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April 2025 — exam-ready facts

736 items from 26 days · NABARD Grade A · RBI Grade B · SEBI Grade A

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The month in numbers

April 2025 at a glance

26 daily compilations, 736 items across 10 topics — Banking and Finance weighed the most. Read the charts first: they tell you where this month's questions will come from.

daily compilations

736

items covered

topics

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 736 (100%)

Most mentioned this month

How many items each name appeared in. Know these cold.

RBI 144Reserve Bank 95TET 70SEBI 38GDP 37Exchange Board 34Key Highlights 32UPI 29TOI 23President Donald Trump 21Prime Minister Narendra Modi 20SBI 20New Delhi 19United States 17NPCI 17Indian Express 17

By the numbers

₹10 lakh Launched on April 8, 2015, by the Prime Minister, PMMY aimed to provide collateral-free microcredit up to ₹10 lakh to… Pradhan Mantri Mudra Yojana (PMMY) · 8 April 2025	₹99,858.56 crore ₹99,858.56 crore (1.97% of Union Budget 2025–26) was allocated to Health Ministry — still below global benchmarks. World Health Day 2025 · 6 & 7 April 2025
$2 trillion The move wiped off $2 trillion in global market cap, making it the worst tariff shock since 1930’s Smoot-Hawley Act. RBI Likely to Boost Liquidity · 8 April 2025	₹1,600 crore The scheme will be implemented during 2025–26 with a total initial outlay of ₹1,600 crore. Cabinet Approves ₹1,600 Crore M-CADWM Scheme to Boost Irrigation Infrastructure · 10 April 2025
₹954 crore The hike aligns with the inflation index and results in an additional financial burden of ₹954 crore for FY 2025-26. Material Cost Hike in PM-POSHAN Scheme · 11 April 2025	₹1,530 crore March 10, 2025: Bank's internal review flagged an initial estimated hit of ₹1,530 crore (~2.35% of net worth). IndusInd Bank Flags ₹1,979 Cr Derivatives Impact After PwC Review · 16 April 2025
₹3,649.8 crore 2025–26 Budget: Ministry of Earth Sciences allocated ₹3,649.8 crore vs ₹13,416.2 crore for ISRO. India’s Deep-Sea Mining Push · 23 April 2025	₹5 lakh Current Insurance Limit: ₹5 lakh per depositor, per bank (last revised in 2020). India’s Bank Deposit Insurance · 23 April 2025
$1 trillion Climate Finance Needs: A report estimates that India will need over $1 trillion for climate adaptation between 2015 a… National Adaptation Plan (NAP) · 24 April 2025	₹1,979 crore An external agency's report highlighted discrepancies in derivatives deals, estimating a negative financial impact of… Moody's Review of IndusInd Bank and Yes Bank · 24 April 2025
₹1,959.98 crore The cumulative adverse impact on the bank’s profit and loss account as of March 31, 2025, is estimated to be ₹1,959.9… IndusInd Bank's Accounting Discrepancies in Derivatives Portfolio · 27 & 28 April 2025	₹8,000 crore PAC questioned DFS over a ₹8,000 crore infusion into SBI in 2018 despite the bank not requesting funds, a concern als… RBI Optimistic on US Tariffs Impact · 30 April 2025

How to use this sheet

1 Cover the right column Read only the topic name and try to recall the facts before you look.

2 Mark what you missed Anything you could not recall is what the exam will find first.

3 Write one answer Pick one topic and write 150 words on it. That is what converts marks.

Scheme to knowGovernment Schemes to Reduce School Dropout Rates in India: PM POSHAN, Samagra Shiksha, KGBV, RTE, NMMSS and FactsSchool dropout - children leaving school before completing a stage - remains a challenge in India, especially at the…

Countries and Their Leaders 2026: Heads of State and Government (Updated 30 September 2026)

Free sheet · Static GKCountries & Their Leaders 2026Who leads which country in 2026, with all 17 changes marked. Get the article and the PDF free on WhatsApp.Get it free on WhatsApp →

International Affairs · 54

Trump's Announcement on Reciprocal Tariffs

Stock Market Declines: Following the announcement, global stock indices experienced a decline, with Nasdaq Composite down by 1.9%, S&P 500 down by 0.8%, and Dow Jones remaining unchanged.
In Europe, major indices like CAC 40, Euro Stoxx 50, and DAX all saw declines of 1.5-1.7%. Similarly, Asian markets including Taiwan's TAIEX, Nikkei 225, and Kospi dropped between 3-4%.
Global Economic Impact: Stock Market Declines: Following the announcement, global stock indices experienced a decline, with Nasdaq Composite down by 1.9%, S&P 500 down by 0.8%, and Dow Jones remaining unchanged. In Europe, major indices like CAC 40, Euro Stoxx 50, and DAX all saw declines of 1.5-1.7%. Similarly, Asian markets including Taiwan's TAIEX, Nikkei 225, and Kospi dropped between 3-4%. Gold Prices: As a result of the uncertainty and market reaction, gold prices surged to new highs, signaling an increased demand for safe-haven assets.

NATO's Baltic Sentry

Mission Overview Baltic Sentry was launched by NATO in January 2025 to enhance the security of the Baltic Sea, particularly focusing on subsea infrastructure such as undersea cables and pipelines. This mission comes after several incidents where ships, suspected to have links to Russia, damaged critical infrastructure by dragging anchors.
Baltic Sentry was launched by NATO in January 2025 to enhance the security of the Baltic Sea, particularly focusing on subsea infrastructure such as undersea cables and pipelines. This mission comes after several incidents where ships, suspected to have links to Russia, damaged critical infrastructure by dragging anchors.
NATO’s Surveillance Strategy The mission utilizes a combination of naval ships, drones, surveillance planes, and advanced technologies to monitor and secure the Baltic Sea. Currently, at least 10 NATO ships are actively engaged in the operation, working alongside forces from member countries bordering the Baltic. Additionally, undersea drones and surveillance planes from various NATO nations further strengthen monitoring efforts.
The mission utilizes a combination of naval ships, drones, surveillance planes, and advanced technologies to monitor and secure the Baltic Sea. Currently, at least 10 NATO ships are actively engaged in the operation, working alongside forces from member countries bordering the Baltic. Additionally, undersea drones and surveillance planes from various NATO nations further strengthen monitoring efforts.

The Arctic Region

China’s Arctic Ambitions: Declared itself a "Near-Arctic State" in 2018. Plans to build nuclear icebreakers and access Arctic trade routes with Russia.
Resource Reserves: Estimated 13% of the world’s undiscovered oil and 30% of untapped natural gas are in the Arctic.
Russia has military bases in the Arctic and conducted joint naval drills with China in 2022.
Declared itself a "Near-Arctic State" in 2018.

U.S. Push for Greenland

2019 (Trump’s First Term): Another failed purchase attempt.
1867: First U.S. attempt to buy Greenland after acquiring Alaska.
Nationalist Wave: 80% of Greenlanders support full independence. 85% reject U.S. control over their territory.
80% of Greenlanders support full independence.

India-China Relations

The 75th anniversary of India-China diplomatic relations was commemorated with messages from leaders of both nations, underlining the need for cooperation, stability, and strategic engagement.
Urged both countries to adopt a strategic and long-term perspective in handling bilateral relations.
Highlighted India and China as ancient civilizations, major developing nations, and key players in the Global South.
Expressed readiness to work with President Droupadi Murmu to deepen mutual trust, coordinate on international affairs, and maintain border peace.

India-Chile Relations

India & Chile to negotiate a Comprehensive Economic Partnership Agreement (CEPA).
Strengthening critical mineral partnerships to build resilient supply chains.

West Asia Conflict

Escalation in Gaza & Lebanon: On March 17, Israel resumed its bombing of Gaza, killing over 400 Palestinians and ending the fragile ceasefire. On March 22, Israel conducted its largest airstrikes in Lebanon since November, targeting Hezbollah.
On March 22, Israel conducted its largest airstrikes in Lebanon since November, targeting Hezbollah.
Obama’s 2015 JCPOA Deal: The Joint Comprehensive Plan of Action (JCPOA) sought to restrict Iran’s nuclear program in exchange for sanction relief. However, Israel and U.S. conservatives opposed the deal.
Trump’s Withdrawal in 2018: Trump abandoned the JCPOA, reimposed sanctions, and intensified a “maximum pressure” campaign against Iran. Iran responded with nuclear expansion and stronger support for its regional allies.

Trump’s Fair and Reciprocal Plan

U.S. Share of Global Exports: In 2010, the U.S. received 12% of global merchandise exports. By 2019, this share rose marginally to 13% and stood at 13.4% in 2022. This means that 87% of global merchandise exports do not involve the U.S..
In 2010, the U.S. received 12% of global merchandise exports.
By 2019, this share rose marginally to 13% and stood at 13.4% in 2022.
Low Dependence on the U.S.: 81 out of 160 countries exported less than 5% of their goods to the U.S. in 2022. 26 African nations exported less than 1% to the U.S. India (18%), China (16%), and the EU (19%) sent less than a fifth of their exports to the U.S.

Myanmar Earthquake

Magnitude: 7.7, followed by aftershocks, the strongest being 6.4 (11 minutes later).
Mandalay (1.5 million people): Worst-hit area with pagodas, mosques, and bridges damaged.
Sagaing Fault: A 1,400 km long strike-slip fault. Absorbs 50-55% of overall plate motion. Slip Rate: 15-25 mm per year, with an accumulated displacement of 100-700 km. Shallow Earthquakes: Typically occur at 10-15 km depth, leading to severe surface shaking.
Absorbs 50-55% of overall plate motion.

6th BIMSTEC Summit in Bangkok

Format: First in-person summit since 2018 (Kathmandu); the previous (5th) summit was virtual (2022, Sri Lanka)
Date: April 2025
India-Bangladesh Talks: Bangladesh’s Foreign Secretary confirmed a likely bilateral meeting between PM Narendra Modi and Bangladesh’s Chief Adviser Prof. Mohammed Yunus. The Ministry of External Affairs (MEA) has not officially confirmed it.
The Ministry of External Affairs (MEA) has not officially confirmed it.

UNESCO Report

Boosts academic performance: The Integrated Child Development Scheme (ICDS) led to a 9% rise in secondary school completion and 11% in university completion.
Intergenerational impact: Educated mothers make informed nutrition choices, improving overall family health.
The report underscores the mutual dependence of nutrition and education. Implementing its recommendations can improve learning outcomes, health, and gender equality, shaping a more resilient future for students worldwide.
UNESCO released its report ‘Education and Nutrition: Learn to Eat Well’ on March 31, 2025, aligning with the Nutrition for Growth summit in France. The report highlights the interconnection between education and nutrition and how both impact learning outcomes, gender equality, and health.

Trump Imposes 27% Tariffs on Indian Imports

Invoked under the International Emergency Economic Powers Act (IEEPA) of 1977
Baseline Tariff: 10% on all U.S. trading partners, effective April 5
Reciprocal Tariffs: Up to 49% for nations with the largest trade deficits with the U.S., kicking in on April 9
Nikkei (Japan): ▼ 4%

Global Blowback Begins

Many trade analysts believe this action could trigger a cascade of retaliatory tariffs and undo years of trade diplomacy.
Immediate Pressure: Exporters from key Indian sectors — textiles, pharmaceuticals, and IT services — could face serious headwinds in the U.S. market.
Potential Opportunities: India may seek deeper ties with alternative markets like the EU, ASEAN, and Africa, or pursue trade partnerships with tariff-hit economies seeking new allies.
Diplomatic Crossroads: New Delhi now finds itself in a balancing act — between safeguarding economic interests and preserving long-term strategic alignment with Washington.

India–China Relations See Tentative Thaw

Prime Minister Modi and President Xi had met in October during the BRICS summit in Kazan, Russia their first major interaction since the 2020 Galwan clash.
Exchange of Greetings: On April 1, President Droupadi Murmu and Chinese President Xi Jinping exchanged messages to mark 75 years of diplomatic relations. Prime Minister Modi and President Xi had met in October during the BRICS summit in Kazan, Russia their first major interaction since the 2020 Galwan clash.
On April 1, President Droupadi Murmu and Chinese President Xi Jinping exchanged messages to mark 75 years of diplomatic relations.
The US's recent imposition of 27% tariffs on Indian goods and 54% total tariffs on Chinese goods is believed to be nudging China and India toward closer coordination under shared pressure.

China Imposes 34% Tariff on U.S. Imports in Retaliation

Tariff Rate: 34% on all U.S. products
Target: U.S. “reciprocal” tariffs of 34% on Chinese goods
Effective Date: April 10, 2025
Suspension of U.S. Chicken Imports: Reason: Detection of furazolidone, a banned drug in China Targeted Companies: Four U.S. poultry exporters (unnamed in this report)

India-EU Trade Dialogue

Though relaunched in 2022, fundamental differences persist, requiring political-level clearance
China has imposed a 34% retaliatory tariff on US goods
In FY24, exports to the EU reached $75.9 billion, accounting for 17.4% of India’s total exports
Imports from the EU stood at $61.5 billion, contributing 9% of total imports

PM Modi’s Sri Lanka Visit

Defence cooperation: Marking a significant strategic shift nearly 40 years after the Indian Peace Keeping Force (IPKF) episode
Length: 128 km
Indian financial assistance: $91.27 million
Indian grant assistance: $14.89 million

BIMSTEC’s Bangkok Vision 2030

A free trade agreement first proposed in 2004 has seen no progress
Indo-Bangladesh relations have recently cooled, though leaders met on the summit’s sidelines
The Dhaka-based secretariat (established in 2014) remains under-resourced
A formal charter was only adopted in 2022, outlining institutional mechanisms

Netanyahu, Trump Meet at White House

Netanyahu’s visit to the White House on Monday was prompted by a 17% tariff imposed on Israeli goods by the U.S. last week.
Both leaders were also expected to discuss: The collapse of a U.S.-brokered truce between Israel and Hamas in Gaza. The ongoing hostage crisis. Rising threats and strategic challenges related to Iran.
During Netanyahu’s previous visit, both leaders had spoken to the press — making the sudden cancellation noteworthy.
The two leaders were seen together outside the West Wing, wearing matching attire dark suits, red ties, and white shirts signaling unity.

Hungary Withdraw from International Criminal Court

Precedent in the EU This decision sets a controversial precedent, as no other EU member state has left the ICC since its formation in 2002. Hungary’s move may test the legal and diplomatic coherence within the union, especially regarding shared values of human rights and international justice.
This decision sets a controversial precedent, as no other EU member state has left the ICC since its formation in 2002. Hungary’s move may test the legal and diplomatic coherence within the union, especially regarding shared values of human rights and international justice.

China vs. US Trade War

Citi lowered China’s 2025 GDP forecast to 4.2% from 4.7% citing external risks.
Stock markets, after significant losses, showed signs of recovery. US stocks posted gains following a heavy selloff. Japan’s Nikkei rose 6%, Chinese blue chips climbed 1%.
Japan’s Nikkei rose 6%, Chinese blue chips climbed 1%.
The European Union proposed 25% countertariffs on select US goods including soybeans, nuts, and sausages.

India-Sri Lanka Strategic Relations

Prime Minister Narendra Modi’s 3-day visit to Sri Lanka marks a strategic pivot in India’s Indian Ocean Region (IOR) diplomacy.
First foreign leader to visit Sri Lanka after the election of President Anura Kumara Dissanayake, perceived as China-leaning.
Builds on India’s $4.5 billion financial assistance extended during Sri Lanka’s economic crisis.
Aimed at recalibrating bilateral ties and countering China’s growing investments in Sri Lanka.

Dubai Crown Prince’s India Visit

First MBA programme to launch in September 2025.
Indian Institute of Foreign Trade (IIFT) to open its first overseas campus at the India Pavilion, ExpoCity Dubai.
Construction of Bharat Mart to begin soon; 3D renderings launched.
Development of ship-repair clusters at Kochi and Vadinar.

UNESCAP 2025 Report

Asia-Pacific accounted for 60% of global economic growth in 2024
At least 6% GDP loss annually projected for one-third of countries in the region
Average Annual Loss (AAL) of 4.8% of GDP for 30 climate-exposed countries
Proactive Fiscal Strategy: Redirect public investment to green and high-productivity sectors

China Retaliates with Massive Tariff Hike

China raised tariffs on US imports from 34% to 84%, affecting a wide range of goods.
The EU voted to impose a 25% tariff on selected US imports as part of its first round of countermeasures.
The bloc faces US tariffs of 20% on most products, and higher duties on autos and steel.
A Reuters/Ipsos poll showed 75% of Americans expect prices to rise due to tariffs.

Year	Exports	Imports	Trade Balance	Deficit Share (%)
2018	120.3	538.5	-418.2	48.1
2023	147.8	426.9	-279.1	26.3
2025*	20.4	73.3	-52.9	17.5

Trump Announces 90-Day Global Tariff Pause, Escalates Trade War with China

Existing tariffs remain at 10% flat rate globally, effective from Saturday.
Trump raised U.S. tariffs on Chinese imports to 125%, up from an already steep 104%.
China responded by increasing tariffs on U.S. imports to 84%.
U.S. President Donald Trump declared a 90-day pause on further tariff hikes for over 75 countries.

Ukraine Accuses China of Covert Involvement in Russia’s War

China’s Rebuttal: Treading the Diplomatic Tightrope In response, China’s Foreign Ministry dismissed the claims without direct mention of Ukraine or Zelenskyy. Spokesperson Lin Jian stated:
It adds to growing concerns that the war in Ukraine could morph into a proxy battlefield involving larger global powers.
Shift in Global Alignments: Nations may be forced to reconsider strategic partnerships and foreign policy stances.

China Ups Tariffs to 125% in Retaliation to U.S. Duties

The 125% tariff hike reflects China’s strategic tit-for-tat approach in response to the 145% duties from the U.S.
Escalation of Tariff Measures: China’s latest move raises the tariff war stakes, matching the U.S.’s aggressive posture with a significant increase in levies. The 125% tariff hike reflects China’s strategic tit-for-tat approach in response to the 145% duties from the U.S.

Bridging Gender and Climate Gaps

Strengthen the gender-climate link in the Beijing India Report 2024.
Anaemia affects over 50% of pregnant women in India, worsened by food insecurity.
Climate change is linked to increased intimate partner violence—rising 8% with each degree Celsius.
Non-farm livelihoods, where many women are employed, face up to 33% income losses due to climate disruptions.

India-EU Bilateral Trade and Investment Agreement (BTIA)

At a business summit in New Delhi, Tajani, along with S. Jaishankar and Piyush Goyal, discussed expanding current bilateral trade (valued at $14 billion).
Acknowledged historical delays but noted strong political momentum and trust built through recent high-level engagements, including EU Commission President Ursula von der Leyen's visit.
Italy is keen on enhancing cooperation in sectors such as manufacturing, digital infrastructure, and green innovation.

The UN’s International Maritime Organization (IMO)

Key Components: A technical and economic framework to drive decarbonization A global carbon pricing mechanism to hold polluters accountable Official implementation from 2028, pending final approval in October 2025
Projected reductions: Only 8% by 2030, according to maritime consultancy UMAS Falls short of the IMO’s 20–30% reduction target by 2030
Only 8% by 2030, according to maritime consultancy UMAS
Falls short of the IMO’s 20–30% reduction target by 2030

Global Carbon Tax on Shipping Industry

Projected Impact: Carbon pricing is expected to reduce shipping emissions by only 10% by 2030
IMO Climate Goal: At least 20% reduction in emissions by 2030
Supporters: 63 nations including India, China, Brazil, and several small island states
Implementation Year: The tax will come into effect from 2028

India and Nepal Strengthen Customs Cooperation

Pre-Arrival Exchange of Customs Data: Review progress on the memorandum of understanding (MoU) to exchange customs data before goods arrive at the border.
Economic Partnership: India remains a critical trading partner for Nepal under its 'Neighbourhood First' policy.

India Unlikely to Challenge US Tariffs at WTO

India invoked Article 12.3 of the Agreement on Safeguards, initiating consultations with the US.
This is the first WTO case involving India and the US since both agreed to withdraw seven pending cases under the Biden administration to reset trade ties.

Argentina Secures $20 Billion IMF Deal

The IMF will disburse $12 billion by April 8, 2025, with an additional $2 billion expected by June 2025.
Founded: 1944
Foreign Exchange Flexibility: The currency band will be gradually widened by 1% per month, allowing for a controlled devaluation path. This is intended to stabilize the peso without causing market shocks.
The currency band will be gradually widened by 1% per month, allowing for a controlled devaluation path. This is intended to stabilize the peso without causing market shocks.

IMF Warns Against Tariffs

Major conflicts, like Russia’s invasion of Ukraine (2022), result in average monthly drops of 5% — double the impact of other geopolitical events.
News-based risk indicators tracking conflicts, wars, terrorism, and trade restrictions have sharply increased since 2022.
The IMF’s forthcoming Global Financial Stability Report reveals: Geopolitical events can cause an average monthly decline of 1% in global stock markets. Emerging markets are more vulnerable, with average declines of 2.5% per month. Major conflicts, like Russia’s invasion of Ukraine (2022), result in average monthly drops of 5% — double the impact of other geopolitical events.
Geopolitical events can cause an average monthly decline of 1% in global stock markets.

Sudan Conflict 2023–2025

In April 2023, Sudan plunged into civil war due to a power struggle between two military factions: General Abdel Fattah al-Burhan, chief of the Sudanese Armed Forces (SAF). Mohamed Hamdan Dagalo, head of the paramilitary Rapid Support Forces (RSF).
2019–2021: Power-sharing between military and civilian leaders raised hopes for democratic transition.
This followed years of political instability: 2019: Popular uprising ousted long-time dictator Omar al-Bashir. 2019–2021: Power-sharing between military and civilian leaders raised hopes for democratic transition. October 2021: Gen. Burhan and Dagalo staged a coup, dissolving the transitional government. Their alliance fractured, triggering full-scale conflict in 2023.
2019: Popular uprising ousted long-time dictator Omar al-Bashir.

WTO Global Trade Outlook for 2025

Previous Growth Expectations: Originally, WTO anticipated continued growth in global merchandise trade for 2025, but this forecast has now been adjusted due to worsening trade conditions.
Trade Policy Uncertainty: Additional uncertainty surrounding trade policies could further reduce growth by another 0.8 percentage points. Combined, these factors would contribute to a 1.5% decline in global trade.
Decline in Global Merchandise Trade: The World Trade Organization (WTO) has revised its global trade growth forecast for 2025, shifting from an expected expansion to a decline of 0.2%. This revision reflects growing concerns over the U.S. tariff developments. Previous Growth Expectations: Originally, WTO anticipated continued growth in global merchandise trade for 2025, but this forecast has now been adjusted due to worsening trade conditions.
Worst-case Scenario: If trade conditions deteriorate further, WTO predicts that global merchandise trade could contract by 1.5% in 2025. This is a stark contrast to 2024, when global trade grew by 2.9%. Impact of U.S. Tariffs: If the U.S. proceeds with reciprocal tariffs, WTO estimates a reduction of 0.6 percentage points in global trade growth for 2025. Trade Policy Uncertainty: Additional uncertainty surrounding trade policies could further reduce growth by another 0.8 percentage points. Combined, these factors would contribute to a 1.5% decline in global trade.

India’s Trade Deficit with China for FY 2024-25

Key Factors: The increase in imports from China, particularly in high-value sectors like electronics, played a substantial role in widening this trade imbalance.
Trump’s 90-Day Pause: U.S. President Donald Trump recently announced a 90-day pause on most tariff hikes for major trading partners, including India. This temporary freeze on tariff increases was intended to allow for negotiations and potential agreements. Impact on China: While India benefits from this pause, the U.S. sharply increased levies on Chinese goods, which could have broader trade ramifications. Potential Diversion of Goods: There are concerns that Chinese firms may redirect their goods to other markets, including India, to mitigate the impact of the higher tariffs imposed by the U.S. on Chinese imports. This could exacerbate India’s trade deficit further, especially in sectors where China is a dominant supplier.
Electronics and Consumer Durables: The primary drivers behind India’s growing trade deficit with China are electronics and consumer durables, two sectors where India remains heavily reliant on Chinese imports.
Diversification Risks: The diversion of Chinese goods into India’s market, amid increasing tariffs on China by the U.S., could further inflate India’s trade imbalance and strain its efforts to balance trade with major partners.

Beijing Faces Up to 245% US Tariffs Amid Intensifying Trade War

The White House announced that China may now face tariffs of up to 245% on its exports to the United States.
The US government has imposed indefinite licensing requirements on chips like Nvidia's H20 integrated circuits, citing potential use in Chinese supercomputers.
Nvidia’s shares fell 5.8% in pre-market trading, while AMD shares dropped 6.5%.
Asian tech stocks also declined: Advantest: -6.7% (Tokyo) Disco Corp: -7.6% TSMC (Taiwan): -2.4%

U.S. May "Move On" from Russia-Ukraine Peace Efforts

In a quick response to Rubio’s statement, a Kremlin spokesperson declared that the 30-day pause on Russian strikes against Ukrainian energy infrastructure has expired.
The deal is reportedly linked to efforts by the Trump administration to recover part of the military aid provided to Kyiv since Russia’s 2022 invasion.

Trump Administration Revokes Visas of Over 1,000 Students

In the 2023–24 academic year, over 330,000 Indian students were enrolled in U.S. higher education — a 23% increase from the previous year, making India the top country of origin.
However, reports indicate a 30% drop in student visas issued to Indians in February 2025 — the first full month of Trump’s second term.
Indian Students Heavily Affected: Based on AILA’s 327 documented cases, 50% were Indian nationals. Others included students from China (14%), South Korea, Nepal, and Bangladesh.
Based on AILA’s 327 documented cases, 50% were Indian nationals. Others included students from China (14%), South Korea, Nepal, and Bangladesh.

WHO Finalizes Draft of Pandemic Agreement for Equitable Response

Pharma firms will: Donate 10% of their production to WHO. Sell another 10% at affordable prices to low- and middle-income countries.
Donate 10% of their production to WHO.
Sell another 10% at affordable prices to low- and middle-income countries.
After 13 rounds of negotiations over three-and-a-half years, the WHO’s Intergovernmental Negotiating Body finalized the draft WHO Pandemic Agreement on April 16, 2025. The draft will be presented for formal adoption at the upcoming World Health Assembly in May 2025.

India Tackles $40 Billion Trade Surplus with the US

The negotiations will cover 19 chapters, including goods, services, customs facilitation, and regulatory issues.
Finance Minister Nirmala Sitharaman is also visiting the US for the World Bank/IMF meetings and G20 discussions.
A team led by Rajesh Agarwal, India's chief negotiator, will hold three days of discussions with US officials starting April 23.
India’s overall trade deficit stands at $282 billion, which provides some flexibility in shifting the source of imports to the US without major disruption.

US Vice-President J.D. Vance in India

India is set to host the Quad Leaders’ Summit, further boosting strategic ties
Announced that terms of reference for trade negotiations have been finalized These will protect workers’ interests while boosting exports from both sides Aimed at eliminating condescension and past preachy diplomacy from the U.S.
These will protect workers’ interests while boosting exports from both sides
Aimed at eliminating condescension and past preachy diplomacy from the U.S.

Global Economic Outlook Amid US Trade Policy Uncertainties

Global Growth Forecast: The global growth rate is expected to decline from 3.3% in 2024 to 2.8% in 2025, followed by a recovery to 3% in 2026.
Impact of US Trade Policy: Global growth is revised down by 50 basis points for 2025. The US growth forecast for 2025 has also been reduced by 90 basis points to 1.8%.
China's Growth Forecast: China's growth is projected to slow, with a 60 basis point reduction, expected to grow at 4% in 2025.
India's Projected Growth: India’s economy is forecasted to grow at 6.2% in 2024, which is 30 basis points lower than earlier projections. However, the overall impact on India remains marginal in comparison to other global economies.

India-Saudi Arabia Collaboration on Oil Refining and Energy Market Stability

Two Refineries in India: Saudi Arabia and India have agreed to collaborate on building two refineries in India. These refineries will be part of Saudi Arabia’s broader $100 billion investment commitment to India across sectors like energy, infrastructure, technology, and fintech.
Crude Oil and LPG: In FY2023-24, Saudi Arabia accounted for 14.3% of India’s crude oil imports and 18% of India’s LPG shipments. Both countries are now focused on enhancing cooperation to stabilize global energy markets and ensure secure supply chains for energy sources worldwide.
Task Force Progress: The two nations have made progress in key sectors such as taxation, investment, and supply chain development. The Bilateral Investment Treaty (BIT) is expected to be finalized soon to further strengthen these economic ties.
The countries have also agreed to expand cooperation in labor and human resources sectors, with an emphasis on specialized industries and innovative uses of hydrocarbons.

Pakistan Shuts Airspace and Trade With India After Pahalgam Terror Attack

Diplomatic Retaliation: Closure of the Wagah border check post Declaring Indian defence, naval, and air advisors persona non grata Downsizing the Indian High Commission in Islamabad from 55 to 30 personnel
Downsizing the Indian High Commission in Islamabad from 55 to 30 personnel
Water War Warning: Pakistan has warned that any Indian move to stop or divert the flow of Indus river waters would be interpreted as an "act of war."
Pakistan has warned that any Indian move to stop or divert the flow of Indus river waters would be interpreted as an "act of war."

WTO in the Age of Reciprocal Tariffs

Agriculture Sensitivities: India opposes disciplines on subsidies and public stockholding due to political compulsions and domestic food security. WTO rules cap subsidies at 10% for India, while developed nations historically offered far more.
WTO rules cap subsidies at 10% for India, while developed nations historically offered far more.
Negotiation Deadlock: The Doha Round (since 2001) has failed to deliver substantial results.
Unilateralism Over Consensus: U.S. policies (Sections 232 & 301) show growing disdain for WTO’s Most-Favoured-Nation (MFN) principle. Tariff frustration: U.S. liberalized tariffs expecting global reciprocity — which didn’t materialize.

U.S.–Iran Nuclear Talks

Launched aerial strikes on Yemen’s Houthi rebels and moved B-2 bombers to the Indian Ocean.
The 2015 Iran nuclear deal (JCPOA) had effectively limited Iran’s nuclear capabilities.
In 2018, Donald Trump unilaterally exited the agreement, leading to its collapse.
The 2015 agreement remains a viable framework for a new deal, if negotiations are constructive.

US-India Trade Negotiations and Non-Tariff Barriers

Both countries aim to conclude the first tranche of the BTA by the fall of 2025. However, India is hoping to finalize an early tranche by July 8, 2025, to prevent the expiration of the current pause on country-specific tariffs.
India’s DPDP Act: The USTR warned that draft rules of India's Data Privacy and Protection Act (DPDP) could impose burdensome requirements on businesses, particularly data fiduciaries, and force personal data disclosure to the Indian government.
Bilateral Trade Agreement (BTA): US Treasury Secretary Scott Bessent expressed expectations that India would strike its first bilateral trade deal to avoid reciprocal tariffs imposed by President Donald Trump. A negotiating team from India’s Commerce Department, led by Rajesh Agrawal, the Chief Negotiator and Commerce Secretary-designate, recently visited Washington DC to work on the trade deal. Both countries aim to conclude the first tranche of the BTA by the fall of 2025. However, India is hoping to finalize an early tranche by July 8, 2025, to prevent the expiration of the current pause on country-specific tariffs.
US Vice President JD Vance has urged India to remove these barriers, which restrict the ability of American companies to access Indian markets.

India-UK FTA

India is pushing for better access to the UK for textiles and services, while the UK seeks tariff reductions on cars, Scotch whisky, and wines: India currently imposes: 100% duty on cars 150% on Scotch and wines
India currently imposes: 100% duty on cars 150% on Scotch and wines
100% duty on cars
150% on Scotch and wines

India-Canada Relations

Mr. Modi acknowledged the importance of people-to-people ties and expressed hope for strengthening the India-Canada partnership.
Mark Carney’s rise to leadership comes amid heightened tensions between the two nations following the June 2023 killing of Khalistani separatist Hardeep Singh Nijjar. Canada’s accusations against Indian government agents led to tit-for-tat expulsions of diplomats, straining relations.
Analysts view Carney’s leadership as an opportunity to rebuild trust and focus on economic and security partnerships.
India’s willingness to engage constructively with Carney's government opens doors for cooperation, especially on issues of trade, security, and economic integration.

U.S. Intellectual Property (IP) Rights

Specific Concerns: The report highlights issues such as unauthorised file sharing, signal theft by cable operators, and problems in protecting trade secrets as ongoing points of contention for stakeholders.
Global Impact: The report's concerns are especially pertinent as the U.S. seeks to negotiate trade deals and address tariffs and non-tariff barriers with several countries.
India has been placed again on the U.S. Trade Representative's (USTR) 2025 Priority Watch List due to ongoing concerns over the protection and enforcement of intellectual property (IP) rights.
Rights Granted: Exclusive right to prevent others from making, using, selling, or importing the invention.

Test yourself · International Affairs

Fill the blank from memory, then check. Tap a question to reveal the answer.

1. ________: Another failed purchase attempt.

2019 (Trump’s First Term) U.S. Push for Greenland · 2 April 2025

2. In ________, the U.S. received 12% of global merchandise exports.

2010 Trump’s Fair and Reciprocal Plan · 3 April 2025

3. ________: First in-person summit since 2018 (Kathmandu); the previous (5th) summit was virtual (2022, Sri Lanka)

Format 6th BIMSTEC Summit in Bangkok · 3 April 2025

4. ________ to 4.2% from 4.7% citing external risks.

Citi lowered China’s 2025 GDP forecast China vs. US Trade War · 9 April 2025

5. First MBA programme to launch in ________.

September 2025 Dubai Crown Prince’s India Visit · 9 April 2025

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National Affairs · 133

Dhruva Space and Infostellar Collaborate

Hyderabad-based Dhruva Space and Japan-based Infostellar have partnered to integrate Dhruva Space’s 3.8m S&X-band ground station antenna in Hyderabad with Infostellar’s StellarStation platform.
Partnership Announcement Hyderabad-based Dhruva Space and Japan-based Infostellar have partnered to integrate Dhruva Space’s 3.8m S&X-band ground station antenna in Hyderabad with Infostellar’s StellarStation platform. This collaboration aims to expand the global ground station network and enhance satellite communications interoperability.
Infostellar will onboard Dhruva Space’s antenna onto its cloud-based StellarStation platform.
Significance of Dhruva Space Dhruva Space is India’s only commercial ground station solutions provider. This partnership strengthens India's role in the global satellite communication ecosystem.

800-Year Increase in Monsoon Rainfall in Western Ghats

The study highlights how disasters such as the 2018 and 2019 landslides and floods in Wayanad (Kerala) and Kodagu (Karnataka) may be part of this broader climatic trend.
A study conducted by researchers at the Central University of Kerala has revealed a steady increase in monsoon rainfall in the Western Ghats over the past 800 years.
The research reconstructed Indian monsoon patterns over the last 1,600 years, offering valuable insights into long-term climate variations.
The increasing monsoon intensity is linked to more frequent and extreme rainfall events in recent years.

Delimitation and Financial Devolution

Population representation per seat rose from 7.3 lakh in 1951 to 10.1 lakh in 1971, when the seat count was fixed at 543.
If trends continue, the number of seats may rise to 753, with an average of 20 lakh people per seat.
From 1951 to 1971, Lok Sabha seats increased in proportion to population growth.
This freeze on seat allocation, in place since 1971, is set to expire in 2026.

Assurances in Parliament

The Committee of Government Assurances, formed in 1953, monitors the implementation of these commitments.
Since 2014, the Ministry of Home Affairs (MHA) made 421 assurances in the Lok Sabha and 338 in the Rajya Sabha. However, the MHA dropped nearly 15% and 12% of these assurances, the highest percentage among all Ministries.
As of March 24, 2024, nearly 65% of assurances made in 2024 are still pending.
Pending assurances from previous years: 2023: 44% still pending 2022: 18% still pending

Bipolar Disorder

Genetic vulnerability: Mood disorders, particularly bipolar disorder, tend to run in families. The genetic contribution to bipolar disorder is significant, with heritability ranging between 60-85%.
Bipolar disorder often begins with depressive episodes, and it can take 6 to 10 years from the first symptoms to an accurate diagnosis.
Major Depressive Disorder (MDD): Persistent sadness, loss of interest in activities, fatigue, cognitive difficulties, feelings of hopelessness, and suicidal thoughts.
The genesis of mood disorders is multifactorial and influenced by a combination of genetics and environmental factors. Genetic vulnerability: Mood disorders, particularly bipolar disorder, tend to run in families. The genetic contribution to bipolar disorder is significant, with heritability ranging between 60-85%. Gene-environment interactions: Environmental stressors, such as childhood abuse, trauma, financial difficulties, and significant life events, interact with genetic predispositions, influencing the onset of mood disorders. Proximal stressors: Include adverse childhood experiences like abuse, neglect, or domestic violence. Distal stressors: Include adulthood challenges such as financial difficulties, bereavement, and trauma.

India’s Education System

Central Educational Institutions (Reservation in Teachers’ Cadre) Act, 2019 ensures proper representation.
Female teachers: 44.23% (up from 38.6% in 2014).
Per-child government expenditure: +130% (₹10,780 in 2013-14 → ₹25,043 in 2021-22).
Research publications: +88% since 2015.

WEF’s Global Risks Report 2025

WEF’s Global Risks Report 2025 ranks misinformation and disinformation as the top short-term global threat.
India, with nearly 900 million Internet users, is highly susceptible to disinformation.
46% of disinformation in India is political, followed by 33.6% on general issues & 16.8% on religion.
The World Economic Forum’s (WEF) Global Risks Report 2025 underscores misinformation and disinformation as the highest ranked short-term global threat. The WEF defines “global risk” as an event that can adversely affect a sizeable portion of the population, the global GDP, and natural resources.

Aircraft Objects Bill, 2025

Lower Leasing Costs: Expected to reduce leasing expenses by 8-10%, benefiting airlines financially.
86% of Indian Airlines' Fleets Are Leased: India’s aviation sector heavily relies on leased aircraft, making regulatory clarity essential.
The Rajya Sabha has approved the Protection of Interests in Aircraft Objects Bill, 2025, aligning India’s legal framework with the Cape Town Convention and Protocol. This legislation aims to streamline aircraft leasing regulations, protect the rights of lessors, and reduce disputes arising from unpaid dues by airlines.
Legal Clarity for Lessors: Establishes clear guidelines for aircraft repossession and dispute resolution in case of payment defaults.

Employment-Linked Schemes to Prevent Fund Misuse

Scheme A: Government to reimburse one month’s wage (up to ₹15,000) in three instalments as a subsidy for new workforce entrants.
Scheme B (Manufacturing Sector Focus): Wage reimbursement structure: 24% in Year 1 24% in Year 2 16% in Year 3 8% in Year 4 Employers must hire 50% or 25% of their baseline employee strength under EPFO and retain them for at least 12 months to qualify.
Budget Allocation: ₹1.07 lakh crore earmarked for the schemes over five years.
Government to reimburse one month’s wage (up to ₹15,000) in three instalments as a subsidy for new workforce entrants.

Lok Sabha Passes Waqf (Amendment) Bill

Voting Outcome: The first clause was passed with 288 MPs in favor and 232 against. Several amendments proposed by the Opposition were rejected through a division of votes.
Bill Name Update: The revised version is titled the Unified Waqf Management Empowerment, Efficiency, and Development Bill (UMEED).

India to Expand Extended Producer Responsibility (EPR)

SAF & India’s Aviation Goals: India targets 1% SAF use in international flights by 2027, increasing to 2% by 2028. Proper management is critical to prevent UCO from entering unsafe recycling streams.
India targets 1% SAF use in international flights by 2027, increasing to 2% by 2028.
Environmental Damage Compensation: 5% penalty for non-compliance (first 2 years). 10% penalty thereafter. The Central Pollution Control Board (CPCB) will enforce penalties.
5% penalty for non-compliance (first 2 years).

India’s Maritime Boundaries Set to Expand

Adopting WGS84 will lead to changes in India's territorial waters and Exclusive Economic Zones (EEZs).
India’s territorial waters (12 nautical miles) and EEZ (200 nautical miles) will be redefined.
In Sir Mouth (part of Sir Creek), the baseline may shift by about 57 meters northwest.
India is considering shifting to the World Geodetic System 1984 (WGS84) datum to define its shoreline, replacing the outdated Everest Ellipsoid system.

NITI Aayog and NCAER Launch States Economic Forum Portal

The platform consolidates a wide range of publicly available datasets from sources such as the 2011 Census, the Periodic Labour Force Survey, and the RBI’s State Finances Report. Key features include:
Human development indicators like literacy rates, school dropout figures, and employment statistics
The real value of this data tool will emerge through its uptake by policymakers, including constitutional bodies like the Sixteenth Finance Commission.
India's federal balance depends not only on fund flows but also on recognition of regional diversity in policymaking.

Starlink in India

For Indian telecom firms, Starlink enables high-speed access to underserved regions without the prohibitive costs of laying fiber optic cables or building towers.
For SpaceX, the partnership unlocks a large and complex market, with Airtel and Jio helping navigate India’s regulatory maze.
Marginal Presence: Low value, low control. Emerging players like Amazon’s Kuiper are still finding their footing, offering limited influence.
Strikingly absent from this connectivity equation is BSNL, India’s public sector telecom provider. Its inclusion could have balanced the equation — offering Starlink rural reach while giving the Indian government more oversight and strategic leverage.

Balancing Act: Strategy vs. Dependency

India is aiming for Digital Sovereignty, but building that capacity indigenously will take years.

Coastal Shipping Bill, 2024

According to Union Minister Sarbananda Sonowal, the Bill will help unlock the potential of India’s 7,500+ km coastline, supporting domestic trade and economic development.
Aims to make cargo shipping more competitive and streamlined, attracting investment in port infrastructure and services.

Waqf (Amendment) Bill, 2025

Surge in pending litigations (from 10,381 in 2013 to 21,618 in 2024)
The Waqf (Amendment) Bill, 2025 seeks to resolve critical governance issues including:
Arbitrary powers of Waqf Boards to declare land as Waqf
Bihar: 7 families in Govindpur facing legal battle in Patna HC

Kumbakonam Betel Leaf and Thovalai Maanikka Maalai Receive GI Tags

Legal protection under the GI Act for traditional artisans and farmers
Flowers used: Oleander, rose, and other multi-colored local flowers

Railway Expansion and Border Village Development

Approved by the Cabinet Committee on Economic Affairs, these projects aim to strengthen railway infrastructure across Maharashtra, Odisha, and Chhattisgarh, adding 1,247 km to the network.
New Rail Lines: Sambalpur–Jarapda (3rd and 4th lines) Jharsuguda–Sason (3rd and 4th lines) Kharsia–Naya Raipur–Parmalaksa (5th and 6th lines) Gondia–Balharshah (doubling of lines)
Jharsuguda–Sason (3rd and 4th lines)
Kharsia–Naya Raipur–Parmalaksa (5th and 6th lines)

Cabinet Approves Vibrant Villages Programme Phase-II

On April 4, 2025, the Union Cabinet approved Phase-II of the Vibrant Villages Programme (VVP-II) a fully centrally funded scheme aimed at the comprehensive development of strategic villages along India’s international land borders (ILBs).
Total Budget: ₹6,839 crore
Funding Structure: 100% Central Government funding
Implementation Period: 2025–26 to 2028–29

Centre Scraps Star-Rating System for State Environment Authorities

Outcome: MoEF&CC declared the 2022 memorandum inoperative NGT deemed the case infructuous due to the ministry’s withdrawal
Rating Scale: 0 to 7 stars, based on: Number of days taken to approve projects Adherence to EIA timelines Efficiency during pre-approval stages
Introduced: January 17, 2022
Basis: Proposed in line with a November 2021 meeting chaired by Cabinet Secretary Rajiv Gauba under the 'Ease of Doing Business' initiative

6th BIMSTEC Summit

Prime Minister Narendra Modi said on Friday that BIMSTEC is a model for inclusive development and collective security, while unveiling a 21-point action plan to expand the grouping's scope during its 6th annual summit in Bangkok.
Event: 6th BIMSTEC SummitLocation: Bangkok, ThailandDate: April 2025
Security and Cooperation Hosting of the first Home Ministers' Mechanism meeting in India to deepen regional security cooperation.
Hosting of the first Home Ministers' Mechanism meeting in India to deepen regional security cooperation.

Judges Asset Disclosure

Delhi High Court’s drastic fall (from 82.85% in 2018 to 18.42%) signals a regressive trend — suggesting that even previously compliant institutions may retreat in absence of enforceable standards.
Transparency as a Deterrent Mandatory disclosures can act as a preventive tool against corruption, not merely a responsive one. The threat of public visibility often deters unethical behavior.
Mandatory disclosures can act as a preventive tool against corruption, not merely a responsive one. The threat of public visibility often deters unethical behavior.
Kerala and Himachal Pradesh High Courts reflect a proactive internal culture of transparency, possibly shaped by regional legal traditions or leadership practices.

High Court	Judges Disclosed	Total Judges	Disclosure Rate
Kerala	41	44	93.18%
Himachal Pradesh	11	12	91.66%
Delhi	7	38	18.42% (↓ from 82.85% in 2018)
Madras	5	65	7.69%
Chhattisgarh	1	16	6.25%

World Health Day 2025

₹99,858.56 crore (1.97% of Union Budget 2025–26) was allocated to Health Ministry — still below global benchmarks.
Ayushman Bharat Digital Mission and eSanjeevani enabled over 10 crore teleconsultations.
70% of India’s population resides in rural areas, but only 35–40% of healthcare infrastructure is located there.
Rising non-communicable diseases (NCDs), now accounting for 65%+ of deaths

West Bengal Secures GI Tags for 7 Iconic Products

Most applications were filed 2–3 years ago, and the approvals mark the culmination of long-term research and documentation efforts.
Murshidabad’s Chhanabora – Dense milk-based sweets often gifted in traditional functions.
Radhunipagal Rice – A rare indigenous variety with strong aroma and culinary versatility.
Encourage traditional sweet-makers and artisans.

India Launches Study to Detect Bird-Origin Zoonotic Diseases in Real Time

Target Populations: Migratory and resident birds Sanctuary workers and forest officials Communities living near wetlands
Sanctuary workers and forest officials
Wetlands and sanctuaries serve as natural incubators for potential zoonoses due to: Close interaction between wildlife, livestock, and humans Large populations of migratory birds, some of which are known disease carriers
Large populations of migratory birds, some of which are known disease carriers

Stand-Up India Scheme Completes 7 Years

Launched: April 5, 2016, by the Ministry of Finance under the Azadi Ka Amrit Mahotsav initiative
Loan Sanctions: Grown from ₹16,085 crore (as of March 31, 2019) to ₹61,020.41 crore (as of March 17, 2025)
Encourages grassroots entrepreneurship, especially in Tier 2 and Tier 3 towns
The Government of India announced that the Stand-Up India Scheme, a flagship initiative to promote entrepreneurship among marginalized communities, has sanctioned over ₹61,000 crore in loans as of March 17, 2025, marking a significant milestone in its 7-year journey.

Buddhism in India

Ashoka’s Influence (3rd century BCE): State sponsorship, missionary work, and edicts helped Buddhism spread across Asia.
First Buddhist Council (483 BCE): Held at Rajgir to compile Buddha’s teachings.
Shift in Royal Patronage: Gupta rulers and Rajputs favored Hindu traditions. Only the Pala Dynasty (8th–12th century) remained significant Buddhist patrons.
1. Cultural Factors:

Ice Stupas

Definition: Ice stupas are artificial glaciers constructed in cone-like shapes to store winter water in frozen form.
Disaster Risk Reduction: Reduces reliance on rapidly melting glaciers, mitigating flood risks in spring.
Reduces reliance on rapidly melting glaciers, mitigating flood risks in spring.

INS Varsha & INS Aridhaman

Aims to develop INS Varsha, a nuclear submarine base on the eastern coast.
Located near Rambilli, ~50 km south of Visakhapatnam, Andhra Pradesh.
Scheduled to be commissioned in 2026.
Expected commissioning: 2025.

Indian Stock Markets Crashes

U.S. President Donald Trump, via Truth Social, issued a hardline ultimatum: “If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, the U.S. will impose additional 50% tariffs effective April 9th.”
Markets across Japan, South Korea, Hong Kong, and China also dipped sharply, tracking Wall Street futures and investor risk aversion.
He also hinted at exclusive negotiations with alternate trade partners, sidelining Beijing.
Global fund managers have turned defensive, leaning toward safe havens like gold and U.S. Treasuries.

Policing Report 2025: Custodial Torture in India

1 in 3 officers report that coercive methods are frequently used in investigations.
Over 40% strongly agree they would report their superiors if provided legal protection.
63% of police personnel believe it is acceptable to use violence against suspects in serious cases. 22% strongly agreed, and 41% moderately agreed.
22% strongly agreed, and 41% moderately agreed.

Pradhan Mantri Mudra Yojana (PMMY)

Launched on April 8, 2015, by the Prime Minister, PMMY aimed to provide collateral-free microcredit up to ₹10 lakh to non-corporate, non-farm small and micro entrepreneurs.
It was a direct response to the 2013 NSSO survey, which identified 5.77 crore small business units facing severe credit access barriers.
Shishu (Loans up to ₹50,000)
Kishore (Loans between ₹50,001 and ₹5 lakh)

MoSPI Releases Women and Men in India 2024

Labour Force Participation Rate (LFPR) for ages 15+ (usual status) increased from 49.8% in 2017-18 to 60.1% in 2023-24, indicating growing workforce inclusion.
Women hold 39.2% of all bank accounts and contribute 39.7% to total deposits.
DEMAT accounts surged more than fourfold between March 2021 and November 2024, from 33.26 million to 143.02 million. Male account holders: 26.59M → 115.31M Female account holders: 6.67M → 27.71M
An increasing trend of female-headed proprietary establishments is observed across manufacturing, trade, and services sectors from 2021–22 to 2023–24.

FAO Launches “Four Betters Courses” & “Commit to Grow Equality” Initiatives

Launched: October 2024, World Food ForumObjective: Transform agrifood education through academic integration of FAO resourcesStrategic Link: Aligned with FAO’s Strategic Framework 2022–2031
Delivery Mechanism: FAO eLearning Academy Over 600+ multilingual, certified courses accessible globally Focused on skilling professionals and students in agrifood domains
Over 600+ multilingual, certified courses accessible globally
Launched: 2024 at the United Nations General Assembly (UNGA)Objective: Bridge the gender gap in agrifood systems by empowering rural womenPotential Reach: 54 million women, particularly in agrarian economies

INS Sunayna Embarks on IOS SAGAR Mission

Crew: Includes 44 naval personnel from 9 Friendly Foreign Nations (FFNs)
Full Form: Security and Growth for All in the Region
Reinforces India’s leadership role in promoting maritime stability in the IOR
Aims to build shared maritime capabilities and promote collaborative security frameworks

MOSPI Launches Revamped Microdata Portal and AI Innovations

Improves accuracy and productivity for enumerators

Supreme Court Rebukes Tamil Nadu Governor for Unconstitutional Delay on Bills

No Presidential Referral in Second Round: The court ruled that referring the Bill to the President in the second instance is not permitted. The Governor must either grant assent or act as specified in the first proviso of Article 200.
The Governor must either grant assent or act as specified in the first proviso of Article 200.
The removal of "in his discretion" from the Government of India Act, 1935 in Article 200 implies restricted gubernatorial discretion under the Constitution.
The first proviso to Article 200 explicitly restricts the Governor from acting independently once a Bill is re-passed.

Police Misuse of Force in India

55% of police respondents believe instilling fear among citizens is important: 20% rated it as very important 35% considered it somewhat important
20% rated it as very important
35% considered it somewhat important
Only 30% fully rejected the use of fear, supporting a friendly and service-oriented police force.

Lodhi Garden

Two villages were relocated to create the garden, named Lady Willingdon Park in 1940.
Post-1947, the garden was renamed Lodhi Garden.
With the decline of the Mughal Empire, displaced villagers began settling in and around the tombs.
Captain Young oversaw the resettlement of villagers to present-day Jangpura, originally known as Youngpura.

Amalsad Chikoo Gets GI Tag

Gujarat contributes 98% of India’s chikoo exports
Navsari Agricultural University
Enhances global market access for farmers
Cultivated in 87 villages including: 51 villages in Gandevi Taluka 6 villages in Jalalpore Taluka 30 villages in Navsari Taluka

India Approves ₹63,000 Crore Rafale-M Deal for Navy Operations

The Indian Air Force already operates 36 Rafale aircraft, purchased under a ₹60,000 crore deal in 2016.
Delivery will start 3.5 years after signing and is expected to be completed in 6.5 years.
They will complement the MiG-29K fighters currently operating on INS Vikramaditya, which has faced serviceability issues.
The Defence Acquisition Council (DAC) granted initial approval for the deal in July 2023.

Federalism and Constitutional Accountability

With the legislation now valid, the Tamil Nadu government can proceed with appointments of V-Cs in 12 universities.
The verdict sets clear timelines for Governors to act on State legislation, ending the practice of indefinite delays under the guise of scrutiny.
The ruling underscores that Governors must act as neutral constitutional heads, not as political agents of the Centre.
The Supreme Court has delivered a landmark ruling scrutinizing the conduct of Tamil Nadu Governor R.N. Ravi over his handling of 10 State Assembly Bills.

New Aadhaar Law Aligned with Digital Personal Data Protection Act, 2023

Union Minister Ashwini Vaishnaw has asked the UIDAI to draft a new Aadhaar law compatible with the Digital Personal Data Protection (DPDP) Act, 2023.
The current Aadhaar Act (2016) was created before India had a horizontal privacy framework applicable across all sectors.
The announcement was made during the Aadhaar Samvaad event, attended by UIDAI officials and ecosystem partners.
Applies to government and private entities handling personal data.

Cabinet Approves ₹1,600 Crore M-CADWM Scheme to Boost Irrigation Infrastructure

The scheme will be implemented during 2025–26 with a total initial outlay of ₹1,600 crore.
Pilot phase to be conducted across 78 designated sites, directly benefiting around 80,000 farmers.
Focused on small and marginal farmers, particularly those with small land-holdings.
The Union Cabinet has approved the Modernisation of Command Area Development and Water Management (M-CADWM) as a sub-scheme of the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY).

Palna Scheme

The Palna Scheme, restructured from the National Creche Scheme in 2022, is part of the Samarthya sub-scheme under Mission Shakti.
Provide safe and quality crèche facilities for children aged 6 months to 6 years.
In convergence with Mission Poshan 2.0, Palna offers:
Early stimulation for children below 3 years

Region	Centre’s Share	State/UT Share
General States	60%	40%
NE & Special Category States	90%	10%
UTs with Legislature	60%	40%
UTs without Legislature	100%	0%

Delhi Launches Ayushman Bharat Scheme

PM-JAY Coverage: 6.5 lakh families in Delhi will receive ₹5 lakh per family per year for secondary and tertiary care hospitalisation.
Additional Support: The Delhi government is contributing an extra ₹5 lakh from its own funds, doubling the health cover for beneficiaries.
New Facilities Planned: 1,139 Ayushman Arogya Mandirs (AAMs) 11 integrated public health labs 9 critical care blocks
1,139 Ayushman Arogya Mandirs (AAMs)

Jyotiba Phule

First Girls’ School in India (1848): Phule and his wife Savitribai Phule co-founded a school for girls, followed by 18 more schools in three years.
Night Schools: Launched in Pune (1855) to empower workers, farmers, and women with education.
Primary Education for the Masses: Advocated compulsory education till age 12 and incentives like scholarships and prizes to encourage lower-caste enrollment.
Birth and Background: Jyotiba Phule was born on April 11, 1827, into the Mali caste, traditionally involved in gardening.

Rajnath Singh Flags Global Disorder

The Defence Ministry declared 2025 as the “Year of Reforms”, aiming to modernize the armed forces.
Warfare is expanding beyond land, sea, and air to include: Space Cyberspace Undersea warfare Information and economic warfare
Undersea warfare
Singh highlighted persistent threats along India's northern and western borders, worsened by proxy wars and cross-border terrorism.

Material Cost Hike in PM-POSHAN Scheme

The Education Ministry has announced a 9.5% increase in the material cost for cooking hot meals under the PM-POSHAN (formerly Mid-Day Meal) Scheme, effective May 1, 2025.
The hike aligns with the inflation index and results in an additional financial burden of ₹954 crore for FY 2025-26.
The scheme benefits 11.2 crore students across 10.36 lakh government and aided schools, including Bal Vatikas and Classes 1–8.
Bal Vatikas and Primary Schools: ₹6.78 (up from ₹6.19)

Women and Men in India 2024 Report

As of March 2024: Women hold 39.2% of bank accounts Account for 39.7% of deposits
Female Labour Force Participation Rate (LFPR) rose to 41.7% in 2023–24, up from 23.2% in 2017–18.
Despite this, it remains: Below male LFPR: 77.2% Below global female average: ~50% (World Bank)
Below global female average: ~50% (World Bank)

Ayushman Arogya Mandirs Under PM-ABHIM

Launched: October 25, 2021
Project Cost: ₹2,406 crore
Ayushman Bharat-PMJAY Coverage: ₹5 lakh annual insurance per family via PMJAY Additional ₹5 lakh via Delhi Govt Total: ₹10 lakh annual health cover per family
₹5 lakh annual insurance per family via PMJAY

Panchayat Advancement Index (PAI) 2024

Launched by: Ministry of Panchayati Raj (MoPR)Date of Launch: April 9, 2025Coverage: 2.16 lakh validated gram panchayats across 29 States/UTs
Indicators Used: 435 local indicators (331 mandatory, 104 optional)
Front Runners: 699
Performers: 77,298

Niveshak Didi Phase 2

Launched: September 1, 2018
Women Participants: ~60%, primarily youth and economically active
Trainers: Nearly 40,000 women postal workers trained as Niveshak Didis
Network Strength: 1.65 lakh post offices (~1.4 lakh in rural areas) 3 lakh postal employees

India Inaugurates Himalayan High Altitude Climate Research Centre in Jammu & Kashmir

185% budget hike under Mission Mausam for atmospheric research
Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences, inaugurated the first-ever Himalayan High Altitude Atmospheric and Climate Research Centre at Nathatop, Jammu & Kashmir, on April 11, 2025.
Location: Nathatop, Jammu & Kashmir | Altitude: 2,250 meters
Installation of 3 weather radars in J&K

India Cautions Against Rushed Trade Deal with US

External Affairs Minister S. Jaishankar, speaking at the 9th Global Technology Summit, affirmed a “high degree of urgency” from both India and the US to conclude the trade pact.
A senior government official noted that India and the US are exploring an interim trade deal, focusing mainly on tariff issues, within the 90-day pause period on reciprocal tariffs imposed by the Trump administration.
He stated India is open to bilateral partnerships rooted in reciprocity, trust, and fair play, indirectly signaling alignment with like-minded economies.

India’s E-Waste Management

In September, the Indian government introduced a floor price for the amount manufacturers must pay recyclers. The aim is to formalize recycling efforts and reduce informal, hazardous recycling methods.
However, these new rules have faced backlash from global electronics manufacturers, such as Daikin, Hitachi, and Samsung, who argue the cost of compliance is too high.
Companies like Daikin, Hitachi, and Samsung argue that the new pricing rules, which have tripled recycling costs, will negatively affect their businesses. They have filed lawsuits against the government in a bid to reverse the regulations.
The manufacturers contend that the rules are unconstitutional, overstep the government's powers, and would result in higher product prices due to increased compliance costs.

Development vs. Environment

Initiative: Telangana Ku Haritha Haram (2015) Planted over 273 crore saplings Forest cover outside recorded zones grew 45.8% between 2015 and 2021
Forest cover outside recorded zones grew 45.8% between 2015 and 2021
Result: Telangana’s GSDP rose from ₹5.05 lakh crore (2014–15) to ₹13.13 lakh crore (2022–23) Economic growth was achieved without compromising environmental integrity
Telangana’s GSDP rose from ₹5.05 lakh crore (2014–15) to ₹13.13 lakh crore (2022–23)

Air Pollution Turning Rainfall More Acidic in Several Indian Cities

Conducted over 34 years (1987–2021) by IMD and Indian Institute of Tropical Meteorology (IITM). Tracked rainwater chemistry at 10 Global Atmosphere Watch stations across India.
Consistent Decrease in Rainwater pH: Indicates increasing acidity, especially in urban-industrial regions. pH values below 5.65 classify rainfall as acidic.
pH values below 5.65 classify rainfall as acidic.
Natural Neutralisers in Decline: Calcium particles, which help counteract acidity, are decreasing in Prayagraj, Jodhpur, and Nagpur. Although ammonium levels are rising in some areas, they aren’t sufficient to offset the acidic trend.

Kavach 5.0

Objective: Increase local train frequency by 30% by reducing the current 180-second interval between trains. Enables more services and comfortable travel for the city's nearly 80 lakh daily commuters.
Increase local train frequency by 30% by reducing the current 180-second interval between trains.
Enables more services and comfortable travel for the city's nearly 80 lakh daily commuters.
Three-Pronged Execution Plan: Infrastructure Development Projects worth ₹17,000 crore already underway. Deployment of Advanced Technology (Kavach 5.0) Introduction of Better Trains and Services

Gaurav Long-Range Glide Bomb

Weight Variants: Gaurav (Winged version): 1,000 kg Gautham (Non-winged version): 550 kg
Gaurav (Winged version): 1,000 kg
Gautham (Non-winged version): 550 kg
Range: 30 km to 150 km (recent test demonstrated ~100 km range)

Punjab Government Bans Hybrid Paddy Seed Sales

Issue with Rice Millers: Millers refused to accept hybrid varieties during 2024–25 Kharif procurement. Claimed low OTR (60–63%) vs. FCI standard of 67%, resulting in milling losses.
Millers refused to accept hybrid varieties during 2024–25 Kharif procurement.
Popular Hybrid Varieties:Includes Sava 127, Sava 134, 27P22, VNR 203, and others from firms like Savannah, VNR, Corteva, and Bayer.
Higher Earnings: Additional income of ₹13,000–₹14,000 per acre.

India’s Semiconductor Design Ecosystem

The semiconductor and AI mission is progressing rapidly with the aim of achieving a $500 billion electronics production target by 2030.
The Indian government is actively working on 25 chipset designs with intellectual property (IP) ownership retained in India.
This initiative is expected to nurture 85,000 chip design engineers over the next 10 years.
Currently, 13 chipset projects are underway under the DLI scheme, with several making notable progress.

AIKosh

The initiative is part of the ₹10,372 crore India AI Mission, specifically its India Datasets Platform, one of the mission’s seven core pillars.
In the 2025-26 Union Budget, ₹200 crore was allocated to the AIKosh initiative.
It adheres to Indian laws, including the Information Technology Act, 2000 and the Data Protection Bill.
The Ministry of Electronics and Information Technology (MeitY) has signed an MoU with the Lok Sabha Secretariat to use a rich dataset of: Parliament questions and answers Government reports Committee meeting documents Ministry-wise agendas

PM Modi Inaugurates Projects Worth ₹3,880 Crore in Varanasi

Prime Minister Narendra Modi inaugurated and laid the foundation stone for 44 projects in Varanasi, totaling ₹3,880 crore.
Rural development initiatives, including 130 drinking water projects and 100 new anganwadi centres.
Infrastructure development such as 356 libraries, a polytechnic college in Pindra, and a government degree college.

Article 200: Governor’s Assent to Bills

Empowering State-Run Universities Most of the 10 Acts aim to transfer the authority to appoint Vice-Chancellors from the Governor (in his role as Chancellor) to the State Government, ensuring more direct control over higher education institutions.
Most of the 10 Acts aim to transfer the authority to appoint Vice-Chancellors from the Governor (in his role as Chancellor) to the State Government, ensuring more direct control over higher education institutions.
Historic First in Indian Legislature Tamil Nadu is now the first Indian state to enact laws without executive assent, relying entirely on the Supreme Court’s legal interpretation of “deemed assent.”
Tamil Nadu is now the first Indian state to enact laws without executive assent, relying entirely on the Supreme Court’s legal interpretation of “deemed assent.”

Saras Mk2 Civilian Aircraft

Origin: Based on the earlier 14-seater Saras prototype, which first flew in 2004.
Setback: Progress halted after a 2009 crash during a test flight that killed three IAF personnel.
Revival: Project was revived in 2016 with significant design upgrades: Redesigned wings Repositioned engines
The Saras Mk2, an upgraded version of India’s indigenously developed civilian aircraft, is expected to conduct its first test flight by December 2027, according to Abhay Pashilkar, Director of CSIR-National Aerospace Laboratories (CSIR-NAL). The aircraft aims to fill critical gaps in regional connectivity and could potentially be procured by the Indian Air Force (IAF).

Study on Spatial Rainfall Trends Across India (2011-2020)

Peak Rainfall Time:The timing of the peak rainfall has shifted in various regions: In the Indo-Gangetic Plain, the peak rainfall time advanced by 2-4 hours. In west-central India, the peak time was delayed by 1-2 hours.
In the Indo-Gangetic Plain, the peak rainfall time advanced by 2-4 hours.
In west-central India, the peak time was delayed by 1-2 hours.
West-Central India: The study observed a slight increase in rainfall, about 2 mm per day, during 2011-2020 compared to 2001-2010.

Supreme Court Ruling on Governor's Power to Grant Assent to Bills

Limitations: The Governor cannot reserve Bills based on personal dissatisfaction or political considerations. It must be done in situations where there is a grave threat to democratic principles.
The Governor cannot reserve Bills based on personal dissatisfaction or political considerations. It must be done in situations where there is a grave threat to democratic principles.
Strengthening Federalism: The ruling upholds the principles of cooperative federalism and ensures that State governments can pass legislation without undue delays by Governors.
The ruling upholds the principles of cooperative federalism and ensures that State governments can pass legislation without undue delays by Governors.

Parliamentary Panel Review of MGNREGS

Issue Identified: Uneven participation of women, SC, and ST workers across districts.
Current Provision: 100 days of guaranteed wage employment.
Recommended Change: Increase to 150 days, considering present-day economic and livelihood challenges.
Problem Identified: Chronic delays in wage disbursal.

Africa India Key Maritime Engagement (AIKEYME) 2025

INS Sunayna: Offshore Patrol Vessel sailing under IOS SAGAR, carrying naval personnel from 9 friendly nations.
Event: Inaugural edition of the Africa India Key Maritime Engagement (AIKEYME)Location: Off the coast of Dar-es-Salaam, TanzaniaDates: April 13 to 18, 2025
Theme: Strengthen security partnerships under India’s MAHASAGAR initiative (Mutual and Holistic Advancement for Security and Growth Across Regions).
Showcasing Indigenous Naval Capability: Deployment of Indian warships highlights India’s blue-water navy status and technological self-reliance.

DRDO Successfully Tests Mk-II(A) Laser-Directed Energy Weapon

Announced by: Defence Research and Development Organisation (DRDO)Date & Location: April 13, 2025 | National Open Air Range, Kurnool, Andhra Pradesh
Neutralises enemy surveillance assets like sensors and antennae.
Offers a sustainable, low-cost alternative to conventional ammunition.
Global Leadership: Reinforces India’s position as a leading innovator in defence technologies.

PM Vishwakarma Scheme Faces Implementation Challenges

Launched: September 2023 (PM Modi’s birthday)
Loans approved: 390,000 (~28%)
Total Outlay: ₹13,000 crore
Scheme Duration: FY2023–24 to FY2027–28

The 16th Finance Commission of India

First meeting: February 14, 2024 (New Delhi)
Composition:The 16th Finance Commission is chaired by Dr. Arvind Panagariya, with members including Ajay Narayan Jha, Annie George Mathew, Manoj Panda, and Soumya Kanti Ghosh (part-time).
Vertical Devolution: Most states demand an increase to 45–50% of the divisible tax pool BJP-ruled states like Madhya Pradesh and Odisha have proposed 48–50% Congress-ruled and INDIA bloc states strongly advocate 50%
Most states demand an increase to 45–50% of the divisible tax pool

India Successfully Tests First High-Energy Laser Weapon System

Laser Power: 30 kilowatts, created by combining six 5KW high-energy lasers into a single beam
Earlier Version: 2KW DEW system already in limited deployment for short-range anti-drone use
Target Range: Demonstrated effective engagement at over 3 km
Combat Versatility: Can be used to target combat aircraft, drones, missiles, and surveillance systems

Karnataka Government Proposes Differential Fee on App-Based Aggregators for Gig Workers’ Welfare

Ordinance Route: To implement the bill, the government will take the Ordinance route, with plans to enact the Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill 2024.
Rajasthan’s Initiative: Rajasthan passed the first law for platform workers in July 2023, although it is yet to frame rules for its implementation.
Fee Range: The fee payable by platforms will range from 1% to 5% of the commission paid to gig workers. The exact percentage will depend on the size of the commission earned by the platform.
Cap on Fee: The Code on Social Security caps the fee at 5% of the amount paid to gig workers.

RTI Act Undermined

A controversial amendment to Section 8(1)(j) of the RTI Act has been introduced through Section 44(3) of the Digital Personal Data Protection (DPDP) Act, 2023.
The DPDP Act stems from the K.S. Puttaswamy judgment (2017), which affirmed the right to privacy as a fundamental right under Article 21 of the Constitution.
Vague Definition: “Personal information” is not clearly defined in Section 44(3), leaving room for broad and arbitrary denial of RTI requests.
The Right to Information (RTI) Act, passed in 2005, has been instrumental in enhancing transparency and accountability in governance. Over the years, it has empowered citizens to access crucial government information, often exposing corruption, misgovernance, and misuse of power.

Kancha Gachibowli and the Urban Blind Spot

Stakeholders: Telangana State Government, University of Hyderabad, students, activists, and political entities.
Biodiversity hotspot: Home to seasonal water bodies, vulnerable species, and rock formations.
The Kancha Gachibowli case is not about ownership alone — it's about vision, values, and civic stewardship.
What’s needed: Leadership rooted in ecological wisdom, democratic accountability, and inclusive urban planning.

Gaganyaan Safety Protocols

Inspired by the Apollo-1 tragedy (1967), ISRO has equipped its Sriharikota SHAR launchpad with: Ziplines for quick evacuation Fireproof bubble lift to protect and transport astronauts
The human-rated LVM3 rocket will include a tractor-type CES mounted atop the crew module.
Gaganyaan uses a two-part capsule: Crew Module: Living quarters Service Module: Engines, fuel, propulsion, and control
Crew Module: Living quarters

Archaeological Survey of India (ASI) Explores Dwarka

A focused excavation near the northern gate of the Dwarkadhish Temple uncovered 26 layers of deposits, revealing iron objects, beads, copper objects, and pottery.
2005-2007 Excavations The ASI’s Underwater Archaeology Wing carried out onshore and offshore investigations in Dwarka, revealing ancient sculptures, stone anchors, and other significant artifacts. Excavations were conducted in a limited underwater area, with systematic dives revealing submerged remains coated with vegetation and calcareous deposits.
2007 Excavation A focused excavation near the northern gate of the Dwarkadhish Temple uncovered 26 layers of deposits, revealing iron objects, beads, copper objects, and pottery. The pottery and other findings were studied thoroughly to understand their historical significance.
The ASI’s Underwater Archaeology Wing carried out onshore and offshore investigations in Dwarka, revealing ancient sculptures, stone anchors, and other significant artifacts.

Parliamentary Panel Seeks CCI’s Response on Safeguarding Small Retailers

The All India Consumer Products Distributors Federation filed a complaint in March 2025 alleging anti-competitive practices by quick commerce giants.
Competition Amendment Act, 2023: CCI to brief the committee on implications of new provisions, including: Penalty calculation on global turnover Addressing hub-and-spoke cartel formations
Oversight of Quick Commerce Boom: Committee looking at regulatory frameworks to manage exponential growth in quick commerce. Panel considers retail-related implications crucial to the broader “Doing Business in India” reform effort.
Recent Complaint & Investigations: The All India Consumer Products Distributors Federation filed a complaint in March 2025 alleging anti-competitive practices by quick commerce giants. Claims include predatory pricing and restrictive trade arrangements affecting competition in FMCG and grocery retail.

PM Vidyalaxmi Scheme

Full interest subsidy for students from families with annual income up to ₹4.5 lakh under the PMUSP CSIS scheme
Collateral-free and guarantor-free loans up to ₹7.5 lakh, backed by 75% credit guarantee
3% interest subvention for families earning up to ₹8 lakh/year
Total applications received: 2,963 Pending: 76% Sanctioned: 20% Rejected: 4%

10 Years of PM Mudra Yojana

Accounted for 30.1% of Gross Value Added (GVA) in FY 2022–23
Contributed 45.79% to total exports in FY 2024–25
₹5.32 trillion disbursed in FY24 (₹4.8 trillion disbursed by Feb 2025)
Average loan size: ₹102,870 in FY25

India’s Net-Zero Transition

NPCIL's PHWR programme: Currently operational: 700 MW reactors in Gujarat and Rajasthan. Upcoming projects in Haryana and others from a fleet of 20 new reactors. Introduction of Bharat Small Reactors (BSRs) for captive use (220 MW).
Currently operational: 700 MW reactors in Gujarat and Rajasthan.
Upcoming projects in Haryana and others from a fleet of 20 new reactors.
Introduction of Bharat Small Reactors (BSRs) for captive use (220 MW).

India and AI Governance

India’s Digital Personal Data Protection (DPDP) Act, 2023 takes a centralised, cross-sectoral approach, like: EU’s GDPR China’s PIPL
The 2018 NITI Aayog report on AI remains unofficial and unfunded.
The IndiaAI Mission aims to create a robust AI ecosystem through seven thematic pillars, including: Foundational model development Skilling Innovation hubs Data platforms
India could pursue a hybrid governance model, building on the DPDP Act to develop sectoral AI regulations.

Kerala ASHA Workers’ Protest

The ASHA scheme, launched in 2005, still views them as volunteers — denying them fair wages and career security.
₹636 crore pending from Centre under NHM for FY 2023-24 has impacted payments.
In the latest negotiation, the State rejected KAHWA’s interim demand for a ₹3,000 hike, proposing instead to form a study committee.
Honorarium increase to ₹21,000/month equivalent to Kerala’s daily minimum wage of ₹700.

India Justice Report (IJR) 2025

The 2025 India Justice Report highlights both progress and persistent challenges. While some states have improved their justice delivery systems, issues like judge shortages, gender representation gaps, and case backlogs remain key challenges.
The percentage of women in judiciary roles increased from 30% in 2017 to 38.3% in 2025, particularly at the district judiciary level.
Legal Aid: The share of women paralegal volunteers increased from 36% in 2019 to 42% in 2024, contributing to enhanced legal accessibility for marginalized communities.
Human Resources: Judicial vacancies have reduced in some states, and the focus on forensic staffing has increased. Gender diversity has improved within the lower judiciary and police. However, the report highlights a severe shortage of judges, with only 15 judges per million population, significantly below the 50 judges per million recommendation by the 1987 Law Commission.

Rising Paediatric Tuberculosis (TB) Cases in India

38% Increase: The number of notified paediatric TB cases in India has risen by 38% over the past five years, from 102,090 cases in 2020 to 141,182 cases in 2024.
Age Group Focus: This rise refers to children aged up to 14 years, as defined by the World Health Organization (WHO).
Paediatric TB’s Hidden Burden: According to WHO and India's National TB Elimination Programme (NTEP) estimates, children under 15 account for 10-12% of India's overall TB burden, translating to around 300,000–350,000 cases annually.
Pandemic Effects: The COVID-19 pandemic indirectly contributed to the rise in TB cases due to weakened immune systems caused by widespread use of steroid treatments. This can reactivate latent TB infections, even in children who had been infected earlier.

Historic Olive Ridley Turtle

Increased Nests in Maharashtra: In recent years, the number of Olive Ridley nests along India’s west coast has grown. Maharashtra now hosts about 20% of India’s Olive Ridley nests, with places like Guhagar seeing nearly 300 nests.
Resident or Migrant? Researchers are investigating whether the turtles on the west coast are migrants like 03233, or if they are residents who stay in Arabian waters.
Tagging & Nesting: Tagging occurred in 2021 during mass nesting in Odisha, and in 2025, 03233 was found nesting on the Konkan coast, laying 120 eggs, which is higher than the average for the region (90-95 eggs).
An Olive Ridley turtle, tagged 03233, has made history by becoming the first flipper-tagged turtle to cross both India’s coasts and two ocean basins. Her unique journey is offering valuable insights into turtle migration and marine ecosystems.

Kailash Mansarovar Yatra 2025

Ministry Coordination: The Ministry of External Affairs (MEA) has called for a key inter-agency meeting on April 21 to assess and coordinate next steps.
Last Held: The yatra was last conducted in 2019.
Suspension Reasons: COVID-19 pandemic prompted China to halt access. Post-Galwan tensions (2020) at the Line of Actual Control (LAC) further delayed resumption.
Post-Galwan tensions (2020) at the Line of Actual Control (LAC) further delayed resumption.

Kancha Gachibowli Deforestation

Call for Forest Restoration: The Bench stressed that the State’s only acceptable course is to present a forest restoration plan. Senior advocate A.M. Singhvi, appearing for the State, agreed with the court’s position.
Sharp Criticism of Rapid Destruction: The court questioned the State’s “tearing hurry” in bulldozing 100 acres in just three days, despite the process reportedly taking months to plan.

Gond (Gutti Koya) Tribes

Forest Rights Act (FRA) Clause 3.1(m): Guarantees alternative forest land for those displaced before Dec 13, 2005.
Many have applied under this clause, but Chhattisgarh has stalled action for over 5 years.
In 2005, ~50,000 Gond tribals were displaced from Chhattisgarh due to the Government of India’s “strategic hamleting” program aimed at countering Maoists, inspired by a similar strategy in Vietnam (1960s).
Home Minister Amit Shah targets to end Maoist insurgency by March 31, 2026.

NREGS Daily Minimum Wage Unlikely to See Major Hike in FY26

The Parliamentary Standing Committee on Rural Development, led by Saptagiri Sankar Ulaka, recommended: Raising NREGS wage to at least ₹400/day Increasing annual workdays from 100 to 150
The Centre is unlikely to raise daily NREGS wages significantly beyond the usual annual 2–7% hike.
Post FY26 hike, most states still offer below ₹300/day under NREGS.
Only Haryana pays ₹400/day, meeting the panel's recommended level.

Japan to Gift India Two Shinkansen Bullet Train

Phase 1 (Surat–Bilimora, 48 km) is slated for launch in August 2026.
In Maharashtra, tunnelling work, especially in the Mumbai Metropolitan Region (MMR), is delayed due to late TBM arrivals, pushing completion timelines to 2030 or beyond.
Japan will gift two Shinkansen train sets (E5 and E3) to India for inspection and familiarisation. These trains will be used to train Indian engineers and test operations on the Mumbai-Ahmedabad High-Speed Rail (MAHSR) corridor. The gifted train sets are expected to arrive in early 2026.
According to Japan Times, India and Japan plan to deploy the next-generation E10 series Shinkansen on the MAHSR corridor by the early 2030s.

Supreme Court Puts Hold on Waqf Appointments and De-Notifications

This hold applies to appointments under the amended Sections 9 and 14 of the Waqf Act, 1995, which were changed through the Waqf (Amendment) Act, 2025 to allow non-Muslim members on these bodies.
This status will continue until the next hearing on May 5, 2025.
The CJI acknowledged both: Infirmities in Waqf administration, and Positive aspects of the 2025 amendments.
Positive aspects of the 2025 amendments.

India Justice Report 2025

Inmate population is projected to rise to 6.8 lakh by 2030, while the estimated capacity will only reach 5.15 lakh.
The number of prisoners with mental illnesses has more than doubled, from 4,470 in 2012 to 9,084 in 2022.
National average occupancy stands at 131%, well beyond the recommended capacity.
There are only 25 psychologists for India’s 1,330 prisons and 5.7 lakh inmates.

Flue Gas Desulphurisation (FGD) for Coal Plants in India

Universal FGD installation could lead to: Higher water consumption Increased power usage An additional 69 million tonnes of CO₂ emissions (2025–2030)
In 2015, the Environment Ministry mandated all 537 coal-fired power plants in India to install FGD units to control sulphur dioxide (SO₂) emissions.
Current compliance status: Only 8% of plants have installed FGD systems. 230 plants are in different stages of installation. 260 plants have not yet placed FGD orders.
Only 8% of plants have installed FGD systems.

TruthTell Hackathon

The winning innovations will be showcased at the World Audio Visual Entertainment Summit (WAVES) 2025, scheduled to be held in Mumbai from May 1–4, 2025.
Team Whooshing Liars (Bengaluru) – Nexus of Truth Capable of spotting deepfakes and fake news in multiple languages.
Team Bug Smashers (Delhi) – Live Truth Generates live credibility scores and alerts using GPS integration.
Team Vortex Squad (Bengaluru) – Real-Time Fact-Check System Offers real-time verification during live events.

A Pillar for a Viksit Bharat 2047

Road transport alone contributes over 88% of the sector’s emissions, with trucks responsible for 38% of total CO₂ output (IEA, 2023).
Aligns with IMO’s 2050 goals to reduce global shipping emissions by 50%.
Logistics accounts for 13.5% of India’s GHG emissions.
Over 90% of passenger and 70% of freight movement occur via roads.

Vice-President’s Remarks on Judiciary

The Supreme Court’s judgment mandating action timelines for the President and Governors is constitutionally sound, grounded in precedent and a 2016 Home Ministry guideline.
Demolition Accountability Orders (2024)
Objected to the SC’s recent judgment prescribing timelines for President and Governors to act on Bills passed by State Assemblies.
Suggested revisiting Article 145(3) which requires five judges for Constitution Benches, considering the current SC strength (34 judges) as opposed to 8 in 1950.

India Successfully Conducts Second Satellite Docking

First Docking: 16 January 2025 at 06:20 AM
Launch Date: 30 December 2024 (via PSLV-C60 / SpaDeX mission)
Undocking: 13 March 2025 at 09:20 AM
Second Docking: Announced on 21 April 2025

15th BRICS Agriculture

New Members (2023–24): Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, UAE
India’s Standpoint: Emphasized the need to strengthen the role of 510 million smallholder farmers, who are vital to global food systems yet highly vulnerable to climate change, price volatility, and resource scarcity.
Emphasized the need to strengthen the role of 510 million smallholder farmers, who are vital to global food systems yet highly vulnerable to climate change, price volatility, and resource scarcity.
Rainfall Dependency: ~60% of India's cultivable land depends on monsoon rains

India, the Arctic, and the Northern Sea Route

Arctic ice is shrinking at a rate of 12.2% per decade (NASA).
Cargo on the NSR has grown from 41,000 tonnes (2010) to 37.9 million tonnes (2024).
India signed the Svalbard Treaty in 1920 and operates the Himadri research station in Svalbard.
The 2022 Arctic Policy focuses on: Scientific research and climate monitoring International collaboration Sustainable development and strategic access

Section 69 of the Bharatiya Nyaya Sanhita

If sexual intercourse under false promise qualifies as rape under Section 63, a separate Section 69 becomes redundant
In Anurag Soni v. State of Chhattisgarh (2019), the Court held that false promise must be shown to have existed at the outset
Long-standing consensual relationships dilute the claim of coercion based on false promise (Rajnish Singh @ Soni v. State of U.P., 2025)
Relationships maintained despite awareness of other circumstances (e.g., existing marriage) weaken the claim of vitiated consent (Abhishek Arjariya v. State of M.P., 2025)

India Monsoon Forecast 2025

2024 monsoon was ‘above normal’ (108%), aiding good harvests
Strong 2024 monsoon led to: 3.6% agricultural output growth 5.7% rise in foodgrain production Easing of food inflation: fell from 8% (Dec 2024) to below 6% (Jan 2025)
Easing of food inflation: fell from 8% (Dec 2024) to below 6% (Jan 2025)
Food inflation dipped below headline inflation in March 2025 — first time since July 2023

India’s Deep-Sea Mining Push

Under the ₹4,077 crore Deep Ocean Mission, India is developing: Matsya 6000: A manned submersible for 6,000m dives, undergoing integration and test dives in 2025. Seabed mining system, already tested at 1,200m in the Andaman Sea.
2025–26 Budget: Ministry of Earth Sciences allocated ₹3,649.8 crore vs ₹13,416.2 crore for ISRO.
2024 & beyond: Applications for Carlsberg Ridge and Afanasy-Nikitin Seamount (ANS), a volcanic region with high cobalt and nickel potential. ANS is unusual for its high cobalt levels in low-oxygen waters.
Matsya 6000: A manned submersible for 6,000m dives, undergoing integration and test dives in 2025.

India’s Largest Cruise Terminal Launched

Goals by 2029: 10 international cruise terminals 100 river cruise terminals 5 marinas along the coast 1 million sea cruise and 1.5 million river cruise passengers 5000+ km waterways integrated 4 lakh+ jobs across cruise value chain
Investment: ₹556 crores
Infrastructure Highlights: 4 floors: 2 for check-in & immigration (72 counters), 2 for commercial use Can accommodate 5 ships at a time (up to 300m in length, 11m draft) Parking for over 300 vehicles
4 floors: 2 for check-in & immigration (72 counters), 2 for commercial use

Indus Waters Treaty (IWT)

What’s new? The 1960 Indus Waters Treaty with Pakistan has been put in abeyance with immediate effect.
Deadline: Pakistani nationals currently in India must exit via Attari before May 1, 2025, if they have valid travel endorsements.
Embassy strength reduced: Both nations will cut mission staff from 55 to 30 by May 1, 2025.
Water distribution ratio: ~80% to Pakistan, ~20% to India

Glacier	River
1. Bandarpunch	Yamuna
2. Bara Shigri	Chenab
3. Milam	Mandakini
4. Siachen	Nubra
5. Zemu	Manas

Major Sources of Air Pollution in India

Major Sources (Chart 2): Transport sector (cars and trucks exhaust) Energy sector (burning coal and gas)
Top Contributors (Chart 4): Agriculture (livestock, rice paddies) Waste (rotting organic matter in landfills)
Almost Entirely From: Agriculture (Chart 5) Released from fertilizers and animal waste
Air pollution leads to millions of premature deaths globally each year, with India being one of the worst-affected countries. Understanding where this pollution originates is key to designing effective mitigation strategies. Below is a breakdown of key pollutants and their primary sources based on recent data from 2022.

Judicial Review and Article 142

Judiciary often prefers peace over conflict, especially in volatile matters like: Article 370 Babri Masjid Places of Worship Act
Krishna Iyer (1981): Constitutional powers must not be misused or driven by vanity.
Qaiser e Hind (2001): Presidential assent is a constitutional act, not a formality.
Enabled the judiciary to act on behalf of the voiceless, reinforcing rights of prisoners, workers, and victims of custodial violence.

National Adaptation Plan (NAP)

Climate Finance Needs: A report estimates that India will need over $1 trillion for climate adaptation between 2015 and 2030, focusing on sectors like agriculture, water resources, and disaster management.
Future Plans: India will refine its NAP based on future climate assessments, including the Intergovernmental Panel on Climate Change's (IPCC) next report and the outcomes of COP30, the UN climate conference that is expected to focus heavily on adaptation.
Nine Thematic Areas: The NAP will address adaptation in key sectors: Agriculture Water Resources Health Gender Issues Poverty Traditional Knowledge Finance Resilient Infrastructure Biodiversity & Forestry
Biodiversity & Forestry

India to Increase GPU Procurement by 15,000 Units

The GPUs will be procured as part of the ₹10,372 crore IndiaAI Mission, approved by the Union Cabinet in March last year.
In January 2025, the government procured 18,693 GPUs in the first round, surpassing the initial target of 10,000 GPUs.
Other firms, such as CMS Computers India, Ctrls Datacentres, E2E Networks, and Locuz Enterprise Solutions, have also been shortlisted to supply GPUs.
The average rate for AI compute units based on the first round of bidding was discovered to be ₹115.85 per GPU hour for low-end units and ₹150 per GPU hour for high-end units.

Algorithmic Management in India: ILO report

Ergonomics Issues: Only 16% of remote workers in India have a dedicated workspace, leading to risks such as musculoskeletal disorders and eye strain from poor workstation setups.
Study Insights: According to a 2024 joint study by ILO and the European Commission, while AM technologies had a positive impact in France and Italy by improving work organisation, they had negative consequences in countries like South Africa and India.
According to a 2024 joint study by ILO and the European Commission, while AM technologies had a positive impact in France and Italy by improving work organisation, they had negative consequences in countries like South Africa and India.
Health Concerns: The report highlights challenges faced by remote/online workers, particularly in ensuring a safe and healthy work environment without direct oversight. Ergonomics Issues: Only 16% of remote workers in India have a dedicated workspace, leading to risks such as musculoskeletal disorders and eye strain from poor workstation setups. Physical Health Risks: The sedentary nature of desk-based work increases risks of obesity, diabetes, and cardiovascular diseases due to extended hours of work without adequate movement breaks.

Panchayat Advancement Index (PAI)

Current Progress: While the index shows promise, the results indicate that no panchayat has yet reached the “achievers” category, with only 699 panchayats classified as “frontrunners”.
While the index shows promise, the results indicate that no panchayat has yet reached the “achievers” category, with only 699 panchayats classified as “frontrunners”.
The average revenue per panchayat in 2022-23 was just ₹21.23 lakh, with a meager 1.1% generated from local taxes and fees.
Geographical Disparities: A significant concentration of frontrunners is seen in Gujarat (346 panchayats), Telangana (270), and Tripura (42), while many other states are lagging in their progress.

T.N. Startup Summit

Academic-Industry Bridges: Funding and mentorship for student and faculty innovations
Gender Equity: Programs and networks that support women entrepreneurs in scaling innovative ventures
Instilling entrepreneurial education at the school level is key to shaping the future. Educational institutions have a pivotal role in providing early exposure to creative thinking among students, said experts in a session organised at The Hindu-Tamil Nadu Startup Summit 2025 held in Chennai.

India–France Rafale-M Deal

Indian Air Force currently operates 36 Rafale jets from a ₹60,000-crore deal signed in 2016.
Jet deliveries to begin in 3.5 years post-contract signing.
Entire delivery expected to be completed in 6.5 years.
Indian Navy operates two aircraft carriers: INS Vikramaditya (Russian origin) and INS Vikrant (indigenously built).

India's Poverty Reduction By World Bank

Multidimensional Poverty Index (MPI): Dropped from 53.8% in 2005–06 to 15.5% in 2022–23. This measure excludes health and nutrition but reflects improvements in education, living standards, and services access.
Extreme Poverty (defined at $2.15/day PPP): Fell from 16% in 2011–12 to 2.3% in 2022–23. 171 million people moved above the international extreme poverty line.
Fell from 16% in 2011–12 to 2.3% in 2022–23.
Dropped from 53.8% in 2005–06 to 15.5% in 2022–23.

Biodiversity Beyond National Jurisdiction (BBNJ) Treaty

Covers about 64% of the world’s oceans.
Marine Protection Gap: Only 1.44% of the high seas are currently protected.
It focuses on protecting marine biodiversity in areas beyond national jurisdiction.
Conserve marine biodiversity in the high seas.

DRDO Achieves Milestone in Hypersonic Weapon Development

Importance of Scramjet Technology: Scramjets, or Supersonic Combustion Ramjets, enable combustion at supersonic airflow speeds without moving parts, essential for powering hypersonic cruise missiles capable of traveling at over Mach 5 (6,100 km/h).
Scramjets, or Supersonic Combustion Ramjets, enable combustion at supersonic airflow speeds without moving parts, essential for powering hypersonic cruise missiles capable of traveling at over Mach 5 (6,100 km/h).
Progress from Earlier Tests: This follows a successful 120-second test held in January 2025, demonstrating significant scaling up in duration and system reliability.
This follows a successful 120-second test held in January 2025, demonstrating significant scaling up in duration and system reliability.

Simla Agreement

Impact of Nuclearisation: The nuclear tests conducted by both countries in 1998 shifted strategic priorities, with nuclear deterrence overshadowing the spirit of Simla.
The nuclear tests conducted by both countries in 1998 shifted strategic priorities, with nuclear deterrence overshadowing the spirit of Simla.
Post-1971 War Dynamics: The Simla Agreement was born out of the aftermath of the 1971 Indo-Pakistani War, which led to the creation of Bangladesh. India’s decisive military role dramatically reshaped South Asia’s political landscape.
The Simla Agreement was born out of the aftermath of the 1971 Indo-Pakistani War, which led to the creation of Bangladesh. India’s decisive military role dramatically reshaped South Asia’s political landscape.

Kailash Mansarovar Yatra to Resume After Six Years

After a six-year suspension, the Kailash Mansarovar Yatra will restart in 2025, with about 750 Indian pilgrims set to travel to Tibet between June and August. The Ministry of External Affairs (MEA) announced that the first batch will depart from Delhi on June 30, slightly later than the early June schedules of previous years.
The pilgrimage, initiated in 1981 under a bilateral agreement between India and China, was halted in 2020 due to the COVID-19 pandemic.
Disengagement at friction points along the Line of Actual Control was completed in October 2024, but broader de-escalation talks are ongoing.
The revival of the Kailash Mansarovar Yatra signals a cautious but positive shift in India-China bilateral relations after years of strained ties.

India Expands Claim in Arabian Sea by 10,000 Sq Km

Maximum Depth: 5,395 meters (17,700 feet)
India originally submitted its claim in 2009 across the Bay of Bengal, the Indian Ocean, and the Arabian Sea.
Pakistan objected to parts of India’s earlier claims in 2021, citing overlaps near the disputed Sir Creek area between Gujarat and Sindh.
Following Pakistan’s objection, the CLCS rejected India's entire Arabian Sea claim in 2023.

INSPACe Initiative: Satellite Bus as a Service (SBaaS)

Democratize access to India's space sector by enabling private players.
Bridge the gap between payload developers and satellite platform providers through standardized, modular platforms.
India’s space sector has rapidly grown, with over 325 space startups operating in the country, up from just one a decade ago.
Prime Minister Narendra Modi, in his Mann Ki Baat broadcast, celebrated the country’s 50th anniversary of the launch of the Aryabhata satellite and recognized India’s leadership in providing a cost-effective and successful space program. He further stated that India is now poised to reach even greater heights in space exploration.

Cheetah Cubs Born at Kuno National Park

With the birth of these cubs, Kuno National Park now hosts 19 cheetah cubs in total, alongside adult cheetahs. The growing population signifies that the reintroduced cheetahs have acclimatized well to their new habitat.

India's Progress in Reducing Poverty

Multidimensional Poverty Index (MPI): Excluding nutrition and health deprivations, non-monetary poverty fell from 53.8% in 2005–06 to 16.4% in 2019–21, and further to 15.5% in 2022–23.
The Gini index based on consumption improved from 28.8 in 2011–12 to 25.5 in 2022–23, but income inequality worsened, with the Gini coefficient rising from 52 in 2004 to 62 in 2023.
Overall Decline: Extreme poverty dropped from 16% in 2011–12 to 2.3% in 2022–23.
Rural-Urban Gap: The rural-urban poverty gap decreased from 7.7 percentage points in 2011–12 to 1.7 percentage points in 2022–23, reflecting a 16% annual reduction.

India and France Finalize ₹64,000 Crore Deal for Rafale-M Fighter Jets

Total Value: Approx. ₹64,000 crore
Delivery Schedule: Commences mid-2028, completes by 2030
Aircraft Ordered: 26 Rafale-M fighter jets
Manufacturing Boost: Establishment of a Rafale fuselage production facility in India Setting up of MRO (Maintenance, Repair, and Overhaul) hubs for engines, sensors, and weapons

Pew Survey: India’s Paradox on Fake News, Media Freedom, and State Censorship

It underscores the broader decline of press freedom in India, evidenced by India’s 159th rank out of 180 countries in the 2024 World Press Freedom Index by Reporters Without Borders.
Only 68% of respondents said that it is very or somewhat important for the media to report without state censorship.
India has consistently ranked below 100 since 2003, with a steep fall in recent years.
65% of Indian respondents believe that made-up news and information is a "very big problem".

SIPRI Report 2024

These five nations accounted for 60% of total global military spending ($1,635 billion).
Steady annual growth (+1.6%) despite regional challenges
China: Spent an estimated $314 billion (+7% growth) Marked 30 consecutive years of spending increases Focus areas: Cyberwarfare, nuclear arsenal expansion, and PLA modernisation Accounted for 50% of all military expenditure in Asia and Oceania
Spent an estimated $314 billion (+7% growth)

Digital Push for PM Surya Ghar Muft Bijli Yojana

Loan Offering: Standard collateral-free loans up to ₹2 lakh, at Repo + 50 basis points.
Subsidy Disbursement: Direct transfer to the applicant's savings bank account via the Public Financial Management System (PFMS).
Target: Install rooftop solar systems for 10 million households across India.
Applications received: 4.1 million

Bank	Applications	Sanctioned Loans
State Bank of India	52,348	26,685
Punjab National Bank	100,711	22,082
Bank of Baroda	45,750	16,010
Canara Bank	36,675	9,551
Union Bank of India	28,471	19,700

DoSJE and World Bank Host Seminar on SMILE Initiative for Beggars and Homeless

Founded: 1944
Headquarters: Washington, D.C., USA
Members: 189 countries
The Department of Social Justice and Empowerment (DoSJE), Government of India, in collaboration with the World Bank, organized a seminar titled ‘Hard to Reach Population – SMILE (Beggary)’ on 25th April 2025 in New Delhi. The seminar focused on policy brainstorming and strategy development for the rehabilitation of beggars, the homeless, and destitute individuals in India.

India’s Plastic Waste Crisis

On January 31, 2025, the Supreme Court issued a continuing mandamus to enforce cleanup of Vellore tanneries pollution.
Official rate: 0.12 kg per capita per dayRealistic rate: 0.54 kg per capita per day
Dumpsites outnumber sanitary landfills by 10:1
Every urban and rural local body must be mandatorily linked to: Material Recovery Facilities (MRFs) Waste stream recyclers EPR (Extended Producer Responsibility) kiosks Sanitary landfills

Tree Plantation and Carbon Sequestration in India

Green India Mission (GIM): Contributed to a 0.56% increase in forest cover (2017–2021)
India’s forest and tree cover stands at 25.17%, falling short of the 33% target outlined in the National Forest Policy (1988). Amid accelerating climate change, expanding tree cover is vital to:
Agroforestry increases farm incomes by 20–30% (ICAR study)
National Agroforestry Policy (2014): Promotes tree planting on private lands to reduce dependence on forests

Challenge	Recommendation
High cost of global carbon credits (€83/t in EU ETS)	Promote domestic afforestation as cost-effective alternative
Lack of national carbon trading policy	Establish a carbon credit registry and regulatory framework under Article 6
Limited private sector participation	Offer financial incentives and streamline approval processes

Study on India's Public-Funded R&D Organisations

The Union government spent ₹55,685 crore on R&D in 2020-21. Excluding strategic sectors like defence, atomic energy, and space, key scientific agencies spent ₹24,587 crore.
The share of young researchers in the workforce increased to 58% in 2022-23, up from 54% in the previous year.
International Collaboration: Only 15% of the labs collaborate with industry overseas.
External Engagement: Around 50% of labs open their facilities to outside researchers and students.

Test yourself · National Affairs

Fill the blank from memory, then check. Tap a question to reveal the answer.

1. ________, by the Prime Minister, PMMY aimed to provide collateral-free microcredit up to ₹10 lakh to non-corporate, non-farm small and micro entrepreneurs.

Launched on April 8, 2015 Pradhan Mantri Mudra Yojana (PMMY) · 8 April 2025

2. The ________ was created before India had a horizontal privacy framework applicable across all sectors.

current Aadhaar Act (2016) New Aadhaar Law Aligned with Digital Pe… · 10 April 2025

3. The scheme will be implemented during ________ with a total initial outlay of ₹1,600 crore.

2025–26 Cabinet Approves ₹1,600 Crore M-CADWM S… · 10 April 2025

4. A controversial amendment to ________ of the RTI Act has been introduced through Section 44(3) of the Digital Personal Data Protection (DPDP) Act, 2023.

Section 8(1)(j) RTI Act Undermined · 15 April 2025

5. The ASHA scheme, launched in ________, still views them as volunteers — denying them fair wages and career security.

2005 Kerala ASHA Workers’ Protest · 16 April 2025

Banking/Finance · 255

The Impact of Excessive Regulatory Involvement

Public sector entities face an additional challenge in leadership appointments, as 42% of director positions on public sector bank boards are vacant, primarily due to delays in the Appointments Committee of the Cabinet, headed by the Prime Minister.
A similar incident occurred in 2023 at Kotak Mahindra Bank, where an interim MD appointment was approved for just two months, despite the initial request for a four-month term.
In contrast, private sector boards can act independently, but their appointments are subject to scrutiny by regulatory bodies, creating a perception of non-neutrality based on ownership type.
Regulatory oversight should act as a safeguard, not a substitute for internal governance.

IndusInd Bank's Aggressive Fundraising

On the same day, the bank revealed discrepancies in its derivatives portfolio, which would reduce its net worth by 2.35%.
Subsequent Week: The bank raised an additional ₹11,000 crore through CDs with coupon rates ranging from 7.8% to 7.9%, marking a 15 basis point increase compared to the previous week's rates.
March 10: Raised ₹1,890 crore by issuing 12-month CDs at a coupon rate of 7.75%.
IndusInd Bank's CD Issuances: March 10: Raised ₹1,890 crore by issuing 12-month CDs at a coupon rate of 7.75%. On the same day, the bank revealed discrepancies in its derivatives portfolio, which would reduce its net worth by 2.35%. To address these issues, the bank appointed an external agency for a review of the loss estimate and later decided to hire an independent firm to conduct a comprehensive investigation. Subsequent Week: The bank raised an additional ₹11,000 crore through CDs with coupon rates ranging from 7.8% to 7.9%, marking a 15 basis point increase compared to the previous week's rates.

Sebi Considers Direct Access for Foreign Investors in Indian Stock Market

Foreign Direct Investment (FDI) Regulations: If an individual investor’s stake in a listed company crosses 10% through the FPI route, it is considered FDI, which is subject to sectoral restrictions.
The Securities and Exchange Board of India (Sebi) is exploring options to expand the ownership base for local risk assets by allowing overseas individuals to invest directly in India's primary and secondary stock markets.
FPI Route: Foreign investors currently access Indian markets through the FPI framework, particularly Category II FPIs, which can invest after registering with Sebi and using a local sub-custodian.
Direct Investment Proposal: Sebi is considering allowing foreign individuals to directly open brokerage accounts and invest in listed Indian stocks, bypassing the FPI intermediary route. This could potentially ease compliance requirements for such investors.

Sebi Urged to Reconsider IPO Quota Rules

Retail investors, including High Net-Worth Individuals (HNIs), have a 50% allocation in IPOs. Additionally, MFs also participate, effectively increasing retail exposure.
Institutional investors, despite their 50% quota, have less influence on pricing due to the significant retail participation.
Mutual Fund (MF) Activity: Mutual funds also participate in the portion reserved for institutional investors, further distorting the demand from the institutional segment.
Imbalance in Quotas: Retail investors, including High Net-Worth Individuals (HNIs), have a 50% allocation in IPOs. Additionally, MFs also participate, effectively increasing retail exposure. Institutional investors, despite their 50% quota, have less influence on pricing due to the significant retail participation.

Key Changes in Regulatory Guidelines Effective April 1, 2025

Change: The RBI has restored the risk weight on bank loans to NBFCs from 125% to 100%.
Objective: To enhance credit flow to priority sectors and foster inclusive growth.
Change: The maximum fee that banks can charge for ATM cash withdrawals has been increased to ₹23.
Previous Limit: ₹21.

RBI’s 90th Anniversary

Target: Aiming for 4% CPI inflation with a 2% band.
Objective: To maintain stable foreign exchange rates, crucial for importers, exporters, and investors.
Vision: Aligning with the government’s goal of a Viksit Bharat (Developed India) by 2047, RBI aims to support inclusive and accelerated economic growth.
In essence, as RBI celebrates its 90th anniversary, its focus on stability, trust, and growth continues to guide its path forward, ensuring a resilient financial system that contributes to the prosperity of India and its citizens.

Poonam Gupta Appointed RBI Deputy Governor

Liquidity remains a key factor—RBI has infused ₹5 trillion through government securities purchases and ₹1.8 trillion via repo operations.
Liquidity Management: Banking system liquidity turned from deficit to a small surplus recently. RBI officials to meet bankers on April 4 to fine-tune the liquidity framework.
RBI officials to meet bankers on April 4 to fine-tune the liquidity framework.
Proposed CPI Basket Adjustment: Suggested reducing the food weight in CPI from 45.8% to ~40%, considering rising per capita income. Expected to decline to 30% in a decade due to structural shifts.

India’s Deposit Rates Declining

HDFC Bank: Ended special deposits; rates reduced from 7.35% to 7% (35-month deposits) and 7.40% to 7% (55-month deposits).
Bandhan Bank: Savings deposit rates now 3-5% (previously 6%).
RBI Bonds & Senior Citizen Savings Scheme (SCSS) still offer 8.2% for April-June.
Bajaj Finance: Lowered rates by 0.25 percentage points on long-tenure deposits; 42-month FD now at 8.15% (from April 10).

Why RBI Should Hold Off on a CRR Cut

Banks are pressing RBI to reduce the cash reserve ratio (CRR) to unlock ₹1.3 lakh crore currently held without interest.
Previous CRR Cut: RBI already reduced CRR by 50 basis points in December, easing liquidity strains.
T2 Risk Factor: Trump-tariffs (T2) could fuel inflation, making a hasty CRR cut risky.

AI-Driven Fintech Startups Revolutionizing Debt Collection

Rising Defaults: Increasing stress on unsecured consumer loans has forced lenders to explore more efficient collection methods.
Traditional Methods Are Inefficient: Manual follow-ups, call centers, and field agents cannot handle the surge in small-ticket loans.
These startups leverage big data analysis to: Predict borrower behavior and default risks Monitor real-time transactions to anticipate repayment challenges Automate reminders and personalized communication via SMS, email, and voice calls
Automate reminders and personalized communication via SMS, email, and voice calls

RBI's Record-High Net Short Positions and Liquidity Challenges

RBI has already conducted two $10 billion buy-sell swaps (maturing in three years) and a $5 billion swap maturing in August.
OMO purchases worth ₹80,000 crore announced on April 1 to ease liquidity concerns.
RBI’s net short positions in the forward book reached $78.6 billion in February.
Breakdown of short positions: $45 billion in the three-month to one-year category $18.8 billion in the one-to-three-month category $14.8 billion in the up-to-one-month category

Microfinance Sector Attracts Renewed Investor Interest

Fusion & Spandana Sphoorty: Over 70% decline in share prices.
CreditAccess Grameen, Muthoot Microfin, Satin Creditcare: Market cap dropped 33%, 42%, and 37% respectively.
Negative Return on Equity (ROE): Q3 FY25: -1.95% vs 4.99% in Q2 FY25.
Q3 FY25: -1.95% vs 4.99% in Q2 FY25.

Lok Sabha Clears Banking Laws (Amendment) Bill, 2024

Tenure of directors (excluding chairpersons and full-time directors) increased from 8 years to 10 years to align with the Constitution (Ninety-Seventh Amendment) Act, 2011.
Governance Changes in Cooperative Banks: Amendments in the Banking Regulations Act will only apply to cooperative banks engaged in banking activities. Tenure of directors (excluding chairpersons and full-time directors) increased from 8 years to 10 years to align with the Constitution (Ninety-Seventh Amendment) Act, 2011.
Updated ‘Substantial Interest’ Definition for Directorships: The threshold for defining substantial interest will be raised from ₹5 lakh to ₹2 crore to reflect modern financial realities.
The threshold for defining substantial interest will be raised from ₹5 lakh to ₹2 crore to reflect modern financial realities.

Beams Fintech Fund Invests in NBFC Infinity Fincorp

The investment is part of Infinity’s extended Series A funding round, which raised a total of $40 million (₹342 crore).
Jungle Ventures, Archerman Capital, and Magnifico previously led the round with a $35 million (₹300 crore) investment in January.
Infinity Fincorp specializes in small-ticket loans (₹3-5 lakh) to underserved micro-entrepreneurs, including: Tea shop owners Vegetable vendors Small machine enterprises Restaurants Provision stores
True North, an existing investor, has been backing Infinity Fincorp since 2016 and added more funds in 2017 and 2018.

SEBI’s New Regulatory Approach Under Chairman Tuhin Kanta Pandey

SEBI has institutionalized a regulation that mandates a transparent consultative process. A 21-day consultation period has been introduced for regulatory proposals, an improvement from the previous two-week timeline. However, concerns remain about overlapping consultation papers, which could overwhelm stakeholders.

NABARD-SBI Partnership for Rural Growth in Assam

Initial financing of ₹500 crores for FY 2025-26.
Target of ₹1,000 crores annually from the second year onward.
Agriculture and Rural Development: Financing for farmers, rural artisans, and MSMEs.

Bankers Urge RBI to Shift to SORR as Benchmark

The RBI had already reduced CRR from 4.5% to 4% in two phases in December 2024.
Banks are pushing for a CRR cut from 4%, citing seasonal liquidity pressures due to GST and advance tax outflows.
Another 25 basis point repo rate cut (after the February cut to 6.25%) is widely expected.
Despite the current surplus of ₹1.93 trillion, bankers forecast outflows of ₹1.8 trillion around April 20, which could neutralize surplus.

Date	RBI Net Liquidity (₹ crore)
Dec 2, 2024	-89,451 (deficit)
Apr 2, 2025	+1,93,088.61 (surplus)

Sebi Grants Open Offer Exemption to Government in Vodafone Idea Stake Hike

Current GoI Stake: 22.6%
Post-Conversion Stake: 48.99%
Additional Acquisition: 34.1%
Avoid further equity acquisition that could raise its stake above 50%, implying “control”—which is not the government’s intent

Sebi Launches Verification System and Issues Warning to NSDL

Launch Date: Thursday (April 3, 2025)
NSDL has been instructed to: Rectify issues found during inspection Complete synchronisation of the database in collaboration with Central Depository Services (CDSL) Deadline: June 30, 2025
Deadline: June 30, 2025
Purpose: To enhance transparency and verifiability of official documents such as notices, orders, and summons issued by Sebi.

Poonam Gupta: New RBI Deputy Governor’s Views on Inflation and Monetary Policy

Key Proposal (Economic Times, Sep 2023): New target: Raise target to 4.5%, within a narrower band of 3.5–5.5%.
Gupta supports India’s current inflation targeting (IT) framework. She believes the 4% inflation target with a ±2% tolerance band has served India well, but calls for a review.
New target: Raise target to 4.5%, within a narrower band of 3.5–5.5%.
Rationale: India has missed the 4% target in 6 of the past 8 years. Core inflation has consistently exceeded 4%. A moderate inflation rate of 4.8% is not necessarily harmful to economic growth.

RBI’s First OMO of FY26 Gets Bids for 4x Value

Highest Acceptance: ₹6,660 crore for the 8.24% GS 2033 bond
Total Bids Received: ₹80,820 crore
Notified Amount: ₹20,000 crore
February VRRs: ₹1.25 lakh crore infused earlier will mature Friday, creating liquidity demand

Bankers Seek Return to Daily Overnight Window

Current Model (Feb 2020 onwards): 14-day VRR as the main tool Auctions from overnight to 13-day tenors for fine-tuning
Auctions from overnight to 13-day tenors for fine-tuning
Meeting Held: Thursday between RBI officials and top bank representatives
January 2025 Update: RBI began daily VRR auctions on working days, improving liquidity

NCLAT Approves Bharti Telecom’s Capital Reduction Scheme

The National Company Law Appellate Tribunal (NCLAT) has approved Bharti Telecom’s 2018 capital reduction scheme, rejecting minority shareholders' objections that the scheme was unfair and non-compliant with legal standards.
Majority Support: 99.90% of shareholders voted in favor of the scheme.
Allegation: Claimed Bharti Telecom undervalued the shares by applying a 25% discount, calling it unfair and unlawful.
Representation: Minority shareholders constitute just 1.09% of Bharti Telecom’s total share capital.

BlackSoil-Caspian Debt Merger Gets RBI Nod; NCLT Approval is Next

Regulatory Progress: RBI Approval: Received. NCLT Approval: Pending, expected within 6–9 months.
NCLT Approval: Pending, expected within 6–9 months.

EPFO Simplifies Online Claims and Bank Account Seeding Process

The change was piloted from May 28, 2024, for KYC-updated members. Over 1.7 crore EPF members benefited during the pilot phase.
Over 14.95 lakh bank account seeding requests were pending at the employer level.
Immediate benefit to 14.95 lakh members awaiting employer approval. Simplifies seeding and updating bank details—now directly authenticated via Aadhaar OTP.
Ensures faster processing and fewer claim rejections due to unreadable uploads. Will immediately benefit around 6 crore EPF members.

SBI Research Report: 10 Years of Pradhan Mantri Mudra Yojana (PMMY)

Bihar: Share increased from 5.67% in FY16 to 10.97% in FY25
Uttar Pradesh: Share rose from 9.27% to 11.30%
Odisha: Marginal increase from 4.24% to 4.51%
Overall Sanctioning: Over ₹33 lakh crore sanctioned under PMMY in the last 10 years

Citi-SBI Social Loan Facility: Boosting Credit for India’s Small Farmers

Current trading price: ₹774.75
Day's change: Down by 0.57%
One-month performance: Gained 8.20%
Citi and the State Bank of India (SBI) have launched a $295 million social loan facility aimed at improving financial access for small and marginal farmers. The credit will be routed through SBI’s Kisan Credit Card (KCC) loan portfolio, ensuring that rural farmers receive the funds necessary to enhance productivity and income.

Bank of Maharashtra Partners with Customer Capital to Launch Exclusive Travel and Loyalty Platform

Founded in 2022, Customer Capital is redefining loyalty through captive commerce and AI-powered solutions
Launch of a white-label travel platform called Tripstacc tailored for Bank of Maharashtra customers
India's loyalty program market is projected to grow to USD 7.92 billion by 2028
Positions Bank of Maharashtra to become a preferred partner by offering curated value to its cardholders

IDFC FIRST Bank Authorised by CPAO for Pension Disbursement

Deposit Base: ₹2,27,316 crore
Loans and Advances: ₹2,31,074 crore
The integration between CPAO and IDFC FIRST Bank is complete, enabling seamless pension disbursements directly into pensioners' IDFC FIRST Bank savings accounts.
IDFC FIRST Bank has been authorised by the Central Pension Accounting Office (CPAO) to disburse pensions to central government pensioners, including:

Axis Bank Partners with Fortune 500 Company for B2B Collections via Bharat Connect

Definition:B2B describes commerce where businesses sell products or services to other businesses, not directly to end-users.
Branches: 5,706 domestic branches (including extension counters)
This partnership marks a significant milestone in India’s digital payment evolution by introducing a first-of-its-kind B2B invoice payment and financing platform, enhancing the efficiency of collections for corporates and their distributors.
Axis Bank has partnered with a Fortune 500 company to launch a B2B collections solution through NBBL’s Bharat Connect (formerly BBPS), becoming the first bank in India to go live with this initiative. The solution leverages Axis Bank’s robust API banking stack and offers a seamless, scalable and customizable platform for B2B payments.

India Fintech Foundation (IFF)

Funding has declined for 3 consecutive years: 2024: $1.9 billion (228 rounds) 2023: $2.8 billion (324 rounds) Peak in 2021: $8.3 billion (665 rounds)
Amitabh Kant (India’s G20 Sherpa) endorsed the role of SROs in ensuring sustainable fintech growth
Current Membership: 100 fintech companies
Positioned as a key element in India’s Viksit Bharat@2047 vision

Forward-Looking Assessment

Regulatory Recognition: IFF’s success hinges on formal endorsement from the RBI
IFF’s success hinges on formal endorsement from the RBI
SME Engagement: IFF’s 100-member base gives it scale, but it must now establish enforcement credibility
IFF’s 100-member base gives it scale, but it must now establish enforcement credibility

Banks Park Record ₹4.13 Trillion with RBI under Standing Deposit Facility (SDF)

Liquidity Surplus: Banking system liquidity moved into surplus in early FY26, prompting banks to park ₹4.13 trillion with the RBI on Thursday—the highest since the SDF's introduction in April 2022.
Offers an interest rate 25 bps below the repo rate (currently at 6.25%)
Interest earned on SDF stands at 6.00%, still more attractive than market rates like WACR and TREPS
Lower Overnight Rates: Call and triparty repo rates (TREPS) have dipped below 6%

RBI Releases Revised FEMA Draft Regulations

100% advance payment, or
If export proceeds remain unrealised for over two years from the due date, and the cumulative unrealised amount exceeds ₹25 crore, then the exporter must conduct future exports only against:
The Reserve Bank came out with revised draft regulations that cover export and import transactions under FEMA with an aim to promote ease of doing business. As per the revised draft, if the export proceeds of an exporter remain unrealised for a period beyond two years from the due date and the cumulative unrealised export proceeds of that exporter exceeds Rs 25 crore, he shall undertake further exports only against receipt of full advance or an irrevocable letter of credit.
Applies to authorised dealers facilitating such transactions

Impact on Businesses

Exporters with large outstanding dues must reassess risk management strategies
Gold and silver importers must now rely on post-shipment payments, impacting procurement models
Authorised dealers will need to update internal compliance protocols

PMS Players Entering Mutual Fund Space to Launch SIFs

They offer a minimum investment size of ₹10 lakh, compared to ₹50 lakh for PMS and ₹1 crore for AIFs
Equity-Oriented Strategies Equity long-short funds: Minimum 80% in equities, with a 25% short limit Ex-top 100 long-short funds: Exclude large-caps, maintain 65% equity exposure Sector rotation funds: Focus on max four sectors at a time
Equity long-short funds: Minimum 80% in equities, with a 25% short limit
Ex-top 100 long-short funds: Exclude large-caps, maintain 65% equity exposure

Securis Finance Secures RBI NBFC Licence to Enter Education Lending Space

Vision 2030: Expand loan book to ₹1,000 crore, targeting 100,000+ students annually
Loan Range: Between ₹50,000 and ₹5 lakh
Loan Disbursement Goal: ₹100 crore in education loans during FY25
Core Focus: Student-centric lending with education loans tailored for school fees, tuition, test prep, and upskilling courses

India Post Partners with Nippon India Mutual Fund for Door-to-Door KYC Services

Objective: Streamline KYC verification for mutual fund investors through doorstep service
Over 5 lakh KYC verifications already completed for UTI and SUUTI
Inclusivity: Targets rural and underserved communities, aligning with the Jan Nivesh initiative
Accessibility: Empowers first-time investors to participate in mutual funds with ease and security

Fintech Startups Glow Up Amid Retail Gold Rush

Stable Money, backed by Lightspeed, is closing a $20–25 million round led by Fundamentum Partnership, which follows a $15 million round in July 2024.
India’s household asset base stands at $10.7 trillion, with over 15% held in gold.
Market penetration is limited — only around 100,000 unique investors use these alternative platforms.
Gullak, a digital gold savings platform, is in advanced talks to raise $5–6 million, likely led by Chiratae Ventures.

IndusInd’s Term & CASA Deposit Growth Slips in Q4

CASA Growth: Slowed to 32.8% in March 2025 from 34.9% in December 2024.
Retail & Small Business Deposits: Fell to ₹1.85 lakh crore in March 2025 from ₹1.88 lakh crore in December 2024.
Total Deposits: Sequential growth: 0.4% (₹4.11 lakh crore as of March 31, 2025) YoY growth: 6.8%, down from 11% in the previous quarter.
Sequential growth: 0.4% (₹4.11 lakh crore as of March 31, 2025)

How Bad Loans Ruined India's Banking System

2008 Global Financial Crisis Impact: India launched a stimulus programme, injecting liquidity to boost demand.
NPAs became a major election issue in 2014, symbolizing corruption and mismanagement.
Policy Shift: Government prioritized infrastructure investment, encouraging private sector participation via Public-Private Partnerships (PPPs).
Causes Non-performing loans can occur when borrowers experience financial difficulties, job loss, or other situations that make it challenging to continue making repayments.

IMF-World Bank Report

Overruling Regulatory Decisions: The MoF acts as an appellate authority for the RBI and has overridden major decisions in the past. For example, in 2019, the government reversed the RBI’s move to revoke a cooperative bank’s licence.
Government Control Over Regulators: Current Indian laws allow the Ministry of Finance (MoF) to control the appointment and management of top officials at key regulatory bodies like the RBI and IRDAI.
Appellate Authority Transfer: The report recommends transferring the RBI’s appellate oversight from the Ministry of Finance to an independent agency, reducing political interference in regulatory matters.
Strengthening IRDAI’s Powers: The Insurance Regulatory and Development Authority of India should be empowered to take direct supervisory actions against large public insurers, including the dominant state-owned life insurance company.

NPCI’s Strategic Focus Areas in 2025

Recent Developments: Record 20 TPAP approvals in 2024 Emerging players: Cred, Navi, Paytm, Super.money Strong interest driven by UPI’s zero MDR and wide user base
Current Monthly Users: 400–450 million
Potential: Over 1 billion users and 100–150 billion monthly transactions
Infrastructure: 2 data centers operational (Hyderabad, Chennai) 3rd ready; 4th under consideration NPCI has ₹1,100 crore surplus for resilience and risk reserves

Unified Pension Scheme (UPS)

Covers over 2.3 million central government employees
Provides a guaranteed pension equal to 50% of the retiree’s average basic pay of the last 12 months
Minimum qualifying service is 25 years
Government’s share increased from 14% to 18.5% of Basic Pay + Dearness Allowance

Feature	UPS	NPS	OPS
Pension Formula	50% of avg. last 12 months’ basic pay	Market-linked	50% of avg. last 10 months’ basic pay
Min. Qualifying Service	25 years	No minimum	20 years
Govt Contribution	18.5%	14%	Fully funded (non-contributory)
Pension Start Age	60 years	As per withdrawal	Immediate post-retirement
Risk Sharing	Govt + employee	Employee (market-driven)	Fully govt-funded
Equity Cap	To be decided	Max 50%, tapering with age	Not applicable

RBI Monetary Policy Committee (MPC) Meeting – April 2025

Between January and March 2025, the RBI infused approximately ₹8 trillion in durable liquidity.
In February 2025, the RBI delivered its first repo rate cut in five years (25 bps), with all MPC members voting unanimously in favor.
The Reserve Bank of India’s six-member Monetary Policy Committee (MPC) will convene its first meeting for FY26 starting Monday.A repo rate cut of 25 basis points (bps) is widely expected, with outside chances of a deeper 35 bps cut being discussed by analysts.
Inflation is projected to remain below the RBI’s 4% target in the coming months, possibly prompting a shift in stance from neutral to accommodative.

Borrowers Shift to Secured Loans Amid Tighter Norms on Unsecured Lending

November 2023: RBI increased risk weights on unsecured personal loans and credit card dues.
Loan against FDs: Growth rose from 6.7% (Dec 2023) to 11.9% (Feb 2025)
Loan against Shares/Bonds: Jumped from 8.5% to 16.7%
Gold Loans: Growth spiked from 18.6% to 87.4%

Centre May Revise Digital Competition Bill

₹4,000 crore annual domestic turnover (3-year average), or
₹16,000 crore gross merchandise value (GMV) in India, or
10 million end-users or
10,000 business users in India

‘RBI Kehta Hai’ Campaign

This move aims to reach users across urban and rural areas in a simple, direct, and effective way.
Help combat fraud by educating users about safe banking practices in real time.
The initiative helps strengthen resilience in the digital financial ecosystem, especially among new or less tech-savvy users.
The ‘RBI Kehta Hai’ initiative is the central bank’s ongoing effort to educate the public on financial literacy, safety, and best practices.

HDFC Bank, IDFC First Bank, and Stock Holding Corp to Sell Insurance to 35M+ NRIs via GIFT City

Licensed Entities: HDFC Bank Ltd IDFC First Bank (IFSC Unit) Stock Holding Securities IFSC Ltd
IDFC First Bank (IFSC Unit)
Integrated Services: NRIs opening a bank account in GIFT City can now also access insurance products without visiting separate providers.
In a major regulatory development, HDFC Bank, IDFC First Bank’s IFSC unit, and Stock Holding Securities IFSC Ltd have received approvals to act as corporate agents and distribute insurance products to over 35 million NRIs and PIOs globally. This move, enabled under the Insurance Act, marks a significant expansion of financial services at GIFT City, India’s first International Financial Services Centre (IFSC).

NABARD Sanctions ₹5,830 Crore to Jharkhand for Rural Infrastructure in FY25

₹3,772 crore sanctioned under the Rural Infrastructure Development Fund (RIDF)
₹1,797 crore allocated under the Short-Term Refinance facility for cooperative banks and RRBs
₹261 crore extended through Long-Term Refinance for strengthening rural credit institutions
Since inception, NABARD has sanctioned ₹20,000 crore+ under RIDF to the state

RBI Imposes Penalties on SCDCC Bank and Karnataka Gramin Bank

Violation: Issuance of loans to its own directors, breaching Section 20 read with Section 56 of the Banking Regulation Act
Inspection: Conducted by NABARD, based on the bank’s financial status as of March 31, 2023
Penalty Imposed: Under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act
Non-compliance With: RBI’s directions under the ‘Strengthening of Prudential Norms (2001)’ and ‘Income Recognition and Asset Classification Guidelines (1996)’

SEBI Introduces Operational Framework for Performance Validation Agency

Objective: To ensure that performance claims in financial advertisements are accurate and not misleading, thereby protecting investors and maintaining market integrity.
Scope: The framework applies to research analysts and investment advisers, requiring them to have their performance claims validated by the PVA before including them in advertisements.
Implementation: SEBI will oversee the establishment and functioning of the PVA, ensuring compliance with the operational guidelines set forth in the framework.

SEBI Proposes Investor Charter for KYC Registration Agencies to Boost Investor Awareness

KRAs were introduced under the SEBI (KRA) Regulations, 2011 to centralize the storage and digitization of KYC records.
To educate investors about the role and responsibilities of KRAs.
List of services provided to investors
Investors’ rights and responsibilities

Special Deposit Schemes

Schemes Extended Till June 30, 2025: Ind Super 400-Day Scheme – 7.30% interest Ind Supreme 300-Day Scheme – 7.05% interest
Utsav FD Scheme Extended Till April 30, 2025 300-day deposit – 7.05% 375-day deposit – 7.25% 444-day deposit – 7.35%
Replaces: BoB Utsav Scheme, which offered 7.30% for 400 days
Withdrawn: Amrit Kalash Scheme (7.10% for 400 days)

HDFC Bank Lowers MCLR

On February 7, when the RBI last cut the policy rate, HDFC Bank had instead hiked its overnight MCLR by 5 bps. The latest reversal in trend suggests improved liquidity and lower borrowing costs for banks.
New MCLR Range: 9.10% to 9.35%
One-Year MCLR: Reduced to 9.30% from 9.40%
The reduction comes just before the RBI’s upcoming monetary policy review, where a 25 bps repo rate cut (to 6%) is widely expected.

RBI Likely to Boost Liquidity

Global Market Fallout: The US imposed 26% tariffs on Indian imports, triggering concerns over India’s growth and inflation outlook. The move wiped off $2 trillion in global market cap, making it the worst tariff shock since 1930’s Smoot-Hawley Act.
The move wiped off $2 trillion in global market cap, making it the worst tariff shock since 1930’s Smoot-Hawley Act.
Rate Cut Expectations: The Monetary Policy Committee (MPC) is scheduled to announce its decision on Wednesday. A 25-basis point rate cut is widely expected, bringing the repo rate down to 6%.
RBI has injected ₹6.4 lakh crore in durable liquidity since December 2024, via: Forex swaps Open market bond purchases

SEBI Slaps ₹7 Lakh Fine on Reliance Securities

Inactive Client Fund Settlement Ignored: In 122 out of 127 cases, client funds were not settled on a quarterly basis. Since September 2021, the firm failed to settle funds after 30 days of inactivity in 10,102 instances, affecting 8,527 unique clients.
Since September 2021, the firm failed to settle funds after 30 days of inactivity in 10,102 instances, affecting 8,527 unique clients.
Following an inspection between December 22, 2022, and January 24, 2023, SEBI uncovered widespread lapses:
In 122 out of 127 cases, client funds were not settled on a quarterly basis.

Loan and Deposit Growth Slowdown in Q4 FY25

Punjab National Bank, Bank of India, IDFC First Bank, Yes Bank, Bandhan Bank, IDBI Bank, and South Indian Bank saw loan growth drop to 8-20% YoY in Q4 FY25, down from 12-22% in Q3 FY25.
HDFC Bank showed improvement in loan growth to 5.4% from 3% in the previous quarter.
IndusInd Bank saw a sharp decline, with net advances growing only 1.4% YoY and contracting 5.2% QoQ, primarily due to a pullback in its corporate loan portfolio.
HDFC Bank saw deposit growth slow slightly to 14.1% from 15.8%.

Zee Entertainment Gets Relief as NCLAT Rejects IDBI Bank’s Insolvency Plea

The tribunal invoked Section 10A of the Insolvency and Bankruptcy Code (IBC), 2016, which bars insolvency proceedings for defaults occurring during the Covid-19 moratorium period (25 March 2020 to 25 March 2021).
While Siti Networks' loan turned into an NPA in December 2019, IDBI invoked Zee’s guarantee only in March 2021, demanding ₹61.97 crore.
Dispute originated from a 2012 guarantee agreement where Zee guaranteed a debt service reserve account (DSRA) for IDBI Bank’s working capital loan to Siti Networks.
Zee argued its guarantee was limited to interest on the original ₹50 crore loan, not covering increased limits or principal.

How Should the RBI Respond to Trump’s Tariff Shock?

Trump's tariffs have hit every major trading partner, with China retaliating with a 34% tariff.
The announcement of “kind reciprocal tariffs” by US President Donald Trump, now the 47th president, has sent shockwaves through the global economy. The Indian economy, like many others, finds itself at a crossroads as it faces the fallout from the 26% US tariff on Indian exports. While the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) begins its policy review, critical decisions loom.
RBI had already pivoted to a growth-supportive stance with a 25 bps rate cut in February.
The best course may be strategic inaction—holding rates steady until clearer data emerges.

RBI’s April 2025 Policy Review

India’s GDP forecast of 6.5% for FY26 carries a 40–50 bps downside risk due to external shocks.
Inflation is expected to remain near 4%, assuming favourable monsoon conditions (El Niño-neutral forecast).
The RBI has already infused ₹6.5 trillion in durable liquidity through: CRR cuts OMO bond purchases Forex swaps Transition to variable repo auctions
Forecast: A 25 bps repo rate cut, bringing it to 6.00%, with a high chance of stance shift to “accommodative.”

One State-One RRB

Even after capital dilution (as per the 2015 amendment to the RRB Act, 1976), the combined shareholding of the Centre and sponsor banks cannot fall below 51%.
Capital infusion: As a preparatory measure, the Centre allocated ₹5,445 crore over two years (starting FY 2021-22) to strengthen the capital base of these RRBs.
Record profits: In FY 2023-24, RRBs achieved their highest-ever consolidated net profit of ₹7,571 crore.
Capital Adequacy: Reached a historic high of 14.2% as of March 31, 2024.

Welspun One Secures ₹2,300 Crore Funding from NaBFID

NaBFID, established by the Government of India in April 2021, is the nation's 5th All India Financial Institution (AIFI), aimed at fostering long-term non-recourse infrastructure financing.
Key Sectors Targeted: E-commerce, 3PL (third-party logistics), FMCG, and manufacturing
In a major infrastructure financing milestone, Welspun One Logistics Parks has secured ₹2,300 crore in construction financing from the National Bank for Financing Infrastructure and Development (NaBFID) for its flagship logistics park project at Jawaharlal Nehru Port Authority (JNPA) in Navi Mumbai.
Area: 55 acres

Government May Set Up Oversight Panel for CoC Conduct in IBC Process

90.32% of creditors approved a “one-time settlement” offer by absconding promoters.
Loan Write-Offs for Balance Sheet Cleanup According to ICRA, Indian commercial banks are likely to write off ₹1.51 trillion in bad loans during FY26 to improve balance sheet hygiene.
According to ICRA, Indian commercial banks are likely to write off ₹1.51 trillion in bad loans during FY26 to improve balance sheet hygiene.
Credit growth in FY26 is now expected to be 10.8–10.9%, amounting to ₹20.2 trillion.

Metric	FY26 Estimate
Loan Write-Offs	₹1.51 trillion
Credit Growth	10.8–10.9% (~₹20.2 trillion)
Credit Expansion	₹19–20.5 trillion
Repo Rate Cuts Expected	75 basis points (from Feb 2025)
Drop in Bank NIMs	15–17 basis points

Shriram Finance Eyes RBI Primary Dealer Licence

The company recently acquired 100% equity in Shriram Overseas Investments (SOIPL) and appointed Umesh Revankar and Parag Sharma to SOIPL’s board.
The PD system was introduced in 1995 and expanded in 2006–07 to include banks.
PDs act as market-makers and merchant bankers to the Government of India for G-Sec issuances.
According to a source, the PD business is low-margin but carries virtually no risk, aligning well with Shriram’s strategy of diversification.

Finance Ministry Notifies Form ITRB for Disclosure of Undisclosed Income Post Search Operations

The Finance Ministry has notified Form ITRB via gazette, to be used by taxpayers for disclosing previously undisclosed income uncovered during income tax search or requisition operations conducted on or after September 1, 2024.
Block assessment is a special procedure used primarily during search and seizure operations to assess undisclosed income over a period of years.

Jio Finance Launches Fully Digital Loan Against Securities (LAS) Product

The offering allows customers to avail loans up to ₹1 crore, with interest rates starting at 9.99%, based on individual risk profiles.
Quick Processing: Entire application and disbursal process is digitized and completed in 10 minutes.
Secured Loan Offering: Customers can pledge shares and mutual funds to access funds without liquidating long-term investments.
Custom Interest Rates: Rates are tailored to borrower risk profiles, making the offering competitive and personalized.

UPI Outages 2025

March 2025 saw a record ₹24.77 trillion across 19.78 billion transactions, making disruptions more critical.
Over 80% of India’s digital payments are now processed via UPI, making resilience mission-critical.
On March 26, UPI success rates dropped to 50–60%, significantly below normal.
UPI processed 550 million transactions, down 7% from 581 million the day before.

India Pushes Rupee-Based Trade Settlement Amid US Tariffs

The United States has imposed a 26% tariff on Indian imports, effective April 9, 2025.
The Reserve Bank of India (RBI) is working to open up the Indian Financial Network (Infinet) — currently used for domestic interbank transfers — to international participants.
In response, India is accelerating currency diversification in trade settlements to reduce dependence on the US dollar and cut forex transaction costs.
This will enable secure fund transfers under the SRVA mechanism and facilitate faster cross-border settlements in INR.

SEBI’s Overprotection

With a wave of new compliance rules, SEBI seems intent on shielding investors from themselves, even if it means sacrificing autonomy.

Trading Meets Health Check-Ups

Thinking of day trading? Better book an appointment with your doctor first.
The piece jests that SEBI may soon demand pre-market and post-market BP checks, lest volatile markets send investors into a financial coma.
Through biting satire, the article critiques SEBI’s increasingly interventionist stance, suggesting it strips away personal responsibility in the name of protection.
The metaphor of SEBI as a Mai-Baap regulator pokes fun at a system that tries to parent adult investors.

RBI’s OMO Sees Strong Demand

The Reserve Bank of India (RBI) received ₹70,144 crore worth of bids in its second Open Market Operation (OMO) for FY26, more than 3.5x the notified amount of ₹20,000 crore.
7.23% 2039 bond (longest maturity): ₹6,401 crore accepted, the highest allocation in this round.
2034 bond: Saw multiple bids at identical cutoffs, leading to partial allotment — only 38.2% of bids were accepted. This indicates heightened competition among traders and institutions.
RBI has injected ₹6.6 lakh crore since December 2024 using: Cash Reserve Ratio (CRR) cuts OMO bond purchases Dollar-rupee buy/sell swaps

'One State, One RRB' Model

Legal Basis: Section 23A(1) of the Regional Rural Banks Act, 1976
Rural Focus: Around 92% of branches are in rural or semi-urban areas
Effective Date: May 1, 2026
RRBs Merged: 26

Phase	Timeline	RRBs Reduced From	To
Phase 1	FY06 – FY10	196	82
Phase 2	FY13 – FY15	82	56
Phase 3	FY19 – FY21	56	43
Phase 4	Effective May 1, 2026	43	28

Bank of Baroda Launches ‘Square Drive’ FD Scheme

Interest Rates: General Citizens: 7.15% p.a. Senior Citizens (60+ years): 7.65% p.a. (0.50% extra) Super Senior Citizens (80+ years): 7.80% p.a. (0.15% extra over senior rate)
General Citizens: 7.15% p.a.
Senior Citizens (60+ years): 7.65% p.a. (0.50% extra)
Super Senior Citizens (80+ years): 7.80% p.a. (0.15% extra over senior rate)

Piramal Finance Exits Housing Finance Segment; Transitions to NBFC-ICC Model

Implications for Borrowers & Investors:Existing home loan customers may be transferred or serviced under different terms, while investors can expect realignment in PFL’s lending portfolio.
Piramal Finance Ltd. (PFL), formerly known as Piramal Capital & Housing Finance, has officially exited the housing finance business after surrendering its Housing Finance Company (HFC) license. This strategic move follows the Reserve Bank of India (RBI) granting it a new Certificate of Registration (CoR) on April 4, 2025, under Section 45 IA of the RBI Act, 1934.

Niveshak Didi Initiative – Phase 2 (April 2025)

40,000+ women postal workers to be trained as “Niveshak Didis”
Women-centric model: Over 60% of Phase 1 beneficiaries were rural women
Launched by the Investor Education and Protection Fund Authority (IEPFA) and India Post Payments Bank (IPPB)
Phase 1: Rolled out in 2023

RBI’s Monetary Policy Committee (MPC) Meeting April 2025

The Reserve Bank of India (RBI) cut the repo rate by 25 basis points, bringing it to 6%, marking the second consecutive rate cut in 2025. The policy stance has shifted to "accommodative", signaling room for further easing to support economic growth.
GDP growth for FY26 has been lowered to 6.5% from the earlier 6.7%, reflecting caution amid global uncertainties.
Inflation is now projected at 4%, down from 4.2%, indicating stronger price stability and a more comfortable policy space for the RBI.
The bond market responded positively with yields falling to a 3-year low, as investors priced in a dovish outlook and lower borrowing costs.

RBI Governor Reassures Resilience of India’s Financial System

Due to fund misappropriation allegations, the RBI has superseded the bank’s board for 12 months and appointed an administrator.
IndusInd reported internal discrepancies in its derivative portfolio, with an expected net worth hit of 2.35%.
The RBI has urged depositors not to act on speculation, assuring them that the bank’s financial health is stable and under close supervision.
RBI Governor Malhotra stated: “These are not total failures — they are episodes that can happen in a financial system with many players.”

RBI Draft Guidelines Aim to Harmonize Gold Loan Practices Across Financial Entities

Muthoot Finance: ↓ 7%
IIFL Finance: ↓ 2.5%
Manappuram Finance: ↓ 1.86%
LTV Ratio Capped at 75%

RBI Shifts to Accommodative Policy Stance with Second Consecutive Rate Cut in FY26

Repo Rate Cut: Reduced by 25 bps to 6%
Terminal Repo Rate Forecast Revised: Previously: 5.5%–5.75% Now: 5.25%–5.5%
Previously: 5.5%–5.75%
Now: 5.25%–5.5%

Bond Yields Drop to 3-Year Low as RBI’s Dovish Stance Spurs Rate Cut Expectations

10-Year Government Bond Yield: Settled at 6.44% on Wednesday Down from 6.48% in the previous session Lowest yield level since December 20, 2021
Anshul Chandak, Head of Treasury, RBL Bank: Interpreted the messaging as a precursor to deeper rate cuts Predicts 10-year bond yield could drop to 6.25% in the next 4–5 months
Settled at 6.44% on Wednesday
Down from 6.48% in the previous session

RBI Considers Shift from Call Rate to Collateral-Based Benchmark in Liquidity Framework

In contrast, collateralized segments like Triparty Repo (TREPS) and Market Repo dominate overnight volumes, comprising 98% of overnight market activity.
The RBI aims to maintain a surplus liquidity level close to 1% of Net Demand and Time Liabilities (NDTL)—estimated at around ₹2.7 trillion.
As of Tuesday, net liquidity in the banking system stood at a surplus of ₹1.32 trillion.
Potential Shift: The central bank is exploring whether to continue with WACR or transition to a new benchmark, such as a secured rate, based on broader market consultations.

ADB Cuts India’s FY26 GDP Forecast to 6.7% Amid Rising Global Trade Tensions

The Asian Development Bank (ADB), in its Asia Development Outlook April 2025, has lowered India’s GDP growth forecast for FY26 to 6.7% from the earlier projection of 7%, citing rising global trade tensions, US tariffs, and geopolitical uncertainties.
Developing Asia-Pacific economies are now projected to grow at 4.9% in 2025, slightly lower than the 5.0% growth in 2024.
India’s exports to the US form only about 2% of GDP, limiting direct trade exposure.
The US administration’s new tariff measures (announced on April 2) are a major downside risk.

Fiscal Year	GDP Growth (%)	Inflation (%)
FY2025–26	6.7	4.3
FY2026–27	6.8	4.0

SEBI Forms High-Level Committee to Review Conflict of Interest Among Officials

Members include: Uday Kotak, Founder of Kotak Mahindra Bank R. Narayanaswamy, former professor at IIM Bangalore Other retired bureaucrats with expertise in ethics and public administration
The Securities and Exchange Board of India (SEBI) has established a high-level panel to review and address conflict of interest concerns involving its board members and employees.
Chairperson and Committee Composition
Chairperson: Pratyush Sinha, former Chief Vigilance Commissioner

Indian Bank Cuts Repo-Linked Lending Rate by 35 Basis Points to 8.70%

Indian Bank has reduced its Repo-Linked Benchmark Lending Rate (RBLR) from 9.05% to 8.70%, effective April 11. The 0.35% (35 basis points) rate cut aligns with recent RBI repo rate adjustments, according to the bank’s statement.
The rate cut will benefit borrowers with loans linked to RBLR, including: Home loans Business loans
Borrowers could see a reduction in their EMIs, depending on the terms and reset periods of their loans.
The decision enhances loan affordability, potentially supporting sectors like housing and MSMEs.

RBI Proposes Market-Based Securitisation of Stressed Assets to Ease Lenders’ Burden

This new route would work alongside the existing Asset Reconstruction Company (ARC) mechanism governed under the SARFAESI Act, 2002.
The Reserve Bank of India (RBI) has proposed a market-driven framework for securitisation of stressed assets, aiming to reduce the Non-Performing Assets (NPAs) burden on lenders.
The RBI's draft guidelines also include: Valuation methods Capital requirements for investors Mandatory disclosures
Capital requirements for investors

RBI Drafts Inclusive Co-Lending Framework for All Regulated Entities

A Co-Lending Arrangement (CLA) enables two financial institutions to jointly disburse loans based on a pre-agreed lending proportion.
Participating institutions must clearly disclose: Targeted borrower segments Loan terms and pricing Internal exposure limits for borrowers Risk-sharing agreements
Internal exposure limits for borrowers
Enhances financial inclusion and credit flow to underserved segments.

Deadline for Vivad se Vishwas Scheme 2024

The first edition was applicable to appeals pending as of January 31, 2020.
The Central Board of Direct Taxes (CBDT) has set April 30, 2025, as the last date to file declarations under the Direct Tax Vivad se Vishwas (DTVSV) Scheme 2024.
The scheme aims to resolve pending income-tax disputes across appellate authorities including the Supreme Court and high courts, as of July 22, 2024.
DTVSV 2024 is the second edition of the tax dispute resolution scheme.

Bandhan Bank Launches Elite Plus Account for HNIs, Bank of Baroda Unveils High-Yield Deposit Scheme

Key Features: Unlimited monthly cash deposits Free RTGS, NEFT, and IMPS transactions Enhanced debit card insurance coverage Personal accident cover up to ₹15 lakh
Personal accident cover up to ₹15 lakh
Objective: Cater to premium customers seeking a comprehensive, high-value banking experience with exclusive privileges.
Interest Rates: General Customers: 7.15% per annum Senior Citizens: Additional 50 bps (7.65%) Super Senior Citizens (80+ years): 7.75% per annum Non-Callable Deposits: Up to 7.80% per annum

Razorpay Launches Turbo UPI Plugin to Revolutionize In-App Payment Experience

Collaborators: Razorpay, NPCI BHIM Services Limited (NBSL), and Axis Bank
Enhanced Bank Partnerships: Axis Bank’s involvement ensures broader reach and improved system resilience
Objective: To streamline UPI payments and enhance user experience by removing redirection-related friction during transactions.
In-App Payment Capability: Enables businesses to accept UPI payments directly within their apps. Eliminates the need to redirect users to third-party UPI apps, significantly reducing drop-offs.

NPST Partners with Central Bank of India to Strengthen Offline UPI Payment Ecosystem

Central Bank of India’s Reach: Over 4,600 branches to serve as deployment and support centers for the solution
Selection Through Evaluation:NPST secured a 40% market share in a national project to scale offline UPI payments Recognized for its technical strength, compliance framework, and past performance
Merchant-Focused Tools: Offers mobile onboarding, device tracking, and 24/7 merchant support Aims to improve merchant activation, retention, and transaction engagement
Offers mobile onboarding, device tracking, and 24/7 merchant support

RBI Study: Geopolitical Risks Have Amplified, Delayed Impact on Emerging Markets

India’s benchmark 10-year G-sec yield is 6.55% (as of April 9, 2025)
In the 2nd month: Stock market declines deepen to 0.64 pp Currency depreciation rises to 0.32 pp Credit spreads further worsen by 1.2 pp
Credit spreads further worsen by 1.2 pp
A new study published in the RBI’s Monetary Policy Report 2025 sheds light on how geopolitical shocks such as wars, international sanctions, or global unrest impact stock markets, currency exchange rates, and corporate credit spreads, especially in emerging economies like India.

Nabfid Signs Strategic MoU with New Development Bank

The National Bank for Financing Infrastructure and Development (Nabfid) has signed a Memorandum of Understanding (MoU) with the New Development Bank (NDB) to establish a strategic partnership focused on infrastructure financing and sustainable development.

Liquidity Eases in Indian Money Markets

During late December 2024 and early January 2025, the WACR breached the Marginal Standing Facility (MSF) rate of 6.75%, reflecting temporary market stress.
A record ₹4.13 trillion was parked under the SDF during this period — the highest since its launch in April 2022.
The average spread between the WACR and policy repo rate narrowed to 7 basis points (bps) in March 2025, down from a peak of 15 bps in December 2024.
The RBI conducted 4 main VRR auctions and 62 fine-tuning VRR operations to manage liquidity proactively.

Non-Life Insurance Premium Growth Slows to 3-Year Low in FY25

Sebi has clarified: SIFs are exempt from MF interval scheme rules “Skin in the game” investments by AMC officials do not need to meet ₹10 lakh minimum
Operational timeline: Originally scheduled for April 1, 2025 Likely delayed due to pending application and scheme documentation protocols
Total premium collected: ₹3.08 trillion
Year-on-year (YoY) growth: 6.2%

Segment	FY23 Growth	FY24 Growth	FY25 Growth
General Insurance	16.2%	14.24%	5.2%
Standalone Health Insurance	25.76%	26.19%	15.99%
Specialised Insurers	5.3%	-0.75%	-29.25%
Total Industry	16.36%	12.78%	6.2%

RBI May Lower Repo Rate to 5.25–5.5% by 2025

IDFC First Bank (Gaura Sen Gupta): Expects 50 bps more in cuts for 2025, with 25 bps reductions in June and August to tackle transmission lags.
Bank of Baroda (Madan Sabnavis): Predicts a repo rate of 5.5% by March 2026, with a potential pause in June to assess monsoon impact.
Nomura: Predicts a terminal rate of 5%, with 25 bps cuts in every policy meeting until December 2025.
Predicts a terminal rate of 5%, with 25 bps cuts in every policy meeting until December 2025.

Shrinking NIMs for Private Banks

With the Reserve Bank of India (RBI) reducing the repo rate to 6%—the second cut in 2025—net interest margins (NIMs) for banks, especially private sector lenders, are likely to decline, as loan repricing occurs faster than deposit repricing.
Loans Reprice Faster:Around 60% of total bank loans are linked to external benchmarks like the repo rate. For private banks, this share rises to 85.9%, versus 44.6% for public sector banks.
Following the policy change, Punjab National Bank, Bank of India, Karur Vysya Bank, and Indian Bank cut their EBLRs by 25–35 bps.
35.9% of floating-rate loans are still tied to MCLR, which has a 6-month reset period—meaning slower transmission compared to EBLR-linked loans.

India’s GDP Growth Revised to 6.1%: Moody’s Analytics

India’s GDP forecast for 2025 has been lowered to 6.1% from the earlier projection of 6.4%, according to Moody’s Analytics.
Moody’s expects the RBI to respond with further rate cuts: 25 basis point cuts likely in upcoming meetings. Policy rate projected to reach 5.75% by the end of 2025.
Policy rate projected to reach 5.75% by the end of 2025.
Trade Impact: The US is among India's top trading partners. A proposed 26% tariff on Indian imports is expected to significantly affect the trade balance. Sectors most impacted: Gems and Jewellery Medical Devices Textiles

Govt May Revise Rural Infrastructure Development Fund Allocation

The Rural Infrastructure Development Fund (RIDF), managed by NABARD, currently has a budgeted allocation of ₹40,000 crore annually, up from ₹30,000 crore in FY22.
Despite this, actual disbursements have consistently exceeded budgeted figures: FY25 (Apr–Feb): ₹42,799 crore FY24: ₹49,400 crore FY23: ₹47,138 crore FY22: ₹42,981 crore
FY25 (Apr–Feb): ₹42,799 crore
FY24: ₹49,400 crore

RBI Proposes Unified Lending Norms for Co-Lending & Gold Loans

Loan-to-value (LTV) ratio capped at 75% for: All NBFC gold loans Bank loans for consumption purposes
Default-loss guarantee of up to 5% of outstanding loans allowed in co-lending agreements.
For consumption loans: Tenor capped at 12 months for bullet repayment loans by banks. ₹5 lakh cap for cooperative and regional rural banks.
₹5 lakh cap for cooperative and regional rural banks.

BharatPe’s Resilient Payments Secures RBI License for Payment Aggregator Business

Launch of a new PA platform under the "BharatPe X" brand, focusing on deepening financial inclusion in tier 2 and tier 3 cities.
Stake in a Regulated Bank – Unity Small Finance Bank

Bank of India, UCO Bank Cut Lending Rates After RBI Repo Rate Reduction

Bank of India: Reduced its Repo-Based Lending Rate (RBLR) from 9.10% to 8.85%, effective April 9, 2025.
The Monetary Policy Committee (MPC), chaired by Governor Sanjay Malhotra, reduced the repo rate from 6.25% to 6%.
UCO Bank: Cut its repo-linked lending rate to 8.8%.
Following the Reserve Bank of India’s (RBI) announcement of a 25 basis point cut in the repo rate, Bank of India and UCO Bank have reduced their lending rates, providing relief to borrowers and signaling a potential wave of rate cuts across the banking sector.

Banks Cut Lending Rates After RBI Repo Rate Reduction to 6%

Indian Bank New RBLR: 8.70% (from 9.05%) Effective Date: April 11
Punjab National Bank (PNB) New RLLR: 8.85% (from 9.10%) Effective Date: April 10
Bank of India New RBLR: 8.85% (from 9.10%) Effective Date: April 9
New RBLR: 8.70% (from 9.05%)

Equity Mutual Fund Inflows Dip 14.4% in March

This is the steepest decline for this category since June 2023, attributed to profit booking and volatility in niche sectors.
The most notable dip was in sectoral and thematic funds, with net inflows falling by 97% to just ₹170 crore in March.
The number of active SIP (Systematic Investment Plan) accounts dropped to 8.11 crore, down from 8.26 crore in February — the third straight month of decline.
SIP contributions also saw a minor dip, falling to ₹25,926 crore in March from ₹26,000 crore in February.

Impact of RBI’s Draft Guidelines on Gold Loans

The Loan-to-Value (LTV) ratio for gold-backed loans is proposed to remain capped at 75%. However, for bullet repayment loans, the LTV will be computed based on the total payment, including interest. NBFCs will have an LTV cap for both consumption and income-generation loans. This will affect how the loan principal is calculated in relation to the value of gold at the time of disbursement. Analysts suggest that this could result in a lower effective LTV due to the buffers needed for gold price fluctuations and interest payments, potentially making gold loans more expensive for borrowers.
NBFCs will have an LTV cap for both consumption and income-generation loans. This will affect how the loan principal is calculated in relation to the value of gold at the time of disbursement.
Analysts suggest that this could result in a lower effective LTV due to the buffers needed for gold price fluctuations and interest payments, potentially making gold loans more expensive for borrowers.
Restrictions on how income-generation loans are classified could reduce demand for such loans, particularly in sectors where growth opportunities are limited.

IRDAI Warns Heritage TPA for Breach of Claim Norms

Heritage TPA failed to comply with this process, according to a remote inspection conducted by IRDAI in November 2021.
The Insurance Regulatory and Development Authority of India (IRDAI) has warned Heritage TPA for unilaterally closing health claims and communicating claim denials directly to policyholders a violation of regulatory norms.
Only insurers are authorized to communicate claim decisions (approvals or rejections).
TPAs must not influence claim outcomes or send repudiation letters to customers.

SEBI Plans Regulatory Overhaul for 'Optimal Compliance'

Aimed at broadening the base of overseas participation in Indian markets.
Active discussions underway with the Reserve Bank of India (RBI) and the Department of Economic Affairs (DEA).
The goal: streamline foreign investment rules and improve ease of doing business for overseas investors.
Requires changes in Foreign Exchange Management Act (FEMA) rules.

RBI Announces Liquidity Support Measures Amid GST Outflows

Open Market Operation (OMO): RBI will purchase government securities worth ₹40,000 crore Auction scheduled for April 17
RBI will purchase government securities worth ₹40,000 crore
Variable Rate Repo (VRR): ₹1.5 lakh crore liquidity injection for 43 days, reversing on May 30 Also scheduled for April 17
₹1.5 lakh crore liquidity injection for 43 days, reversing on May 30

Sebi's High-Level Committee for Conflict of Interest and Disclosure Framework

Committee Composition: Chairperson: Pratyush Sinha, former chief vigilance commissioner. Members include Injeti Srinivas (former corporate affairs secretary) and Uday Kotak (founder of Kotak Mahindra Bank).
Members include Injeti Srinivas (former corporate affairs secretary) and Uday Kotak (founder of Kotak Mahindra Bank).
Review and enhance conflict of interest provisions and disclosures related to property, investments, and liabilities for Sebi board members and senior officials.
Chairperson: Pratyush Sinha, former chief vigilance commissioner.

Sebi Warns Against Rising Securities Market Frauds on Social Media Platforms

Key Announcement: Sebi has issued a public warning about increasing fraudulent securities market activities on social media platforms (SMPs). Investors are urged to report suspicious activity at: https://mi.sebi.gov.in
Investors are urged to report suspicious activity at: https://mi.sebi.gov.in
Investor Advisory: Be cautious of offers that promise quick or guaranteed profits. Always verify the credentials of investment advisors or platforms through official Sebi sources. Report fraudulent activities directly on Sebi’s market intelligence portal.
Fraudsters pose as educational content creators offering trading tips.

Piramal Finance Partners with ICICI Bank to Boost Credit Access in Rural and Semi-Urban India

1.3 million+ active customers (as of Dec 2024)
Total assets of ₹20.13 lakh crore (as of December 31, 2024).
Leverages Piramal’s extensive rural network: 510+ branches Coverage across 13,000+ PIN codes Presence in 26 states Over 4.5 million customers
Over 4.5 million customers

Bank of India Withdraws Special Fixed Deposit Scheme and Reduces Interest Rates

Withdrawal of Special Fixed Deposit Scheme: The bank is discontinuing its 400-day fixed deposit scheme, which offered an interest rate of up to 7.30%. This special scheme was popular for its higher-than-average returns, but its discontinuation comes as part of the broader shift towards lower interest rates.
The bank is discontinuing its 400-day fixed deposit scheme, which offered an interest rate of up to 7.30%. This special scheme was popular for its higher-than-average returns, but its discontinuation comes as part of the broader shift towards lower interest rates.
Impact on Consumers: Individuals who had invested in the special scheme may need to adjust their financial strategies. The lower rates also reflect the broader market dynamics aimed at stimulating economic growth.
Reduction in Interest Rates: As of April 15, 2025, the bank will also lower the interest rates on its short-term and medium-term fixed deposits for various tenures. These changes align with the broader economic trend of rate cuts initiated by the RBI to support economic activity amid shifting inflation and growth concerns.

UPI Faces Another Outage

March 2025: UPI recorded 18 billion transactions (up from 16 billion).
April 2025 (so far): Daily transactions exceeded 600 million, compared to the usual 500 million.
NPCI CEO Dilip Asbe aims for 2 billion transactions per day by 2030.
According to Down detector, over 2,000 complaints were logged around noon.

UPI Downtime

Despite these incidents, UPI uptime has exceeded 99% each month, indicating high functionality.
The outages have occurred on high-traffic days, such as March 26, where UPI processed 550 million transactions, a 7% decline from the previous day.
PhonePe holds 47.25% of the market share, followed by Google Pay with 36.04%.
Together, these two platforms account for 83% of the UPI transaction volume.

Is India’s Personal Income Tax System Truly Progressive?

Top 0.1% of Indian households report income that is only 8% of the national average income-to-wealth ratio
The top 0.1% of households pay only 10% of their capital income in PIT (including capital gains and dividend taxes)
Forbes-listed billionaires pay merely 5% of their capital income as tax
For Forbes-listed families, reported income is just 1/12th of what a regular household would declare if they held similar wealth

Assets Under Management (AUM)

State Street Global Advisors: Manages SPY and other funds. Total AUM (2023): $4.1 trillion, making it the fourth-largest investment firm globally.
Launched in August 2009, the Edelweiss Aggressive Hybrid Fund has consistently ranked in the top 30th percentile in the CRISIL Mutual Fund Ranking (CMFR) through Q4 2024. Its assets under management (AUM) surged from ₹143 crore in December 2021 to ₹2,363 crore in December 2024 an annualized growth rate of 155%, far exceeding the category average of 15%.
SPDR S&P 500 ETF (SPY): NAV (as of May 31, 2024): $522.58 AUM: $526.22 billion
NAV (as of May 31, 2024): $522.58

Challenges in Public Sector Bank Promotions

His RRB made a 21% increase in profits and improved key metrics such as loan growth and non-performing assets during his tenure.
The promotion process for Assistant General Managers to Deputy General Managers has recently come under scrutiny, with some officials being elevated despite underperformance allegations.
The primary reason Mr. X was passed over for promotion was that he bypassed the tender process in a time-sensitive situation, where the video had to be completed within 10 days.
The stringent regulatory oversight often discourages risk-taking, while private sector banks, with more autonomy and less regulatory red tape, can adopt more agile and innovative strategies to meet customer needs.

Centre Plans Major KYC Reforms Under PMLA

Aims to streamline the onboarding process and remove redundancies in documentation across financial institutions.
View-only access for customers with correction request options
Reduces costs for institutions and enhances convenience for customers.
CKYCRR has already digitized 990 million records, with 1,360 million records accessible across institutions.

Short-Term Market Borrowings Surge Amid Tight Liquidity in FY25

Liquidity was persistently tight between November 2024 and March 2025
Record CP issuance of ₹1.1 trillion each in fortnights ending 15 Feb and 15 Jun 2024
Record CD issuance of ₹1.2 trillion in fortnight ending 21 Mar 2025
Outstanding CPs fell to ₹4.4 trillion by March 2025 after peaking at ₹4.8 trillion in mid-February

Category III AIFs and Tax Challenges

If a fund sells assets within a year, the gains are taxed at short-term capital gains (STCG) rate of 20%, even if the investor holds units for over a year.
Gains from futures and options (F&O) are treated as business income and taxed at the maximum marginal rate of 39%.
Entire income taxed at maximum marginal rate (39%).
Clear application of special tax rates (e.g., 12.5% LTCG, 20% STCG)

SEBI Signals Regulatory Reboot Under New Leadership

Disclosure Threshold Raised: From ₹25,000 crore to ₹50,000 crore AUM for ultimate beneficial ownership in equity.
Problem: Mandate to invest 50% in unlisted securities clashed with a shrinking unlisted debt market.
Challenge: Despite reforms, compliance burdens are driving advisors out—registered IAs dropped to 932.
New Committee Formed: To review conflict of interest, disclosure norms, and ethical standards for board members.

HDFC Bank Lowers Savings Account Interest Rate

Objective: HDFC Bank, which merged with HDFC in July 2023, is now focusing on increasing its term deposits to bolster its liquidity position.
Comparison: ICICI Bank and Axis Bank offer a minimum interest rate of 3% for savings balances below ₹50 lakh. HDFC Bank's new rate places it below its large private sector competitors in terms of savings account interest.
ICICI Bank and Axis Bank offer a minimum interest rate of 3% for savings balances below ₹50 lakh.
Credit-Deposit (CD) Ratio: After its merger with HDFC, HDFC Bank’s CD ratio surged beyond 100% due to the large mortgage loan portfolio it inherited.

Banks Propose Common Insurance Repository to Combat Loan Fraud

Digital Insurance Shift: Over 90% of insurance policies in India are now issued in electronic format, making it easier for repositories to manage policy data digitally.
Attractive Loan Terms: Loans against life insurance policies often come with lower interest rates (around 9-10%) compared to personal loans, which typically carry higher rates (15% and above). This has made such loans an attractive option for borrowers.
Collaboration with IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) is set to be involved in discussions about how to operationalize the shared repository and which regulator should oversee it.
Access to Key Data: The repository would allow lenders to verify policy information directly, reducing the risk of fraudulent loans.

Karnataka’s Micro Loan and Small Loan Bill

Example: The SHG-Bank Linkage Model has mobilized over 1 crore SHGs across India, with ₹100,000 crore in credit disbursed via SHGs in FY24 (NABARD).
Example: Karnataka’s MFI loan book dropped from ₹42,000 crore to ₹34,000 crore in 2024.
Example: Karnataka alone has 63 lakh unique microfinance borrowers (MFIN data).
MFIs provide loans at 18-26% interest rates, a sharp contrast to the exorbitant 60-120% charged by informal moneylenders, reducing reliance on informal credit.

Repo Rate Cut 2025

State Bank of India (SBI) Repo rate-linked lending rate: Cut by 25 basis points to 8.25% External benchmark lending rate (EBLR): Reduced to 8.65% Effective from: April 15, 2025
HDFC Bank Savings Deposit Rates < ₹50 lakh: Reduced to 2.75% ≥ ₹50 lakh: Reduced to 3.25% Effective from: April 12, 2025 First rate cut in nearly three years
These changes are effective mid-April 2025 and mark the first major rate realignment in several years.
Bank of Maharashtra External benchmark rate: Reduced to 8.65%

Deposit Rate Cuts in Current RBI Easing Cycle Likely to Be Moderate

High Credit-Deposit (CD) Ratios: Still above 80%, limiting liquidity flexibility.
Current cycle repo rate cut (so far): 50 basis points (bps) — 25 bps each in February and April 2025.
Expected cut: Around 100 bps, compared to 250 bps in the 2019–2022 easing cycle.
Deposit rate cuts implemented so far: SBI: 10 bps Bank of India: 25 bps Kotak Mahindra Bank: 15 bps Canara Bank: up to 20 bps HDFC Bank: 35–40 bps on FDs Yes Bank: up to 25 bps

State Bank of India Cuts Interest Rates on Special Deposit Scheme and Loans

Previous Special Scheme: SBI’s 400-day FD at 7.10% was launched in April 2023 and valid until March 31, 2024
Previous Rate: Launched in July 2024 at 7.25% for a limited period
Revised Interest Rate: 7.05% (down by 20 basis points from 7.25%)
Senior Citizens: 7.55%

SBI Approves Restructuring Plan for RINL, Catalyzing Revival of Vizag Steel Plant

Government Bailout Package: ₹11,440 crore Equity Infusion: ₹10,300 crore approved by the Union Cabinet Funds Received: ₹6,000+ crore already infused Balance Tranches: To be released during 2025
Interest Rate Reduction: From 14–15% to below 9%
Total Banking Exposure: ₹20,000+ crore SBI's Exposure: ₹6,400 crore
SBI's Exposure: ₹6,400 crore

Banks Seek Authority to Freeze Mule Accounts

Mule Accounts: Fraudsters use these accounts to move illegal funds through the banking system, making it harder for law enforcement to trace the money.
Challenge: Despite freezing thousands of mule accounts each year, fraudsters create new accounts rapidly, exploiting systemic loopholes.
Election Commission Database: Banks propose using this database to verify voter ID cards and Form 60 in place of PAN cards for individuals opening new accounts.
The proposal highlights the importance of investment in technology, staff training, and collaboration among banks, regulators, LEAs, and technology providers to curb the threat of mule accounts.

IRDAI Imposes ₹1.06 Crore Penalty on Flipkart for Violating Insurance E-commerce Norms

Reason for Penalty: Flipkart violated Insurance E-commerce Guidelines, 2017, and Corporate Agent Regulations, according to the Insurance Regulatory and Development Authority of India (IRDAI).
Total Penalty: ₹1.06 crore
Penalty Imposed: ₹1 crore for this breach, as it was deemed an unauthorized method of insurance solicitation.
Penalty Imposed: ₹6 lakh for the sale of insurance policies without valid certification.

NPCI Disables QR Share and Pay-Based International UPI Transactions for P2M

UPI (Unified Payments Interface):UPI is a popular platform in India used for P2M payments, allowing users to transfer money directly from their bank accounts to merchants.
Scope of Disabling: The circular specifically addresses the QR Share & Pay mechanism for international UPI transactions under the P2M (Person to Merchant) category.
Users: Customers engaging in international P2M transactions using the QR Share & Pay feature will no longer be able to proceed with such payments.
Date of Circular: April 8, 2025

RBI Allows Securitisation of Stressed Assets

Loan Focus: Personal loans and credit card dues made up 52% of new NPAs in retail lending between April–September 2024.
Bank Strategy Shift: Banks can now securitise retail and SME stressed assets, reducing the need to sell to ARCs at steep 90–95% haircuts.
Volume Trend: Securitisation of standard loans reached ₹2.3 trillion in FY25, up 25% YoY (Source: India Ratings).
Policy Update: RBI permits lenders to bundle non-performing or stressed loans into tradable securities, opening new avenues for resolution.

SEBI Reviews Mutual Fund Regulations

Imposes strict rules for maintaining separate bank and securities accounts and dedicated fund managers for each scheme.
AMCs argue that the current regulation limits their ability to diversify and pursue new revenue-generating opportunities.
SEBI Executive Director Manoj Kumar indicated that Regulation 24 is "the only restrictive clause" in MF rules, warranting specific attention.
A relaxation of Clause 24 could: Enhance AMC competitiveness by enabling entry into lucrative adjacent sectors. Expand the global footprint of Indian mutual fund firms through easier cross-border advisory services. Align regulatory frameworks with evolving business models and market dynamics.

Bank Credit Growth in FY26

Crisil Ratings projects bank credit growth in FY26 to rise to 12–13%, up from 11–11.5% estimated for FY25. This represents an expected acceleration of 100–200 basis points year-on-year.
Crisil’s projection underscores a positive shift in India’s credit cycle, supported by policy stimulus, economic tailwinds, and lower cost of funds. FY26 could mark a pivotal year for bank-led financing in India’s growth story.
Supportive Regulatory Measures: Recent policy decisions by financial regulators are likely to enhance liquidity and credit transmission.
Tax Cuts and Boost to Consumption: Personal tax reliefs and fiscal measures are expected to increase disposable income, thereby driving retail credit.

NPCI Discusses UPI Outages with Banks, Google Pay & PhonePe

The National Payments Corporation of India (NPCI), operator of Unified Payments Interface (UPI), held a high-level meeting with major banks and third-party application providers (TPAPs). The meeting followed multiple UPI outages over a three-week period, notably on March 26, March 31, April 2, and April 12 2025, causing widespread transaction failures and customer inconvenience.
NPCI announced a "root cause analysis" (RCA) of the April 12 outage, expected to conclude this week.
March 26: NPCI reported intermittent technical issues, leading to partial transaction declines.
April 1: Financial year-end processing delays caused issues for some banks, although NPCI said UPI was functioning properly overall.

IndusInd Bank Flags ₹1,979 Cr Derivatives Impact After PwC Review

March 10, 2025: Bank's internal review flagged an initial estimated hit of ₹1,530 crore (~2.35% of net worth).
The adverse post-tax impact is 2.27% on net worth as of December 2024.
The bank’s Q3FY25 net worth stood at ₹65,102 crore, implying a material financial dent.
In response to liquidity concerns, IndusInd Bank raised ₹16,550 crore in Certificates of Deposit (CDs) at 7.75–7.9% interest in March — five times higher than its usual CD market activity.

Axis Bank Cuts Savings Rates

With savings deposit rates now at 2.75% for amounts up to ₹50 lakh (similar to HDFC Bank), Axis is: Aligning with competitive benchmarks Monetizing low-cost deposit base Offsetting potential yield compression in a low-rate environment
HDFC Bank’s savings share dropped from 33% to 24% due to merger and rate compression.
Despite low returns on savings, term deposit rates (~7%) already attract rate-sensitive depositors.
In this backdrop, banks are: Repricing liabilities more aggressively Prioritizing profitability over deposit growth Leveraging excess liquidity via open market operations (₹1.2 lakh crore in April alone)

Bank	≤ ₹50 lakh	> ₹50 lakh	Remarks
Axis Bank	2.75%	3.25% (up to ₹2,000 cr)	Linked to MIBOR + 70 bps above ₹2,000 cr
HDFC Bank	2.75%	3.25%	Cut effective April 12; first major mover
ICICI Bank	3.00%	3.50%	Yet to respond; risk of short-term deposit gain
SBI	2.70%	3.00% (> ₹10 cr)	Conservative stance since Oct 2022

Portfolio Management Services (PMS)

Net Worth Requirements: Portfolio managers must maintain a minimum net worth of ₹5 crores to be eligible to manage PMS accounts.
Custodian Appointment: If a client's portfolio exceeds ₹500 crores, the portfolio manager must appoint a SEBI-registered custodian to handle the client's assets.
Upfront Fee Limitations: Upfront fees charged by portfolio managers cannot exceed 25% of the total fees for the duration of the PMS agreement.
Transaction Limits: There are limits on transactions executed through associates of portfolio managers, with charges capped at 20% by value per associate per service.

Sebi Bars Gensol Promoters for Alleged Fund Diversion and Misleading Disclosures

Lack of Manufacturing Activity: During a visit to the company’s Pune plant, Sebi observed minimal activity, with only 2-3 laborers present, raising further concerns about the company’s operations.
Fraudulent Fund Diversion: Sebi’s interim order cites prima facie evidence of misutilization and diversion of funds in a fraudulent manner by the promoter directors, who are alleged to be the direct beneficiaries of the diverted funds.
Loan Mismanagement: Gensol Engineering availed ₹977.75 crore in term loans from IREDA and PFC, with ₹663.89 crore allocated for purchasing 6,400 electric vehicles. However, the company only procured 4,704 vehicles for ₹567.73 crore, leaving ₹262.13 crore unaccounted for.
Funds Route: Sebi alleges that the remaining funds were either transferred back to the company or routed to entities directly or indirectly related to the promoters.

IFC Launches Call for Financial Institutions to Join MSME

MSMEs make up: 90% of firms globally 70% of total employment 50% of GDP on average
90% of firms globally
70% of total employment
50% of GDP on average

Capitalmind Gets SEBI Nod to Launch Mutual Fund Operations

SEBI continues to promote financial inclusion. For instance, in March 2025, it reduced the minimum investment in Social Stock Exchange (SSE) from ₹10,000 to ₹1,000, enabling wider participation.
Established: 12 April 1988 (Statutory status in 1992)
Capitalmind currently manages ₹2,000+ crore in assets through its Portfolio Management Services (PMS) and Alternative Investment Fund (AIF) structures.
Flagship strategies include Adaptive Momentum and Surge India, both known for delivering robust post-fee returns over the past 5 years.

RBI Launches ‘On Tap’ Theme-Neutral Sandbox to Boost Fintech Innovation

In April 2025, RBI approved NPCI’s proposal to raise UPI transaction limits for person-to-merchant (P2M) payments—another move to accelerate digital payments adoption.
Founded: 1 April 1935
Headquarters: Mumbai, Maharashtra
Announcement Date: April 9, 2025

HDFC Bank Executes India’s First Gold Forward Deal from GIFT City

Founded: 1994
Headquarters: Mumbai, Maharashtra
HDFC Bank has set a major milestone by becoming the first Indian bank to execute a gold forward deal from GIFT City, Gujarat. This breakthrough marks a significant step in the evolution of India’s bullion and derivatives trading landscape.
Significance: This is India’s first-ever gold forward transaction from a domestic offshore financial center

ICICI Bank Cuts Savings Account Interest Rates by 0.25%

Up to ₹50 lakh balance: New Rate: 2.75% per annum Previous Rate: 3.00% per annum
New Rate: 2.75% per annum
Previous Rate: 3.00% per annum
Above ₹50 lakh balance: New Rate: 3.25% per annum Previous Rate: 3.50% per annum

Sebi Chairman's Statement on Corporate Governance and Misgovernance

Existing Governance Standards: He emphasized that the necessary governance standards and "guardrails" are already in place, and it is up to the stakeholders within companies to function within these parameters.
Regulatory Effectiveness: While acknowledging the limits of regulatory intervention, he stressed that Sebi would continue to focus on timely and exemplary actions to create a chilling effect on potential wrongdoers.
Regulator's Limitations: While Sebi can act swiftly when it detects wrongdoing, Pandey highlighted the limitations of the regulator. He acknowledged that Sebi cannot monitor every boardroom or manage every corporate decision, which would be ineffective. Intervention in Public Interest: Sebi intervenes when the public interest is at risk, such as when public investors could be impacted by fraudulent activities. Timely action is emphasized, particularly through interim orders, in cases where further delays could harm investors.

UPI Outages: NPCI and Banks Collaborate for a Solution

Frequency of API Calls: The issue stems from the high frequency of these "Check Transaction Status" requests, which has been a key cause behind recent disruptions, including the fourth outage within three weeks (April 12).
Collaborative Effort: Both NPCI and member banks plan to meet again to review the situation and agree on a course of action that can help stabilize the system and prevent future outages.

IndusInd Bank Derivatives Portfolio Discrepancy

PwC External Review Findings Discrepancies in derivatives portfolio estimated at ₹1,979 crore (as of June 30, 2024) Post-tax impact: 2.27% of net worth (₹65,102 crore as of Q3FY25) Lower than internal review estimate of ₹1,580 crore (2.35% of net worth)
Discrepancies in derivatives portfolio estimated at ₹1,979 crore (as of June 30, 2024)
Stock Performance Shares surged 7.12% on April 16 to ₹788.25 on the BSE Rebounded nearly 24% from the March 25 low of ₹637.30 Rally followed positive external audit findings
Shares surged 7.12% on April 16 to ₹788.25 on the BSE

Paytm Founder Vijay Shekhar Sharma Settles Sebi Case

One97 Communications reported that Vijay's forfeited ESOPs have been cancelled and returned to the ESOP pool under the One97 Employees Stock Option Scheme, 2019.
Ajay Sharma has forgone 225,000 stock options and will disgorge ₹35 lakh to SEBI.
Vijay’s ownership of 14.7% in Paytm at the time of the IPO was later reduced to below 10% by transferring 30.9 million shares to the Sharma Family Trust.
This will result in a non-cash acceleration of ESOP expense of ₹492 crore in Q4 FY25, with an equivalent reduction in future ESOP expenses.

Sebi Reviews Regulation 24 to Ease Restrictions on Mutual Fund Business Activities

The Securities and Exchange Board of India (Sebi) is conducting a comprehensive review of Regulation 24, which governs the business activities of Asset Management Companies (AMCs).
Critics argue that the current rules may be too restrictive, limiting AMCs from: Diversifying revenue streams Leveraging their expertise in other financial services
Diversifying revenue streams
A more balanced approach may involve: Enhanced disclosures about AMCs’ non-core activities Allowing investors to make informed decisions about such engagements

RBI Suspends 14-Day Liquidity Window for Third Time

The RBI appears to be testing a more flexible liquidity toolkit, deviating from fixed 14-day cash infusions.
The Reserve Bank of India (RBI) has once again withheld its 14-day Variable Rate Repo (VRR) auction its primary cash management tool for the fortnight of April 17 to May 2.
The 14-day repo has been the RBI’s core instrument for modulating systemic liquidity under its current framework.
In its place, the RBI is relying on: Short-term liquidity operations (like 1-day and 5-day windows) Daily variable rate repos to fine-tune liquidity more dynamically

SEBI Set to Review ESG and Supply Chain Disclosure Norms

In July 2023, SEBI asked the top 250 companies to: Report ESG data for 75% of their supply chain partners Provide third-party assurance starting FY26
Report ESG data for 75% of their supply chain partners
This requirement was eased in May 2024, and the deadline was extended by one year in December 2024 due to industry pushback.
Since FY23, SEBI has mandated ESG disclosures for the top 1,000 listed companies by market capitalization.

PNB Launches 34 New Digital and Inclusive Banking Services

Key focus areas include: Credit access across all sectors Support for underprivileged communities Farmer income enhancement Youth education and entrepreneurship Alignment with the Viksit Bharat 2047 vision
Alignment with the Viksit Bharat 2047 vision
Punjab National Bank (PNB) marked its 131st Foundation Day by launching 34 new products aimed at boosting:
Ashok Chandra, MD & CEO, emphasized: “PNB has been a cornerstone in India’s development, supporting every sector and empowering every citizen.”

RBI Imposes ₹3.2 Lakh Penalty on Citibank for FEMA Violation

The bank was found in contravention of the Foreign Exchange Management Act (FEMA), 1999.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3.20 lakh on Citibank N.A.
It is intended to ensure compliance enforcement and does not impact the validity of any transactions or agreements with Citibank customers.

International Finance Corporation Launches Call for Expression of Interest for Catalytic First Loss Guarantee Facility

IFC Overview: IFC, a part of the World Bank Group, committed $56 billion to private sector development in FY 2024 and operates in over 100 countries globally.
IFC, a part of the World Bank Group, committed $56 billion to private sector development in FY 2024 and operates in over 100 countries globally.
MSMEs account for over 90% of firms globally, contribute 70% of total employment, and represent 50% of global GDP.
FSPs such as regulated banks, non-bank financial institutions, digital lenders, leasing companies, and microfinance institutions can apply.

Parliamentary Panel Pushes for Third-Party Evaluation and Revision of Minimum Pension Under EPS

Current Minimum Pension: Under the current structure, if a pension is below ₹1,000, the central government provides a grant to cover the gap. The scheme has not undergone a third-party evaluation until now, despite its long-standing operation.
Third-Party Evaluation: The Standing Committee on Labour, led by BJP MP Basavaraj Bommai, emphasized the importance of completing the evaluation within a definite timeframe, aiming for completion by December 2025.
Inception: The Employee Pension Scheme (EPS) was introduced in November 1995 and is administered by the Employees’ Provident Fund Organisation (EPFO).
A parliamentary panel has urged the Labour Ministry to complete the third-party evaluation of the Employee Pension Scheme (EPS) by end of 2025. This marks the first such evaluation of the scheme since its inception 30 years ago. The review is expected to make the scheme more effective and address issues faced by its beneficiaries.

RBI’s 43-Day VRR Auction

The net liquidity in the banking system was in a surplus of ₹1.69 trillion as of April 16, 2025, according to the latest data from the RBI.
The RBI has already infused ₹3.3 trillion via Open Market Operations (OMO) and ₹2.2 trillion through long-term VRR auctions so far in 2025.
Tepid Demand: The auction received only ₹25,431 crore in bids, significantly less than the notified ₹1.5 trillion, indicating lower investor interest.
Reason for Low Demand: Dealers cited that money market rates had fallen below 6%, making it less attractive to pay 6.01% in the VRR auction when overnight rates were trading at 5.80%. This mismatch in rates led to reduced participation.

IDFC First Bank Raises Funds

4th Largest Private Bank Fundraise: After ICICI Bank (₹15,000 crore) and Axis Bank (₹12,500 crore & ₹10,000 crore)
Loan Book (as of Dec 2024): ₹2.31 trillion
Capital Adequacy Ratio: Will rise to ~19% from 16.4%, enhancing resilience and growth capacity
Loan Growth Target: 20% annual growth projected in coming years

'One State, One RRB' Roadmap

Established under the RRB Act, 1976
Capital contribution structure: Central Government: 50% State Government: 15% Sponsor Banks (PSBs): 35%
Central Government: 50%
State Government: 15%

Sebi Proposes Higher MF Investment Limits in Reits & Invits

Single Issuer Limit: Proposed increase from 5% to 10% of a scheme’s Net Asset Value (NAV).
Overall Exposure Limit: For equity and hybrid schemes: Proposal to increase from 10% to 20%. For debt schemes: Limit to remain at 10%, due to higher risk and perpetual nature of Reits/Invits.
For equity and hybrid schemes: Proposal to increase from 10% to 20%.
For debt schemes: Limit to remain at 10%, due to higher risk and perpetual nature of Reits/Invits.

Aspect	REITs (Real Estate Investment Trusts)	InvITs (Infrastructure Investment Trusts)
Asset Focus	Income-generating commercial real estate (e.g., offices, malls, hotels)	Infrastructure assets (e.g., roads, power plants, telecom towers)
Revenue Source	Rental income from property leases	Toll collections, tariffs, and user fees from infrastructure usage
Regulatory Mandate	Must distribute at least 90% of taxable income to investors	Must distribute at least 90% of net cash flows to investors
Liquidity	Generally high, especially if publicly traded	Varies; higher liquidity if publicly listed, otherwise may be limited
Investment Risks	Market risks, property value fluctuations, tenant defaults	Project-specific risks, regulatory changes, demand fluctuations

SIDBI to Partner with Green Climate Fund for $1 Billion Climate-Tech Fund

Aim to foster innovation in climate-tech and promote green entrepreneurship.
The Small Industries Development Bank of India (SIDBI) is set to sign an agreement with the Green Climate Fund (GCF) in mid-May 2025 to mobilize climate-focused investments for small businesses in India.
Signing of the pact is scheduled for mid-May 2025, marking a significant step toward public-private climate financing collaboration.
Total Fund Size: $1 billion

RBI Eases Norms for Rupee Accounts of Foreign Branches

The Reserve Bank of India (RBI) has updated its Master Direction on Deposits and Accounts, offering operational flexibility to banks in handling rupee accounts of their overseas entities.
Banks can now open or close non-interest bearing rupee accounts in the name of their: Overseas branches Correspondent banks
Overseas branches
The Pakistan-specific clause underscores the RBI’s risk-based regulatory approach.

NPCI's Plan to Enable Saving UPI IDs on Merchant Websites

Current UPI Flow: Presently, customers have to manually select the UPI app and account during the checkout process.
UPI Meta: This new feature would let users save their UPI ID on merchant websites (e.g., e-commerce platforms, travel apps), reducing friction in the payment process.
Convenience: Users won’t need to input their UPI ID or select a UPI app every time they make a payment, improving the customer experience and transaction success rates.
Impact on Smaller UPI Apps: Some industry insiders have raised concerns that UPI Meta could disproportionately benefit large payment apps like PhonePe and Google Pay, which dominate UPI transactions (over 80% of UPI payments are processed by these two platforms). Smaller apps may struggle to gain market share, as these large apps could secure customer consent first, making it harder for newcomers to establish a foothold. Incentive-driven Acquisition: Smaller UPI apps like Cred, Navi, and Super.Money are already using offers, incentives, and cashback to attract customers, but the new system might limit their ability to compete effectively.

RBI Enforcement Actions in FY25

UCO Bank – ₹2 crore Penalised for violations of several regulatory norms
Axis Bank – ₹1.9 crore Also fined for multiple regulatory breaches
Total actions: 79 NBFCs: 48 actions (60%) Banks: 30 actions (38%) Credit Bureaus: 1 action (2%)
NBFCs: 48 actions (60%)

Zaggle Gets NPCI Approval to Offer UPI Services

Founded: 2008
Over 3 million users in Zaggle's ecosystem will now be able to make seamless UPI payments via Zaggle's platform.
Headquarters: Mumbai, Maharashtra
This approval empowers Zaggle to integrate UPI-based payment solutions into its digital ecosystem.

Revolut Secures RBI Approval to Launch Digital Wallets and UPI Services in India

Revolut's Global Footprint: 50+ million users in 38 countries. Valued at $45 billion in 2024. Aims to double user base to 100 million globally.
Target Audience: Focus will be on India’s top 10–15% consumers—tech-savvy, frequent travelers seeking integrated domestic and international payment solutions.
50+ million users in 38 countries.
Aims to double user base to 100 million globally.

FIU-IND and RBI Sign MoU to Strengthen AML/CFT Framework

The Financial Intelligence Unit - India (FIU-IND) and the Reserve Bank of India (RBI) have signed a Memorandum of Understanding (MoU) to enhance cooperation and coordination in combating money laundering and terrorism financing in the financial sector.
Appointment of Nodal Officers: Both FIU-IND and RBI will appoint a nodal officer and an alternate nodal officer to facilitate smooth coordination and communication.
Training & Outreach: Conduct awareness programs, training sessions, and outreach initiatives for regulated entities to enhance understanding of AML/CFT obligations.
Conduct awareness programs, training sessions, and outreach initiatives for regulated entities to enhance understanding of AML/CFT obligations.

CBIC Overhauls GST Registration Framework

Officers must stick strictly to the prescribed list in Form GST REG-01.
For inspections, officers must upload GPS-enabled photographs at least 5 days before the 30-day limit.
Field officers are explicitly barred from raising presumptive or off-topic questions.
Non-risky applications must be cleared within 7 working days.

FinMin Pushes Banks to Boost eNWR Lending

As per the latest RBI guidelines: Individual farmers: Loan limit raised from ₹75 lakh to ₹90 lakh FPOs, corporate farmers, cooperatives: Limit increased to ₹4 crore
Individual farmers: Loan limit raised from ₹75 lakh to ₹90 lakh
FPOs, corporate farmers, cooperatives: Limit increased to ₹4 crore
1. Mandatory Participation Across Banking Sectors

No GST on UPI Transactions Over ₹2,000

The central government on Friday dismissed speculation that Goods and Services Tax (GST) may be levied on Unified Payments Interface (UPI) transactions above ₹2,000, calling such reports "false, misleading, and baseless."
The ministry explained that GST is applicable only to certain services — such as the merchant discount rate (MDR) — which may be charged on digital payments made via specific instruments. However, no MDR is currently levied on UPI-based person-to-merchant (P2M) transactions.
In fact, the Central Board of Direct Taxes (CBDT) had removed MDR on UPI and RuPay transactions back in January 2020 to promote digital payments.

Family Offices Prefer AIF Route in GIFT City Over FIFs

Employee Stock Ownership Plan (ESOP): The company has proposed a new ESOP scheme, subject to shareholder approval, to grant 2.5 million shares to employees over four years, aimed at strengthening employee ownership.
The company has proposed a new ESOP scheme, subject to shareholder approval, to grant 2.5 million shares to employees over four years, aimed at strengthening employee ownership.
10% tax rate on dividends and interest income. These benefits have attracted more non-resident Indian family offices interested in investing in Indian public markets.
Despite market volatility, SIP inflows remained resilient, declining only by 2% quarter-on-quarter (QoQ). The industry saw total SIP flows of ₹78,330 crore in Q4FY25, contributing to active equity and hybrid fund inflows of ₹1.04 trillion.

RBI Empowers Minors

Minors aged 10+ can now: Open savings or term deposit accounts without guardian oversight. Operate these accounts independently, including deposits, withdrawals, and checkbook use (as per bank discretion).
Minors below 10 years of age: Can open accounts through a natural or legal guardian. Mothers may now act as guardians, expanding gender-sensitive banking policies.
The Reserve Bank of India (RBI) has introduced a progressive step toward financial empowerment of minors, allowing children aged 10 years and above to open and manage their own savings and term deposit accounts independently.
Mothers may now act as guardians, expanding gender-sensitive banking policies.

India's Fiscal Management and Debt

The government aims to bring this ratio closer to 50% by 2030, a level significantly lower than many developed countries, which have ratios exceeding 100% of GDP.
Sitharaman also discussed the ongoing negotiations for a Bilateral Trade Agreement (BTA) between India and the United States. The first phase of the agreement is expected to be signed by fall 2025.
Sitharaman confirmed that the government's fiscal deficit target for FY25 would be met at 4.8% of GDP, and in the following year (FY26), it would likely fall below 4.5% of GDP.
The finance minister highlighted that India's debt-to-GDP ratio has been successfully reduced from 62% of GDP post-COVID to 57.4% in four years.

RBI Finalises LCR Guidelines for Digitally Enabled Deposits

Estimated 6% improvement in LCR across the banking system as of December 31, 2024
The run-off factor for retail and small business deposits that can be accessed through internet and mobile banking (IMB) has been set at 2.5%, significantly lower than the proposed 5% in the draft.
Stable retail deposits via IMB will now have a 7.5% run-off factor, while less stable deposits will have a 12.5% run-off factor. This is a slight increase from the draft norms, which had set these at 5% and 10%, respectively.
Effect on Wholesale Funding: The final guidelines have also restructured the treatment of wholesale funding from non-financial entities (like trusts and partnerships). The revised run-off rate for these funds is now 40%, down from the 100% proposed earlier.

RBI Draft Direction on Export and Import of Goods and Services

Importers with unmaterialised advance payments exceeding ₹25 crore will not be allowed to remit further import advances unless it is against an irrevocable standby letter of credit or a bank guarantee.
Exporters who fail to realise export proceeds within 24 months and have outstanding export amounts exceeding ₹25 crore will be allowed to export only against full advance or an irrevocable letter of credit.
The Reserve Bank of India (RBI) has issued a draft direction on the export and import of goods and services and the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2025. Stakeholders have been invited to submit their feedback by the end of this month.
Regulations for Exporters and Importers: Exporters who fail to realise export proceeds within 24 months and have outstanding export amounts exceeding ₹25 crore will be allowed to export only against full advance or an irrevocable letter of credit. Importers with unmaterialised advance payments exceeding ₹25 crore will not be allowed to remit further import advances unless it is against an irrevocable standby letter of credit or a bank guarantee.

RBI Draft Guidelines on Gold Loans

Loan-to-Value (LTV) Ratio: The Loan-to-Value (LTV) ratio for gold loans will remain capped at 75%, which may limit the loan amount relative to the gold pledged, potentially impacting the growth of the gold loan market.
The Loan-to-Value (LTV) ratio for gold loans will remain capped at 75%, which may limit the loan amount relative to the gold pledged, potentially impacting the growth of the gold loan market.
Experts estimate that the current cost of collection, documentation, and calculation for gold loans is about 2% of the loan value. If the guidelines are implemented in their current form, these costs could rise dramatically to 45%.
Lenders must ensure that their collection and calculation methods are standardized to prevent deviations across different branches.

Alternative Investment Funds (AIFs) Seek Relaxation on SEBI Certification Deadline

As per SEBI's regulations introduced in May 2024, at least one key member of an AIF’s investment team must pass the NISM Series XIX-C: Alternative Investment Fund Managers Certification Examination.
The AIF sector has grown rapidly, with total commitments reaching ₹13.05 trillion by December 2024, signaling the sector's increasing importance.
This certification is mandatory for both existing AIF schemes (by the May 9, 2025 deadline) and for new AIF registration applications.
The exam covers a broad range of topics across various AIF categories, including Category I, Category II, and Category III funds.

The National Pension Scheme (NPS)

Tier-1: Subscribers can claim an additional tax deduction of ₹50,000 per year under Section 80CCD(1B) of the Income Tax Act under the Old Tax Regime (OTR).
Funds can be transferred from Tier-2 to Tier-1 or to a bank account. However, the reverse is not allowed.
Tier-2 Account: This works like a savings account and offers greater flexibility with higher equity exposure (up to 100%). It’s ideal for individuals who wish to invest without the long-term commitment of Tier-1.
New Tax Regime (NTR): Self-contributions are not eligible for tax deductions, but employer contributions to NPS are deductible under Section 80CCD(2), up to 14% of the basic salary.

Mutual Fund Exposure to REITs and InvITs Grows, Yet Remains Marginal

The Nifty REITs & InvITs Index, launched in 2023, has shown: 8.5% total return in 1 year ~16% annualized returns over 5 years
MFs are allowed to invest up to 10% of AUM in these asset classes since 2017.
Mutual funds' investments in REITs and InvITs surged from ₹734 crore in March 2020 to ₹19,485 crore in March 2025, a 27x increase in 5 years.
Despite this sharp rise, REIT and InvIT exposure stands at only 0.3% of the ₹65.7 trillion MF industry AUM, as per PRIME Database.

SEBI Issues Advisory on Social Media-Driven Securities Market Frauds

Use of generic mobile numbers rather than the official "1600" series for SEBI-registered entities.
Watch for red flags like grammatical errors, low-resolution certificates, and pressure to act quickly.
Report suspicious numbers on the Sanchar Sathi portal/app.
Dial 1930 to initiate freezing of the recipient’s account.

BSE Celebrates 150 Years

Introduced Sensex in 1986, India’s first equity index with a base value of 100
Established in 1875 as the Native Share & Stock Brokers’ Association
BSE 150 Index featuring 150 scrips, launched by the Minister of State for Finance
First Indian exchange to gain permanent recognition under the Securities Contracts Regulation Act

PB Fintech Receives RBI Nod for PB Pay as Online Payment Aggregator

Q3 FY24 Net Profit: ₹71.54 crore, up 88.02% YoY
Q3 FY24 Net Sales: ₹1,291.62 crore, up 48.31% YoY
Stock Movement: Shares rose 0.21% to ₹1,625 on the BSE
PB Fintech announced that the Reserve Bank of India (RBI) has granted in-principle authorisation to its wholly-owned subsidiary, PB Pay Private Limited, to operate as an online payment aggregator under the Payment and Settlement Systems Act, 2007.

Bajaj Allianz Life Launches ‘Superwoman Term Plan’ for Women Policyholders

Critical Illness Rider: Covers 60 illnesses, including breast, cervix, and ovarian cancers, providing financial support during medical treatment.
Claim Settlement Ratio: 99.23%
Solvency Ratio: 432%
Assets Under Management (AUM): ₹1.18 lakh crore

Indian Economy's Resilience Amid Global Trade Tensions

India enjoys a low external vulnerability with a modest external debt-to-GDP ratio of 19% and substantial foreign exchange reserves (standing at $677.8 billion as of April 11).
A reduction in risk weightings for bank loans, effective from April 1, is expected to boost funding for non-banking financial companies (NBFCs).
Macroeconomic Stability: India enjoys a low external vulnerability with a modest external debt-to-GDP ratio of 19% and substantial foreign exchange reserves (standing at $677.8 billion as of April 11). This provides a comfortable import cover of nearly 11 months, enhancing India's financial resilience.
This provides a comfortable import cover of nearly 11 months, enhancing India's financial resilience.

Private Banks Slow Hiring in FY25 Despite Branch Expansion

Increased use of AI and technology to drive growth: ICICI Bank has doubled tech expenses as a share of operational spend (from 5% to 10.5%) over 5 years. Absolute tech spending has risen 4x in the same period.
ICICI Bank has doubled tech expenses as a share of operational spend (from 5% to 10.5%) over 5 years.
Analysts are closely watching Axis Bank, SBI, and other major lenders’ Q4FY25 results to assess whether this trend will extend sector-wide.
SBI’s workforce has been shrinking steadily: FY20: 249,448 employees FY24: 232,296 employees Net loss: 17,152 employees over 5 years

RBI Relaxes LCR Norms to Boost Bank Liquidity and Credit Growth

Impact on sector liquidity: Sector-wide LCR is projected to rise by 6%, with all banks expected to meet the minimum liquidity requirement by December 2024.
Sector-wide LCR is projected to rise by 6%, with all banks expected to meet the minimum liquidity requirement by December 2024.
Stable retail deposits with internet/mobile banking: Run-off factor reduced from 10% (draft) to 7.5%.
Less stable digital deposits: Increased to 12.5%, up from the current 10%, but lower than the proposed 15%.

RBI’s Standing Deposit Facility (SDF)

Since April 2022, the SDF replaced the fixed-rate reverse repo as the floor of the LAF.
Banks’ average SDF placements rose to ₹2.13 trillion in March 2025, up from ₹1.12 trillion in February. SDF accounted for 82.6% of the total liquidity absorbed under RBI’s Liquidity Adjustment Facility (LAF) during H2FY25.
24x7 payment systems have increased transaction unpredictability, prompting precautionary fund parking.
Just-in-time treasury transfers reduce float money availability with banks.

Rupee's Real Effective Exchange Rate (REER) Declines

February 2024 alone saw a net purchase of $8.5 billion by the central bank.
The drop in the 40-currency REER also reflects the narrowing inflation gap between India and key trading partners, enhancing rupee competitiveness.
The REER of the Indian rupee dropped to 101.49 in March 2025, down from 102.37 in February, as per RBI’s monthly bulletin. The REER had peaked at 108.14 in November 2024, before steadily falling through December (107.2) and January (103.66).
The RBI’s net short dollar position in the forward market increased to $88.7 billion at the end of February, up from $77.5 billion in January.

Sharp Decline in Net FDI to India: RBI

Gross FDI inflows rose 15.2% year-on-year to $75.1 billion during the 11-month period.
Singapore emerged as the top equity investor, contributing 29.8% of inflows, followed by Mauritius and the United States.
Manufacturing sector attracted the highest share of FDI (24.1%), followed by financial services and electricity sectors.
Repatriation/disinvestment by foreign investors in India increased to $48.9 billion, up from $40.7 billion a year ago.

RBI Directive on Domain Migration for Banks

The Reserve Bank of India (RBI) has instructed all banks to begin migrating their existing domains to the .bank.in domain by October 31.
Purpose: This move aims to strengthen the cybersecurity framework and boost public confidence in digital banking and payment systems.

India’s Bank Deposit Insurance

Current Insurance Limit: ₹5 lakh per depositor, per bank (last revised in 2020).
Past Revisions: 2020: After PMC Bank crisis (raised from ₹1 lakh to ₹5 lakh) 1993: After Bank of Karad failure (raised from ₹30,000 to ₹1 lakh)
2020: After PMC Bank crisis (raised from ₹1 lakh to ₹5 lakh)
1993: After Bank of Karad failure (raised from ₹30,000 to ₹1 lakh)

Reforms to Strengthen Compliance and Dispute Resolution: SEBI

Phase-wise Implementation: Phase 1 (July 1, 2025): The framework will apply to the top 500 listed companies by market capitalization. Phase 2 (October 1, 2025): The rules will extend to all listed companies.
Phase 1 (July 1, 2025): The framework will apply to the top 500 listed companies by market capitalization.
Phase 2 (October 1, 2025): The rules will extend to all listed companies.
Exemptions: Exemptions from the trading window closure can be requested and will automatically be reversed after the exemption period.

Direct Arbitration for High-Value and Chronic Complaints

Criteria for Direct Arbitration: Claims over ₹10 crore Chronic or repetitive complaints Disputes filed by specific institutions or trading members Time-barred or legal issues identified early Complaints where both parties agree to arbitration
Claims over ₹10 crore
Disputes filed by specific institutions or trading members
Simplified Process: If a party refuses arbitration, the complaint will be closed on the ODR portal, but the case can still be pursued through other legal channels.

Jharkhand Govt Sign MoU with SBI

Primary Benefits: Accidental insurance coverage up to ₹1 crore Health and life insurance benefits Enhanced banking services at no extra cost
Accidental insurance coverage up to ₹1 crore

AU Small Finance Bank Launches Exclusive Concierge Service for Premium Banking Clients

Founded: 1996 by Mr. Sanjay Agarwal, a first-generation entrepreneur
AU Small Finance Bank Limited (AU SFB) is India’s largest small finance bank and a scheduled commercial bank, recognized for its pioneering efforts in inclusive and digital-first banking since the launch of its banking operations in April 2017.
Experience: 29 years of financial services excellence
Banking Operations Commenced: April 2017

MobiKwik Partners with Poonawalla Fincorp to Launch Instant Personal Loans

Founded: 2009
Loan Amount Range: ₹50,000 to ₹15,00,000
User Base: Over 172 million registered users
Service Name: ZIP EMI – MobiKwik's personal loan offering

India Issues Fresh Tax Demands on Foreign SaaS Companies

Introduction: India introduced the equalisation levy in 2020 on non-resident e-commerce operators with significant Indian user bases but no physical presence in India.
Major global Software-as-a-Service (SaaS) providers — including Microsoft, Amazon, Google, Oracle, IBM, and Salesforce — are facing new tax assessment orders from the Indian Income Tax Department for the financial years 2021–22 and 2022–23.
FTS includes technical, managerial, or consultancy services, taxed at 15% under the India–US Double Tax Avoidance Agreement (DTAA).
Phase-Out: The government has committed to phasing out this unilateral levy by August 2024.

NPCI’s Netbanking 2.0

The Reserve Bank of India (RBI) approved the project in March 2024, aligning with the Payment Vision 2025 to address delays in settlements and enhance interoperability for internet banking transactions.
Multiple ecosystem stakeholders including banks and payment aggregators are currently involved in testing, with four major banks and 6–8 payment aggregators in the pilot phase.
In addition to Netbanking 2.0, NPCI has also rolled out the UPI Circle feature on the BHIM app, enabling primary users to delegate financial responsibilities to up to five secondary users.
The launch of Netbanking 2.0 promises to streamline the payment process, reduce integration complexities for merchants, and improve payment acceptance across a wide variety of sectors such as e-commerce, travel, and digital fashion platforms.

RBI MPC Meeting (April 2025)

CPI-based Inflation: Governor Sanjay Malhotra highlighted that the inflation outlook is benign, with CPI inflation expected to remain aligned with the 4% target throughout FY2025-26.
Inflation Target: Expected to stay within the 4% range, creating space for further policy easing.
GDP Growth: The RBI projected GDP growth at 6.5% for FY2025-26. Although India remains the fastest-growing major economy, the growth rate is considered below aspirations.
Policy Action: Repo rate cut by 25 bps.

Moody's Review of IndusInd Bank and Yes Bank

Discrepancies in Derivatives Transactions: An external agency's report highlighted discrepancies in derivatives deals, estimating a negative financial impact of ₹1,979 crore as of June 30, 2024.
An external agency's report highlighted discrepancies in derivatives deals, estimating a negative financial impact of ₹1,979 crore as of June 30, 2024.
Profitability Comparison: Yes Bank's Return on Assets (RoA) stands at approximately 70 basis points, significantly lower than the 1.5% RoA observed in comparable private sector banks.
Rehabilitation and Outlook: After a default event, Yes Bank underwent rehabilitation and attracted new shareholders. In July 2024, Moody's revised its outlook on Yes Bank from stable to positive, anticipating gradual improvements in the bank’s depositor base and lending franchise.

New Business Premiums (NBPs) Growth in FY25

Regulatory Changes: The Insurance Regulatory & Development Authority of India (IRDAI) revised the surrender value norms effective from October 1, 2024, affecting growth across most product categories, particularly in the second half of FY25.
Growth in NBP: ₹3.97 trillion (5.13% YoY)
Previous Year: ₹3.77 trillion (2% YoY growth)
Life Insurance Corporation of India (LIC): NBP Growth: 1.86% YoY growth to ₹2.27 trillion. Market Share: LIC held 57% of the market.

SEBI Action Against Madhav Stock Vision

Disgorgement of Illegal Gains: As part of the interim order, SEBI directed the disgorgement of ₹2.73 crore—the amount of illegal gains made by MSVPL and the involved individuals through the front-running activities.
What Happened: SEBI's investigation revealed that MSVPL engaged in front-running—a practice where a broker executes orders for its own account based on advanced knowledge of a large client's pending trades.
Insider Information: The perpetrators were found to have eavesdropped on confidential conversations of dealers, gaining access to non-public information about trades being placed by a major client.

Letter of Engagement (LoE)

Under the Securities and Exchange Board of India (SEBI) Investment Advisors Regulations, 2013, all Registered Investment Advisors (RIAs) are required to formalize their relationship with clients through a Letter of Engagement (LoE). This agreement must be in place before providing any financial advice or collecting any fees from clients. The LoE serves as a key document for ensuring transparency and protection for investors.
Establishes a clear understanding of the engagement between two parties.
Engagement letters for long-term relationships are typically updated annually.
Enhances the legal strength of the document and reinforces mutual understanding.

SEBI Revises NAV Cut-off Timings for Mutual Fund Overnight Schemes (MFOS)

Established: April 12, 1988 (Statutory powers from Jan 30, 1992)
Total Income: ₹2,075 crore
YoY Growth: 48%
Headquarters: Mumbai, Maharashtra

RBI Cancels Licence of Ajantha Urban Co-operative Bank, Aurangabad

As of April 3, 2025: DICGC has already paid ₹275.22 crore to insured depositors.
April 2025: RBI updated norms to allow minors aged 10 and above to independently operate savings and term deposit accounts, promoting early financial literacy.
Established: April 1, 1935
Depositors will be eligible for reimbursement up to ₹5 lakh per depositor via the Deposit Insurance and Credit Guarantee Corporation (DICGC).

AU Small Finance Bank Rolls Out Elite Concierge Services for AU ivy and AU Eternity Program Members

Founding and Growth: AU Small Finance Bank was founded in 1996 by Sanjay Agarwal and became a scheduled commercial bank in April 2017.
Travel: Partnerships for domestic and international luxury travel, hotels, and villas.
Dining: Exclusive culinary experiences and premium offers through partner networks.
Airport Services: Complimentary cab transfers, premium lounge access, and meet & greet services.

DigiLocker Initiative Launched for Athletes

Offers secure and permanent storage of documents.

New CBDT Notification

The affected laws are: Securities and Exchange Board of India (SEBI) Act, 1992 Securities Contracts (Regulation) Act, 1956 Depositories Act, 1996 Competition Act, 2002
Securities and Exchange Board of India (SEBI) Act, 1992
Securities Contracts (Regulation) Act, 1956
Depositories Act, 1996

Equity Mutual Funds Performance Based on Information Ratios (IR)

Positive IRs: Out of the 208 active equity schemes (excluding sectoral and thematic funds), only 62 schemes reported a positive IR over the past five years.
Smallcap Funds: These funds showed the worst performance, with only 3 out of 21 schemes outperforming their benchmarks.
Largecap and Midcap Funds: Both these categories had less than 20% of schemes reporting a positive IR over five years, indicating poor performance in the long run.
5-Year Performance: Less than 20% of large-cap and mid-cap schemes reported positive IRs, showing a struggle in the long term.

Revised Eligibility Criteria for SMEs to Migrate to Mainboard on NSE

As of February 2025, ₹16,587 crore has been raised by 605 SMEs listed on the platform since 2012.
A significant portion of capital raised, 40%, came from retail individual investors (RIIs) in February 2025.
Revenue Threshold: SMEs must have a minimum revenue of ₹100 crore in the previous financial year.
Market Capitalisation: The company's average market capitalisation should not be less than ₹100 crore at the time of migration.

Sebi Imposes ₹10 Lakh Fine on Future Retail

Background: In October 2020, Amazon initiated arbitration proceedings against Future Group in the Singapore International Arbitration Centre (SIAC) over concerns related to a scheme of arrangement between Future Group and the Mukesh Ambani Group.
The Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹10 lakh on Future Retail for disclosure lapses related to material events, particularly regarding arbitration proceedings initiated by Amazon.
Sebi’s Findings: SEBI found that Future Retail did not immediately disclose the arbitration proceedings or the interim order passed by SIAC, which would have been crucial information for investors.
Objective: These changes aim to make it easier for SM REITs to comply with disclosure norms while ensuring transparency and investor protection.

FIU-IND Directs Crypto Exchanges to Redo KYC by June 30

As per the 2022 Union Budget, gains from Virtual Digital Assets (VDAs) are taxed at 30%.
Crypto exchanges are required to deduct 1% TDS on transactions exceeding ₹10,000.
Binance: Previously fined ₹18 crore by FIU; now initiating KYC re-verification, including PAN card collection, for Indian users.
Bybit: Settled a fine of ₹9.27 lakh for non-compliance; also asking users for fresh KYC.

RBI Buys 57.5 Tonnes of Gold in FY25

Gold now accounts for 11.8% of India’s foreign exchange reserves (up from 8.7% last year).
RBI also benefited from a 30% surge in global gold prices, which boosted the valuation of its existing holdings.
RBI’s total gold holdings reached 879.6 tonnes as of March 2025, up from 822.1 tonnes a year earlier.
Volatile dollar, especially after Donald Trump's re-election in November 2024, is making gold more attractive.

RBI Inspection Triggers Spandana Sphoorty Leadership Change Amid Fraud Concerns

Gross NPA ratio surged to 5.2% in December 2024, from 1.7% in March 2024.
Spandana reported consecutive quarterly losses: ₹440 crore loss in Q3 FY25 ₹216 crore loss in Q2 FY25
₹440 crore loss in Q3 FY25
₹216 crore loss in Q2 FY25

SEBI Fines Future Retail ₹10 Lakh Over Delay in SIAC Arbitration Disclosure

Under LODR norms, disclosure was required within 24 hours, i.e., by October 6, 2020, but the company only disclosed the arbitration on November 1, 2020, after stock exchange intervention.
On October 5, 2020, Amazon initiated arbitration proceedings against Future Group at SIAC, objecting to a scheme of arrangement between Future Group and the Mukesh Ambani-led Reliance Group.
“The same was required to be disclosed as soon as reasonably possible and not later than 24 hours,” SEBI emphasized in its order.
A ₹10 lakh fine has been imposed for violating timely disclosure norms.

RBI Caps FEMA Violation Penalty at ₹2 Lakh in Regulatory Easing

Misuse of Liberalised Remittance Scheme (LRS): Proceeds not reinvested within 180 days.
Earlier Penalty: 0.30% to 0.75% of the transaction amount in violation.
Revised Cap: ₹2 lakh maximum for each contravention, irrespective of the transaction size.
The Reserve Bank of India (RBI) has introduced a significant relief for individuals and businesses by capping the penalty for violations of Foreign Exchange Management Act (FEMA) regulations at ₹2 lakh per contravention, a shift from the earlier percentage-based fines.

EPFO Introduces Revamped Form 13 to Simplify PF Transfer Process

Wider Reach: More than 1.25 crore subscribers will directly benefit from the new system, improving the overall experience for employees switching jobs.
Financial Impact: The new process will help in the swift transfer of around ₹90,000 crore annually, which is currently held in the accounts of members moving across employers.
The Employees' Provident Fund Organisation (EPFO) has introduced a revamped version of Form 13 to streamline PF account transfers for members changing jobs.
Streamlined Transfer Process: With the new system, once the transfer claim is approved at the source office, the transfer to the destination account is automatic and instantaneous, significantly reducing the time taken for transfers to complete.

Indian Bank Announces Reduced Interest Rates on Home and Vehicle Loans

Home Loan Rates: Reduced from 8.15% per annum to 7.90%.
Vehicle Loan Rates: Reduced from 8.50% to 8.25%.
Affordable Credit: The reduction supports Indian Bank’s goal to make credit more accessible and affordable for a larger pool of customers.
Lower EMIs: The rate reductions are aimed at easing the financial burden on borrowers by lowering their monthly EMIs.

Direct Tax Collection in FY25

This figure is slightly short of the revised target of ₹22.37 trillion set in February 2025.
Provisional Net Direct Tax Collection for FY25 reached ₹22.26 trillion, registering a 13.57% year-on-year growth.
FY24 Net Direct Tax Collection stood at ₹19.60 trillion.
Corporation Tax: Grew 8.31% to ₹9.87 trillion (from ₹9.11 trillion in FY24).

GST Appellate Tribunal (GSTAT) Procedure Rules, 2025 Notified

The Ministry of Finance has officially notified the GST Appellate Tribunal (Procedure) Rules, 2025, effective from April 24, 2025.
They contain 124 provisions across 15 chapters, covering: Filing of appeals Presentation of evidence Conduct of hearings Issuance of final orders
In a major step towards making the Goods and Services Tax Appellate Tribunal (GSTAT) functional, the Ministry of Finance notified the GST Appellate Tribunal (Procedure) Rules, 2025. These were made effective from April 24.
The Rules are framed under Section 111 of the Central GST Act.

RBI Imposes Penalties on Indian Bank and Mahindra Finance for Regulatory Violations

The Reserve Bank of India (RBI) fined Indian Bank ₹1.61 crore for: Failing to benchmark interest rates correctly on certain floating rate retail and MSME loans. Taking collateral on small-value Kisan Credit Card (KCC) loans, which violates RBI norms.
Penalty on Indian Bank – ₹1.61 Crore:
Penalty on Mahindra & Mahindra Finance – ₹71.3 Lakh:
The RBI imposed a ₹71.3 lakh penalty on Mahindra & Mahindra Financial Services for: Non-disclosure of processing fees and charges to some loan customers. Auctioning vehicles without giving some borrowers a prior opportunity to repay, breaching fair lending practices.

Benchmark 10-Year Government Bond to Be Introduced Next Week

The government is expected to introduce a new 10-year benchmark government bond on May 2, 2025, according to bond dealers.
This move comes as the existing benchmark bond, 6.79% GS 2034, now has a residual maturity of only 9.5 years, making a new issuance necessary.
Of the Rs 8 lakh crore borrowing plan until September 2025, the government targets Rs 2.1 lakh crore through seven auctions of 10-year bonds.
The previous 10-year benchmark bond, 7.10% GS 2034, issued in April 2024, had an outstanding stock of Rs 1.80 lakh crore.

Edelweiss Mutual Fund Launches India's First Internet Economy Index Fund

New Fund Offer (NFO): Edelweiss Mutual Fund has launched the Edelweiss BSE India Internet Economy Fund, the country’s first index fund focused on the internet economy.
Edelweiss Mutual Fund has launched the Edelweiss BSE India Internet Economy Fund, the country’s first index fund focused on the internet economy.
NFO Details: Opening Date: Likely opened around late April 2025 (exact date pending confirmation) Closing Date: Generally, NFOs remain open for 10–15 days.
Opening Date: Likely opened around late April 2025 (exact date pending confirmation)

RBI Imposes Penalties on Indian Bank and Indian Overseas Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of over ₹1.61 crore on Indian Bank and ₹63.60 lakh on Indian Overseas Bank (IOB) for non-compliance with its regulatory directions.
Indian Overseas Bank (IOB): Specific reasons for the penalty were not detailed, but it pertains to breaches of certain regulatory requirements.
The penalties underscore the RBI’s focus on ensuring strict regulatory compliance across the banking sector, especially in areas impacting customer rights and priority sector lending.
Non-compliance with RBI norms related to: Interest rate on advances Kisan Credit Card (KCC) Scheme Lending to the Micro, Small and Medium Enterprises (MSME) sector

UPI Outages in March-April 2025

NPCI is a consortium owned largely by public sector banks due to the Payment and Settlement Systems Act, 2007.
Even lightweight options like UPI Lite — allowing PIN-less transactions up to ₹2,000 — still route through NPCI systems, meaning they are also vulnerable to NPCI issues.
UPI has revolutionized digital payments (e.g., 58 crore transactions worth ₹73,000 crore on a single day recently).
Banks incur about ₹0.80 per transaction (e.g., SMS costs, record maintenance) but cannot charge Merchant Discount Rates (MDR), making UPI financially unrewarding.

REITs and InVITs

Dividend Distribution: Investors receive profits in the form of dividends, proportional to the units they hold.
Income Generation: Investors earn dividends from the steady cash flow of infrastructure projects.
Capital Appreciation: As the country's economy grows, the value of these infrastructure assets tends to appreciate, benefiting long-term investors.
Diversification and Liquidity: REITs and InVITs provide exposure to diversified real estate and infrastructure portfolios. If listed, they offer liquidity like stocks, allowing easy buying and selling.

RBI Governor's Speech on India's Economic Outlook

Positive Credit Growth: Despite a slight moderation in recent months, bank credit growth continues at a double-digit rate of about 12%, surpassing the 10.5% average over the last decade.
Historical Growth Trends: Over the last four years (2021-2025), India’s GDP has grown at an average annual rate of 8.2%, marking a significant increase from the average growth of 6.6% in the previous decade.
Growth Forecast: Domestic economic growth for the current financial year is projected at 6.5%, slightly below previous years, but still the highest among major economies.
Manageable Current Account Deficit (CAD): The current account deficit, at 1.3% of GDP, remains within manageable limits, supported by strong services exports and private remittances.

Union Finance Ministry's Plan for a Unified Portal for Government-Sponsored Schemes (GSS)

In January 2025, a review meeting with public sector banks (PSBs) and private sector bank executives discussed the progress of financial inclusion schemes such as PMJDY, PMJJBY, and StandUp India.
The Finance Ministry also held another review session in April 2025 to assess the implementation of various government-run schemes.
The Ministry of Finance is committed to enhancing the capacity of the banking sector, especially in underserved and remote areas like the Northeast.
Review Meetings and Progress: In January 2025, a review meeting with public sector banks (PSBs) and private sector bank executives discussed the progress of financial inclusion schemes such as PMJDY, PMJJBY, and StandUp India. The Finance Ministry also held another review session in April 2025 to assess the implementation of various government-run schemes.

IndusInd Bank's Accounting Discrepancies in Derivatives Portfolio

The cumulative adverse impact on the bank’s profit and loss account as of March 31, 2025, is estimated to be ₹1,959.98 crore.
PwC’s assessment estimated a negative impact of ₹1,979 crore on the derivatives portfolio as of June 30, 2024. This was seen as slightly higher than the bank’s internal review, which estimated an impact of ₹1,580 crore.
PwC’s report indicated that the discrepancies would result in a post-tax negative impact of 2.27% on the bank’s net worth as of December 2024. The net worth of the bank at the end of the December quarter was ₹65,102 crore.
Grant Thornton Report: The report found that the accounting discrepancies, which resulted in notional profits, have caused an adverse accounting impact on the bank’s profit and loss account. The cumulative adverse impact on the bank’s profit and loss account as of March 31, 2025, is estimated to be ₹1,959.98 crore. The discrepancies primarily relate to internal derivatives trades, which were incorrectly accounted for during early terminations.

Sebi's Shift to a Paperless Future

Leadership Vision: Sebi Chairman Tuhin Kanta Pandey, who took charge in March 2025, is focused on leveraging technological advancements. This digital shift is part of a broader plan to improve operational workflows, continuing the legacy of his predecessor who introduced artificial intelligence (AI) for more efficient processing and screening of IPO applications.
Current Scenario: Visitors to Sebi’s headquarters in Bandra Kurla Complex may have seen ‘trolleys of paper’ shuttling between departments. This paper trail is soon to become a thing of the past, as Sebi transitions to a digital framework.
Objective: The move aims to eliminate physical document transport, ensuring faster communication and smoother sharing of information across departments. The digital shift will likely expedite internal processes, resulting in overall operational efficiency.

Health Insurance Fraud in India

Claims Rejection and Insurance Penetration: An estimated 10% of all claims involve some element of fraud, which directly contributes to rising claims rejection rates and higher insurance premiums.
Insurance Growth: While the Indian insurance market is growing, health insurance penetration remains low at just 1% of GDP, compared to global leaders like the US (9.3%) and Netherlands (7.2%). This is exacerbated by the rising cost of premiums due to fraud.
India’s health insurance industry is grappling with significant fraud that is draining resources, costing the industry an estimated ₹12,000 crore annually. This not only impacts insurers but also inflates premiums for honest policyholders. Tackling fraud, alongside addressing broader systemic issues, is critical for the industry's growth and for achieving the vision of "Insurance for All" by 2047.
Hospital Overbilling: Practices like upcoding, unbundling services, and phantom billing are rampant. These tactics allow hospitals to overcharge insurers, leading to increased premiums for policyholders.

RBI Cancels Licence of Imperial Urban Co-operative Bank

Deposit Payouts: As of January 31, 2025, DICGC has already paid Rs 5.41 crore of the insured deposits to the affected depositors.
Depositor Relief: According to RBI data, 97.79% of the bank's depositors are eligible for full reimbursement of their insured deposits.
DICGC Coverage: The Deposit Insurance and Credit Guarantee Corporation (DICGC) will provide depositors with insurance coverage of up to Rs 5 lakh.
Insufficient Capital & Financial Viability: The bank’s current financial situation prevents it from meeting its obligations to depositors.

Amazon's Rs 350 Crore Investment in Amazon Pay India

Previous Investments: This follows Rs 600 crore in June 2024 and Rs 300 crore in November 2024, showcasing a consistent effort to consolidate Amazon Pay's position in the digital payments space.
In February 2024, Amazon Pay secured a payment aggregator (PA) licence from the Reserve Bank of India (RBI), enabling it to handle merchant transactions more effectively.
Equity Shares Issuance: Amazon Pay issued 3.5 crore equity shares to its parent entities, Amazon Corporate Holdings Pvt Ltd and Amazon.com Inc, through a rights issue.
Market Leaders: According to NPCI data, PhonePe and Google Pay dominate the UPI space with a combined market share of nearly 85%.

GIST: Valedictory Address on Green and Sustainable Finance (RBI)

Consistent and Harmonized Regulatory Approach Need for sector-agnostic, collaborative action to achieve India’s 2070 Net-Zero target. Regulators must align policies and risk assessments.
Need for sector-agnostic, collaborative action to achieve India’s 2070 Net-Zero target.
Crucial for uniform understanding and alignment across regulators, government, financial institutions, and borrowers.
Regulators must align policies and risk assessments.

Finance Minister Nirmala Sitharaman Calls for Action to Strengthen UPI Infrastructure

Projected Growth: India is expected to grow by 6.5% in 2025–26, driven by strong domestic consumption and investment demand.
India's Growth Story: Despite recent global uncertainties and downgrades by international agencies, Sitharaman asserted that India's economy remains resilient. Projected Growth: India is expected to grow by 6.5% in 2025–26, driven by strong domestic consumption and investment demand.
Sitharaman urged stakeholders to address infrastructure gaps, improve cybersecurity frameworks, and enhance the end-user experience.
A review meeting was held in New Delhi, attended by: Senior officials from the Reserve Bank of India (RBI) National Payments Corporation of India (NPCI) Finance Secretary Ajay Seth Department of Financial Services Secretary M. Nagaraju

Tamil Nadu’s New Bill to Regulate Microfinance Sector Raises Concerns

Ujjivan Small Finance Bank: Holds 14% of AUM.
The Tamil Nadu Money Lending Entities (Prevention of Coercive Actions) Bill, 2025, aims to prevent coercive loan recovery practices and protect vulnerable borrowers, particularly farmers, women, and self-help groups.
Muthoot Microfinance: Holds 25% of assets under management (AUM) in the state.
CreditAccess Grameen: Holds 20% of AUM.

RBI’s Bond Forward Norms Set to Boost Demand for 10-15 Year State Bonds

The Reserve Bank of India's (RBI) new guidelines on bond forwards come into effect from May 2, 2025.
Objective: To help long-term investors manage cash flows and interest rate risks, while expanding the range of interest rate derivative products.
Focus on State Development Loans (SDLs): Higher demand expected for bond forwards linked to 10-15 year SDLs. Wider yield spreads (around 29 basis points) between 10-year SDLs and benchmark government bonds make this segment attractive.
Higher demand expected for bond forwards linked to 10-15 year SDLs.

PSU Bank Q4FY25 Earnings

Net Profit: ₹2,051 crore, up 26% YoY, driven by higher non-interest income
FY25 Annual Profit: ₹7,515 crore, a 33% YoY increase from ₹5,634 crore in FY24
Dividend: Proposed 21% per share, subject to shareholder approval
Stock Performance: Rose 3.28% to ₹83.10 on BSE

Rupee Gains, Dollar Index Dips: Market Snapshot & RBI Action

INR appreciated by 0.51% in April 2025 and 0.68% year-to-date (YTD).
The US Dollar Index fell by 0.1% to 99.6.
As of April 28, the rupee stood at ₹85.03/USD, marking a 0.49% gain for the day.
Currency momentum remains strong, though psychological support at ₹85 is under watch.

SEBI Bans Patel Wealth Advisors for Order Spoofing

Action Taken: PWA and four directors debarred from the securities market Interim order issued on Monday (April 28, 2025) ₹3.22 crore in alleged illegal gains ordered to be impounded A detailed investigation is underway
₹3.22 crore in alleged illegal gains ordered to be impounded
Spoofing activity took place over three years across 193 stocks, with 292 spoofing attempts.
548 buy orders were placed in Coffee Day Enterprises.

SEBI Revises Margin Collection Norms Amid T+1 Settlement Cycle

Effective Directive: Stock brokers must collect client margins by the settlement day (T+1).
Investors: Need to ensure sufficient funds or securities are available by T+1. Reduced buffer time for margin compliance.
The T+1 settlement cycle was fully implemented in January 2023 for all listed scrips.
SEBI’s revision to the margin collection timeline is a critical compliance update for brokers and traders operating in India’s equity markets. It reflects the regulator’s proactive steps in refining post-trade settlement systems under the faster T+1 regime.

ASCI Allows Health, Financial Influencers to Share Generic Advice Without Credentials

Stock price guidance rules remain strict—finfluencers cannot use live stock data in investor education content; minimum 3-month-old price references are required.
ASCI’s update does not override SEBI regulations: SEBI remains the statutory authority for financial conduct and advice on markets. Stock price guidance rules remain strict—finfluencers cannot use live stock data in investor education content; minimum 3-month-old price references are required.
Influencers do not need professional qualifications to share generic information on financial or health products.
Brands can now engage a wider pool of influencers to promote financial or health services—as long as expert guidance is not implied.

IndusInd Bank Deputy CEO Resigns Over ₹2,000 Crore Derivative Accounting Scandal

Final report submitted on April 27 found a total adverse P&L impact of ₹1,960 crore as of March 31.
Independent probe initiated in March 2025 revealed the accounting discrepancies.
The bank's board reviewed the findings over April 26–27.
Arun Khurana, Deputy CEO and Executive Director of IndusInd Bank, resigned with immediate effect. His resignation comes after a board-reviewed ₹1,960 crore hit from incorrect accounting of internal derivative trades. Khurana, in his resignation letter, accepted responsibility as the overseer of the treasury front office function.

Axis Max Life Launches AI-Powered Bandhan 2.0

A joint venture between Max Financial Services Ltd. and Axis Bank, the company reported a gross written premium of ₹29,529 crore in FY2023-24.
Axis Max Life Insurance Ltd. has unveiled Bandhan 2.0, an AI-enabled augmented reality (AR) platform designed to revolutionize employee onboarding through immersive digital experiences, gamified learning, and leadership interaction.
Virtual Leadership Engagement: Offers direct access to strategic insights from Axis Max Life’s top leadership, fostering early alignment.
Uniform Access Across Geographies: Fully cloud-based system offers consistent experiences for all employees, regardless of location.

India's Microfinance Crisis: Non-Performing Assets Surge

Increase in NPAs: In absolute terms, NPAs in the sector reached a staggering ₹61,000 crore by March-end 2025, a marked increase from ₹38,000 crore in the previous year.
NPA Ratio: The gross non-performing asset (NPA) ratio for the sector surged to 16% at the end of FY25, up from 8.8% in the previous year. This significant jump reflects the deepening financial stress within the industry.
Decline of Joint Liability Lending Model: The joint liability-based lending model, once a cornerstone of microfinance, appears to be crumbling, contributing significantly to the deterioration in repayment rates.
Economic Pressure: Borrowers, particularly from rural and low-income segments, are facing heightened financial pressures, which are impacting their ability to repay loans, thereby escalating delinquency rates.

Sebi Warns Investors on Risks of Opinion Trading Platforms

Some of the well-known platforms operating in India include Probo, MPL Opinio, PlayerzPot, Real11, and Big Cash.
These platforms allow users to engage in bets on yes/no propositions, making predictions on various events, with payouts awarded based on the accuracy of the predictions.
Investors are advised to exercise caution as the lack of regulatory oversight could expose them to financial risks without the safety nets provided by regulated investment platforms.
In some US states, a regulated version of opinion trading is allowed.

IndusInd Bank CEO Sumant Kathpalia Resigns Amid ₹2,000 Crore Derivatives Loss

The bank’s share price has seen significant volatility since the disclosure of the derivatives discrepancies in March 2025.
The irregularities in the derivatives portfolio were discovered on March 11, 2025.
Sumant Kathpalia, MD & CEO of IndusInd Bank, resigned with immediate effect on Tuesday, citing "moral responsibility" for accounting lapses tied to a ₹2,000 crore loss from the bank’s derivatives portfolio. His resignation follows the submission of an investigative report by Grant Thornton, which was appointed to probe the discrepancies and examine the conduct of key executives.
The issue has triggered internal reviews and regulatory scrutiny, affecting both leadership and investor confidence.

Finance Ministry Monthly Economic Report

The review called on private sector leaders and policymakers to prevent a cycle where uncertainty feeds upon itself.
It emphasized that "action and execution have greater impacts now", stating this is an opportune moment for private players to invest in product quality and differentiation as “easy pickings” fade.
Diversification of trade markets to reduce dependence on volatile global supply chains.
The private sector must adapt by focusing on quality, innovation, and market diversification.

RBI Launches Three Key Surveys to Aid Monetary Policy Decisions

Urban Consumer Confidence Survey Seeks qualitative feedback from urban households. Covers: General economic conditions Employment scenario Price levels Household income and spending patterns
Covers: General economic conditions Employment scenario Price levels Household income and spending patterns
Inflation Expectations Survey (details to be released later) Gathers data on future inflation expectations of households—vital for policy stance on interest rates.
Gathers data on future inflation expectations of households—vital for policy stance on interest rates.

RBI Optimistic on US Tariffs Impact

2018 SBI Recapitalisation Query: PAC questioned DFS over a ₹8,000 crore infusion into SBI in 2018 despite the bank not requesting funds, a concern also flagged by the CAG in 2023.
PAC questioned DFS over a ₹8,000 crore infusion into SBI in 2018 despite the bank not requesting funds, a concern also flagged by the CAG in 2023.
Banking Access in Remote Areas: PAC raised the lack of bank branches in Naxal-affected and northeastern states. Government and banks assured that banking access will be expanded to ensure a branch within 5 km in these areas within one year.
Government and banks assured that banking access will be expanded to ensure a branch within 5 km in these areas within one year.

NPCI Tightens UPI API Guidelines to Cut Outages, Improve Transaction Speed

Transaction Reversal (Debit/Credit): Old: 30 seconds New: 10 seconds
The first check must be initiated after 90 seconds of transaction authentication (subject to revised timer window of 45–60 seconds in updated norms).
The National Payments Corporation of India (NPCI) has issued two new circulars aimed at enhancing the performance and reliability of the Unified Payments Interface (UPI). These updates focus on reducing API response times and curbing the misuse or overuse of API calls, with implementation mandated by June 16, 2025.
Check Transaction Status: Old: 30 seconds New: 10 seconds

RBI’s Bond Purchases to Drive Lower Lending Rates and Increased Liquidity

Unprecedented bond purchases: Economists have described RBI’s bond-buying spree of ₹5.3 trillion in 2025 as unprecedented, pointing out that previous large purchases took over six quarters, especially during the post-COVID period.
Interbank funding costs: The overnight call money rate, which is a key indicator of interbank funds, dropped to 5.87%, below the repo rate of 6%, and is expected to decrease further to 5.75%.
The Reserve Bank of India (RBI) plans to buy ₹1.25 trillion in government bonds, coupled with a ₹1.5 trillion dividend transfer to the Union government in May. This will likely increase surplus liquidity in the banking system, expected to reach ₹5 trillion by June 2025.

Sebi Extends Implementation Deadline for Optional T+0 Settlement Cycle

Introduction of T+1 cycle: India became the first country to implement the T+1 settlement cycle for all listed stocks on January 27, 2023.
SEBI has extended the implementation timeline for the optional T+0 (same-day settlement) cycle for qualified stock brokers (QSBs) to November 1, 2025, from the initial deadline of May 1, 2025.
T+0 vs. T+1: T+0 refers to a trade being settled on the same day it's made (T), while T+1 means it's settled on the next business day after the trade.
Few brokers offering T+0: As of now, very few brokers offer the T+0 settlement option to clients, primarily due to system limitations.

Investor Education and Protection Fund Authority (IEPFA) Partners with Kotak Mahindra Bank to Boost Investor Awareness

Outreach: The partnership leverages Kotak Mahindra Bank’s 2000+ branches and 3000+ ATMs to reach a wide audience.
Objective: This collaboration aims to educate investors on responsible investing, financial fraud prevention, and protecting investor rights.
Timeline: The campaign is set to roll out in the financial year 2025-2026.
The Investor Education and Protection Fund Authority (IEPFA) has signed a Memorandum of Understanding (MoU) with Kotak Mahindra Bank Limited (KMBL) to enhance investor awareness across India.

RBI Mandates Use of PRAVAAH Portal for Regulatory Applications

From May 1, 2025, all Regulated Entities (REs) will be required to submit their applications via PRAVAAH. The entities include:
Primary Dealers
Payment System Operators
The Reserve Bank of India (RBI) has issued a directive requiring all regulated financial entities to use the PRAVAAH portal for submitting applications related to licenses, authorisations, and approvals starting from May 1, 2025. This initiative aims to centralize regulatory communications and introduce uniformity across the financial system.

Airtel Payments Bank has introduced the RuPay ON-THE-GO Card

Eco-Friendly Design: Constructed from 99% recycled plastic, aligning with sustainable practices.
Rewards and Benefits: Users can earn rewards on transactions and avail e-commerce benefits up to ₹15,000.
ATM Transactions: Cardholders are entitled to a certain number of free ATM transactions monthly, after which standard charges apply (e.g., ₹21 + GST for cash withdrawals beyond the free limit) .
Card Validity: The card remains valid for up to five years from the date of issuance .

Economy · 44

Growth Outlook for Indian Economy

The Economic Survey projects India's growth between 6.3% to 6.8% for FY26, while the Reserve Bank of India (RBI) estimates 6.7% growth.
US President Donald Trump has promised to impose reciprocal tariffs on trading partners starting April 2, following tariffs on steel, aluminium, and automobiles, which may affect global trade dynamics.
These factors, along with a more certain global environment, are expected to boost market sentiment in FY26.
According to Nomura, if India’s tariffs on US imports are 9.5% and the US tariffs on India are 3%, the reciprocal tariff could be around 6.5%. However, experts expect the US tariffs to be more broad-based and difficult to quantify.

USTR Report

India’s average import tariff (2023): 17% (highest among major world economies)
Insurance sector concerns, despite FDI cap being raised to 100%
Non-agricultural goods: 13.5% average import tariff
Agricultural goods: 39% average import tariff

US Trade Representative (USTR) Report

State-Run Banks Dominate: 60% market share held by government-run banks. Foreign banks constitute less than 0.6% of total bank branches.
Foreign banks constitute less than 0.6% of total bank branches.
UPI Market Share Cap: India imposed a 30% market share cap on Unified Payments Interface (UPI) players, limiting dominance by foreign digital payment firms. Compliance Deadline Extended to 2026 for foreign firms, but enforcement remains uncertain.
FDI Cap Raised to 100%: India announced an increase in foreign direct investment (FDI) in insurance from 74% to 100% in the FY25 Budget.

India’s Manufacturing PMI Rebounds in March

The New Orders Index, the PMI’s largest sub-component, expanded at its fastest pace since July 2024.
Surge Driven by New Orders The New Orders Index, the PMI’s largest sub-component, expanded at its fastest pace since July 2024. Companies cited strong demand, better marketing, and improved customer interest as key growth drivers. Production ramped up to meet year-end targets.
A 20% average tariff hike could shrink India’s GDP by 0.4%, according to Capital Economics.
Impact on RBI’s Monetary Policy RBI is set to meet on April 7-9, with a repo rate cut of 25bps (to 6%) widely expected. RBI already cut rates in February and introduced liquidity measures to support economic growth.

MGNREGA wage revised to ₹370 a day from April 1

With this ₹21 increase, a family completing 100 days of work under the scheme can now earn ₹37,000 per year, up from ₹34,900 last year.
The daily wage under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) has been revised from ₹349 to ₹370 per person, effective April 1, 2025. The revision was announced by Mandya Zilla Panchayat CEO K.R. Nandini, citing an order from the Union Ministry of Rural Development.
The scheme continues to play a crucial role in providing employment to rural workers, especially in economically weaker regions.
The hike is expected to boost rural household incomes and enhance financial security for job card-holders.

India, Tariffs, and Trump

Example: A 20% car duty inflates a ₹5 lakh car to ₹6 lakh, burdening consumers and rewarding inefficiency.
Laveesh Bhandari (LB): Tariffs distort economic incentives and hurt consumers. Lowering tariffs enhances efficiency and global competitiveness.
Core idea: India should focus on sectors where it holds global competitiveness, importing the rest.
Non-tariff barriers (NTBs) are rampant and opaque, existing across nearly all sectors.

Micro, Small, and Medium Enterprises: New Definitions and Their Impact

Current Status: Out of ₹28,398 crore in pending dues from 92,794 cases, MSEFCs have resolved 50,507 cases amounting to ₹8,740 crore (as of 12 March), according to the Samadhaan portal.
Under the Public Procurement Policy, all ministries and PSUs must source at least 25% of their needs from micro and small enterprises.
Chronic Issue: Delayed payments have been a persistent issue, especially for micro and small firms dealing with larger corporations.
Government's Broader Vision Finance Minister Nirmala Sitharaman, in the Union Budget 2025–26, emphasized that expanding MSME definitions would:

MSME Sector Braces for Tariff Shocks

Credit to micro and small units rose 9.7% YoY to ₹7.84 trillion
Credit to medium-sized firms grew 18.1% YoY to ₹3.52 trillion
India’s exports to the U.S. have declined since FY23, now forming 17–18% of total exports
SBI’s internal research shows that exports to the U.S. account for just ~4% of India’s GDP, indicating a limited direct macroeconomic impact. However, broader risks loom:

Global Tariffs May Trigger Deflationary Pressure in India: SBI & UBS

Between May 2022 and Feb 2023, RBI had raised rates by 250 bps
The stance shifted from “withdrawal of accommodation” to “neutral” in October 2023
Emkay Global sees material downside risks to India’s 6.5% GDP growth forecast for FY26, citing:
Lower domestic inflation due to a possible oversupply of cheaper imported goods

LIC Counters USTR's Allegations on Sovereign Guarantee

Operates alongside 24 private life insurers in a fully competitive market
Serves over 300 million customers, thanks to distribution depth and brand trust
Sovereign Guarantee Not Invoked: The guarantee—granted during nationalisation in 1956—has never been triggered and is a statutory provision for public confidence, not a functional tool.
Equal Regulatory Treatment: LIC is regulated by both the IRDAI (Insurance Regulatory and Development Authority of India) and SEBI, just like private insurers.

MSMEs Face Pressure Amid Tariff Shocks

Credit to micro and small units: ₹7.84 trillion (↑ 9.7% YoY)
Credit to medium-sized firms: ₹3.52 trillion (↑ 18.1% YoY)This indicates sustained financing demand, but the quality and risk appetite behind these loans may shift if policy uncertainty or export decline continues.
India’s exports to the U.S. form ~4% of GDP, implying limited direct macroeconomic impact. However, SBI Research notes collateral risks due to:
A one percent reduction in reciprocal tariffs to 26% for India offers marginal short-term relief, but the broader policy direction from Washington remains uncertain.

Impact of U.S. Tariffs on India's FY26 Macroeconomic Outlook

Revised Growth Trajectory: Union Budget Estimate: 6.8% BoB Revised Forecast: 6.6% (↓20 bps) Barclays Forecast: 6.5% (↓30 bps)
Union Budget Estimate: 6.8%
BoB Revised Forecast: 6.6% (↓20 bps)
Barclays Forecast: 6.5% (↓30 bps)

CPI Base Year Update to Reflect Rural Housing Trends

The upcoming new Consumer Price Index (CPI) series, set to launch in February 2026, will include housing inflation for rural areas for the first time.Currently, housing is only factored into urban inflation, due to negligible rural rental markets in the past.
Index of Industrial Production (IIP)All will be rebased to 2024 to ensure alignment with current economic patterns.
Rural Housing MPCE rose from ₹7 to ₹30 (5x increase)
Housing’s share in total rural expenditure doubled from 0.4% to 0.8%

CPI Revision to Capture Rural Housing Inflation

It will be based on the 2024 base year, in line with updates to other macroeconomic indicators including GDP and Index of Industrial Production (IIP).
Rural MPCE on housing rose from ₹7 (2011–12) to ₹30 (2022–23), a fivefold increase
Housing’s share in rural expenditure doubled from 0.4% to 0.8%
Urban MPCE on housing rose from ₹160 to ₹423 during the same period

RBI Rate Cut Likely Amid Global Pause and Trade Uncertainty

US Fed: Held rates steady at 4.25–4.5% for a second consecutive time after three cuts in 2024; markets anticipate two more cuts in 2025.
Bank of England: Kept rates at 4.5%, citing rising trade risks; rate path remains on a gradual downward slope.
Since its last 25 bps rate cut in February 2025, the Reserve Bank of India (RBI) has seen a noticeable shift in macroeconomic indicators, increasing the likelihood of another rate reduction this week.
Liquidity deficit of ₹3.3 trillion in Dec 2024 turned into a surplus of ₹2.16 trillion by April.

India Likely to Meet 6.3–6.8% FY26 Growth Target

Despite the volatility, the government remains committed to its 10.1% nominal GDP growth assumption for FY26, aligned with Budget projections.
In FY25, real growth may have reached 6.5%, according to the second advance estimates released in February.
Goldman Sachs: Revised India’s FY25 and FY26 growth to 6.1%, trimming 30 and 20 basis points, respectively.
Nomura: Predicts 6.2% in FY25 and 6.0% in FY26, citing emerging global trade uncertainty.

Government Launches ₹22,919 Cr Electronics Component Manufacturing Scheme

Scheme Value: ₹22,919 crore
Government Launches ₹22,919 Cr Electronics Component Manufacturing Scheme.
Duration: 6 years with an optional 1-year gestation period
Electronics production CAGR: 17%

Rupee Falls Below 86 as Yuan Weakens and Dollar Demand Surges

The rupee has depreciated by 0.8% so far in calendar year 2025.
U.S. President Donald Trump’s threat of a 50% tariff on Chinese imports has reignited trade tensions.
It is expected to stabilize around ₹85.50/$, though risks remain tilted to the downside.
Markets are closely watching the RBI Monetary Policy Committee (MPC) meeting. The central bank is expected to cut the repo rate by 25 bps to 6.00%, which could weigh further on the rupee.

Metric	Value/Change
Rupee Close (Tuesday)	₹86.26/$
Dollar Index	103.27 (vs 102.75 Monday)
Yuan Level	7.35/$
Oil Prices	Four-year low
Rupee YTD Depreciation	0.8%
Expected RBI Repo Cut	25 bps (to 6.00%)

Loans Set to Get Cheaper as RBI Cuts Repo Rate by 25 bps

The Reserve Bank of India (RBI) has cut the repo rate by 25 basis points from 6.25% to 6%, marking its second consecutive cut in 2025.
Liquidity Support: RBI to maintain surplus liquidity equivalent to 1% of bank deposits (approx. ₹2.3 lakh crore), up from the current ₹1.5 lakh crore.
GDP Forecast (FY26): Cut by 20 basis points to 6.5%.
Inflation Forecast (FY26): Revised down to 4%, citing lower food prices and global crude oil at $60 per barrel.

U.S. Tariff Pause Offers Interim Relief to Indian Exporters

The U.S. has paused reciprocal tariffs, retaining only a baseline 10% tariff, offering temporary relief to Indian exporters.
However, a 10% tariff will make jewellery costlier for U.S. buyers, likely slowing demand in the short term.
With 125% tariffs on Chinese exports, India faces less competition from China in the U.S. market.
Urges the Indian government to: Engage proactively with the U.S. for a long-term trade solution. Introduce an interim protection scheme to support exporters.

India's Industrial Production Growth Slows in February 2025

Moody’s Analytics revised its India GDP growth forecast for 2025 downward to 6.1%, anticipating negative impacts on industries like gems & jewellery, medical devices, and textiles due to the ongoing tariff threats from the US.
Mining: Growth in mining output slowed to 1.6%.
Manufacturing: Manufacturing growth decelerated to 2.9%.
Electricity Generation: Electricity output grew at a relatively quicker pace, registering a 3.6% increase in February.

India’s Path to Tripling Automotive Component Exports by 2030

India aims to triple its automotive components exports to $60 billion in the next five years, positioning itself as a global leader in the sector.
Achieving this goal would result in a trade surplus of nearly $25 billion and increase India’s share in the global automotive components value chain from 3% to 8%.
The growth is expected to create 22.5 million new jobs, bringing the total direct employment in the sector to 34 million.
Adoption of Industry 4.0 technologies to improve manufacturing efficiency.

Urban and Rural Consumer Sentiment in India (RBI Surveys)

Job Opportunities: 35.5% of urban respondents in March 2025 believed job prospects improved over the past year (Chart 1), consistent with levels from the previous year.
Trend Reversal: Optimism about income, which had slowly recovered post-pandemic, began declining in March 2024 and continued to dip through March 2025.
Income Levels: Only 23.8% reported improved income (Chart 2), showing a 12 percentage point gap between job optimism and income growth.
Income Decline Perception: 29.9% of rural respondents said their income had decreased (Chart 3), compared to 23.3% in urban areas — a consistent trend across all survey months.

Wealthy Indians under-reporting their income to avoid taxes: study

Disparities Amplify Among the Ultra-Rich India’s richest households (e.g., those listed in Forbes 2021) report incomes as low as 1/12th of their total wealth. This raises strong indicators of income concealment to minimize tax liabilities.
India’s richest households (e.g., those listed in Forbes 2021) report incomes as low as 1/12th of their total wealth.
Inverse Relationship Between Wealth and Reported Income The study reveals a systematic under-reporting of income among India’s affluent households. For every 1% rise in wealth, there’s an estimated 0.6% drop in the reported income-to-wealth ratio.
For every 1% rise in wealth, there’s an estimated 0.6% drop in the reported income-to-wealth ratio.

Retail Inflation Drops to 3.34% in March 2025

Retail inflation cooled to 3.34%, the lowest in 5.5 years, reflecting strong disinflationary momentum.
Rural inflation fell from 3.79% to 3.25%, highlighting: Improved food availability in hinterlands. Stabilization of fuel prices aiding household consumption.
Urban inflation inched up to 3.43% (from 3.32%), driven by: Higher services cost (e.g., rent, health, education). Urban consumption resilience amid declining borrowing costs.
Economists now anticipate: A 50 bps rate cut in the coming policy cycles. A terminal repo rate of 5.0%–5.25%, reinforcing an accommodative stance.

Morgan Stanley Lowers India's Growth Forecast for 2025-26

Growth Trough in December 2025: Growth is projected to trough in the December 2025 quarter at 5.7%, compared to 6.2% in the same period the previous year.
Rate Cuts Expected: Given the lower inflation and slower growth, Morgan Stanley anticipates that the Reserve Bank of India (RBI) will likely implement a cumulative 100 basis points rate cut in 2025, with two more interest rate cuts expected.
Moderate Inflation Forecast: Despite the slower growth, Morgan Stanley expects inflation in India to remain benign, with an average of 4% for the current financial year.
Morgan Stanley has downgraded India’s growth forecast for 2025-26 by 40 basis points to 6.1%, attributing the revision to changes in trade and tariff policies. The financial services firm also reduced its growth estimate for 2026-27 to 6.3%, down from an earlier projection of 6.5%.

U.S. Reciprocal Tariff Policy – Implications for India

Reciprocal tariffs capped at 10% for 90 days (excluding China).
India’s reciprocal tariff = 26%
Increase essential imports from U.S. (e.g., petroleum) to reduce trade imbalance. Example: Raising U.S. imports by $25B can reduce India’s tariff rate to 11.8%.
Example: Raising U.S. imports by $25B can reduce India’s tariff rate to 11.8%.

CPI Inflation

India’s retail inflation, based on the Consumer Price Index (CPI), eased to 3.34% in March 2024 — the lowest since August 2019. However, several states continued to record inflation rates above the RBI’s medium-term target of 4%, underscoring regional price pressures.
Kerala – 6.59
Karnataka – 4.44
Chhattisgarh – 4.25

India’s GDP Growth Forecast for 2025: Moody’s vs. UNCTAD

Revised GDP forecast: 5.5% to 6.5% (down from 6.6% projected in February 2024).
Cut India’s 2025 growth forecast to 6.1%, citing specific tariff impacts.
India 2025 GDP forecast: 6.5%, higher than Moody’s lower-end estimate.
Key Growth Drivers for India: Strong public capital spending. Monetary easing: The RBI cut rates by 25 basis points in early February 2025 — first cut in five years. Lower rates expected to stimulate private investment and boost consumption.

Centre to Merge DPE & Dipam

CAG 2022 Report Findings: 198 government companies with accumulated losses > ₹2 trillion Net worth of 88 companies completely eroded These entities are long-term fiscal liabilities
As per the 2021–22 Budget, the government announced: Minimal presence in strategic sectors Privatisation or closure of CPSEs in non-strategic sectors
Integration of DPE into the Ministry of Finance (2021) aimed to accelerate policy implementation, but limited progress has been made.
FY25 so far: Over ₹3.7 trillion raised from overall equity markets (90% rise YoY) Only ₹10,000 crore mobilized via disinvestment

Union Government Sets MSME Credit Target for FY26 at ₹17.31 Trillion

As of February 28, 2025, the total MSME credit outstanding in PSBs was ₹13.04 trillion, reflecting a year-to-date growth of 11.17% compared to ₹11.73 trillion as of March 31, 2024.
State Bank of India (SBI) leads the way with a target of ₹4.82 trillion in outstanding MSME credit for FY26, which represents a 23% growth over the previous year.
Punjab National Bank (PNB) follows closely with a target of ₹1.58 trillion, showing a 23.4% growth.
Credit Guarantee Scheme (CGS): Provides collateral-free loans of up to ₹5 crore with 90% guarantee coverage.

Bank Name	Outstanding Credit for FY26 (₹ Trn)
Bank of Baroda	1.77
Bank of India	1.26
Bank of Maharashtra	0.58
Canara Bank	1.84
Central Bank of India	0.75
TOTAL	17.31

Fitch Cuts India FY25 GDP Growth Forecast

FY25 (ended March 2025): Revised to 6.2% (from 6.3%)
CPI-based inflation is projected at 3.9% for calendar year 2025 (down from 4% earlier).
RBI policy rate is forecast to fall to 5.5% by end-2025, following this month’s 25 bps rate cut to 6%.
US average effective tariff rate (ETR) has risen to 23%, the highest since 1909 (compared to 18% assumed earlier by Fitch).

₹2,250 Cr Export Promotion Mission

Gold jewellery: Raised from ₹335.5/gm to ₹405.4/gm of net gold content.
2. Export Promotion Mission (₹2,250 Cr)
The U.S. imposed additional tariffs (up to 26%) on Indian goods starting April 2, increasing cost pressures.
A 90-day tariff pause (excluding China) has temporarily lowered duties to 10% on several import categories, providing a short-term breather for exporters.

Unleashing India’s Creative Economy

Global creative services exports reached $1.4 trillion in 2022 (up 29% since 2017).
In 2019, India exported $121 billion in creative goods and services. Creative services made up $100 billion. Design sector: 87.5% of creative goods exports. Arts and crafts: around 9%.
In 2024, India’s creative economy is valued at $30 billion, employing 8% of the workforce.
Creative goods exports hit $713 billion (up 19%).

India Imposes 12% Temporary Tariff on Select Steel

Rate: 12% on specific steel categories (exact HS codes to be notified separately).
In a significant trade policy move, India has imposed a 12% safeguard duty on select steel imports, effective April 21, 2025, for a temporary period of 200 days. The Ministry of Finance issued the notification in an effort to curb a surge in low-priced steel imports, particularly from China and South Korea.
Duty Type: Safeguard duty under Section 8B of the Customs Tariff Act.
India witnessed a nine-year high in steel imports, reaching 9.5 million metric tons in FY 2024-25.

IMF Revises India’s FY26 Growth Forecast Down to 6.2%

The IMF’s global growth forecast for 2025 has also been downgraded from 3.3% to 2.8%, reflecting the broader economic slowdown.
The global growth is expected to recover slightly to 3% in 2026, but this is still lower than the previous projection.
The International Monetary Fund (IMF) has lowered India’s FY26 GDP growth forecast by 30 basis points, bringing it down to 6.2% from its previous projection of 6.5%.
India’s revised forecast by the IMF is now 6.2%, down from 6.5% previously. Other agencies have also adjusted their projections: Moody’s: Reduced to 5.6% from 6.6% ADB: Adjusted to 6.7% from 7% Fitch: Adjusted to 6.4% from 6.5% UBS: Downgraded to 6% from 6.3%

Gold Prices Surge Amid Global Uncertainties

This surge mirrors the first wave of COVID-19 when gold breached the ₹50,000 mark in July 2020 amid global economic contraction, a weaker dollar, and supply chain disruptions.
Gold’s Reserve Share: As of 2024, gold's share in reserves has risen to over 18%, up from 12% in 2019, reflecting a steady increase since 2021.
Spot Price: ₹1,01,245 per 10 grams for 24-carat gold.
Futures Price: ₹99,000 per 10 grams.

World Bank Cuts India’s FY25 Growth Forecast to 6.3%

Revised GDP Forecast for FY25: Lowered to 6.3%, down 40 basis points from the previous estimate of 6.7%
Growth in FY24: Estimated at 6.5%, impacted by sluggish private investment and underperforming public capital expenditure
FY26 Outlook: Projected to remain stagnant at 6.3%, suggesting limited recovery momentum
The IMF cut its FY25 GDP forecast to 6.2% from its earlier estimate of 6.5%, echoing the World Bank’s concerns

Private Investment Concerns and Growth Outlook for India

World Bank Adjustment: Similarly, the World Bank reduced its FY26 growth forecast for India to 6.3%, a 0.4 percentage point decrease from its previous estimate, citing the increasingly challenging global environment.
IMF Growth Forecast: The IMF revised India’s FY26 growth forecast downward by 30 basis points to 6.2%, citing escalating trade tensions and global uncertainty as key factors.
Need for Momentum: For India to achieve its goal of becoming a developed economy by 2047, private investment must gain greater momentum, according to Srinivasan.
Export and Consumption Growth: In 2024, India’s growth was driven by a pickup in exports and consumption.

External Commercial Borrowing (ECB) Inflows in India

Significant Increase in Inflows: Net inflows through ECB more than doubled to $20.3 billion from April 2023 to February 2024, compared to $8.8 billion during the same period the previous year. This marks the highest level of inflows in at least five years.
Lower Overseas Borrowing Costs: The rise in ECB inflows was partly attributed to a decline in the cost of overseas funds, with the overall lending rate down by 40-50 basis points (bps) compared to the previous year.
ECB Disbursements: $46.1 billion in disbursements, a rise of $13.4 billion compared to the previous year.
Monthly Inflows: In February 2024, net inflows were $1.9 billion, up from $1.3 billion in February 2023.

Impact of Emerging Tariff Scenario on India

Nominal GDP Growth: The government has forecast a nominal GDP growth rate of 10.1% in the Union Budget. With real growth at over 6% and inflation around 4%, government receipts are likely to align with these projections.
India is in discussions with key trade partners such as the US, UK, and EU. Given the ongoing global trade uncertainties, India should diversify its trade portfolio to build stronger partnerships and reduce dependence on any one region.
Affordable Housing for Workers: With housing being a significant cost for workers, the government could focus on providing affordable housing near manufacturing hubs. Programs like the Pradhan Mantri Awas Yojana could be expanded to create low-rent housing for workers in high-demand industrial areas.
With housing being a significant cost for workers, the government could focus on providing affordable housing near manufacturing hubs. Programs like the Pradhan Mantri Awas Yojana could be expanded to create low-rent housing for workers in high-demand industrial areas.

CBDT has notified a 1% Tax Collected at Source (TCS)

Objective: This measure aims to enhance tax transparency and track high-value transactions. (New Tax Rules: Luxury Goods Over Rs 10 Lakh to Face 1% TCS - Read Here to Know)
Specified Goods: While the exact list of goods has been notified, examples include high-end wristwatches, luxury handbags, and other premium items. (Tax to be Collected on Luxury Goods Above Rs. 10 Lakh Starting in 2025)
The Central Board of Direct Taxes (CBDT) has notified a 1% Tax Collected at Source (TCS) on the sale of specified luxury goods priced above ₹10 lakh, effective from April 22, 2025. (Luxury Buys Over Rs 10 Lakh To Attract 1% TCS From 22 April)
Applicability: Sellers are required to collect 1% TCS from buyers at the time of receiving payment for the specified luxury goods.

IIP Growth Shows Modest Recovery in March

Index of Industrial Production (IIP) grew by 3% in March 2024, showing a slight recovery from February’s six-month low of 2.72%. However, FY25 IIP growth stood at 4%, marking the weakest growth in four years. By comparison, FY24 IIP growth was 5.9%.
March 2024 Industrial Output: Electricity sector led the growth with 6.3%. Manufacturing sector grew by 3%. However, the mining sector saw a 0.4% decline.
Consumer Non-Durables: Contracted by 1.6%. This segment continued to see declining output, contributing to the overall subdued industrial performance.
Contracted by 1.6%.

India’s Industrial Growth Slows to 4% in FY25

March 2025 IIP: 3%, up from 2.7% in February
India’s Index of Industrial Production (IIP) averaged 4% in FY25, the lowest in the past four years, signaling a broad-based industrial slowdown amid weak consumption, muted exports, and lagging private investment.
Consumer Non-Durables: Sharp degrowth of -1.6% in FY25 vs. +4.1% in FY24, indicating rural consumption stress
Consumer Durables: Growth almost doubled to 8% (FY25) from 3.6% (FY24), reflecting urban demand recovery

Sector	FY24 Growth	FY25 Growth
Mining	7.5%	2.9%
Manufacturing	5.5%	4.0%
Electricity	7.0%	5.1%

Test yourself · Economy

Fill the blank from memory, then check. Tap a question to reveal the answer.

1. It will be based on the ________, in line with updates to other macroeconomic indicators including GDP and Index of Industrial Production (IIP).

2024 base year CPI Revision to Capture Rural Housing I… · 6 & 7 April 2025

2. ________: 17% (highest among major world economies)

India’s average import tariff (2023) USTR Report · 2 April 2025

3. The ________, the PMI’s largest sub-component, expanded at its fastest pace since July 2024.

New Orders Index India’s Manufacturing PMI Rebounds in M… · 3 April 2025

4. With this ________, a family completing 100 days of work under the scheme can now earn ₹37,000 per year, up from ₹34,900 last year.

₹21 increase MGNREGA wage revised to ₹370 a day from… · 3 April 2025

5. Since its last ________, the Reserve Bank of India (RBI) has seen a noticeable shift in macroeconomic indicators, increasing the likelihood of another rate reduction this week.

25 bps rate cut in February 2025 RBI Rate Cut Likely Amid Global Pause a… · 6 & 7 April 2025

Agriculture · 26

Central Government's Move to Revise Base Year for CPIAL/RL

CPIAL currently assigns 72.9% weight to food, and CPIRL assigns 70.4% weight to food.
Other consumption categories, such as medical care and education, have much lower weightings (around 4.38% for CPIAL in medical care, and 0.94% for education).
After nearly 40 years, the Central Government is planning to revise the base year of the Consumer Price Index for Agricultural Labourers (CPIAL) and Rural Labourers (CPIRL) to better reflect the current inflation faced by these workers. The Labour Bureau has formed an expert committee, chaired by Asit Kumar Sadhu (National Statistical Commission member), to revise the base year from 1986-87 to 2024-25.
The Union Government is revising the base year of CPIAL and CPIRL, as they are currently based on the outdated 1986-87 year. The new base year will reflect the 2024-25 agricultural year, incorporating the latest economic and consumption data. This revision aims to ensure that the indices are more aligned with current consumption patterns and inflationary pressures experienced by rural workers.

Government Deploys AI and IoT for Agricultural Advancement

Kisan e-Mitra (AI-powered Chatbot): Assists farmers with PM Kisan Samman Nidhi scheme queries. Supports 11 regional languages. Handles 20,000+ queries daily (92 lakh+ queries answered). Future expansion to include other government schemes.
Handles 20,000+ queries daily (92 lakh+ queries answered).
National Pest Surveillance System: Uses AI & ML to detect pest infestations early. Enables timely intervention to reduce crop losses. Farmers upload pest images for analysis. Covers 61 crops & 400+ pests. Used by 10,000+ extension workers.
Covers 61 crops & 400+ pests.

India’s Agro and Seafood Exports Face Mixed Impact from U.S. Tariffs

Previously, shrimp exports to the U.S. attracted around 8% in duties; the new rate may raise this to 45%, including countervailing duties.
The duty on Indian agrochemicals is 6%, while China now faces 24%, giving Indian exporters a comparative edge.
Total agri and marine exports in FY24: Agriculture: $38.19 billion Marine: $7.37 billion Marine share in total exports: Approximately 16–19%
Marine share in total exports: Approximately 16–19%

Government Initiatives for Agricultural Mechanization and Digital Transformation

Launched in September 2024 with an outlay of ₹2,817 crore to create a strong digital ecosystem:
Progress: 1,094 drones distributed by Lead Fertilizer Companies (LFCs) in 2023–24 500 of these distributed under the Namo Drone Didi scheme Remaining 14,500 drones to be delivered by FY 2025–26
Duration: 2023–24 to 2025–26
1,094 drones distributed by Lead Fertilizer Companies (LFCs) in 2023–24

ICAR’s Precision Farming and Drone Research

Soil Health Cards (SHCs) issued: 24.90 crore (as of 31 March 2025)
Farmer Education: 7 lakh demonstrations 93,781 training programs 7,425 farmer melas 70,002 trained Krishi Sakhis for SHC awareness
7 lakh demonstrations
Smart sprayers and autonomous weeders

Alfalfa Hay Import from US Still Awaits Final Approval from India’s Agriculture Ministry

July 2024: The Genetic Engineering Appraisal Committee (GEAC) cleared GE alfalfa hay imports after safety assessments.
March 2024: The USTR report flagged India’s delay, citing repeated discussions with Indian authorities.
October 2024: The USDA-FAS reported that the Indian Agriculture Ministry is reviewing the case and may soon authorize imports.
India currently allows RTD beverages with 0.5–8% alcohol content.

Agriculture as a Propellant Towards a Viksit Bharat

Aim: 8% annual growth in agriculture
Total Agriculture-Related Outlay (2024–25): ₹5.3 lakh crore (~11% of total Union Budget)
Infrastructure-related schemes under MoAFW and MoFPI: ~₹20,000 crore
FPO promotion: < ₹600 crore

Agri Founders Retreat 2025

The fourth edition of the Agri Founders Retreat was recently held at Chilika, Odisha, with 57 agricultural entrepreneurs from across India participating in the event. This edition followed earlier retreats in Nashik, Bengaluru, and Jaipur.
Bio-input innovators
Aquaculture pioneers
Climate-tech disruptors

India-Nepal Sign MoU to Boost Agricultural Cooperation and Sustainability

During the 3rd BIMSTEC Agriculture Ministerial Meeting, India and Nepal signed a Memorandum of Understanding (MoU) to deepen bilateral collaboration in the field of agriculture.
The agreement was signed by Shivraj Singh Chouhan, India’s Union Minister of Agriculture & Farmers Welfare and Rural Development, and Ram Nath Adhikari, Nepal’s Union Minister of Agriculture and Livestock Development.

India’s Farm and Marine Sectors Eye Relief Amid US Tariff Pause

Ecuador was favoured under the original tariff regime (10% vs 26% on India), intensifying competition.
Prices of Indian ‘Vennamei’ shrimp fell ₹30–50/kg under tariff pressure, risking a 40% cost increase.
Rapeseed meal: China ramped up imports from India to replace Canadian supply under a 100% duty.
Marine Exports Share in Total Exports: 7.37%

Category	FY23 ($ bn)	FY24 ($ bn)
Agri Exports	50.36	45.56
Marine Exports	8.07	0.24
Agri Imports	32.47	31.25
Marine Imports	0.25	0.24

Saving India’s Traditional Seed Varieties

How does e-Technology help farmers in production and marketing of agricultural produce? Explain it. (UPSC-2023)
Market Demand and Consumer Preferences: Consumers, influenced by supermarket trends and government food programs, prefer high-yield crops, reducing the demand for traditional grains like millets and indigenous rice.
Agricultural Policies: Government policies have historically focused on increasing food production through high-yield varieties, sidelining the conservation of biodiversity and the development of climate-resilient crops.
Farmer Involvement: Involving farmers in participatory plant breeding programs, where they collaborate with scientists to improve traditional seeds.

How Non-Farm Jobs Boost Labour Efficiency Among Indian Farmers

Data Source: Drawn from ICRISAT’s Village Dynamics in South Asia (2010–2014) Covered States: Odisha, Maharashtra, Telangana, Andhra Pradesh, Bihar, Jharkhand, Karnataka, Madhya Pradesh
Drawn from ICRISAT’s Village Dynamics in South Asia (2010–2014)
Methodology: Used Data Envelopment Analysis to evaluate labour use efficiency across farm operators Measured efficiency without needing to observe exact work methods
Used Data Envelopment Analysis to evaluate labour use efficiency across farm operators

India Sets New 30% Ethanol Blending Target by 2030

2022–23: 12.06% average blending
2023–24: 14.6% average blending
By March 2025: 20% achieved (nationwide)
New Goal: 30% blending by 2030

Empowering India’s Agrifood Processing MSMEs through Fintech Solutions

Sector Growth: The Indian food processing industry, valued at $336.4 billion in 2023, is projected to reach $735.5 billion by 2032, growing at a CAGR of 8.8%. As the sector expands, the need for a robust financial ecosystem becomes increasingly critical.
Growth Trajectory: These enterprises have grown at an impressive Annual Average Growth Rate (AAGR) of 7.26% over the past seven years, contributing significantly to India's GDP, employment, and exports.
RBI Mandate: Although the RBI mandates banks to provide 7.5% of their Adjusted Net Bank Credit (ANBC) to MSMEs under Priority Sector Lending (PSL), issues like lack of proper documentation and geographical barriers make it difficult for banks to achieve this target.
Access to Credit: Agrifood MSMEs face significant barriers in accessing timely and affordable credit. Traditional banks consider these businesses high-risk due to seasonal business cycles and inconsistent cash flows.

Second National Horticulture Expo 2081 Concludes in Kathmandu Valley

First International Pashmina Festival: In January 2025, the Nepal Pashmina Industries Association held the inaugural Pashmina Festival, attracting notable consumer attention.
Exhibition of Over 700 Plant Species: The expo featured a vast array of plants sourced from flower, fruit, agro-forestry, and herbal nurseries, showcasing Nepal's rich horticultural diversity.
Event: Second National Horticulture Expo 2081
Product Categories: Commercial Nursery Products: Including flowers, fruits, agricultural plants, forestry species, and herbs. Agricultural Tools and Products: Fertilizers, organic and chemical pesticides, seeds, flower pots, and horticultural technology.

Nano Sulphur Could Boost Mustard Yield and Oil Content in India

Yield increase: Nano sulphur use raises mustard yield by 30–40%, from 1,156 kg/acre to approx. 1,559 kg/acre (3.7 tonnes/hectare)
Oil content rise: Enhances oil content by 28–30%
Comparable to GM mustard DMH11, which shows 10–40% higher yield in trials
Reduces need for traditional sulphur fertilisers by up to 50%

The Twin Crisis: Climate Change and Food Insecurity

EU’s “Soil Deal for Europe” aims for 75% of soils under organic management by 2030.
60–70% inefficiency: most synthetic nitrogen is lost to air or water.
500+ coastal dead zones caused by nitrogen runoff, including a dead zone the size of New Jersey in the Gulf of Mexico.
Soil degradation is severe: UN: 33% of Earth’s soils degraded; 24 billion tonnes lost to erosion annually. US Corn Belt: soils have lost 40–60% of original organic matter, weakening resilience to floods and droughts.

Samunnati Launches Transformative FPO Partnership Model for Sustainable Agri-Value Chain Growth

Economic Impact: Procurement and sales worth ₹4–4.5 crore Farmers earned 10–15% higher average profit per acre Reduction in distress selling Transparent and timely payments to tribal farmers
Procurement and sales worth ₹4–4.5 crore
Farmers earned 10–15% higher average profit per acre
End-to-End Integration: Covers direct procurement, processing, storage, and market sales

Nabard Invests in eKisanCredit Agri-Fintech Startup to Digitize Rural Credit

Piloted by Nabard across banks for over 2.5 years, and now ready for nationwide rollout.
The National Bank for Agriculture and Rural Development (Nabard) has made its first-ever investment in a bootstrapped startup, acquiring a 10% equity stake in 24x7 Moneyworks Consulting Pvt Ltd. The startup operates eKisanCredit (eKCC), a digital loan origination and automation platform for cooperative banks, PACS, and regional rural banks (RRBs).
Shaji KV, Chairman of Nabard, emphasized that eKCC: Enhances access to agricultural credit Improves transparency and efficiency Promotes inclusive banking services for small and marginal farmers
Promotes inclusive banking services for small and marginal farmers

eNAM Integration Empowering Farmers with Better Prices

Eliminates 60–70% of middlemen, allowing direct buyer-seller interaction via smartphone notifications.
40+ survey questions covered farmers’ experiences with mandi-eNAM integration.
15 years of wholesale price data analyzed using a 70:30 training/testing ratio.
Draft report submitted to NABARD; focuses on price realization across 23 commodities in India’s western coastal region.

Samunnati Launches FPO Partnership Model for Market-Led Agri Value Chain Empowerment

Economic Impact: Procurement and sales worth ₹4–4.5 crore Farmers witnessed 10–15% higher profit per acre
Procurement and sales worth ₹4–4.5 crore
Farmers witnessed 10–15% higher profit per acre
Delivers 2–3x higher value creation than conventional revolving credit structures

Sugar-Based Ethanol’s Shrinking Role in India’s Biofuel Strategy

India's 20% blending target (achieved in 2024-25) now relies on a 70% grain-based and 30% sugar-based ethanol mix.
Capacity constraints: Only 875 crore litres of India's 1,380 crore litre ethanol capacity (late 2023) came from sugarcane.
Government has launched an interest subvention scheme for cooperative mills; extension to private mills (60% of sector) is critical.
Grain-based capacity already at 505 crore litres and growing.

The Importance of Agriculture Insurance in India

The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched by the Indian government, provides extensive coverage against crop failure, with subsidized premiums making it affordable for even the poorest farmers.
These unpredictable conditions severely affect crops, particularly small and marginal farmers. Agriculture insurance serves as a vital tool in mitigating these risks by covering losses, providing access to credit, and helping farmers manage uncertainty.
However, challenges remain, including lack of awareness among farmers, complex procedures, and delays in claim payouts. These issues must be addressed for agriculture insurance to become a reliable tool.
Technologies like AI, remote sensing, and satellite imagery can provide insurers with better data to assess crop health, predict risks, and verify claims more accurately.

Cane Excellence Programme

Capacity Building: The programme includes exposure visits, cross-learning platforms, and the dissemination of technical manuals, videos, and mobile advisories to farmers.

Maharashtra Scraps Re 1 Crop Insurance Scheme Amid Irregularities

Bogus applicants: The state detected 5.9 lakh bogus applicants in the 2024-25 cycle. For these applicants, the state and Centre had paid ₹478.5 crore in premiums to insurance firms.
Premium rates: Under the Centre’s scheme, farmers will now pay: 1.5% of the sum insured for kharif crops, 2% for rabi crops, and 5% for horticulture crops.
Farmer protection: The decision to move away from the Re 1 scheme aims to ensure that only legitimate farmers benefit from the insurance coverage, maintaining the integrity of the system.
Potential risk: Had the fraudulent claims gone unnoticed, the bogus applicants could have received ₹6,000 crore in payouts during a calamity.

Sensitization Programme on National Programme for Organic Production (NPOP) on Spices

The 8th edition of NPOP provides updated guidelines for organic spice production, encouraging sustainable practices aligned with nature.
Collaborating Organizations: Spices Board and APEDA (Agricultural and Processed Food Products Export Development Authority).

Test yourself · Agriculture

Fill the blank from memory, then check. Tap a question to reveal the answer.

1. India's 20% blending target (achieved in 2024-25) now relies on a ________ ethanol mix.

70% grain-based and 30% sugar-based Sugar-Based Ethanol’s Shrinking Role in… · 26 April 2025

2. ________: The Genetic Engineering Appraisal Committee (GEAC) cleared GE alfalfa hay imports after safety assessments.

July 2024 Alfalfa Hay Import from US Still Awaits… · 6 & 7 April 2025

3. Other consumption categories, such as medical care and education, have much lower weightings (around ________ for CPIAL in medical care, and 0.94% for education).

4.38% Central Government's Move to Revise Bas… · 1 April 2025

4. Handles ________ (92 lakh+ queries answered).

20,000+ queries daily Government Deploys AI and IoT for Agric… · 2 April 2025

5. Previously, shrimp exports to the U.S. attracted around ________ in duties; the new rate may raise this to 45%, including countervailing duties.

8% India’s Agro and Seafood Exports Face M… · 4 April 2025

Facts To Remember · 75

2014-batch IFS officer Nidhi Tewari named private secy to PM

Nidhi Tewari, a 2014-batch Indian Foreign Service officer, has been appointed as private secretary to PM Narendra Modi, becoming the first woman to get such a posting in recent history. Incidentally, she is from Mehmurganj in UP’s Varanasi, the parliamentary constituency Modi has been representing in Lok Sabha since 2014.

Moody’s projects India’s 6.5% growth, leading G-20 Nations

Moody’s Ratings said India’s growth at 6.5 per cent will remain the highest amongst the advanced and emerging G-20 countries, supported by tax measures and continued monetary easing.

India celebrates 52 years of Project Tiger: A global conservation success story

India proudly commemorates 52 years of Project Tiger, a pioneering initiative that transformed the landscape of wildlife conservation. On this day in 1973, the Government of India launched Project Tiger to protect the country’s dwindling tiger population.

Rajgir to host Hero Asia Cup Hockey 2025 in August

Rajgir in Bihar will host the Hero Asia Cup Hockey 2025 in August of this year. Hockey India and the Bihar State Sports Authority signed a Memorandum of Understanding (MoU) in this regard at the Patliputra Sports Complex in Patna.

RBI says 98.21% of ₹ 2,000 notes returned to banks

The Reserve Bank of India (RBI) announced that 98.21 per cent of ₹ 2000 banknotes have been returned to the banking system, leaving only ₹ 6,366 crore worth of such notes still with the public.

98.21% of ₹2000 notes returned to banking system, legal tender status remains: RBI

The Reserve Bank of India, RBI, has said 98.21 per cent of the 2000 rupee bank notes have been returned to the banking system. On May 19, 2023, the RBI announced the withdrawal of bank notes of the 2000 Rupee denomination from circulation.

Over 1 million manpower resources hired through govt e-Marketplace in Financial year 2045-25

Over 1 million manpower resources were hired through the digital procurement platform Government e-Marketplace (GeM) in the Financial Year 2024-25. Speaking on this achievement, the EO of GeM, Ajay Bhadoo, stated that the platform has harnessed digital capabilities and has emerged as a one-stop shop for all possible services required by government buyers at various levels of administration.

Top Gun and Batman star Val Kilmer dies aged 65

Val Kilmer, one of the biggest Hollywood actors of the 1990s who shot to fame playing Iceman in the original Top Gun, has died aged 65 after a career of memorable hits and on-set bust ups.

Ramann Set to Be Next PFRDA Chairperson

The government has named Sivasubramanian Ramann as the new chairperson of the Pension Fund Regulatory and Development Authority (PFRDA).

RS clears immigration bill amid Cong, TMC walkout

Congress MP Abhishek Manu Singhvi criticised the Immigration and Foreigners Bill, 2025, which was passed by the Rajya Sabha on Wednesday, and said that the legislation sought to treat all foreigners as “potential criminals” who were liable to be viewed with serious suspicion by India.

Lok Sabha Passes Waqf (Amendment) Bill 2025

The Lok Sabha passed the Waqf (Amendment) Bill 2025. 288 Members Voted in Favour and 232 Members Voted Against the Bill.

IPL T20: Gujarat Titans defear RCB by 8 wickets

In IPL T20 Cricket, the Gujarat Titans defeated Royal Challengers Bengaluru by 8 wickets at M. Chinnaswamy Stadium in Bengaluru.

Govt approves four Rail projects covering 15 Districts in Maharashtra, Odisha, and Chhattisgarh

The Union Cabinet today approved four projects of the Ministry of Railways with a total cost of 18 thousand 658 crore rupees.

India ranks 10th with $1.4 billion private investment in AI: UN

India has been ranked 10th in the world with significant private investments in Artificial Intelligence (AI) in 2023. According to the 2025 Technology and Innovation Report issued by UN Trade and Development (UNCTAD), India ranked 36th in 2024 on the Readiness for Frontier Technologies Index, improving its position from 48th in 2022.

Hitesh becomes 1st Indian boxer to reach Boxing World Cup 2025 final

Hitesh has become the first Indian boxer to reach the Boxing World Cup 2025 Finals in Foz do Iguaçu, Brazil, today.

RBI to issue ₹10, ₹500 notes bearing Governor’s signature

The Reserve Bank of India (RBI) said it will issue ₹10 and ₹500 denomination banknotes in Mahatma Gandhi (New) Series bearing the signature of new RBI Governor Sanjay Malhotra.

India ranks 10th with $1.4 bn pvt investment in AI: UN report

India and China are the only developing countries in the world with significant private investments in AI in 2023, according toa UN report. The 2025 Technology and Innovation Report, issued by UN Trade and Development (UNCTAD), also states that India ranked 36th in 2024 on the ´Readiness for Frontier Technologies´ index, improving its position from 48th in 2022.

Hitesh Becomes First Indian to Reach Final

National champion Hitesh displayed fine tactical acumen to get the better of France’s Makan Traore 5-0 in the 70kg bout to become the first Indian to reach the final in the World Boxing Cup Brazil 2025.

Delhi Joins Ayushman Bharat, Doubles Health Cover to ₹10 Lakh per Family

The National Health Authority and the Delhi Government signed a Memorandum of Understanding (MoU) to implement the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana in the National Capital.

FinMin set to implement ´One StateOne RRB´ soon

he finance ministry will soon implement the ´One StateOne RRB´ plan to achieve operational efficiency and cost rationalisation and consolidation of 43 regional rural banks (RRBs) to 28.

Defence Ministry Signs ₹2,385 Cr Deal with BEL for Mi-17 V5 EW Suites

The Ministry of Defence has inked a two thousand 385 crore rupee contract with Bharat Electronics Limited, Bengaluru, for electronic warfare suites and aircraft modification kits for Mi-17 V5 helicopters

7th Poshan Pakhwada to Begin Tomorrow, Focus on Early Life Nutrition & Healthy Lifestyle

The Women and Child Development Ministry will celebrate the 7th edition of Poshan Pakhwada from tomorrow as part of the government’s ongoing commitment to addressing malnutrition.

MeitY launches Digital Threat Report 2024 for banking, financial services, insurance sector

The Ministry of Electronics and Information Technology today launched the Digital Threat Report 2024 for the Banking, Financial Services, and insurance (BFSI) sector.

Over ₹32 lakh crore sanctioned under PM Mudra Yojana

Over 52 crore loans worth more than 32 lakh crore rupees have been sanctioned under Pradhan Mantri Mudra Yojana till date. The scheme was launched in 2015 to provide collateral-free loans of up to ten lakh rupees to non-corporate, non-farm small and micro enterprises, aiming to facilitate financial inclusion and empower entrepreneurs.

Rudrankksh strikes gold in 10m air rifle at ISSF World Cup

Former world champion Rudrankksh Balasaheb Patil won the gold medal in the men’s 10m air rifle shooting event at the ISSF World Cup 2025 Buenos Aires yesterday.

PM Modi congratulates Mudra Yojana beneficiaries, says scheme turned dreams into reality

Prime Minister Narendra Modi today interacted with beneficiaries of the Pradhan Mantri Mudra Yojana at his residence, as the flagship scheme completed ten years since its launch in April 2015.

´One State, One RRB´ to be effective from May 1 2025

The Union government releaseda gazetted notification announcing the amalgamation of several Regional Rural Banks (RRBs) effective from May 1. In line with the powers granted under Section 23A(1) of the Regional Rural Banks Act, 1976, the notification stipulates that these RRBs will merge intoa single entity, inheriting their respective properties, powers, rights, obligations, and duties.

RBI cuts repo rate by 25 basis points, switches to accommodative stance to spur growth

Slashing policy rates for the second time in a row, the Monetary Policy Committee of the Reserve Bank of India today unanimously announced a reduction of 25 basis points in the policy repo rate, bringing it down to 6 percent.

RBI lowers GDP growth forecast to 6.5% for 2025-26

RBI has projected GDP growth for 2025-26 at 6.5 percent. RBI has said that this downward revision of its earlier assessment of 6.7 percent essentially reflects the impact of global trade and policy uncertainties.

CBDT notifies April 30 as last date to submit tax arrears declaration under Vivad se Vishwas Scheme

The Central Board of Direct Taxes (CBDT) has notified that the last date to submit a tax arrears declaration under the Direct Tax Vivad se Vishwas Scheme is the end of this month.

India’s exports surge to record $820 billion in 2024-25 despite global challenges

India’s goods and services exports have crossed a record 820 billion US dollars in the financial year 2024-25, despite economic uncertainties in global markets.

Global Technology Summit 2025 to begin in New Delhi with theme ‘Sambhavna’

The 9th edition of the Global Technology Summit (GTS) 2025 will be held in New Delhi from today. The theme for this year’s Summit is Sambhavna – meaning possibilities- and will explore how emerging technologies can drive inclusive growth, strengthen digital governance, and deepen cross-border partnerships.

New Aadhaar law to align with Digital Personal Data Protection Act 2023: IT Minister Ashwini Vaishnaw

Electronics and Information Technology Minister Ashwini Vaishnaw has said that the new Aadhaar law will be harmonised with the Digital Personal Data Protection Act 2023, keeping user interest at the centre.

Shooting World Cup: Rudrankksh Patil, Arya Borse bag air rifle mixed team silver

In Shooting, India’s Arya Borse and Rudrankksh Patil clinched the silver medal in the mixed 10-meter air rifle event at the ISSF World Cup 2025 in Buenos Aires, Argentina, yesterday. The Indian duo lost 17-9 in the final to China’s Wang Zifei and Song Buhan.

1 . 8th ASEAN-India Trade in Goods Agreement Review Meeting Concludes in New Delhi

The 8th Meeting of Joint Committee on ASEAN-India Trade in Goods Agreement (AITIGA) which was hosted by India, concluded today.

India’s Forex Reserves Jump by $10.8 Billion, Cross $676 Billion Mark

India’s foreign exchange reserves surged by 10.8 billion dollars, reaching over 676.2 billion dollars in the week ending April 4.

8th Meeting of Joint Committee on ASEAN-India Trade in Goods Agreement concludes

The 8th Meeting of Joint Committee on ASEAN-India Trade in Goods Agreement (AITIGA), which was hosted by India, concluded yesterday.

Shooting: India finishes second in overall standings in first leg of ISSF World Cup

In the first leg of the International Shooting Sport Federation (ISSF) World Cup 2025 at Buenos Aires, Argentina, India finished second in the standings behind China. India won a total of 8 medals, including 4 gold, 2 silver and 2 bronze.

WAVES Summit 2025: Winners of Theme Music Competition announced

The Information and Broadcasting Ministry has announced the winners of the Theme Music Competition, one of the 32 challenges being held as part of the WAVES Summit 2025. The first World Audio and Video Entertainment Summit (WAVES 2025) is scheduled to be held in Mumbai from 1st to 4th May this year.

Ganguly remains chairperson, Laxman a panel member again

Sourav Ganguly was re-appointed chairperson of the ICC men’s cricket committee while V.V.S. Laxman was picked again as a panel member.

Archery World Cup: Dhiraj Bommadevara clinches individual Bronze for India

In Archery, India’s Dhiraj Bommadevara clinched a bronze medal at the Archery World Cup 2025 in Florida, USA, this morning. Dhiraj defeated Andres Temino Mediel in the Men’s Individual Recurve event with a scoreline of 6-4.

FPIs Withdraw ₹38,535 Crore from Indian Markets in First Half of April Amid Global Volatility

Foreign investors pulled out 31,575 crore rupees from Indian equity markets in the first two weeks of April, amid rising global market volatility triggered by the ongoing tariff war.

India’s forex reserves surge by 10.8 billion US dollars to 676.26 billion dollars

India’s foreign exchange reserves surged by 10.8 billion dollars, reaching over 676.2 billion dollars in the week ending April 4.

APEDA and Arunachal Pradesh Government Host International Buyer-Seller Meet at Tawang

Objective: To promote agricultural and processed food exports from Arunachal Pradesh and the North-Eastern Region (NER) of India
Organized by: Agricultural and Processed Food Products Export Development Authority (APEDA) and Government of Arunachal Pradesh

WAVES Bazaar to be revolutionary online marketplace for global entertainment ecosystem: Aamir Khan

World Audio Visual Entertainment Summit (WAVES) Bazaar attempts to be a revolutionary online marketplace designed to connect professionals, businesses, and creators across the global entertainment ecosystem.

India’s WPI inflation declines to 2.05% in March 2025

India’s wholesale price index (WPI)-based inflation eased to 2.05 per cent in March 2025. The Ministry of Commerce and Industry said this in the data released today. The WPI inflation was at 2.38 per cent in February this year.

Startup QNu Labs launches world’s 1st unique platform Q-Shield empowering enterprises to protect critical infrastructure

QNu Labs, one of the startups selected by the Department of Science and Technology (DST) under the National Quantum Mission, has launched the world’s first and unique platform, Q-Shield.

Centre Drafts New Rules for Gas Meters Under Legal Metrology Rules, 2011

The Centre has framed draft rules for Gas Meters under the Legal Metrology (General) Rules, 2011. Ministry of Consumer Affairs, Food and Public Distribution in a statement said that these rules make it mandatory for all gas meters used for domestic, commercial, and industrial purposes, to undergo testing, verification and stamping prior to their use in trade and commerce.

Mascot and logo of Khelo India Youth Games 2025 to be held in Bihar

Bihar will host the seventh edition of Khelo India Youth Games 2025 from 4th to 15th May. The games will be organised at various cities including Patna, Gaya, Rajgir, Begusarai and Bhagalpur.

Aamir Khan Honoured with ‘Master Humor Award’ at Macau International Comedy Festival 2025

Bollywood superstar Aamir Khan received the prestigious ‘Master Humor Award’ at the Macau International Comedy Festival 2025 held in Macau, China.

Ajay Bhushan Pandey, exNFRA chief, joins AIIB

Former chairperson of the National Financial Reporting Authority (NFRA) Ajay Bhushan Pandey has taken charge as the Vice President, Investment Solutions at the Asian Infrastructure Investment Bank (AIIB).

Rupee Strengthens to 85.77/$ on US Tariff Optimism, RBI Liquidity Measures Boost Bonds

The Indian rupee closed at 85.77 per dollar on April 15, 2025, gaining 27 paise from its previous close of 86.04. Intraday, the rupee peaked at 85.59, before paring gains on suspected RBI dollar purchases. Optimism over tariff relief by US President Donald Trump and a dip in the US dollar index to 99.7 supported the rupee’s rise. The RBI is suspected to have intervened at around 85.56 levels to temper further appreciation, according to Finrex Treasury.

Lok Sabha Select Committee Holds Meeting on Income Tax Bill 2025

The Select Committee of Lok Sabha on the new Income Tax Bill – 2025 is holding a meeting at the Parliament House in New Delhi. The 31-member panel is headed by BJP MP Baijayant Panda. The Committee will submit its report on the first day of the Monsoon session of Parliament.

GeM facilitates insurance for over 1.3 cr individuals, hires 10 lakh manpower in FY 2024-25

Government e-Marketplace (GeM), India’s largest e-marketplace for public procurement, has facilitated insurance of more than 1 lakh 30 thousand crore individuals covering Health, Life and Personal Accident Insurance policies in the Financial Year 2024-25.

Kothari trumps Advani to win IBSF World billiards crown

Sourav Kothari got the better of compatriot and holder Pankaj Advani 725-480 in final of the 2025 IBSF World billiards championship (timed format) in Carlow, Ireland.

Pomona City to host cricket during 2028 LA Olympics

The South Californian city of Pomona will host the cricket (T20) competition during the 2028 Los Angeles Olympics, the ICC has announced.

Suruchi-Saurabh pair shoots gold

Suruchi Singh and Saurabh Chaudhary beat qualification toppers Yao Qianxun and Hu Kai (585) of China 17-9 to clinch the mixed air pistol gold in the World Cup in Lima, Peru.

India showcases digital innovations at GITEX Africa 2025

India participated in Africa’s largest tech and startup show, GITEX Africa 2025, held in Morocco. The event provided a platform for policy leaders, changemakers, and visionaries to collectively discuss and deliberate on opportunities for collaboration and to advance the imperative of inclusive and equitable growth in the global economy.

Indian astronaut set for space travel in May

Indian astronaut Shubhanshu Shukla is set to travel to the International Space Station (ISS) next month as part of an Axiom-4 mission, four decades after Rakesh Sharma’s iconic spaceflight onboard Russia’s Soyuz spacecraft, Union Minister Jitendra Singh.

Pope Francis, a cheerful reformer, dies aged 88

Pope Francis, an energetic reformer who inspired widespread devotion from Catholics but riled traditionalists, died on Monday aged 88, just a day after greeting delighted worshippers after Easter Mass.

Dr. Mangi Lal Jat Appointed Secretary of DARE and DG of ICAR

On April 22, 2025, Dr. Mangi Lal Jat, a globally acclaimed agronomist and sustainability expert, officially took charge as:

India’s journey to Viksit Bharat by 2047 a shared national mission: FM Sitharaman

Union Finance Minister Nirmala Sitharaman has said India’s journey to become a ‘Viksit Bharat’ by 2047 is not merely an aspiration but a shared national mission.

NSO, IGIDR organize data users conference to foster dialogue on methodologies

The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (Mospi), organised the Data Users Conference yesterday in collaboration with the Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

Govt. re-appoints Rabi Sankar as RBI Deputy Governor

The Centre has re-appointed T. Rabi Sankar as Deputy Governor, Reserve Bank of India (RBI), for a period of one year with effect from May 3, 2025, or until further orders, whichever is earlier.

China launches three astronauts to replace crew on its space station

China launched three astronauts aboard Shenzhou-20 spaceship to the Tiangong space station for a six-month mission, replacing the current crew. The mission supports China’s lunar and Mars ambitions, with astronauts conducting science experiments and maintenance tasks on the fully Chinese-built station.

Indian Bank slashes home loan, interest rates

Following RBI´s reduction in policy repo rate earlier this month by 25 bps to 6 per cent, staterun lender Indian Bank has cut its home loan interest rates from the existing 8.15 percent to 7.90 percent and Vehicle loan interest rates from the existing 8.50 percent to 8.25 percent.

Axis Bank reports flat profit

Axis Bank on Thursday reporteda net profitt of ₹ 7,118 crore for the JanuaryMarch quarter (Q4) of 202425 (FY25), nearly flat numbers when compared to its net profit of ₹ 7,129 crore in the yearago period.

Over 15.43 lakh new workers enrolled under ESI scheme in Feb

Union Labour Ministry has said that 15 lakh 43 thousand new workers have been enrolled under the ESI Scheme in February this year. The Ministry said, out of the total employees, 7.36 lakh employees belong to the age group of up to 25 years.

RBL Bank´s Q4 profit slips 81%

Private lender RBL Bank´s net profit declined by 81 per cent on yearonyear ( YoY) basis to ₹ 69 crore for the fourth quarter ended March 202425 (Q4FY25) on reduction in net interest margin (NII) and rise in the bad loan provisions.

BoM net rises 23% to ₹ 1,493 cr

Stateowned Bank of Maharashtra (BoM) on Friday posteda 23 per cent rise in the net profit to ₹ 1,493 crore for the fourth quarter ended March 202425 (Q4FY25) due to rise in core income.

PM virtually distributes over 51,000 appointment letters in Rozgar Mela

Prime Minister Narendra Modi on Saturday virtually distributed more than 51,000 appointment letters to new recruits in various Central government departments, as part of the ongoing Rozgar Mela initiative.

Shambhavi Kshirsagar dominates air rifle event

Shambhavi Kshirsagar (in pic, centre) won two gold and a silver in the air rifle individual events in the 23rd Kumar Surendra Singh shooting championship at the Dr. Karni Singh Range.

Indian women’s baseball team qualifies for Asian Cup 2025 after thrilling win over Thailand

The Indian women’s baseball team confirmed its qualification for the Asian Cup 2025 after beating Thailand 6-5 in the Super Round stage of the qualifiers in Bangkok, yesterday. Organised by WBSC Asia, the Women’s Asian Baseball Cup is a second-tier competition below the Asian Baseball Championship.

Digha’s Jagannath Temple inauguration is TMC’s Ram Temple moment

The administration led by Chief Minister Mamata Banerjee is leaving no stone unturned to ensure that the inauguration of Jagannath Temple, built at a cost of ₹250 crore in West Bengal’s coastal town of Digha, on Wednesday is a grand success.

India to host WAVES 2025 in Mumbai from May 1

The first World Audio Visual Entertainment Summit (WAVES) 2025 will begin tomorrow at the Jio World Convention Centre in Mumbai.

Science & Tech · 42

Breakthrough in Butterfly Migration Research

Multi-Generational Migration: Painted ladies complete their 15,000 km journey over 8-10 generations, unlike birds that return to the same breeding grounds.
Isotope Analysis of Wings: Researchers used stable isotopes of hydrogen and strontium in butterfly wings to track their places of origin.
Unexpected Wing-Wear Observations: Some butterflies that traveled 4,000 km showed minimal wing-wear, contradicting beliefs that worn wings indicate long flights.
Strong Fliers: Painted ladies have high-speed flight capabilities and powerful thoracic muscles adapted for long distances.

ChaSTE: Chandrayaan-3’s Breakthrough in Lunar Temperature Measurement

Deployment Date: August 23, 2023 (as part of Chandrayaan-3’s Vikram lander mission)
Mission Duration: Until September 2, 2023
Objective: First in-situ temperature measurement near the Moon’s south pole
Design: Featured a rotating probe with 10 temperature sensors spaced 1 cm apart

Mission	Body	Instrument	Challenges Faced	Success?
ESA’s Philae (2014)	Comet 67P	MUPUS	Landed awkwardly, unable to deploy	❌
NASA’s InSight (2018)	Mars	HP3 ("The Mole")	Insufficient soil friction, failed to measure temperature	❌
ISRO’s Chandrayaan-3 (2023)	Moon	ChaSTE	Successfully deployed, collected full data	✅

Aerosol Reduction and Its Impact on Climate in India

Aerosols have masked global warming effects: India’s warming trend since 1901 (~0.7°C increase) was partially offset by aerosols and land-use changes. Without aerosols, India’s temperature would have risen by ~2°C instead of 0.54°C (1906-2005).
India’s warming trend since 1901 (~0.7°C increase) was partially offset by aerosols and land-use changes.
Without aerosols, India’s temperature would have risen by ~2°C instead of 0.54°C (1906-2005).
Achieving Net-Zero Carbon Alone Is Not Enough: Sudden aerosol reductions could lead to short-term climate shocks, including extreme heat. Policymakers must focus on heat adaptation strategies in highly polluted areas (e.g., Indo-Gangetic plains).

A 15-Million-Year-Old Fish Fossil Reveals Australia’s Rainforest Past

What Was Found: A new species of freshwater fish fossil named Ferruaspis brocksi, dating to the Miocene era (~15 million years ago), discovered at McGraths Flat, New South Wales.
Scientific Significance: First fossil of its group found in Australia; it belongs to the Osmeriformes family, which includes modern smelts and graylings.
Drivers of this environmental shift included tectonic drift (Australia moving north), altered ocean currents, and Antarctic glaciation.
Extinction likely linked to increasing aridity; these spiders were five times larger than current mainland species.

CAPTCHA: A Digital Shield in Online Security

First patent filed in 2003, featuring distorted text recognition that was easy for humans but hard for machines
Created by Luis von Ahn, Manuel Blum, Nicholas J. Hopper, and John Langford in the early 2000s
Common examples include: Distorted text and numbers Image recognition (e.g. “click all traffic lights”) Audio challenges
Distorted text and numbers

Year	Development	Key Feature
2000s	Text-based CAPTCHA	Distorted characters for verification
2009	reCAPTCHA	Used scanned book text to both secure and digitise content
2014	Invisible reCAPTCHA	Detected human behavior via mouse movement
Present	Smart reCAPTCHA v3	Scores user activity without visible tests

RAPID-CRISPR Test Revolutionizes Early Diagnosis of Acute Promyelocytic Leukemia (APL)

Accounts for 10–15% of AML cases
Median diagnosis age: 34 years
Detects the PML-RARA gene mutation with near 100% sensitivity and specificity
Result time: Under 3 hours

India’s Aquaculture Growth

Annual loss estimate: Up to 25% of expected yield
India’s prawn production is growing at an impressive 17% annual rate
Optimal salinity for prawn farming: 10–25 g/l (seawater is 35 g/l)
Farm design: Typical pond size: 150 x 100 m, 2 m depth Innovative model: Smaller ponds promoted by Siva Rama Rudraraju (Bapatla, Andhra Pradesh) allow better pathogen control and reduce economic risks during outbreaks

Health of the Nation 2025

Apollo SHINE Foundation screened 2.85 lakh students aged 3 to 17 and college students across six States and 10 cities.
Obesity prevalence increases with age: 8% of primary school children were overweight. 28% of college students were overweight.
8% of primary school children were overweight.
28% of college students were overweight.

Mystery of Iron’s High Opacity in the Sun

A 2015 experiment recreated sun-like plasma conditions and found that iron’s opacity was up to 400% higher than what models expected.
Latest study (March 3, 2025, Physical Review Letters) used cutting-edge tech at Sandia National Laboratories.
Since the mid-2010s, several studies showed that the sun contains 30–50% less carbon, nitrogen, and oxygen than models predicted.
Opacity refers to how much light an element absorbs. Higher opacity means more light is absorbed, less is transmitted.

Advanced E-Surveillance System

Implementation to be completed within 3–4 years on the Pakistan border, followed by the India-Bangladesh border.
Shah handed appointment letters to families of 11 martyrs, including 10 police personnel and one engineer.
3. Support for Security Personnel and Families
Shah stated that 26 experimental projects are currently underway to enhance border security capabilities.

What the Most Visited Websites in 2025

As of 2025, over 60% of the global population approximately 5.5 billion people—are online. The most visited websites globally reflect familiar patterns, according to DataReportal. Dominating the list are:
Hopes were high that distance, gatekeeping, and elitism in education and discourse would vanish.
No entry barriers have led to a flood of content, where truth competes with falsehood.
Bad-faith actors often go unchecked, making it hard for users to discern credible sources.

Biomass Mission: ESA’s Earth Observation for Climate Action

P-band SAR Radar: First satellite to use P-band Synthetic Aperture Radar (SAR) with a 70 cm wavelength Allows deep penetration through forest canopies to the ground layer
First satellite to use P-band Synthetic Aperture Radar (SAR) with a 70 cm wavelength
GOCE (2009–2013): Mapped Earth’s gravity field and ocean circulation
EarthCARE (May 2024): Studied clouds, aerosols, and radiation balance

Genome India Project

After quality filters, the findings are based on 9,772 individuals (4,696 males and 5,076 females).
Scope of Study: Genotyped 10,074 healthy and unrelated individuals from 85 populations (32 tribal and 53 non-tribal groups). After quality filters, the findings are based on 9,772 individuals (4,696 males and 5,076 females). Sample collection included nearly 20,000 individuals across the country. Data deposited in the Indian Biological Data Centre, Faridabad.
Genotyped 10,074 healthy and unrelated individuals from 85 populations (32 tribal and 53 non-tribal groups).
Sample collection included nearly 20,000 individuals across the country.

Quantum Supremacy Achieved Using a Simple Odd-Cycle Game

A circle with an odd number of points (e.g., 3, 5, 7…) must be coloured using two colours (blue and red).
Classical success rate: maxes out at 83.3% for 3-point circles.
Two strontium atoms were separated by 2 meters and entangled using lasers.
Output: A binary measurement (0 or 1), mapped to colours.

Dire Wolf Reborn!

Ancient DNA was recovered from dire wolf fossils dating back 13,000–72,000 years.
The embryos were implanted into domestic dog surrogates, leading to the birth of the three pups in early 2025.
If regulated and scientifically validated, such efforts could one day help revive extinct ecosystems or even act as a buffer against biodiversity collapse.
Using CRISPR gene-editing, Colossal introduced 20 precise edits across 14 genes in the embryos of modern gray wolves—focusing on traits like size, skull structure, muscle density, and coat texture.

Globalstar Moves to Enter Indian Market with Apple’s Satellite Emergency Services

India’s satellite communication (satcom) sector is expected to grow from $2.3 billion in 2024 to $20 billion by 2028, per KPMG.
Emergency SOS via Satellite: Allows iPhone users to send emergency messages and share GPS locations in areas with no cellular or Wi-Fi coverage.
Trai is finalizing recommendations on satellite spectrum pricing and allocation, which could influence entry timelines for multiple global players.
Apple’s limited market share in India may push Globalstar to partner with other smartphone makers and local service providers.

Japan Built the World’s First 3D-Printed Train Station

3D printing offers a cost-effective, time-efficient, and scalable alternative to conventional construction.
Serves: ~530 daily passengers on a single rail line.
Construction timeline: Began after the last train at 11:57 p.m. Completed before the first morning train at 5:45 a.m.
Completed before the first morning train at 5:45 a.m.

Colossal Biosciences and the Ethics of De-Extinction

Dire wolf (Aenocyon dirus): Extinct ~11,000 years ago
Surrogate mothers: 45 embryos implanted into two domestic dogs
Result:Pups are 99.5% gray wolf DNA, but display visual traits of dire wolves—white coats, large muscular bodies, stronger jaws.
Expansion to Other Species: Colossal has also attempted to revive the dire wolf, birthing three edited snow-white wolves. However, only 20 genes were altered, leading to criticism that the result is not an authentic revival but a genetically modified variant.

IDF Launches Type 5 Diabetes

Origin: First reported in Jamaica in 1955 as “J-type diabetes”
Objective: Advocate for global recognition, funding, and education for Type 5 diabetes
WHO Classification: Recognized in 1985 as malnutrition-related diabetes, removed in 1999 due to lack of causal evidence
Key Study (2022): Demonstrated that Type 5 is a distinct metabolic entity in lean individuals with intrauterine malnutrition.

SCTIMST Develops Novel rt-LAMP Assay for Early TB Diagnosis

Current Diagnostics: As of 2023, approximately 79% of presumptive TB cases in India are diagnosed using sputum smear microscopy, while only 21% are tested with molecular assays.
As of 2023, approximately 79% of presumptive TB cases in India are diagnosed using sputum smear microscopy, while only 21% are tested with molecular assays.
High Sensitivity: The rt-LAMP assay can detect TB DNA even in samples with as few as 10 copy numbers per microlitre, making it highly sensitive.
The rt-LAMP assay can detect TB DNA even in samples with as few as 10 copy numbers per microlitre, making it highly sensitive.

Genome India Project

Population Representation: DNA samples were collected from 83 population groups across over 100 distinct geographical locations in India. This approach ensured the inclusion of rare mutations important for understanding complex diseases.
The GenomeIndia project, which aimed to sequence the whole genomes of 10,000 healthy and unrelated Indians, was launched in January 2020 with funding from the Department of Biotechnology. The project was designed to study genetic diversity across 83 population groups in India, involving a total of 20,000 individuals. The data gathered is expected to significantly contribute to the understanding of genetic mutations, particularly in relation to complex diseases.
Blood Samples: Blood samples were collected from individuals across 30 tribal and 53 non-tribal populations.
Sequencing Effort: The sequencing was performed by leading institutions such as the Centre for Brain Research at IISc Bengaluru, Centre for Cellular and Molecular Biology in Hyderabad, and others.

India’s First Automated Bat Monitoring System ‘BatEchoMon’

Cuts down massive processing time: 20 nights of data once took 11 months to analyse, now possible in a few hours.
Transforms months of manual data processing into a task completed within hours.
Process: Activates automatically at sunset. Filters out non-bat ultrasounds (e.g., insects, human-made noise). Uses a convolutional neural network (CNN) to match call patterns to known species.
Filters out non-bat ultrasounds (e.g., insects, human-made noise).

Silicon Photonics

Researchers used nanoscale trenches on the silicon wafer to trap material defects, a strategy inspired by a 2007 study.
First successful demonstration of monolithic (fully integrated) lasers on a 300-mm silicon wafer.
Achieved integration of 300 functional lasers on a single industry-standard wafer.
Continuous operation: 500 hours at room temperature (25°C) Efficiency drops at 55°C, whereas industry aims for stable operation up to 120°C

The Mantis Shrimp

Published in Science (Feb 2024), the study used ultrafast laser pulses and numerical simulations to observe wave behavior in the club at sub-nanosecond timescales.
The club is made up of three protective layers: Hydroxyapatite outer layer: distributes impact force Impact layer & periodic region: reinforced with biopolymer fibers to endure repeated strikes
Impact layer & periodic region: reinforced with biopolymer fibers to endure repeated strikes
Researchers mimicked shrimp strikes using dual-pulse lasers to create and measure stress waves.

Signs of Life Beyond Our Solar System

These gases are typically produced on Earth by biological organisms, especially marine phytoplankton (algae), which suggests that microbial life could be present on K2-18 b.
While this discovery does not confirm the presence of life on K2-18 b, it presents a potential biosignature — a chemical marker that might indicate biological activity.
The researchers stress that more observations are necessary before any definitive conclusions can be made.
Size & Mass: K2-18 b is 8.6 times as massive as Earth and has a diameter 2.6 times that of Earth.

Kerala Launches Vehicle-to-Grid (V2G) Pilot with IIT Bombay

The Central Electricity Authority (CEA) is drafting reverse charging guidelines, promoting bidirectional capabilities.
Other use cases like Vehicle-to-Home (V2H) and Vehicle-to-Vehicle (V2V) also exist, but V2G remains the most commercially and technically pursued application.
Bidirectional energy flow: EVs can both draw power from the grid (G2V – Grid to Vehicle) and send power back (V2G).
EV owners are financially incentivized to send power back to the grid during peak demand.

The Lancet Planetary Health

These events damage infrastructure and create mobility issues, making it difficult for donors to reach collection sites and for healthcare workers to maintain regular operations.
Policymakers need to integrate climate risk assessments into national blood services and disaster preparedness plans.

India Nears Stage-II of Nuclear Power Programme

In July 2023, the Atomic Energy Regulatory Board (AERB) approved: Fuel loading First approach to criticality Low-power physics experiments
8.18 GW from operational nuclear reactors
55 GW by leveraging: 15.40 GW from indigenous PHWRs 17.60 GW from Light Water Reactors (via foreign cooperation) 3.80 GW from Fast Breeder Reactors (BHAVINI) Remainder through Small Modular Reactors and Bharat Small Reactors with private sector partnerships
15.40 GW from indigenous PHWRs

Mystery Behind Dark Matter Deficiency in Galaxy NGC 1052-DF2

However, NGC 1052-DF2, a distant ultra-diffuse galaxy (UDG), appears to defy this norm.
Scientists at the Indian Institute of Astrophysics (IIA) have now offered a fresh perspective on why NGC 1052-DF2 lacks dark matter.
Astronomers at the Indian Institute of Astrophysics (IIA) have found the reason for the strange deficiency of dark matter in the distant galaxy NGC 1052-DF2. Dark matter is a critical component of galaxy formation.
Previous studies estimated a total dynamical mass of less than 340 million solar masses, with stellar mass alone accounting for ~200 million solar masses.

Lipids and Evolution

Proteins, encoded by DNA, have long been seen as the primary actors in cellular evolution.
RC1 is a vital mitochondrial complex involved in energy production during respiration.
The study found that parts of RC1 which interface with mitochondrial membrane lipids are mutational hotspots, implicating lipids in disease and evolutionary function.
Using biochemical and computational methods, the team showed that RC1 proteins require specific lipids from the same biological kingdom to maintain structure and function.

Global Coral Bleaching Crisis

Current Bleaching Crisis: The International Coral Reef Initiative (ICRI) announced that 84% of the world’s coral reefs have been affected by bleaching, marking the most intense global bleaching event ever recorded.
Vital Ecosystem: Coral reefs, often referred to as the “rainforests of the sea”, are crucial for marine biodiversity, supporting approximately 25% of all marine species. They also play key roles in tourism, seafood production, and coastal protection.
Record-breaking Impact: This event, which began in 2023, surpasses the previous 2014-2017 bleaching that impacted two-thirds of coral reefs worldwide, making it the fourth global bleaching event since 1998.
Warming Oceans: The current bleaching event is largely attributed to rising ocean temperatures, exacerbated by global climate change. The 2023-2024 period saw Earth's hottest year on record, with ocean surface temperatures averaging 20.87°C.

World Malaria Day 2025

By 1914, European powers controlled nearly 90% of Africa.
WHO’s 2024 World Malaria Report confirms a significant reduction in death rates, but the burden remains disproportionately high in low-income regions.
Prior to this discovery, malaria severely limited European colonisation in Africa, with mortality rates reaching up to 60% among inland troops.
Following the scientific breakthroughs: Colonisers adopted vector control strategies like swamp drainage and European-only settlements. These allowed safer inland expansion during the Scramble for Africa post the 1884 Berlin Conference. By 1914, European powers controlled nearly 90% of Africa.

Adobe Launches Free Content Authenticity App

Moto AI Introduction: Along with the Razr 60 series, Motorola introduced new AI-powered features under the Moto AI platform, enhancing user experience through smart interactions and personalization.
Along with the Razr 60 series, Motorola introduced new AI-powered features under the Moto AI platform, enhancing user experience through smart interactions and personalization.
Key Features: Creators can embed verified information (like names and social media accounts) directly into digital content. Enables a verifiable digital signature that travels with the content online.
Creators can embed verified information (like names and social media accounts) directly into digital content.

Genome India Data

Researchers from the 20 institutions involved in Genome India were aware of the phenotype data.
Preliminary findings based on genetic data from 9,772 individuals were published as a Commentary in Nature Genetics on April 8, 2025.
The spokesperson cited the One Nation One Subscription scheme, aimed at providing free journal access; however, it currently benefits only researchers from public institutions.
The 10,000 Human Genome Project collected blood samples and phenotype data from over 20,000 individuals across 83 population groups (30 tribal and 53 non-tribal).

Google's Expansion of AI in India

India’s increasing adoption of CTV has led to a 3.6x increase in conversion rates for some ad campaigns.
YouTube Shorts, a popular format among younger users, has also shown success in influencing purchase decisions, with 72% of Indian respondents indicating that Shorts ads impact their buying behavior.
Google’s ad stack is alleged to control 87% of the U.S. market, leading to inflated costs for advertisers and reduced revenue for publishers.
Antitrust Case: Google’s Control Over Ad Tech On April 17, U.S. District Judge Leonie Brinkema ruled that Google illegally monopolized two markets within the ad tech sector. The Department of Justice (DOJ) argued that Google’s acquisition of DoubleClick in 2008 and its subsequent integration into the Google Marketing Platform helped the company dominate the ad tech ecosystem. Google’s ad stack is alleged to control 87% of the U.S. market, leading to inflated costs for advertisers and reduced revenue for publishers.

ISRO Conducts Successful Semi-cryogenic Engine Hot Test

Stage Flag-Off: On March 24, 2025, the Second Stage (GS2) of the GSLV vehicle was flagged off from the IPRC, Mahendragiri, to the launch complex at Sriharikota. The event was attended by V. Narayanan, Secretary, Department of Space, and Chairman, ISRO, along with directors from IPRC and Vikram Sarabhai Space Centre (VSSC). The GS2 liquid stage is designated for the upcoming GSLV-F16 mission to launch the NISAR satellite.
Key Outcomes: Engine ignited and operated at 60% of its rated power. Stable and controlled performance during the test. Validation of engine start-up sequence.
Engine ignited and operated at 60% of its rated power.
The GS2 liquid stage is designated for the upcoming GSLV-F16 mission to launch the NISAR satellite.

Sarvam AI

AI Kosh, a government portal, now hosts over 350 datasets aimed at supporting AI developers with structured, India-specific data.
Sarvam AI, founded in mid-2023, will gain access to a high-powered cluster of GPUs (Graphics Processing Units) essential for training large AI models.
The startup will have access to 400 GPUs out of the 14,000 GPUs acquired under the IndiaAI Mission, for a six-month period.
The model will be: Fluent in Indian languages Designed for voice-first interfaces Capable of complex reasoning Built for secure, population-scale deployment

How Urbanisation Alters Spider Behavior

Webs act as "personal volume dials", tuning vibratory information crucial for spiders’ survival.
Lead Researchers: Brandi Pessman and Eileen Hebets from the University of Nebraska-Lincoln
Urban spiders build webs that dampen a broad range of ambient vibrations.
Rural spiders construct webs that amplify biologically relevant vibrations from farther distances.

Pegasus Spyware

First Identified: August 2016
As of March 2023, Pegasus could infect iPhones (up to iOS 16.0.3) using zero-click exploits, requiring no user interaction.
The link exploited three unknown vulnerabilities to install Pegasus, revealing: NSO Group's direct involvement Broad data extraction capabilities Exploitation dating back to iOS 7 (2013)
Exploitation dating back to iOS 7 (2013)

Starlink in India

IT Act, 2000 & Digital Personal Data Protection Act, 2023: Set obligations for data encryption, storage, and cybersecurity, with possible real-time surveillance directives from security agencies.
Telecom Regulatory Authority of India Act, 1997: Under Section 11, TRAI advises on spectrum pricing, licensing norms, and competitive practices.
Telecommunications Act, 2023: Governs satellite spectrum allocation, including Ku and Ka bands. Mandates adherence to security and pricing norms.
Indian Telegraph Act, 1885: Requires a VSAT licence; Section 4 grants the government telecom control, Section 7 allows it to frame related rules.

Monsoon Variability and Marine Productivity in the Bay of Bengal

Impact on Marine Life: These disruptions lead to a 50% reduction in food for marine life in the surface waters, as extreme monsoon conditions hinder the vertical movement of nutrient-rich water from the deep ocean to the surface.
Despite covering less than 1% of the world's ocean area, the Bay of Bengal is responsible for nearly 8% of global fishery production. The nutrient-rich waters support densely populated coastal communities that rely heavily on fisheries for food and income.
Monsoon Strength and Marine Life: The study reveals that both strong and weak monsoons cause disruptions in ocean mixing, significantly affecting the availability of nutrients in surface waters.

Amazon Launches First 27 Satellites for Kuiper Internet Constellation

Initial Delays: The mission faced several delays, with the initial launch attempt scheduled for April 9, 2025, being scrubbed due to bad weather. The first batch was eventually sent into orbit on April 24, 2025.
Goal: Project Kuiper, a $10 billion initiative launched in 2019, aims to provide high-speed internet services to underserved regions globally, particularly rural areas where connectivity is lacking or nonexistent.
Service Launch: If the deployment progresses as planned, Amazon expects to begin delivering broadband services to customers later in 2025.
Amazon successfully launched its first 27 satellites for the Kuiper broadband internet constellation on April 24, 2025, from Cape Canaveral Space Force Station, Florida. This marks the beginning of a major push to build a global internet network.

Test yourself · Science & Tech

Fill the blank from memory, then check. Tap a question to reveal the answer.

1. First patent filed in ________, featuring distorted text recognition that was easy for humans but hard for machines

2003 CAPTCHA: A Digital Shield in Online Sec… · 6 & 7 April 2025

2. A 2015 experiment recreated sun-like plasma conditions and found that ________ than what models expected.

iron’s opacity was up to 400% higher Mystery of Iron’s High Opacity in the S… · 8 April 2025

3. As of 2023, approximately ________ of presumptive TB cases in India are diagnosed using sputum smear microscopy, while only 21% are tested with molecular assays.

79% SCTIMST Develops Novel rt-LAMP Assay fo… · 13 April 2025

4. By 1914, European powers controlled nearly ________.

90% of Africa World Malaria Day 2025 · 25 April 2025

5. ________: The mission faced several delays, with the initial launch attempt scheduled for April 9, 2025, being scrubbed due to bad weather. The first batch was eventually sent into orbit on April 24, 2025.

Initial Delays Amazon Launches First 27 Satellites for… · 30 April 2025

Banking//Finance · 10

RBI Injects ₹80,000 Crore Liquidity Via OMO

Earlier Liquidity Measures: Since January 2024, RBI has injected over ₹5 trillion through OMO auctions, dollar-rupee swap transactions, and repo auctions. Another ₹1.8 trillion was infused through repos maturing in early April.
Since January 2024, RBI has injected over ₹5 trillion through OMO auctions, dollar-rupee swap transactions, and repo auctions.
OMO Purchase Plan: RBI will purchase government securities in four tranches of ₹20,000 crore each on April 3, 8, 22, and 29.
RBI will purchase government securities in four tranches of ₹20,000 crore each on April 3, 8, 22, and 29.

Microfinance Sector Faces Continued Stress in Q3FY25

Cautious Lending Approach: Lenders are prioritizing high-ticket loans (above ₹50,000) over smaller ones.
Loan portfolio fell to ₹3.91 trillion, reflecting a 4% YoY decline and 5.4% sequential dip since Q2FY25.
Early-stage delinquencies (1-30 days) improved slightly, with the Portfolio at Risk (PAR) reducing by 3 bps to 1.8%.
Longer-term stress worsened: PAR (31-180 days) increased by 210 bps to 6.4%. PAR (180+ days) rose by 120 bps to 3.7%.

Metric	Q3FY25	YoY Change	QoQ Change
Gross Loan Portfolio (₹ trillion)	3.91	-4%	-5.4%
Active Loans (million)	146	-7.3%	-4.8%
Disbursed Amount (₹ crore)	63,440	-34.9%	-9.3%
PAR (1-30 days past due) (%)	1.8%	NA	NA
PAR (31-180 days past due) (%)	6.4%	NA	NA

RBI’s Vision

Financial Inclusion Expansion: Over 551 million bank accounts have been opened under financial inclusion programs. The Financial Inclusion Index rose to 64.2 in March 2024 from 60.1 in March 2023 and 43.4 in 2017.
Collaboration with Stakeholders: RBI will work closely with governments, financial regulators, and industry stakeholders to drive economic transformation.

RBI Issues Master Direction on Interest Rates for Deposits

Supervisory Oversight: Interest rate policies must be approved by the board of directors or an authorized committee. Banks must ensure that policies are available for regulatory scrutiny when required.
Interest rate policies must be approved by the board of directors or an authorized committee.
Non-Negotiable Rates: Interest rates on deposits cannot be negotiated between banks and individual depositors. The rates must be reasonable, transparent, and consistent for all customers.
Interest rates on deposits cannot be negotiated between banks and individual depositors.

Treasury Heads Urge RBI to Cut CRR

CRR Reduction History: Cut by 50 bps (to 4.5%) in December 2024.
Lower the Cash Reserve Ratio (CRR) to 4% to infuse at least ₹1.30 lakh crore into the banking system.
Daily Average Banking Deficit: ₹1.32 lakh crore in March, creating pressure on banks.
Repo Rate Cut in February: Lowered by 25 bps to 6.25% (first reduction in nearly 5 years).

India’s GST Collections Surge

GST collections rose by 9.9% YoY to ₹1,96,141 crore in March 2025 – the second-highest monthly collection ever.
FY 2024-25 average monthly GST collections: ₹1.84 lakh crore, up from ₹1.68 lakh crore in FY 2023-24.
Imports saw a sharp increase, with GST from imports rising 13% YoY to nearly ₹47,000 crore.
Domestic GST collections grew by 8.8% to just under ₹1.5 lakh crore.

Axis Bank & JP Morgan Enable 24/7 Blockchain-Based USD Clearing

Axis Bank, in partnership with JP Morgan and Kinexys Digital Payments (KDP), has launched near real-time, 24/7 programmable USD clearing for business customers in India.
First-of-its-kind in India: Axis Bank is pioneering blockchain adoption for institutional and commercial banking clients.
Growing Blockchain Adoption: Since 2019, KDP has processed over $1.5 trillion, with $2 billion in daily transaction volume.
The partnership leverages blockchain-based financial infrastructure to facilitate instant cross-border payments.

RBI Increases Liquidity Access for Standalone Primary Dealers

The Reserve Bank of India (RBI) has raised the Standing Liquidity Facility (SLF) limit for Standalone Primary Dealers (SPDs) from ₹10,000 crore to ₹15,000 crore, effective April 2, 2025.
Purpose:The SLF aims to ensure that SPDs, who act as market-makers in the government securities market, have sufficient liquidity to perform their duties effectively.
RBI has also expanded SPD participation in repo operations, allowing them to take part in all tenors of repo transactions.
The Standing Liquidity Facility (SLF) is a collateralized liquidity facility provided by the Reserve Bank of India (RBI) to standalone primary dealers (SPDs), offering them access to funds at the prevailing repo rate to meet their liquidity needs.

RBI Eases Pension Payment Rules for Government Pensioners

Joint Accounts Can Continue: Spouses of deceased central government pensioners can continue receiving family pensions in the same joint account without opening a new one.

Maharashtra Government Scraps ₹1 Crop Insurance Scheme Amid Fiscal Strain

Discontinuation of ₹1 Crop Insurance Scheme: The state government is winding up the ambitious scheme launched in 2023. A revised version will be introduced with the kharif season in May 2025.
A revised version will be introduced with the kharif season in May 2025.
The scheme was plagued by irregularities, including 4.5 lakh fake claims.
Financial burden: The scheme cost ₹10,500 crore, compared to ₹3,500 crore under the previous PM Crop Insurance Scheme.

Test yourself · Banking//Finance

Fill the blank from memory, then check. Tap a question to reveal the answer.

1. Since ________, RBI has injected over ₹5 trillion through OMO auctions, dollar-rupee swap transactions, and repo auctions.

January 2024 RBI Injects ₹80,000 Crore Liquidity Via… · 2 April 2025

2. FY 2024-25 average monthly GST collections: ________, up from ₹1.68 lakh crore in FY 2023-24.

₹1.84 lakh crore India’s GST Collections Surge · 2 April 2025

3. A revised version will be introduced with the ________.

kharif season in May 2025 Maharashtra Government Scraps ₹1 Crop I… · 2 April 2025

4. ________, reflecting a 4% YoY decline and 5.4% sequential dip since Q2FY25.

Loan portfolio fell to ₹3.91 trillion Microfinance Sector Faces Continued Str… · 2 April 2025

5. ________ to infuse at least ₹1.30 lakh crore into the banking system.

Lower the Cash Reserve Ratio (CRR) to 4% Treasury Heads Urge RBI to Cut CRR · 2 April 2025

Facts Top Remember · 4

SBI General Insurance net increases twofold to ₹ 509 crore in FY25

SBI General Insurance reported a more than twofold jump in net profit to ₹ 509 crore for the financial year 202425 (FY25).

National Campaign launched to eliminate Measles-Rubella by 2026

The National Zero Measles-Rubella Elimination campaign 2025-26 was launched in New Delhi today on the first day of the World Immunisation Week.

World Immunization Week 2025 begins with theme “Immunization for All is Humanly Possible”

World Immunization Week 2025 by the World Health Organisation (WHO) will begin from today across the globe. The week-long campaign will last till the 30th of this month.

Vithya, Yashas win 400 m hurdles titles in National Federation Senior Athletics Competition 2025

Olympian Vithya Ramraj won gold in the women’s 400-meter hurdles at the National Federation Senior Athletics Competition in Kochi yesterday, clocking 56.04 seconds to qualify for the Asian Championships 2025.

Awards · 1

Padma Awards 2025

Awards Conferred: Padma Vibhushan (2nd highest civilian honour): 4 recipients Padma Bhushan: 10 recipients Padma Shri: 57 recipients
Padma Vibhushan (2nd highest civilian honour): 4 recipients
Padma Bhushan: 10 recipients
Padma Shri: 57 recipients

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