Daily Current Affairs March 22nd 2025 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

SBI Mutual Fund Introduces Two New PSU Bank Investment Schemes-SBI BSE PSU Bank Index Fund and SBI BSE PSU Bank ETF

• SBI Mutual Fundhas introduced two new passive schemes – SBI BSE PSU Bank Index Fund and SBI BSE PSU Bank ETF, that will track the BSE PSU Bank Index.
• These funds provide exposure to India’s public sector banking sector and will be available for subscription during the New Fund Offer (NFO)period from March 17 to March 20, 2025.

Scheme Details

• The SBI BSE PSU Bank Index Fund is an open-ended index fund, while the SBI BSE PSU Bank ETF is an exchange-traded fund (ETF) that will be listed on the NSE and BSE.
• Both funds aim to replicate or track the performance of the BSE PSU Bank Index.
• At least 95% of the total assets of these funds will be invested in securities that are part of the BSE PSU Bank Index.
• The remaining 5% may be allocated to government securities, tri party repos, and liquid mutual funds for liquidity management. The benchmark index for both schemes is the BSE PSU Bank TRI.
• During the NFO period, investors can subscribe to these funds with a minimum investment of ₹5,000.
• Additional investments can be made in multiples of ₹1.
• The funds will be managed by Viral Chhadva, who is also responsible for SBI’s Nifty 500 Index Fund, Nifty50 Equal Weight Index Fund, and Nifty50 Equal Weight ETF.

About SBI Mutual Fund:

• Headquarters: Mumbai, Maharashtra, India
• Founded: 1987
• CEO: Nand Kishore
• Parent Organization: State Bank of India (SBI)
• Joint Venture Partner: Amundi Asset Management (France)

Securities and Exchange Board of India cuts minimum investment in social stock exchange instruments to Rs 1,000

• The Securities and Exchange Board of India (SEBI) has reduced the minimum investment amount for Zero Coupon Zero Principal (ZCZP) instruments on the Social Stock Exchange (SSE) from ₹10,000 to ₹1,000.
• This move aims to enhance retail participation in social impact investments by making them more accessible to smaller investors. ​
• ZCZP instruments are financial tools that allow investors to contribute funds to non-profit organizations (NPOs) listed on the SSE without expecting any financial returns, thereby supporting various social causes. ​

Key Highlights:

• Previous Framework: The detailed framework for SSE was first notified on September 19, 2022, and later amended on December 28, 2023.
• Reason for Change: Based on recommendations from the Social Stock Exchange Advisory Committee and public feedback.
• Updated Regulation: The minimum investment size for ZCZP instruments is now ₹1,000, making social impact investments more accessible to retail investors.
• Legal Basis: Issued under Section 11 & Section 11A of the SEBI Act, 1992 and Regulation 299 of SEBI ICDR Regulations.

Recent News:

• In February 2025, SEBI launched MITRA to help investors track and reclaim inactive or unclaimed mutual fund folios.

About SEBI :

• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.
• 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

Regional Rural Banks get five more years to amortise additional pension liabilities

• The Reserve Bank of India has allowed Regional Rural Banks (RRBs) an additional five years from FY25 to amortise pension-related expenditure.
• The extension was granted due to difficulties in absorbing increased liabilities in a single year.
• Earlier, RRBs were permitted to amortise liabilities under the Employee Pension Scheme 2018 over five years from FY19.
• RRBs must implement the pension scheme with effect from November 1, 1993.
• If the expenditure is not fully charged to the profit and loss account in FY25, it can be amortised over a maximum of five years, starting March 31, 2025.
• At least 20% of total pension liability must be provisioned every year.
• RRBs must fully recognise pension liabilities as per applicable accounting standards and disclose their accounting policy in Notes to Accounts.
• Banks should disclose the amount of unamortised expenditure and the impact on net profit if fully recognised.
• Pension-related unamortised expenditure will not be deducted from Tier-I capital of RRBs, as per RBI’s notification.

About Regional Rural Banks:

• Regional Rural Banks (RRBs) are financial institutions in India that provide credit and banking services to rural and semi-urban areas, particularly for agriculture and small-scale industries.
• Established: 1975 (under the Regional Rural Banks Act, 1976)
• Regulator: Reserve Bank of India (RBI) and NABARD (National Bank for Agriculture and Rural Development)
• Ownership Structure:
  • 50% – Government of India
  • 35% – Sponsor Bank (Public Sector Banks like SBI, PNB, etc.)
  • 15% – State Government

CURRENT AFFAIRS: NATIONAL NEWS

CABINET APPROVALS:

a) Revised National Program for Dairy Development (NPDD) Approved by Union Cabinet

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Revised National Program for Dairy Development (NPDD), a Central Sector Scheme, with an additional funding of ₹1000 crore, raising the total budget to ₹2790 crore for the 15th Finance Commission cycle (2021-22 to 2025-26).

1. Objectives & Key Features

• Enhancing Dairy Infrastructure: Expansion of milk procurement, processing capacity, and quality control systems.
• Market Access & Pricing: Helps farmers get better market reach and pricing through value addition.
• Supply Chain Efficiency: Strengthens logistics, leading to higher farmer incomes and rural development.

2. Components of NPDD

Component A: Dairy Infrastructure & Procurement

• Milk chilling plants, testing laboratories, and certification systems.
• Formation of new village dairy cooperative societies.
• Strengthening milk procurement in the North Eastern Region (NER), hilly areas, and Union Territories (UTs).
• Formation of 2 Milk Producer Companies (MPCs) with grant support.

Component B: Dairying through Cooperatives (DTC)

• Implemented in collaboration with Japan & JICA (Japan International Cooperation Agency).
• Focuses on dairy development in nine states:
  Andhra Pradesh, Bihar, Madhya Pradesh, Punjab, Rajasthan, Telangana, Uttarakhand, Uttar Pradesh, and West Bengal.
• Enhances production, processing, and marketing infrastructure in dairy cooperatives.

b) Revised Rashtriya Gokul Mission (RGM) Approved by Union Cabinet

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Revised Rashtriya Gokul Mission (RGM) as a Central Sector component under the Development Programmes scheme.
• The mission has been allocated an additional ₹1000 crore, bringing the total budget to ₹3400 crore for the 15th Finance Commission cycle (2021-22 to 2025-26).

1. Key Additions in the Revised RGM

New Activities Introduced:

1. Heifer Rearing Centres
   • 35% capital cost assistance for setting up 30 housing facilities with a total capacity of 15,000 heifers.
2. High Genetic Merit (HGM) IVF Heifers
   • 3% interest subvention on loans taken by farmers from milk unions, banks, and financial institutions for purchasing HGM IVF heifers.

2. Ongoing Activities Continued Under RGM

• Strengthening of semen stations and Artificial Insemination network.
• Bull production program and accelerated breed improvement using sex-sorted semen.
• Skill development & farmer awareness programs.
• Support for innovative activities, including:
  • Establishment of Centres of Excellence.
  • Strengthening of Central Cattle Breeding Farms.

3. Technological Interventions Under RGM

• 22 In Vitro Fertilization (IVF) labs established under State Livestock Boards (SLBs) and Universities.
• 2541 HGM calves born through IVF.
• Indigenous Genomic Technologies Developed:
  • Gau Chip & Mahish Chip: Genomic chips for indigenous bovines (developed by NDDB & ICAR-NBAGR).
  • Gau Sort: Indigenously developed sex-sorted semen technology (by NDDB).

c) Approval for Namrup-IV Ammonia-Urea Complex in Assam

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the setting up of a new Brownfield Ammonia-Urea Complex at Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), Namrup, Assam.

1. Key Features of the Namrup-IV Project

• Annual Production Capacity: 12.7 Lakh Metric Tonnes (LMT) of Urea.
• Project Cost: ₹10,601.40 crore.
• Funding Structure: Debt-Equity Ratio of 70:30.
• Implementation Mode: Joint Venture (JV) under the New Investment Policy, 2012 (amended on 7th October 2014).
• Commissioning Timeline: 48 months.

2. Equity Participation in the JV

• BVFCL’s equity will be in lieu of tangible assets.
• NFL’s equity participation of 18% has been approved in relaxation of the Department of Public Enterprises (DPE) guidelines.

3. Additional Cabinet Decisions

• Formation of an Inter-Ministerial Committee (IMC) to oversee the establishment of Namrup-IV Fertilizer Plant.

d) Incentive Scheme for Promotion of Low-Value BHIM-UPI Transactions (P2M) – FY 2024-25

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Incentive Scheme for Promotion of Low-Value BHIM-UPI Transactions (Person to Merchant – P2M) for the financial year 2024-25.
• Total Outlay: ₹1,500 crore.
• Implementation Period: April 1, 2024 – March 31, 2025.
• Eligibility: Transactions up to ₹2,000 for small merchants

2. Incentive Structure

• Incentive Rate: 0.15% of the transaction value for small merchants.
• Zero MDR (Merchant Discount Rate) across all transactions.

3. Disbursement Mechanism

• 80% of the admitted claim amount will be disbursed without conditions.
• Remaining 20% will be subject to the following conditions:
  • 10%: If the technical decline rate of the acquiring bank is less than 0.75%.
  • 10%: If the system uptime of the acquiring bank is above 99.5%.

5. Objectives

• Promote BHIM-UPI transactions and achieve ₹20,000 crore total transaction volume in FY 2024-25.
• Strengthen digital payments infrastructure and support payment ecosystem participants.
• Expand UPI penetration in smaller cities (Tier 3-6) and rural areas with UPI 123PAY & UPI Lite.
• Ensure high system uptime and reduce technical declines for a smooth user experience.

6. Background & MDR Policy

• Merchant Discount Rate (MDR): The cost incurred by payment providers for processing digital transactions.
• MDR Policy Changes:
  • January 2020: Zero MDR for RuPay Debit Cards and BHIM-UPI transactions via amendments in:
    • Payments and Settlement Systems Act, 2007 (Section 10A)
    • Income Tax Act, 1961 (Section 269SU)
  • Government’s Incentive Payments for Digital Transactions:

e) Approval of 6-Lane Greenfield High-Speed National Highway from JNPA to Chowk

• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Shri Narendra Modi, has approved the construction of a 6-lane access-controlled Greenfield High-Speed National Highway from JNPA Port (Pagote) to Chowk (Maharashtra).
• Total Length: 219 km
• Total Capital Cost: ₹4,500.62 crore
• Mode of Implementation: Build, Operate, and Transfer (BOT) Model

2. Strategic Importance of the Project

• Improves road connectivity to major & minor ports under the PM Gati Shakti National Master Plan.
• Enhances logistical efficiency of JNPA Port & Navi Mumbai International Airport.
• Reduces congestion & travel time on the Mumbai-Pune Expressway & NH-48.

3. Existing Traffic Challenges

• Heavy congestion on arterial roads near Palaspe Phata, D-Point, Kalamboli Junction, Panvel (Traffic Volume: ~1.8 Lakh PCU/day).
• Current travel time from JNPA Port to NH-48 & Mumbai-Pune Expressway: 2-3 hours.
• Expected increase in traffic after Navi Mumbai Airport operationalization (2025).

4. Project Features & Alignment

• Start Point: JNPA Port (NH-348, Pagote Village).
• End Point: Mumbai-Pune Highway (NH-48).
• Connectivity: Links to Mumbai-Pune Expressway and Mumbai-Goa National Highway (NH-66).
• Tunnels through Sahyadri Hills: Avoids ghat sections, ensuring faster & safer freight movement.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Reserve Bank of India appoints Indranil Bhattacharyya as new Executive Director

• Indranil Bhattacharyya has been appointed as Executive Director (ED) of the Reserve Bank of India (RBI), effective March 19, 2025.
• He will oversee the Department of Economic and Policy Research (DEPR).
• Research Interests: Monetary theory, Financial markets, Market microstructure, Fiscal policy

Professional Background

• Previous Position: Adviser in RBI’s Monetary Policy Department.
• Experience: Nearly three decades in monetary policy, fiscal policy, banking, and international economic relations.
• International Experience: Served as an Economic Expert in the Technical Office of the Governor at Qatar Central Bank (2009–2014).
• Education: Postgraduate degree in Economics from Jawaharlal Nehru University (JNU), New Delhi.

Recent RBI Appointment

• In March,2025 Ajit Ratnakar Joshi was also appointed as an Executive Director (ED) to oversee the Department of Statistics and Information Management and the Financial Stability Department.

Edelweiss Asset Reconstruction Company Appoints Mythili Balasubramanian As Interim Managing Director & Chief Executive Officer

• Mythili Balasubramanian has been appointed as Interim Managing Director & CEO of Edelweiss Asset Reconstruction Company (EARC), effective immediately until 30 September, 2025.
• She has been with EARC for nearly five years and brings over four decades of experience in banking, NPA resolution, and IBC processes.
• The Board of Directors has formed a Search Committee to identify the next MD & CEO, with Korn Ferry, a global executive search firm, leading the selection process.

About Asset Reconstruction Company:

• An asset reconstruction company is a special type of financial institution that buys the debtors of the bank at a mutually agreed value and attempts to recover the debts or associated securities by itself.
• The asset reconstruction companies or ARCs are registered under the RBI and regulated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act, 2002).
• The ARCs take over a portion of the debts of the bank that qualify to be recognised as Non-Performing Assets.
• Thus ARCs are engaged in the business of asset reconstruction or securitisation or both.

Insurance Regulatory and Development Authority of India (IRDAI) appoints 5 new members to Insurance Advisory Committee

• Insurance Regulatory and Development Authority of India (IRDAI) has reconstituted the Insurance Advisory Committee, appointing five new members.
• The appointments are made under Section 25 of the IRDA Act, 1999, and Regulation 3A of the IRDA (Insurance Advisory Committee) Regulations, 2000.
• The new members are:
• MR Kumar – Former LIC Chairman, now Non-Executive Chairman of Bank of India
• Dinesh Kumar Khara – Former SBI Chairman
• Visakha Mule – CEO of Aditya Birla Capital
• Nilesh Shah – MD, Kotak Mahindra Asset Management Company
• Kotak Ellis G Vaidyan – Former CMD, GIC Re, Independent Director on Air India & Tata AIA Life boards
• The Insurance Advisory Committee represents commerce, industry, and consumer groups.

Recent News:

• In March 2025, Valueattics Re, promoted by Prem Watsa-backed FAL Corporation and GoDigit Founder Kamesh Goyal, became India’s first private reinsurer to receive IRDAI approval to commence reinsurance business.

About IRDAI:

• Headquarters (HQ): Hyderabad, Telangana, India
• Chairperson: Debasish Panda
• Founded: 1999

CURRENT AFFAIRS: ACQUISITION & MERGERS

PayU acquires 43.5% stake in payments technology firm Mindgate

• PayU, the fintech arm of Prosus, has acquired a 43.5% strategic stake in Mindgate Solutions, a real-time payments tech company.
• This partnership strengthens PayU’s presence in India’s real-time payments sector while leveraging Mindgate’s expertise to drive global digital payment innovations.
• Mindgate’s founders will retain majority ownership.
• The investment will help PayU contribute to India’s evolving digital payment landscape, particularly in instant payment systems like UPI, developed by NPCI.
• With NPCI expanding UPI both domestically and globally, Mindgate is set to play a key role in providing real-time payment infrastructure for leading Indian banks.
• Person-to-merchant (P2M) transactions now make up nearly 60% of all UPI transactions in India, and this partnership will support banks and merchants in enhancing consumer payment options.
• Mindgate processes over 8 billion transactions monthly, supporting major banks and expanding across MENA, ASEAN, Europe, and the US.
• PayU’s global reach will be enhanced through its paytech business, Wibmo.
• The acquisition comes as PayU prepares for its IPO, aiming for a public listing in the second half of 2025.
• In India, PayU previously acquired PaySense and merged it with LazyPay in 2020.
• PayU was also close to acquiring BillDesk in a $4.7 billion deal, but the transaction was canceled due to the non-fulfillment of certain conditions.

About PayU:

• Headquarters: Hoofddorp, Netherlands
• Founded: 2002
• CEO: Anirban Mukherjee
• Parent Company: Prosus
• Key Products: Payment Gateway, PayU Biz, PayU Credit, LazyPay, PayU Enterprise Solutions

Hindustan Unilever approves 14.3% stake acquisition in recycling firm Lucro Plastecycle

• Hindustan Unilever Ltd (HUL) has approved an investment to acquire a 14.3% stake in Lucro Plastecycle Pvt Ltd.
• This move aligns with HUL’s commitment to a circular economy by enhancing plastic recycling and increasing the use of recycled content in packaging.
• Lucro Plastecycle Pvt Ltd is an integrated waste management and recycling firm focused on post-consumer flexible plastics.
• Flexible plastics recycling is challenging, and this investment aims to promote sustainable solutions and expand recycled plastic usage in packaging across the industry.

About Hindustan Unilever Limited (HUL)

• Headquarters: Mumbai, Maharashtra, India
• Founded: 1933 (as Hindustan Vanaspati Manufacturing Company)
• CEO & MD: Rohit Jawa

Bain Capital to acquire 18% stake in Manappuram Finance for ₹4,385 crore

• Bain Capital, a US-based private investment firm, will invest ₹4,385 crore to acquire an 18% stake in Manappuram Finance Ltd.
• The deal gives Bain Capital joint control of India’s second-largest gold financier, while existing promoters will remain fully invested.
• The investment aims to drive growth, enhance operational excellence, strengthen leadership, and expand presence across key segments.
• Mandatory open offer: The deal will trigger an open offer to acquire an additional 26% stake on an expanded capital basis (excluding warrants).

About Manappuram Finance:

• Headquarters: Thrissur, Kerala, India
• Founded: 1949
• CEO: V.P. Nandakumar
• Industry: Non-Banking Financial Company (NBFC)

CURRENT AFFAIRS: DEFENCE NEWS

Defence Acquisition Council gives initial approval for ₹54,000 crore military hardware purchases, norms to cut down procurement timelines

• India’s Defence Acquisition Council (DAC), led by Defence Minister Rajnath Singh, has granted initial approval for military modernization proposals totaling over ₹54,000 crore (approximately $6.26 billion).
• These acquisitions aim to enhance the operational capabilities of the Indian Army, Navy, and Air Force, with a significant focus on indigenous development and production.​

Key Approvals:

• Airborne Early Warning and Control (AEW&C) Systems: Procurement of six ‘Netra’ AEW&C aircraft to bolster the Air Force’s surveillance and reconnaissance capabilities. ​
• T-90 Tank Engines: Acquisition of more powerful engines to upgrade the Army’s Russian-origin T-90 battle tanks, enhancing their performance and reliability.
• Anti-Submarine Torpedoes: Purchase of additional torpedoes for the Navy to strengthen its anti-submarine warfare capabilities.
• BrahMos Missiles: Approval for the procurement of BrahMos missiles to augment the Army’s precision strike capabilities. ​

Recent News:

• In March 2025, As part of the Government’s efforts to strengthen the Indigenous defence capabilities of the country, the Ministry of Defence inked a capital acquisition contract with Bharat Electronics Limited (BEL), Ghaziabad for the procurement of Low-level Transportable Radar, LLTR (Ashwini) at the cost of Rs 2,906 crore.

About Ministry of Defence:

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

CURRENT AFFAIRS: MOUS AND AGREEMENT

India’s Hyperloop Research Gets a Boost: Research Designs and Standards Organisation Signs Memorandum of Understanding with IIT Madras

• India has taken a significant step towards developing Hyperloop technology by establishing a Centre of Excellence at IIT Madras.
• The Research Designs and Standards Organisation (RDSO), under the Ministry of Railways, has signed a Memorandum of Understanding (MoU) with IIT Madras, allocating ₹20.89 crore for research and infrastructure development.

Key Highlights

1. Hyperloop Technology – A Futuristic Transport Mode

• Still in nascent stages with no standardized technical or safety parameters globally.
• Expected to be faster, more energy-efficient, and sustainable than current transportation methods.

2. MoU Between RDSO & IIT Madras

• Funding: ₹20.89 crore for research and facility setup.
• Objective: Develop a sub-scale model of Hyperloop Pod, Test Track, and Vacuum Tube Facility.
• Purpose: Validate Hyperloop technology through experimental studies

RECENT NEWS

• In March 2025, The Indian Railways was integrated into the Union Government’s Mission Amrit Sarovar, launched in April 2022, to combat water scarcity and enhance groundwater recharge across the country.
• On January 31, 2025, the Ministry of Railways launched the ‘SwaRail’ SuperApp, aiming to consolidate various railway services into a single, user-friendly platform.
• Indian Railways has achieved a significant milestone in the fiscal year 2024-25 (FY25) by surpassing ₹2 lakh crore in capital expenditure (capex), accounting for 76% of its budgetary allocation.

Department for Promotion of Industry and Internal Trade & Kyndryl Solutions Sign Memorandum of Understanding to Boost India’s Startup Ecosystem

• The Department for Promotion of Industry and Internal Trade (DPIIT) and Kyndryl Solutions Private Limited have signed a Memorandum of Understanding (MoU) to accelerate innovation and scale India’s startup ecosystem.
• The collaboration aims to support startups in manufacturing and IT sectors by leveraging Kyndryl’s expertise in digital transformation and Generative AI solutions.

1. Key Objectives of the Partnership

• Enhancing Startup Growth: DPIIT and Kyndryl will empower startups through mentorship, infrastructure support, and market access.
• Integration with Enterprise Ecosystems: Startups will have opportunities to scale their innovations in industries like automotive, pharmaceuticals, BFSI, oil & gas, and government services.
• Dedicated Programs: Kyndryl will provide support for digital product startups, AI-driven innovators, and entrepreneurs.

2. Key Benefits for Startups

• Mentorship & Product Development Support: Startups will receive guidance on product readiness, cybersecurity resilience, and enterprise deployment.
• Industry Workshops & Advisory Sessions: Kyndryl will conduct sessions to enhance operational efficiency and customer experience.
• Access to Government Incentives: Collaboration with Startup India and DPIIT will provide insights into policy benefits and funding opportunities.
• International Expansion Opportunities: Startups will be guided on scaling their solutions globally.

3. MoU Signing & Strategic Impact

• Signed by: Dr. Sumeet Kumar Jarangal (Director, DPIIT) and a representative from Kyndryl, in the presence of senior officials.
• Strategic Vision: Aligns with the Government of India’s goal of positioning India as a global innovation hub.
• Outcome: Creates a structured ecosystem where startups can thrive, innovate, and contribute to economic growth.

RECENT NEWS

• In March 2025,The Department for Promotion of Industry and Internal Trade (DPIIT) and Mercedes-Benz India signed a Memorandum of Understanding (MoU) to enhance manufacturing, road safety, and sustainability in India.
• On February 10, 2025, the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, and the Korea Transport Institute (KOTI), Republic of Korea, signed a Memorandum of Understanding (MoU) at the Sejong National Research Complex in South Korea.

DPIIT & YES BANK Sign MoU to Strengthen India’s Startup Ecosystem

• The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with YES BANK to support startups, innovators, and entrepreneurs across India.
• This collaboration will enhance financial access, market linkages, and mentorship opportunities for early-stage ventures.

1. Key Objectives of the Partnership

• Facilitating Market Linkages & Funding Access: Startups will gain better access to financial resources and investment opportunities.
• Mentorship & Infrastructure Support: Guidance on business growth, financial planning, and credit management.
• Leveraging YES BANK’s Expertise: Utilization of YES BANK’s HeadStartup program, which offers working capital solutions, credit access, and cash flow management.

2. Benefits for Startups

• Tailored Financial Solutions: Assistance in securing loans, credit, and investment opportunities.
• Access to YES BANK’s Network: Strategic partnerships with industry leaders and investors.
• Scaling & Expansion Support: Opportunities for startups to grow operations and attract investments.

3. MoU Signing & Strategic Vision

• Signed by: Sumeet Jarangal (Director, DPIIT) and Rohit Aneja (Zonal Head, YES BANK).
• Joint Secretary, DPIIT, Shri Sanjiv’s Statement: Highlighted India’s transformative startup landscape and the importance of innovation-driven growth.
• Long-Term Impact: The partnership aims to create a self-sustaining, innovation-led startup ecosystem in India.

RECENT NEWS

• In March 2025, YES BANK, India’s sixth-largest private sector bank, joined forces with the World Trade Center (WTC) Mumbai to host the prestigious Export Conclave 2025 at YES BANK House.
• In February 2025, Yes Bank emerged as India’s highest-rated bank in sustainability for the third consecutive year, as per the S&P Global Corporate Sustainability Assessment (CSA) 2024 and the Carbon Disclosure Project (CDP).

About DPIIT:

• Headquarters: New Delhi, India
• Parent Ministry: Ministry of Commerce and Industry, Government of India
• Established: Originally set up as the Department of Industrial Policy & Promotion (DIPP) in 1995; renamed DPIIT in 2019

About YES Bank:

• Founded: 2004
• Headquarters: Mumbai, Maharashtra, India
• Managing Director & CEO: Prashant Kumar
• Tagline : “Life Ko Banao Rich”

CURRENT AFFAIRS: SPORTS NEWS

Olympic legend from Zimbabwe, Kirsty Coventry Becomes First Female and African International Olympic Committee President

• Kirsty Coventry, an Olympic legend from Zimbabwe, has made history by becoming the first female and first African president of the International Olympic Committee (IOC) in its 130-year history.
• Election Results:
  • Kirsty Coventry – 49 votes (secured an immediate majority)
  • Juan Antonio Samaranch Jr. – 28 votes
  • Sebastian Coe – 8 votes
  • Other candidates: David Lappartient (France), Prince Feisal (Jordan), Johan Eliasch (Sweden), and Morinari Watanabe (Japan) secured minimal votes.

2. Coventry’s Vision for the IOC

After her victory, Coventry committed to leading the IOC with pride, integrity, and inclusivity.

• Athlete Rights & Gender Equality – Advocating for fair treatment and equal opportunities for women in sports.
• Sustainability of the Games – Addressing concerns about high costs and environmental impact.
• Expanding Olympic Participation – Encouraging involvement from African nations and underrepresented regions.
• Financial Stability – Strengthening sponsorships and broadcasting revenue.
• Youth Engagement – Making the Games more relevant through digital innovations and new sports formats.

3. From Olympic Champion to IOC Leader

• Olympic Achievements: 7 Olympic medals in swimming.
• Gold Medals: 200m backstroke (2004 Athens, 2008 Beijing).
• IOC Involvement: Joined the Athletes’ Commission (2012), advocating for sports development and athlete rights.

Japan Becomes First Team to Qualify for 2026 FIFA World Cup After Hosts

• Japan secured a spot in the 2026 FIFA World Cup, becoming the first team to qualify after host nations (United States, Canada, and Mexico).
• Match Result: Defeated Bahrain 2-0 at Saitama Stadium on March 20, 2025.
• Goal Scorers:
  • Daichi Kamada (Second Half)
  • Takefusa Kubo (Second Half)
• Eighth Consecutive World Cup Appearance: Japan continues its streak of playing in every World Cup since 1998.

Other Asian Qualifiers

• Australia Boosts Qualification Hopes:
  • Defeated Indonesia 5-1.
  • Goal Scorers:
    • Martin Boyle
    • Nishan Velupillay
    • Jackson Irvine (2)
    • Lewis Miller
  • Indonesia’s Kevin Diks missed a penalty early in the match.
• South Korea Maintains Group B Lead:
  • Drew 1-1 with Oman.
  • Goal Scorers:
    • Hwang Hee-chan (South Korea)
    • Ali Al-Busaidi (Oman, 80th minute equalizer)

CURRENT AFFAIRS: IMPORTANT DAYS

World Water Day 2025: March 22

• World Water Day 2025 is celebrated all over the world on March 22nd, 2025.
• It is an international event observed annually on March 22nd every year all over the world highlighting the importance of freshwater.
• The day is used to advocate for the sustainable management of freshwater resources.

Theme

• “Glacier Preservation”is the theme of World Water Day 2025, proposed by IGRAC.

History

• The idea for this international day goes back to 1992, the year in which the United Nations Conference on Environment and Development in Rio de Janeiro took place.
• That same year, the United Nations General Assembly adopted a resolution by which 22 March of each year was declared World Day for Water, to be observed starting in 1993.
• For instance, the International Year of Cooperation in the Water Sphere 2013, and the current International Decade for Action on Water for Sustainable Development, 2018-2028.
• These observances serve to reaffirm that water and sanitation measures are key to poverty reduction, economic growth, and environmental sustainability.

Daily CA one- Liner: March 22

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Revised National Program for Dairy Development (NPDD), a Central Sector Scheme, with an additional funding of ₹1000 crore, raising the total budget to ₹2790 crore for the 15th Finance Commission cycle (2021-22 to 2025-26).
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Revised Rashtriya Gokul Mission (RGM) as a Central Sector component under the Development Programmes scheme.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the setting up of a new Brownfield Ammonia-Urea Complex at Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), Namrup, Assam.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Incentive Scheme for Promotion of Low-Value BHIM-UPI Transactions (Person to Merchant – P2M) for the financial year 2024-25.
• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Shri Narendra Modi, has approved the construction of a 6-lane access-controlled Greenfield High-Speed National Highway from JNPA Port (Pagote) to Chowk (Maharashtra).
• India has taken a significant step towards developing Hyperloop technology by establishing a Centre of Excellence at IIT Madras.
• The Department for Promotion of Industry and Internal Trade (DPIIT) and Kyndryl Solutions Pvt Ltd have signed a Memorandum of Understanding (MoU) to accelerate innovation and scale India’s startup ecosystem.
• The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with YES BANK to support startups, innovators, and entrepreneurs across India.
• Kirsty Coventry, an Olympic legend from Zimbabwe, has made history by becoming the first female and first African president of the International Olympic Committee (IOC) in its 130-year history.
• Japan secured a spot in the 2026 FIFA World Cup, becoming the first team to qualify after host nations (United States, Canada, and Mexico).
• SBI Mutual Fundhas introduced two new passive schemes – SBI BSE PSU Bank Index Fund and SBI BSE PSU Bank ETF, that will track the BSE PSU Bank Index.
• The Securities and Exchange Board of India (SEBI) has reduced the minimum investment amount for Zero Coupon Zero Principal (ZCZP) instruments on the Social Stock Exchange (SSE) from ₹10,000 to ₹1,000.
• Reserve Bank of India has allowed Regional Rural Banks (RRBs) an additional five years from FY25 to amortise pension-related expenditure.
• Indranil Bhattacharyya has been appointed as Executive Director (ED) of the Reserve Bank of India (RBI), effective March 19, 2025.
• Mythili Balasubramanian has been appointed as Interim Managing Director & CEO of Edelweiss Asset Reconstruction Company (EARC), effective immediately until 30 September.
• Insurance Regulatory and Development Authority of India (IRDAI) has reconstituted the Insurance Advisory Committee, appointing five new members.
• PayU, the fintech arm of Prosus, has acquired a 43.5% strategic stake in Mindgate Solutions, a real-time payments tech company.
• Hindustan Unilever Ltd (HUL) has approved an investment to acquire a 14.3% stake in Lucro Plastecycle Pvt Ltd.
• Bain Capital, a US-based private investment firm, will invest ₹4,385 crore to acquire an 18% stake in Manappuram Finance Ltd.
• India’s Defence Acquisition Council (DAC), led by Defence Minister Rajnath Singh, has granted initial approval for military modernization proposals totaling over ₹54,000 crore (approximately $6.26 billion).
• World Water Day 2025 is celebrated all over the world on March 22nd, 2025.

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