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CURRENT AFFAIRS: BANKING, FINANCE & BUSINESS
Fitch affirms ratings of ICICI Bank and Axis Bank
- Fitch Ratings has affirmed the ratings of Axis Bank and ICICI Bank with a stable outlook.
- Both banks’ Long-Term Issuer Default Rating (IDR) has been maintained at ‘BB+’:
- Indicates elevated vulnerability to default risk.
Key Highlights :
- Viability Ratings:
- Axis Bank: Retained at ‘BB’
- ICICI Bank: Upgraded to ‘BB+’
- A ‘BB’ rating denotes moderate prospects for ongoing viability.
- Fitch’s commentary highlighted:
- India’s strong medium-term growth potential
- A large, diversified economy
- These factors are reflected in Fitch’s Operating Environment (OE) score for Indian banks.
- GDP Growth Projections:
- Over 6% in FY25 and FY26
- Driven by:
- Domestic demand
- Government capital expenditure (capex)
- Improving capacity utilisation
- Regarding ICICI Bank, Fitch expects:
- A moderate increase in loan-to-deposit ratio
- A balanced approach to loan and deposit growth
About Axis Bank:
- Founded Year: 1993
- Headquarters: Mumbai, Maharashtra, India
- CEO: Amitabh Chaudhry
- Slogan: “Badhti Ka Naam Zindagi” (A Life of Progress)
About ICICI Bank:
- Headquarters: Mumbai, Maharashtra, India
- CEO: Sandeep Bakhshi
- Founded Year: 1994 (as a bank; ICICI established in 1955)
- Slogan: “Hum Hai Na, Khayal Apka”
Fitch Cuts India’s Growth Forecast To 6.4% For FY26
- Fitch Ratings has revised India’s GDP growth estimate for the current financial year from 6.5% to 6.4%, citing concerns over the global trade war.
- Growth for FY 2026–27 is retained at 6.3%, according to Fitch’s Global Economic Outlook (April 2025 update).
- World growth projection is expected to fall below 2% in 2025 due to escalating trade tensions.
- US economy:
- Annual growth forecast for 2025: 1.2%
- Expected to slow further to 0.4% YoY in Q4 2025
- Inflation forecast revised up to over 4%
- Suggests stagnation in real wages
- China’s growth: Expected to remain below 4% in both 2025 and 2026
- Eurozone growth: Forecast to stay well below 1%
- The report warns of dramatic impacts on US-China trade flows due to tariff escalation
- Import substitution or trade diversion in the short term is limited, possibly leading to an adverse supply shock in the US
About Fitch Ratings :
- Headquarters: New York City, USA & London, UK
- Operations: Fitch Ratings (Credit Ratings), Fitch Solutions (Financial Intelligence), Fitch Learning (Training & Development)
- CEO: Paul Taylor
IDFC First Bank approves raising nearly ₹7,500 crore from Warburg, ADIA affiliates
- Mumbai-based private sector lender IDFC First Bank, at its board meeting held on April 17, approved an aggregate fundraise of up to ₹7,500 crore from two separate investors.
- Currant Sea Investments, an affiliate of Warburg Pincus, will invest ₹4,876 crore, while ADIA subsidiary Platinum Invictus will contribute ₹2,624 crore.
- The lender will allot:
- 81.26 crore compulsorily convertible preferential shares (CCPS) to Currant Sea Investments
- 43.71 crore CCPS to Platinum Invictus
- at a price of ₹60 per share
- Post-conversion, the shareholding will be:
- Currant Sea Investments B.V.: 9.48%
- Platinum Invictus B 2025 RSC Ltd: 5.10%
Recent News:
- In February 2025, IDFC FIRST Bank, in partnership with Ikonz Studios, expanded its AI-powered holographic avatar of Amitabh Bachchan to five more cities.
About IDFC First Bank:
- Founded: 2015
- Headquarters: Mumbai, Maharashtra, India
- Managing Director & CEO: V. Vaidyanathan
- Tagline : Always You First
- Merger: IDFC Bank merged with Capital First in 2018
State Bank of India faces more Unified Payments Interface transaction declines among large banks; Axis Bank the least
- An analysis of Unified Payments Interface (UPI) transaction failures shows that among the large banks, State Bank of India (SBI) had the highest number of transaction failures in FY25, while Bank of Baroda, HDFC Bank, ICICI Bank, and Axis Bank fared much better.
UPI Transaction Failures
- UPI transaction failures happen at banks due to two reasons:
- Business decline (BD): Occurs when a user enters an invalid pin, incorrect beneficiary account, etc.
- Technical decline (TD): Occurs due to technical reasons, such as unavailability of systems and network issues on the bank or National Payments Corporation of India (NPCI)
- Technical Declines
- SBI, the biggest UPI remitter bank with over 4.95 billion transactions in March alone, had a TD rate of 0.90%.
- Bank of Baroda, the second largest public sector bank, had a TD rate of 0.03%.
- HDFC Bank (with 5 billion transactions) had a TD rate of 0.02%, while Axis Bank had a TD rate of 0.03% and ICICI Bank had a TD rate of 0.13% in March.
- Reasons for Transaction Failures
- There have been multiple major unscheduled downtimes in recent months, causing UPI outages.
- NPCI, the governing body of UPI, met with bankers and payment ecosystem players to discuss ways to prevent such outages, which cause significant inconvenience to customers.
- Reported causes of the UPI outages include:
- Extremely high volumes of transaction status API calls.
- Hardware glitches and maintenance upgrades.
- NPCI had previously asked lenders to maintain TD rates below 1%, but with the rapid rise in UPI transactions, even a 1% TD rate causes significant inconvenience.
- Sudden rises in UPI transaction volumes during events like the IPL or Big Billion Days also add strain to bank servers.
- Improving UPI Infrastructure
- Most banks are now aiming for TD rates of less than 0.1-0.02% as UPI transactions are expected to grow from 18 billion to 30 billion.
- Banks must scale their UPI infrastructure to accommodate this rise in transactions and build more use-cases.
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, Financial Intelligence Unit-India (FIU-IND) Sign Memorandum of Understanding to Bolster Anti-Money Laundering Efforts
- The Reserve Bank of India (RBI) and the Financial Intelligence Unit-India (FIU-IND) have signed a Memorandum of Understanding (MoU).
- This agreement is aimed at strengthening the implementation of the Prevention of Money Laundering Act (PMLA) and associated rules.
- The MoU was signed by Vivek Aggarwal, Director of FIU-IND, and L.K. Rao, Executive Director, Department of Regulation, RBI.
- The MoU outlines cooperation between RBI and FIU-IND in areas of mutual interest.
- Key components include the sharing of relevant intelligence and information from their respective databases.
- It also includes the upgradation of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) skills in regulated entities.
- Both institutions will jointly conduct outreach and training programmes for regulated entities.
- They will also collaborate in the assessment of Money Laundering and Terror Financing risks and vulnerabilities in specific financial sub-sectors.
Recent News:
- In April 2025, in a significant move to boost digital communication and financial literacy, the Reserve Bank of India (RBI) launched a verified WhatsApp channel.
About Financial Intelligence Unit- India:
- Headquarters: Connaught Place, New Delhi
- Founded: 18 November 2004
- Agency executive: Vivek Aggarwal, IAS, Director
- Minister responsible: Nirmala Sitharaman, Minister of Finance
- Parent department: Department of Revenue
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Sanjay Malhotra
Kotak Mahindra, IDFC First, Punjab National Bank Penalized by Reserve Bank of India for Violating Regulatory Guidelines
- The Reserve Bank of India (RBI) has imposed monetary penalties on Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank for regulatory compliance deficiencies.
- A penalty of ₹61.4 lakh has been levied on Kotak Mahindra Bank for non-compliance with:
- Guidelines on Loan System for Delivery of Bank Credit
- Loans and Advances – Statutory and Other Restrictions
- A penalty of ₹38.6 lakh has been imposed on IDFC First Bank for non-compliance with RBI’s directions on Know Your Customer (KYC) norms.
- A penalty of ₹29.6 lakh has been imposed on Punjab National Bank for non-compliance with directions related to Customer Service in Banks.
- The RBI clarified that these penalties are based solely on deficiencies in regulatory compliance, and are not meant to question the validity of any transactions or agreements between the banks and their customers.
Finance Minister Sitharaman Hails Bombay Stock Exchange’s 150-Year Legacy, Launches BSE 150 Index
- Union Finance Minister Nirmala Sitharaman lauded the Bombay Stock Exchange (BSE) for its technological advancements and key role in India’s economic development.
Key Highlights:
- The BSE, Asia’s oldest stock exchange, celebrated its 150th anniversary, with Sitharaman as the chief guest at the event.
- She stated that BSE processes orders worth ₹1,500 crore daily, showcasing its technological integration and positioning as a barometer of India’s economic trajectory.
- The Finance Minister emphasized the government’s focus on inclusive growth, resilience to global disruptions, and strategic long-term investments.
- She credited BSE’s strong regulatory framework for contributing to market stability.
- BSE’s market capitalization has reached ₹400 lakh crore, placing it among the top global exchanges.
- In February 2024, 4.1 crore demat accounts were opened, indicating surging retail investor participation and growing trust in the capital markets.
- She also noted that mutual fund assets under management have tripled, reflecting increasing investor maturity.
- Sitharaman highlighted the growing influence of Domestic Institutional Investors (DIIs) and India’s leadership in IPO listings.
- She launched the BSE 150 Index, a new benchmark tracking the top 150 listed companies based on market capitalization and liquidity.
- The BSE 150 Index aims to offer a comprehensive view of India’s equity landscape.
UN Trade and Development projects India’s economy to grow by 6.5 % in 2025
- India is expected to remain the fastest-growing major economy in 2025 with a projected growth rate of 6.5%, according to the UN Trade and Development (UNCTAD) report titled ‘Trade and Development Foresights 2025’.
- The report highlights India’s economic momentum, driven by higher government expenditure and monetary policy stimulus.
- In contrast, the global economic outlook signals a recessionary trend.
- China is projected to grow at 4.4% in 2025.
- The United States is expected to see a 1% growth rate.
- The European Union is also projected to grow at 1%, with major economies like:
- France,
- Germany, and
- Italy
expected to register below 1% growth.
- Japan’s growth is projected to slow further to just 0.5%.
About UN Trade and Development (UNCTAD):
- Founded: 1964
- Headquarters: Geneva, Switzerland
- Founder: United Nations General Assembly
- Head: Rebeca Grynspan; (Secretary-General)
- Parent organization: United Nations General Assembly; United Nations Secretariat
World Trade Organization Forecasts Slump In Global Trade This Year Due To Tariff War
- The World Trade Organization (WTO) has released its Trade Forecast for 2025 and 2026.
- The report predicts that global trade will fall in 2025, largely due to tariffs imposed by US President Donald Trump.
Key Highlights:
- WTO Director-General Ngozi Okonjo-Iweala expressed concern over the China-US decoupling, calling it “really worrying”.
- She stated that merchandise trade between China and the US is expected to fall by 81%, and could have fallen to 91% without recent exemptions on products like smartphones.
- This scale of decline in trade is being viewed as tantamount to a decoupling of the two major economies.
- Under the current global scenario, world merchandise trade volume is projected to decline by 0.2% in 2025.
- The drop will be particularly steep in North America, where exports are forecasted to fall by 12.6%.
- Severe downside risks such as reciprocal tariffs and policy uncertainty could worsen the situation, potentially causing a 1.5% drop in global goods trade.
- This decline could particularly affect export-oriented least-developed countries.
- For the first time, the report also includes a forecast for services trade, which is expected to grow by 4% in 2025, which is around 1 percentage point lower than expected.
About World Trade Organization (WTO):
- Founded: 1 January 1995
- Headquarters: Geneva, Switzerland
- Director-General: Ngozi Okonjo-Iweala
- Membership: 166 members (162 UN member states, the European Union, Hong Kong, Macao, and Taiwan)
Digital Lenders Association Rebrands as Unified Fintech Forum
- The Digital Lenders Association of India (DLAI) has officially rebranded as the Unified Fintech Forum (UFF).
- This rebranding marks a strategic shift from a focus on digital lending to representing the broader fintech ecosystem, including payments, wealth tech, insurtech, and embedded finance.
- The move aligns with UFF’s goal of securing Self-Regulatory Organisation (SRO) status from the Reserve Bank of India (RBI).
- The rebranding comes in response to RBI’s call for stronger client protection, product suitability standards, and improved accountability in the fintech sector.
Key Highlights:
- Manish Lunia, Co-founder of FlexiLoans, has been appointed as UFF’s President.
- Upasana Taku, Co-founder of MobiKwik, has been appointed as Vice-President.
- The new leadership reflects UFF’s aim to bridge traditional financial services with fintech innovations.
- UFF now represents over 120 members, including regulated and unregulated fintech firms, NBFCs, payment gateways, and technology providers.
- The broader membership aims to provide a unified voice for policy advocacy and regulatory collaboration.
- UFF intends to address last-mile consumer protection by including business-to-consumer (B2C) fintech players.
- Key focus areas include data privacy, grievance redressal mechanisms, and ethical lending practices.
- While FACE (Fintech Association for Consumer Empowerment) secured SRO status in 2024, UFF’s application is still under RBI review.
- UFF believes its expanded mandate and inclusive structure will support its bid for regulatory recognition.
- The forum is committed to promoting transparency, responsible innovation, and adherence to regulatory guidelines.
- UFF also seeks to establish standardised practices across the fintech sector in line with India’s financial inclusion goals.
- India’s fintech sector has witnessed exponential growth driven by digital payments, neo-banking, and embedded finance.
- UFF plans to collaborate closely with regulators, policymakers, and industry stakeholders to refine frameworks related to digital lending, data security, and consumer rights.
- The organisation aspires to be a central authority supporting inclusive and sustainable fintech innovation in India.
L&T Finance launches business loan campaign with cricketer Jasprit Bumrah
- L&T Finance Ltd. (LTF) unveiled a new television commercial for its business loan product featuring Indian cricket star Jasprit Bumrah.
- The campaign, titled “Aapke Business Ka Game Changer,” positions LTF’s business loan offerings as transformative solutions for entrepreneurs.
- The new marketing initiative highlights key features of LTF’s business loans, including a fully digital application process, quick loan disbursement, and an app-based withdrawal facility designed to meet various business needs.
- The commercial draws parallels between Bumrah’s game-changing abilities in cricket and LTF’s ambition to be a catalyst for business growth.
- The company aims to serve as a strategic partner for entrepreneurs facing challenges from market fluctuations and cash flow management.
- The campaign will be broadcast on business news channels and supported by extensive outdoor advertising including hoardings and airport branding in Mumbai and Delhi.
- LTF is also launching digital marketing efforts featuring Bumrah across social media platforms and through influencer partnerships in major cities including Mumbai, Delhi, Bengaluru, and Kolkata.
- L&T Finance Ltd. is a leading NBFC in India with an AAA credit rating from four rating agencies.
CURRENT AFFAIRS: NATIONAL NEWS
India Inaugurates First Athlete Passport Management Unit (APMU) at National Dope Testing Laboratory
- Union Minister Mansukh Mandaviya inaugurated India’s first Athlete Passport Management Unit (APMU) at the National Dope Testing Laboratory (NDTL), New Delhi, marking a major milestone in strengthening India’s anti-doping ecosystem and aligning with World Anti-Doping Agency (WADA) standards.
Key Highlights
Inauguration Details
- Inaugurated by: Mansukh Mandaviya (Union Minister of Youth Affairs & Sports, Labour & Employment)
- Dignitaries Present:
- Smt. Sujata Chaturvedi (Secretary, Sports)
- Shri Kunal (Joint Secretary)
- Prof. P. L. Sahu (CEO, NDTL)
- Eminent scientists and sports administrators
What is APMU (Athlete Passport Management Unit)?
- A specialized unit for managing Athlete Biological Passports (ABP)
- India becomes the 17th country in the world to establish such a unit
- Tracks biological markers over time (e.g., blood parameters, hormonal levels)
- Indirectly detects doping by spotting physiological anomalies
- Reduces reliance on testing for specific banned substances
Objectives of the APMU
- Ensure fair play and integrity in sports
- Detect unethical practices using advanced monitoring techniques
- Raise anti-doping awareness across:
- Schools and colleges
- Rural communities
- Sports federations and academic institutions
Surat’s Cap-and-Trade Programme: World’s First for Particulate Matter Shows Major Success
- A study published in The Quarterly Journal of Economics confirms the success of Surat’s Emissions Trading Scheme (ETS) — the world’s first for particulate matter (PM) and India’s first pollution trading system.
- It demonstrates significant environmental and economic benefits through a market-based approach.
Key Highlights
About the Programme
- Location: Surat, Gujarat (a major industrial hub)
- Launched by: Gujarat Pollution Control Board (GPCB) with the Energy Policy Institute at the University of Chicago
- Initiated: September 2019
- Notable Firsts:
- First cap-and-trade programme globally for particulate matter
- India’s first market-based pollution control initiative
Key Findings
- Emission Reduction: 20–30% decrease in PM emissions by ETS group
- Compliance Rates:
- ETS plants: 99%
- Control group: 66%
- Cost Efficiency:
- ETS plants spent 11% less on pollution abatement
- Environmental Law Compliance: Significantly improved
- Cost-Benefit Analysis: Benefits outweighed costs by at least 25 times
RECENT NEWS
- On January 15, 2025, Prime Minister Narendra Modi commissioned three significant naval assets—INS Surat, INS Nilgiri, and INS Vagsheer—at the Mazagon Dock Shipbuilders Limited (MDL) in Mumbai.
India’s First Quantum Key Distribution (QKD) Over Multi-Core Fibre Successfully Demonstrated
- In a major breakthrough in secure communications, the Centre for Development of Telematics (C-DOT) and Sterlite Technologies Ltd. (STL) have successfully demonstrated Quantum Key Distribution (QKD) over a 4-core Multi-Core Fibre (MCF) — a first-of-its-kind achievement in India.
Key Highlights
First in India
- Successful transmission of QKD over a 4-core Multi-Core Fibre (MCF) — a national first.
- QKD sustained over 100 km distance, showcasing viability for long-range secure communication.
Collaborating Partners
- C-DOT: India’s telecom R&D body under the Department of Telecommunications (DoT).
- STL: Global leader in optical networks; developed indigenous MCF.
Technical Details
Core Utilization
- 1 core: Used exclusively for quantum signal (QKD).
- 3 cores: Used for classical high-speed data transmission.
Organizations Involved
- Centre for Development of Telematics (C-DOT)
- Sterlite Technologies Ltd. (STL)
CURRENT AFFAIRS: STATE NEWS
Maharashtra Declares DPS Wetland as Flamingo Conservation Reserve in Navi Mumbai
- The Maharashtra State Board of Wildlife (SBWL) has declared the DPS wetland in Navi Mumbai as a Flamingo Conservation Reserve.
- The decision was taken during a meeting chaired by Chief Minister Devendra Fadnavis, with Forest Minister Ganesh Naik and senior officials in attendance.
- Kishor Rithe, Director of the Bombay Natural History Society (BNHS), stated that the BNHS and other local organisations had submitted representations supporting this move.
- The conservation of DPS lake is expected to reduce the risk of bird strikes, enhancing air safety near Navi Mumbai International Airport.
- The SBWL also approved the extension of Bor Wildlife Sanctuary in Wardha, incorporating the villages of Garamsur, Yenidodka, Methiraji, Umarvihori, and Maraksur.
- A decision was made to protect sacred groves (Devrais) in the Western Ghats, recognizing their ecological and cultural significance.
- A committee will be formed under the chairmanship of the APCCF West to draft proposals for declaring these groves as conservation reserves.
- The Chief Minister directed officials to expedite pending proposals related to human-animal conflict resolution.
RECENT NEWS
- The Maharashtra government has decided to rename the historic town of Khultabad to its earlier name, Ratnapur. Announced by Social Justice Minister Sanjay Shirsat on April 8, 2025, the move is part of the state’s broader efforts to revive the original names of towns
- The 62nd National Maritime Day and Merchant Navy Week were officially inaugurated by Maharashtra Governor C P Radhakrishnan at Raj Bhavan, Mumbai. The event, held on April 5, 2024, aimed to highlight the significance of India’s maritime sector in achieving the vision of Viksit Bharat (Developed India).
- In March 2025, Renowned sculptor Ram Sutar, best known for designing the Statue of Unity, was honored with the Maharashtra Bhushan award.
GP-DRASTI Initiative: Revolutionizing Crime Response with Drone Technology in Gujarat
- The Gujarat Police – Drone Response and Aerial Surveillance Tactical Interventions (GP-DRASTI) program was launched by Gujarat DGP Vikas Sahay.
- The program employs drones for real-time surveillance in high-crime urban areas like Ahmedabad, Rajkot, Surat, and Vadodara, aiming to track fugitives, find missing children, and monitor street violence, rioting, mob lynching, and armed clashes.
- The drones are deployed at the police station level in 33 identified hotspots based on the Sharir Sambandhi Tras Rokva Abhiyan (SHASTRA)
- These areas include 12 stations in Ahmedabad, 9 in Surat, 7 in Vadodara, and 5 in Rajkot.
- The drones, which are quadcopters, have a flight ceiling of 120 meters and can be controlled up to 4 km, with a flight time of 45 minutes.
- The drones are equipped with high-definition cameras that can zoom up to 1 km, capture faces, and operate in both day and night conditions with integrated night vision.
- A two-person team will operate each drone, with one handling the drone and the other overseeing the jurisdiction.
- Training for 16 personnel has been conducted at the Gujarat Police Academy, Gandhinagar.
- Additionally, 25 more drones are being procured from Asteria Aerospace to further bolster the program.
RECENT NEWS
- In March 2025, Prime Minister Narendra Modi inaugurated Vantara, an advanced animal rescue, conservation, and rehabilitation center in Gujarat’s Jamnagar district.
- In February 2025, The Gujarat government, under the leadership of Chief Minister Bhupendra Patel, has launched G-SAFAL (Gujarat Scheme for Antyodaya Families for Augmenting Livelihoods), a comprehensive initiative aimed at empowering underprivileged families, especially women, and promoting economic self-sufficiency.
Tamil Nadu Space Industrial Policy 2025 approved by State Cabinet
- The Tamil Nadu cabinet approved the Tamil Nadu Space Industrial Policy, aiming to establish the state as a centre for space innovation, advanced manufacturing, and technology-driven job creation.
- The Tamil Nadu government had released the draft of the Tamil Nadu Space Industrial Policy 2024 in July 2023.
- The policy is structured around major objectives, including:
- Attracting ₹10,000 crore in investments to the state’s space sector.
- Generating a minimum of 10,000 high-value jobs.
- Developing a skilled workforce equipped for future roles in space technologies and services.
- The policy extends beyond manufacturing to include space technology services and downstream innovation, with provisions that accommodate participation from startups, MSMEs, and larger enterprises.
- Special incentive packages will be developed for both startups and larger companies establishing operations in the upcoming ‘Space Bays’—industrial zones specifically designed for the space sector.
- There is increasing emphasis on strengthening the country’s space ecosystem, with efforts directed toward:
- Encouraging private sector participation.
- Enhancing research and development (R&D).
- Building the necessary infrastructure to support end-to-end capabilities in space technology, manufacturing, and services.
RECENT NEWS
- In a major collaborative conservation effort, the states of Kerala and Tamil Nadu are set to conduct a synchronised Nilgiri Tahr census from April 24 to 27, 2025.
- Tamil Nadu has achieved the highest real economic growth rate in India for the year 2024-25
- The Tamil Nadu government’s decision to replace the Indian Rupee symbol (₹) with the Tamil letter ‘ரூ’ in the state budget logo has reignited the language debate in India.
CURRENT AFFAIRS: MOUS AND AGREEMENT
India Signs Agreement to Host Headquarters and Secretariat of International Big Cat Alliance (IBCA)
- In a significant step showcasing India’s leadership in wildlife conservation, the Government of India has signed a formal agreement with the International Big Cat Alliance (IBCA) to host its headquarters and secretariat.
Key Highlights
Big Cat Species Covered
- Tiger
- Lion
- Leopard
- Snow Leopard
- Cheetah
- Jaguar
- Puma
Headquarters Agreement with India
- India to host: Permanent Headquarters and Secretariat of IBCA
- Agreement ensures:
- Visa facilitation
- Privileges and immunities for IBCA staff and premises
- Provisions for governance and operational guidelines
Funding Support by Government of India
- Total Allocation: ₹150 crore
- Timeframe: 2023–24 to 2028–29
- Purpose: Infrastructure development, operational costs, and recurring expenses
Legal Status of IBCA
- Treaty-based intergovernmental organization since 2024
- Came into force after ratification by 5 countries:
- India
- Liberia
- Eswatini
- Somalia
- Nicaragua
Key Officials Involved
- P. Kumaran, Secretary (East), Ministry of External Affairs – Signed on behalf of India
- S.P. Yadav, Director General, IBCA – Signed on behalf of IBCA
About IBCA
- Launched by: PM Narendra Modi
- Launch Date: April 2023
- Objective: Global cooperation for conservation, habitat protection, and research on the seven major big cats
CURRENT AFFAIRS: RANKING AND REPORTS
India to Become the Fastest-Growing Large Aviation Market by 2026: Airports Council International Report
- India is on track to emerge as the world’s fastest-growing large aviation market by 2026, according to a report by the Airports Council International (ACI).
- While China maintains its dominance in absolute market size, India’s robust growth is being driven by low per capita air travel, expanding infrastructure, and favorable policies.
Key Points
India’s Aviation Growth Outlook
- India’s Air Passenger Traffic Growth (2026): 10.5% (vs China’s 8.9%)
- 2027 Projections:
- India: 10.3%
- China: 7.2%
- CAGR (2023–2027):
- India: 9.5%
- China: 8.8%
- 2025 Estimate:
- China: 12% growth
- India: 10.1% growth
Key Drivers of India’s Growth
- Low air trips per capita (2023):
- India: 0.1
- China: 0.5
- US: 2.1
- (India projected to reach 0.4 by 2043)
- Rising middle-class income
- Improved aviation infrastructure
- Policy initiatives:
- UDAN Scheme (Ude Desh ka Aam Naagrik)
- Gati Shakti Mission
Long-Term Forecast (Till 2053)
- India’s CAGR (2023–2053): 5.5% – Highest among major aviation markets
- China’s CAGR: 3.8%
Other Fast-Growing Aviation Markets
- Vietnam: 4.6%
- Philippines: 4.5%
- Saudi Arabia: 4.5%
- Thailand: 4.3%
- Qatar: 4.2%
- Egypt: 4.0%
- UAE: 3.8%
India’s Future Global Aviation Status
- By 2053:
- 3rd largest aviation market globally (after China and the United States)
- Fastest growth rate among large economies
CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS
IndusInd Bank elevates Santosh Kumar as Deputy Chief Financial Officer
- IndusInd Bank has elevated Chief Accountant Santosh Kumar as its Deputy Chief Financial Officer (CFO), special officer – Finance & Accounts, and designated him as a ‘Key Managerial Personnel’ of the bank, according to an exchange notice.
- The lender had, in January, given an additional charge of CFO to Arun Khurana, who is the ED and Deputy CEO at the bank, after former CFO Gobind Jain resigned from his post citing personal reasons.
- With the change, Khurana will continue to hold the post of Deputy CEO after being relieved from his service as CFO.
- Top-level rejigs come at a time when an external agency appointed by IndusInd Bank has confirmed that it has found discrepancies in the bank’s derivatives portfolio, estimating a ‘negative impact’ of ₹1,979 crore on the bank’s financials as of June 30, 2024.
- While the focus now shifts to the external agency report, which will search for the root cause of the failure, the lower loss than expected earlier is seen as incrementally positive for the lender in the near term, brokerage Macquaire had said recently.
LIC Housing Finance names Lokesh Mundhra as new Chief Financial Officer
- Lokesh Mundhra has been appointed as the Chief Financial Officer (CFO) of LIC Housing Finance Ltd (LIC HFL).
- His appointment is effective from April 15, 2025.
- Mundhra previously served as the Chief General Manager (Finance & Accounts) at LIC Housing Finance.
- Experience:
- He is a Chartered Accountant by qualification.
- He has over 25 years of experience in finance and accounting.
- Mundhra has held various key positions within LIC Housing Finance, contributing to strategic financial planning and regulatory compliance.
- Reason for Change: He takes over from the previous CFO as part of a planned succession strategy.
Dr. Mangi Lal Jat Appointed as Secretary of Department of Agricultural Research and Education (DARE) and Director General of Indian Council of Agricultural Research (ICAR).
- Dr. Mangi Lal Jat has been appointed as Secretary, Department of Agricultural Research and Education (DARE) and Director General, Indian Council of Agricultural Research (ICAR).
- The appointment was approved by the Appointments Committee of the Cabinet (ACC).
- The selection process was conducted by a high-level panel of eminent scientists, chaired by the Cabinet Secretary and included two former DGs of ICAR and the Director of IISc Bangalore.
About Jat:
- Jat currently serves as Deputy Director General (Research) and Director, Global Research Program at ICRISAT.
- He led the Resilient Farm and Food Systems (RF & FS) program, overseeing five research clusters: Climate Adaptation and Mitigation, Geo-spatial and Big Data Sciences, Digital Agriculture, Landscapes, Soil Health and Water Science, and the ICRISAT Development Center.
- He has collaborated with international organizations including the UN FAO and the International Society of Precision Agriculture (ISPA).
- He is a Fellow of the National Academy of Agricultural Sciences (NAAS).
- He is a recipient of ICAR’s prestigious Rafi Ahmed Kidwai Award.
- His appointment is seen as a significant step toward advancing climate-smart, data-driven, and sustainable agriculture in India.
CURRENT AFFAIRS: OBITUARY
Noted Scotland-Born Indian Author Bill Aitken, A Chronicler Of Time & Travel, passed away In Dehradun
- Bill Aitken, a renowned Scotland-born travel writer, passed away at the age of 91 in a Dehradun hospital.
- Born on 31 May 1934 in Tully Bodie, Clackmannanshire, Scotland, he came to India in 1959 at the age of 25 without a visa and later became an Indian citizen in 1972.
About Bill Aitken:
- He held an MA in Comparative Theology from Leeds University.
- He spent seven years in Mirtola Ashram in Uttarakhand, where he was initiated by Shri Krishna Prem and began his spiritual journey into Hinduism.
- Deeply influenced by Indian saints like Sri Ramanujacharya, Sri Krishna Prem, and Sri Sai Baba, he embraced Hinduism and the Indian way of life.
- Aitken lived between Delhi and Mussoorie since the 1970s and travelled extensively across India, especially in the Himalayas and lesser-known regions like Arunachal Pradesh, Ladakh, and the Deccan.
- He was a prolific author, having written over two dozen travel books focused on Indian mountains, rivers, railways, and spirituality.
- Notable works include Seven Sacred Rivers, Footloose in the Himalaya, The Nanda Devi Affair, Exploring Indian Railways, Mountain Delight, Zanskar, and 1000 Himalayan Quiz.
- His writing style combined travelogue, spiritual observation, and cultural commentary, often showcasing a deep affection for India’s landscapes and beliefs.
- Aitken also served as president of the Friends of the National Rail Museum in New Delhi, reflecting his passion for Indian railways.
- Seven Sacred Rivers documents his three-decade-long pilgrimage across India’s sacred rivers, while The Nanda Devi Affair reflects his deep fascination with the Nanda Devi peak and its cultural significance.
- Historian Ramachandra Guha called him “a wonderful Scottish-born Indian writer” and praised his books as classics.
- Artist Tikulli Dogra remembered him as a “travel writer, trekker, lover of the mountains” who embraced India wholeheartedly.
- His death marks a great loss to Indian literature, but his legacy will continue to inspire future generations
Daily CA One- Liner: April 19
- Union Minister Mansukh Mandaviya inaugurated India’s first Athlete Passport Management Unit (APMU) at the National Dope Testing Laboratory (NDTL), New Delhi, marking a major milestone in strengthening India’s anti-doping ecosystem and aligning with World Anti-Doping Agency (WADA) standards
- A study published in The Quarterly Journal of Economics confirms the success of Surat’s Emissions Trading Scheme (ETS) — the world’s first for particulate matter (PM) and India’s first pollution trading system.
- In a major breakthrough in secure communications, the Centre for Development of Telematics (C-DOT) and Sterlite Technologies Ltd. (STL) have successfully demonstrated Quantum Key Distribution (QKD) over a 4-core Multi-Core Fibre (MCF) — a first-of-its-kind achievement in India.
- The Maharashtra State Board of Wildlife (SBWL) has declared the DPS wetland in Navi Mumbai as a Flamingo Conservation Reserve
- The Gujarat Police – Drone Response and Aerial Surveillance Tactical Interventions (GP-DRASTI) program was launched by Gujarat DGP Vikas Sahay.
- The Tamil Nadu cabinet on Thursday approved the Tamil Nadu Space Industrial Policy, aiming to establish the state as a centre for space innovation, advanced manufacturing, and technology-driven job creation
- In a significant step showcasing India’s leadership in wildlife conservation, the Government of India has signed a formal agreement with the International Big Cat Alliance (IBCA) to host its headquarters and secretariat
- India is on track to emerge as the world’s fastest-growing large aviation market by 2026, according to a report by the Airports Council International
- Fitch Ratings has affirmed the ratings of Axis Bank and ICICI Bank with a stable outlook.
- Fitch Ratings has revised India’s GDP growth estimate for the current financial year from 6.5% to 6.4%, citing concerns over the global trade war.
- Mumbai-based private sector lender IDFC First Bank, at its board meeting held on April 17, approved an aggregate fundraise of up to ₹7,500 crore from two separate investors.
- An analysis of Unified Payments Interface (UPI) transaction failures shows that among the large banks, State Bank of India (SBI) had the highest number of transaction failures in FY25, while Bank of Baroda, HDFC Bank, ICICI Bank, and Axis Bank fared much better.
- The Reserve Bank of India (RBI) and the Financial Intelligence Unit-India (FIU-IND) have signed a Memorandum of Understanding (MoU).
- The Reserve Bank of India (RBI) has imposed monetary penalties on Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank for regulatory compliance deficiencies.
- Union Finance Minister Nirmala Sitharaman lauded the Bombay Stock Exchange (BSE) for its technological advancements and key role in India’s economic development.
- India is expected to remain the fastest-growing major economy in 2025 with a projected growth rate of 6.5%, according to the UNCTAD report titled ‘Trade and Development Foresights 2025’.
- The World Trade Organization (WTO) has released its Trade Forecast for 2025 and 2026.
- The Digital Lenders Association of India (DLAI) has officially rebranded as the Unified Fintech Forum (UFF).
- L&T Finance Ltd. (LTF) unveiled a new television commercial for its business loan product featuring Indian cricket star Jasprit Bumrah.
- IndusInd Bank has elevated Chief Accountant Santosh Kumar as its Deputy Chief Financial Officer (CFO), special officer – Finance & Accounts, and designated him as a ‘Key Managerial Personnel’ of the bank, according to an exchange notice.
- Lokesh Mundhra has been appointed as the Chief Financial Officer (CFO) of LIC Housing Finance Ltd (LIC HFL).
- Dr. Mangi Lal Jat has been appointed as Secretary, Department of Agricultural Research and Education (DARE) and Director General, Indian Council of Agricultural Research (ICAR).
- Bill Aitken, a renowned Scotland-born travel writer, passed away at the age of 91 in a Dehradun hospital.
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