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CURRENT AFFAIRS: BANKING & FINANCE

India Fintech Foundation Launched to Strengthen Governance in Fintech Sector

• The India Fintech Foundation (IFF), a self-regulatory organization (SRO), was launched at the Startup Mahakumbh 2025 to enhance governance and foster innovation in India’s fintech sector.
• It serves as a nodal body that connects various stakeholders in the fintech ecosystem, aiming to address regulatory deficiencies, promote best practices, and facilitate effective communication between industry players and policymakers.

Key Highlights :

• IFF’s membership includes 100 individuals comprising fintech founders, industry professionals, and former officials from institutions such as the Reserve Bank of India (RBI), SIDBI, and CERSAI.
• The foundation will work across multiple fintech sub-sectors, including digital payments, lending, wealthtech, insuretech, regtech, account aggregation, embedded finance, decentralized finance (DeFi), central bank digital currencies (CBDCs), and Web3.
• NS Viswanathan, former Deputy Governor of RBI and current Non-Executive Chairman of Axis Bank, has been appointed as the Chairman of IFF’s Board.
• Jitendra Gupta, a leading fintech voice and member of the Inter-Ministerial Industry Committee on Fintech (IMICF), emphasized the need for inclusiveness in framing industry standards.
• IFF’s launch aligns with the rapid expansion of India’s fintech sector, which is projected to reach a market size of $550 billion by 2030.
• Amitabh Kant, India’s G20 Sherpa, highlighted the importance of SROs like IFF in enhancing ethical standards and enabling innovation.
• The establishment of IFF also reflects broader trends in the Indian fintech space, including rising investment activity, IPO aspirations of startups, and the evolution of AI-based financial solutions.
• Through regulatory clarity and collaborative engagement, IFF is positioned to be a central force in shaping the future of digital finance in India.

Five key goals of IFF:

1. Standardisation to reduce regulatory burden.
2. Build a robust fintech ecosystem.
3. Encourage innovation across all sub-sectors.
4. Ensure consumer protection and fair play.
5. Create a transparent, credible, and collaborative voice for the industry.

Hyderabad Civic Body Adopts Paytm’s Digital Payment System for Property Tax

• The Greater Hyderabad Municipal Corporation (GHMC) has partnered with fintech firm Paytm to digitize property tax collection across the city.
• The goal is to make tax payments more accessible and reduce dependence on cash transactions.
• GHMC has deployed over 400 Paytm All-In-One EDC devices at collection centers and for door-to-door tax collection.
• These devices support credit card, debit card, and QR code payments, offering alternatives to cash, cheques, and demand drafts.
• The devices are integrated with the GHMC app, allowing officials to check dues, process transactions instantly, and issue digital receipts.
• GHMC currently collects ₹5–7 crore in property tax monthly, with peak collections reaching ₹22 crore.
• With Paytm’s digital payment solutions, GHMC aims to streamline tax collection and reduce delays in payments.
• Paytm is also expanding its digital services by launching features such as UPI statement downloads, UPI Trading Blocks, and a Receive Money QR Widget.
• These offerings support its mission to boost digital payment adoption across sectors.
• GHMC’s adoption of Paytm’s technology reflects a growing trend among Indian municipal bodies to modernize tax collection systems through fintech partnerships.

Recent News:

• In March 2025, Paytm Money, a wholly-owned subsidiary of One97 Communications Ltd (OCL), was granted a Certificate of Registration as a research analyst by the Securities and Exchange Board of India (Sebi).

About Paytm:

• Headquarters: Noida, Uttar Pradesh, India
• Founded: 2010
• Chairman & CEO: Vijay Shekhar Sharma
• Subsidiaries: Paytm Payments Bank, Paytm Mall, Paytm Cloud Technologies
• Key Products: Paytm App, Paytm Wallet, Paytm Payments Bank, Paytm Mall

Securities and Exchange Board of India issues operational framework for performance validation agency

• ​The Securities and Exchange Board of India (SEBI) has introduced the operational framework for the Past Risk and Return Verification Agency (PaRRVA), aiming to curb misleading performance claims in financial advertisements by entities such as research analysts, investment advisers, and stock brokers.

Key Points:

• Pilot Phase: The verification services will commence with a two-month pilot phase to test the system and gather stakeholder feedback for improvements.
• Role of PaRRVA: The agency will be responsible for verifying risk and return metrics of financial products and services offered by intermediaries, ensuring the accuracy of performance claims.
• Eligibility Criteria for Credit Rating Agencies (CRAs): To qualify as a PaRRVA, a CRA must have at least 15 years of experience, a net worth of ₹100 crore, and an established investor grievance redressal mechanism, including an Online Dispute Resolution (ODR) system.
• Collaboration with Stock Exchanges: Recognized CRAs are required to partner with a recognized stock exchange, which will function as the PaRRVA Data Centre (PDC).
• The PDC will collect data from financial entities, develop and maintain the verification system, and ensure data security and confidentiality.
• Mandatory Disclaimers: Any display of risk-return metrics verified by PaRRVA must include disclaimers stating that past performance is not indicative of future results, verified returns do not guarantee assured returns, and that risk-return metrics should not be the sole basis for investment decisions.
• Record Maintenance and Dispute Resolution: PaRRVA is responsible for defining verification methodologies, managing disputes and grievances, and maintaining records of verified data for at least five years.
• Disputes between PaRRVA and intermediaries will first be addressed through internal mechanisms, with unresolved issues escalated to the ODR platform.

Recent News:

• In March 2025, SEBI revised its regulations to lower the minimum investment in the Social Stock Exchange (SSE) from ₹10,000 to ₹1,000, making social impact investments more accessible to smaller investors.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Tuhin Kanta Pandey
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Reserve Bank of India proposes regulations on export and import transactions

• The Reserve Bank of India (RBI) has proposed rationalisation of norms governing export and import transactions to promote ease of doing business and empower banks to deliver quicker and more efficient services to foreign exchange customers.
• According to the draft norms, every exporter should furnish a declaration specifying the amount of the full export value of the goods or services.
• The amount representing the full export value shall be realised and repatriated to India within 9 months from the date of shipment (for goods) and date of invoice (for services), the RBI
• This was part of the draft regulations released by the central bank under the Foreign Exchange Management Act (FEMA) and directions to authorised dealer banks.
• It sought comments by September 1, 2024.

Key Highlights:

• The draft proposed that the authorised dealer may place an exporter, who has not realised the full value of export within the time specified, in the caution list.
• An exporter in the caution list can undertake export only against receipt of full advance payment or an irrecoverable letter of credit, to the satisfaction of the authorised dealer.
• The draft also stated no advance remittance for the import of gold and silver should be permitted unless specifically approved by the central bank.
• Advance payment for export of goods and services can be received according to the export contract.
• The rate of interest charged on the advance shall not exceed the all-in-cost ceiling of trade credit.
• If the exporter is unable to meet the export obligation according to the contract terms, the advance received should be refunded immediately.
• The authorised dealer may grant extension of time for fulfilling the export obligation.
• For project exports of goods and services on deferred payment terms, the RBI proposed that the exporter must submit the proposal for prior approval of the authorised dealer before entering into such arrangements.
• This will apply to turnkey projects or civil construction contracts under project exports.
• The RBI also stated that banks should establish a comprehensive, well-documented policy approved by their Board within 6 months of the circular’s issuance for handling payment transactions related to export/import of goods and services.
• The policy should ensure that procedures are conducive to international trade and are not discriminatory.

Recent News:

• Starting April 1, 2025, the Reserve Bank of India (RBI) will shift nearly 500 financially unstable Urban Co-operative Banks (UCBs) from the existing Supervisory Action Framework (SAF) to the Prompt Corrective Action (PCA) framework.

About RBI :

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

Securities and Exchange Board of India Proposes ‘Investor Charter’ for Know Your Client Registration Agencies

• Markets regulator Securities and Exchange Board of India (SEBI) proposed to develop an ‘Investor Charter’ for KRAs detailing the services provided to investors along with their rights and grievance redressal mechanism.
• This charter is aimed at facilitating investor awareness about various activities where an investor/client has to deal with KRAs for availing Investor Service Requests.
• KYC (Know Your Client) Registration Agencies (KRAs) facilitate processing, storage and incidental services of KYC records in the securities market.
• In its consultation paper, Sebi suggested that the proposed charter should include vision, mission, services provided to investors by KRAs, investors’ rights, Dos and Don’ts for investors, and grievance redressal mechanism.
• All the registered KRAs should take necessary steps to bring the charter to the notice of existing and new investors by way of displaying it on their websites and at prominent places in offices and disseminating it through e-mail.

About KRA

• With a view to bring uniformity in the KYC requirements for the securities markets, SEBI has initiated usage of uniform KYC by all SEBI registered intermediaries.
• In this regard SEBI has issued the SEBI {KYC (Know Your Client) Registration Agency (KRA)}, Regulations, 2011.
• KRA provides for centralized storage / digitization of the KYC records in the securities market.
• The client who is desirous of opening an account/trade/deal with the SEBI registered Intermediary shall submit the KYC details through the KYC Registration form and supporting documents.
• The Intermediary shall perform the initial KYC and upload the details on the system of the KYC Registration Agency (KRA).
• This KYC information can be accessed by all the SEBI Registered Intermediaries while dealing with the same client.
• As a result, once the client has done KYC with a SEBI registered intermediary, he need not undergo the same process again with another intermediary

Reserve Bank of India Update – Limits for investment in debt and sale of Credit Default Swaps by Foreign Portfolio Investors (FPIs)

• The Reserve Bank of India (RBI) issued a circular regarding Limits for investment in debt and sale of Credit Default Swaps (CDS) by Foreign Portfolio Investors (FPIs).

Investment Limits for the Financial Year 2025–26:

• The limits for FPI investment in:
  • Government Securities (G-Secs): 6%
  • State Government Securities (SGSs): 2%
  • Corporate Bonds: 15%
    (of the outstanding stocks of securities)
    will remain unchanged for 2025–26.
• The allocation of incremental changes in the G-Sec limit (in absolute terms) over the two sub-categories – ‘General’ and ‘Long-term’ – shall be retained at 50:50 for 2025–26.
• The entire increase in limits for SGSs (in absolute terms) has been added to the ‘General’ sub-category of SGSs.

Revised Investment Limits (in ₹ Crore)

Credit Default Swaps (CDS):

• The aggregate limit of the notional amount of CDS sold by FPIs shall be 5% of the outstanding stock of corporate bonds.
• Accordingly, an additional limit of ₹2,93,612 crore is set out for 2025–26.

About CDS:

• A credit default swap (CDS) is a contract between two parties in which one party purchases protection from another party against losses from the default of a borrower for a defined period of time.
• A CDS is written on the debt of a third party, called the reference entity, whose relevant debt is called the reference obligation, typically a senior unsecured bond.

CURRENT AFFAIRS: NATIONAL NEWS

Stand-Up India Scheme marks 7 years of empowering marginalized entrepreneurs, sanctions over Rs. 61,000 crore in loans

• The Stand-Up India scheme has shown remarkable growth over the years, with the total loan amount sanctioned rising from 16,085.07 crore on March 31, 2019 to an impressive Rs 61,020.41 crore by March 17, 2025, the government has informed.
• Launched on April 5, 2016, by the Ministry of Finance under the Azadi Ka Amrit Mahotsav
• Aims to empower Scheduled Castes (SCs), Scheduled Tribes (STs), and women entrepreneurs by providing bank loans for new enterprises.
• The scheme has evolved into a transformative movement that promotes entrepreneurship, employment, and inclusive economic growth.

Key Highlights:

• Total sanctioned loan amount:
  • March 31, 2019: ₹16,085.07 crore
  • March 17, 2025: ₹61,020.41 crore
• Growth in SC beneficiaries (2018–2024):
  • Loan accounts: from 9,399 to 46,248
  • Sanctioned amount: from ₹1,826.21 crore to ₹9,747.11 crore
• Growth in ST beneficiaries (2018–2024):
  • Loan accounts: from 2,841 to 15,228
  • Sanctioned amount: from ₹65 crore to ₹3,244.07 crore
• Growth in women entrepreneurs (2018–2024):
  • Loan accounts: from 55,644 to 1,90,844
  • Sanctioned amount: from ₹12,452.37 crore to ₹43,984.10 crore

India’s Bio-Economy Soars to $165.7 Billion in a Decade: Union Minister Dr Jitendra Singh

• India’s bio-economy grew 16-fold in the past decade, from $10 billion in 2014 to $165.7 billion in 2024, as per Union Minister Dr. Jitendra Singh.
• The announcement was made during the BIRAC Foundation Day, where the India Bioeconomy Report 2025 (IBER 2025) was launched.
• Key attendees included Dr Rajesh S Gokhale (Secretary, DBT & Chairman, BIRAC), Ekta Vishnoi, Dr Jitendra Kumar, and FCA Nidhi Srivastava.

Key Highlights:

• The report highlights that biotechnology now contributes 25% to India’s GDP, with a CAGR of 17.9% over the past four years.
• Singh stated that India exceeded its 2025 target of $150 billion in the bioeconomy sector one year ahead of schedule.
• BioSaarthi, a global mentorship initiative, was launched to support biotech startups.
  • Designed as a 6-month cohort, it will provide structured mentor-mentee engagement and include international mentors from the Indian diaspora.
  • Aims to boost industry-academia collaboration and startup innovation.
• The government also approved the BIO-E3 Policy: Biotechnology for Economy, Employment, and Environment.
  • Focuses on research, innovation, and entrepreneurship.
  • Initiatives under this policy include the development of Bio-AI Hubs, Bio Foundries, and bio-enabler hubs.
  • Assam became the first state to adopt the BioE3 framework.
• India’s biotech startup ecosystem expanded from 50 startups in 2014 to over 10,075 startups in 2024 — a 10x growth.
• Key reasons include strategic public-private partnerships and policy support for innovation and investment.
• Major scientific achievements highlighted:
  • Development of India’s first indigenous antibiotic, Nafithromycin, effective against respiratory diseases.
  • Completion of India’s first successful gene therapy trial for haemophilia.
  • Whole genome sequencing of 10,074 individuals across 99 communities, enabling progress in precision medicine.
• Biotechnology’s role in space is expanding through collaboration between DBT and ISRO.
  • Focus areas: space biology, space medicine, and astronaut health as India plans its first space station.
• India’s GERD (Gross Expenditure on Research and Development) more than doubled:
  • From ₹60,196 crore in 2013–14 to ₹1,27,381 crore in 2024.
  • Reflects strong government commitment to scientific innovation.

West Bengal Leads in Thermal Power Generation: 4 Plants in Top 10, West Bengal Power Development Corporation Limited’s Santaldih Emerges at #1

• West Bengal has emerged with flying colors in a recent survey conducted by the Central Electricity Authority (CEA), Ministry of Power, Government of India.
• The rankings were based on operational efficiency measured by PLF (Plant Load Factor).

Key Highlights:

• The survey covered 201 thermal power plants across the country.
• Santaldih Thermal Power Plant (WBPDCL) was ranked #1 nationally with a PLF of 94.38%.
• Bakreshwar Thermal Power Plant secured the 2nd position with a PLF of 93.3%.
• Two other thermal plants from West Bengal also featured in the Top 10:
  • Sagardighi Power Plant – Rank 4 with PLF of 90.86%.
  • Bandel Thermal Power Station – Rank 9 with PLF of 89.62%.
• This means 4 out of the Top 10 thermal power plants in India are from West Bengal.
• The West Bengal Power Development Corporation Limited (WBPDCL) has been declared the best-performing thermal power generation company in India with a PLF of 88.9%.
• WBPDCL has outperformed leading players such as:
  • NTPC
  • DVC
  • Adani Power
  • Reliance Power
  • Tata Power
  • Torrent Power
• With the Deucha Pachami coal mine now functional, thermal power generation is expected to increase further in West Bengal.

Recent News:

• In March 2025, to enhance transparency and efficiency in police transfers, the West Bengal Police introduced a new mobile application.

About West Bengal:

• Chief Minister: Mamata Banerjee
• Governor: C. V. Ananda Bose
• Capital: Kolkata
• National Parks: Sundarbans National Park, Jaldapara National Park, Buxa National Park, Gorumara National Park, Neora Valley National Park
• Wildlife Sanctuaries: Sajnekhali Wildlife Sanctuary, Bibhutibhushan Wildlife Sanctuary, Bethuadahari Wildlife Sanctuary, Ballavpur Wildlife Sanctuary, Haliday Island Wildlife Sanctuary.

Indian Railways Partners with DMRC to Install Smart Wheel Monitoring Systems (AWPMS)

• Indian Railways has signed a significant agreement with the Delhi Metro Rail Corporation (DMRC) to deploy advanced Automatic Wheel Profile Measurement Systems (AWPMS).
• This initiative marks a leap towards modernizing railway maintenance and ensuring safer and more efficient train operations.

Key Points

What is AWPMS?

• Full Form: Automatic Wheel Profile Measurement System
• A touchless, real-time monitoring system to assess the shape and condition of train wheels.
• Uses laser scanners and high-speed cameras for accurate and quick wheel inspection.
• Detects wheel wear, deformation, and damage and sends automatic alerts for corrective action.

How Does AWPMS Work?

• Uses a laser-based scanning system and fast image-capturing cameras.
• Provides instant, contactless, and highly accurate reports.
• Minimizes human intervention and speeds up the maintenance process.
• Enhances safety, reduces downtime, and ensures timely detection of wheel-related issues.

Role of DMRC

• As per the agreement, DMRC will manage the procurement, installation, and commissioning of AWPMS machines.
• A total of four AWPMS units will be installed at strategic locations across the Indian Railways network.

Importance of the Initiative

• A key move by the Ministry of Railways toward smart maintenance solutions.
• Significantly reduces manual inspection time and increases efficiency and accuracy.
• Aims to ensure faster repairs, better safety standards, and improved punctuality in train services.

Benefits of the Indian Railways–DMRC Partnership

• Technology Sharing: Strengthens collaboration between Indian Railways and DMRC.
• Skill Development: Trains railway personnel in advanced diagnostic tools.
• Boosts Innovation: Encourages the use of modern technologies in traditional railway systems.

Bangladesh Assumes Chairmanship of BIMSTEC

• Bangladesh officially took over the Chairmanship of BIMSTEC for a two-year term, succeeding Thailand.
• Chief Advisor Muhammad Yunus accepted the chairmanship on behalf of Bangladesh.

About BIMSTEC

• Full Form: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
• Members:
  • Bangladesh
  • Bhutan
  • India
  • Myanmar
  • Nepal
  • Sri Lanka
  • Thailand
• Objective: Promote regional cooperation in trade, economy, and technical collaboration.

6th BIMSTEC Summit (2025) – Bangkok, Thailand

• Theme: “Prosperous, Resilient and Open BIMSTEC”
• Key Highlights:
  • Hosted by Thailand PM Paetongtarn Shinawatra.
  • A moment of silence was observed for victims of the March 28 earthquake in Myanmar and Thailand.
  • Attended by leaders of all 7 member states.

Major Outcomes

• Two Key Documents Adopted:
  • The Bangkok Declaration
  • BIMSTEC Bangkok Vision
• These provide a future roadmap focusing on sustainable development and economic cooperation.

Chairmanship Rotation

• Chairmanship changes every two years in alphabetical order of member countries.
• Thailand ➝ Bangladesh (next expected: Bhutan)

Bangladesh’s Priorities as Chair

• Make BIMSTEC more inclusive and action-oriented.
• Strengthen regional integration and unity.

Indian Prime Minister Narendra Modi Inaugurates India’s First Vertical-Lift Sea Bridge – New Pamban Bridge

• Prime Minister Narendra Modi inaugurated the New Pamban Bridge in Tamil Nadu (Ram Navami).
• This historic project replaces the century-old Pamban Bridge and is a showcase of modern engineering. Connecting Rameswaram Island to Mandapam on the mainland, the bridge represents a significant advancement in India’s infrastructure.
• The inauguration coincided with PM Modi’s return from Sri Lanka, where he experienced a divine aerial view of Ram Setu, symbolizing the fusion of spiritual and structural progress.

Key Highlights

New Pamban Bridge Overview

• Location: Ramanathapuram district, Tamil Nadu
• Purpose: Connects Rameswaram Island with Mandapam on the Indian mainland
• Inauguration Date: April 6, 2025 (Ram Navami)
• Inaugurated by: PM Narendra Modi

Engineering and Specifications

• Total Length: 2.07 km
• Cost: Over ₹700 crore
• Executing Agency: Rail Vikas Nigam Limited (RVNL) – a Navratna PSU
• Design Type: Vertical-lift bridge
• Lift Span: 72.5 metres (vertically lifts up to 17 metres)
• Track Capacity: Designed for two railway tracks (currently operating one)
• Train Speed Supported: Up to 80 km/h
• Projected Lifespan: 100 years

Construction Materials and Techniques

• Use of stainless steel reinforcement
• Fully welded joints for enhanced durability
• Application of high-grade protective paint and polysiloxane coating to resist marine corrosion
• Designed for minimal maintenance

Significance and Global Comparisons

• The New Pamban Bridge is compared with iconic global structures such as the Golden Gate Bridge (USA), Tower Bridge (UK), and the Oresund Bridge (Denmark–Sweden).
• Represents India’s visionary progress in infrastructure and stands as a symbol of modern engineering and national pride.

Other Notable Events During the Visit

• PM Modi flagged off a new Coast Guard ship that passed under the bridge.
• Inaugurated the Rameswaram–Tambaram (Chennai) train.
• Laid foundation stones for rail and road projects worth ₹8,300 crore.
• Performed Puja at the Ramanathaswamy Temple, Rameswaram.

Spiritual Significance: Ram Setu Darshan

• During his return from Sri Lanka, PM Modi had an aerial Darshan of Ram Setu (Adam’s Bridge).
• The event coincided with the Surya Tilak ceremony in Ayodhya, which he described as a “divine coincidence.”
• Ram Setu: A chain of shoals (~48 km long) linking Rameswaram Island (India) with Mannar Island (Sri Lanka), dividing the Palk Strait (north) and Gulf of Mannar (south).

CURRENT AFFAIRS: BUSINESS NEWS

HIL Ltd Rebrands as BirlaNu Limited: $150 Million Investment Plan to Achieve $1 Billion Revenue Target by 2028

• HIL Limited, a subsidiary of the $3 billion CK Birla Group, has officially rebranded itself as BirlaNu Limited.
• Alongside this identity transformation, the company has announced a $150 million investment plan with a strategic goal to become a $1 billion enterprise by 2028.

Key Points

• Former Name: HIL Limited
• New Name: BirlaNu Limited
• Parent Group: CK Birla Group (worth $3 billion)
• Target: To become a $1 billion company by 2028
• Planned Investment: $150 million to support growth and innovation

Global Manufacturing Footprint

• Manufacturing Facilities: 32 units across India, Germany, and Austria
• Innovation Centres: Located in India and Germany
• Global Reach: Presence in over 80 countries

Leadership Remarks

• Avanti Birla, President, BirlaNu:
  • The new identity reflects innovation, quality, and durability
  • Focus on homeowners, builders, and designers
  • Committed to sustainability and cutting-edge construction solutions
• Akshat Seth, MD & CEO, BirlaNu:
  • Pioneered Organic-Based Stabilisers (OBS) in UPVC pipe manufacturing—first in India, eliminating heavy metals
  • Doubled AAC block capacity in Chennai to 4 lakh cubic meters/year, now among the largest in India
  • Expansion into home and interiors with plans to introduce premium flooring brand Parador in India

Product Portfolio and Brands

• Offers sustainable, innovative solutions in:
  • Pipes (BirlaNuLeakproof Pipes)
  • Construction Chemicals (BirlaNu Construction Chemicals)
  • Putty (BirlaNuTruColour Putty)
  • Roofs, Walls, and Floors
• Flagship Brands: Charminar, BirlaNu Aerocon, Parador

Quality and Sustainability Certifications

• Recognized for adhering to global quality standards
• Holds certifications including:
  • GreenPro
  • IGBC (Indian Green Building Council)
  • PEFC (Programme for the Endorsement of Forest Certification)
  • Blue Angel
  • EPD (Environmental Product Declaration)

CURRENT AFFAIRS: AWARDS AND HONOURS

Sri Lanka Confers Its Highest Honour For Global Leaders On Prime Minister Modi

• In a grand recognition of his efforts to strengthen India-Sri Lanka ties, Prime Minister Narendra Modi was on Saturday conferred with the Sri Lanka Mitra Vibhushana, the island nation’s highest civilian honour for Heads of State and Government.
• The prestigious award was presented by Sri Lankan President Anura Kumara Dissanayake during a joint press briefing in Colombo.

About Mithra Vibhushana Award

• Sri Lanka’s highest civilian award, instituted in 2008.
• Conferred on foreign nationals for outstanding service to Sri Lanka’s bilateral relations.
• Accompanied by a citation and a silver medal embedded with nine Sri Lankan gems.
• Design elements include the lotus, globe, sun, moon, and sheaves of rice, symbolizing shared cultural roots.

Symbolism and Cultural Significance

• The Dharma Chakra on the medal reflects the shared Buddhist legacy.
• Pun Kalasa (ceremonial pot with rice) stands for prosperity and renewal.
• Navaratna (nine gems) within a globe surrounded by lotus petals signifies unity and richness.

Modi’s Global Recognition

• PM Modi has received over 15 international honours, including:
  • Order of King Abdul Aziz – Saudi Arabia
  • Order of the State of Palestine
  • Order of Zayed – United Arab Emirates
  • Order of Fiji
  • Order of the Nile – Egypt
  • In March 2025, conferred with Grand Commander of the Order of the Star and Key of the Indian Ocean – Mauritius’ highest civilian award.

Recent News:

• Sri Lanka’s consumer prices fell by 4.0% in January 2025, marking the highest deflation in 65 years and the fifth consecutive month of decline.

About Sri Lanka:

• Capital: Sri Jayawardenepura Kotte (Administrative), Colombo (Commercial)
• Currency: Sri Lankan Rupee (LKR)
• President: Anura Kumara Dissanayake
• Prime Minister: Harini Amarasuriya

Founder of YuvaSpark, Akarsh Shroff Honoured with National Youth Award 2025 for Pioneering Educational Reform

• Akarsh Shroff, founder of YuvaSpark, received the National Youth Award, for his innovative work in transforming early childhood educati on across India. His work includes digitising anganwadi centres and improving rural education infrastructure.

Key Points for Exam Preparation

About the Award

• The National Youth Award is instituted by the Ministry of Youth Affairs and Sports.
• Awarded annually to individuals under 30 years for outstanding social service and national development.
• Akarsh received the award from Union Minister Mansukh Mandaviya at a ceremony in Parliament House, New Delhi.
• A total of 22 young changemakers were honoured, covering both current and previous years.

Akarsh Shroff – The Changemaker from Bengaluru

• Founded YuvaSpark in 2018 at the age of 17, while still in high school.
• Aimed to reform grassroots education through community-driven innovation and technology.

Achievements of YuvaSpark

• Digitised over 600 anganwadi centres using custom content in vernacular languages.
• Improved teacher training and child engagement in rural areas.
• Supported infrastructure development in orphanages and government school libraries.
• Provided smart devices to special schools catering to differently-abled children.
• Operates with 700+ volunteers from 35 institutions.
• Impacted the lives of over 3.46 lakh children in 10 Indian states.
• Raised ₹2.5 crore in funding from major organisations like Amazon, BCG, Indian Oil, MNGL, and SECI.

About the National Youth Award

• One of India’s highest civilian honours for youth.
• Recognises contributions in various fields including:
  • Education
  • Health
  • Innovation
  • Culture
  • Human Rights
  • Sports
  • Tourism
  • Community Service

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Pakistan Cricket Board chief Mohsin Naqvi elected chairman of Asian Cricket Council (ACC)

• Mohsin Naqvi, Chairman of the Pakistan Cricket Board (PCB), has officially assumed charge as the President of the Asian Cricket Council (ACC).
• He replaced Shammi Silva of Sri Lanka, who had taken over the role in December 2024 after Jay Shah stepped down to become ICC Chair.
• In addition to this role, Naqvi also serves as Pakistan’s Interior Minister and was elected PCB chairman in February 2024.
• He played a key part in asserting Pakistan’s position on hosting the 2025 Champions Trophy entirely within the country.
• Eventually, the PCB and BCCI reached a compromise: matches involving India in Pakistan-hosted events will be played at a neutral venue, and similarly, matches involving Pakistan in India-hosted events will also be played at a neutral venue.
• A pressing issue for Naqvi as ACC President will be the venue for the upcoming T20 Asia Cup.
• Although India is the official host, Pakistan is likely to demand neutral venues for their matches.
• There is a precedent for this arrangement: during the 2023 Asia Cup hosted by Pakistan, Sri Lanka was added as a secondary venue because of India’s refusal to travel to Pakistan.

Government appoints New Pension Fund Regulatory and Development Authority (PFRDA) members for Law and Finance roles

• The Government of India has appointed:
  • Randip Singh Jagpal, Executive Director at IRDAI, as Member (Law) of the Pension Fund Regulatory and Development Authority (PFRDA).
  • Sanjay Pandey, Financial Adviser and Chief Accounts Officer of EPFO, as Member (Finance) of PFRDA.
• These appointments were announced via two gazette notifications dated April 3, 2025, by the Finance Ministry.
• The appointments are effective from the date of assuming charge and are valid until the age of 62 or until further orders.
• The PFRDA is led by a Chairperson and supported by three whole-time members.
• Alongside Jagpal and Pandey, the current whole-time member is Mamta Shankar, who oversees the economics division.
• As per its structure, PFRDA can have a Chairperson and up to 6 members, with at least 3 being whole-time members.
• Earlier this week, the government also appointed S Ramann, Deputy CAG, as the new Chairperson of PFRDA for a 5-year term.
• S Ramann, an officer of the 1991 batch of Indian Audit & Accounts Service (IA&AS), will succeed Deepak Mohanty, whose term ends in May 2025.

About PFRDA:

• Established: 2003 (Statutory status from PFRDA Act, 2013)
• Under which Ministry: Ministry of Finance, Government of India
• Headquarters: New Delhi
• Chairman: Sivasubramanian Ramann
• Purpose: To promote, develop, and regulate the pension sector in India, especially the National Pension System (NPS) and other old-age income security schemes.

Shailini Warrier Quits as Federal Bank’s Executive Director For Entrepreneurial Opportunity

• Shalini Warrier, Executive Director of Federal Bank, has resigned from her position to pursue an entrepreneurial opportunity, as per the bank’s filing on April 4, 2025.
• Warrier joined Federal Bank in 2015 as the Chief Operating Officer (COO).
• In 2019, she also took over as Business Head of Retail Banking Products.
• She was elevated to the position of Executive Director in 2020.
• Warrier has over 28 years of banking experience, having worked at Standard Chartered Bank before joining Federal Bank.
• She is a member of the Institute of Chartered Accountants of India (ICAI) and stood first at the all-India level in 1989.
• Additionally, she is a Certified Associate of the Indian Institute of Bankers (CAIIB).

About Federal Bank:

• Founded: 1931
• Headquarters: Aluva, Kerala, India
• Managing Director & CEO: KVS Manian
• Tagline: “Your Perfect Banking Partner”

Equitas Small Finance Bank Appoints Balaji Nuthalapadi as Executive Director

• Equitas Small Finance Bank (SFB), the second largest SFB in India, has appointed Balaji Nuthalapadi as Executive Director – Technology and Operations, effective March 29, 2025.
• The appointment was approved by the Reserve Bank of India (RBI) and the Board of Directors.
• This move highlights the bank’s focus on digital transformation, operational efficiency, and tech-led customer solutions.
• Previously, he served as Managing Director & Head of Centralized Controls Testing Execution at Citi Bank, where he led a 1,100-member team in India for global controls testing.
• He also held the position of MD and Head of Operations and Technology for Citi South Asia, overseeing India and Southeast Asia
• He was instrumental in scaling Citi’s global hubs in India and ensuring operational excellence.
• An alumnus of IIM Ahmedabad, he brings proven expertise in operations, technology, wealth management, and strategic leadership.
• The bank aims to leverage his leadership to accelerate its digital banking growth and strengthen its position in the market.

About Equitas Small Finance Bank:

• Founded: 2007
• Headquarters: Chennai, Tamil Nadu, India ​
• Managing Director & CEO: P. N. Vasudevan
• Tagline: “It’s Fun Banking”

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

SpaceX, ULA, Blue Origin Clinch $13.5 Billion-Dollar Pentagon Launch Contracts

• The U.S. Space Force awarded $13.5 billion in contracts to launch around 54 missions through 2029 under its National Security Space Launch (NSSL) Phase 3 program.
• SpaceX was awarded 28 missions worth $5.9 billion, using its Falcon 9 and Falcon Heavy
• United Launch Alliance (ULA), a joint venture of Boeing and Lockheed Martin, received 19 missions valued at $5.3 billion, using its Vulcan
• Blue Origin was awarded 7 missions worth $2.3 billion, using the New Glenn rocket, which has flown only once (January 2024).
• The awards fall under “Lane 2” of the Phase 3 program, focused on the most difficult and sensitive missions requiring advanced orbital placements.
• Missions will be assigned through incremental task orders over the next 5 years.
• SpaceX is expected to handle a majority of first-year missions, thanks to its high flight frequency and reliability.
• SpaceX previously won 40% of missions in Phase 2, while ULA got 60%.
• Due to delays in ULA’s Vulcan rocket, some Phase 2 missions were reassigned to SpaceX.
• Elon Musk, as a special government employee and SpaceX CEO, has significant influence on federal space policy.

India Accelerates 6g Development With Testbeds, 100 New 5g Labs, And Global Research Collaborations

• The Government of India has outlined an ambitious roadmap for the development and deployment of 6G technology, aiming to establish the country as a global leader in next-generation telecommunications by
• This was stated by Dr Pemmasani Chandra Sekhar, Minister of State for Communications & Rural Development, in a written reply to the Rajya Sabha.

Key Highlights:

• The Bharat 6G Vision Document was released by the central government in March 2023.
• It outlines India’s goal to design, develop, and deploy 6G technology by 2030.
• The vision aims to make India a global leader in 6G with intelligent, secure, and ubiquitous connectivity.
• Two key testbeds have been funded: the 6G THz Testbed and the Advanced Optical Communication Testbed.
• These testbeds aim to boost research, innovation, and R&D in next-gen communication.
• 100 5G labs were sanctioned in academic institutions across India in FY 2023–24.
• These labs are intended to support a 6G-ready ecosystem and train future technologists.
• 111 research proposals have been approved for exploring and developing 6G networks.
• The Bharat 6G Alliance was formed, bringing together industry, academia, research bodies, and standards organizations.
• The alliance is responsible for creating an action plan for 6G development.
• India signed MoUs with leading global 6G alliances to enhance international collaboration.
• The country hosted the first International 6G Symposium alongside WTSA 2024 and IMC 2024.
• India contributed significantly to ITU’s IMT-2030 framework for 6G development.
• It advocated for including “Ubiquitous Connectivity” as a key usage scenario in 6G.
• India emphasized the importance of coverage, interoperability, and sustainability in future wireless networks.
• These initiatives are expected to transform sectors like healthcare, education, and agriculture through advanced communication technology.

CURRENT AFFAIRS: DEFENCE NEWS

Naval Commanders’ Conference 2025 Kicks Off: Focus on Regional Security and Self-Reliance

• The 1st Edition of the Naval Commanders’ Conference 2025 is being held in two phases: Phase I at Karwar on 05 April and Phase II in New Delhi from 07 to 10 April 2025.
• It is a biannual apex-level event for deliberations among top Naval Commanders on strategic, operational, and administrative issues.
• The conference reinforces India’s role as a ‘Preferred Security Partner’ in the Indian Ocean Region, supporting regional peace, security, and stability.
• Phase I includes the flag-off of Indian Ocean Ship (IOS) Sagar by Raksha Mantri Rajnath Singh at Karwar on 05 April 2025.

Key Highlights:

• IOS Sagar is part of the MAHASAGAR initiative (Mutual and Holistic Advancement for Security Across the Regions), announced by Prime Minister Narendra Modi in Mauritius in March 2025.
• INS Sunayna will be deployed to the South-West Indian Ocean Region with a combined crew from India and 9 friendly nations: Comoros, Kenya, Madagascar, Maldives, Mauritius, Mozambique, Seychelles, Sri Lanka, and Tanzania.
• The Raksha Mantri will inaugurate several maritime infrastructures and support facilities under Project Seabird.
• He will also be briefed on Indian Navy’s operational readiness and future plans.
• Phase II in New Delhi will review operational, materiel, logistics, HR development, training, and administrative matters.
• Chiefs of the Army, Navy, and Air Force, along with the Chief of Defence Staff, will engage to promote synergy among the three Services.
• Foreign Secretary Vikram Misri and Shri Amitabh Kant will interact with the Commanders on foreign policy and international cooperation.
• The focus will be on modernisation, indigenisation, and achieving self-reliance (AatmaNirbharta) in alignment with the Government of India’s vision.
• The conference aims to build synergy and address critical issues to ensure the Indian Navy evolves as a Combat Ready, Credible, Cohesive, and Future Ready Force.

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS): Ajay Bhatt

Defence Research and Development Organization & Indian Army conduct 4 successful flight-tests of Army version of Medium-Range Surface-to-Air Missile

• Defence Research and Development Organisation (DRDO) and the Indian Army conducted 4 successful flight-tests of the Army version of Medium-Range Surface-to-Air Missile (MRSAM) on April 03 & 04, 2025.
• The tests were held at Dr APJ Abdul Kalam Island, off the Odisha coast.
• The operational flight-trials targeted high-speed aerial threats at long-range, short-range, high altitude, and low altitude.
• All targets were intercepted and destroyed with direct hits, validating the system’s operational capability.
• The weapon system was tested in operational condition, confirming its readiness for deployment.
• Flight data was recorded using radars and electro-optical tracking systems from the Integrated Test Range, Chandipur.
• The trials were conducted in the presence of senior DRDO and Indian Army officials.
• The Eastern and Southern Commands of the Army carried out the trials under DRDO guidance.
• The tests confirmed the combat readiness of the two Army Commands, enabling the operationalisation of MRSAM in two Regiments.
• The MRSAM was jointly developed by DRDO and Israel Aerospace Industries for the Indian Army.
• The MRSAM Army system includes a multi-function radar, command post, mobile launcher, and other support vehicles.

About DRDO:

• Founded: 1958
• Headquarters: New Delhi, India
• Parent Ministry: Ministry of Defence, Government of India
• Chairman: Dr. Samir V. Kamat

CURRENT AFFAIRS: IMPORTANT DAYS

World Health Day: April 7

• World Health Day 2025 is observed worldwide on 7th April.
• The World Health Organization’s physical, emotional, and mental well-being is promoted and celebrated worldwide to this day.
• This year’s theme for World Health Day 2025, “Healthy Beginning, Hopeful Futures,” focuses on the health and well-being of expectant mothers and newborns.

History

• In December 1945 the officials of China and Brazil proposed the creation of an international health organization that is all-encompassing and independent from any government powers.
• After half a year the constitution of the World Health Organization was approved in 1946.
• The 61 countries signed the agreement for the inception of the Non-Governmental Organization.
• World Health Day was created and first celebrated on 22nd July 1949. Later the date was changed to 7th April and the WHO encouraged the students to participate.

 Daily CA One- Liner: April 6^th & 7^th

• The Stand-Up India scheme has shown remarkable growth over the years, with the total loan amount sanctioned rising from 16,085.07 crore on March 31, 2019 to an impressive Rs 61,020.41 crore by March 17, 2025, the government has informed.
• India’s bio-economy grew 16-fold in the past decade, from $10 billion in 2014 to $165.7 billion in 2024, as per Union Minister Dr. Jitendra Singh.
• West Bengal has emerged with flying colors in a recent survey conducted by the Central Electricity Authority (CEA), Ministry of Power, Government of India.
• Indian Railways has signed a significant agreement with the Delhi Metro Rail Corporation (DMRC) to deploy advanced Automatic Wheel Profile Measurement Systems (AWPMS).
• HIL Limited, a subsidiary of the $3 billion CK Birla Group, has officially rebranded itself as BirlaNu Limited.
• Bangladesh officially took over the Chairmanship of BIMSTEC for a two-year term, succeeding Thailand
• Prime Minister Narendra Modi inaugurated the New Pamban Bridge in Tamil Nadu (Ram Navami).
• In a grand recognition of his efforts to strengthen India-Sri Lanka ties, Prime Minister Narendra Modi was on Saturday conferred with the Sri Lanka Mitra Vibhushana, the island nation’s highest civilian honour for Heads of State and Government.
• Akarsh Shroff, founder of YuvaSpark, received the National Youth Award, for his innovative work in transforming early childhood educati on across India. His work includes digitising anganwadi centres and improving rural education infrastructure.
• The India Fintech Foundation (IFF), a self-regulatory organization (SRO), was launched at the Startup Mahakumbh 2025 to enhance governance and foster innovation in India’s fintech sector.
• The Greater Hyderabad Municipal Corporation (GHMC) has partnered with fintech firm Paytm to digitize property tax collection across the city.
• The Securities and Exchange Board of India (SEBI) has introduced the operational framework for the Past Risk and Return Verification Agency (PaRRVA), aiming to curb misleading performance claims in financial advertisements by entities such as research analysts, investment advisers, and stock brokers.
• The Reserve Bank of India (RBI) has proposed rationalisation of norms governing export and import transactions to promote ease of doing business and empower banks to deliver quicker and more efficient services to foreign exchange customers.
• Markets regulator SEBI proposed to develop an ‘Investor Charter’ for KRAs detailing the services provided to investors along with their rights and grievance redressal mechanism.
• The Reserve Bank of India (RBI) issued a circular regarding Limits for investment in debt and sale of Credit Default Swaps (CDS) by Foreign Portfolio Investors (FPIs).
• Mohsin Naqvi, Chairman of the Pakistan Cricket Board (PCB), has officially assumed charge as the President of the Asian Cricket Council (ACC).
• Randip Singh Jagpal, Executive Director at IRDAI, as Member (Law) of the Pension Fund Regulatory and Development Authority (PFRDA).
• Shalini Warrier, Executive Director of Federal Bank, has resigned from her position to pursue an entrepreneurial opportunity, as per the bank’s filing on April 4, 2025.
• Equitas Small Finance Bank (SFB), the second largest SFB in India, has appointed Balaji Nuthalapadi as Executive Director – Technology and Operations, effective March 29, 2025.
• The U.S. Space Force awarded $13.5 billion in contracts to launch around 54 missions through 2029 under its National Security Space Launch (NSSL) Phase 3 program.
• The Government of India has outlined an ambitious roadmap for the development and deployment of 6G technology, aiming to establish the country as a global leader in next-generation telecommunications by
• The 1st Edition of the Naval Commanders’ Conference 2025 is being held in two phases: Phase I at Karwar on 05 April and Phase II in New Delhi from 07 to 10 April 2025.
• Defence Research and Development Organisation (DRDO) and the Indian Army conducted four successful flight-tests of the Army version of Medium-Range Surface-to-Air Missile (MRSAM) on April 03 & 04, 2025.

World Health Day 2025 is observed worldwide on 7th April.

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