Daily Current Affairs March 16th & 17th 2025 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

State Bank of India To Set Up artificial intelligence (AI) & Fintech Project Finance Unit

• State Bank of India (SBI) is establishing a “Center of Excellence for Project Financing” to focus on financing new-age industries such as artificial intelligence (AI), e-commerce, and fintech.
• The unit will diversify SBI’s Project Finance and Structuring division, which traditionally funds large infrastructure projects.
• SBI will hire specialized professionals to staff the unit.
• An external consultant is being appointed to assist in setting up the unit.
• SBI’s project financing increasingly includes new-age industries and renewable energy sectors.
• This shift aligns with Prime Minister Narendra Modi’s infrastructure development push.
• In the 2024 fiscal year, SBI funded 48 large projects through its Project Finance & Structuring Unit.
• The new unit will also share insights with other financial institutions.
• SBI aims to complete the project within a year.

Recent News:

• In March 2025, SBI Life Insurance, a leading private life insurer in India, introduced two new child insurance plans—‘SBI Life – Smart Future Star’ and ‘SBI Life – Smart Platina Young Achiever’—designed to help parents secure their child’s financial future.

About State Bank of India (SBI):

• Founded Year: 1955
• Headquarters: Mumbai, Maharashtra, India
• Chairman: Challa Sreenivasulu Setty
• Slogan: “The Banker to Every Indian”

Reserve Bank of India gets global recognition for rolling out digital initiatives, including Pravaah and Sarthi systems

• The Reserve Bank of India (RBI) has been selected for the Digital Transformation Award 2025 by Central Banking in London, UK.
• The award recognizes RBI’s digital initiatives, Pravaah and Sarthi, developed by its in-house team.
• The awards committee highlighted how these initiatives have reduced paper-based submissions, transforming RBI’s internal and external processes.
• Sarthi, launched in January 2023, digitized RBI’s internal workflows, enabling employees to store and share documents securely.
• It has improved record management, data analysis, and operational efficiency by automating tasks.
• Sarthi allows task tracking, collaboration, and integration with other RBI systems, creating a unified information repository.
• Pravaah, launched in May 2024, enables external users to submit regulatory applications digitally to RBI.
• Documents processed through Pravaah are linked to Sarthi, ensuring centralized cybersecurity and digital tracking.
• Pravaah has digitized over 70 regulatory applications, supporting nine RBI departments.
• Between May and December 2024, over 2,000 applications were filed, leading to an 80% increase in monthly submissions due to its ease of use.

Flipkart-backed super.money joins top five UPI apps club: NPCI data

• Flipkart Group’s payment app money has become the fifth-largest UPI player in India, surpassing Kunal Shah-led Cred, which is now in sixth place, according to NPCI data.
• March 1, 2025, marked a landmark day for UPI, as the daily transaction value crossed ₹1 lakh crore for the first time, reaching ₹1,01,628 crore.

Key Highlights :

• Changes in the UPI pecking order:
  • In November 2024, Sachin Bansal’s Navi overtook Cred to become the fourth-largest UPI app.
  • Navi and super.money continued to grow in February, despite a slight decline in transactions for PhonePe due to fewer days in the month.
  • Transaction data for February 2025:
    • Navi: 261 million transactions
    • money: 139 million transactions
    • Cred: 130 million transactions (stagnant for a year)
  • Market share in January 2025:
    • Navi: 1.5%
    • Cred: 0.9%
    • money: 0.7%
  • PhonePe dominates UPI payments:
    • PhonePe, which is preparing for an IPO, leads the UPI market with 47.5% volume share and 51% value share.
    • Google Pay holds 36% volume share and 35% value share.
    • Paytm is in third place with 6.7% volume share and 5.3% value share.
    • NPCI had planned to impose a 30% market share cap by end-2024 but extended the deadline due to implementation challenges.
    • PhonePe and Google Pay together account for 84% of UPI transactions.
  • UPI transaction trends:
    • Since late 2024, UPI has frequently crossed ₹90,000 crore in daily transaction value.
    • On February 1, 2025, UPI transactions reached ₹99,835 crore, nearly hitting the ₹1 lakh crore mark.
    • The daily transaction value fluctuates throughout the month, peaking at the beginning and end due to salary credits, bill payments, and rent payments.

Recent News:

• In February 2025, The National Payments Corporation of India recommended increasing ATM interchange fees to help banks and White Label ATM Operators manage rising operational expenses & the proposal suggests raising financial transaction fees from ₹15 to ₹17 and non-financial transaction fees from ₹5 to ₹6.

About NPCI:

• Headquarters: Mumbai, Maharashtra, India
• Founded: 2008
• CEO: Dilip Asbe
• Key Initiatives: Unified Payments Interface (UPI), Immediate Payment Service (IMPS), RuPay (domestic card payment network), Bharat Bill Payment System (BBPS), Aadhaar Enabled Payment System (AePS)

India to become world’s 3rd-largest economy by 2028, overtaking Germany: Morgan Stanley

• India is projected to become the world’s third-largest economy by 2028, surpassing Germany, according to Morgan Stanley.

Key initiatives driving India’s economic growth:

• ‘Make in India’ and ‘Digital India’ have turned villages into manufacturing hubs and cities into thriving economic centers.
• Infrastructure projects have reshaped landscapes and improved connectivity.
• Landmark reforms have attracted global investment.
• A young and ambitious workforce is driving progress.
• Reforms in taxation, financial inclusion, renewable energy, and technology are shaping India’s future.
• India is gaining global economic share due to:
  • Strong population growth
  • Stable democracy and macroeconomic policies
  • Better infrastructure
  • A growing entrepreneurial class
  • Improving social outcomes

About Morgan Stanley:

• Founded: 1935
• Headquarters: New York City, USA
• Key Services: Investment banking, trading, asset management, and wealth management
• CEO: Ted Pick

GoDigit promoters get Insurance Regulatory and Development Authority of India nod for first private reinsurer

• Valueattics Re, promoted by GoDigit founders Kamesh Goyal and Prem Watsa, has received a reinsurer licence from the Insurance Regulatory and Development Authority of India (IRDAI).
• It is the first reinsurer licensed exclusively under IRDAI’s revamped framework with an initial paid-up capital of ₹210 crore.
• The promoters include Oben Ventures LLP (backed by Kamesh Goyal) and FAL Corporation (supported by Prem Watsa’s Fairfax Financial Holdings).
• At present, state-owned General Insurance Corporation of India(GIC Re) is the only domestic reinsurer.
• Currently, 12 foreign reinsurance branches (FRBs) are operating in the country, including those of Munich Re, Swiss Re and Lloyd’s of London.
• With general, life, and reinsurance businesses under the Digit group, they aim to provide comprehensive risk coverage solutions.
• Fairfax subsidiary FAL Corporation will hold a majority stake in Valueattics Re, while Fairfax Financial Holdings remains a major player in property and casualty insurance and reinsurance.
• The move is expected to increase competition in the reinsurance sector, allowing more private participation and addressing a longstanding industry need.

​Muthoot Microfin Shines at SKOCH Awards 2025

• Muthoot Microfin, a leading microfinance institution empowering women entrepreneurs, has achieved a remarkable milestone by winning two Gold Awards at the SKOCH Awards 2025.
• These prestigious honors recognize the company’s outstanding contributions to digital financial inclusion and innovative insurance solutions, further solidifying its leadership in India’s microfinance sector.
• The awards were presented to Sadaf Sayeed, CEO of Muthoot Microfin, by Sameer Kochhar, Chairman of SKOCH Group, and Gursharan Dhanjal, Vice-Chairman of SKOCH Group, at a ceremony in New Delhi.

Award-Winning Initiatives

1. Corporate Excellence – Best Customer Application on Digital Financial Inclusion

• Awarded for Mahila Mitra, a digital platform revolutionizing financial transactions for women in rural India.
• 73 million downloads with a 4.2-star rating.
• Enables seamless and secure digital transactions, eliminating financial barriers.
• Strengthens Muthoot Microfin’s mission of financial empowerment for women.

2. BFSI Award – Best Insurance Scheme

• Recognized for the Griha Raksha Insurance Scheme, providing crucial financial security.
• Coverage for 66 million beneficiaries, safeguarding vulnerable communities.
• Ensures financial stability for women entrepreneurs and their families.
• Reduces financial risks, allowing women to focus on their businesses.

Impact on Women Entrepreneurs

• Muthoot Microfin plays a pivotal role in fostering economic self-sufficiency and inclusive growth:
• Supports 34.2 lakh women-led households, impacting 1.4 crore Indians.
• Promotes financial literacy and digital adoption in rural communities.
• Provides microloans to help women start and expand businesses.

Life Insurance Corporation of India, New India Assurance, GIC Re remain Domestic Systemically Important Insurers (D-SIIs)

• The Insurance Regulatory and Development Authority of India (IRDAI) has reaffirmed the designation of Life Insurance Corporation of India (LIC), The New India Assurance Company, and General Insurance Corporation of India (GIC Re) as Domestic Systemically Important Insurers (D-SIIs) for the fiscal year 2024-25.
• This classification underscores their critical role in maintaining the stability of India’s financial system.​

About D-SIIs:

• Understanding D-SIIs: Domestic Systemically Important Insurers are entities whose failure or financial distress could significantly disrupt the domestic financial system due to their substantial size, market significance, and interconnectedness with other financial institutions.​
• Implications of the D-SII Designation: Insurers identified as D-SIIs are subject to enhanced regulatory oversight to mitigate potential risks to the financial system.
• This includes maintaining higher capital requirements, implementing robust risk management strategies, and undergoing more frequent supervisory evaluations by the IRDAI.

About the Insurers:

• Life Insurance Corporation of India (LIC): As the largest life insurer in India, LIC holds a substantial share of the life insurance market, offering a wide range of insurance products to individuals and groups.​
• The New India Assurance Company: This leading public sector general insurance company provides a diverse portfolio of insurance products, including health, motor, and property insurance, catering to both individual and corporate clients.​
• General Insurance Corporation of India (GIC Re): Serving as the national reinsurer, GIC Re plays a pivotal role in underwriting a significant portion of reinsurance business in the Indian market, thereby supporting the overall insurance ecosystem.​

IRDAI’s 129th Meeting (March 12, 2025) – Key Decisions:

1. Approval of Valueattics Reinsurance – India’s first private reinsurer.
2. Review of Bima Sugam – A digital marketplace for insurance products.
3. Progress on Indian Risk-Based Capital (RBC) and Risk-Based Supervisory Framework.
4. Launch of the State Insurance Plan – A governance model to identify insurance coverage gaps at state, district, urban, and gram panchayat levels.

About IRDAI:

• Headquarters (HQ): Hyderabad, Telangana, India
• Chairperson: Debasish Panda (as of October 2023)
• Founded: 1999

CURRENT AFFAIRS: NATIONAL NEWS

First-Ever Fit India Carnival to Be Inaugurated at Jawaharlal Nehru (JLN) Stadium, New Delhi

• The first-ever Fit India Carnival will be inaugurated at Jawaharlal Nehru (JLN) Stadium, New Delhi.
• The event, aligned with the Fit India Movement, is a three-day fitness and wellness festival aimed at promoting a healthy and active lifestyle.

Key Highlights

Inauguration & Special Guests

• Chief Guests:
  • Dr. Mansukh Mandaviya – Union Minister for Youth Affairs & Sports.
  • Raksha Khadse – Minister of State for Youth Affairs & Sports.
• Special Guests:
  • Ayushmann Khurrana – Bollywood actor.
  • Sangram Singh – Wrestler & fitness enthusiast.
  • Mickey Mehta – Wellness guru.

Major Announcements & Unveilings

• Launch of Mascot, Logo, and Anthem for the Khelo India Para Games (Scheduled: March 20-27, 2025).

Fitness & Sports Activities

• Fun Fitness Challenges:
  • Rope Skipping
  • Stationary Cycling
  • Arm Wrestling
  • Cricket Bowling
  • Squat & Push-Up Challenges
• Free Health Assessments: Provided by experts from Sports Authority of India’s National Centre of Sports Sciences and Research (NCSSR), including:
  • Doctors
  • Nutritionists
  • Psychologists

Cultural & Traditional Performances

• Martial Arts & Traditional Fitness Forms:
  • Kalaripayattu
  • Mallakhamb
  • Gatka
• Cultural Performances:
  • Fitness through Dance theme.
  • Live DJ music, band performances, and interactive fitness sessions.

Lachit Barphukan Police Academy Inaugurated in Assam by Union Home Minister Amit Shah

• Union Home Minister and Minister of Cooperation Shri Amit Shah inaugurated the Lachit Barphukan Police Academy in Dergaon, Assam.
• The event was attended by Assam Chief Minister Dr. Himanta Biswa Sarma, Union Minister Sarbananda Sonowal, and other dignitaries.

Key Highlights

Lachit Barphukan Police Academy

• Named after Assam’s legendary warrior who led the victory against the Mughals.
• Significance: Aims to be the top police training academy in India in the next five years.
• Total Project Cost: ₹1,050 crore (First phase completed at ₹167 crore).
• Equipped with modern training facilities to enhance law enforcement skills.
• Training Hub: Over 2,000 police personnel from Goa and Manipur have already trained here.

Development & Peace Agreements in Assam

Shri Amit Shah highlighted the Modi government’s role in Assam’s transformation, citing:

• Peace Accords Signed:
  • Bodoland Agreement (2020)
  • Karbi Anglong Agreement (2021)
  • Tribal Peace Agreement (2022)
  • ULFA, Assam-Meghalaya, Assam-Arunachal Agreements (2023)
• Impact: Over 10,000 insurgents have surrendered and joined the mainstream.

Infrastructure & Industrial Growth in Assam

• Advantage Assam 2.0: ₹5.18 lakh crore worth of MoUs signed for investment.
• Infrastructure Projects worth ₹8 lakh crore, including:
  • Bharatmala Project (200 km, ₹10,000 crore)
  • Dhubri-Phulbari Bridge (₹3,000 crore)
  • Silchar-Churaibari Corridor (₹3,400 crore)
  • Majuli Island Road & Embankment (₹1,000 crore)
  • Six-lane Brahmaputra Bridge under construction.
  • Airport Expansion (₹1,200 crore) and Railway Projects (₹9,000 crore).
  • New AIIMS in Assam (₹1,000 crore) + medical colleges in Tamulpur, Kokrajhar, Nalbari & Dhubri.

Welfare Initiatives in Assam

• Tap Water Connection to 58 lakh households.
• Health Coverage: 1.8 crore people received ₹5 lakh free treatment.
• Toilets Built in 43 lakh homes.
• Free Rice Distribution: 2.32 crore people receive 5 kg per person/month.
• 51 lakh free LPG cylinders & 21 lakh houses provided under government schemes.

RECENT NEWS

• Union Home Minister and Minister of Cooperation, Shri Amit Shah, will launch the BHARATPOL portal developed by the Central Bureau of Investigation (CBI) on January 7, 2025, at Bharat Mandapam, New Delhi.

India’s Participation in the 353rd ILO Governing Body Meeting in Geneva

• The 353rd Governing Body meeting of the International Labour Organisation (ILO) is being held in Geneva, Switzerland, from March 10 to March 20, 2025.
• The meeting brings together representatives from governments, workers, and employers to discuss key issues related to labour and employment policies.

India’s Representation and Key Interventions

The Indian delegation, led by Ms. Sumita Dawra, Secretary, Ministry of Labour and Employment, actively participated in discussions, highlighting India’s achievements and perspectives in promoting labour welfare, social justice, and employment generation.

1. Support for the Second World Summit for Social Development

• India extended support for the UN-led Second World Summit for Social Development in Doha, Qatar, emphasizing its role in reinforcing the social dimension of the 2030 Agenda.
• India has doubled its social protection coverage to 48.8%, exceeding the global average by 5%.
• Contribution of flagship welfare schemes was acknowledged:
  • EPFO – 7.37 crore contributing members
  • ESIC – 14.4 crore beneficiaries
  • e-Shram Portal – 30.6 crore registered unorganized workers
  • PM Jan Arogya Yojana – 60 crore beneficiaries
  • Targeted PDS – 81.35 crore beneficiaries receiving food security

2. ILO Fair Migration Agenda and Action

• As one of the largest origin countries of migrant workers and the top recipient of remittances, India called for enhanced global cooperation to promote well-managed, skills-based migration pathways.
• India urged ILO to strengthen bilateral labour migration and social security agreements.
• India supported ILO’s proposal to convene the first Tripartite Global Forum on Migration under the Global Coalition for Social Justice.

3. Commitment to a Global Framework on Chemicals

• India reaffirmed its commitment to eliminating chemical hazards, ensuring a safe working environment.
• Key initiatives highlighted:
  • Factories Act, 1948
  • Occupational Safety, Health and Working Conditions Code, 2020
• Viksit Bharat 2047 Action Plan for workplace safety in Major Accident Hazardous (MAH) units was emphasized.

Bilateral Meeting with ILO Director-General

• Sumita Dawra met Mr. Gilbert F. Houngbo, DG-ILO, discussing India’s contributions to social justice and labour reforms.
• India’s leadership in the Global Coalition for Social Justice was appreciated. India successfully hosted the first “Regional Dialogue on Social Justice” in New Delhi.
• India invited to the upcoming Annual Forum on Social Justice to showcase best practices in:
  • Responsible Business Conduct
  • Living Wages Implementation
  • Harnessing AI for a Socially Just Future of Work
• India’s first voluntary financial support to ILO for a feasibility study on developing an international reference classification of occupations was acknowledged.
  • This initiative aligns with the G20 leaders’ commitment under India’s 2023 G20 presidency to enhance global employment opportunities for Indian youth.

Future Collaboration between India and ILO

India and ILO discussed future collaborations in:

• Operationalization of living wages
• Welfare of gig and platform workers
• Ensuring decent work in global value chains.

RECENT NEWS

• Starting January 1, 2025, Switzerland will introduce major changes across legal, economic, and social sectors, including a ban on facial coverings, reforms to inheritance laws, pension increases, and enhanced banking regulations. These adjustments are aimed at aligning with European standards.

Ministry of Panchayati Raj Launches Key Initiatives for Women Empowerment in Panchayati Raj Institutions

• The Ministry of Panchayati Raj has introduced two major initiatives—Sashakt Panchayat-Netri Abhiyan and Model Women-Friendly Gram Panchayats (MWFGP)—to promote gender-sensitive governance and strengthen the role of Women Elected Representatives (WERs) in Panchayati Raj Institutions (PRIs).

Key Highlights

1. Sashakt Panchayat-Netri Abhiyan

• A nationwide capacity-building initiative for WERs in PRIs.
• Objective: Strengthen leadership skills, decision-making abilities, and ensure active participation in rural governance.
• Focus:
  • Eliminating the “Mukhiya Pati” or “Sarpanch Pati” culture, ensuring that women representatives exercise authority independently.

2. Model Women-Friendly Gram Panchayat (MWFGP)

• Aim: Establish at least one Model Women-Friendly Gram Panchayat in each district.
• Focus:
  • Gender-sensitive and girl-friendly governance practices.
  • Ensuring inclusivity in rural development policies.

3. Law Addressing Gender-Based Violence Primer

• A comprehensive guide on laws addressing gender-based violence and harmful practices.
• Target Audience: Panchayat representatives, helping them address gender-related issues effectively.

Current Status of Women’s Participation in PRIs

• Over 1.4 million women have been elected in PRIs across India.
• States like Bihar have surpassed the 33% reservation quota, achieving 50% representation for women in PRIs.

CURRENT AFFAIRS: INTERNATIONAL NEWS

United Nations chief announces new ‘UN80 Initiative’ to improve efficiencies amid shrinking resources, uncertainty

• United Nations Secretary-General Antonio Guterres has introduced the ‘UN80 Initiative’ to improve efficiency and make the 80-year-old global organization more cost-effective.

Key Goals of the Initiative:

• Identifying operational improvements to enhance the UN’s effectiveness.
• Reviewing mandate implementation given by member states, which has grown significantly.
• Conducting a strategic review for deeper structural changes and program realignment.
• Guterres highlighted a shrinking resource pool and an ongoing liquidity crisis, as some member states do not pay on time or in full.
• The United Nations General Assembly has approved a $3.72 billion budget for 2025, with the US being the largest contributor, covering 22% of the UN’s regular budget and 27% of its peacekeeping operations.
• India has been a consistent and timely contributor, having paid $37.64 million toward the 2025 UN Regular Budget in January.

Guterres’ Call for Urgency:

• The UN chief emphasized that budget constraints directly impact millions globally, particularly in humanitarian aid and disease control.
• He reassured that while the UN is resilient and adaptable, funding cuts could lead to severe consequences for vulnerable communities.

About United Nations (UN):

• Established: 24 October 1945
• Headquarters: New York City, USA
• Member States: 193 countries
• Secretary-General (2025): António Guterres

India, Malaysia to co-chair 14th ASEAN Defence Ministers’ Meeting-Plus Experts Working Group meeting on Counter-Terrorism in New Delhi

• India and Malaysia will co-chair the 14th ASEAN Defence Ministers’ Meeting-Plus (ADMM-Plus) Experts Working Group (EWG) on Counter-Terrorism, which will be held in New Delhi from March 19 to 20, 2025.
• This marks the first time India is leading the Counter-Terrorism EWG.
• Defence Secretary Rajesh Kumar Singh will deliver the keynote address during the opening ceremony on March 19, 2025.

Key Highlights:

• Delegations from 10 ASEAN member countries—Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Vietnam, Singapore, and Thailand—along with eight dialogue partners—Australia, New Zealand, South Korea, Japan, China, the USA, and Russia—will participate.
• Timor Leste and the ASEAN Secretariat will also be present.
• The meeting will launch the 2024-2027 cycle of activities under the Counter-Terrorism EWG.
• Discussions will focus on developing a comprehensive strategy to counter evolving threats of terrorism and extremism.
• Defence forces from ASEAN and partner nations will share their experiences, laying the groundwork for planned exercises, seminars, and workshops over the next three years.
• The ADMM-Plus platform facilitates defence cooperation among ASEAN nations and their dialogue partners.
• It currently focuses on seven priority areas: counter-terrorism, maritime security, humanitarian assistance and disaster management, peacekeeping operations, military medicine, humanitarian mine action, and cyber security.
• Each of these areas is managed through dedicated Experts Working Groups (EWGs), co-chaired by one ASEAN country and one dialogue partner for a three-year cycle.
• The co-chairs are responsible for setting objectives, policy guidelines, and organizing at least two meetings annually, culminating in a final exercise in the third year to assess progress.
• India’s co-chairmanship strengthens its role in regional security and counter-terrorism collaboration, reinforcing its strategic partnerships with ASEAN and global defence allies.
• It also underscores India’s commitment to international counter-terrorism efforts.

CURRENT AFFAIRS: STATE NEWS

Tamil Nadu Budget 2025 Highlights: Fiscal deficit is estimated to reduce to 3% of GSDP in FY26

• Tamil Nadu Chief Minister M K Stalin-led DMK government presented the Budget 2025-26 in the Assembly, making major allocations for welfare schemes, including the fare-free bus travel scheme for women.
• Finance Minister Thangam Thenarasu highlighted that 65% of women now use free bus services, saving an average of ₹888 per month.
• The government allocated ₹3,600 crore for the scheme.
• Under the “Kalaignar Magalir Urimai Thittam,” ₹1,000 monthly assistance will continue for 1.15 crore women, with ₹13,807 crore allocated.
• Ten more ‘Thozhi’ hostels will be set up for working women at ₹77 crore.
• A new airport is planned at Parandur near

Key Announcements

• 20 lakh college students receive a tablet or laptop over two years.
• 1% less stamp duty on property up to ₹10 lakh registered in a woman’s name from April 1, 2025.
• Earned Leave Surrender system restored from April 1, 2026.
• ₹2,000 stipend for children who lost both parents.
• Outstanding debt to GSDP ratio expected to fall to 26.07% in FY26.
• Fiscal deficit reduced to 3.26% in revised FY25 estimates.
• Revenue deficit estimated at 1.17% for FY26.
• State tax revenue is expected to grow at 14.6% in FY26, with projected revenue of ₹2,20,895 crore.

Infrastructure & Development

• ₹310 crore allocated for a 3-km flyover in Velachery.
• ₹1,500 crore Adyar river restoration nearing completion.
• Archaeological excavations at Keeladi, Telunganur, Adhichanur, and five other sites.
• ₹26,000 crore allocated for drinking water projects in Erode, Mayiladuthurai, Thiruvallur, and other districts.
• 1 lakh houses under Kalaignar’s house scheme at ₹3,500 crore.
• A new 2,000-acre city near Chennai is planned.
• ₹1,000 crore to improve government school infrastructure.
• 6,100 km of rural roads to be improved at ₹2,200 crore.
• Student hostels in Chennai, Coimbatore, and Madurai at ₹275 crore for 1,000 students.
• Porur Metro line is set to open in December 2025.
• New airport in Ramanathapuram, Rameswaram for rising tourist inflow.
• Group insurance scheme for 1.5 lakh workers.
• ₹70 crore allocated to convert diesel buses to CNG-powered ones.
• ‘Anbucholai’ old age homes at ₹10 crore in Madurai, Coimbatore, Trichy, Salem, Tiruppur, Erode, Thoothukudi, Vellore, Thanjavur, and Dindigul.

Recent News:

• In March 2025, The Tamil Nadu government’s move to substitute the Indian Rupee symbol (₹) with the Tamil letter ‘ரூ’ in the state budget logo sparked renewed controversy over language. Spearheaded by Chief Minister M K Stalin.

About Tamil Nadu:

• Capital: Chennai
• Chief Minister: M. K. Stalin
• Governor: R. N. Ravi
• National Parks: Mudumalai National Park, Mukurthi National Park, Gulf of Mannar Marine National Park, Indira Gandhi (Anamalai) National Park, Guindy National Park
• Wildlife Sanctuaries: Vedanthangal Bird Sanctuary, Vettangudi Bird Sanctuary, Kalakad Wildlife Sanctuary, Sathyamangalam Wildlife Sanctuary, Vallanadu Wildlife Sanctuary, Megamalai Wildlife Sanctuary, Point Calimere Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

UPI Transactions Decline in February 2025:

• The Unified Payments Interface (UPI) recorded 16.11 billion transactions in February 2025, marking a 5.2% decline from the previous month.
• Despite the decrease, PhonePe, Google Pay, and Paytm continued to dominate the market, while Flipkart’s Super.money entered the top five UPI apps, replacing CRED.

Top UPI Players and Market Share

1. PhonePe – The Market Leader

• Transaction Volume: 7,656.40 million
• Market Share: 47.54%
• Transaction Value: ₹11,18,963.81 crore
• Value Share: 50.94%

2. Google Pay – The Strong Contender

• Transaction Volume: 5,836.80 million
• Market Share: 36.24%
• Transaction Value: ₹7,71,089.15 crore
• Value Share: 35.11%

3. Paytm – Maintaining Its Position

• Market Share: 6.70%
• Transaction Value: ₹1,17,090.29 crore
• Value Share: 5.33%

4. Flipkart’s Super.money – The New Entrant

• Transaction Volume: 139.10 million
• Replaced CRED to become the 5th largest UPI app

5. CRED and Other Players

• CRED’s Transaction Value: ₹45,127.72 crore (Value Share: 2.05%)
• Navi Transactions: 260.75 million

Role of Banks and Other Financial Institutions

Apart from consumer-centric apps, banks and financial institutions also contributed significantly to UPI transactions:

• Axis Bank Apps: 15 million transactions | ₹4,638.45 crore
• Amazon Pay: 31 million transactions | ₹9,077.30 crore

UPI Growth and Future Expansion Plans

The National Payments Corporation of India (NPCI) CEO, Dilip Asbe, shared key insights:

• Total UPI Users: 450 million
• Daily Active Users: 200 million
• Expansion Goal: Add 200-300 million more users through support from RBI, government policies, and financial institutions

RECENT NEWS

• The digital payments ecosystem in India witnessed mixed trends in February 2025, with Unified Payments Interface (UPI) transactions experiencing a month-on-month (MoM) decline, while FASTag and Aadhaar Enabled Payment System (AePS) transactions demonstrated steady growth.
• The National Payments Corporation of India (NPCI) has announced new compliance measures for Unified Payments Interface (UPI) transactions, which will take effect from February 1, 2025.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Crew welcomed into International Space Station to replace astronauts stranded for nine months

• A SpaceX Dragon capsule successfully delivered four astronauts to the International Space Station (ISS), allowing Butch Wilmore and Suni Williams to finally return home after an unplanned nine-month stay.

Key Highlights:

Crew-10 Mission Arrival

• The Dragon spacecraft docked at the ISS at 4:04 AM UK time, 29 hours after launch from NASA’s Kennedy Space Center.
• NASA’s Anne McClain, Nichole Ayers, Japan’s Takuya Onishi, and Russia’s Kirill Peskov will replace the Crew-9 astronauts and stay for six months.
• Crew-10 was greeted with hugs and handshakes after completing additional safety checks before entering the station.

How Wilmore and Williams Got Stranded

• Originally planned for an eight-day mission, their Boeing Starliner spacecraft suffered technical failures.
• NASA deemed the spacecraft too unsafe for a return, leaving the astronauts on the ISS until replacements arrived.
• Their return ride, a different capsule, arrived in late September 2024 with two empty seats reserved for them.

CURRENT AFFAIRS: SPORTS NEWS

India Tops Medal Tally at World Para Athletics Grand Prix 2025

• India emerged as the champion at the World Para Athletics Grand Prix 2025, held in New Delhi, winning a total of 134 medals.
• This included 45 gold, 40 silver, and 49 bronze medals, marking a historic achievement in India’s para-sports history.
• The event, hosted at Jawaharlal Nehru Stadium, was India’s first international para-athletics event, which will now be held annually until 2028.

India’s Medal Tally at a Glance

• Total Medals: 134
• Gold: 45
• Silver: 40
• Bronze: 49
• This stellar performance highlights India’s growing dominance in para-athletics, reinforcing its commitment to inclusivity and excellence in sports.

Key Performances by Indian Athletes

Preethi Pal – Continues Historic Feat

• Won bronze in the women’s 200m T35–T38 event.
• Previously, she was the first Indian woman to win two Paralympic medals in track and field at the Paris Paralympics.

Bhavani Munniyandi – Bronze in Long Jump

• Secured bronze in women’s long jump T38, T44, T61 with a 3.51m leap.
• Gold: Vanessa Low (Australia) – 4.96m.
• Silver: Zhanana Fekolina.

Men’s 200m T35 – India’s Double Podium Finish

• Vinay: Silver (29.58s).
• Abhishek Babasaheb Jadhav: Bronze (31.55s).
• Gold: Dmitrii Safronov (Neutral Para Athletes) – 24.20s.

Men’s Shot Put F11–F20 – Indian Clean Sweep

• Gold: Sagar – 11.47m.
• Silver: Janka Singh – 9.91m.
• Bronze: Balaji Rajendran – 9.89m.

Women’s Long Jump T20–T37 – Another Indian Medal

• Bhuvi Agarwal: Bronze (4.16m).
• Gold: Irina Sapanzha – 5.35m.
• Silver: Valentina – 5.16m.

Men’s 200m T61–T64 – India’s Silver & Bronze

• Pranav Prashant: Silver (24.75m).
• Naresh: Bronze.

Women’s Discus Throw F56–F57 – Another Podium Sweep

• Gold: Fatima.
• Silver: Suman Bala.
• Bronze: Asha Jalandar.

Men’s 5000m T11–T12 – India’s Grand Finale Victory

• Gold: Sharath.
• Silver: Saurabh.
• Bronze: Ankur.

Significance of the World Para Athletics Grand Prix 2025

A Landmark Event for India

• First international para-athletics event hosted by India.
• Will be an annual event till 2028.
• Recognized as a major milestone in India’s para-sports development.

The Grand Prix Format

• Similar to the Diamond League
• Features multiple meets throughout a season.
• Provides a global platform for para-athletes to prepare for future championships.

Mumbai Indians Clinch Second Women’s Premier League Title in Three Seasons

• Mumbai Indians (MI) secured their second Women’s Premier League (WPL) title in three seasons, defeating Delhi Capitals (DC) by 8 runs in a thrilling WPL 2025 final at Brabourne Stadium, Mumbai.

Match Highlights

• Mumbai Indians: 149/7 in 20 overs
• Delhi Capitals: 141 all out in 19.3 overs
• MI Captain Harmanpreet Kaur played a match-winning knock of 66 off 44 balls to guide her team to victory.

Key Awards in WPL 2025

• Player of the Match: Harmanpreet Kaur (MI)
• Player of the Series: Nat Sciver-Brunt (MI)

CURRENT AFFAIRS: OBITUARY

Former India all-rounder Syed Abid Ali died at 83

• Former India all-rounder Syed Abid Ali passed away on 12 March 2025 at the age of 83 in Tracy, California.
• He represented India in 29 Test matches (1967-1974) and 5 ODIs.
• Known for his all-round abilities, including batting, bowling, and exceptional fielding.
• He played a pivotal role in India’s historic Test series wins in England and the West Indies in 1971.
• His versatile skills and lionhearted attitude made him a respected figure in Indian cricket.
• BCCI President Roger Binny described him as a magnificent all-rounder who played a key role in India’s success in the 1970s.
• BCCI Honorary Secretary Devjit Saikia remembered him as a true gentleman of the game with a valuable contribution to Indian cricket.
• His passing was confirmed by his relative Reza Khan of the North America Cricket League (NACL) through a social media post.

CURRENT AFFAIRS: IMPORTANT DAYS

World Sleep Day 2025: March 14

• On 14th March 2025, World Sleep Day 2025 is observed all over the world.
• Purpose of the day : World Sleep Day is an annual event, intended to be a celebration of sleep and a call to action on important issues related to sleep, including medicine, education, social aspects, and driving.
• It is organized by the World Sleep Day Committee of the World Sleep Society and aims to lessen the burden of sleep problems on society through better prevention and management of sleep disorders.
• The World Sleep Day theme 2025 is “Make Sleep Health a Priority”.

World Sleep Day History

• World Sleep Day was founded by the World Sleep Day Committee of the World Sleep Day Society in 2008.
• It is celebrated annually on the Friday before the northern hemisphere vernal equinox.
• World Sleep Day is observed annually on the Friday before the March Equinox.
• The first World Sleep Day was held on 14 March 2008.
• Events involving discussions, presentations of educational materials, and exhibitions take place around the world and online.

National Vaccination Day – March 16, 2025

• National Vaccination Day, also known as National Immunisation Day, is observed annually on March 16 to highlight the importance of vaccination in public health.

Historical Significance

• First observed in 1995, marking the administration of India’s first Oral Polio Vaccine (OPV).
• The day commemorates the success of the Pulse Polio Campaign, launched by the Government of India to eradicate polio.
• Under this program, two drops of the oral polio vaccine were given to children aged 0 to 5 years.
• Due to sustained immunization efforts, India was declared polio-free in 2014 by the World Health Organization (WHO).

Significance of National Vaccination Day 2025

• Reaffirms the role of vaccines in disease prevention and public health.
• Encourages awareness and participation in routine immunization programs.
• Recognizes the success of India’s immunization efforts, including COVID-19, measles, rubella, and other vaccine-preventable diseases.

Key Vaccination Programs in India

• Universal Immunization Programme (UIP) – Covers major diseases like tuberculosis, hepatitis B, diphtheria, and measles.
• Mission Indradhanush – Aimed at increasing full immunization coverage for children and pregnant women.
• Pulse Polio Campaign – Led to India’s eradication of polio in 2014.

Daily CA One- Liner: March 16 & 17

• The first-ever Fit India Carnival will be inaugurated at Jawaharlal Nehru (JLN) Stadium, New Delhi.
• Union Home Minister and Minister of Cooperation Shri Amit Shah inaugurated the Lachit Barphukan Police Academy in Dergaon, Assam.
• The 353rd Governing Body meeting of the International Labour Organisation (ILO) is being held in Geneva, Switzerland, from March 10 to March 20, 2025.
• The Ministry of Panchayati Raj has introduced two major initiatives—Sashakt Panchayat-Netri Abhiyan and Model Women-Friendly Gram Panchayats (MWFGP)—to promote gender-sensitive governance and strengthen the role of Women Elected Representatives (WERs) in Panchayati Raj Institutions (PRIs).
• The Unified Payments Interface (UPI) recorded 16.11 billion transactions in February 2025, marking a 5.2% decline from the previous month.
• India emerged as the champion at the World Para Athletics Grand Prix 2025, held in New Delhi, winning a total of 134 medals.
• Mumbai Indians (MI) secured their second Women’s Premier League (WPL) title in three seasons, defeating Delhi Capitals (DC) by 8 runs in a thrilling WPL 2025 final at Brabourne Stadium, Mumbai.
• State Bank of India (SBI) is establishing a “Center of Excellence for Project Financing” to focus on financing new-age industries such as artificial intelligence (AI), e-commerce, and fintech.
• Reserve Bank of India (RBI) has been selected for the Digital Transformation Award 2025 by Central Banking in London, UK.
• Flipkart Group’s payment app money has become the fifth-largest UPI player in India, surpassing Kunal Shah-led Cred, which is now in sixth place, according to NPCI data.
• India is projected to become the world’s third-largest economy by 2028, surpassing Germany, according to Morgan Stanley.
• Valueattics Re, promoted by GoDigit founders Kamesh Goyal and Prem Watsa, has received a reinsurer licence from the Insurance Regulatory and Development Authority of India (IRDAI).
• Muthoot Microfin, a leading microfinance institution empowering women entrepreneurs, has achieved a remarkable milestone by winning two Gold Awards at the SKOCH Awards 2025.
• The Insurance Regulatory and Development Authority of India (IRDAI) has reaffirmed the designation of Life InsSSSurance Corporation of India (LIC), The New India Assurance Company, and General Insurance Corporation of India (GIC Re) as Domestic Systemically Important Insurers (D-SIIs) for the fiscal year 2024-25.
• United Nations Secretary-General Antonio Guterres has introduced the ‘UN80 Initiative’ to improve efficiency and make the 80-year-old global organization more cost-effective.
• India and Malaysia will co-chair the 14th ASEAN Defence Ministers’ Meeting-Plus (ADMM-Plus) Experts Working Group (EWG) on Counter-Terrorism, which will be held in New Delhi from March 19 to 20, 2025.
• Tamil Nadu Chief Minister M K Stalin-led DMK government presented the Budget 2025-26 in the Assembly, making major allocations for welfare schemes, including the fare-free bus travel scheme for women.
• A SpaceX Dragon capsule successfully delivered four astronauts to the International Space Station (ISS), allowing Butch Wilmore and Suni Williams to finally return home after an unplanned nine-month stay.
• Syed Abid Ali passed away on 12 March 2025 at the age of 83 in Tracy, California.
• On 14th March 2025, World Sleep Day 2025 is observed all over the world.
• National Vaccination Day, also known as National Immunisation Day, is observed annually on March 16 to highlight the importance of vaccination in public health