Sarvahitey, the initiative seeks to attract remote workers—domestic and international—to Sikkim’s scenic but under-utilised villages.
Why Yakten Was Chosen:
Chief Minister Prem Singh Tamang raised concerns about seasonal income challenges faced by homestay operators, especially during the six-month off-season . Yakten was selected as a pilot site to create year-round economic activity through digital tourism.
Digital Infrastructure Readiness:
Two dedicated internet lines and full village-wide Wi-Fi installed.
2. Second GE-F404 Engine for LCA Mk-1A Fighter Jets
Context:
India has received the second GE-F404 engine from the United States for its indigenous Light Combat Aircraft (LCA) Tejas Mk-1A programme. The engine was delivered to Hindustan Aeronautics Limited (HAL), the manufacturer of the LCA fleet.
About GE-F404 Engine & LCA Mk-1A
The GE-F404 is a twin-spool, low-bypass turbofan engine known for reliability and high thrust-to-weight ratio.
The LCA Mk-1A, an upgraded variant of the Tejas fighter, features:
3. NSO Launches “Statathon – A Data Journey Towards Viksit Bharat”
Context
The National Statistical Office (NSO), in collaboration with the Innovation Cell of the Ministry of Education (MoE), launched a Grand Challenge titled “Statathon – A Data Journey Towards Viksit Bharat”. The initiative seeks to harness the power of emerging technologies like Artificial Intelligence (AI) to modernize India's official statistics infrastructure.
Organised under MoSPI’s Data Innovation Lab (DI Lab) initiative, this national-level competition commemorates 75 years of the National Sample Survey (NSS).
Objectives and Vision
Promote innovation in India’s statistical data systems.
Encourage student and researcher participation to solve real-world data challenges.
Leverage AI and frontier technologies to improve data collection, processing, analysis, and dissemination.
Support the Viksit Bharat vision through digital public goods and citizen-focused data innovation.
4. Union Government Launches ADEETIE Scheme to Boost Industrial Energy Efficiency
Context
The Union Ministry of Power launched the ADEETIE scheme at a national rollout event in Panipat, Haryana, targeting energy efficiency improvements in India's industrial sector, particularly MSMEs. The scheme is being implemented by the Bureau of Energy Efficiency (BEE).
What is ADEETIE?
Full Form: Assistance in Deploying Energy Efficient Technologies in Industries & Establishments
Objective: To catalyze low-carbon industrial growth through clean and energy-efficient technologies
Target Group: Primarily Micro, Small, and Medium Enterprises (MSMEs)
Budget and Duration
Total Outlay: ₹1,000 crore
Duration: FY 2025–26 to FY 2027–28
Break-up:
₹875 crore for interest subvention
₹50 crore for investment-grade energy audits
₹75 crore for technical handholding & capacity building
Core Objectives
Reduce industrial energy consumption and carbon footprint
Support MSMEs in adopting modern, energy-efficient technologies
Improve India’s energy intensity and support Net Zero and Viksit Bharat @2047 targets
Key Features
Interest Subvention Scheme
Micro & Small Enterprises: 5% interest subsidy
Medium Enterprises: 3% interest subsidy
Technical Handholding Support
Energy Audits (Investment-grade)
DPR (Detailed Project Report) preparation
Support in technology implementation
Post-installation Monitoring & Verification (M&V)
Digital Enablement
Online portal for application tracking, audit submission, and fund disbursal
Cluster-Based Implementation
Phase I: 60 industrial clusters
Phase II: 100 additional clusters
Focus on energy-intensive sectors like textiles, chemicals, food processing, etc.
Eligibility Criteria
Must be a registered MSME operating in eligible industrial clusters
Willingness to participate in audits, prepare DPRs, and adopt recommended technologies
Preference to early adopters and high energy-consuming sectors
5. India Celebrates 10 Years of Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
Context
India marks a decade of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) — the government’s flagship skill development initiative — having trained over 1.63 crore youth in industry-relevant skills since its inception in 2015 under the Skill India Mission.
About PMKVY
Full Form: Pradhan Mantri Kaushal Vikas Yojana
Launched By: Ministry of Skill Development and Entrepreneurship (MSDE)
First Launched: 2015
Latest Phase: PMKVY 4.0 under the Digital India vision
Core Objectives
Bridge the gap between workforce capabilities and industry requirements
Promote skill certification, job-readiness, and entrepreneurship
Empower youth with short-term, flexible, and demand-driven skilling
Key Features of PMKVY
Short-Term Training (STT)
Duration: 3–6 months
Target Group: School/college dropouts and unemployed youth
Sectors Covered: Over 30 sectors including retail, healthcare, construction, electronics
Recognition of Prior Learning (RPL)
Recognises and certifies informal workers with existing skills
Focus on artisans, weavers, traditional craftsmen, etc.
PMKVY 4.0 – Digitally Integrated Version
Skill India Digital Hub (SIDH) for unified access
AI-based analytics for training need mapping
Linked to Academic Bank of Credits for formal skill recognition
Inclusive Participation
45% of beneficiaries are women
Significant coverage of SC/ST/OBC communities
Regional and linguistic diversity in training outreach
Focus on Emerging and Traditional Skills
Domains: Artificial Intelligence (AI), Internet of Things (IoT), Mechatronics, Drones
Support for traditional and heritage-based skills under ODOP and Handicrafts
Special Initiatives
Skill Hub Initiative: Integration of vocational education with school curriculum
COVID Warriors Training: Over 1.2 lakh youth trained for pandemic-related roles
Banking and Finance
1. SEBI Launches Settlement Scheme for Expired VCFs
Context
The Securities and Exchange Board of India (SEBI) has introduced a settlement scheme, effective July 21, 2025, to address violations by migrated Venture Capital Funds (VCFs) related to delayed or non-compliant winding-up of expired schemes. The scheme will remain open until January 19, 2026.
Key Features of the SEBI Settlement Scheme
Purpose:
The scheme offers an opportunity for migrated VCFs to settle regulatory proceedings arising from:
Failure to wind up schemes despite expiry of their liquidation period.
Continued holding of unliquidated investments.
Applies specifically to VCFs that have completed migration to the Alternative Investment Fund (AIF) regime but retain legacy compliance issues.
Eligibility:
Available to venture capital funds that:
Were registered under the SEBI (Venture Capital Funds) Regulations, 1996, and
Have since migrated to the SEBI (Alternative Investment Funds) Regulations, 2012.
Regulatory Background:
SEBI mandates that schemes of VCFs must be wound up within the prescribed tenure and liquidation timelines.
Non-compliance has led to enforcement actions, as some VCFs continue to retain assets beyond the permissible period without proper closure.
Implications for Fund Managers and Investors
The scheme provides a regulatory exit route for funds in breach of winding-up norms without undergoing protracted litigation or penalties.
Encourages transparency and regulatory compliance in the legacy private fund ecosystem.
Could improve investor confidence in post-migration fund governance and pave the way for better alignment under the AIF framework.
SEBI’s Broader Strategy
This scheme is part of SEBI’s recent moves to:
Strengthen closure and liquidation discipline in the alternative investment space.
Resolve long-pending cases arising from regulatory transitions.
Promote ease of doing business and clarity in fund administration.
Objective: Mobilize long-term funds for real estate and infrastructure projects through pooled vehicles.
Public float requirement: To be reduced from 30% to 25%, aligning with SEBI norms.
Gold ETFs to Be Allowed in ULIPs
New provision: Up to 5% of a segregated ULIP fund’s assets can be invested in gold exchange-traded funds (ETFs).
This is within the overall mutual fund cap of 15%.
Why now?
Gold has returned 30% in the past year, outperforming equities and fixed deposits.
Two large life insurers had requested this inclusion.
Regulatory Developments: Kiwi General Insurance
Kiwi General Insurance, backed by Westbridge Capital, has received R1 approval from IRDAI — the first regulatory stage toward a general insurance licence.
Other Key Actions by IRDAI
Constituted panels of Whole-Time Members to:
Review share transfer applications
Investigate violations of Insurance Act by insurers and intermediaries
Reviewed implementation of the Indian Risk-Based Capital (IRBC) regime
Discussed insurer feedback from QIS-1 (Quantitative Impact Study)
Significance of IRDAI's Reforms
Aligns insurance sector with India’s infrastructure push
Improves investment flexibility for life and general insurers
Encourages portfolio diversification, including inflation hedges like gold
Reinforces IRDAI’s shift toward a risk-based supervision regime
3. FDI Cap Hike in Public Sector Banks on Hold Pending RBI Review
Context
The Indian government will defer any decision on increasing the FDI limit in public sector banks (PSBs) until the Reserve Bank of India (RBI) completes its review of voting rights and shareholding norms in the banking sector.
Current FDI and Shareholding Norms
FDI in PSBs: Capped at 20% under automatic route.
Government ownership: Mandated to hold at least 51% in PSBs.
FDI in private banks: Allowed up to 74% (49% automatic, up to 74% via government route).
Voting rights:
Promoters in private banks: Capped at 26%.
Financial institutions: Max 15% stake.
Individual & non-financial investors: 10%, subject to RBI approval.
Promoters of non-state banks must reduce holdings to 26% over 15 years.
Why the Delay in Raising the PSB FDI Cap?
The RBI is conducting a comprehensive review of:
Voting rights linked to shareholding.
Foreign and domestic shareholding limits.
The government is awaiting revised regulatory norms before considering any legislative or policy amendments.
Significance
India’s PSB FDI regime remains conservative, but the broader context of increased global interest in Indian banks and regulatory reforms suggests incremental liberalisation is possible post-RBI review.
A relaxation in FDI norms could help PSBs access more capital and global expertise, especially in the context of banking sector expansion and privatisation goals.
4. Ageas Federal Life Insurance Launches India Sector Leaders Fund
Context
Ageas Federal Life Insurance has introduced a new unit-linked insurance fund (ULIP) offering called the India Sector Leaders Fund, targeting investors with medium- to long-term investment horizons.
Key Highlights:
Fund Name: India Sector Leaders Fund
Launched By: Ageas Federal Life Insurance
New Fund Offer (NFO) Period: Begins July 14, 2025
Initial NAV: Flat ₹10 per unit
Investment Objective
To generate strong long-term returns by investing in top-performing companies across key economic sectors.
Fund tracks the BSE India Sector Leaders Index, ensuring alignment with benchmark sector leaders.
Portfolio Strategy
Diversified Exposure: Covers 22 sectors as per the India Industry Classification Structure (IICS).
Reduced Concentration Risk: Sector-based spread helps mitigate risk from overexposure to any single industry.
Broad Market Participation: Enables participation in India's leading businesses across finance, energy, IT, FMCG, pharma, and other sectors.
Who Should Invest?
Investors seeking diversified equity exposure across India’s leading sectors
Individuals with a long-term wealth-building approach through market-linked instruments
ULIP buyers wanting sectoral allocation within their insurance-cum-investment portfolio
1. Punjab Agricultural University to Begin GM Maize Field Trials
Context
Field trials for genetically modified (GM) maize are set to begin in Punjab Agricultural University (PAU), Ludhiana, during the 2025 kharif season, following approval from the Genetic Engineering Appraisal Committee (GEAC) and the Punjab government.
What is Being Tested?
Type of GM Crop: GM maize with:
Herbicide-Tolerant (HT) Maize: Engineered to withstand glyphosate-K salt application for weed control.
Insect-Resistant (IR) Maize: Designed to resist lepidopteran pests like the stem borer and fall armyworm.
Technology Provider: Bayer
Trial Phase: BRL-I and BRL-II (Biosafety Research Level Trials)
Research Institution: Punjab Agricultural University (PAU)
Regulatory Authority: Department of Biotechnology (DBT), Government of India
Objectives of the Field Trials
Assess the agronomic performance and environmental biosafety of GM maize.
Generate scientific evidence to inform future policy decisions.
Maintain non-commercial status – trials are purely for research, not market release.
Key Features of the Trials
Confined and regulated field research conducted under national biosafety guidelines.
GM maize combines BT and HT traits for dual protection against pests and weeds.
Reviewed by multi-institutional expert panels at the state and national levels.
Draws on past experience with BT cotton trials, also led by PAU.
Environmental Groups’ Concerns
Alleged lack of public consultation and transparency.
Fears of biosafety risks, cross-pollination, and herbicide overuse.
Demand for immediate cancellation of the trial permissions in Punjab.
2. TAFE and ICRISAT Join Hands to Launch Adaptive Agriculture Research Centre in Hyderabad
Context
Tractors and Farm Equipment Ltd. (TAFE) has signed a Memorandum of Understanding (MoU) with the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) to establish a JFarm Adaptive Agriculture Research & Extension Centre at the ICRISAT campus, Patancheru, Hyderabad.
In a unique convergence of healthcare and agrarian welfare, the Sai Subhiksha Kisan Health Card was launched recently at Sathya Sai Grama, Muddenahalli in Chikkaballapur district, Karnataka. The initiative aims to provide completely free healthcare services to India's farmers.
Key Highlights:
Launch Event: Titled “Seeding the Future – Together with the Farmers”
Organisers:
Sri Madhusudhan Sai Institute of Medical Sciences and Research (SMSIMSR)
Subhiksha Organic Farmers Multi-State Co-Operative Society Ltd.
Healthcare Provider: SMSIMSR, located at Sathya Sai Grama, will provide free medical treatment to cardholders.
Beneficiaries: Farmers, particularly those engaged in ragi cultivation, were honoured at the launch. Over 1,500 farmers attended the event.
Significance of the Initiative
Access to Free Healthcare: Farmers will receive no-cost medical services, removing one of the largest financial burdens on rural households.
Integrated Rural Welfare: Merges organic farming promotion with healthcare access, aligned with One World One Family Mission principles.
Boost to Ragi Cultivation: Focuses on nutri-cereals like ragi, supporting both nutrition security and climate-resilient agriculture.
Symbolic Location: The launch at Sathya Sai Grama, the hub of spiritual and social service activities, reinforces the moral commitment to farmer welfare.
1. SCO shouldn’t compromise on terrorism: Jaishankar
The Pahalgam terrorist attack of April 22 was carried out to hurt the Jammu and Kashmir economy and to “sow a religious divide”, External Affairs Minister S. Jaishankar told the Shanghai Cooperation Organisation’s (SCO) Council of Foreign Ministers (SCO-CFM) meeting in China.
2. Update biometric details of children above 5: UIDAI
The Unique Identification Authority of India (UIDAI) on Tuesday urged people to update the biometric details of children aged between five and seven.
3. ‘140k New PMJDY A/Cs Opened in 2 Weeks’
The finance ministry on Tuesday said that in the first two weeks of its financial inclusion saturation campaign, around 1.4 lakh new PM Jan Dhan Yojana accounts have been opened and more than 5.4 lakh new enrolments made under three Jan Suraksha Schemes.
4. India’s Unemployment Rate Holds at 5.6% in June 2025
India’s unemployment rate for individuals aged 15 years and above stood at 5.6% in June 2025, unchanged from May, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI). While the national average remained stable, urban-rural disparities and gendered patterns persisted in the labour market.
5. India’s First Aqua Tech Park Inaugurated in Assam to Boost Fish Farming Innovation
Chief Minister Himanta Biswa Sarma inaugurated India’s first Aqua Tech Park at Sonapur, near Guwahati. The initiative marks a major milestone in modernising fish farming practices in Assam, aiming to enhance fish production, generate rural employment, and improve farmers’ incomes through innovative aquaculture technologies.
6. Maharashtra just passed a law that could jail you for peacefully protesting
Days after the ruling BJP at the Centre and in Maharashtra observed the 50th anniversary of the Emergency and the curtailment of freedoms it entailed, the Maha Yuti government, led by Chief Minister Devendra Fadnavis, passed the Maharashtra Special Public Security (MSPS) Bill, 2024, by voice vote in the Legislative Assembly on July 10.
7. Life Insurance Q1 FY26 Results: ICICI, HDFC, and Prudential Post Strong Profit Growth
India’s private life insurance giants—ICICI Lombard Life, ICICI Prudential Life, and HDFC Life Insurance—have reported robust year-on-year growth in Profit After Tax (PAT) for the first quarter of FY26 (April–June 2025), driven by steady premium inflows and improved underwriting performance.
8. SMBC Seeks RBI Nod to Acquire Up to 25% Stake in Yes Bank
Japan’s Sumitomo Mitsui Banking Corp (SMBC) has applied to the Reserve Bank of India (RBI) for permission to acquire up to a 25% stake in Yes Bank, expanding its footprint in India’s private banking sector.
Five to remember · 16 July 2025
Launched By: Ministry of Skill Development and Entrepreneurship (MSDE) India Celebrates 10 Years of Pradhan Mantri Kau…
₹50 crore for investment-grade energy auditsUnion Government Launches ADEETIE Scheme to Boo…
General insurers: 6% of total investment assets IRDAI Proposes Higher Investment Limits in REIT…
FDI in PSBs: Capped at 20% under automatic route. FDI Cap Hike in Public Sector Banks on Hold Pen…
Diversified Exposure: Covers 22 sectors as per the India Industry Classification Structure (IICS). Ageas Federal Life Insurance Launches India Sec…
1. Delhi to Develop India’s First Net-Zero E-Waste Eco Park
Context
The Delhi government has unveiled plans to build India’s first-of-its-kind net-zero emission e-waste eco park in Holambi Kalan, North Delhi, as part of a national push toward circular economy models. The facility will be modeled on global best practices and is expected to significantly reduce Delhi’s e-waste pollution burden.
Key Highlights:
Project Vision and Location
Location: Holambi Kalan, Narela (North Delhi).
Objective: Develop a clean, zero-emission, and zero-landfill e-waste recycling facility.
Global References: Inspired by Norway’s eco-friendly models and Hong Kong’s zero-pollution e-waste facilities.
2. UN Sustainable Development Goals (SDG) Report 2025
Released by: United Nations at the High-Level Political Forum (HLPF) Timeframe: Five years left to achieve SDG 2030 Agenda Global Warning: 35% of measurable SDG targets are stagnating or reversing
Key Highlights:
SDG 2: Zero Hunger
713–757 million people affected by hunger (9.1% of global population in 2023)
Post-COVID-19: Little progress in redistributive mechanisms
SDG 14: Life Below Water
40% of marine targets are regressing
Escalating threats:
Ocean acidification
Overfishing
Marine pollution
Least funded SDG, as reiterated at UN Ocean Conference 2025
SDG 3: Good Health and Well-being
Stagnation in:
Maternal mortality reduction
Universal health coverage
Post-pandemic challenges:
Weakened health systems
Chronic underinvestment
SDG 12, 15, 16: Responsible Consumption, Life on Land, Peace & Justice
40–42% of targets off-track
Ongoing issues:
Forest degradation
Biodiversity loss
Institutional weakening and governance gaps
Negative Trends Undermining SDG Progress
Climate Crisis:
2024 was the hottest year on record
WMO: 80% likelihood of continued temperature rise threatening food, water, and health security
Extreme Poverty:
Over 800 million remain in extreme poverty
SDG 1 off-track: Projected 8.9% may still live in poverty by 2030
Funding Shortfalls:
7.1% decline in official development aid (2024)
$4 trillion annual financing gap in developing countries due to limited affordable capital access
Positive Developments Noted in the SDG Report 2025
HIV/AIDS:
Global HIV infections dropped 40% since 2010
Malaria:
2.2 billion malaria cases averted
12.7 million lives saved since 2000
Social Protection:
Now covers over 50% of the global population, boosting inclusive development
3. Gujarat Launches India’s First Tribal Genome Sequencing Project
Context
In a first-of-its-kind initiative in India, Gujarat has launched the Tribal Genome Sequencing Project to build a reference genetic database of its tribal population. The goal is to improve healthcare access and deliver precision medicine tailored to genetic profiles of indigenous communities.
Key Details:
Feature
Details
Launched by
Gujarat Biotechnology Research Centre (GBRC)
Target Population
2,000 tribal individuals across 17 tribal-dominated districts of Gujarat
Purpose
Build a tribal genetic database to guide precision medicine
Type of Project
Genomic research + healthcare equity + policy tool
Coverage
Multiple tribal communities for inclusive representation and genetic diversity
Major Objectives of the Project
Identify Genetic Risk Markers for:
Sickle cell anaemia
Thalassemia
Hereditary cancers
Enable Personalised Healthcare by:
Designing medical interventions specific to tribal genetic profiles.
Developing genomic diagnostic tools.
Bridge Health Equity Gaps:
Use genome science for tribal empowerment and better disease prevention.
Reduce disparities in healthcare access and outcomes.
Salient Features
Advanced Scientific Infrastructure:
High-throughput DNA sequencing, sample collection, and data analytics.
Focus on Natural Immunity:
Study of immunity-linked genetic traits common among tribal communities.
Community Engagement:
Tribal awareness, consultations, and ethical data collection.
Diversity in Sampling:
Ensures inclusion of major tribal groups like Bhils, Warlis, Rathwas, and Siddis.
Banking and Finance
1. SEBI Proposes Shift in Valuation of Gold, Silver ETFs to Domestic Spot Prices
Context
The Securities and Exchange Board of India (SEBI) has released a consultation paper proposing a revised valuation methodology for physical gold and silver held by mutual funds through Exchange-Traded Funds (ETFs). The aim is to bring greater transparency, consistency, and alignment with Indian market realities.
Key Highlights of SEBI’s Proposal
Current Practice
Mutual funds currently value gold and silver holdings based on London Bullion Market Association (LBMA) prices.
These are international reference prices, adjusted for customs duties and local taxes to reflect the Indian context.
Proposed Changes
SEBI suggests using spot prices published by domestic commodity exchanges (like MCX) for valuation.
This change aims to:
Align ETF NAVs with actual domestic market prices.
Reduce mismatch caused by global benchmarks during volatile periods or in thin domestic trading sessions.
Impact on Asset Management Companies (AMCs)
All mutual funds managing gold and silver ETFs would have to transition their NAV valuation process to this new benchmark.
The change would apply to daily NAV disclosures and influence inflows/outflows depending on perceived pricing accuracy.
The Reserve Bank of India (RBI) and the Department of Financial Services (DFS) convened a meeting with banks and NBFCs to assess progress and address challenges in scaling up the Unified Lending Interface (ULI) a digital public infrastructure likened to UPI for loans.
Purpose of ULI
ULI aims to streamline digital lending by integrating financial, non-financial, and alternative datasets into one platform.
It enables lenders to make informed, real-time credit decisions using verified data sources like land records, property data, satellite insights, etc.
Adoption Challenges
Integration delay: Some lenders already have proprietary technology stacks and partnerships, making ULI integration a low priority.
Regulatory scrutiny: Initial focus on small-ticket personal loans—which came under RBI scrutiny for rising delinquencies—slowed momentum.
Cautious lending: Reluctance in the unsecured credit segment, a key ULI use case.
Limited use cases: Attempts in supply chain finance via ULI also failed to gain traction.
RBI Action
RBI Deputy Governor T. Rabi Sankar and DFS Secretary M. Nagaraju are actively engaging stakeholders to identify bottlenecks.
The goal is to enhance adoption by resolving operational, regulatory, and technical integration issues.
Way Forward
Need to establish robust use cases beyond personal loans, such as agri-credit, MSME lending, or gold loans.
Possible refinement in regulatory stance to balance innovation and risk control.
Potential incentive models to encourage lenders to integrate and use ULI actively.
Over a third of bank account holders in India were no longer using the banking facilities and had inactive accounts, a World Bank report titled ‘Global Findex 2025’ said, as it cited Jan Dhan Yojana accounts as one of the likely reasons for the country’s high share of account inactivity.
Key Highlights:
India’s Bank Account Inactivity Among the Highest
35% of Indian bank account holders had inactive accounts in 2021.
This is 7 times higher than the average 5% inactivity rate in other developing economies (excluding India).
Inactive account = no customer-initiated transaction for 12 months or more.
Role of Jan Dhan Yojana
The World Bank attributes a large part of India's account inactivity to the Pradhan Mantri Jan Dhan Yojana (PMJDY).
Launched in August 2014, PMJDY led to 450 million new bank accounts by April 2022.
Many of these accounts were opened for inclusion, not necessarily for active financial use.
Why Are Accounts Inactive in India?
According to survey respondents:
Distance to financial institutions
Lack of trust in banks
No need to use the account
40% said they had insufficient funds
30% felt uncomfortable using accounts independently
Comparative Trends
India’s inactivity rate remained constant between 2017 and 2021, unlike global trends.
In other developing economies:
Inactivity among adults dropped from 17% in 2017 to 9% in 2021.
In high-income economies, virtually all accounts are active.
In developing countries, women are 5 percentage points more likely than men to have inactive accounts.
4. SEBI Penalty Rationalisation Framework Nears Finalisation
Context
The Securities and Exchange Board of India (SEBI) is in the final stages of rationalising penalties imposed on stock brokers, aiming to bring greater fairness, proportionality, and operational clarity to its enforcement practices. A sub-committee constituted for this review submitted its recommendations to SEBI last week, and SEBI Chairman Tuhin Kanta Pandey recently held discussions with broker representatives.
Key Recommendations by the Committee
Severity-Based Enforcement
Warnings instead of penalties for minor or non-serious violations.
Intentional violations to attract stricter enforcement actions, ensuring regulatory deterrence.
Technical or operational lapses to be clearly separated from willful non-compliance.
Single Point of Penalty Enforcement
Only the exchange where the stockbroker is a trading member may levy penalties.
Prevents duplication of penalties across multiple exchanges for the same non-compliance.
Change in Terminology
Replace the term “penalty” in certain cases where the violation is procedural or operational in nature.
This is to avoid client panic or reputational damage in cases of minor compliance issues.
Additional Steps in Progress
Common Compliance Portal:
Discussions are ongoing to create a centralised reporting system to reduce duplication and ease broker compliance, especially where multiple exchanges are involved.
Dedicated Approval Portal:
A platform is being developed for approvals related to brokers (e.g., advertisements, registrations) to improve processing efficiency.
5. Fitch Ratings: RBI’s Liquidity Infusion to Facilitate 100 bps Rate Cut in 2025
Context
Fitch Ratings has assessed the Reserve Bank of India’s (RBI’s) recent liquidity management actions and confirmed that these efforts will support monetary policy transmission, particularly in view of the anticipated 100 basis points (bps) rate cut in 2025.
EximPe, a fintech startup specializing in cross-border payment solutions, has received in-principle approval from the Reserve Bank of India (RBI) for a Payment Aggregator–Cross Border (PA-CB) licence, positioning itself to serve India’s growing digital exports and global trade flows.
What Is a PA-CB Licence?
Issued under RBI's guidelines for cross-border payment aggregation.
Enables fintechs to facilitate inbound (pay-ins) and outbound (pay-outs) for digital services, e-commerce, and B2B trade.
Part of RBI’s broader strategy to regulate and standardize cross-border digital financial flows.
About EximPe
CEO & Founder: Arjun Zacharia
Current Reach:
Over 5,000 SME clients
Processed $450 million+ in transactions
Target:10X business growth by FY26, leveraging the new PA-CB licence.
1. Prime Minister Dhan-Dhaanya Krishi Yojana (PMDDKY)
Context
The Union Cabinet approved the “Prime Minister Dhan-Dhaanya Krishi Yojana”, or PMDDKY, to enhance agricultural productivity and increase adoption of sustainable agricultural practices across the country. PM Dhan-Dhaanya Krishi Yojana (PMDDKY) is a flagship initiative aimed at transforming Indian agriculture. Announced in the Union Budget 2025–26, the scheme focuses on enhancing productivity and promoting sustainable farming.
Financial Outlay and Duration
Total Outlay: ₹24,000 crore per year.
Duration: 6 years (from FY 2025–26 to FY 2030–31).
Total Beneficiaries: 1.7 crore farmers across India.
Convergence of Schemes
Merges 36 existing schemes from 11 Union Ministries/Departments.
The Indian Council of Agricultural Research (ICAR) celebrated its 97th Foundation Day on 16 July 2025 in New Delhi, marked by the participation of farmers, agricultural scientists, and policymakers. Union Minister of Agriculture addressed the gathering and announced several transformative initiatives aimed at sustainable and technology-driven farming.
About ICAR – Indian Council of Agricultural Research
Parameter
Details
Established
16 July 1929 (as Imperial Council of Agricultural Research)
Headquarters
New Delhi
Governing Ministry
Ministry of Agriculture and Farmers’ Welfare
Reconstitution
Under Societies Registration Act, 1860
Parent Body
Department of Agricultural Research and Education (DARE)
President (Ex-Officio)
Union Agriculture Minister
ICAR: Role and Mandate
National Apex Body for:
Agricultural research, education, and extension services.
Functions:
Promote R&D in agriculture, animal husbandry, fisheries, home science, agroforestry.
Technology transfer to farmers via training, exhibitions, publications, and Krishi Vigyan Kendras.
Capacity building through higher education, competitive exams (ASRB), and fellowships.
Collaboration with national (CSIR, BARC) and global research bodies.
Policy support on food security, agroecological transition, and sustainable farming.
Largest farmer-scientist dialogue platform launched.
500+ research priorities identified for region-specific and crop-specific innovations.
Aims to connect lab-to-land via participatory research.
Field-Guided Research Agenda
"One Team, One Goal" model for multidisciplinary, demand-driven field research.
Focus on location-specific solutions driven by farmer feedback.
Natural Farming Promotion
Emphasis on chemical-free and sustainable practices.
Integration with climate-resilient agriculture and Bharatiya Prakritik Krishi Paddhati (BPKP).
Fertilizer Testing Kits
Introduction of portable soil and fertilizer testing kits for:
Detecting adulteration.
Empowering farmers to verify input quality.
Toll-Free Grievance Redressal System
Launch of helpline number to report:
Spurious seeds and fertilizers.
Unregulated bio-stimulants (over 30,000 flagged for action).
Ethical Pricing and MoU Norms
ICAR-industry MoUs to now include mandatory pricing fairness clauses.
Ensures farmers get affordable access to ICAR-developed technologies.
3. India–Argentina 2nd Joint Working Group Meeting on Agriculture
Context
India and Argentina convened the 2nd Joint Working Group (JWG) Meeting on Agriculture, reaffirming their commitment to deepen cooperation in agriculture and allied sectors. The dialogue focused on enhancing collaboration through knowledge exchange, technological partnership, and innovations in sustainable agriculture.
Key Highlights:
Priority Areas for Cooperation
Both countries agreed to collaborate in the following focus areas:
Agricultural mechanization
Climate-resilient agriculture
Pest and locust management
Plant breeding and genome editing technologies
Biopesticides and precision agriculture
Carbon credit systems for farmers
Horticulture and oilseeds value chain
New Breeding Technologies (NBTs)
Market access for agri-products
India’s Agricultural Innovations
Presented by Shri Muktanand Agrawal, Joint Secretary (Plant Protection), DA&FW:
Digital platforms for agri-governance
Climate-resilient crop practices
Risk-mitigation strategies
Credit and insurance for farmers
Biopesticide deployment initiatives
Importance
South-South Cooperation: The meeting bolsters global south collaboration, sharing best practices between two major agricultural economies.
Food Security & Sustainability: Both nations aim to leverage innovation for enhanced productivity, climate mitigation, and farmer welfare.
Technology & R&D Exchange: Emphasis on plant genomics, locust control, and carbon credits signals a shift to future-ready agriculture.
1. Global Capability Centres (GCCs) are emerging as a key frontier in India’s services export strategy
Global Capability Centres (GCCs) are emerging as a key frontier in India’s services export strategy, and the government is working on a national framework to incentivize their expansion beyond metro cities. Global Capability Centres (GCCs) are offshore units of multinational corporations that manage key functions such as IT, R&D, analytics, finance, and HR from global hubs. India hosts over 6,500 GCCs as of 2024, with companies le
2. F-35B Fighter Jet Grounding in Kerala
A Royal Air Force (RAF) F-35B Lightning II fighter jet from the United Kingdom made an emergency landing at Thiruvananthapuram International Airport, Kerala, on June 14, 2025, due to technical issues. The jet belongs to the fifth-generation stealth multirole combat aircraft family, known for vertical landing capability.
3. PM Modi's Visit to Maldives
India is intensifying its regional engagement with key South Asian neighbors amid changing geopolitical alignments and renewed efforts to rebuild diplomatic ties. Two major developments signal this shift:
Prime Minister Narendra Modi’s scheduled visit to the Maldives (July 25–26, 2025)
Planned visit of Nepal’s Prime Minister K.P. Sharma Oli to India
4. RBI to Conduct ₹32,000 Crore Bond Switch Auction to Ease Redemption Pressure
The Reserve Bank of India (RBI), on behalf of the Central Government, will conduct a ₹32,000 crore bond switch auction on July 21, 2025. This move is part of the government’s strategy to manage its debt profile by reducing short-term redemption pressure and supporting fiscal consolidation.
5. UIDAI Plans Revamp of Offline Aadhaar-Based KYC to Boost Privacy and Adoption
The Unique Identification Authority of India (UIDAI) is working to overhaul its offline Aadhaar-based identity verification process, aiming to strike a balance between user privacy, security, and ease of onboarding especially for financial institutions and startups.
Five to remember · 17 July 2025
35% of Indian bank account holders had inactive accounts in 2021. Global Findex Report 2025 by World Bank
713–757 million people affected by hunger (9.1% of global population in 2023) UN Sustainable Development Goals (SDG) Report 2…
RBI has injected ₹5.6 trillion into the banking system since January 2025. Fitch Ratings: RBI’s Liquidity Infusion to Faci…
Duration: 6 years (from FY 2025–26 to FY 2030–31). Prime Minister Dhan-Dhaanya Krishi Yojana (PMDD…
Annual Generation: Over 1.6 million metric tonnes, growing at 23% per year. Delhi to Develop India’s First Net-Zero E-Waste…
President Droupadi Murmu conferred the Swachh Survekshan 2024–25 awards at a national felicitation event organized by the Ministry of Housing and Urban Affairs (MoHUA).
About Swachh Survekshan
Feature
Details
Conducted by
Ministry of Housing and Urban Affairs (MoHUA)
Objective
To promote cleanliness, hygiene, and sanitation through healthy competition
Participation
4,500+ cities; 14 crore citizens engaged via apps, feedback, campaigns
Framework
Based on “One City, One Award” principle
Assessment Parameters
Garbage Free City (GFC) star rating, source segregation, ODF status, public toilets, beautification, citizen feedback
New Initiatives in 2024–25
Super Swachh League (SSL): A premier category for consistently top-performing cities.
Revamped Categorization: Cities grouped across five population-based segments for fairness.
India conducted a successful high-altitude trial of the Akash Prime surface-to-air missile in Ladakh, a key step towards strengthening its indigenous air defence capabilities in mountainous terrain.
What is Akash Prime?
Feature
Description
Type
Medium-range Surface-to-Air Missile (SAM)
Developer
DRDO (Defence Research and Development Organisation)
The Ministry of Corporate Affairs (MCA) has introduced stricter registration and disclosure requirements for non-profit entities executing Corporate Social Responsibility (CSR) activities on behalf of companies, aimed at curbing misuse and aligning CSR funding with tax compliance and financial scrutiny.
Key Highlights:
Revised Form CSR-1 Issued:
Effective from 14 July 2025, a new version of Form CSR-1 mandates enhanced disclosures from trusts, societies, and Section 8 companies seeking to implement CSR projects on behalf of corporates.
Objective:
Prevent bogus or shell entities from accessing CSR funds.
Ensure alignment with Income Tax Act provisions, particularly Sections 12A, 80G, and 10(23C).
Enhance transparency and accountability in the CSR ecosystem.
Expanded Eligibility:
Earlier, only institutions registered under Section 12A of the IT Act were eligible.
Now includes universities and hospitals qualifying for exemptions under Section 10(23C), broadening the CSR implementing agency base.
Mandatory Tax Compliance Documents:
Entities must now submit IT registration certificates under 80G and 12A, wherever applicable.
Income tax registration is prerequisite for receiving CSR funds from companies.
Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR) is a business approach where companies integrate social and environmental concerns into their operations and interactions with stakeholders. It's a way for businesses to voluntarily contribute to a better society and a cleaner environment, going beyond just profit-making.
Key Aspects of CSR
Beyond Profit:
Focus on societal good alongside business goals.
Addresses the triple bottom line: People, Planet, Profit.
Stakeholder Engagement:
Recognizes interests of employees, customers, communities, suppliers, and the environment.
Ethical Conduct:
Promotes transparency, fair labor standards, anti-corruption, and responsible marketing.
Environmental Sustainability:
Efforts to reduce pollution, energy consumption, and adopt green technologies.
Community Involvement:
Volunteering, financial contributions, and development projects in local communities.
Examples of CSR Activities
Type of CSR Activity
Examples
Philanthropy
Donations to NGOs, funding schools or hospitals
Volunteering
Employees participating in community clean-ups or literacy missions
Environmental Initiatives
Renewable energy use, recycling programs, carbon offsetting
Ethical Supply Chains
Ensuring fair wages and safe working conditions in supplier factories
Community Development
Infrastructure support, skill training, sanitation and healthcare drives
4. Long-Billed Bush Warbler
Context
A team of seasoned birders has successfully rediscovered the long-billed bush warbler (Locustella major) in the Suru Valley of Ladakh — a species not confirmed in the region since 1979.
Credit: TOI
Ecological and Scientific Significance
Habitat Update:
For the first time, the warbler was seen perching on a willow tree in terraced fields among rumex and gooseberry shrubs.
IUCN Status:
Classified as ‘Near Threatened’ by the IUCN.
Population History:
Was common in Ladakh and Gilgit-Baltistan in the 1930s; sightings became rare due to sparse expeditions and habitat changes.
1. SEBI Flags Sustainability Concerns in F&O Trading Boom
Context
SEBI has raised concerns over the excessive trading in ultra-short-term index derivatives, especially expiry-day options, which dominate market activity and pose risks to retail investors and market stability.
2. India’s Mutual Fund Industry Embraces Active Factor-Based Strategies
Context
The Indian mutual fund industry is witnessing a shift in factor-based investing — from predominantly passive strategies to increasingly active factor fund offerings. With multiple new fund launches and growing investor interest, the active quant investing trend is gaining ground in 2025.
What Are Factor-Based Funds?
Factor funds build portfolios based on specific investment factors such as:
Momentum (price or earnings-based trends)
Quality (profitability, ROE, low debt)
Value (undervalued stocks)
Size (smaller companies with growth potential)
Low Volatility (less price fluctuation)
Traditionally, such strategies were implemented through passive index funds or ETFs. However, a new wave of active fund launches is reshaping the space.
Recent Active Factor Fund Launches (2023–2025)
Fund House
Fund Type
Launch Status
ICICI Prudential MF
Active Momentum Fund
NFO open
Bandhan MF
Multi-Factor Fund
NFO open
Sundaram MF
Multi-Factor Fund
NFO closed (July 2025)
Kotak MF
Active Momentum Fund
To be launched (July 2025)
Mirae Asset MF
Multi-Factor Fund (FoF route)
Upcoming
Samco MF
Active Momentum Fund
Launched in 2023
Union MF, Nippon India, Motilal Oswal
Active Momentum Funds
Launched previously
WhiteOak, ICICI Pru
Active Quality Funds
Launched
SBI MF
Quant Fund (Multi-Factor)
Ongoing
Why the Shift from Passive to Active Factor Funds?
Market Dynamics Are Evolving
Passive factor indices like Nifty 200 Momentum 30, Nifty 200 Quality 30, Nifty 50 Value 20, and Nifty 100 Low Volatility 30 have been tracking performance for over three years.
However, factor performance cycles shift with:
Macroeconomic conditions
Valuation changes
Investor sentiment
Advantages of Active Factor Strategies
Dynamic allocation: Switch between factors based on prevailing trends.
Risk control: More nimble in avoiding underperforming sectors.
Qualitative filters: Incorporate corporate governance, future outlook, etc.
Example: The ICICI Pru Active Momentum Fund combines price and earnings momentum, unlike passive funds that only consider price.
3. Equity-Linked Savings Scheme (ELSS)
Context
The once-popular Equity-Linked Savings Scheme (ELSS) is witnessing a decline in investor interest as taxpayers increasingly shift to the new tax regime, which does not offer tax deductions under Section 80C.
What are ELSS Funds?
Equity Linked Savings Schemes (ELSS) are tax-saving mutual funds that primarily invest in equities and offer tax deductions under Section 80C of the Income Tax Act, 1961.
Key Features of ELSS Mutual Funds
Equity-Oriented Investment:
Invests majorly in equity and equity-related instruments (across large-cap, mid-cap, and small-cap stocks).
Tax Deduction Under Section 80C:
Investments up to ₹1.5 lakh annually qualify for income tax deduction, offering potential tax savings up to ₹46,800 (for highest tax slab).
Mandatory Lock-in Period:
ELSS has the shortest lock-in among all 80C instruments — 3 years. The funds cannot be withdrawn before this tenure.
Capital Gains Taxation:
Gains after 3 years are treated as Long-Term Capital Gains (LTCG).
LTCG up to ₹1 lakh/year is tax-exempt.
LTCG above ₹1 lakh is taxed at 10% without indexation.
How ELSS Funds Work
Managed by professional fund managers.
Portfolio includes diversified stocks selected after detailed research.
Goal is long-term capital appreciation while providing tax savings.
Can be invested via lump sum or Systematic Investment Plans (SIPs).
Modes of Investment in ELSS Funds
Lump Sum Investment: One-time investment with a 3-year lock-in per transaction.
SIP (Systematic Investment Plan): Regular monthly investments — each SIP has its own 3-year lock-in.
Online Mutual Fund Platforms or via Asset Management Companies (AMCs) directly.
4. RBI Set to Finalise Climate Risk Disclosure Norms for Banks
Context
The Reserve Bank of India (RBI) is in the final stages of framing guidelines that will mandate banks and financial institutions to disclose climate-related risks in their lending portfolios. This move aligns with global climate finance norms, even as several major global banks roll back similar commitments.
Key Highlights:
Scope of RBI's Climate Risk Framework
Mandatory Disclosure Timeline:
Voluntary climate risk disclosures: From FY 2026–27
Mandatory compliance: From FY 2027–28
Disclosures Will Include:
Climate-related risks in loan portfolios
Mitigation strategies and decarbonisation targets
Gross emissions data of borrowers, segmented by asset classes and industries
Stress testing to assess impact of physical risks (like floods, heatwaves) and transition risks (policy shifts, tech changes)
Draft Framework and Progress
Draft climate disclosure norms were released in February 2024 for public feedback.
RBI shared a 52-page draft guidance note with large banks outlining:
Methodologies for assessing physical and transition risks
Stress-testing borrowers’ loan repayment capacity under climate-related scenarios
Preparation by Banks
Major banks have started:
Hiring climate risk consultants
Collecting granular climate-related financial data
Developing internal strategies to comply with RBI’s evolving framework
Significance of the Move
India becomes part of a growing list of countries (e.g., UK, Japan) requiring climate finance transparency from financial institutions.
Supports India’s Net Zero by 2070 goal and its upcoming national emissions-reduction target to be announced at COP30 in Brazil (Nov 2025).
Enhances systemic resilience to climate-induced financial shocks, especially in a country vulnerable to frequent extreme weather events.
NPCI International Payments Ltd. (NIPL), the global subsidiary of NPCI, has announced the inclusion of 13 more Indian banks into the UPI–PayNow linkage between India and Singapore, effective July 17, 2025.
What is the UPI–PayNow Linkage?
A real-time, cloud-based cross-border remittance system connecting India’s UPI (Unified Payments Interface) with Singapore’s PayNow.
Launched in collaboration with RBI and Monetary Authority of Singapore (MAS).
Enables seamless fund transfer using UPI IDs (India) and mobile numbers/VPAs (Singapore).
Total Indian Banks Now Part of UPI–PayNow: 19
Newly Added Banks (13):
Bank of Baroda
Bank of India
Canara Bank
Central Bank of India
Federal Bank
HDFC Bank
IDFC FIRST Bank
IndusInd Bank
Karur Vysya Bank
Kotak Mahindra Bank
Punjab National Bank
South Indian Bank
UCO Bank
Existing Banks (6):
Axis Bank
DBS Bank India
ICICI Bank
Indian Bank
Indian Overseas Bank
State Bank of India
UPI–PayNow Linkage Benefits
Feature
Description
Type
Real-time, cloud-based remittance system
Cost
Low-cost, ideal for small-value transactions
Security
High-level security infrastructure
Interoperability
Between Indian UPI and Singapore’s PayNow platforms
Utility
Person-to-person remittances, retail purchases (QR in SG)
1. Cooperative Sugar Mills Shift to Grain-Based Ethanol
Context
Amid limitations in seasonal sugarcane processing, several cooperative sugar mills are planning to convert molasses-based ethanol distilleries to grain-based or multi-feedstock systems. The move is aimed at enhancing efficiency, operational days, and ethanol output.
Grain-based ethanol
Grain-based ethanol is a biofuel produced by fermenting the starch in grains like corn, rice, or wheat. It's a renewable energy source used to blend with gasoline, reducing reliance on fossil fuels and potentially lowering carbon emissions.
Need for Conversion
Molasses Limitation:
Molasses is a byproduct of sugarcane processing, which only occurs for 4–5 months a year.
This restricts molasses-based ethanol production to ~200 operational days.
Grain Advantage:
Grains like maize and damaged food grains are available year-round.
Ensures continuous ethanol production, boosting profitability and efficiency.
Broader Sectoral Implications
Strategic Move for Ethanol Blending Goals:
Supports India’s target of 20% ethanol blending with petrol (E20).
Boosts Rural Employment & Income:
Year-round operations lead to higher employment stability in rural areas.
Improves Feedstock Diversification:
Aligns with policy push towards multi-feedstock ethanol production, reducing over-dependence on sugarcane.
1. India Successfully Tests Akash Prime in Ladakh and Ballistic Missiles in Odisha
India’s defence preparedness received a boost with two major developments:
Successful high-altitude trials of the Akash Prime air defence system by the Indian Army in Ladakh.
Test-firing of short-range ballistic missiles Prithvi-II and Agni-I by the Strategic Forces Command in Odisha.
2. U.K., Germany sign friendship treaty, deepening ties amid threats
Britain and Germany signed a wide-ranging friendship treaty on Thursday, deepening cooperation in defence, transport, and migration. The pact includes joint weapons exports, a new AI defence factory in Britain, and a mutual assistance clause, reflecting increased cooperation amid U.S. policy uncertainties.
3. Yuliia Svyrydenko, appointed as Ukraine's new Prime Minister
Ukraine’s Economy Minister and the key negotiator in the mineral deal with the U.S, Yuliia Svyrydenko, was appointed as its new Prime Minister, becoming the country’s first new head of government since the start of Russia’s full-scale invasion in 2022.
4. PGIM India MF gets new CEO
PGIM India Asset Management said Abhishek Tiwari has been elevated as the fund house’s CEO. Tiwari succeeds Ajit Menon, who had been PGIM MF’s CEO for the past seven years.
5. IRDAI Approves 26% Equity Share Transfer in Bajaj Allianz Insurance Arms
On July 15, 2025, the Insurance Regulatory and Development Authority of India (IRDAI) approved the transfer of 26% equity stake held by Allianz SE in its two Indian joint ventures—Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance—to Indian shareholders of the Bajaj group.
Five to remember · 18 July 2025
President Droupadi Murmu conferred the Swachh Survekshan 2024–25 awards at a national felicitation event organized by the Ministry of Housing and Urban Affairs (MoHUA). Swachh Survekshan 2024–25
Effective from 14 July 2025, a new version of Form CSR-1 mandates enhanced disclosures from trusts, societies, and Section 8 companies seeking to implement CSR projects on behalf of corporates. Corporate Social Responsibility (CSR)
A team of seasoned birders has successfully rediscovered the long-billed bush warbler (Locustella major) in the Suru Valley of Ladakh — a species not confirmed in the region since 1979. Long-Billed Bush Warbler
A SEBI study revealed that 91% of retail individual traders in derivatives incurred net losses in FY25, amounting to losses over ₹1 lakh crore. SEBI Flags Sustainability Concerns in F&O Tradi…
Passive factor indices like Nifty 200 Momentum 30, Nifty 200 Quality 30, Nifty 50 Value 20, and Nifty 100 Low Volatility 30 have been tracking performance for over three years. India’s Mutual Fund Industry Embraces Active Fa…
In a significant boost to India’s maritime operational capabilities and self-reliance in defense manufacturing, the Indian Navy commissioned INS Nistar, the country's first indigenously designed and constructed Diving Support Vessel (DSV), on July 19, 2025, in Visakhapatnam.
Key Highlights:
First of Its Kind:
INS Nistar is the first of two DSVs being built by Hindustan Shipyard Ltd. (HSL), under India’s “Aatmanirbhar Bharat” initiative.
Dimensions and Design:
The vessel is 118 metres long and equipped to carry out saturation diving and deep-sea rescue operations, capabilities available only to a select few navies globally.
Strategic Role:
Supports submarine rescue missions for Indian and partner navies.
Enhances India’s position as the “first responder” and “preferred security partner” in the Indian Ocean Region.
Technological and Operational Capabilities
Deep-Sea Operations:
Equipped to support diving operations up to 300 metres depth.
Serves as a Mother Ship for Deep Submergence Rescue Vessels (DSRVs) for distressed submarines.
1. Sebi Proposes Changes in Categorization and Rationalization of Mutual Fund Schemes
Context
The Securities and Exchange Board of India (SEBI) is set to revamp mutual fund regulations by introducing a separate framework for passive schemes and expanding the scope of active fund categories. These changes aim to ensure greater clarity, investor choice, and consistency in the mutual fund space amid rising scheme proliferation.
Key Proposals and Changes
Separate Regulations for Passive Funds
SEBI plans to create a dedicated regulatory framework for passive investment schemes, such as ETFs and index funds.
This is intended to curb redundancy and overlaps, given the rapid growth in passive products.
Expansion of Active Categories
Active equity, hybrid, and debt fund categories will be broadened to provide more tailored investment strategies for investors.
Value and Contra Funds Allowed Together
Mutual fund houses will now be permitted to offer both value and contra schemes.
Earlier, AMCs could only launch one of the two, to avoid category duplication.
New Sectoral Debt Fund Category
A new category will permit schemes that invest over 80% of their portfolio in debt instruments of a specific sector (e.g., infrastructure, power, or banking).
This is designed to offer targeted debt exposure for investors seeking sector-specific credit plays.
Expanded Solution-Oriented Schemes
The number of solution-oriented mutual fund schemes (like retirement and children's plans) will increase from 2 to 6.
This provides more flexibility and customisation for long-term investors with specific financial goals.
Retirement Fund of Fund (FoF) Category
A new Retirement FoF category will be allowed, investing across equity, hybrid, and debt funds.
SEBI will allow one Life Cycle FoF launch every 5 years, with a maximum tenure of 30 years.
This move aligns with long-term retirement planning trends and the need for diversified allocation.
In a significant step toward reforming India’s power markets, electricity futures trading has officially commenced on the National Stock Exchange (NSE) and Multi Commodity Exchange (MCX). At the launch event in Mumbai, SEBI Chairman Tuhin Kanta Pandey stressed that these contracts are designed as risk management tools, not instruments for speculative gains.
India’s retail asset securitisation market recorded a moderate 6% year-on-year growth in the first quarter of FY26, reaching volumes of ₹52,000 crore. A major highlight was the country’s first Residential Mortgage-Backed Securitisation (RMBS) transaction, marking a new chapter in long-term funding innovation.
What Is Securitisation?
Securitisation refers to the process of pooling illiquid financial assets (like loans) and converting them into marketable securities.
It facilitates:
Liquidity for lenders
Risk distribution across investors
Access to capital for underserved sectors
Steps in Securitization Process
Loan Issuance (Asset Origination)
A bank or NBFC (Non-Banking Financial Company) gives out loans — like home loans, car loans, or business credit lines — to borrowers.
Forming a Loan Pool
The lender selects similar loans (same type, term, or risk level) and bundles them into a group — called an asset pool.
Creating a Special Purpose Vehicle (SPV)
A new legal entity called a Special Purpose Vehicle is created. It keeps the asset pool separate from the lender’s main balance sheet, protecting investors if the lender fails.
Transferring Assets to the SPV
The lender sells the asset pool to the SPV. This allows the lender to remove the loans from its books and use the money it gets from the SPV to issue more loans.
Breaking into Tranches (Tranching)
The SPV slices the asset pool into pieces (called tranches) based on risk —
Senior Tranche (low risk, first to be paid)
Mezzanine Tranche (moderate risk)
Junior or Equity Tranche (high risk, last to be paid)
Adding Safety Nets (Credit Enhancement)
To make the securities safer and more attractive, the SPV adds safeguards like:
Extra collateral
Reserve funds
Insurance or third-party guarantees
Getting Ratings
Credit rating agencies (like CRISIL, ICRA, CARE in India) rate the tranches based on how risky they are. Better-rated tranches attract more investors.
Selling to Investors
Investment banks or brokers help the SPV sell these securities to investors like mutual funds, insurance companies, or even pension funds.
Paying Investors
As borrowers repay their loans, the collected money is used to pay investors. Senior tranches are paid first, and junior ones last.
Monitoring & Reporting
A servicing agency tracks loan repayments and regularly updates investors on performance and risks.
On July 19, 2025, the Ministry of Labour and Employment notified key relaxations to the Employees’ Deposit Linked Insurance (EDLI) scheme, administered under the Employees’ Provident Fund Organisation (EPFO). The aim is to enhance social security benefits for employees and their families, especially in cases of death during service.
Key Changes in EDLI Scheme
₹50,000 Minimum Assurance Benefit
Nominees will receive at least ₹50,000 under EDLI, even if the PF balance is below that amount.
Breaks in Employment – Relaxed Rule
Gaps up to 60 days between jobs won’t break continuity. Multiple spells with ≤60-day gaps count as continuous service.
Death Within 6 Months of Last PF Contribution
If the employee dies within 6 months of the last PF deposit and remains on employer rolls, the family is eligible for EDLI benefits.
About the EDLI Scheme
The Employees’ Deposit Linked Insurance Scheme (EDLI) provides life insurance coverage to all employees who are members of EPF or PF-exempted trusts under Section 17 of the EPF Act.
The maximum benefit can go up to ₹7 lakh, depending on the last drawn salary and tenure.
The scheme ensures financial support to the family of an employee in the event of death during service.
5. SBI Named World’s Best Consumer Bank 2025 by Global Finance Magazine
Context
The State Bank of India (SBI), India’s largest lender, has been honoured with the prestigious title of World’s Best Consumer Bank for 2025 by Global Finance magazine, highlighting its continued focus on digital transformation and customer-centric services.
Key Highlights:
Global Recognition
Global Finance magazine, a reputed international financial publication, adjudged SBI the World’s Best Consumer Bank 2025.
The award selection was based on independent editorial evaluation, supported by insights from global corporate finance executives, analysts, and bankers.
Focus on Inclusive Digital Banking
SBI Chairman CS Setty emphasized that customer experience is central to the bank’s growth strategy.
SBI has achieved milestones in:
Vernacular voice banking to boost accessibility
24/7 digital support for round-the-clock services
Simplified customer onboarding, especially in rural and semi-urban areas
Use of Advanced Technology
The bank is building omni-channel engagement models.
Leveraging AI for hyper-personalised financial offerings, SBI aims to reach underserved and emerging segments with tailored services.
Global Platform for Felicitation
The award will be presented to CS Setty on October 18, 2025, during the IMF/World Bank Annual Meetings in Washington, D.C.
6. Net-Zero Banking Alliance (NZBA): Global Climate Commitment by Banks
Context
HSBC, one of the world’s largest banking institutions, has become the first major UK bank to exit the UN-backed Net-Zero Banking Alliance (NZBA). This move signals growing tensions between environmental, social, and governance (ESG) commitments and political headwinds, particularly from the United States.
Key Highlights:
HSBC’s Exit from NZBA
HSBC exited the NZBA, a flagship initiative of the UN’s Race to Zero campaign, aimed at aligning banks' lending and investment portfolios with the 1.5°C climate target.
Despite the withdrawal, HSBC reaffirmed its net-zero ambition for 2050, though it postponed its interim 2030 target for operational and supply chain emissions by 20 years.
Net-Zero Banking Alliance (NZBA)
The Net-Zero Banking Alliance (NZBA) is gaining prominence as financial institutions align with global climate goals.
What is NZBA?
A global alliance of banks committed to achieving net-zero greenhouse gas (GHG) emissions by 2050.
Aligns with the Paris Agreement to limit global warming to 1.5°C.
Convened by: United Nations Environment Programme Finance Initiative (UNEP FI).
Nature: Industry-led, voluntary commitment.
Key Features:
Members must set science-based targets for reducing emissions by 2030 or earlier.
Applies to banks' lending and investment portfolios, not just internal operations.
Aims to steer financial flows toward a low-carbon, climate-resilient future.
Relevance:
Strengthens accountability in green finance.
Enhances role of the banking sector in supporting climate transition.
Encourages climate-aligned credit and investment practices globally.
Agriculture
1. Agriculture Reform Needs More than an Umbrella Scheme: PMDDKY
Context
The Union Cabinet recently approved the PM Dhan-Dhaanya Krishi Yojana (PMDDKY), aiming to unify 36 existing schemes across 11 Central Departments to boost agricultural productivity and rural self-reliance. The scheme is set to launch in October 2025 during the rabi season, with an annual outlay of ₹24,000 crore for six years.
Key Features of PMDDKY
Convergence-Based Model: Integrates flagship schemes such as PM-KISAN, PM Fasal Bima Yojana, and relevant State-level initiatives.
Targeted Approach: Focus on 100 low-productivity districts, identified using criteria such as cropping intensity and low credit disbursement, modeled on NITI Aayog’s Aspirational Districts Programme.
Public-Private Partnership (PPP): Encourages collaboration with private sector actors for agri-infrastructure, credit, and value addition.
District-Level Planning: Implementation to be guided by District Dhan Dhaanya Samitis, based on local agro-climatic and socio-economic realities.
Monitoring Framework: Progress to be tracked using 117 key indicators on a monthly basis by the Centre.
Challenges and Considerations
Uniformity vs. Flexibility: While national convergence can streamline delivery, uniform implementation across diverse agro-ecological zones may dilute effectiveness.
PPP Caveats: Private participation must align with public welfare goals, especially in critical areas like foodgrain, edible oil, and pulses production.
Kharif Sowing Trends: Recent data show declines in oilseed and pulse cultivation, underscoring the need for robust public support and not just policy repackaging.
Participatory Governance: For real transformation, States, Panchayati Raj Institutions, PACS, agricultural universities, and FPOs must be core stakeholders, not just peripheral actors.
Way Forward
Increase Public Outlays: Reversing the fall in budgetary support for agriculture is critical to achieving self-sufficiency and doubling farmer incomes.
Decentralised Planning: District-specific strategies must be empowered with adequate funds, autonomy, and technical support.
Sustainable Agriculture Goals: PMDDKY must integrate goals like soil health, water conservation, crop diversification, and climate-resilient practices to ensure long-term rural prosperity.
1. Sujeet claims 65kg gold in Budapest ranking series event
Asian under-23 champion Sujeet Kalkal toppled some established names on his way to the 65kg freestyle gold medal at the Ranking Series wrestling event in Budapest.
2. 7 day VRRR auction sees strong demand
The Reserve Bank of India (RBI) received bids worth ₹ 2.07 trillion against a notified amount of ₹ 2 trillion in theseven-day Variable Rate Reverse Repo (VRRR) auction, which coincided with the maturity of the previous ₹ 2.07 trillion VRRR auction.
Five to remember · 19 July 2025
The Employees’ Deposit Linked Insurance Scheme (EDLI) provides life insurance coverage to all employees who are members of EPF or PF-exempted trusts under Section 17 of the EPF Act. Employees’ Deposit Linked Insurance (EDLI) Sche…
Despite the withdrawal, HSBC reaffirmed its net-zero ambition for 2050, though it postponed its interim 2030 target for operational and supply chain emissions by 20 years. Net-Zero Banking Alliance (NZBA): Global Climat…
Global Finance magazine, a reputed international financial publication, adjudged SBI the World’s Best Consumer Bank 2025. SBI Named World’s Best Consumer Bank 2025 by Gl…
A new category will permit schemes that invest over 80% of their portfolio in debt instruments of a specific sector (e.g., infrastructure, power, or banking). Sebi Proposes Changes in Categorization and Rat…
Targeted Approach: Focus on 100 low-productivity districts, identified using criteria such as cropping intensity and low credit disbursement, modeled on NITI Aayog’s Aspirational Districts Programme. Agriculture Reform Needs More than an Umbrella …
Union Minister Dr. Jitendra Singh launched the National Standards for Civil Service Training Institutes (NSCSTI) 2.0 on July 20, 2025, at the Civil Services Officers Institute (CSOI), New Delhi. The revised framework, developed by the Capacity Building Commission (CBC), aims to build a future-ready and citizen-centric civil service in alignment with Mission Karmayogi.
Key Highlights of NSCSTI 2.0:
Rationalized & Simplified Framework
The number of evaluation metrics has been reduced from 59 to 43, enabling clarity and outcome-focused assessment.
Designed to be adaptive across Central, State, and Urban Local Bodies (ULBs).
Inclusive & Grounded Approach
Formulated through extensive consultations with over 160 CSTIs, domain experts, and assessors.
Encourages self-evaluation, innovation, and institutional improvement.
Digitally-Aligned and Future-Ready
Embraces hybrid learning, AI-driven tools, and digitally enabled platforms.
Integrates progressive elements such as:
Indian Knowledge Systems (IKS)
Karmayogi Competency Model (KCM)
Amrit Gyaan Kosh (AGK)
Global Recognition and Best Practices
Dr. Jitendra Singh cited international interest from Bangladesh, South Africa, and Maldives in India’s Mission Karmayogi.
Removes barriers between public and private sectors to incorporate best practices from all domains.
Objectives of NSCSTI 2.0
Establish a citizen-centric, future-ready bureaucracy
Foster institutional excellence and continuous improvement
2. AdFalciVax – India’s First Indigenous Two-Stage Malaria Vaccine
Context
India has made a major breakthrough in tropical disease control with the development of AdFalciVax, the country’s first indigenous two-stage malaria vaccine aimed at combating Plasmodium falciparum, the deadliest malaria parasite.
About AdFalciVax
What is AdFalciVax?
A recombinant, chimeric malaria vaccine candidate.
Specifically targets Plasmodium falciparum.
Designed using a multistage antigen platform to offer dual protection.
Developed by
Indian Council of Medical Research (ICMR)
Regional Medical Research Centre (RMRC) – Bhubaneswar
National Institute of Malaria Research (NIMR)
Department of Biotechnology’s National Institute of Immunology (DBT-NII)
Production Platform
Utilizes Lactococcus lactis, a food-grade bacterium that is safe, scalable, and cost-effective for vaccine production.
Objectives
Prevent malaria infection in individuals.
Break the community-level transmission chain of P. falciparum.
Contribute to India’s Malaria Elimination Roadmap (2030).
Key Features of AdFalciVax
Feature
Description
Dual-stage Immunity
Targets both liver (pre-erythrocytic) and mosquito (sexual) stages
Extended Shelf-life
Remains stable at room temperature for 9+ months, aiding field logistics
Broader Protection
Combines multiple antigens to avoid immune escape and ensure stronger response
Safe Production
Uses Lactococcus lactis, ensuring safety and ease of mass production
Licensing Model
Offers non-exclusive licensing to foster domestic and international collaborations
1. Export Data Processing and Monitoring System (EDPMS) Shipping Bill
Context
The Reserve Bank of India (RBI) has released draft directions aimed at simplifying the closure process of shipping bills in the Export Data Processing and Monitoring System (EDPMS), especially for small-value export transactions. Stakeholders have been invited to submit feedback before the end of July 2025.
What is EDPMS?
EDPMS was introduced in February 2014 to monitor realisation of export proceeds.
Integrated with:
ICEGATE (Customs interface)
ECCS (Express Cargo Clearance System from Jan 2022)
Postal export data (from Jan 2025)
It helps reconcile each shipping bill against actual inward foreign remittance.
Key Proposals in RBI’s Draft Directions
Relaxation for Small-Value Export Transactions
Shipping bills of value ≤ ₹10 lakh (or equivalent) can now be closed by Authorised Dealer (AD) banks based on a quarterly self-declaration from exporters.
Exporter must declare that payment has been received and provide bill details.
Value reductions in export invoices can also be self-declared.
Why This Matters
EDPMS compliance had become a procedural hurdle for small exporters, often delaying incentives or leading to penalties.
This move aligns with the broader “ease of doing business” push and promotes digital trade facilitation.
Ensures regulatory focus shifts from formality-driven oversight to substance-based monitoring.
BS
2. Tax Compliance for Overseas Investments Under Liberalised Remittance Scheme (LRS)
Context
In light of a significant rise in overseas investments under the Liberalised Remittance Scheme (LRS)—totaling $29.56 billion in FY25, with $2.5 billion outflow in April 2025 alone—resident Indian investors must ensure accurate income-tax return (ITR) filings to avoid stiff penalties, including under the Black Money (Undisclosed Foreign Income and Assets) Act.
I. Filing the Correct ITR Form
ITR-2: For individuals with foreign assets/income but no income from business/profession.
ITR-3: If you have income from business or profession alongside foreign income/assets.
II. Mandatory Foreign Disclosures for ROR Taxpayers
Schedules to be Filled:
Schedule
Disclosure
FA (Foreign Assets)
All foreign securities/assets including low-value or dormant holdings
FSI (Foreign Source Income)
Income from dividends, interest, gains from foreign securities
TR (Tax Relief)
Claim of tax credit under DTAA provisions
CG (Capital Gains)
Gains/losses from foreign equity sales
OS (Other Sources)
Dividends, interest, miscellaneous foreign income
TCS (Tax Collected at Source)
TCS credit claim if LRS exceeds ₹10 lakh/year
III. Taxation Rules for Foreign Securities
STCG (<24 months holding): Taxed at the individual’s slab rate.
LTCG (>24 months): Taxed at 12.5% (no indexation) + cess + surcharge (from July 23, 2024 onward).
Dividends: Taxed at slab rate.
IV. Claiming Foreign Tax Credit (FTC)
Report foreign income & taxes paid in ITR.
File Form 67 electronically (due by Dec 31, 2025 for FY25).
Maintain supporting foreign tax documents.
V. Setting Off Capital Losses
Type of Loss
Set-off Allowed
Short-Term Loss
Against STCG & LTCG
Long-Term Loss
Only against LTCG
Carry forward period: 8 years (return must be filed by due date, i.e., Sept 15, 2025).
VI. Penalties for Misreporting
Violation
Penalty
Non-disclosure of foreign assets/income
Up to ₹10 lakh
Misreporting of foreign income/assets
Up to 200% of the tax due
Prosecution
Possible under Black Money Act
VII. Revised or Updated Returns
Revised return: File by Dec 31, 2025, to correct errors.
Updated return: Can be filed within 4 years from original filing, if it leads to increased income and tax liability.
3. IBA Urges Banks to Fast-Track SWIFT ISO 20022 Migration
Context
The Indian Banks’ Association (IBA) has issued a strong advisory to all Indian banks to accelerate their migration to the SWIFT ISO 20022 global messaging standard. This move is crucial to avoid disruption in cross-border transactions as the coexistence period with legacy messaging formats ends on November 22, 2025.
What is ISO 20022?
ISO 20022 is a global financial messaging standard developed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
It replaces the legacy MT (Message Type) format and enhances:
Payment processing speed
Interoperability
Data richness
Transaction reconciliation
Operational efficiency
Key Developments
1. IBA's Urgent Call to Action
In a letter sent by IBA Chief Executive Atul Kumar Goel, banks were advised to begin migration by August 2025 to build sufficient operational buffer.
Only three Indian banks have so far achieved a migration rate of above 85%.
2. Risks of Delayed Migration
Post November 22, 2025, legacy MT instruction messages will fail validation.
Potential risks for non-compliant banks include:
Cross-border payment failures
Message rejections
Customer dissatisfaction
Increased operational and technical costs
Inability to handle exceptions and queries efficiently
Implications for Indian Banks
Delay in transition may undermine India’s position in the global payments ecosystem.
Banks are encouraged to avoid sending FIN/MT messages for cross-border bank-to-bank payments beyond the deadline.
Full ISO 20022 readiness will allow:
Seamless integration with global banks
Reduced message translation errors
Improved AML and compliance checks
Enhanced customer service through better transaction data
A Small & Medium REIT focuses on single commercial assets valued between ₹50–500 crore, all of which must be 100% leased to ensure stable cash flows – offering a yield-backed investment structure designed for broader investor access
Democratizing Real Estate for Retail Investors
Enables fractional ownership of rent-yielding, premium commercial assets via BSE/NSE listings.
Minimum investment starts at ₹10 lakh, opening doors to A-Grade income assets.
Retail-Centric, Tech-Driven Approach
AMSA prioritizes a retail-first investment strategy.
Deploys AI-enabled digital tools for property marketing, investor engagement, asset management, and underwriting.
Institutional-Grade Transparency & Governance
Adheres strictly to SEBI’s SM‑REIT regulations.
Emphasizes transparency, governance, and high-quality investor experience.
Strategic Vision
Aims to democratize real estate investments, making institutional-quality assets accessible.
Enhances financial inclusion and creates a structured wealth creation pathway for retail investors.
Panels Formed: IRDAI has constituted panels headed by its Whole-Time Members to investigate regulatory violations.
Focus Areas:
Mis-selling, especially under bancassurance arrangements.
Delays and discrepancies in claim settlement.
Legal Basis: The panels will investigate breaches under the Insurance Act, 1938, and related IRDAI regulations.
Objective: Enhance regulatory compliance, ensure policyholder protection, and curb unethical practices in insurance distribution and servicing.
New Insurer Approval
IRDAI approved the R1 application of Kiwi General Insurance Ltd, marking the first stage of registration under India’s three-stage insurance licensing process (R1 → R2 → R3).
Kiwi General Insurance is now permitted to proceed toward obtaining a full license, subject to compliance with capital, business plan, and regulatory norms.
About IRDAI
Full Form: Insurance Regulatory and Development Authority of India
Founded: 1999
Headquarters: Hyderabad, Telangana
Chairperson: Debasish Panda
Structure: 1 Chairperson, 5 Whole-Time Members, and 4 Part-Time Members
Appointed By: Government of India
6. Fast Payments Report 2025: IMF & FIS Global
Context
India has officially emerged as the global leader in real-time digital payments, according to the Fast Payments Report 2025 jointly released by the International Monetary Fund (IMF) and FIS Global. With a staggering 18.39 billion UPI transactions in June 2025 alone, India has outpaced both developed and emerging economies in digital payment adoption and infrastructure.
About the Report
Published by: IMF & FIS Global
Purpose: To benchmark digital payment systems using the Faster Payment Adoption Score (FPAS).
Scope: Analysis of real-time payment systems across 30 countries, focusing on speed, cost, interoperability, security, and inclusivity.
Key Highlights:
Global Ranking
Ranked #1 with an FPAS of 87.5%.
Surpassed global leaders like Brazil, Singapore, the UK, and the US.
UPI Ecosystem Overview
Scale: 640+ million transactions daily
User Base: 491 million individuals & 65 million merchants
Coverage: 675+ banks integrated into the system
Speed & Cost: Transfers under 5 seconds; near-zero cost
International Expansion
UPI operational in 7 countries, including France, UAE, Singapore.
India advocating for UPI integration as a standard within BRICS+ cross-border payments.
Technological Strengths of UPI
Feature
Description
Interoperability
Works seamlessly across banks and apps like PhonePe, GPay, Paytm
Inclusion & Access
Aadhaar, USSD, multilingual, and offline-lite support
India Stack Integration
Built atop Aadhaar, eKYC, DigiLocker, and Account Aggregator
Security
Real-time fraud detection, tokenisation, and RBI regulations
Despite leading globally, India’s UPI framework faces several structural challenges:
Limited Offline Access
Heavy reliance on mobile data connectivity restricts usage in remote, low-bandwidth regions.
Cross-Border Interoperability Gaps
Lack of uniform infrastructure and regulation limits UPI’s global payment scalability.
Data Privacy Concerns
Weak enforcement of data protection laws increases the risk of financial data misuse.
Dispute Resolution Gaps
Unstandardized redressal mechanisms across banks and apps weaken user confidence.
Digital Exclusion Risks
Overdependence on smartphones marginalizes senior citizens and non-digital users.
Agriculture
1. Maharashtra Grants Agricultural Status to Livestock & Poultry Farming
Context
On July 11, 2025, the Maharashtra Cabinet approved a historic policy decision to grant agricultural status to livestock and poultry farming, making Maharashtra the first Indian state to do so.
Background
Traditionally, India’s agriculture policy prioritized crop farming, while livestock was treated as an allied activity.
This excluded livestock farmers from agriculture-specific benefits like subsidised power, institutional credit, and tax exemptions.
Maharashtra’s move seeks to bridge this policy gap and recognize the economic importance of animal husbandry.
Significance
Over 37 million livestock farmers in Maharashtra to benefit.
Ensures policy parity between crop producers and livestock farmers.
Recognizes animal husbandry as a core component of agriculture, not merely an allied activity.
Key Features and Benefits
Feature
Impact
Agricultural Power Tariffs
Livestock units (poultry, dairy, fisheries) eligible for subsidised rates
Tax Relief
Local taxes now aligned with agriculture sector norms
Institutional Credit Access
Eligibility for Kisan Credit Cards (KCC), agriculture loans, and interest relief
Solar Subsidy
Subsidies for solar pumps, sheds, and infrastructure
Sector-Wise Impact
Poultry: Reduced costs will expand hatcheries and meat/egg production.
Dairy: Improved viability for small/mid-sized dairy operators.
Goat & Sheep Farming: Boost for marginal and landless farmers.
Fisheries: Better access to aquaculture infrastructure and credit.
Economic & Policy Implications
Projected to boost annual rural income by ₹7,080 crore.
Aligns with ICAR and NITI Aayog recommendations on livestock development.
Strengthens rural value chains (milk, meat, leather, wool, eggs).
Challenges Ahead
Land-use classification issues may hinder benefits.
Need to simplify zoning and regulatory procedures.
Effective monitoring, training, and outreach will be essential to avoid elite capture and ensure smallholder participation.
Facts To Remember
1. Trump, Xi likely to meet during October APEC summit in S. Korea
U.S. President Donald Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between October 30 and November 1, or he could meet Chinese leader Xi Jinping on the sidelines of the APEC event in South Korea, a media report stated on Sunday citing multiple sources.
2. Dominant Scheffler puts his name on the Claret Jug
Scottie Scheffler romped to a magnificent four-shot victory to seal his first British Open title at Royal Portrush on Sunday, notching his fourth Major success. The World No. 1 eased to a three-under par final round of 68, finishing on 17-under for the tournament after shooting in the 60s on all four days.
3. Sreeshankar clinches title in Portugal with a leap of 7.75m
Long jumper M. Sreeshankar clinched the title with a leap of 7.75m at the Meeting Maia Cidade do Desporto in Maia, Portugal, a World Athletics Continental Tour Bronze-level meet.
4. Chandra Barot, original ‘Don’ director, passes away at 86
Film director Chandra Barot, best known for the blockbuster classic, Don (1978), which prompted multiple remakes in southern languages and spawned a series of sequels decades later, passed away due to medical complications at Guru Nanak Hospital in Bandra (east) on Sunday. He was 86.
5. INS SANDHAYAK, THE FIRST INDIGENOUS SURVEY VESSEL LARGE (SVL), VISITS PORT KLANG, MALAYSIA
Indian Navy's indigenously designed and constructed Survey Vessel Large (SVL) INS Sandhayak made her maiden port call at Port Klang, Malaysia, for hydrographic cooperation, from 16 - 19 Jul 2025. This visit demonstrates India’s growing role in regional hydrographic capacity building under the Indian Naval Hydrographic Department (INHD) and the National Hydrographic Office framework.
6. Union Minister Dr. Mansukh Mandaviya Inaugurates ‘Youth Spiritual Summit’ at Varanasi
Union Minister of Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya, today inaugurated the ‘Youth Spiritual Summit’ on the theme ‘Nasha Mukt Yuva for Viksit Bharat’ at the Rudraksh International Cooperation and Convention Centre in Varanasi, Uttar Pradesh.
7. Jane Street Re-enters Indian Markets After Depositing
High-frequency trading (HFT) giant Jane Street has been permitted to re-enter India’s securities markets after complying with the Securities and Exchange Board of India’s (SEBI) order to deposit alleged unlawful gains worth ₹4,844 crore in an escrow account by July 14, 2025.
8. Agricultural Pumpset Manufacturers Urge GST Reduction from 18% to 12% to Support Farmers
Manufacturers of agricultural pumpsets have renewed their appeal to the government to reduce the Goods and Services Tax (GST) rate on pumpsets from 18% to 12%, citing adverse effects on both sales and affordability for farmers.
Five to remember · 20 & 21 July 2025
LTCG (>24 months): Taxed at 12.5% (no indexation) + cess + surcharge (from July 23, 2024 onward). Tax Compliance for Overseas Investments Under L…
Legal Basis: The panels will investigate breaches under the Insurance Act, 1938, and related IRDAI regulations. IRDAI Forms Investigation Panels to Probe Regul…
Formulated through extensive consultations with over 160 CSTIs, domain experts, and assessors. NSCSTI 2.0 Launched Under Mission Karmayogi
Shipping bills of value ≤ ₹10 lakh (or equivalent) can now be closed by Authorised Dealer (AD) banks based on a quarterly self-declaration from exporters. Export Data Processing and Monitoring System (E…
Only three Indian banks have so far achieved a migration rate of above 85%. IBA Urges Banks to Fast-Track SWIFT ISO 20022 M…
The NASA-ISRO Synthetic Aperture Radar (NISAR) satellite, the first joint Earth observation mission between the United States and India, is set to be launched on July 30, 2025, at 5:40 p.m. IST from the Satish Dhawan Space Centre, Sriharikota, aboard GSLV-F16.
Key Features of the NISAR Satellite
Feature
Description
Dual-Frequency SAR
First satellite to operate using both L-band (NASA) and S-band (ISRO) Synthetic Aperture Radar
12-metre Unfurlable Antenna
Mesh reflector for high-precision Earth imaging
SweepSAR Technology
Offers wide swath coverage of 242 km with 12-day revisit cycles
High Spatial Resolution
Detects changes < 1 cm, crucial for fault lines, glacier motion, and landslides
Global Coverage
Enables day-night, all-weather, near real-time Earth surface observation
Objectives of NISAR
Monitor land surface deformation, glacier movement, and ecosystem dynamics
Study cryosphere changes, soil moisture, agricultural and coastal processes
2. Female Labour Force Participation Paradox in India
Context
Despite achieving commendable gains in female literacy, India continues to grapple with alarmingly low female labour force participation rates (FLFPR), particularly in urban areas. The latest data from the Periodic Labour Force Survey (PLFS) 2023–24 and World Bank 2024 underscores a glaring mismatch between women's educational attainment and their economic participation.
Key Highlights:
Urban female literacy: 84.9%, but urban FLFPR is just 28%
Rural literacy–employment gap: ~22%
Urban literacy–employment gap: ~57%
National female literacy rate: 74.6%, yet employment gap is 33 percentage points
Comparative global gaps: India lies between developed economies (40-point gap) and developing nations (25-point gap)
Structural and Social Factors Behind Low FLFPR
Urban Areas: Barriers to Participation
Job Inflexibility: Lack of part-time and flexible working hours in urban service sectors deters women from staying employed.
Mobility and Safety: Inadequate public safety and unreliable transport inhibit access to workplaces.
Informality Dominates: Most working women are engaged in informal work, which is insecure, underpaid, and benefits-free.
Lack of Childcare: With over 61.3% urban households being nuclear (NFHS-5), absence of childcare facilities forces many women to stay home.
Post-Maternity Dropout: Women rarely return to work due to absence of re-entry programs or part-time work, creating a "care penalty."
Rural Areas: Necessity Over Choice
Agricultural Flexibility: Proximity of farms to homes and seasonal/self-employment provides flexibility.
Extended Family Support: Kinship networks support childcare and domestic duties.
Economic Compulsion: Rural women work out of financial necessity, not necessarily agency or empowerment.
Cultural Acceptance: Female labour is normalized, even when unpaid or underpaid.
Crisis Employment: Post-COVID job losses in cities led to a temporary uptick in rural female labour.
The 2005–2019 Paradox and COVID Shock
Between 2005 and 2019, fertility rates declined and female education rose, yet FLFPR fell.
Rising incomes led to re-traditionalisation: more families preferred women to stay home.
Post-COVID FLFPR spike in rural areas is driven by distress employment, not sustainable job creation.
Economic and Social Implications
Demographic Dividend Loss: Non-participation of women reduces productivity and hinders long-term growth.
Weak Social Outcomes: Female employment correlates with better child health, nutrition, and education outcomes.
Urban Middle-Class Regression: Higher income often correlates with more regressive gender roles.
Global Competitiveness Constraint: Countries like Bangladesh and Vietnam outperform India due to better inclusion.
Structural Injustice: Continued exclusion denies women economic autonomy and dignity.
3. Vice President Jagdeep Dhankhar Resigns Mid-Term
Context
Vice President Jagdeep Dhankhar resigned from his post citing health reasons, invoking Article 67(a) of the Constitution. He submitted his resignation to President Droupadi Murmu.
Constitutional Provisions
Article 67(a):
Enables the Vice President to resign by writing under his hand addressed to the President.
No time limit prescribed; resignation is effective immediately upon submission.
Other Relevant Articles:
Article 63: Provides for the office of the Vice President.
Article 64: Vice President is the ex-officio Chairman of the Rajya Sabha.
Article 65: Vice President discharges functions of the President during casual vacancy or absence.
Article 68: Governs the election process in case of vacancy.
About Jagdeep Dhankhar’s Resignation (2025)
Age: 74
Tenure: Took office in August 2022, resigned mid-term in July 2025.
Reason: Health-related concerns after presiding over the Monsoon Session of Parliament.
Process of Resignation and Filling Vacancy
Mode: Written submission to the President; no formal acceptance required.
Filling the Vacancy:
No fixed constitutional deadline for electing a new Vice President.
Election Commission conducts election using proportional representation via single transferable vote by MPs.
Tenure & Re-Election
Term: 5 years.
Eligibility:
Can resign or continue until successor takes charge.
Eligible for unlimited re-elections.
4. SASCI Scheme
Context
The Ministry of Tourism has released operational guidelines for the SASCI scheme to promote world-class development of select Indian tourist destinations by 2026.
What is SASCI?
Full Form:Special Assistance to States for Capital Investment – Development of Iconic Tourist Centres to Global Scale
Launched By: Ministry of Tourism, Government of India
Nature: Centrally funded capital investment initiative
Target Year: 2026
Objectives of SASCI Scheme
Upgrade India’s iconic tourist destinations to globally benchmarked standards
Boost tourist experiences, enhance site competitiveness, and attract domestic and foreign investments
Strengthen the tourism value chain including infrastructure, services, branding, and operations
India’s “Meri Panchayat” app has received the WSIS Prizes 2025 Champion Award in the category of Cultural and Linguistic Diversity at the WSIS+20 High-Level Event in Geneva, highlighting India’s innovation in rural e-governance.
About Meri Panchayat App
Aspect
Details
Type
Mobile-based m-Governance platform
Developed By
Ministry of Panchayati Raj + National Informatics Centre (NIC), MeitY
Purpose
Strengthen grassroots governance and enhance citizen participation
Key Objectives
Promote digital inclusion in rural governance
Increase transparency and accountability in Panchayat functioning
Encourage citizen engagement in development planning
Bridge the digital divide at the village level
Key Features
Feature
Function
Real-time Panchayat Info
Access to budgets, development plans, and fund utilization
A Select Committee of the Lok Sabha has submitted recommendations on the draft Income Tax Bill, 2025, with significant implications for how inter-corporate transactions will be taxed. One key change relates to expanding the scope of transfer pricing rules beyond the current formal thresholds of shareholding and board control.
Key Recommendations on Transfer Pricing
Substantive Influence Clause:
Transfer pricing scrutiny may now apply if the tax department believes one company exerts substantial influence over another—even without meeting formal thresholds such as 26% voting rights or majority board control.
Definition of Associated Enterprises (AEs):
The draft Bill proposes treating entities as AEs based on actual influence, combining the two limbs of the current definition (management/control/capital participation and quantitative criteria) as independent provisions.
Implications:
Could significantly widen the scope of transactions covered under transfer pricing regulations.
May lead to increased compliance for companies involved in intra-group or cross-border transactions, even when shareholding or directorship criteria are not met.
May increase litigation risks, especially for companies with informal business dependencies.
Current Framework vs Proposed Change
Aspect
Current Law (1961 Act)
Proposed Change (2025 Bill)
Definition of AEs
Requires formal thresholds + management influence
Substantive influence alone could trigger scrutiny
Court Interpretation
Both limbs must be read together
Provisions treated as independent
Applicability
Mostly to entities meeting ownership/control tests
Even where only informal influence is evident
Additional Recommendations in the Draft IT Bill
House Property Income:
30% standard deduction after subtracting municipal taxes.
Pre-construction interest deduction allowed for let-out properties.
Small Taxpayers:
Proposal to remove mandatory return filing for those seeking only refunds, easing compliance for small taxpayers.
2. RBI Issues Draft Norms on Digital Banking Channels
Context
The Reserve Bank of India (RBI) released draft guidelines titled “Digital Banking Channels Authorisation” to regulate how banks offer digital banking services. These norms aim to safeguard consumer choice, ensure explicit consent, and enhance transparency in the digital banking ecosystem.
Key Highlights of the Draft Norms
No Mandatory Digital Opt-In
Banks cannot compel customers to opt for digital banking channels as a precondition for availing other services.
Customers must retain the right to choose whether they want access to online/mobile banking or similar services.
Explicit Customer Consent
Digital banking services can only be activated with clear, documented consent from the customer.
Banks must maintain a record of such consent for compliance and audit purposes.
Mobile Number and Email Usage
Banks may continue to collect and store mobile numbers and email IDs as part of KYC norms when accounts are opened.
However, this should not be confused with giving consent for digital banking.
Alerts and Notifications
Banks must inform customers clearly that SMS/email alerts (for both financial and non-financial transactions) will be sent to the registered contact details.
Significance of the Norms
Empowers customers with freedom of choice in banking access.
Prevents bundling or forced digital migration, especially important for senior citizens and non-tech-savvy users.
Enhances accountability of banks by requiring documented consent and proactive communication.
Aims to strengthen data privacy, reduce mis-selling, and foster inclusive banking practices.
Family office funds are investment vehicles established to manage the wealth of a single family or multiple families, offering a range of services beyond traditional investment management, such as estate planning, tax advisory, and philanthropy. These funds can be structured as single-family offices (SFOs) or multi-family offices (MFOs), catering to the specific needs and goals of their respective client base.
What Are Non-Broad-Based Funds?
These are defined as investment pools:
With fewer than 20 investors, or
Where a single investor holds more than 25% of the corpus.
Current Regulation vs. Proposed Change
Current: AMCs are only allowed to manage broad-based funds and require a separate Portfolio Management Services (PMS) license to manage non-broad-based funds.
Proposed: AMCs could offer segregated mandates to manage non-broad-based funds under their existing MF license, without needing a PMS license, subject to strict compliance checks and firewalls.
Key Highlights of SEBI's Proposal
Expands AMC Scope: Allows AMCs to manage high-value segregated accounts like family offices and select offshore vehicles.
Eliminates Need for PMS License: Removes dual compliance burden for AMCs.
New Revenue Stream: Opens a lucrative segment of the market for mutual funds—particularly from ultra-HNIs and global investors.
Firewalls and Checks:
Caps on differential fees between MF and private mandates.
Separate resource allocations.
Conflict-of-interest protocols.
Implications and Strategic Considerations
For AMCs:
Gain access to ultra-HNI segments and offshore vehicles.
Must build internal controls and reporting systems to manage custom mandates.
For PMS Providers:
Face erosion of exclusivity, especially in high-value accounts.
Opportunity to differentiate through bespoke services, active management, and fiduciary advisory models.
For SEBI:
Must ensure regulatory parity, investor protection, and compliance enforcement to avoid arbitrage.
The Union Cabinet has recently approved the PM-Dhan Dhaanya Krishi Yojana (PM-DDKY), a targeted initiative aimed at improving agricultural outcomes in low-productivity districts through district-level planning, convergence, and performance-based monitoring.
Key Features of PM-DDKY
Targeted Approach: Focuses on at least one district per state that shows low agricultural productivity, low cropping intensity, and poor credit uptake.
Systemic Reform: Moves away from universal subsidies towards performance-driven, need-based interventions.
Objectives:
Crop diversification
Promotion of sustainable farming
Development of irrigation and post-harvest infrastructure
Enhanced access to formal finance
Monitoring Framework: 117 performance indicators will be tracked regularly across 100 identified districts.
Historical Parallels
Inspired by the Intensive Agriculture District Programme (IADP) of the 1960s and Intensive Agriculture Area Programme (IAAP), which laid the foundation for the Green Revolution through focused district-level planning.
Institutional Mechanism
District Dhan Dhaanya Samiti:
Will ensure inclusive governance by involving:
Panchayats
FPOs
SHGs
Agri-entrepreneurs
Private players
Farmer cooperatives
Potential Challenges
Administrative Complexity: Convergence of 36 central schemes from 11 departments may create bureaucratic hurdles.
Over-monitoring Risk: Tracking 117 indicators monthly could lead to "box-ticking" rather than outcome-based implementation.
Climate Vulnerabilities: Many selected districts may face:
Erratic rainfall
Groundwater depletion
Soil degradation
Climate-Resilient Strategy Recommendations
Embed climate-smart agriculture into district plans:
Drought-resistant seeds
Precision irrigation
Agroforestry
Promote:
Decentralised water budgeting
Localised weather forecasting
Align with NITI Aayog’s 2019 recommendation of water-focused state agricultural policy design.
BS
Facts To Remember
1. V.S. Achuthanandan Passes Away at 101
Veteran communist leader and former Kerala Chief Minister V.S. Achuthanandan died at a private hospital in Thiruvananthapuram following a cardiac arrest. He was 101 years old.
2. Vice-President Jagdeep Dhankhar Resigns
Vice-President of India, Jagdeep Dhankhar, tendered his resignation citing health reasons. He stepped down from the post at the age of 74.
3. India to Host Chess World Cup 2025
FIDE confirmed that India will host the Chess World Cup later this year. The official venue for the prestigious tournament is yet to be announced.
4. Ashim Kumar Ghosh Appointed Governor of Haryana
Academic and BJP veteran Ashim Kumar Ghosh was sworn in as the 19th Governor of Haryana, assuming office on Monday.
5. China Begins Building World's Largest Hydropower Dam
China has started constructing the world’s largest hydropower dam on the eastern edge of the Tibetan Plateau, with an estimated cost of $170 billion, as announced by Premier Li Qiang.
Five to remember · 22 July 2025
India’s “Meri Panchayat” app has received the WSIS Prizes 2025 Champion Award in the category of Cultural and Linguistic Diversity at the WSIS+20 High-Level Event in Geneva, highlighting India’s innovation in rural e-governance. Meri Panchayat App
Urban female literacy: 84.9%, but urban FLFPR is just 28% Female Labour Force Participation Paradox in In…
Transfer pricing scrutiny may now apply if the tax department believes one company exerts substantial influence over another—even without meeting formal thresholds such as 26% voting rights or majority board control. Proposed Income Tax Bill 2025
Monitoring Framework: 117 performance indicators will be tracked regularly across 100 identified districts. PM-Dhan Dhaanya Krishi Yojana
Tenure: Took office in August 2022, resigned mid-term in July 2025. Vice President Jagdeep Dhankhar Resigns Mid-Term
A social audit commissioned by the Ministry of Social Justice and Empowerment has exposed gross negligence in the safety protocols followed during hazardous cleaning of sewers and septic tanks in India. The findings were tabled in Parliament in July 2025.
Key Findings of the Social Audit
Extent of the Study:
Covered 54 sewer and septic tank deaths across 17 districts in 8 States and Union Territories during 2022–2023.
Lack of Safety Gear:
49 of 54 workers had no safety equipment at the time of death.
Only 5 had gloves, and 1 had both gloves and gumboots.
47 cases showed no mechanized equipment or safety gear was made available.
Only 2 cases had equipment, and only 1 worker had received proper training.
Consent and Employment Practices:
Consent was not taken in 27 cases, while in 18 cases where it was, no risk counseling was done.
38 workers were hired informally (individually/contractually).
Only 5 workers were directly employed by a government agency.
3 workers employed by PSUs were subcontracted to private entities.
Institutional Failures:
Agencies lacked equipment readiness in 45 of the 54 cases.
Partial awareness drives followed only 7 deaths, limited to Tamil Nadu and Maharashtra districts.
National Trends and Government Response
150 total deaths from hazardous cleaning were officially recorded in 2022 and 2023.
The government reiterated that manual scavenging is officially abolished, and focus is now on hazardous cleaning-related fatalities.
NAMASTE Scheme launched in July 2023 to rehabilitate and support sanitation workers.
84,902 workers identified so far under NAMASTE.
Just over 50% have received PPE kits and safety gear.
2. World Bank Report Warns of Climate Risks to Indian Cities
Context
The World Bank, in partnership with the Union Ministry of Housing and Urban Affairs, has released a critical report titled "Towards Resilient and Prosperous Cities in India", warning that India’s urban growth is at risk due to increasing climate vulnerabilities, especially heat waves and urban flooding.
Key Findings of the Report:
Urbanisation and Economic Potential
Urban population to nearly double: From current levels to 951 million by 2050.
Cities are projected to contribute 70% of new jobs by 2030, highlighting their central role in India's economic trajectory.
Over 144 million new homes will be required by 2070 to accommodate this population growth.
Climate Risks Threaten Urban Prosperity
Extreme heat and heat islands: Temperatures in city centres are already 3–4°C higher than surrounding areas due to the urban heat island effect.
Increased flood vulnerability: Rapid construction and shrinking green spaces are reducing cities’ ability to absorb stormwater, intensifying urban flooding.
Massive economic risks: Without climate adaptation, billions of dollars in future losses are anticipated from extreme weather events.
Infrastructure Opportunity
Over 50% of urban infrastructure needed by 2050 is yet to be built, offering a once-in-a-lifetime opportunity to integrate climate resilience from the ground up.
Case Studies and Focus Cities
The report examined 24 Indian cities, with special focus on:
Chennai
Indore
New Delhi
Lucknow
Surat
Thiruvananthapuram
Key Recommendations
To safeguard urban growth and vulnerable populations, the World Bank recommends:
Climate-Resilient Infrastructure: Investment in green urban development including housing, mobility, drainage, and municipal services.
Urban Heat Mitigation Measures:
Cool roofs,
Expanding green spaces,
Tree plantation,
Improved ventilation in buildings.
Flood Management Solutions:
Better stormwater regulation,
Rainwater harvesting,
Urban wetlands protection.
Early Warning Systems: For heat waves and floods, to protect the urban poor and reduce disaster-related casualties.
1. FACE Issues Code of Conduct for Regtech Firms to Boost Regulatory Cooperation
Context
In a first-of-its-kind move, the Fintech Association for Consumer Empowerment (FACE) has introduced a comprehensive Code of Conduct for regulatory technology (regtech) firms in India. This development aims to instill greater accountability, transparency, and alignment with regulatory expectations in the rapidly evolving fintech ecosystem.
What is Regulatory Technology (RegTech)?
RegTech, short for Regulatory Technology, refers to the use of technology to help businesses comply with regulations more efficiently and effectively, especially in highly regulated sectors like finance, insurance, healthcare, and legal services.
Definition
RegTech is the application of AI, machine learning, big data, cloud computing, and blockchain to automate and streamline regulatory compliance processes. It enables real-time monitoring, reporting, and risk management in a cost-effective manner.
Key Features of RegTech
Automation of compliance tasks (e.g., KYC, AML checks)
Real-time monitoring of transactions and activities
Data analytics for risk profiling and regulatory reporting
Audit trails and secure records for regulatory authorities
Adaptive systems that evolve with regulatory changes
Key Highlights of the Code:
Mandatory Regulator Cooperation
RegTech firms must fully cooperate with regulators during inspections.
Provide access to:
IT systems
Data and documents
Information from third-party vendors
Six-Month Implementation Timeline
FACE member firms must fully adopt the code within 6 months.
Scope of the Code
Covers multiple policy areas:
Regulatory compliance & engagement
Data privacy & cybersecurity
Responsible tech innovation
Employee conduct & training
Third-party audits & system testing
Grievance redressal mechanisms
Data Security & User Rights
Encrypt sensitive data and enforce access controls
Conduct regular vulnerability audits
Adhere to DPDP Act and sectoral data regulations
Implement clear user consent and data management protocols
2. Trai Meets RBI, Sebi, MHA, Meity, other Regulators on Curbing Spam, Fraud
Context
In a significant move to combat spam, fraud, and misuse of telecom infrastructure, India’s telecom regulator TRAI convened a high-level multi-regulator meeting on July 22, 2025. The meeting included top officials from RBI, SEBI, DoT, MHA, and MEITY, culminating in the launch of a pilot project on digital consent acquisition.
Key Highlights
Cross-Sectoral Regulatory Collaboration
Hosted by Telecom Regulatory Authority of India (TRAI).
Objective: Build coordinated strategies to protect consumers in a digital-first economy.
Launch of Digital Consent Acquisition Pilot
Aims to replace unverifiable offline consent with a tamper-proof digital system for calls and SMS.
Features of the mechanism:
Digital registration, review, and revocation of user consents.
A unified interface accessible to all telecom users.
Four dedicated working groups to oversee:
Technical
Operational
Legal
Consumer awareness aspects
Transition to 1600-Series for Commercial Calls
The committee agreed on the phased implementation of the 1600-series for Banking, Financial Services, and Insurance (BFSI) commercial calls.
Purpose: Differentiate legitimate commercial calls from spam and fraud.
Implementation pace to depend on scale of operations of respective institutions.
Enhanced Cybersecurity and Data Exchange
Discussion on a new enforcement tool for real-time sharing of cyber fraud and spam data.
Data exchange to occur between:
Indian Cyber Crime Coordination Centre (I4C) of MHA
Digital Intelligence Platform (DIP) of DoT
Objective: Automated, secure, and timely detection of cyber threats.
Current Regulation: Equity MFs are required to invest 65–80% of their corpus in equities.
Proposed Flexibility: Under the new SEBI framework, optional allocation to precious metals such as gold and silver may be permitted for fund managers.
Optional Exposure
The exposure to gold and silver will not be mandatory; it will be discretionary, allowing fund managers to decide based on their strategy and market outlook.
This opens new diversification avenues within equity-oriented schemes.
Implications for Fund Houses and Investors
Fund Managers: Gain greater flexibility to hedge equity risk or enhance returns via allocation to precious metals.
Investors: May benefit from diversified exposure within a single fund that includes both equity and precious metals.
Could enhance the appeal of equity MFs amid market volatility or inflationary pressures.
Background
The move is part of SEBI’s broader effort to revamp mutual fund scheme categorisation, ensuring flexibility while maintaining investor protection and clarity.
If approved, the changes would require revisions in scheme information documents (SIDs) and investment mandates.
The Reserve Bank of India (RBI) announced on July 22, 2025, that the Financial Inclusion Index (FI-Index) rose to 67 in the financial year ending March 2025 (FY25), up from 64.2 in FY24 and 60.1 in FY23. The index reflects a steady improvement in access, usage, and quality of formal financial services across India.
What is the Financial Inclusion Index (FI-Index)?
Introduced: August 2021, with retrospective data for FY21.
Range: 0 to 100, where:
0 = complete financial exclusion
100 = full financial inclusion
Developed by: RBI in consultation with the government and regulators across banking, insurance, pensions, investments, and postal sectors.
Digital Financial Ecosystem: Unified Payments Interface (UPI), mobile banking, and Aadhaar-enabled services are contributing to deeper penetration and trust.
5. CoinDCX Launches Bounty Programme to Recover Stolen Crypto Assets
Context
On July 19, 2025, CoinDCX, one of India’s largest cryptocurrency exchanges, suffered a crypto asset theft worth $44 million from its treasury. The loss was absorbed from internal reserves; customer wallets remained unaffected.
Bounty Programme Details
Objective: To recover stolen funds and identify perpetrators.
Eligibility: Open to:
Ethical hackers
White-hat researchers
Cybersecurity experts
Incentives:
Up to 25% of recovered assets awarded for actionable inputs that help:
Trace the stolen crypto
Recover assets
Identify and convict the culprits
Additional Measures
Infrastructure Overhaul: CoinDCX is redesigning its cybersecurity and internal infrastructure to prevent future attacks.
About CoinDCX
Founded: 2018 by Sumit Gupta and Neeraj Khandelwal
The Government of India has completed the Phase-IV consolidation of Regional Rural Banks (RRBs) under the principle of One State–One RRB, reducing the number of RRBs from 43 to 28 across 26 States and 2 Union Territories.
Key Highlights:
Historical Phases of Amalgamation:
Phase-I (2005–2010): RRBs reduced from 196 to 82 (same sponsor bank within a state).
Phase-II (2012–2014): Reduced to 56 (cross-sponsor amalgamation in contiguous areas).
Phase-III (2019–2021): Reduced to 43 by merging weak RRBs with stronger ones.
Phase-IV (2025): Further reduced from 43 to 28 RRBs with effect from 01 May 2025.
Objectives of Consolidation:
Achieve economies of scale and cost rationalisation.
Improve operational viability, service delivery, and financial stability.
Strengthen technology adoption and customer service capacity.
Implementation & Monitoring:
Based on audited financials as of 30 April 2025.
Monitoring bodies:
State Level Monitoring Committee (SLMC)
National Level Project Monitoring Unit (NLPMU)
NABARD issued a National SOP and advised the formation of:
Amalgamation Project Management Unit (APMU)
Steering and Functional Committees for integration.
Impact:
No branch closures; uninterrupted services ensured.
Employee salaries, service conditions, and seniority protected.
Public awareness campaigns launched across media and SMS.
Customer account and data migration done with minimal disruption.
NABARD Study Findings (2021):
Post-amalgamation, share of profitable and viable RRBs increased.
India's headline inflation might appear comfortably low, but a deeper concern is brewing beneath the surface — rising core inflation, which excludes food and fuel prices. This trend may have critical implications for the RBI’s monetary policy stance, especially the trajectory of future rate cuts.
Core Inflation
Core inflation is a type of inflation measure which seeks to represent the underlying long-run trend of aggregate price levels in the economy. This is achieved by removing certain items exhibiting short-term significant price fluctuations within the overall consumer basket.
Recent Inflation Trends
Headline CPI inflation has remained below RBI’s 4% target since February 2025.
June 2025 CPI: 2.1% (lowest in months).
In contrast, core inflation rose from 3.6% in January to 4.5% in June.
On July 22, 2025, the Government of India approved PDPS for 162,500 metric tonnes of Totapuri mangoes from Andhra Pradesh under its Market Intervention Scheme (MIS). The move follows a direct appeal from Chief Minister Chandrababu Naidu to Union Agriculture Minister Shivraj Singh Chouhan, seeking urgent relief due to falling prices.
Key Highlights:
Objective of the Scheme
Address distress sale of Totapuri mangoes in:
Chittoor
Tirupati
Annamayya districts
Reason: Bumper harvest has led to sharp price decline in the local mandis.
What is PDPS?
PDPS (Price Deficiency Payment Scheme) is a form of direct income support.
Under PDPS, the government pays farmers the difference between the actual market price and a pre-decided floor price (MIP) if market prices fall below the threshold.
Unlike MSP-based procurement, no physical lifting of produce is involved.
Organic farming is being promoted through Paramparagat Krishi Vikas Yojana (PKVY) in all the States/UTs except North Eastern States and Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) for the North Eastern States.
3. Use of Artificial Intelligence, IoT, and Drones in Indian Agriculture
Context
To enhance crop productivity, sustainability, and farmer incomes, the Government of India has deployed Artificial Intelligence (AI), Internet of Things (IoT), and drone-based solutions across multiple schemes and platforms. These initiatives aim to tackle real-time challenges like pest attacks, inefficient farm practices, and the digital gap among smallholder farmers.
Key Digital and AI-Driven Initiatives
Kisan e-Mitra (AI Chatbot for Farmer Queries)
Description: Voice-based AI-powered chatbot designed to assist farmers with queries related to government schemes, especially PM-KISAN.
Language Support: 11 regional languages.
Usage Stats: Handles 20,000+ queries daily; has responded to over 95 lakh farmer queries.
Future Scope: Being upgraded to provide assistance across other agricultural and welfare schemes.
National Pest Surveillance System (NPSS)
Objective: To reduce crop losses due to climate-induced pest outbreaks.
Technology: Uses AI and Machine Learning to detect pest infestations through image recognition.
Coverage: Supports 61 crops and over 400 pest species.
Reach: 10,000+ extension workers currently use the system.
Function: Allows farmers to upload pest images for instant diagnosis and preventive action.
Satellite-Based Crop Mapping
Application: AI-based analytics using geo-tagged field photos and satellite imagery.
Purpose: Enables crop-weather monitoring, yield estimation, and real-time decision-making.
1. Humpy and Divya Hold Top Seeds to Draws in FIDE Women’s World Cup
Indian Grandmasters Koneru Humpy and Divya Deshmukh secured solid draws with black pieces in the semifinals against strong Chinese opponents.
2. Chhattisgarh Passes Jan Vishwas (Amendment) Bill
Chhattisgarh became the second state after Madhya Pradesh to enact the Jan Vishwas Bill, aligning with the Centre’s 2023 reform to decriminalise minor offences.
3. UK Introduces World’s First Sanctions on Human Smuggling Gangs
The UK launched a pioneering global sanctions regime targeting criminal networks involved in illegal immigration.
4. MiG-21 Bison Fighter Jets to Retire in September 2025
The Indian Air Force will decommission the MiG-21 Bison after 60+ years of service, with a farewell ceremony in Chandigarh.
5. US Withdraws from UNESCO Over Policy Differences
Citing anti-Israel bias and strategic misalignment, the US announced its second withdrawal from UNESCO.
6. Padma Shri Awardee & theatre legend Ratan Thiyam dies at 77
Globally acclaimed Theatre personality Ratan Thiyam has passed away today after battling illness for a few days. Born in the Imphal West district of Manipur, Ratan Thiyam was hospitalised at RIMS hospital a few days back. He breathed his last in the early wee hours of today morning.
7. World’s Largest Grain Storage Plan in Cooperative
The government has said that construction of godowns has been completed in 11 Primary Agricultural Credit Societies, PACS in eleven States under World’s Largest Grain Storage Plan in Cooperative Sector which has been rolled out as a Pilot Project.
Five to remember · 23 July 2025
NAMASTE Scheme launched in July 2023 to rehabilitate and support sanitation workers. Safety Failures in Sewer Deaths Across India
Cities are projected to contribute 70% of new jobs by 2030, highlighting their central role in India's economic trajectory. World Bank Report Warns of Climate Risks to Ind…
Founded: 2018 by Sumit Gupta and Neeraj KhandelwalCoinDCX Launches Bounty Programme to Recover St…
Headline CPI inflation has remained below RBI’s 4% target since February 2025. Core Inflation Rising
Type: Central Sector Scheme with ₹1,261 crore outlay. Use of Artificial Intelligence, IoT, and Drones…
1. Cloud Seeding Research in India: CAIPEEX by IITM
Context
The Indian Institute of Tropical Meteorology (IITM), under the Ministry of Earth Sciences (MoES), conducted a cloud seeding research study titled CAIPEEX (Cloud Aerosol Interaction and Precipitation Enhancement Experiment) during 2018–2019 over the rain shadow region of India.
Key Highlights:
Objective of CAIPEEX:
To scientifically study aerosol-cloud-precipitation interactions.
To evaluate rain enhancement via randomized cloud seeding, following World Meteorological Organization (WMO) protocols.
Technological and Institutional Developments
Under Mission Mausam (Weather_MoD vertical), IITM is:
Developing a 16m tall cloud chamber.
Collaborating with industries/startups to develop seeding aircraft, drones, seeding materials, and dispensers.
Cloud Seeding
Cloud seeding is a weather modification technique used to enhance precipitation by dispersing substances like silver iodide into clouds, encouraging the formation of ice crystals or larger raindrops. This can be done to increase rainfall, suppress hail, or disperse fog.
Applications of Cloud Seeding
Catchment-scale rainfall enhancement.
Rainfall suppression (via overseeding).
Fog and hail suppression, marine cloud brightening.
Potential intervention in extreme weather events, though with high uncertainty.
Air pollution reduction in urban areas – a subject of future research.
2. Google Unveils AI Initiatives in India at Google I/O Connect 2025
Context
At its Google I/O Connect India 2025 developer conference held in Bengaluru, Google announced a range of artificial intelligence (AI) initiatives targeting India’s growing tech ecosystem, with a special focus on localisation, developer support, and indigenous innovation.
Key Highlights:
Data Localisation for Gemini 2.5 Flash AI Models:
Google's high-performance Gemini 2.5 Flash models will now process data within India, addressing concerns around data sovereignty.
This localisation is expected to improve response times and ensure compliance with regulatory norms in sectors like banking, healthcare, and governance.
Support for Homegrown AI Startups:
Google announced partnerships with three startups backed by India’s National AI Mission, supporting the Make-in-India vision.
These startups are focused on building indigenous AI models tailored for Indian languages and use cases.
Agentic AI Tools for Developers:
New agent-based AI tools are being integrated into Firebase Studio, allowing Indian developers to build more autonomous applications.
BharatGen Partnership for Indic Language AI:
Google is collaborating with BharatGen at IIT Bombay to build Automatic Speech Recognition (ASR) and Text-to-Speech (TTS) models in Indic languages.
Developer Outreach and Training:
Launched a training program in partnership with Unity, aimed at fostering AI talent in the gaming and creative industries.
Economic Impact of Android Ecosystem:
Google revealed that its Play Store and Android platforms contributed ₹4 trillion to the Indian economy in 2024.
Union Sports Minister Mansukh Mandaviya introduced the National Anti-Doping (Amendment) Bill in the Lok Sabha to align India’s anti-doping framework with World Anti-Doping Agency (WADA) requirements.
Key Highlights:
Objective of the Amendment:
To provide greater operational independence to the National Anti-Doping Agency (NADA), a key concern raised by WADA.
To make India's anti-doping regime compliant with international standards and avoid suspension or non-recognition.
Background:
The original National Anti-Doping Act, 2022, had faced objections from WADA due to government interference, particularly via the National Board for Anti-Doping in Sports.
WADA had raised concerns over the lack of functional autonomy for NADA.
Key Amendments in the Bill:
The National Board for Anti-Doping in Sports has been retained, but it will no longer have jurisdiction over NADA’s appeals panel.
This change aims to separate adjudicatory powers from executive functions, in line with WADA's requirements.
The ninth edition of Swachh Survekshan (2024–25), touted as the world’s largest cleanliness survey, has emerged not just as a city-ranking competition but as a comprehensive audit of India’s urban sanitation ecosystem. It offers valuable insights into progress, gaps, and best practices in waste management, segregation, infrastructure, and sanitation worker welfare.
Key Features of Swachh Survekshan 2024–25:
Scale & Participation:
Over 4,500 cities participated (compared to fewer than 100 in 2016).
Survey backed by third-party verification and feedback from 140 million urban residents.
Assessment across 10 parameters, including:
Waste segregation & collection
Transportation & treatment
Sanitation worker welfare
Citizen grievance redressal
New Introduction – Super Swachh League:
Introduced to break the rankings monopoly of cities like Indore, Surat, and Navi Mumbai.
20 cities now compete in this elite category.
Enabled cities like Ahmedabad, Bhopal, and Lucknow to top the million-plus population list.
Democratisation of Rankings:
Cities now assessed under five population-based categories (earlier two).
Cities with <20,000 to those >1 million now have fairer competitive spaces.
Regional Highlights
Odisha: Remarkable improvement.
Bhubaneswar jumped from rank 34 to 9.
Aska, Chikiti topped their size-based categories.
Rourkela, Cuttack, Berhampur also saw marked improvement.
Southern India:
Yet to see top-tier dominance.
Best performers: Hyderabad, Tirupati, Vijayawada, Guntur, Mysuru.
Bengaluru remains underwhelming despite being a metropolitan city.
NCR Region:
New Delhi Municipal Council and Noida showed strong performance.
In a major milestone for India’s human spaceflight program, the Union Minister informed Parliament that the Human Rated Launch Vehicle Mark 3 (HLVM3) has completed its development and ground testing. This achievement advances the timeline for Gaganyaan, India’s first crewed space mission, and sets the stage for future ambitions like the Bharatiya Antariksha Station (by 2035) and an Indian Moon Landing (by 2040).
What is HLVM3?
HLVM3 is India’s first human-rated launch vehicle, derived from the operational LVM3 (GSLV Mk III) platform. It is developed by the Indian Space Research Organisation (ISRO) under the supervision of the Human Space Flight Centre (HSFC) to carry astronauts, known as Gaganyatris, safely into Low Earth Orbit (LEO).
Key Objectives
Ensure safe launch, orbit insertion, and return of astronauts.
Lay the foundation for advanced human spaceflight missions including space station development and lunar exploration.
Strengthen India’s indigenous capability in human space exploration and space safety technologies.
C25 cryogenic upper stage: Final orbital insertion.
Payload Capacity: Capable of lifting ~10 tonnes to LEO.
2. Human-Rated Enhancements
Redundancy and fault-tolerance across systems.
Improved quality assurance, with enhanced safety margins.
Equipped with abort and escape systems.
3. Crew Escape System (CES)
Comprises five types of motors successfully tested.
Allows for safe ejection of the crew capsule during any emergency in ascent phase—from liftoff up to orbital injection.
4. Crew and Service Modules
Crew Module (CM): Successfully tested for re-entry, parachute deployment, and thermal protection.
Service Module (SM): Supports power supply, propulsion, and life-support systems.
5. Support Infrastructure
Gaganyaan Control Centre and astronaut training facilities established.
Dedicated launch modifications at Satish Dhawan Space Centre (SDSC).
Recovery and communication networks are operational and integrated with mission planning.
Banking and Finance
1. PayPal Integrates UPI for Cross-Border Payments under ‘PayPal World’
Context
In a significant move to globalize India’s digital payments, PayPal has announced integration with Unified Payments Interface (UPI) to facilitate cross-border transactions.
Key Highlights:
New Capability:
Indian UPI users will be able to make payments to international merchants, particularly in the United States, using UPI via PayPal checkout.
How It Works:
At checkout, Indian users can select UPI as a payment option by clicking the PayPal button.
Part of ‘PayPal World’:
This integration is under PayPal’s global initiative, PayPal World, aimed at connecting digital wallets and payment systems worldwide.
Collaboration with NIPL:
PayPal has partnered with NPCI International Payments Ltd (NIPL).
NIPL is the international arm of NPCI tasked with expanding UPI and RuPay abroad.
Launch of PayPal World Platform
A global interoperable wallet system connecting five major digital wallets:
India – UPI
China – TenPay Global (WeChat Pay)
Mexico – Mercado Pago
USA – PayPal and Venmo
Integrates nearly 2 billion global users into a unified ecosystem.
Significance
Boost to UPI’s Internationalisation: Strengthens UPI’s global footprint in line with India's digital diplomacy.
Ease for Indian Consumers: Enables seamless, real-time cross-border shopping using a familiar and widely used interface.
For Merchants: Foreign merchants benefit from wider reach into the Indian consumer base.
Insurance regulator IRDAI proposed a framework that mandates a internal insurance ombudsman scheme for insurance companies with an aim to address complaints against claims up to Rs 50 lakh.
Key Objectives
Establish a transparent, fair, and time-bound grievance redressal mechanism within insurance companies.
Improve the efficiency and accountability of insurers in handling unresolved or escalated complaints.
Cooperative banks’ participation in the call money market declined after the Reserve Bank of India (RBI) made membership on the NDS-CALL trading platform mandatory. However, their participation has seen a revival in recent months, as per the RBI’s July 2025 bulletin.
Key Highlights:
Initial Decline:
Cooperative banks' activity in the call money marketdropped significantly post RBI’s directive making NDS-CALL platform membership mandatory.
Recent Rebound:
Participation has increased again, indicating a rise in formal memberships among cooperative banks.
NDS-CALL Platform:
A screen-based, quote-driven electronic trading system operated by the Clearing Corporation of India Ltd. (CCIL).
Facilitates real-time call money transactions.
Types of Transactions:
Traded Deals: Executed directly on NDS-CALL.
Reported Deals: Bilaterally negotiated but reported later to RBI.
Regulatory Directives:
April 1, 2021 (RBI Master Direction) and
September 29, 2022 (FIMMDA Notification) mandated that all eligible participants in Call, Notice, and Term money markets obtain NDS-CALL membership, shifting market operations toward formal electronic platforms.
Impact on Market Structure:
Decline in the share of reported deals,
Shift toward platform-based trading.
Liquidity Indicators:
A widening spread between the Weighted Average Call Rate (WACR) and the policy repo rate indicates increased demand for reserves,
As per the Reserve Bank of India’s latest monthly bulletin, outward remittances under the Liberalised Remittance Scheme (LRS) fell by 4.4% year-on-year in May 2025, amounting to $2.3 billion, compared to the same month in 2024. The fall was primarily driven by reduced spending on international travel and overseas education.
About Liberalised Remittance Scheme (LRS)
A scheme by RBI allowing Indian residents to send up to $250,000 abroad per financial year for various permitted purposes without seeking prior approval.
Launched: 2004
Purpose: Allows resident individuals to remit funds for permissible current or capital account transactions (travel, education, gifts, investments, etc.)
6. SBI Aims to Join Top 10 Global Banks by Market Cap in 5 Years
Context
Chairman C.S. Setty announced on July 23, 2025, that State Bank of India (SBI) aspires to be among the top 10 global banks by market capitalisation over the next five years. The statement followed the listing of SBI's ₹25,000 crore Qualified Institutional Placement (QIP) issue, the largest ever by an Indian firm.
Key Highlights:
Strategic Ambition:
SBI aims to enter the top 10 global banks by market cap by 2030.
Currently ranks 27th globally (as per Bloomberg data, July 22, 2025).
HDFC Bank ranks 11th; ICICI Bank ranks 17th.
Capital Usage:
Proceeds to boost Common Equity Tier 1 (CET-1) capital to 11.50% (from 10.81% as of March 31, 2025)
Supports credit growth across retail, MSME, and corporate sectors
Debt Capital Plans:
SBI board approved raising up to ₹20,000 crore via AT1 and Tier II bonds
AT1 bonds intended primarily for replacement of maturing bonds
Global Bank Market Cap Ranking
Rank
Bank
Country
Market Cap ($ bn)
P/E Ratio
1
JPMorgan Chase
US
810
15
2
Bank of America
US
355
14
3
Industrial & Commercial Bank
China
353
8
4
Agricultural Bank of China
China
292
7
5
China Construction Bank
China
281
6
10
Royal Bank of Canada
Canada
188
14
11
HDFC Bank
India
178
22
17
ICICI Bank
India
122
20
27
State Bank of India (SBI)
India
84
9
7. Kotak Mahindra Bank Launches ‘Solitaire’ Programme to Target Affluent Customers
Context
Kotak Mahindra Bank has launched ‘Solitaire’, an exclusive invitation-only banking programme, aiming to deepen engagement with India’s affluent segment. This is part of the bank’s strategic shift toward a more customer-centric approach.
Key Highlights:
What is Solitaire?
A premium, invite-only programme offering top-tier privileges, investment tools, and personalised services to high net-worth clients.
Eligibility Criteria:
Salaried individuals: Relationship value of ₹75 lakh
Self-employed individuals: Relationship value of ₹1 crore
Features of Solitaire:
₹8 crore in pre-approved credit lines across home loans, personal loans, and credit cards
Solitaire credit card benefits:
No annual fees
Unlimited airport lounge access
Zero forex markup
Access to a dedicated relationship manager trained to handle affluent customer needs
Strategic Intent:
Kotak has 53 million customers, of which less than 1% are affluent—but they contribute over 35% of total business
Goal: Expand affluent customer base and exceed 4% segment share through Solitaire
In response to rising retail participation and the increasing use of automated trading systems, the National Stock Exchange (NSE) has issued detailed guidelines for retail algorithmic trading, effective August 1, 2025. The move follows SEBI’s February circular aimed at regulating grey areas in retail algo trades.
Key Highlights of the New Norms:
Mandatory Registration of Algo Strategies:
All retail algo strategies must be registered through the broker and will be issued a Unique Algo ID by the exchange.
Strategies generating over 10 orders per second must mandatorily register.
API Access and Broker Responsibility:
Brokers may offer direct API access to retail clients.
They must ensure only eligible clients use these APIs.
PAN and unique client codes must be disclosed for tech-savvy clients using their own algos.
Broker Accountability:
Brokers are held responsible for all orders routed through their systems, whether developed in-house or by third parties.
The algo provider acts as an agent of the broker.
Empanelment and Turnaround Time:
All third-party algo providers must be empanelled with the exchange.
In-house algos from brokers are exempt from this empanelment.
Timeline:
Empanelment: T+30 working days
Algo registration: T+10 working days
Risk Checks Imposed:
Price, quantity, order value, and position limits will be strictly monitored.
Aim: Reduce systemic risks and potential manipulative practices.
Classification of Algos:
Low-frequency algos (less than 10 orders/second) are not classified as high-frequency trading (HFT), reducing the compliance burden for small retail users.
Background and Rationale:
Rise in Algo Trading:
In FY25, algo trades accounted for 70% of notional turnover in equity derivatives, as per the NSE Market Pulse Report.
SEBI’s Role:
The current framework aligns with SEBI’s February 2025 circular to regulate grey areas in retail algo trading and strengthen investor protection.
What is Algo Trading?
Algorithmic trading (or algo trading) is the use of pre-programmed software to execute trades based on predetermined parameters such as price, volume, or technical indicators.
The Reserve Bank of India (RBI) released its State of the Economy Report (July 2025) and monthly external sector data for May, highlighting resilient growth drivers like agriculture and services, but warning of volatility in macroeconomic indicators, external fragility, and inflation risks.
Key Economic Insights from the RBI Report:
Growth Drivers Intact
Economic activity supported by:
Improved kharif crop prospects
Services sector momentum
Modest industrial growth
Signs of Broad-Based Moderation
Industrial Output:
IIP at 9-month low (May 2025)
Demand Weakness:
Sluggish petroleum consumption
Slight drop in electricity usage
Credit Growth:
Slowed across sectors
NBFC lending contracted
Personal loans decelerated
Fiscal Concerns
State deficits widened
Sharp fall in Union govt grants to states
Inflationary Risks Resurfacing
Core inflation rose in June (mainly personal care)
Food inflation rebounded due to onion price surge
RBI’s caution: "Oil price volatility can be debilitating for the Indian economy"
High oil import dependence could intensify long-term inflation pressures
FDI Decline
Net FDI: Only $4 million in May vs $2.2 billion in May 2024
Capital flows inadequate to finance CAD
Forex reserves dipped by $5 billion
Rupee weakened vs USD
ECB registrations dropped YoY
Labour Market Trends
High MGNREGS demand indicates rural distress
Labour Force Participation Rate (LFPR) and Worker Population Ratio (WPR) declined, especially in rural areas
Household inflation expectations remain elevated and divergent
10. Equitas Small Finance Bank Launches FCNR (B) Deposit
Context
On July 23, 2025, Equitas Small Finance Bank announced two specialized banking products to serve the financial needs of Non-Resident Indians (NRIs) and Indian seafarers:
Foreign Currency Non-Resident (FCNR B) Deposit
Equitas Explorer Savings Account
FCNR (B) Deposit – For NRIs
Key Features:
Attractive interest rates (as per global currency standards)
Tax-free interest income in India
Full repatriability of both principal and interest
Aimed at more than 35.4 million NRIs worldwide
What is FCNR (B)?
A Foreign Currency Non-Resident (Bank) Account is a term deposit account that allows NRIs to park their earnings in foreign currencies in India. It helps hedge against currency risk while earning tax-free interest.
Equitas Explorer Savings Account
Target Segment:
NRIs and Persons of Indian Origin (PIOs) employed in:
Foreign shipping companies
Merchant navy
Oil rigs
Estimated Indian seafarer base: Over 2.85 lakh (as per Directorate General of Shipping, 2023)
11. KredX–Canara Bank Tie-Up to Boost MSME Access to Digital Trade Finance
Context
KredX, India’s leading integrated supply chain finance platform, has partnered with public sector lender Canara Bank to expand access to formal digital trade finance via its RBI-licensed TReDS platform — DTX (Domestic Trade Exchange).
Key Highlights:
Bridging MSME Credit Gap:
The partnership aims to address India’s massive ₹30 lakh crore MSME credit gap by offering collateral-free, low-cost working capital through receivable discounting.
DTX Platform Advantages:
RBI-approved platform under the TReDS (Trade Receivables Discounting System) framework.
Enables real-time bidding on trade receivables by financiers.
Offers seamless onboarding, intuitive UX, and intelligent automation.
Canara Bank’s Role:
Leverages its nationwide reach (9,500+ branches) and PSU reputation.
Enhances financing capacity for MSMEs and supply chain partners.
KredX’s Goals for FY25:
Empower 15,000 MSMEs with working capital support.
Policy and Ecosystem Impact:
Supports financial inclusion, cash flow optimisation, and compliance.
KredX also working with state governments to promote MSME awareness and onboarding.
Regulatory and Global Reach:
KredX is licensed by both RBI and IFSCA, enabling domestic (DTX) and international (GTX) trade finance.
Agriculture
1. Specialty Fertilizers
Context
The Indian government is exploring measures to ramp up domestic production of specialty fertilizers due to recent supply disruptions from China, which accounts for nearly 80% of India’s imports in this segment.
What are Specialty Fertilizers?
Specialty fertilizers are advanced nutrient solutions tailored for high-value crops like fruits, vegetables, and flowers. They improve nutrient efficiency and reduce environmental impact.
Examples include:
Polymer-coated urea (slow-release)
Chelated micronutrients (effective in alkaline soils)
Water-soluble fertilizers (WSF) like monoammonium phosphate, potassium nitrate
China Dependency: Over 80% of India’s specialty fertilizer imports, including WSF, foliar sprays, controlled-release formulations, and bio-stimulants, come from China.
Supply Disruptions: In the past two months, Chinese authorities have curtailed exports to India using non-tariff barriers, though without a formal ban (as reported by ET on 26 June).
Import Vulnerability: India also relies on Russia, Norway, Tunisia, and Morocco for specialty fertilizer materials.
Significance
Boosting self-reliance in specialty fertilizers aligns with India's goals on:
Soil health
Sustainable agriculture
Agri-import diversification
Important for high-value horticultural exports and precision farming
Theatre legend Ratan Thiyam, who was known for blending traditional art forms with contemporary craft, died at a hospital. He was 77.
2. Double delight in England a shot in the arm for Women in Blue
A double series win in England may have boosted the confidence of the Indian women’s team ahead of the World Cup but skipper Harmanpreet Kaur said her side will need to “start from ball one” when they return home to prepare for the global showpiece.
3. Alibaba launchesopen-source AI coding model
Alibaba group announced on Wednesday the launch ofQwen3-Coder, anopen-source artificial intelligence (AI) model for software development that the Chinesee-commerce giant described as its most advanced coding tool to date.
4. ‘Paperless health ecosystem’: Delhi CM to launch NextGen HIMS today
Starting today, a patient’s medical history will be accessible across all the government hospitals in Delhi as Chief Minister Rekha Gupta rolls out the NextGen Hospital Information Management System (HIMS).
5. PhonePe and SBI Card Launch Co-Branded Credit Cards Ahead of IPO
IPO-bound PhonePe, a leading Indian fintech platform, has launched two co-branded credit cards in partnership with SBI Card, India’s largest pure-play credit card issuer. This is PhonePe's second such partnership after its earlier tie-up with HDFC Bank.
On July 24, 2025, the Reserve Bank of India (RBI) conducted a ₹50,000 crore Variable Rate Repo (VRR) auction as overnight money market rates surged above the Marginal Standing Facility (MSF) rate of 5.75%.
7. Singapore retains title of World's most powerful passport, allows visa-free travel to 193 countries
With the release of the Henley Passport Index 2025, Singapore has retained the top spot and its title as the 'World's Most Powerful Passport." In the listing, released on Tuesday, Asian nations have continued to dominate the passport rankings.
Five to remember · 24 July 2025
Google revealed that its Play Store and Android platforms contributed ₹4 trillion to the Indian economy in 2024. Google Unveils AI Initiatives in India at Googl…
The Reserve Bank of India (RBI) in its July 2025 bulletin reported a 98.2% decline in net foreign direct investment (FDI) in May 2025 compared to the same month last year. Net FDI in India Drops Sharply in May 2025: RBI
September 29, 2022 (FIMMDA Notification)mandated that all eligible participants in Call, Notice, and Term money markets obtain NDS-CALL membership, shifting market operations toward formal electronic platforms. Cooperative Banks Rejoin Call Money Market via …
Proceeds to boost Common Equity Tier 1 (CET-1) capital to 11.50% (from 10.81% as of March 31, 2025) SBI Aims to Join Top 10 Global Banks by Market …
In FY25, algo trades accounted for 70% of notional turnover in equity derivatives, as per the NSE Market Pulse Report. NSE Issues Rulebook for Retail Algo Trading
The Ministry of Labour and Employment launched the eShram portal on 26th August 2021 to create a National Database of Unorganised Workers (NDUW) seeded with Aadhaar. The portal aims to offer unorganised workers a Universal Account Number (UAN) and facilitate access to welfare schemes through a unified digital platform.
Objectives of eShram Portal
Register unorganised workers across India on a single platform.
Assign a Universal Account Number (UAN) based on self-declaration.
Enable direct benefit transfers and scheme access for social security.
Act as a foundational database for welfare delivery and labour market insights.
Key Developments:
Launch of eShram as a “One-Stop-Solution” (21 October 2024)
Aligned with Budget 2024–25 vision.
eShram portal upgraded to offer integrated access to welfare and social security schemes.
Workers can view scheme eligibility, track benefits availed, and receive consolidated service delivery through the same portal.
Schemes Integrated with eShram Portal
Scheme Name
Implementing Ministry
Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PMSVANidhi)
MoHUA
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
DFS
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
DFS
National Family Benefit Scheme (NFBS)
MoRD
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
MoRD
Pradhan Mantri Awas Yojana – Gramin (PMAY-G)
MoRD
Ayushman Bharat – PM Jan Arogya Yojana (AB-PMJAY)
MoHFW
Pradhan Mantri Awas Yojana – Urban (PMAY-U)
MoHUA
Pradhan Mantri Matsya Sampada Yojana (PMMSY)
MoFAH&D
Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY)
MoA&FW
Indira Gandhi National Widow Pension Scheme (IGNWPS)
MoRD
Indira Gandhi National Disability Pension Scheme (IGNDPS)
MoRD
One Nation One Ration Card (ONORC)
MoCAF&PD
Pradhan Mantri Matru Vandana Yojana (PMMVY)
MoWCD
Impact
eShram is evolving from a registration platform to a comprehensive service delivery portal.
Integration with flagship welfare schemes ensures targeted and inclusive support to vulnerable populations.
The portal provides critical support during emergencies, such as pandemic-induced lockdowns, by streamlining benefits.
India and the United Kingdom signed a historic Comprehensive Economic and Trade Agreement (CETA) in July 2025, along with endorsing a strategic long-term roadmap titled India–UK Vision 2035. This marks a landmark shift in bilateral ties post-Brexit, promoting economic, technological, defence, climate, and educational cooperation.
What is India–UK CETA?
The Comprehensive Economic and Trade Agreement (CETA) is a modern Free Trade Agreement (FTA) that:
Grants zero-duty access on 99% tariff lines for Indian exports.
Covers goods, services, investments, mobility, and social security through the Double Contribution Convention (DCC).
Aims to empower labour-intensive sectors, MSMEs, professionals, women entrepreneurs, and youth.
Key Provisions of CETA
1. Goods and Market Access
Zero-duty access on 99% of tariff lines, covering 100% of India’s export value to the U.K.
Major beneficiaries: textiles, gems & jewellery, leather, marine products, processed food (tariffs cut from 70% to 0%).
Sensitive sectors like dairy remain protected via exclusion lists.
2. Services and Skilled Mobility
Broader access for IT, finance, legal, education, consulting, and architecture sectors.
Liberalised visa norms for:
Contractual Service Suppliers
Intra-Corporate Transferees
Independent Professionals
Mutual recognition of qualifications in healthcare, engineering, and other regulated sectors.
3. Social Security – DCC
Double Contribution Convention (DCC): Exempts Indian professionals from UK social security payments for up to 3 years.
Improves competitiveness and take-home income for Indian firms and workers abroad.
4. Inclusive and MSME-Oriented Growth
Special focus on MSMEs, women-led enterprises, artisans, farmers, and youth entrepreneurs.
Access to the UK’s $63.4 billion agricultural market for items like tea, coffee, spices, fruits, and meat (excluding sensitive dairy).
Establishment of SME contact points, paperless trade processes, and digital customs clearance.
India–UK Vision 2035
The India–UK Vision 2035 outlines a comprehensive blueprint under five key pillars:
1. Growth and Jobs
Target: Double bilateral trade to $112 billion by 2030 (from $56 billion).
Focus on legal, insurance, financial, and asset management reforms to attract mutual investments.
Infrastructure financing via UK-India bridge mechanisms and BII.
2. Technology and Innovation
Joint AI centre, 6G trials, biotech cooperation, and India–UK Critical Minerals Guild.
Partnerships on semiconductors, quantum tech, and cybersecurity.
Strengthening of startup ecosystems through catapults, biofoundries, and incubators.
3. Defence and Strategic Security
10-year Defence Industrial Roadmap covering:
Electric propulsion
Underwater systems
Directed energy weapons
Elevated 2+2 dialogue, military drills, and joint counter-terror frameworks.
Greater UK logistical dependence on India in the Indian Ocean Region (IOR).
4. Climate and Clean Energy
Collaboration on green hydrogen, offshore wind, SMRs (small modular reactors), and climate finance.
Alignment through ISA, OSOWOG, ZEVTC, and India–UK Forest Partnership (focus on agroforestry and blue carbon).
Net Zero Innovation Partnership to accelerate clean tech R&D and deployment.
5. Education and People-to-People Ties
Launch of UK university campuses in India, dual degrees, and credential recognition.
Implementation of the Young Professionals Scheme.
Green Skills Partnership to equip youth for the global climate economy.
3. Scheme for Promotion of Culture of Science (SPoCS)
Context
The Scheme for Promotion of Culture of Science (SPoCS) is a flagship initiative of the Ministry of Culture, Government of India, designed to promote scientific temper, curiosity, and informal science education across the country. Implemented by the National Council of Science Museums (NCSM), the scheme primarily targets students and the general public, especially in underrepresented regions.
Key Objectives
Foster a culture of science and innovation.
Enhance public engagement with science through interactive and experiential learning.
Promote informal science education aligned with national educational goals.
Core Components of SPoCS
The scheme provides financial and technical support for setting up the following institutions:
Science Cities
Science Centres
Innovation Hubs
Digital Planetariums
Implementation and Impact
27 Science Centres have been established under SPoCS across India.
These centres have collectively recorded a cumulative footfall of over 15 lakh visitors in FY 2024–25.
Inclusivity and Regional Outreach
Special focus is given to underrepresented and remote regions.
Category-III Science Centres/Digital Planetariums are set up in areas with populations under 5 lakh.
India has successfully conducted flight trials of the UAV-Launched Precision Guided Missile (ULPGM)-V3 at the NOAR test range in Kurnool, marking a major step forward in the country’s indigenous drone warfare capabilities.
What is ULPGM-V3?
ULPGM-V3 (UAV-Launched Precision Guided Missile – Version 3), also referred to as ULM-ER (Extended Range), is an advanced air-to-surface precision missile designed to be launched from unmanned aerial vehicles (UAVs). It is engineered to engage both static and mobile targets with minimal collateral damage.
Developed by: DRDO
Partners: Bharat Dynamics Ltd. (BDL), Adani Defence, MSMEs, and Indian start-ups under Make in India
Up to 2.5 km at night, powered by dual-thrust solid propulsion
Advanced Targeting and Control:
Two-way datalink for real-time mid-course updates and enhanced accuracy
Warhead Versatility:
Configurable for anti-tank, bunker-busting, and anti-personnel missions
Lightweight UAV Integration:
Weighs just 12.5 kg
Compatible with Rustom, TAPAS-BH, and other medium-altitude long-endurance UAVs
Banking and Finance
1. National Financial Reporting Authority (NFRA)
Context
Shri Nitin Gupta (Retd. IRS), former Chairman of the Central Board of Direct Taxes (CBDT), has been appointed as the new Chairperson of the National Financial Reporting Authority (NFRA) — India’s apex independent regulator for accounting and auditing standards.
About National Financial Reporting Authority (NFRA)
What is NFRA?
NFRA is a statutory body under the Ministry of Corporate Affairs (MCA), tasked with overseeing and enhancing the quality, credibility, and transparency of financial reporting and auditing practices in India.
Insurance companies, banks, power companies, and entities under special Acts.
Foreign subsidiaries or associates of Indian companies contributing ≥ 20% of consolidated income/net worth.
Any company or entity referred by the Central Government in the public interest.
2. NSDL to Launch ₹4,000 Crore IPO
Context
The National Securities Depository Ltd (NSDL), India's oldest depository, is set to launch its much-anticipated Initial Public Offering (IPO) on July 30, 2025. This public issue will mark a significant milestone in India’s capital market infrastructure and regulatory compliance.
What is an IPO (Initial Public Offering)?
An Initial Public Offering (IPO) is the process by which a privately held company or a government-owned enterprise (such as LIC) raises capital by offering its shares to the public for the first time.
IPO Process
Purpose:
To raise funds from new investors for expansion, debt repayment, or other business needs.
Post-IPO:
After a successful IPO, the company becomes a publicly listed entity and its shares are traded on a stock exchange.
Market Significance
Second Listed Depository:
NSDL will become the second publicly listed depository in India after Central Depository Services (India) Ltd (CDSL), which was listed in 2017 on the NSE.
SEBI Mandate Compliance:
SEBI regulations mandate that market infrastructure institutions like depositories and exchanges dilute promoter stakes and go public to ensure transparency, accountability, and public participation.
About NSDL
Established: 1996
Role: Facilitates electronic holding and settlement of securities in India.
Market Position: One of the two major depositories in the country, alongside CDSL.
Key Services: Demat services, settlement infrastructure, e-voting, and more.
3. PayPal World: A Unified Platform for Global Payments and Digital Wallets
Context
PayPal has announced the launch of PayPal World, a next-generation platform that aims to integrate various global payment systems and digital wallets into a single, seamless network for both consumers and businesses.
What is PayPal World?
A technology-agnostic, unified platform designed to streamline cross-border transactions and payments across multiple payment systems and wallets.
Expected to launch globally in Fall 2025, with initial support for PayPal and Venmo.
Benefits for Consumers
Cross-Border Convenience: Enables users to shop, pay, and send money internationally using their domestic wallets and currencies.
Currency Flexibility: No need for foreign exchange conversion or switching between apps.
Strategic and Technical Features
Interoperability: Launch partners include:
Mercado Pago
NPCI International Payments (UPI)
Tenpay Global
Venmo
PayPal itself
Scalable Infrastructure: Uses open APIs and a cloud-native approach to ensure seamless real-time payment operations worldwide.
Digital Wallet Aggregation: Integrates different payment networks without requiring users to migrate or adopt new apps.
4. Hong Kong Monetary Authority Fines Indian Overseas Bank’s HK Branch for AML Violations
Context
The Hong Kong Monetary Authority (HKMA) has imposed a penalty of HK$850,000 (approx. ₹9.3 crore) on the Hong Kong branch of Indian Overseas Bank (IOB) for breaches of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations.
Key Highlights:
Reason for Penalty: Failure to comply with AML/CTF requirements under Hong Kong’s legal and regulatory framework.
Directive Issued:
IOB must review transaction alerts generated by its transaction monitoring system.
The bank is required to submit a remedial action plan to the HKMA addressing compliance gaps.
About Indian Overseas Bank (IOB)
Founded: 1937
Headquarters: Chennai, Tamil Nadu
MD & CEO: Ajay Kumar Srivastava
5. Shriram Life Insurance Partners with ESAF Small Finance Bank to Boost Financial Inclusion
Context
On July 23, 2025, Shriram Life Insurance Company (SLIC) announced a strategic partnership with ESAF Small Finance Bank to distribute life insurance products to underserved communities across India. ESAF will serve as a corporate agent, offering Shriram Life’s insurance solutions through its extensive branch network.
Key Highlights:
Objective:
To enhance insurance penetration among first-time buyers, low-income families, and rural households.
Distribution Channel:
ESAF Bank's 788 branches and 1,095 customer service centres will offer Shriram Life’s products.
Target Segment:
Households earning ₹4–15 lakh annually, especially those traditionally excluded from formal insurance.
Product Range:
Includes term insurance, endowment plans, ULIPs, and annuities—designed to be simple, affordable, and relevant.
1. Parliamentary Panel Recommends Reforms in Organic Agriculture
Context
The Estimates Committee of Parliament has released a comprehensive report urging the Ministry of Agriculture to institutionalize reforms for sustainable farming. It proposes a shift towards natural and organic agriculture while reinforcing the role of Krishi Vigyan Kendras (KVKs) and embracing digital technologies like artificial intelligence (AI).
Key Recommendations
Boost to Organic and Natural Farming
MSP for Organic Crops: Formalize the 20–30% premium via declared MSPs.
Viability: Ensure organic farming is economically and scientifically sound.
Input Support: Address shortages of bio-fertilizers and high labour costs through enhanced subsidies under schemes like MOVCDNER.
Launched in 2015-16, the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) is a flagship scheme of the Department of Water Resources, River Development & Ganga Rejuvenation under the Ministry of Jal Shakti. The aim is to ensure enhanced access to irrigation, water-use efficiency, and sustainable water resource management to benefit Indian farmers.
Objectives
Expand cultivable area under assured irrigation.
Improve on-farm water use efficiency ("Per Drop More Crop").
Promote sustainable water conservation practices.
Ensure integrated development of water resources for agriculture.
1. CM launches health initiatives to offer patients timely care
Chief Minister Rekha Gupta on Thursday launched a slew of initiatives, including 34 new Ayushman Arogya Mandirs and eight Jan Aushadhi Kendras (JAKs), to build a “digital, affordable, and accessible” healthcare system in Delhi.
2. Namperumalsamy, India’s first retina specialist, passes away
Madurai-based Aravind Eye Hospital’s chairman emeritus P. Namperumalsamy died at the age of 85. He is survived by his wife Nachiar and two sons, Venkatesh Prajna and Vishnu Prasad.
3. Ajay Seth appointed as IRDAI chairman
Former Finance and Economic Affairs Secretary Ajay Seth was appointed as the chairman of the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year term.
4. Hulk Hogan, icon in professional wrestling, dies at age 71, says WWE
Hulk Hogan, the moustachioed, headscarf-wearing icon in the world of professional wrestling, has died at the age of 71, Florida police and WWE said.
5. Brazil to join South Africa’s Gaza genocide case against Israel at ICJ
Brazil finalises its submission to join South Africa’s genocide case against Israel at the International Court of Justice (ICJ), the Foreign Ministry said.
6. BFI fetes medallists of World Boxing Cup
Indian boxers who won medals at this year’s World Boxing Cup in Brazil and Kazakhstan were felicitated by the Boxing Federation of India (BFI).
7. Nitin Gupta assumes charge as NFRA chief
Nitin Gupta, a retired IRS officer, has assumed charge as chairperson of the National Financial Reporting Authority (NFRA).
Five to remember · 25 July 2025
These centres have collectively recorded a cumulative footfall of over 15 lakh visitors in FY 2024–25. Scheme for Promotion of Culture of Science (SPo…
1. Standing Committee Flags Delay in SVAMITVA Scheme Implementation
Context
The Standing Committee on Rural Development and Panchayati Raj has raised concerns over the slow progress of the SVAMITVA scheme, a flagship initiative aimed at providing legal ownership of residential properties in rural India using drone-based mapping and property cards.
Key Highlights:
Survey Backlog
30,000 villages across States and Union Territories are yet to be surveyed, as per the Committee's findings.
This backlog poses a challenge to achieving the target of full national coverage by 2025.
Objective of SVAMITVA Scheme
Launched in April 2020 by the Ministry of Panchayati Raj.
Aims to provide record of rights to rural households by:
Conducting drone surveys of inhabited areas.
Issuing property cards (legal titles) to owners.
Expected to enhance financial inclusion, reduce land disputes, and promote village-level planning.
Committee’s Recommendations
Urged the Ministry to expedite drone surveys in remaining villages.
Recommended better coordination with States/UTs for faster implementation.
Suggested addressing technical manpower gaps and capacity building at local levels.
During Prime Minister Narendra Modi’s official visit to the Maldives in July 2025, 8 pivotal bilateral agreements were signed, underscoring India’s commitment to its Neighbourhood First and SAGAR (Security and Growth for All in the Region) policies. The visit aimed to reset relations following past tensions and reaffirm India's role as a trusted development and security partner.
Key Bilateral Agreements Signed
Debt Relief
India agreed to reduce the Maldives’ annual repayment burden by 40%, offering crucial fiscal breathing space.
₹4,850 Crore Line of Credit
Earmarked for infrastructure development in sync with Maldivian priorities such as ports, housing, and connectivity.
Digital Payment Integration
Launch of UPI and RuPay systems to enhance local currency transactions, digital public infrastructure, and financial inclusion.
Fisheries Cooperation
Boost to marine livelihoods and sustainable fishing practices, vital to Maldives’ economy and India’s coastal diplomacy.
Social Housing
Handover of 3,300 Indian-financed housing units in Hulhumalé under India’s flagship urban development assistance.
Defence Assistance
India gifted 72 vehicles and other equipment to Maldives’ National Defence Force (MNDF), reinforcing trust and interoperability.
Climate and Disaster Resilience
Strengthened cooperation in climate action, early warning systems, and green energy solutions.
Investment & Trade Frameworks
Agreement to fast-track discussions on a Bilateral Investment Treaty (BIT) and Free Trade Agreement (FTA).
The Ministry of Communications, Government of India, has released the Draft National Telecom Policy 2025 to guide the sector’s growth from 2025 to 2030. It emphasizes self-reliance (Atmanirbhar Bharat), next-generation technology adoption, and universal digital access.
Key Features of Draft NTP 2025
1. Domestic Manufacturing & Self-Reliance
Incentives for Indian-made telecom equipment usage to support firms like Tejas Networks, HFCL.
Target: 50% substitution of telecom imports with domestic manufacturing.
2. R&D and IP Generation
Double India’s telecom R&D spend.
Support 500 tech startups.
Goal: Capture 10% of global 6G-related IPRs.
Introduce blended finance and fund-of-fund models.
3. Infrastructure and Connectivity Targets
100% 4G and 90% 5G coverage by 2030.
Tower fiberization from 46% to 80%.
Full Gram Panchayat connectivity via BharatNet (target: 98% uptime).
1 million public Wi-Fi hotspots.
Fixed-line broadband to reach 100 million households.
4. Employment and Skill Development
Create 1 million new telecom jobs.
Upskill 1 million workers in areas like 6G, quantum, cybersecurity, and IoT.
5. Exports and Investments
Double telecom product and service exports.
Attract ₹1 trillion in annual sectoral investment.
6. Secure and Trusted Networks
Mandatory security audits of telecom equipment.
Focus on quantum-safe telecom networks.
7. Green Telecom Vision
Cut sector’s carbon footprint by 30%.
Promote green energy adoption and eco-friendly deployment practices.
The PM Viksit Bharat Rozgar Yojana (PM-VBRY) is a new national scheme aimed at boosting formal sector employment, replacing the earlier Employment Linked Incentive (ELI) Scheme. It will be implemented from 1st August 2025.
Key Details
Ministry: Ministry of Labour and Employment
Scheme Launch: 1 August 2025
Implementation Period: 2025–2027
Total Outlay: ₹99,446 crore
Target: Over 3.5 crore new jobs, including 1.92 crore first-time workers
Objectives
Encourage inclusive and sustainable job creation
Support first-time formal sector employees
Provide financial incentives to employers for hiring new staff, especially in manufacturing
Key Features
Part A: Incentive for First-Time Employees
Eligibility: New EPFO-registered workers with monthly wages up to ₹1 lakh
Incentive: Equivalent to one-month EPF wage (capped at ₹15,000)
Installment Plan:
1st installment: After 6 months of continuous service
2nd installment: After 12 months + completion of financial literacy training
Savings Component: A portion will be locked in a deposit account
Part B: Incentive for Employers
Eligibility:
For entities with <50 employees: must hire 2+ new employees
For entities with ≥50 employees: must hire 5+ new employees
Incentive Slabs(per employee/month):
₹1,000 for wages ≤ ₹10,000
₹2,000 for wages ₹10,001–₹20,000
₹3,000 for wages ₹20,001–₹1,00,000
Tenure:
2 years for all sectors
4 years for manufacturing sector
Payment Mechanism
To Employees: Through Direct Benefit Transfer (DBT) via Aadhar-Based Payment System (ABPS)
To Employers: Paid to PAN-linked bank accounts
Banking and Finance
1. SEBI Proposes Eased Disclosure Norms for Listed Non-Convertible Securities
Context
On July 25, 2025, the Securities and Exchange Board of India (SEBI) released a consultation paper proposing amendments to disclosure obligations for issuers of listed non-convertible securities, including debentures and hybrid instruments.
Key Highlights of SEBI's Proposal
1. Paperless Disclosure Mandate
Current rule: Issuers are required to send hard copies of the annual report summary to debenture holders without registered email IDs.
Proposed change: Replace this with a letter containing a web link and a QR code to access the full annual report digitally.
Objective: Reduce compliance burden and promote "Go Green" initiatives by minimizing paper usage.
2. Alignment with Companies Act Timelines
For companies governed by the Companies Act, 2013, existing statutory deadlines remain unchanged.
For other issuers (e.g., statutory bodies, trusts), SEBI proposes a minimum 21-day notice period before meetings—mirroring Companies Act provisions.
3. Public Consultation Timeline
Deadline for stakeholder comments:15 August 2025.
Significance
Promotes cost efficiency and regulatory parity between debt and equity markets.
Encourages digital compliance and simplifies corporate actions like splits and consolidations.
Brings Indian practices in sync with international standards.
Supports investor protection through dematerialization of securities during corporate actions.
With daily UPI transactions crossing 60 crore, RBI Governor Sanjay Malhotra has emphasized the urgent need for a sustainable financial model to support and maintain India’s fast-growing digital payments infrastructure.
Key Highlights:
Explosive Growth of UPI
UPI volumes doubled from 31 crore to 60 crore transactions per day over the last two years.
The scale of operations now demands a robust funding mechanism to cover rising operational and infrastructure costs.
Need to Reassess Cost Structure
Malhotra noted: “Costs will have to be paid, someone will have to bear the cost.”
Currently, the government is subsidizing UPI transactions, enabling the system to remain free for users and merchants.
Industry Demand for MDR Reintroduction
Merchant Discount Rate (MDR) was reduced to zero on Jan 1, 2020, to promote UPI adoption.
Banks and fintechs argue this model is unsustainable amid rising technology and compliance costs.
Industry is lobbying for a modest MDR, especially on high-value transactions or large merchants.
Government’s Position
The government maintains that UPI is a “digital public good” and must remain free.
To balance sustainability and adoption, the government has instead chosen to incentivize ecosystem players rather than levy charges on users or merchants.
Public Sentiment Strongly Against Charges
Surveys indicate that most UPI users would stop or reduce usage if transaction fees are introduced.
Malhotra acknowledged the success of the subsidy approach, which has significantly boosted digital payments adoption across India.
Union Minister for Rural Development and Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, formally launched the ‘Bima Sakhi Yojana’, a flagship scheme focused on financial empowerment and social inclusion of rural women through insurance facilitation. This scheme is aligned with the ‘Insurance for All by 2047’ mission and supports broader government initiatives such as Aatmanirbhar Bharat, Digital India, and Jan Suraksha.
Key Highlights:
Purpose and Vision:
To empower women economically by appointing them as ‘Bima Sakhis’ at the Gram Panchayat level.
To provide last-mile access to life and accident insurance services, particularly in rural and semi-urban areas.
To advance SDG 5 (Gender Equality) and the Lakhpati Didi mission.
Partnership with LIC:
The scheme is implemented in collaboration with Life Insurance Corporation of India (LIC).
LIC will support training and operational deployment of Self-Help Group (SHG) women as Bima Sakhis.
Role of Bima Sakhis:
Act as insurance facilitators, not just agents.
Spread awareness, assist in policy enrolment, premium collection, and claim processing.
Serve as trust-based financial agents for the rural population.
Scale and Impact Goals:
Over 2 crore Lakhpati Didis expected by August 15, 2025.
Bima Sakhis to cover every village and household, ensuring widespread financial security.
Employment and Social Change:
Catalyzes local-level employment and increases female workforce participation.
Promotes women’s entrepreneurship, financial literacy, and disaster risk protection.
Alignment with Government Missions:
Complements Jan-Dhan Se Jan Suraksha, Digital India, SHG-based skill development, and disaster resilience efforts.
Contributes to the goal of building a resilient, insured, and inclusive India.
PIB
4. Federal Bank Launches Biometric Authentication for Online Card Transactions
Context
Federal Bank, in collaboration with fintech partners M2P and MinkasuPay, has launched India’s first biometric authentication solution for e-commerce card payments. This initiative marks a significant step toward enhancing security, speed, and user experience in digital payments.
What is the Solution?
A biometric-based authentication system that replaces the traditional OTP-based two-factor authentication (2FA) for online card transactions.
Users can verify transactions using Fingerprint or Face ID on compatible devices.
Partnerships Involved
Federal Bank (implementing bank)
M2P Fintech (backend infrastructure)
MinkasuPay (biometric tech provider)
Key Features of the Biometric Solution
Authentication via Fingerprint or Face ID, replacing OTP-based verification.
Reduces transaction time to just 3–4 seconds.
Fully compliant with RBI’s Two-Factor Authentication (2FA) guidelines.
Fallback to OTP is available if biometric capture fails.
Customers can enrol with one-time consent during checkout.
Available for Android and iOS smartphones.
Integrable by merchants using a lightweight SDK.
Key Benefits for Customers
No more OTPs – authentication via biometric (touch or face).
Faster checkouts – transactions completed in 3–4 seconds.
Top-tier security – each transaction is uniquely validated by the user’s device.
Opt-in flexibility – customers can enable or disable the feature anytime, with OTP fallback as a backup.
Compliance with RBI guidelines – follows mandatory 2FA norms, with biometric + fallback options.
How It Works
Customers enroll with a one-time consent during checkout.
Works via lightweight SDKs integrated by partner merchants.
Public sector banks (PSBs) have witnessed a major leap in recovery of stressed assets through their revamped property e-auction platform, BAANKNET, which became operational on July 1, 2024 and was formally launched in January 2025.
BAANKNET
BAANKNET is an online platform specifically designed for banks and lending institutions in India to auction properties acquired due to Non-Performing Asset (NPA) loans. It serves as a one-stop destination for buyers and investors to discover and participate in e-auctions of various assets like residential, commercial, agricultural, and industrial properties.
Features & Impact of BAANKNET
Unified platform used by all 12 nationalised banks and the Insolvency and Bankruptcy Board of India (IBBI)
Enhanced buyer transparency through:
Uploading of photos and videos of properties
Clearer, user-friendly interface
Behavioural impact on defaulters: Some borrowers initiate One-Time Settlement (OTS) negotiations once listed, mirroring trends seen after NCLT adoption.
Transition from e-Bikray
e-Bikray was launched in February 2019 as a centralised PSB property sale portal.
BAANKNET replaces it with higher auction success, better transparency, and digital integration with IBBI and banks.
1. Modi overtakes Indira, clocks second-longest continuous stint as PM
Prime Minister Narendra Modi became the second longest-serving Prime Minister of India in consecutive terms, surpassing former Prime Minister Indira Gandhi’s record.
2. Anuradha Thakur named director, RBI Central Board
The Union government has nominated Anuradha Thakur, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India as a Director on the Central Board of Reserve Bank of India in the place of Ajay Seth who has been appointed as the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
3. Vaishnavi wins bronze medal in World University Games
Vaishnavi Adkar went down fighting 6-2, 4-6, 4-6 in a three-hour duel in the women’s tennis semifinals to Eszter Meri of Slovakia in the World University Games in Rhine-Ruhr, Germany.
Five to remember · 26 July 2025
Launched in April 2020 by the Ministry of Panchayati Raj. Standing Committee Flags Delay in SVAMITVA Sche…
For other issuers (e.g., statutory bodies, trusts), SEBI proposes a minimum 21-day notice period before meetings—mirroring Companies Act provisions. SEBI Proposes Eased Disclosure Norms for Listed…
To advance SDG 5 (Gender Equality) and the Lakhpati Didi mission. Bima Sakhi Yojana
India agreed to reduce the Maldives’ annual repayment burden by 40%, offering crucial fiscal breathing space. India-Maldives Relations
Target: 50% substitution of telecom imports with domestic manufacturing. Draft National Telecom Policy (NTP) 2025
India’s ISRO and the U.S. space agency NASA are set to jointly launch NISAR (NASA-ISRO Synthetic Aperture Radar) from Sriharikota on July 30, 2025, using the GSLV Mk-II. It will be the world’s most advanced radar-based earth observation satellite, designed for high-resolution tracking of changes on Earth’s surface.
What is NISAR?
A joint mission between NASA and ISRO.
The first dual-frequency SAR (Synthetic Aperture Radar) satellite, combining:
L-band SAR (1.257 GHz) by NASA – better for ground deformation, forests, and subsurface imaging.
S-band SAR (3.2 GHz) by ISRO – sensitive to vegetation, moisture, crops, and surface texture.
At Kala Utsav 2025, held at Rashtrapati Bhavan, the tribal Sohrai Art from Jharkhand was prominently showcased. President Droupadi Murmu lauded it as reflecting “the soul of India,” celebrating its deep-rooted cultural, spiritual, and ecological essence.
What is Sohrai Art?
Origin and Communities
A ritual mural painting tradition of Santhal, Munda, and Oraon tribes.
Predominantly practiced by tribal women in Jharkhand, especially during festivals.
Cultural Purpose
Painted during Diwali and harvest festivals as a thanksgiving ritual to honor livestock, fertility, and agrarian life.
Represents womanhood, spiritual ecology, and cultural continuity.
Geographical Reach
Practiced in Hazaribagh, Santhal Parganas, and border areas of Bihar.
Evolved from prehistoric cave art to village murals across eastern India.
Key Features of Sohrai Art
Aspect
Details
Themes & Motifs
Nature-inspired: animals, birds, trees, rural life scenes.
Pigments
Natural earth-based colors – red ochre, white kaolin, black manganese.
Tools Used
Bamboo twigs, chewed sticks, cloth – no synthetic brushes.
Artists
Exclusively women artists, ensuring generational knowledge transfer.
Ritual Context
Painted during Diwali, celebrating livestock and agrarian prosperity.
Cultural Significance
Eco-centric and sustainable art form reflecting indigenous worldviews.
Embodies mythology, farming traditions, and feminine creativity.
Serves as a living oral tradition, deeply embedded in tribal identity and seasonal cycles.
The 14th edition of Exercise Bold Kurukshetra, a bilateral military exercise between India and Singapore, commenced in Jodhpur in 2025. The focus areas include mechanised warfare training and UN peacekeeping simulations, furthering strategic interoperability between the two nations.
About Exercise Bold Kurukshetra
Aspect
Details
Nature of Exercise
Bilateral military drill under the India-Singapore Defence Cooperation Agreement (DCA)
Edition
14th (2025)
Location
Jodhpur, Rajasthan, India
Participating Forces
🇮🇳 Indian Army – Mechanised Infantry Regiment🇸🇬 Singapore Armed Forces – 42nd Armoured Regiment, 4th Armoured Brigade
The Supreme Court-appointed expert committee on Great Indian Bustard (GIB) protection has recommended designated “power corridors” for overhead transmission lines in Gujarat and Rajasthan, balancing renewable energy expansion with critical conservation needs.
The Great Indian Bustard (GIB)
The Great Indian Bustard (GIB) is one of the heaviest flying birds native to the Indian subcontinent. Once commonly found across India’s grasslands, it is now critically endangered, with fewer than 150 individuals remaining as of 2018. The primary threats are habitat loss, hunting, and powerline collisions.
Conservation Status
Feature
Details
Scientific Name
Ardeotis nigriceps
IUCN Red List Status
Critically Endangered
Protection in India
Schedule I of Wild Life (Protection) Act, 1972
CITES Status
Appendix I
Global Population
Estimated <150 individuals (as of 2018)
Habitat and Distribution
Natural Habitat:
Prefers arid and semi-arid grasslands, open scrub, and desert regions.
Threats to Survival
Habitat Destruction: Conversion of grasslands into agricultural and industrial zones.
Powerline Collisions: Frequent deaths due to collision with high-tension wires.
Poaching and Hunting: Historically hunted for meat and sport.
Neglect of Grassland Ecosystems: Grasslands often treated as “wastelands” in policy.
Banking and Finance
1. Financial Inclusion Index (FI Index)
Context
The Reserve Bank of India (RBI) recently released the Financial Inclusion Index (FI Index) for the year ended March 2025, reporting a score of 67.0, marking steady progress since the index’s inception in 2021. While the improvement signals broader access to formal financial services, it lacks transparency on regional disparities and sub-index performance, raising concerns about its effectiveness as a policymaking tool.
Key Components of the FI Index
The FI Index is a composite measure that captures the extent of financial inclusion across India using three key parameters:
Access – Availability of financial services.
Usage – Actual utilization of those services.
Quality – Ease, relevance, and consumer protection within the financial ecosystem.
According to RBI, the improvement this year has largely been driven by better usage and quality, rather than new access.
Concerns with the Current FI Index Framework
1. Lack of Disaggregated Data:
RBI does not disclose sub-index scores (access, usage, quality) separately.
No state-wise or district-level disaggregation is provided.
This limits the utility of the index for targeted policy formulation.
2. Spatial Heterogeneity Masked:
A single all-India score obscures the deep disparities in financial inclusion across states and districts.
Remote and underserved regions may continue to face financial exclusion, unreflected in the national score.
3. Incomplete Financial Inclusion:
Account ownership has expanded under schemes like Jan Dhan Yojana, supported by Aadhaar and mobile penetration.
However, account usage remains weak; many accounts are dormant due to:
Distance to banking facilities.
High transaction costs.
Low financial literacy.
4. Gaps in Insurance and Pension Inclusion:
Informal sector workers remain largely excluded from insurance and pension coverage.
Lack of tailored financial products and inadequate trust in digital systems exacerbate underutilization.
Recommendations for Improvement
1. Publish Sub-Index Scores:
Disclose separate scores for access, usage, and quality.
Helps policymakers identify which dimension needs intervention (e.g., quality vs. access).
2. Release State-wise and District-level FI Index:
Know Your Customer (KYC) norms are the bedrock of anti-money laundering and financial integrity systems. But in India, the friction between compliance and user convenience has turned KYC into a burden for ordinary customers, especially in rural areas. Harsh Roongta argues that fixing KYC does not require new laws, only better enforcement and coordination.
Key Highlights:
The Power of the Money Trail
Historical reference: Al Capone's tax conviction shows financial records are more effective than eyewitnesses in fighting crime.
Modern impact: KYC aids in tracking financial flows to deter terrorism, corruption, drug trafficking, and scams.
Force physical visits despite no change in details.
Demand fresh documents unnecessarily.
Deny online options.
Consequences: Rural distress, blocked pensions, wage loss, and even death in rare cases.
Systemic Weaknesses
No Penalties for Non-Compliance
Banks face no consequence for ignoring RBI norms.
Lack of KYC Portability in Banking
CKYC only stores, doesn’t validate data—unlike SEBI’s KRAs.
Lessons from Securities Market
SEBI’s KRAs allow KYC reuse across intermediaries—efficient and user-friendly.
Recommendations
Make RBI’s KYC norms enforceable with penalties.
Upgrade CKYC to verify and validate data.
Enable interoperability and syncing of KYC updates across financial entities.
Adopt SEBI’s portability model across all financial regulators.
BS
3. Payment Banks Seek Relaxation in RBI Norms
Context
India’s payment banks have renewed their push for regulatory easing, requesting the Reserve Bank of India (RBI) to reduce the Statutory Liquidity Ratio (SLR) requirement, allow small-ticket lending, and increase the deposit cap per customer. These demands aim to enhance profitability, expand their financial services offerings, and address the viability challenges inherent in their business model.
Key Demands from Payment Banks
1. Reduction in SLR from 75% to 65% or Lower
Current SLR Norm:
Payment banks must invest 75% of their demand deposits in government securities (G-Secs) with maturities up to 1 year.
The remaining 25% must be held in current or fixed deposits with scheduled commercial banks.
Banks’ Request:
Reduce SLR by at least 10 percentage points.
Permit investment in longer-tenure government securities to increase yield.
Rationale:
Current restrictions limit margin growth.
A reduction could improve net interest margins (NIMs) by 50 bps to 1%.
2. Permission to Offer Small Loans
Current Restriction:
Payment banks are not allowed to lend under RBI’s differentiated licensing regime.
Request:
Permit small-ticket loans of up to ₹5 lakh.
Justification:
Enable revenue diversification.
Support financial inclusion with regulated micro-credit offerings.
3. Enhancement of Customer Deposit Cap
Current Limit:
Only ₹2 lakh per customer in savings accounts.
No permission to accept fixed or recurring deposits.
4. Government Identifies Priority Sectors to Boost FDI
Context
With net FDI inflows slowing down amid global economic uncertainty and international investors exiting through IPOs or repatriating capital, the Indian government—along with Invest India—has drawn up a sector-specific strategy to attract fresh foreign direct investment. This initiative aims to maintain India’s momentum as a global investment destination by facilitating new investments in sectors aligned with evolving global supply chains and domestic industrial priorities.
Key Sectors Identified for FDI Promotion
The government has shortlisted the following six sectors for targeted investor outreach:
Electronics System Design and Manufacturing (ESDM)
Focus on mobile phones, semiconductors, and components.
Strong investor response due to the PLI scheme and global push to diversify from China.
Firms like Foxconn and their vendors have invested heavily.
Non-Leather Footwear
Promoted as a labour-intensive export-oriented sector.
Aligned with sustainability and synthetic material trends.
Chemicals
India positioned as a China+1 alternative for global chemical supply chains.
Potential for specialty and agrochemical FDI.
Medical Devices
Government incentivizing domestic production under PLI schemes.
Focus on reducing import dependence and becoming a global manufacturing hub.
Toys
Boosted by anti-China sentiment and government bans on unsafe imports.
Policy support for MSMEs and design innovation hubs.
Electric Vehicles (EVs)
Growing demand domestically.
Entry of firms like VinFast.
Import concession scheme introduced to attract manufacturers.
Policy Measures and Facilitation Strategy
Government aims to increase gross inflows through:
Targeted value chain mapping.
Ease of doing business initiatives and inter-ministerial coordination.
PLI schemes and special tariff incentives to localize key components (e.g., motors, compressors, copper tubes).
Active engagement with global investors through Invest India.
5. RBI Grants In-Principle Authorisation to Xflow as Cross-Border Online Payment Aggregator
Context
Xflow, a Bengaluru-based cross-border payments fintech, has received in-principle approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator for cross-border (PA-CB) transactions. The approval covers both import and export flows, marking a major milestone in India’s evolving fintech and digital payments ecosystem.
What is a Payment Aggregator?
A Payment Aggregator (PA) is an entity that facilitates online payments by acting as an intermediary between customers and merchants. They enable businesses to accept various payment instruments from customers without the need for a separate payment integration system.
RBI In-Principle Approval (IPA)
Xflow now authorised to act as a cross-border payment aggregator, facilitating digital payment flows for businesses engaged in international trade.
The in-principle approval includes both export and import payment workflows.
Tech Integration
Recently launched FX AI Analyst, an AI-driven tool that helps businesses:
Track USD/INR trends,
Make currency conversion decisions,
Maximise FX gains.
Regulatory Landscape (PA-CB):
Other fintechs with RBI in-principle PA-CB approvals include:
Skydo, BriskPe, PayPal, EximPe, and Wise.
Only six firms have full RBI PA-CB licences:
Adyen India, Amazon Pay India, Cashfree Payments, BillDesk, Pay10, and Worldline ePayments India.
6. IRDAI to Mandate Internal Insurance Ombudsman in All Insurers to Strengthen Grievance Redressal Mechanism
Context
The Insurance Regulatory and Development Authority of India (IRDAI) is set to introduce a new framework requiring all insurance companies (excluding reinsurers) with over three years of operations to appoint an Internal Insurance Ombudsman. The move is aimed at enhancing policyholder protection, building trust, and ensuring a faster, transparent, and fair resolution of customer grievances.
Applicability & Objective
Applicable to all insurers except reinsurers with >3 years of operations.
Seeks to establish a structured, internal grievance redressal system at the company level.
Intended to complement external redressal bodies like the Insurance Ombudsman and the IRDAI Grievance Management System (IGMS).
Functions & Jurisdiction
The Internal Insurance Ombudsman will:
Handle unresolved or escalated complaints.
Cover complaints up to ₹50 lakh in claim value.
More than one ombudsman can be appointed with clearly defined jurisdiction to improve coverage and turnaround time.
Reporting Structure
Functional Reporting: To the Board or the Policyholder Protection, Grievance Redressal & Claims Monitoring Committee (PPGR & CM).
Administrative Reporting: To the MD/CEO of the insurance company.
Eligibility Criteria
Experience: Minimum 20 years in the insurance sector.
Must have held a position at least two levels below Board Director.
Should not be currently or previously associated with the insurer or its group entities.
Minimum entry age: 55 years.
Term: 3 years fixed or until the age of 70, whichever is earlier.
When Can the Ombudsman Intervene?
If a complaint has not been responded to within 30 days.
If the customer has filed an appeal against a rejected or partially resolved complaint.
The Securities and Exchange Board of India (SEBI) has lifted trading restrictions on US-based high-frequency trading (HFT) firm Jane Street after the company deposited ₹4,844 crore into an escrow account. The action stems from SEBI’s ongoing investigation into alleged index manipulation on derivatives expiry days.
What is an Escrow Account?
An escrow account is a secure financial mechanism where a neutral third party holds funds or assets on behalf of two or more parties.
The funds are released only after pre-agreed conditions are fulfilled, ensuring trust and transparency in financial transactions.
In this case, SEBI used the escrow to ensure compliance and financial accountability during the investigation process.
Highlights the regulator’s focus on deterrence through financial accountability and technological surveillance.
The case sets a precedent for how SEBI may handle global trading entities operating in Indian markets under suspicion of misconduct.
8. Federal Bank Launches India's First Biometric Authentication for E-Commerce Card Transactions
Context
Federal Bank, in collaboration with fintech partners M2P and MinkasuPay, has introduced India’s first biometric authentication solution for e-commerce card transactions. This marks a significant leap in enhancing online transaction security and user convenience.
Key Features of the Biometric Authentication Solution:
Biometric-Based Login: Customers can now authenticate purchases using fingerprint or face ID, replacing traditional OTP-based authentication.
Rapid Transactions: The biometric method reduces transaction time to just 3–4 seconds, streamlining the checkout experience.
Enhanced Security: Combines high-end security with simplicity, minimizing risks associated with OTP-based fraud.
RBI Compliance: Fully adheres to RBI’s Two-Factor Authentication (2FA) guidelines.
Fallback Mechanism: If biometric capture fails, the system defaults to OTP verification.
Simple Onboarding: Customers provide one-time consent during checkout for biometric enrollment.
Device Compatibility: Available for both Android and iOS users.
Merchant Integration: Partner merchants can integrate the feature via a lightweight SDK.
About Federal Bank
Founded: 1931
Headquarters: Aluva, Kerala
MD & CEO: KVS Manian
Tagline: "Your Perfect Banking Partner"
Agriculture
1. How Smart Farming is Transforming Indian Agriculture
Context
The Indian horticulture sector contributes about 33 per cent to the agriculture Gross Value Added (GVA), making a very significant contribution to the Indian economy. As per a IBEF 2024 report.
1. Sathiyan-Akash Clinch First WTT Tour Doubles Title
Indian paddlers G. Sathiyan and Akash Pal secured their maiden men's doubles title on the World Table Tennis (WTT) Tour by defeating France’s Jules Rolland and Leo De Nodrest in straight games (11-9, 11-4, 11-9) at the WTT Contender Lagos.
2. Architect and Heritage Conservationist Tara Murali Passes Away
Tara Murali, noted architect and a prominent voice in heritage conservation, passed away at the age of 75 in Chennai. She was the wife of N. Murali, Director of The Hindu Group and President of The Music Academy.
3. Divyanshi Bhowmick Wins U-19 Gold at WTT Youth Contender
After her U-15 gold at the Asian Youth TT Championships in Tashkent, India’s Divyanshi Bhowmick continued her winning streak by bagging the U-19 girls’ singles title at the WTT Youth Contender in Almaty, Kazakhstan.
4. Canara Bank to Monetise Excess Priority Sector Loans
Facing pressure on interest margins due to falling rates, Canara Bank plans to sell excess priority sector loans in Q2 FY26. The bank had already earned ₹1,248 crore in commissions through such sales in the June 2025 quarter.
5. Government Amends Law to Curb Digital Film Piracy
To tackle growing digital piracy in cinema, the government has amended copyright laws to impose jail terms and fines of up to 5% of a film’s production cost on those caught recording or transmitting movies illegally.
6. Veteran Climate Negotiator Vijai Sharma Dies
Vijai Sharma, India’s former chief climate negotiator and one of the key architects of the 1997 Kyoto Protocol, passed away. He was instrumental in securing climate justice for developing nations during global climate talks.
7. Agricultural NPAs Rise Across PSBs in Q1 FY26
The first quarter of FY26 saw a noticeable rise in agricultural non-performing assets (NPAs) across public sector banks, especially among loans extended to small and marginal farmers, sparking concerns about credit quality and financial stress in the rural economy.
Five to remember · 27 & 28 July 2025
Over 70% of India’s cultivated land is degraded (NBSS&LUP, 2023). How Smart Farming is Transforming Indian Agricu…
Facing pressure on interest margins due to falling rates, Canara Bank plans to sell excess priority sector loans in Q2 FY26. The bank had already earned ₹1,248 crore in commissions through such sales in the June 2025 quarter. Canara Bank to Monetise Excess Priority Sector …
Payment banks must invest 75% of their demand deposits in government securities (G-Secs) with maturities up to 1 year. Payment Banks Seek Relaxation in RBI Norms
Applicable to all insurers except reinsurers with >3 years of operations. IRDAI to Mandate Internal Insurance Ombudsman i…
During the birth anniversary celebrations of Rajendra Chola I at Gangaikonda Cholapuram, the Prime Minister of India hailed the Chola dynasty’s enduring contributions to India’s maritime strength, democratic institutions, and cultural unity. Statues of Rajendra Chola and Rajaraja Chola were announced, alongside the release of a commemorative coin.
The Legacy of the Chola Empire
Historical Span and Geographic Reach:
Ruled: 9th to 13th century CE
Territory: Present-day Tamil Nadu, Kerala, Andhra Pradesh
Overseas presence: Sri Lanka, Maldives, Malaysia, Indonesia
Iconic Chola Rulers and Their Contributions
1. Rajaraja Chola I (985–1014 CE):
Strengthened India’s first blue-water navy
Built the Brihadisvara Temple, a UNESCO World Heritage Site
Expanded control over Sri Lanka
2. Rajendra Chola I (1014–1044 CE):
Led successful naval expeditions to Ganga, Southeast Asia
Founded Gangaikonda Cholapuram as a new imperial capital
Asserted Indian maritime dominance in Sumatra, Java, and the Malay Peninsula
3. Kulottunga Chola I:
Introduced fiscal reforms, promoted trade and stable governance
Governance & Administration
Democratic Institutions:
Kudavolai System: A proto-electoral mechanism where representatives were chosen via palm-leaf ballots
Uthiramerur Inscriptions: Codified rules for rural elections and eligibility
Village Autonomy: Empowered Ur (villagers), Sabha (Brahmin assembly), and Nagaram (trade guilds) for tax collection, land management, and justice delivery
Bureaucracy:
Centralised yet efficient administration with clearly defined roles
Regular land surveys and inscription-based revenue records
Economic Reforms and Maritime Trade
Global Trade Links:
Maintained robust trade with China (Song dynasty), Srivijaya Empire, and Arabian ports
Promoted merchant guilds like Manigramam and Ayyavole 500
Agricultural Innovation:
Built large-scale irrigation systems, including Cholagangam Tank
Developed canals and embankments to support temple-based agrarian economies
Naval Dominance and Diplomacy
Maritime Expansion:
Chola navy conducted military expeditions across Bay of Bengal, asserting Indian naval supremacy
First recorded example of Indian soft power projection via temples and trade
Foreign Relations:
Diplomatic ties with China (Song court envoys)
Spread Indian culture and architecture to Southeast Asia (influences seen in Angkor Wat, Borobudur)
Cultural & Artistic Renaissance
Religious Harmony:
Royal patronage to both Shaivism and Vaishnavism
Promoted temple construction across southern India and Southeast Asia
Temples as Socio-Economic Hubs:
Functioned as schools (ghatikas), courts, granaries, and arts centers
Temples were central to public life and administration
Literature and Arts:
Patronised legendary Tamil poets like Kamban (Ramavataram), Sekkizhar, and Jayamkondar
Developed bronze sculpture techniques like the iconic Nataraja using lost-wax casting
India, which had just 1,411 tigers in 2006, recorded 3,682 wild tigers in 2022 — a 161% increase — making it home to nearly 75% of the global wild tiger population. This remarkable turnaround is a result of 50+ years of sustained conservation efforts under Project Tiger, but new threats demand attention.
Launched in 1973 in 9 reserves spanning 14,000 sq km.
Today, it covers 58 tiger reserves across 84,487 sq km in 18 states, roughly 2.5% of India’s area.
2. Population Trends
Tiger population grew from 1,411 (2006) to 3,682 (2022).
Big successes in Uttarakhand and eastern Maharashtra.
Local extinctions/declines reported in:
Palamau (Jharkhand)
Achanakmar (Chhattisgarh)
Satkosia (Odisha)
Dampa (Mizoram)
Buxa (West Bengal)
3. Threats & Challenges
Poaching persists due to illegal international demand for tiger parts.
Man-tiger conflict has risen due to expanding tiger territories:
73 human deaths reported in tiger attacks in 2024 (highest: Maharashtra – 42 deaths).
Understaffed, under-resourced forest teams struggle with:
Cross-border smuggling (esp. in Nepal border areas)
Encroachment resistance from locals
Administrative hurdles in conflict zones
4. Need for Policy Reforms
~35% of tiger reserves need urgent protection, including:
Habitat restoration
Prey base replenishment
Reintroduction of tigers
Community engagement is key:
Livelihood improvement for forest-dependent people can reduce pressure on tiger habitats.
Poverty and insurgency correlate with declining tiger numbers.
5. Forward Strategy
Experts suggest population management planning to avoid backlash from affected communities.
Sustainable coexistence and ecological balance require aligning conservation with social justice.
TOI
3. Special Public Security Bill
Context
The Maharashtra Legislature recently passed the Maharashtra Special Public Security Bill, 2024, aimed at curbing the activities of Left-Wing Extremist (LWE) organisations and their alleged urban fronts. The Bill has sparked controversy over its potential for misuse, ambiguity, and its implications for civil liberties.
Key Highlights:
Purpose of the Bill:
To prevent unlawful activities by "urban Naxal" organisations and their frontal networks in cities.
The State claims that over 60 such organisations operate in Maharashtra, aiding Maoist activities.
Background:
First introduced in the 2024 monsoon session under the previous Mahayuti government.
States with Similar Acts:
Maharashtra joins Chhattisgarh, Telangana, Andhra Pradesh, and Odisha, which have enacted similar Public Security Acts.
Major Objections to the Bill
Arbitrary declaration of organisations as "illegal" without due process.
No time limit on bans; possible indefinite extension.
Ambiguous definition of "unlawful activity" — may include peaceful dissent.
Section 2(f) criminalises signs, speech, or gestures that merely "cause concern" or "interfere" with public order — no requirement of violence or intent.
No lower court jurisdiction, restricting access to judicial remedy.
Protection for State officials acting in “good faith” could encourage abuse.
Fear of misuse against student groups, farmers’ organisations, and opposition activists.
TH
4. National Mission on Cultural Mapping & Mera Gaon Meri Dharohar (MGMD Portal
Context
To strengthen India’s cultural identity and empower rural communities, the Ministry of Culture has launched the National Mission on Cultural Mapping (NMCM), implemented by the Indira Gandhi National Centre for the Arts (IGNCA).
Key Highlights:
1. About NMCM:
A central initiative to document and map India's rich cultural heritage, particularly in rural areas.
Aims to use cultural documentation as a tool for rural economic revitalization and community empowerment.
2. MGMD Portal – A Digital Cultural Archive:
Launched: June 2023 as part of Azadi Ka Amrit Mahotsav
Target: Mapping 6.5 lakh villages across India
Current Status:
Cultural data for 4.7 lakh villages uploaded
In West Bengal:
Target: 41,116 villages
Mapped so far: 5,917 villages
Remaining: 35,199 under documentation
No financial assistance has been sanctioned yet for any State under the programme
3. Scope of Documentation:
Oral traditions, beliefs, customs, festivals, art forms
Traditional food, dress, ornaments, local landmarks
Cultural knowledge of marginalized and tribal communities
Intangible heritage such as folk performances and rituals
4. Significance:
Aids in cultural preservation and promotion
Fosters local pride and identity
Lays groundwork for sustainable cultural tourism and rural development
5. State of Food Security and Nutrition in the World (SOFI) 2025 Report
Context
The United Nations' flagship report, State of Food Security and Nutrition in the World (SOFI) 2025, assesses global progress toward Sustainable Development Goal 2 (Zero Hunger). The 2025 edition focuses on post-pandemic recovery, food affordability, and regional disparities, while projecting the hunger landscape up to 2030.
Key Findings:
Chronic Hunger:
In 2024, 8.2% of the global population—about 720 million people—were chronically hungry. Hunger levels remain above pre-pandemic benchmarks.
Undernourishment Forecast:
Only a 65 million reduction in undernourished people is projected by 2030, making the SDG-2 goal unachievable at the current pace.
Diet Affordability Crisis:
Over 3 billion people globally cannot afford a healthy diet, leading to increased dependence on calorie-rich, nutrient-poor foods.
Regional Disparities:
Africa faces the highest undernourishment rate (>20%), while Asia hosts nearly half the global food-insecure population. Southeast Asia and South America have shown marginal improvement due to targeted reforms.
Climate and Conflict Impact:
War, drought, floods, and other climate shocks have become key drivers of food insecurity since 2020.
Post-COVID Setback:
The pandemic reversed a decade of gains, leaving 96 million more people hungry than in 2015.
India-Specific Insights
Nutritional Inaccessibility:
About 6% of India’s population is unable to afford a nutritious diet, despite the country having surplus food grain stocks.
Rural–Urban Divide:
Urban areas are witnessing recovery due to income rebound, but rural regions suffer due to inefficiencies in the public distribution system and high price volatility.
Child Malnutrition:
India continues to report high levels of child stunting and wasting, pointing to failures in early-age nutrition.
Micronutrient Deficiencies:
A cereal-dominant diet with low fruit, vegetable, and protein intake leads to widespread hidden hunger.
Need for Policy Shift:
Experts recommend including millets, pulses, and fortified foods in government schemes to ensure diet diversity and combat undernutrition.
Positive Developments
Decline in global hunger from 8.7% in 2022 to 8.2% in 2024.
Regional improvements seen in Southeast Asia and Latin America, driven by social protection and agricultural reforms.
Improved coordination among UN agencies and adoption of data-driven hunger tracking systems.
Key Concerns
The pace of progress remains too slow to meet the 2030 zero hunger goal.
Hunger is increasingly concentrated in Africa, projected to account for 60% of the global undernourished by 2030.
Rising food prices are disproportionately affecting low-income populations.
Despite global food surplus, fair distribution remains a critical issue.
Way Forward
Nutrition-Centric PDS: Expand India’s food subsidy programs to include millets, pulses, and locally grown nutrient-rich foods.
Diversify Agriculture: Promote crops beyond rice and wheat to improve dietary balance and nutritional intake.
Resilient Food Systems: Invest in climate-resilient and regionally adapted agricultural practices to reduce disaster-driven hunger.
Strengthen Global Support: Intensify international cooperation to support vulnerable regions, particularly in Africa and South Asia.
Affordability Reform: Align food pricing with income growth through minimum wage policies, better inflation management, and streamlined food supply chains.
Banking and Finance
1. One District One Product (ODOP) & Districts as Export Hubs (DEH)
Context
The Government of India is promoting balanced regional development and local entrepreneurship through the One District One Product (ODOP) initiative, integrated with Districts as Export Hubs (DEH), and supported by schemes targeting MSMEs.
ODOP – One District One Product Initiative
Launched by: DPIIT, Ministry of Commerce & Industry
Objective: Identify, brand, and promote one unique product or service per district to:
Boost local manufacturing
Attract investment
Promote exports
Generate local employment
ODOP has been merged with the “Districts as Export Hubs” (DEH) initiative for operational efficiency.
Districts as Export Hubs (DEH)
Led by: Directorate General of Foreign Trade (DGFT)
Each district prepares a District Export Action Plan (DEAP) for identified product(s)/services with export potential.
DEAP focuses on:
Quality improvement
Capacity building
Infrastructure development
Market access and promotion
A District Export Promotion Committee (DEPC) oversees implementation, supported by state-level Export Promotion Committees.
MSME Export and Marketing Support
a. International Cooperation Scheme (Ministry of MSME)
Supports MSMEs in:
Participating in international fairs, exhibitions, seminars, buyer-seller meets abroad
Market intelligence and cost reimbursements for exports
Enhancing export-readiness and building global competitiveness
2. UPI Set to Introduce Biometric Authentication for Transactions
Context
The National Payments Corporation of India (NPCI) is preparing to introduce biometric authentication (facial recognition, fingerprints) for UPI transactions to strengthen digital payment security and user convenience.
Key Highlights:
What’s Changing?
UPI users may soon authenticate transactions using biometric data (facial recognition or fingerprint) instead of a 4/6-digit PIN.
The move aims to reduce fraud risks like PIN theft and phishing.
Status and Rollout
NPCI has been developing the feature for over a year.
A demo is likely to be presented at the 2025 Global Fintech Fest.
The feature is work in progress (WIP) and awaits:
Regulatory approvals from the RBI
Clearance by NPCI Steering Committee
Rationale Behind the Move
Addresses rising security concerns and fraud incidents linked to PIN and OTP.
Aims to provide greater convenience, especially for elderly or less tech-savvy users.
Leverages India’s biometric infrastructure (e.g., Aadhaar-linked data and mobile biometric sensors).
3. RBI Proposes New Regime for Co-op Bank Branch Expansion
Context
The Reserve Bank of India (RBI) has released a draft Master Direction introducing the Eligibility Criteria for Business Authorisation (ECBA) to regulate the expansion activities of Urban Co-operative Banks (UCBs). This proposed framework will replace the existing Financially Sound and Well Managed (FSWM) criteria.
Key Highlights:
Applicability:
For approvals related to opening new branches, ATMs, processing centres, and infrastructure by UCBs.
Eligibility Conditions under ECBA:
Capital Adequacy: Must meet the minimum regulatory Capital Adequacy Ratio (CAR).
Asset Quality: Net NPAs must not exceed 3%.
Profitability: Net profit reported in the preceding two financial years; no accumulated losses.
Liquidity Compliance: No default in CRR or SLR during the current or preceding financial year.
Technology: Must have fully implemented Core Banking Solutions (CBS).
Governance: Should have at least two professional directors on the board.
Regulatory Clean Status: Should not be under RBI directions, Supervisory Action Framework (SAF), or Prompt Corrective Action (PCA).
Compliance Declaration:
To be verified annually based on audited financial statements as of March 31 of the previous financial year.
Board must pass a resolution confirming compliance.
RBI must be notified within 15 days of the board resolution.
Validity:
ECBA compliance is considered valid up to September 30 of the next financial year.
Significance:
This reform aims to introduce a more structured, transparent, and risk-sensitive approach to UCBs’ expansion, aligned with modern supervisory expectations and operational readiness.
4. BoI Mutual Fund Launches Midcap Fund Targeting Growth Sectors
Context
Bank of India Mutual Fund (BoI MF) has launched a new midcap equity scheme to tap into India’s growing midcap segment across high-potential sectors.
Key Highlights:
Scheme Type: Actively managed midcap equity fund.
Investment Focus:
Invests in midcap companies across financials, industrials, healthcare, and consumer sectors.
Emphasizes quality businesses with scalable models, sectoral tailwinds, and proven execution.
Approach:
Bottom-up stock-picking strategy.
Aims to balance growth and risk by targeting firms with competitive advantages and strong management teams.
Objective:
To deliver long-term capital appreciation by leveraging opportunities in India’s expanding midcap space.
What are Mid Cap Funds?
Mid Cap Funds are equity mutual funds that invest primarily in mid-sized companies, classified by SEBI as those ranked 101st to 250th by market capitalization.
Key Features
Investment Universe
Invest in mid cap stocks — companies larger than small caps but smaller than large caps.
These firms typically have growth potential and are in expansion phases.
5. LIC Enters Bond Derivatives Market to Hedge Interest Rate Risk
Context
Life Insurance Corporation of India (LIC) has signed $1 billion worth of forward rate agreements (FRAs) with major Wall Street banks, marking a major push into bond derivatives.
Forward Rate Agreements (FRAs)
A Forward Rate Agreement (or FRA) is an agreement between two parties to exchange payments usually equal to short term underlying interest rate obligations of those two parties. The notional principal amount of a FRA is used to calculate the interest payment only and is not exchanged. FRAs allow LIC to lock in future bond yields, protecting income from falling interest rates.
Bond Derivatives
Bonds are fixed-income securities that reflect loans made to borrowers by investors. Derivatives can be understood as a security with a price that is based on or derived from one or more underlying assets is referred to as a derivative.
Market Impact
LIC’s participation is boosting demand for long-term bonds.
The last two auctions for long-term bonds saw record bid-to-cover ratios in FY26 (since April 1).
Banks, in turn, hedge their exposure by buying long-term bonds, increasing overall bond market depth.
Working Mechanism of FRA
In an FRA, LIC agrees to purchase a bond at a fixed future price.
The bank counterparty assumes bond price risk and earns a premium.
This instrument is vital for insurers to stabilize portfolio returns amid uncertain interest rate cycles.
Significance
LIC’s aggressive FRA participation:
Deepens India’s bond derivatives market
Enhances risk management practices among institutional investors
Aligns with global standards in insurance portfolio management
Signals a shift toward modern financial instruments for liability-driven investment strategies in India.
6. MSME Ministry Simplifies SPICE Scheme to Promote Circular Economy
Context
The Ministry of Micro, Small & Medium Enterprises (MSME) has streamlined the process under the Scheme for Promotion and Investment in Circular Economy (SPICE) to encourage material efficiency and green practices in micro and small enterprises (MSEs).
Key Highlights:
Technology Portal Launched:
The MSME Ministry has developed a technology portal listing 116 eligible technologies for subsidy support under SPICE.
This aims to address previous issues of banks rejecting subsidy claims due to lack of clarity on eligible technologies.
Target:
The government aims to onboard 3,400 MSEs under SPICE by FY2026-27.
Eligible Sectors:
The scheme covers 11 sectors, including plastics, rubber, and electronic waste.
Subsidy Details:
Maximum project cost admissible: ₹50 lakh
Subsidy amount:25% of the plant and machinery cost
MSEs must apply through banks or Participating Financial Institutions (PFIs).
Objective:
To reduce material wastage, promote resource efficiency, and accelerate the adoption of circular economy technologies in small-scale industries.
Scheme for Promotion and Investment in Circular Economy (SPICE)
The MSE-SPICE Scheme (Scheme for Promotion and Investment in Circular Economy) is a flagship initiative by the Government of India to foster sustainable industrial practices in the Micro and Small Enterprises (MSE) sector. It is aligned with India’s broader goal of achieving net-zero emissions by 2070.
Objectives
Support circular economy (CE) projects in MSEs through credit-linked subsidies.
Encourage resource efficiency, waste reduction, and recycling technologies.
Empower MSEs to become environmentally sustainable and climate-resilient.
Scheme Framework
Credit subsidy-based assistance for eligible MSEs undertaking CE projects.
Promotes cleaner production, reuse of industrial waste, and low-carbon technologies.
Part of India’s commitment to the LiFE (Lifestyle for Environment) movement and net-zero roadmap.
1. IN-SPACe Launches Course on Space Technology for Agriculture
Context
On July 27, 2025, the Indian National Space Promotion and Authorization Centre (IN-SPACe) launched a short-term course titled “Essentials of Space Technology in Agriculture Sector” in collaboration with ISRO, NCVET, and Amity University, Noida.
Course Overview
It is designed to introduce non-governmental stakeholders, academia, and young professionals to space-based applications in agriculture.
Focus areas include:
Remote sensing
Satellite data interpretation
Crop health monitoring
Precision farming using GPS
Disaster response and resource optimization
Strategic Purpose
Part of IN-SPACe’s capacity-building mission under India’s space sector reforms.
Aims to bridge knowledge gaps and mainstream space technology into core economic sectors, especially agriculture.
Encourages multi-sectoral engagement, particularly among students, universities, and private organizations.
1. Teenager Divya outlasts Humpy, emerges India’s first women’s World Cup winner
Indian chess recorded yet another great moment on Monday, as Divya Deshmukh won the women’s World Cup in the Georgian city of Batumi.
2. Toor takes gold, Damneet impresses on final day of the Indian Open
National record holder and two-time Asian Games champion Tajinderpal Singh Toor expectedly took the shot put gold on the second and final day of the Indian Open athletics in Sangrur.
3. Thailand, Cambodia agree to ceasefire
Thailand and Cambodia have agreed to an “unconditional” ceasefire starting at midnight, Malaysian Prime Minister Anwar Ibrahim said on Monday, a significant breakthrough to resolve five days of deadly border clashes that have killed dozens and displaced tens of thousands of people.
4. China offers subsidies to boost birth rate
China’s government will offer subsidies to parents to the tune of $500 per child under the age of three per year, Beijing’s state media said on Monday, as the world’s second most populous nation faces a looming demographic crisis.
5. Junior women shuttlers hope to build on Asian C’ships success
Tanvi Sharma continued her recent impressive run, winning bronze at the Badminton Asia Junior Championships, along with Vennala Kalagotla, as India returned with two individual medals for women in the event for the first time.
6. RBIs digital payments index rose to 493.22 in March
The Reserve Bank of Indias (RBI) digital payments index (DPI) rose to 493.22 as of March 2025, compared to 465.33 in September 2024, reflecting the rapid adoption of digital payments in the country.
7. India pioneers world’s 1st int’l tiger rewilding
India is preparing to send around six wild tigers to Cambodia’s Cardamom Mountains, where the species was declared extinct in 2016.
8. Union Bank to Auction Future Brands Assets to Recover ₹230 Crore
Union Bank of India has initiated the auction of 10 brands owned by Future Brands Ltd to recover dues under the SARFAESI Act, with a reserve price of ₹230 crore.
Five to remember · 29 July 2025
First introduced in the 2024 monsoon session under the previous Mahayuti government. Special Public Security Bill
Launched: June 2023 as part of Azadi Ka Amrit Mahotsav National Mission on Cultural Mapping & Mera Gao…
Decline in global hunger from 8.7% in 2022 to 8.2% in 2024. State of Food Security and Nutrition in the Wor…
The scheme covers 11 sectors, including plastics, rubber, and electronic waste. MSME Ministry Simplifies SPICE Scheme to Promot…
Launched in 1973 in 9 reserves spanning 14,000 sq km. India’s Tiger Conservation Status
The Defence Research and Development Organisation (DRDO) successfully conducted two back-to-back flight-tests of the Pralay missile from Dr. APJ Abdul Kalam Island, Odisha, validating its full range capabilities.
What is the Pralay Missile?
Type: Surface-to-surface quasi-ballistic missile
Fuel: Solid-propellant
Purpose: Precision conventional strike weapon for battlefield use
Trajectory: Quasi-ballistic with in-flight manoeuvrability to evade interception
Development
Lead Lab: Research Centre Imarat (RCI), Hyderabad
Collaborating DRDO Labs:
Defence Research and Development Laboratory (DRDL)
Advanced Systems Laboratory (ASL)
Industry partners: Bharat Dynamics Ltd. (BDL), Bharat Electronics Ltd. (BEL)
Features and Capabilities
Range: Up to 500 km
Warhead Capacity: Up to 1000 kg (unitary or cluster munitions)
Guidance System:
Inertial Navigation System (INS)
Satellite-based augmentation
Accuracy: High precision with manoeuvrable trajectory
Mobility: Road-mobile, quick-launch system for fast tactical deployment
India was recently ranked among the world’s most equal societies based on the Gini Index, scoring 25.5, placing it in the moderately low inequality category. However, this stands in stark contrast to the multiple forms of inequality that continue to shape everyday life in India.
What is the Gini Index?
A statistical measure of income inequality ranging from 0 (perfect equality) to 100 (perfect inequality).
Lower values suggest a more equal distribution of income.
Key Concerns and Highlights:
Mismatch Between Data and Reality:
The Gini Index under-reports inequality due to its reliance on limited formal tax and income data.
India’s large informal economy and non-taxable income segments are excluded, creating a distorted picture.
Wealth Inequality:
In 2022–23, the top 1% held 22.6% of national income, according to the study "Income and Wealth Inequality in India, 1922–2023."
The absence of comprehensive wealth data further masks the extent of inequality.
Gender Inequality:
Women account for only 35.9% of the workforce.
At senior and middle management levels, representation drops to 12.7%.
Only 7.5% of startups are run by women, despite India having the world’s 3rd largest startup ecosystem.
Digital Inequality:
Only 52.7% schools have functional computers; just 53.9% have internet access.
Combined household broadband access across India is 41.8%.
In rural areas, only 25% of women have internet access, compared to 49% of men.
Interlinked Inequalities:
Digital inequality fuels educational inequality, especially during virtual schooling phases due to weather or pollution.
Gender gaps in digital access restrict women’s access to financial services, job opportunities, and information, compounding gender and economic inequality.
On Global Tiger Day 2025, the Chief Minister of Assam released the latest tiger density rankings, where Kaziranga Tiger Reserve (KTR) emerged as India’s third-most tiger-dense reserve, after Bandipur and Corbett.
What is Tiger Density?
Definition: Tiger density measures the number of tigers per 100 sq. km, serving as a key ecological indicator of habitat health and predator-prey balance.
Top 3 Tiger Reserves by Density (as of 2024)
Rank
Tiger Reserve
State
Density (Tigers/100 sq. km)
1
Bandipur Tiger Reserve
Karnataka
19.83
2
Corbett Tiger Reserve
Uttarakhand
19.56
3
Kaziranga Tiger Reserve
Assam
18.65
Kaziranga's Tiger Population (2024): Total: 148 tigers over 1,307.49 sq. km
Up from 104 in 2022
Includes 27 tigers from newly surveyed Biswanath Division
About Kaziranga National Park & Tiger Reserve
Location:
Golaghat and Nagaon districts, Assam Situated along the Brahmaputra River floodplains
Historical Milestones:
Established: 1905 on recommendation of Mary Curzon
UNESCO World Heritage Site: Since 1985
Declared Tiger Reserve: In 2006
Ecological Features:
Lies on the edge of the Eastern Himalayan biodiversity hotspot
Habitat: Tall elephant grass, tropical moist forests, and marshlands
Flora
Vegetation Types:
Alluvial grasslands
Savanna woodlands
Moist deciduous forests
Semi-evergreen forests
Notable Trees:
Elephant Apple, Cotton Tree, Indian Gooseberry
Fauna
Flagship Species:
One-horned rhinoceros: Largest population globally (2,200+)
Tigers: Rising population, third-highest density in India
4. New Harappan Site Unearthed in Rajasthan’s Thar Desert
Context
In a landmark archaeological breakthrough, a new Harappan site has been discovered at Ratadiya Ri Dheri in Jaisalmer district, Rajasthan, marking the first Indus Valley Civilisation (IVC) settlement in the Thar desert's arid core.
Key Highlights:
Location and Significance:
The site lies 60 km from Ramgarh tehsil and 17 km from Pakistan’s Sadewala, connecting previously known Harappan locations in northern Rajasthan and Gujarat.
It expands the known geographic footprint of the Indus Valley civilisation deeper into the desert interior, south of the earlier site at Pilibanga.
Artefacts and Features Found:
Red ware pottery including bowls, pots, and perforated jars.
Clay and shell bangles, terracotta objects, wedge-shaped bricks, and chert blades.
Presence of circular kilns with central columns similar to designs at Kanmer (Gujarat) and Mohenjo-daro (Pakistan).
Dating and Interpretation:
The site belongs to the Mature Harappan period (2600–1900 BCE).
Likely a small rural settlement linked to Sindh’s Harappan network, showing signs of regional trade and material integration.
Historical Context:
The discovery helps bridge the archaeological divide between the Harappan settlements of northern Rajasthan (like Kalibangan and Pilibanga) and Gujarat, enriching our understanding of IVC’s spread and adaptability in harsh desert environments.
1. IMF Upgrades India’s FY26 Growth Forecast to 6.4%
Context
The International Monetary Fund (IMF) has raised its GDP growth forecast for India for FY2025-26 (FY26) to 6.4%, up from 6.2% projected in April 2025, as per the July 2025 World Economic Outlook (WEO) update.
Key Highlights:
India's revised projections:
FY26 GDP growth forecast: Revised to 6.4% (↑ 20 basis points from April)
FY27 GDP growth forecast: Revised to 6.4% (↑ 10 basis points)
Reasons for upward revision:
Benign external environment
Lower inflation, especially due to falling food prices
Suspension of higher tariffs
Continued reform momentum supporting robust consumption and public investment
Structural priorities for India (IMF recommendations):
Foster job creation and reskill excess agricultural labor
Invest in infrastructure and remove trade restrictions
Long-term reforms in education, land laws, business regulations, and social safety nets
Global projections:
Global GDP growth:
2025: 3% (↑ 20 bps from April forecast)
2026: 3.1% (↑ 10 bps)
Drivers of global resilience (IMF Chief Economist Pierre-Olivier Gourinchas):
Front-loading of exports to the US amid tariff fears
Easing financial and monetary conditions due to receding global inflation
US dollar depreciation (~8% since January 2025)
Other global and regional growth forecasts (2025):
China: Revised upward by 80 bps to 4.8%
Emerging markets & developing economies:4.1% (2025) and 4% (2026)
India forecast comparison (FY26):
Agency FY26 Forecast (%) IMF 6.4, S&P Global 6.5, World Bank 6.6, ADB 6.3, OECD 6.0, India Ratings 6.3, UBS Securities 6.4.
Total investment by all REs in a single AIF scheme capped at 20% of the scheme’s total corpus.
Individual Cap:
Single RE’s contribution capped at 10% of an AIF scheme's corpus
Exclusion of Equity Instruments:
Equity investments made by AIFs are now excluded from provisioning requirements, easing the burden on REs
Instruments such as compulsorily convertible debentures (CCDs) and compulsorily convertible preference shares (CCPS) are classified as equity instruments
Provisioning Mandates:
If an RE contributes more than 5% to an AIF with downstream non-equity exposure in its debtor company, the RE must make 100% provision for its proportionate exposure
The provisioning cap is equal to the RE’s direct loan or investment exposure to the same company
Capital Deduction for Subordinated Units:
Entire investment in subordinated AIF units must be deducted from capital funds, proportionately from both Tier-1 and Tier-2 capital
Effective Date:
Norms will come into force from January 1, 2026, or earlier if adopted per an RE’s internal policy
Objective of the Move
To prevent regulatory arbitrage via indirect lending through AIFs.
To mitigate credit and concentration risks from circular or layered exposure to debtor firms.
To align provisioning norms with risk exposure in indirect investments.
Background
In December 2023, RBI had barred REs from investing in AIFs with exposure to their own borrowers, following SEBI's findings on loan evergreening via AIFs
REs faced difficulties in meeting capital calls, leading to partial easing of norms in May 2024
The latest norms address industry concerns by:
Excluding equity-linked exposures from restrictions
Clarifying definitions around equity instruments and debtor companies
3. SEBI Allows Pilot Testing of Fractional Shares in Innovation Sandbox
Context
In a significant regulatory development, the Securities and Exchange Board of India (SEBI) has approved a proposal to pilot fractional share trading through its innovation sandbox, marking a possible shift in India’s equity trading framework.
Key Highlights:
First-of-its-kind approval:
Bengaluru-based startup Xaults has become the first company allowed to test fractional shares in SEBI's innovation sandbox.
Fractional shares defined:
Fractional shares represent portions of a whole share of a company's stock or an exchange-traded fund (ETF). Instead of purchasing an entire share, investors can buy a fraction, allowing them to invest amounts that align with their financial goals.
These are partial units of a stock, enabling small-ticket investments in expensive shares—a model already popular in the United States.
Custody framework key to approval:
Xaults proposed that fractional shares be held at the depository level, not broker level.
This ensures ownership remains with the investor, enabling brokers to offer fractional shares while maintaining transparency and legal clarity.
Next steps:
Xaults will demonstrate use-cases to SEBI and market participants over 3–4 months.
Live testing will commence only if SEBI moves it into the regulatory sandbox phase after evaluation.
Significance
This pilot could democratize stock market access for small investors in India by enabling them to invest in high-value stocks without buying full units, potentially boosting retail participation in capital markets.
Announced in the Union Budget 2024–25, the New Digital Credit Assessment Model for MSMEs was officially launched by the Union Finance Minister on 6th March 2025. This model empowers Public Sector Banks (PSBs) to assess creditworthiness of MSMEs using digital footprints instead of traditional document-based methods.
Key Features of the Model:
In-House Credit Assessment by PSBs:
Shifts from external assessments to in-house, data-driven evaluations by public sector banks.
Digital Footprint-Based Scoring: Banks evaluate MSMEs using digitally verifiable data sources such as:
PAN verification via NSDL
Mobile/email verification through OTP
GST data via APIs
Bank statement analysis through account aggregators
ITR upload and verification
Credit bureau checks (CICs)
Fraud detection APIs
Automated Loan Journeys:
Objective decision-making mechanisms for Existing-to-Bank (ETB) and New-to-Bank (NTB) borrowers with system-generated limit assessment.
Faster Turnaround Time:
Loan decisions are now made within one day, significantly faster than traditional manual underwriting.
Traditional vs. New Approach
Aspect
Traditional Model
New Digital Model
Assessment
Manual, paper-based
Fully digital, automated
Data
Physical documents
Real-time digital data via APIs
Decision Time
Several days
Within 24 hours
Subjectivity
High
Reduced due to rule-based system logic
Fraud Risk
Higher risk of misrepresentation
Lower due to system checks and digital verifiability
Benefits to MSMEs
Online, paperless application and reduced need for branch visits
Instant in-principle sanctions and reduced turnaround time (TAT)
Greater transparency and objectivity in credit decisions
System-based scorecards aligned with each bank's credit risk management policy
Implementation & Impact
Rollout Status: Live across all PSBs, with varying loan amount thresholds.
Applications Sanctioned (1 April – 15 July 2025): A total of 98,995 MSME loan applications approved using the new model.
No change in basic eligibility norms, but assessment is simplified and standardized digitally.
5. RBI Launches 111th Industrial Outlook Survey and 46th Services & Infrastructure Survey
Context
The Reserve Bank of India (RBI) has launched the 111th round of the Industrial Outlook Survey (IOS) and the 46th round of the Services and Infrastructure Outlook Survey (SIOS) to assess the evolving business climate across key sectors of the Indian economy.
Industrial Outlook Survey (IOS) – 111th Round
Objective: To gauge the business sentiments in the manufacturing sector.
Coverage Period:
Current Quarter: Q2:2025–26
Ensuing Quarter: Q3:2025–26
Indicators Covered:
Demand conditions
Financial conditions
Employment outlook
Pricing trends
Future Outlook: Includes projections for Q4:2025–26 and Q1:2026–27 on key business parameters.
Services and Infrastructure Outlook Survey (SIOS) – 46th Round
Purpose: To assess business conditions in the services and infrastructure sectors.
Coverage Period:
Current Quarter: Q2:2025–26
Ensuing Quarter: Q3:2025–26
Parameters Studied: Same indicators as IOS—demand, financial health, employment, and pricing.
Forward-Looking Perspective: Also collects expectations for Q4:2025–26 and Q1:2026–27.
Importance of These Surveys
These quarterly surveys help RBI in:
Monitoring macroeconomic conditions
Formulating monetary and credit policy
Understanding sector-specific trends and bottlenecks
6. RBI Lifts Corrective Action Plan on Religare Finvest Limited
Context
The Reserve Bank of India (RBI) has withdrawn the Corrective Action Plan (CAP) restrictions on Religare Finvest Limited (RFL) with immediate effect, following significant management and governance changes.
Key Highlights:
Entity Involved:
Religare Finvest Limited (RFL), a wholly-owned material subsidiary of Religare Enterprises Limited (REL).
Sector:
Operates in the affordable housing finance segment.
Reason for Withdrawal of CAP:
Change in management and directors at RFL.
Overall improvement in regulatory compliance and governance.
Background:
RBI had imposed CAP on RFL in January 2018 due to regulatory lapses.
CAP is a supervisory framework to restore financial health in NBFCs and banks with identified risks.
Recent Development:
REL received ₹1,500 crore growth capital through preferential allotment at ₹235 per share.
The investment was led by the Burman family of Dabur, who are the promoter group of REL.
What is the Corrective Action Plan (CAP)?
A regulatory tool used by RBI to address deteriorating financial performance and governance issues in financial entities.
Includes restrictions on lending, capital expenditure, dividend distribution, etc., until improvement is achieved.
TET
7. SBI Securities Launches Zero-Fee Intraday Trading Plan 'ProZero'
Context
SBICAP Securities Limited, a subsidiary of State Bank of India (SBI), has launched ‘ProZero’, a new trading plan aimed at retail investors, offering zero brokerage on intraday trades.
Zero brokerage for intraday equity, futures, and options trading.
No hidden fees or platform charges.
Accessible via mobile app and web platforms.
Integrated with SBI Securities’ research and real-time trading tools.
Other Trading Services:
Non-intraday trading activities continue under the existing flat fee structure of ₹20 per order.
Target Audience:
Fee-sensitive retail traders.
Experienced high-frequency intraday traders.
Strategic Goal:
To enhance market participation among cost-conscious investors while retaining SBI Securities’ research-driven service model.
About SBI Securities
A full-service stockbroker under the State Bank of India group.
Offers services in:
Equity & derivatives trading
Mutual funds
Portfolio management
Wealth advisory
BL
Agriculture
1. NABARD Rural Economic Conditions and Sentiments Survey (RECSS)
Context
The National Bank for Agriculture and Rural Development (NABARD) released findings from its Rural Economic Conditions and Sentiments Survey (RECSS) conducted in July 2025. This bi-monthly survey highlights a significant rise in rural optimism, marking the highest confidence levels since the survey began in September 2024.
Key Findings of the Survey
Income Expectations:
74.7% of rural households expect their income to increase in the next year, the highest recorded so far.
In the next quarter alone, 56.4% expect income improvement, and 56.2% anticipate better employment conditions.
Consumption Trends:
76.6% households reported higher consumption over the past year.
Only 3.2% reported a decline in consumption, the lowest since inception.
Spending & Savings:
65.6% of income is spent on consumption, the highest across all six rounds of the survey.
Despite rising incomes, the survey noted higher financial savings and reduced borrowings, reflecting better financial behaviour.
Infrastructure & Welfare:
76.1% households observed improved rural infrastructure, while only 2.6% saw any deterioration.
10% of average rural household income comes from cash transfers, food & fertilizer subsidies, and other government incentives.
Credit Behaviour:
52.6% of households rely exclusively on formal sources for loans—an all-time high.
Among informal sources, friends and relatives are more preferred than moneylenders.
Survey Coverage
Conducted across 600 villages and 6,000 households.
Covered 28 states and Jammu & Kashmir, representing over 99% of India’s rural population.
About NABARD
Type: All India Development Financial Institution (DFI)
Established: July 12, 1982
Headquarters: Mumbai, Maharashtra
Chairman: Shaji K V
Mandate: Supervises RRBs, State Cooperative Banks, and DCCBs, and finances rural infrastructure and development.
2. PACS Computerization Project
Context
The Government of India, through the Ministry of Cooperation (MoC) and in coordination with NABARD, is implementing a national project to computerize all functional Primary Agricultural Credit Societies (PACS) using an ERP-based common software platform.
Key Highlights:
Revised Financial Outlay:
Initially: ₹2,516 crore
Revised: ₹2,925.39 crore
Objective:
To bring all functional PACS under a uniform ERP (Enterprise Resource Planning) software, enabling seamless data capture and integration of credit and non-credit activities.
Linkage Structure:
PACS to be linked with District Central Cooperative Banks (DCCBs)
DCCBs to be linked with State Cooperative Banks (StCBs)
All tiers coordinated via NABARD
ERP System Capabilities
Integrated Functional Modules:
Credit (short, medium, long-term loans), deposits, and accounting
Non-credit services: PDS, procurement, warehousing, processing units
Administrative functions: membership, HRM, MIS, CAS
Support for Kisan Credit Card (KCC), RuPay integration, and digital payments
Benefits:
Faster loan processing
Reduced transaction costs
Transparent operations and governance
Improved linkage with DCCBs and StCBs
Empowerment of digitally less-literate small and marginal farmers through training and handholding
Integration with Other Government Schemes
PACS are being developed as multi-service delivery hubs with integration into:
3. NABARD Launches First Carbon Credit Pilot with 3,500 Mango Farmers in Karnataka
Context
NABARD’s consultancy arm, NABARD Consultancy Services (NCB), has initiated its first pilot carbon credit project in Karnataka’s Koppal district, aiming to integrate climate finance with rural agriculture.
Key Highlights:
Pilot structure:
In collaboration with Karnataka’s horticulture and forest departments, the project focuses on biomass management and border tree plantations for farmers with mango orchards less than five years old.
Around 3,500 mango farmers are participating, with free saplings supplied by the forest department.
However, compliance, auditing, and assessment delays have slowed initial payouts, though officials expect uptake to improve post first disbursement.
Criticism and farmer concerns:
Local farmer groups have labelled the initiative as exploitative and poorly communicated, citing lack of clarity and delayed benefits.
Scaling carbon finance in agriculture:
With a voluntary domestic carbon market expected soon, experts highlight the need for cooperative models and transparency to properly harness agriculture as a climate finance frontier.
Significance
This pilot marks NABARD’s pivot into carbon markets, bridging rural farming with climate action. It is supported by global funders like Rabo Bank, and aligns with India’s move toward climate-smart agriculture.
1. India alongside Japan, Taiwan and Vietnam for Women’s Asian Cup
India was on Tuesday drawn with powerhouse Japan, former champion Taiwan and Vietnam in Group-C of the AFC Women’s Asian Cup to be held in Australia next year.
2. NASA-ISRO joint satellite NISAR set for launch today
IN ONE of its most anticipated missions in recent years, the Indian Space Research Organisation (ISRO) will launch NISAR (NASA-ISRO Synthetic Aperture Radar), a sophisticated and expensive earth observation satellite developed in collaboration with NASA, from Sriharikota.
3. Operation Shivshakti
The Indian Army killed two terrorists who attempted to infiltrate into the Indian side from across the border in the Poonch district of Jammu and Kashmir, under Operation Shivshakti.
4. Banking, NBFCs, and Gas Supply Services Declared Public Utility Services in Delhi
In a significant administrative move to improve access to justice and reduce pressure on conventional courts, Delhi Lieutenant-Governor V.K. Saxena has approved the inclusion of banking, NBFCs, and gas supply services under the public utility services category.
5. Jashvik Capital Acquires Stake in Pharma SaaS Firm Marg ERP
Private equity (PE) firm Jashvik Capital has acquired a significant stake in Marg ERP, a leading healthcare software-as-a-service (SaaS) provider, for over ₹400 crore. This marks the firm’s fourth investment from its maiden fund with a targeted corpus of $350 million.
6. Index of Industrial Production (IIP)
India’s Index of Industrial Production (IIP) growth slowed to a 10-month low of 1.5% in June 2025, largely due to sharp contractions in mining and electricity output, sectors heavily affected by erratic monsoon activity. The episode raises urgent questions about the need to integrate climate risk into economic data frameworks in India.
Five to remember · 30 July 2025
In 2022–23, the top 1% held 22.6% of national income, according to the study "Income and Wealth Inequality in India, 1922–2023." India’s Gini Index Score
Kaziranga's Tiger Population (2024): Total: 148 tigers over 1,307.49 sq. kmKaziranga National Park
US dollar depreciation (~8% since January 2025) IMF Upgrades India’s FY26 Growth Forecast to 6.…
Total investment by all REs in a single AIF scheme capped at 20% of the scheme’s total corpus. RBI Eases Investment Norms for Banks and NBFCs …
Objective decision-making mechanisms for Existing-to-Bank (ETB) and New-to-Bank (NTB) borrowers with system-generated limit assessment. New Digital Credit Assessment Model for MSMEs
On July 30, 2025, the U.S. President announced a 25% tariff on Indian imports effective August 1, 2025, citing high trade barriers and India’s continued energy and defence relations with Russia. The measure is linked to the proposed Russia Sanctions Act 2025.
What Is the Announcement?
A 25% import tariff imposed on eligible goods imported from India.
Includes additional penalty tariffs on account of India’s trade with Russia—particularly in oil and defence.
Objectives Behind the Tariff
Correct Trade Imbalance
Pressure India to lower tariff and non-tariff barriers in trade with the U.S.
Penalize Russia-Aligned Trade
Target India’s oil and defence purchases from Russia amid ongoing Ukraine-related sanctions.
Expedite a Bilateral Trade Agreement
Push India toward a “fair and reciprocal” trade deal with the U.S.
Key Features of the Announcement
Trade War Language:
U.S. President accused India of “obnoxious trade practices” and opaque regulatory policies.
Linked to Russia Sanctions Act 2025:
The proposed law allows up to 500% tariffs on countries continuing energy trade with Russia.
Triggered by Diplomatic Failure:
Follows fifth failed round of India–U.S. trade negotiations held in Washington.
Tariff Revival:
Reinstates and amplifies a previously suspended 26% tariff (April 2025) in a harsher form.
Strategic and Economic Significance for India
Smartphones: Apple’s iPhone exports from India may see cost hikes or delays, threatening India’s gains under the PLI scheme and the “China Plus One” strategy.
Pharmaceuticals: Tariffs may worsen US drug shortages and raise prices, as India supplies a significant share of generic drugs.
Textiles and Apparel: Higher tariffs could shift orders to Vietnam or Bangladesh, risking job losses in India’s labour-intensive sector.
Jewellery: Already under 27% duty, an additional 25% would squeeze margins drastically.
Auto Parts: Shipments to the US will face full 25% duty, hitting the engineering goods sector.
Shrimp & Seafood: Loss of price competitiveness against Latin America, affecting a sector already under scrutiny by the US for high Indian tariffs on agri goods.
2. Sawalkote Hydroelectric Project on Chenab River
Context
India has formally invited international tenders for the construction of the long-delayed 1,856 MW Sawalkote hydroelectric project on the Chenab River in Jammu & Kashmir, following its decision to keep the Indus Waters Treaty (IWT) with Pakistan in abeyance. This marks a strategic shift in India’s use of its entitlements under the IWT, aimed at maximizing the utilisation of western river waters.
Key Highlights:
About the Project:
Name: Sawalkote Hydroelectric Project
Location: Ramban district, Jammu & Kashmir
Type: Run-of-river hydroelectric project
Capacity: 1,856 MW
Estimated Cost: ₹22,705 crore
Executing Agency: NHPC
Strategic Significance:
The move aligns with India’s broader strategy to assert greater rights over western rivers (Chenab, Jhelum, Indus) under IWT provisions.
Pakistan had long objected to the project, delaying it under the treaty’s dispute resolution mechanisms.
Historical Background:
Conceived in the 1980s; shelved and revived multiple times.
Attempts to revive in 1996 with a Norwegian consortium failed.
Faced hurdles related to forest clearance, compensation to 13 villages, and relocation of an Army camp.
Project was completely shelved during Mufti Mohammad Sayeed’s tenure.
India successfully launched the NASA–ISRO Synthetic Aperture Radar (NISAR) satellite from the Satish Dhawan Space Centre, Sriharikota, on July 31, 2025, aboard the GSLV-F16 rocket. This marks the first collaborative Earth observation mission between ISRO and NASA and a major step in global climate and disaster monitoring.
What is NISAR?
Full Form: NASA–ISRO Synthetic Aperture Radar
Mission Type: Earth observation using dual-frequency synthetic aperture radar (SAR)
Mission Duration: 5 years (2025–2030)
Orbit: Sun-synchronous polar orbit at 747 km altitude
Launch Vehicle: GSLV-F16 (first GSLV mission into polar orbit)
Mission Objectives
Monitor minute land and ice surface changes at centimetre-level precision
Detect and forecast natural disasters including earthquakes, floods, landslides, and volcanic activity
Track changes in vegetation, wetlands, glaciers, and soil moisture
Aid sectors like agriculture, infrastructure, water, and climate management
Technological Features
Dual-frequency SAR capability:
L-band (NASA) for deeper surface penetration
S-band (ISRO) for higher-resolution imaging
242 km swath width with global revisit every 12 days
All-weather, 24/7 imaging capability — works through clouds and darkness
12-metre deployable reflector antenna enables SweepSAR for wide-area monitoring
Contributions by NASA and ISRO
Agency
Key Contributions
NASA
L-band radar, boom, reflector antenna, GPS, solid-state recorder, and telecom system
ISRO
S-band radar, satellite bus (I-3K), launch via GSLV-F16, solar arrays, data and ground systems
4. India-UAE Deepen Defence and Maritime Cooperation
Context
India and the United Arab Emirates (UAE) have agreed to strengthen their bilateral defence partnership, especially in maritime security, during the 13th Joint Defence Cooperation Committee (JDCC) meeting held on Wednesday. The decision marks a significant step forward in aligning defence cooperation with the growing strategic and economic relationship between the two nations.
Key Highlights:
Defence Cooperation Initiatives:
Agreement to enhance real-time maritime information sharing.
Commitment to joint defence manufacturing initiatives.
Military training cooperation to be intensified, with India offering customised training courses for the UAE armed forces.
Maritime Security MoU:
An MoU signed between Indian Coast Guard and UAE National Guard.
Scope includes cooperation in:
Search and Rescue (SAR)
Marine pollution response
Anti-piracy operations
Other maritime security initiatives
Recent Defence Sales Offer:
In April 2025, India offered a range of defence equipment to UAE, including:
5. Sanchar Mitra Scheme Launched to Promote Digital Awareness and Telecom Security
Context
The Department of Telecommunications (DoT) has launched the Sanchar Mitra Scheme to engage India’s youth as active agents in promoting telecom awareness, digital safety, and responsible usage among communities across the country.
Key Features of the Sanchar Mitra Scheme
Target Group:
Open to students from technical institutes offering programs in telecom, electronics, computer science, cybersecurity, or related fields. Institutes must be registered and actively participating in the scheme.
Objective: To create a nationwide network of trained Sanchar Mitras who will:
Conduct community awareness drives on telecom services and digital safety.
Educate the public on mobile security, prevention of telecom frauds, and responsible telecom behavior.
Act as digital empowerment ambassadors within public spaces and educational institutions.
Nationwide Rollout:
The scheme is already being implemented at scale, with LSAs (Licensed Service Areas)—DoT’s field offices—coordinating outreach to eligible institutions.
Capacity Building and Exposure
Sanchar Mitras will receive hands-on training in:
Cybersecurity
Telecom policies and regulations
Emerging telecom technologies
ITU standards and policy work
They will also gain exposure to:
R&D and innovation projects
Technical conferences
Industry collaborations and engagements
Vision
The scheme aligns with India’s aim of becoming a telecom innovation and manufacturing hub, by nurturing a skilled, digitally aware youth workforce.
It serves as a bridge between academia, industry, and society for telecom-centric public outreach.
6. Scheme for Women Cooperatives
Context
The National Cooperative Development Corporation (NCDC) is actively supporting women's empowerment through targeted cooperative development schemes. Two flagship schemes—Swayamshakti Sahakar Yojna and Nandini Sahakar—are designed to promote sustainable livelihood and entrepreneurship among women cooperatives.
Swayamshakti Sahakar Yojna
Objective
Facilitate affordable and reliable financial services to poor women.
Enable Self Help Groups (SHGs) to access adequate bank credit for collective socio-economic activities.
Promote sustainable livelihood through cooperative credit support.
The Ministry of Finance has notified the Banking Laws (Amendment) Act, 2025, bringing into force comprehensive changes across five key banking legislations to modernize governance, improve transparency, and enhance depositor safety.
What Is the Act?
A reform legislation amending multiple banking laws, including those governing:
Public Sector Banks (PSBs)
Cooperative Banks
Banking Regulation Act
Banking Companies (Acquisition and Transfer of Undertakings) Acts
Depositor protection mechanisms
Objectives of the Act
Strengthen governance in public and cooperative banks
Improve audit standards and transparency
Protect interests of depositors and investors
Modernize outdated thresholds and processes in bank regulation
Key Features of the Amendment Act
Redefinition of ‘Substantial Interest’
The threshold for “substantial interest” in banks revised from ₹5 lakh to ₹2 crore.
Adjusts for inflation and sectoral expansion since 1968.
Cooperative Bank Governance Reform:
Director tenure extended to 10 years (from 8 years), except for chairperson and full-time directors.
Aligned with the 97th Constitutional Amendment, ensuring more democratic functioning.
Unclaimed Assets to IEPF:
Public Sector Banks can now transfer unclaimed shares, interests, bond redemptions to the Investor Education and Protection Fund (IEPF).
Harmonizes norms with those under the Companies Act.
Audit Transparency and Autonomy:
PSBs can determine statutory auditor remuneration, enabling hiring of high-quality audit firms.
Aims to enhance audit independence and professional standards.
Rationalized Statutory Reporting:
RBI reporting frequency revised from weekly (every Friday) to fortnightly/monthly/quarterly.
Reduces compliance burden and improves data efficiency.
Significance for the Indian Banking Sector
Regulatory Modernization:
Brings long-overdue reforms to match evolving banking realities and economic scale.
Cooperative Sector Strengthening:
Ensures better oversight and democratic governance in urban and rural cooperative banks.
Depositor Confidence:
Protects unclaimed funds and improves institutional accountability—especially in PSBs.
Audit Reform:
Boosts transparency and enables better financial oversight in public banking.
2. Indian Overseas Bank Reverts to Old Internet Banking Interface
Context
Indian Overseas Bank (IOB), a public sector bank, has announced a temporary rollback to its old internet banking interface after technical failures disrupted customer access on its new platform.
Key Highlights:
Nature of the Problem
IOB migrated to a new internet banking system on Saturday (July 27, 2025).
Customers reported frequent login failures, with the interface going down intermittently.
Issues persisted for several days, impacting digital banking services such as fund transfers, account access, and transactions.
Bank’s Response
The bank has officially reverted to the older internet banking interface until the root cause of the issue is identified and fixed.
A senior bank official stated that customer service was prioritized to prevent prolonged disruption.
Significance
Highlights challenges in digital transformation faced by public sector banks.
May affect customer confidence and reputation of both IOB and Edgeverve/Infosys in delivering stable banking tech solutions.
Reinforces the need for robust vendor accountability and disaster recovery mechanisms in banking IT systems.
3. SEBI Tightens Surveillance Framework for Small-Cap Stocks
Context
SEBI has introduced a revamped Enhanced Surveillance Mechanism (ESM) framework for small- and micro-cap companies, effective July 29, 2025. The move aims to curb speculative trading and protect retail investors amid overheated small-cap valuations.
Key Highlights:
Revised ESM Shortlisting Criteria:
Stage 1 Entry: Now includes positive price trends over the past 3 months, along with high-low price variation.
Stage 2 Entry: Requires that shortlisted stocks also have either a negative PE ratio or a PE more than twice the Nifty 500 index.
This ensures that only fundamentally weak or overvalued companies face stricter restrictions.
Stage-wise Restrictions:
Stage 1: 100% margin requirement, trade-for-trade settlement, 5% price band from T+2.
Stage 2: More stringent measures apply only to companies with volatile prices and suspect valuations.
Existing 2% price band stocks will retain the same cap.
Market Capitalization Filter:
Stocks with market cap below ₹1,000 crore, often lacking liquidity and disclosures, will face increased scrutiny.
Impact on Market:
Expected short-term dip in liquidity and momentum rallies.
Aimed at long-term transparency, credibility, and retail investor protection.
1. Tenant Farmers to Now Avail PMFBY and MSP Benefits
Context
On July 30, 2025, the Union Agriculture Minister Shivraj Singh Chouhan announced in the Lok Sabha that tenant farmers can now avail benefits under the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Minimum Support Price (MSP) procurement if authorised by the landowner and permitted by the state government.
Key Highlights:
Inclusion of Tenant Farmers:
Tenant farmers can now receive PMFBY benefits if the landowner provides written authorisation.
Similarly, crops grown by tenant farmers can be procured at MSP with state government approval.
Background Statistics:
According to NSO's 2018–19 survey, 17.3% of 101.98 million operational holdings were leased-in.
Leased-in land constituted 13% of the total area under cultivation.
However, many tenancy arrangements remain oral, potentially underestimating the actual figures.
2. SusMafia Launches 'Climate-Tech Opportunity Map' to Accelerate Climate Innovation in India
Context
In a bold move to catalyze India’s climate-tech startup ecosystem, Sustainability Mafia (SusMafia) — a nonprofit collective of over 100 climate-tech leaders — has unveiled the ‘Climate-Tech Opportunity Map’, identifying startup-ready challenges aimed at significantly reducing India’s carbon footprint.
Key Highlights of the Climate-Tech Opportunity Map
Objective and Scope
The map features 25 high-impact problem statements ready for entrepreneurial innovation.
These opportunities target urgent climate and social challenges across sectors like energy, industry, agriculture, and water.
Designed to guide early-stage founders and attract funding toward underserved yet crucial sectors.
Methodology for Selection
Challenges were shortlisted through:
Carbon emissions mapping
Expert validation
On-ground insights
Focus areas included:
High climate/social relevance
Fast-growing or underserved markets
Clear white spaces lacking scalable solutions
Backed by SusVentures:
The initiative is part of SusVentures, a SusMafia program supporting early-stage climate entrepreneurs.
Co-founders: Arjun P Gupta (Smart Joules), Aditya Bhat (AirProbe)
Mission: Help founders move from idea to impact via mentorship, access to capital, pilot support, and a trusted climate network.
3. Drone-Based Seed Sowing in Waterlogged Paddy Fields
Context
In a significant agricultural innovation, Kerala Agricultural University (KAU) has successfully demonstrated drone-assisted seed sowing in the waterlogged Pokkali paddy fields of Kumbalangi, with support from the World Bank. This breakthrough addresses long-standing challenges of mud and waterlogging in Kerala's coastal paddy cultivation zones.
Key Highlights of the Drone Sowing Initiative:
Innovation in Action:
A drone carrying up to 10 kg of germinated seeds was used to sow in saturated Pokkali fields.
Trial was conducted jointly by KAU, Kerala State Agriculture Department, and Fuselage Innovation, a startup incubated under KAU’s Agri-Business Incubation Programme.
Operational Efficiency:
One acre sown in 20–25 minutes, compared to labor-intensive traditional methods.
Uniform seed distribution improves crop establishment and yield potential.
Seed savings of up to 10 kg per acre through precision sowing.
Use of Germinated Seeds:
Germinated (sprouted) seeds were found optimal for aerial sowing, improving anchorage in marshy terrain and boosting early growth.
Significance
Relief for Farmers:
Reduces manual labour burden, especially in hard-to-reach, waterlogged fields such as those in Pokkali and Kuttanad.
Technological Leap for Sustainable Rice Farming:
Encourages precision agriculture and use of emerging technologies to support resilient farming in challenging agro-climatic conditions.
Private Sector Innovation:
Fuselage Innovation, led by founder Devan Chandrasekharan, highlights how agritech startups can deliver contextual solutions for traditional farming problems.
4. ICRISAT Launches AI-Powered Climate Advisory Services for Smallholder Farmers
Context
In a landmark step to boost climate-resilient agriculture, the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) has launched an AI-driven initiative to deliver personalised and real-time agrometeorological advisories to smallholder farmers. The programme is backed by the Government of India’s Monsoon Mission III and involves collaboration with ICAR, CRIDA, ILRI, IITM, and the IMD.
Key Features of the Initiative
AI-Driven Climate Advisory System:
The project, titled "AI-powered Context-Specific Agromet Advisory Services for Climate-Resilient Agriculture at Scale," aims to help farmers make informed decisions on:
Sowing
Irrigation
Pest and disease management
Uses Artificial Intelligence (AI) and Machine Learning (ML) to generate hyper-local and actionable climate insights.
Pilot Implementation in Maharashtra:
Initial deployment through ICAR’s Agro-Meteorological Field Units (AMFUs) in Maharashtra.
Focus on reaching smallholder and marginal farmers.
Pilot insights to guide national rollout and future South-South cooperation across developing countries.
Smart Delivery Platforms:
AI-powered WhatsApp bot will ensure real-time, local-language dissemination.
Designed for accessibility in remote rural areas with limited digital infrastructure.
Upgrade of iSAT Platform:
The Intelligent Systems Advisory Tool (iSAT), originally developed during Monsoon Mission II, is being upgraded to:
Integrate advanced AI algorithms
Translate complex agronomic and climate data into personalised advisory
Improve decision-making accuracy at the field level
Multi-Agency Partnership:
Key stakeholders include:
Indian Council of Agricultural Research (ICAR)
Central Research Institute for Dryland Agriculture (CRIDA)
Indian Institute of Tropical Meteorology (IITM)
International Livestock Research Institute (ILRI)
India Meteorological Department (IMD)
Global Significance:
Technology has potential for replication across climate-vulnerable regions of the Global South.
Offers a scalable digital solution to support adaptive farming practices under increasing climate variability.
India successfully launched the NASA-ISRO Synthetic Aperture Radar (NISAR) satellite from Sriharikota, enhancing earth observation capabilities.
2. President’s Rule in Manipur Extended by Six Months
Lok Sabha passed a resolution to extend President’s Rule in Manipur, citing improved but fragile law and order in the state.
3. Russia Earthquake Triggers Tsunami in Japan, U.S.
A powerful earthquake off Russia's Far East coast caused tsunami waves in Japan, Hawaii, and the U.S. West Coast, with minor injuries and no major damage.
4. Hardeep Wins Gold in World U-17 Wrestling
Teenager Hardeep from Haryana won gold in the 110kg Greco-Roman event at the U-17 World Wrestling Championships in Athens.
5. Indian Men Secure Bronze in World Junior Squash
India reached the semifinals of the World Junior Squash Championship in Cairo, ensuring at least a bronze medal.
6. 20th PM-Kisan Installment to Be Released on August 2
The next installment of PM-Kisan Samman Nidhi will be launched by PM Modi in Varanasi, aiming to maximize farmer coverage.
7. Rise in Multi-Asset Funds Amid High Equity Valuations
Investors are shifting to multi-asset funds for diversification, as experts warn of high stock market valuations.
8. Govt aims to open 25k Jan Aushadhi Kendras by March 2027
Minister of State for Chemicals and Fertilisers Anupriya Patel has stated that a total of 16 thousand 912 Jan Aushadhi Kendras have been established under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana scheme as of 30th June this year.
Five to remember · 31 July 2025
Reinstates and amplifies a previously suspended 26% tariff (April 2025) in a harsher form. U.S. Announces 25% Tariff on Indian Imports
Launch Vehicle: GSLV-F16 (first GSLV mission into polar orbit) India Launches NASA–ISRO NISAR Satellite
According to NSO's 2018–19 survey, 17.3% of 101.98 million operational holdings were leased-in. Tenant Farmers to Now Avail PMFBY and MSP Benef…
The threshold for “substantial interest” in banks revised from ₹5 lakh to ₹2 crore. Banking Laws (Amendment) Act, 2025
Stage 1: 100% margin requirement, trade-for-trade settlement, 5% price band from T+2. SEBI Tightens Surveillance Framework for Small-…
Eight of the top 10 ranks in NABARD Grade A 2025 went to students who prepared with us — 32 final selections from the 2025 batch alone, 12 more at the interview stage. The same mentors compile this book every day, and teach the courses below.
