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 Banking, Finance & Economy PDF – July 2025

Table of Contents
Banking, Finance & Economy News: July 2025 ....................................................................................................... 5
RBI in News................................................................................................................................................................. 5
SEBI ............................................................................................................................................................................ 15
Economy .................................................................................................................................................................... 19
Awards & Recognitions .......................................................................................................................................... 30
Appointments .......................................................................................................................................................... 33
Acquisitions & Mergers .......................................................................................................................................... 38
Other News ............................................................................................................................................................... 40
Banking, Finance & Economy Q&A: July 2025 ....................................................................................................... 69
Current Static Banking ............................................................................................................................................. 112

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 Banking, Finance & Economy News: July 2025
RBI in News

RBI Issued Final Guidelines on Due Diligence of AePS Touchpoint Operators

In June 2025, Mumbai (Maharashtra) Reserve Bank of India (RBI) issued final guidelines for the due
diligence of Aadhaar Enabled Payment System (AePS) Touchpoint Operators(ATOs) to streamline
onboarding and enhance fraud risk management. These new guidelines will come into force from January
01, 2026.
• These guidelines are issued under the Payment and Settlement Systems (PSS) Act, 2007, to
safeguard customers from identity theft and maintain trust in the AePS.
• In July 2024, RBI issued final draft guidelines on AePS due diligence for public and stakeholder
feedback.
Note: AePS is operated by Mumbai based National Payments Corporation of India (NPCI), provides
interoperable transactions using Aadhaar-enabled authentication.
Key Points:
i.Define ATO: The new guidelines have defined ATO as an individual onboarded by the acquiring bank
who operates the AePS touchpoint, using Aadhar number and biometrics or One-Time Password (OTP)
authentication.
ii.Compulsory due diligence: Acquiring banks are now required to conduct due diligence before
onboarding ATOs, in line with the Customer Due Diligence (CDD) or Know Your Customer (KYC) norms
outlined in RBI’s ‘Master Direction – Know Your Customer(KYC), 2016’.
• However, in a case where ATO has already undergone KYC as a Business Correspondent (BC) or
sub-agent, that can be adopted.
iii.Re-KYC for inactive ATOs: As per RBI’s guidelines, if an ATO remains inactive for 3 consecutive
months, which means no financial transaction has been carried out for a customer during this time period,
then, in such case, acquiring bank is required to carry out KYC of ATO before allowing him/her to resume
operations.
iv.Enhanced Risk Management: Acquiring banks are required to monitor the activities of ATOs through
their transaction monitoring systems on an ongoing basis.
• They should also consider operational parameters like: location, type of ATO, volume and
velocity of transactions, among others, based on the business risk profile of the ATOs and
integrate them in their respective fraud risk management framework.
• These operational parameters should be reviewed on a periodic basis, indicating emerging
fraud risks.
Recent Related News:
In May 2025, RBI has relaxed norms for Foreign Portfolio Investors (FPIs) to buy local corporate bonds by
removing “short-term debt investment limits” and the ‘concentration limits’, aimed at providing
greater ease of investment to FPIs.
• As per RBI directions, all these new rules came into force with immediate effect.

India’s external debt rises to USD 736 billion, 19.1% of GDP, says RBI
On June 27th 2025, the Reserve Bank of India (RBI) reported that India’s external debt rose
by 10% to USD 736.3 billion (bn) at the end of March 2025, compared to USD 668.8 bn at the end of
March 2024.

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 • The external debt to GDP (Gross Domestic Product) ratio increased to 19.1% at end-March
2025 from 18.5% at end-March 2024.
Valuation Effect:
The valuation effect reduced the increase in external debt from USD 72.9 bn to USD 67.5 bn at end-March
2025 over end-March 2024.
• Valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee and other
currencies amounted to USD 5.3 bn
Long-Term and Short-term Debt:
i.The long-term debts with original maturity of above one year was recorded at USD 601.9 bn,
• While the short-term debt (maturity less than one year) stood at USD 134.5 bn, declining to
18.3% of total external debt at the end-March 2025 from 19.1% at end-March 2024.
• However, the ratio of short-term debt to foreign exchange reserves rose slightly to 20.1%, up
from 19.7% at end of March 2024.
ii.Short-term debt on a residual maturity basis, which includes both long-term debt maturing within the
next 12 months and short-term debt by original maturity accounted for 41.2% of total external debt at
end-March 2025, down from 43.4% (March 2024).
• It also stood at 45.4% of foreign exchange reserves, compared to 44.9% at end-March 2024.
Other Key Highlights:
i.The composition of India’s external debt was led by US
dollar-denominated debt at 54.2%, followed by:
• Indian rupee (31.1%)
• Yen (6.2%)
• Special Drawing Right (SDR) (4.6%)
• Euro (3.2%)
ii.The share of outstanding debt of non-financial
corporations in total external debt was the highest at 35.5%,
followed by:
• deposit-taking corporations (except the central
bank) at 27.5%
• General government at 22.9%
• Other Financial Corporation at 9.4%
iii.Loans formed the largest share of India’s external debt, making up 34.0% of the total, followed by:
• Currency and deposits at 22.8%
• Trade credit and advances at 17.8%
• Debt securities at 17.7%.
iv.Debt service (i.e., principal repayments and interest payments) marginally declined to 6.6% of current
receipts at end-March 2025, from 6.7% at end-March 2024.
Note:
• Valuation effect refers to the change in the value of external debt (or assets) that happens not
because of actual borrowing or repayment, but because of changes in currency exchange rates
or market prices.
• Current receipts refer to the country’s earnings from exports of goods and services, primary
income (such as interest and dividends), and secondary income (like remittances). These are
the main sources of foreign exchange used to service external debt.
About Reserve Bank of India:
Under Section 45ZA, the Central Government, in consultation with the RBI, determines the inflation target
in terms of the Consumer Price Index (CPI), once in five years and notifies it in the Official Gazette. The

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inflation target for April 1, 2021 to March 31, 2026 is 4% CPI with an upper tolerance limit of 6% and the
lower tolerance limit of 2%
Governor – Sanjay Malhotra
Headquarters – Mumbai (Maharashtra)
Established – April 1,1935

RBI Data: Over 72% Growth in India’s Overseas Financial Assets Driven by Investment,
Currency & Deposits, and Reserve Assets
In June 2025, Mumbai (Maharashtra) based Reserve Bank of India (RBI) released India’s International
Investment Position (IIP) data. As per the data, over 72% of the total growth in India’s foreign financial
assets during the Financial Year 2024-25 (FY25) was mainly driven by higher overseas direct
investments, currency & deposits, and reserve assets.
• The data further revealed that reserve assets alone accounted for over 54% increase in Indian
residents’ overseas financial assets; followed by currency & deposits and direct investments.
Key Findings:
i.The data showed that the net claims of non-residents decreased by USD 31.2 billion during FY25. This
decrease was mainly attributed by the higher increase in India’s external financial assets (USD 105.4
billion) than external financial liabilities (USD 74.2 billion).
ii.As per the data, net claims of non-residents on India declined by USD 34.2 billion during the 4th
Quarter (Q4: January-March) of FY25 and stood at USD 330 billion by March 31, 2025.
• This decline was mainly driven by higher increase in Indian residents’ overseas financial assets
(USD 60 billion) that the increase in foreign-owned assets in India (USD 25.8 billion) in Q4FY25.
iii.The data highlighted that the ratio of India’s international financial assets to international financial
liabilities improved from 74.1% to 77.5% (in March 2025), indicating a stronger external financial
position for the country.
iv.The data further showed that increase in loans (USD 10 billion) and inward direct investment (USD 9.7
billion) together accounted for over 3/4th (75%) of the increase in foreign liabilities of Indian residents
during Q4FY25.
• While, reserve assets accounted for 58.7% of India’s international financial assets during
Q4FY25.
v.The data showed that the ratio of net claims of non-residents on India to Gross Domestic Product (GDP)
improved from -10.1% (FY24) to -8.7% (FY25).
Note: Net Claims of Non-Residents on India refers to the difference between the total financial assets
(claims) and the total financial liabilities (obligations) held by Non-Residents in India.
About Reserve Bank of India (RBI):
Governor- Sanjay Malhotra
Headquarters- Mumbai, Maharashtra
Established- April 01, 1935

RBI releases its bi-annual Financial Stability Report (FSR) – June 2025
In June 2025, the Reserve Bank of India (RBI) released the half-yearly publication of the ‘Financial
Stability Report, June 2025’, which presents the collective assessment of the Sub Committee of the
Financial Stability and Development Council (FSDC) on current and emerging risks to the stability of
the Indian financial system.
• The report highlighted that the domestic financial system is continuously improving, supported
by strong capital buffers, low Non-Performing Loans (NPA) and robust profitability.
Indian economy remains key driver of global growth

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i.The Indian economy, supported by strong macroeconomic fundamentals, remained the fastest growing
major economy in the world during 2024-25.
• This growth was largely insulated from external shocks, mainly due to major dependence on
domestic demand.
ii.The RBI has projected that real Gross Domestic Product (GDP) to grow at 6.5% in Financial Year 2025-
26 (FY26), same as in FY25.
iii.The domestic inflation has been steadily declining with the headline consumer price index (CPI)
inflation recording a six-year low of 2.8% in May 2025.
• Given this downward trend, achieving the 4% inflation target for the year appears well within
reach.
iv.As on June 20,2025, the foreign exchange reserves stood at USD 697.9 billion(bn) sufficient enough to
cover more than 11 months of merchandise imports.
Corporate bond market saw record issuances in FY25
i.Corporate bond is a debt instrument issued by the companies to raise money from the investors. These
bonds are assigned a credit rating by rating agencies to indicate the creditworthiness of the issuer.
• The corporate bond net outstanding rose to Rs.53.6 lakh crore as at end March 2025 with the
highest ever fresh issuance of Rs.9.9 lakh crore during 2024-25.
• In 2024-25, AAA-rated firms dominated issuances with firms rated below AA constituting
16.0% of the total issuances.
NBFCs’ share of stressed assets rose to 5.9% in March
i.The share of stressed assets of Non-Banking Financial Company (NBFCs) (including NBFC-Micro Finance
Institutions (MFI)) increased from 3.9% in September 2024 to 5.9% in March 2025.
ii.The write-offs for upper layer NBFCs increased to 72.9% in March 2025 from about 50% in June 2022.
• While for middle layer NBFCs, write-offs increased to 38.7% from approximately 20% during
the same period.
• As a result, combined write-offs for both layers rose to 46.4% in March 2025.
iii.NBFCs, including housing finance companies (HFCs), and fintech firms account for 84.3% of personal
loans below Rs. 50,000.
Bank GNPAs fall to multi-decade low of 2.3% in March
i.The Gross NPA and Net NPA of Scheduled Commercial Banks (SCB) declined to multi-decadal lows of
2.3% and 0.5%, respectively. While in September 2024, the GNPA stood at 2.6%.
ii.As per the macro tests conducted by the RBI, the GNPAs of the 46 banks may marginally rise to 2.5% in
March 2027, to 5.6% and 5.3%, under adverse scenario 1 and adverse scenario 2, respectively.
iii.With respect to Sector-wise GNPA, agriculture had the highest contribution to GNPA at 6.1% and on the
other hand Personal loan at 1.2%.
• However, public sector banks’ GNPAs from the credit card segment moved up to 14.3% as
against 2.1% in the case of the private sector banks.
iv.While the share of the large borrowers in the GNPAs was 37.5 % as compared to their 43.9% share in
the overall outstanding loans.
• The report also highlighted that none of the top 100 borrowers were classified as NPA.
v.Aggregate capital to risk-weighted assets ratio (CRAR) of 46 major SCBs may marginally dip to 17 per
cent by March 2027 from 17.2 per cent in March 2025, under the baseline scenario. It may decline to 14.2
per cent under adverse scenario 1, and to 14.6 per cent under adverse scenario 2.
vi.The common equity tier 1 (CET1) capital ratio of the select 46 banks may rise from 14.6 per cent in
March 2025 to 15.2 per cent by March 2027 under the baseline scenario. However, it may fall to 12.5 per
cent under adverse scenario 1, and to 12.9 per cent under adverse scenario 2.

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Writeoffs major factor for lower NPAs in past 5 years
i.Loan write-offs were a major reason for the massive reduction in NPAs ratio over the past five years.
• The write-offs to GNPA ratio for SCBs moved up marginally to 31.8% in 2024- 25 from 29.5% in
the previous year, led by Private Banks (PVBs) and Foreign Banks (FB).
• While write-offs by Public Sector Banks (PSBs) exhibited a marginal decline.
ii.The write-offs by private lenders stood at 81.9% in FY25, while those by PSBs accounted for 10.9% in
the unsecured retail loan segment.
Borrower indebtedness in microfinance declines to 11.7%
i.The banking sector saw an increase in stress in their microfinance loan book with 31-180 dpd (days past
due) rising from 4.7% in September 2024 to 6.5% in March 2025.
• However, borrower indebtedness, measured by the share of borrowers availing loans from
three or more lenders, declined to 11.7% in March 2025.
About Financial Stability Report:
i.This is a biannual report released by the RBI in June and December.
• The report is prepared by the Financial Stability Unit(FSU) and is a joint evaluation by the Sub-
committee of the FSDC.
• The RBI published its first FSR in 2010.
ii.The report takes inputs from the financial sector regulators i.e. RBI, Securities Exchange Board of India
(SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and
Development Authority (PFRDA) and Ministry of Finance (MoF).
iii.The report covers both international and domestic economic conditions, the performance of Scheduled
Commercial Banks (SCBs) and Non-Banking Financial Companies (NBFCs) and the solvency of the
insurance sector.
About Financial Stability and Development Council (FSDC):
i.The FSDC is a non-statutory apex council under the Ministry of Finance (MoF). The council is chaired by
the Finance Minister.
ii.The Raghuram Rajan Committee (2008) on financial sector reforms had first proposed setting up of
FSDC.
About Reserve Bank of India:
Governor – Sanjay Malhotra
Headquarters – Mumbai, Maharashtra
Established – 1 April, 1935

RBI Keeps Interest Rate on Floating Rate Savings Bonds Unchanged at 8.05% for July-
December 2025
In July 1, 2025,the Reserve Bank of India (RBI) announced that the interest rate for its Floating Rate
Savings Bonds, 2020 Taxable(T)[FRSB 2020 (T)] will remain unchanged at 8.05% for the period July 1-
December 1, 2025.
• The interest rate is payable on January 1, 2026.
i.The interest rate of FRSB is set at 0.35% more than the National Savings Certificate (NSC) rate, which
stands at 7.70%.
ii.The interest rate is fixed every six months based on changes in the NSC rate. If the interest rate of NSC
rises, interest rate of FRSB increases.
iii.FRSB is a government-backed instrument designed for retail investors seeking safety and predictable
income.
iv.The bond has a fixed tenure of seven years, with a minimum investment amount is Rs.1,000, with no
maximum limit. The investors are not permitted to make premature withdrawals.

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 • However, senior citizens are allowed to exit early after a specific lock-in period under specified
conditions, with a penalty of 50% of the interest due for the last six months.

RBI Imposes Penalty on HDFC Bank and Shriram Finance for Regulatory Non-Compliance
In July 2025, the Reserve Bank of India (RBI) imposed monetary penalties on two financial
institutions, HDFC Bank Limited and Shriram Finance Limited, for violations of regulatory guidelines
under different frameworks.
• The RBI clarified that these penalties were imposed for regulatory compliance failures only and
do not affect the legality of the underlying loan agreements or customer transactions.
i.The RBI levied a penalty of Rs. 4.88 lakh on HDFC Bank for non-compliance with regulations under the
Foreign Exchange Management Act (FEMA), 1999 concerning Foreign Direct Investment (FDI) in India.
• The violation involved the bank extending a term loan to a client without following the
prescribed procedure under Paragraph 9.3.6 of the Master Direction – Foreign Investment in
India issued in January 2018.
ii.In a separate case, Shriram Finance was fined Rs. 2.70 lakh for breaching the RBI (Digital Lending)
Directions, 2025.
• A statutory inspection, based on the company’s financial position as of 31 March 2024, revealed
that it allowed loan repayments through third-party accounts, which is against digital lending
norms that require direct repayment by borrowers.

RBI issues revised rules for agriculture, small business loans against gold, silver
In July 2025, the Reserve Bank of India (RBI) issued new directions, allowing voluntary pledge of gold
and silver as collateral for agriculture and Micro, Small and Medium Enterprises (MSME) loans.
• These norms will be applicable to all Scheduled Commercial Banks (SCBs), Regional Rural Banks
(RRBs), Small Finance Banks (SFBs) and all State Co-operative Banks(SCBs) and District Central
Co-operative Banks (DCCBs).
Key Updates:
i.The RBI stated that banks can sanction loans under the collateral-free limit in the agriculture and
MSME sectors even if borrowers voluntarily pledge gold or silver.
• This practice does not breach existing guidelines, as the pledge is not mandatory, but initiated
by the borrower.
• However, the collateral-free loan rules for MSMEs are not applicable to RRB and co-operative
banks.
ii.This change is expected to enhance financial inclusion, as gold/silver backed loans are easier and faster
to disburse, hence reducing the dependence on informal moneylenders.
iii.Collateral-free limits:
• For Micro and Small Enterprises (MSE) and Prime Minister Employment Generation
Programme (PMEGP), the collateral-free loan limit is Rs.10 Lakhs
• For agricultural and allied activities, the limit is Rs. 2 lakhs. This limit was increased by the RBI
from Rs.1.6 lakhs to Rs.2 lakhs in December, 2024.
iv.LTV Caps for Loans Against Gold and Silver:
As per the revised guidelines issued by the RBI, tiered Loan-to-Value (LTV) ratio caps have been
introduced for loans secured against gold and silver.
• For loans up to Rs.2.5 lakh, the LTV is capped at 85%; for loans between Rs.2.5 lakh and Rs.5
lakh, the cap is set at 80%; and for loans above Rs.5 lakh, the maximum permissible LTV is 75%,
with no appraisal required for small-ticket loans.

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About Priority Sector Lending (PSL):
Priority Sectors are those sectors which the Government and RBI consider important for the country’s
development and are to be given priority over other sectors. The PSL target for:
• Domestic commercial banks and foreign banks (FB) with 20 branches and above is 40%.
• FB with less than 20 branches is 40%.
• RRB – 75%
• SFB – 75%
• Primary Urban Co-operative Banks (UCBs) – 60%

RBI Grants Scheduled Bank Status to NSDL Payments Bank

In July 2025, the Reserve Bank of India (RBI) has announced the inclusion of NSDL Payments Bank
Limited, a subsidiary of National Securities Depository Limited (NSDL) in Schedule II of the RBI Act,
1934. This inclusion was made by RBI in exercise of its powers given under Section 42(6) (a) of the RBI
Act, 1934.
• Following this inclusion NSDL Payments Bank Ltd.
attains the status of a Scheduled Bank (SB) and
will now able to access facilities from the RBI like:
borrowing from the Marginal Standing Facility
(MSF) and participating in Liquidity Adjustment
Facility (LAF) operations, will further enhance its
operational capabilities within the Indian financial
system.
• With this, it becomes the 5th payment bank in
India to get the SB status after India Post
Payments Bank Limited (IPPB); Fino Payments
Bank Limited, Airtel Payments Bank Limited, and
Jio Payments Bank.
About Scheduled Banks (SB):
i.SBs are classified into two main categories: Scheduled Commercial Bank (SCB) and Scheduled Co-
operative Banks.
ii.To get a status of a SB, a minimum paid-up capital of Rs 5 lakh is required. But, in order to operate as
commercial bank, RBI recommended minimum capital of Rs 100 crores.
iii.SBs become eligible for debts/loans at the bank rate from the RBI; gets the membership clearing
housing automatically and gets rediscount from RBI for 1st class exchange bills.
iv.Also, these banks are required to maintain a Cash Reserve Ratio (CRR) with RBI.
Recent Related News:
In June 2025, RBI granted a Scheduled Bank (SB) status to Vishweshwar Sahakari Bank
Limited (VSBL), one of India’s leading Urban Cooperative Bank (UCB), in exercise of powers given under
Section 42(6) (a) of the RBI Act, 1934.
• Following this new recognition, Vishweshwar Cooperation Bank became the 50th cooperative
bank from India and 3rd bank from Pune city to get status of Scheduled Bank from RBI.
About NSDL Payments Bank Limited:
Chairman – Dhananjaya Tambe
Managing Director (MD) & Chief Executive Officer (CEO) – Abhijit Kamalapurkar
Headquarters – Mumbai, Maharashtra
Established – 2018

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RBI Imposed Monetary Penalty on Gujarat-based Mandvi Nagrik Sahakari Bank and 3 Other
Cooperative Banks
In July 2025, the Reserve Bank of India (RBI) imposed monetary penalty of Rs 2 lakh on
the Mandvi Nagrik Sahakari Bank Limited, based in Mandvi district in Surat, Gujarat, for non-
compliance with its directives on ‘Management of Advances by Urban Cooperative Banks (UCBs)’.
• This penalty has been imposed by RBI in exercise of its power given under Section 47A(1)(c)
read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
i.RBI has also imposed monetary penalty of Rs 3 lakh on Sarvodaya Nagrik Sahakari Bank
Limited (Gujarat) for failing to comply with its directions on the Comprehensive Cyber Security
Framework for Primary UCBs and the Harmonisation of Turn Around Time (TAT) and customer failed
compensation for failed transactions using authorised Payment Systems.
iii.Two cooperative banks from Maharashtra were also penalized:
• Laxmi Vishnu Sahakari Bank Limited (Maharashtra) has been penalized Rs 20,000 for non-
compliance with RBI directions related to ‘Loans and advances to directions, their relatives, and
firms/concerns in which they are interested’.
• Thane District Central Co-operative Bank Limited(Thane, Maharashtra) has been fined Rs
2.10 lakh for lapses in adherence to the Know Your Customer (KYC) rules.

RBI’s financial inclusion index rises 4.3% to 67 in FY25, shows growth across all segments
The Reserve Bank of India’s (RBI) Financial Inclusion Index (FI-Index), which measures the depth and
reaches of financial inclusion across the country, rose by 4.3% in Financial Year 2024-25 (FY25).
• The index value increased from 64.2 in March 2024 to 67 in March 2025, reflecting steady
progress across all sub-indices, i.e. access, usage, and quality of financial services.
• The annual FI-Index for the period ending March 2021 is 53.9 as against 43.4 for the period
ending March 2017.
About the Index:
i.The RBI had constructed a composite FI-Index in consultation with the concerned stakeholders including
the Government, to capture the extent of financial inclusion across the country.
• The index was first introduced by the RBI in August 2021 for the FY ending March 2021.
ii.It is a comprehensive index incorporating details of banking, investments, insurance, postal and pension
sectors.
• The index captures information on various aspects of financial inclusion in a single value
ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates
full financial inclusion.
iii.The FI-Index comprises of three broad parameters i.e.,
• Access (35%) – Reflecting how easily financial services are available.
• Usage (45%) – Indicates how frequently and effectively people are using these services.
• Quality (20%) – Captures the quality aspect of financial inclusion as reflected by financial
literacy, consumer protection, and inequalities and deficiencies in services.
iv.The FI-Index has been constructed without any ‘base year’ and published annually in July every year.
About Reserve Bank of India (RBI):
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the RBI
Act,1934. The RBI was nationalised with effect from 1st January, 1949 on the basis of the RBI (Transfer to
Public Ownership) Act, 1948.
Governor – Sanjay Malhotra
Headquarters – Mumbai, Maharashtra

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RBI withdraws conditions on Religare Finvest under Corrective Action Plan
On 23rd July 2025, the Reserve Bank of India (RBI) officially withdrew the Corrective Action Plan (CAP),
which was previously imposed on Religare Finvest Limited (RFL), a wholly-owned subsidiary of Religare
Enterprises Limited (REL).
Background: The CAP was initially imposed on January 18, 2018, due to irregularities observed during
the inspection as of March 31,2017.
• The Non-Banking Financial Company (NBFC) had accumulated losses of Rs. 2,270 crores till
March 2022. The RBI had placed the NBFC under the CAP framework due to large-scale fund
misappropriation from both REL and RFL.
Recovery: The NBFC made progress by completing a one-time settlement with 16 lenders in March 2023,
repaying over Rs. 9,000 crores to the banking system.
• Despite the withdrawal of CAP, RFL is still required to maintain compliance with all prudential
norms.
Stakeholders: Earlier in 2025, the Burman family secured a controlling stake in REL following the
conclusion of an open offer.
• This acquisition officially made them the promoters of REL, equating to a 25.16% stake in the
company.
RBI cancels licence of The Karwar Urban Co-op Bank
In July 2025, the RBI has cancelled the licence of the karwar, Karnataka based The Karwar Urban Co-
operative Bank (UCB) due to inadequate capital and earning prospects.
Closure: The bank does not have adequate capital and earning prospects. As such, it does not comply with
the provisions of Section 11(1) and Section 22(3)(d) read with Section 56 of the Banking Regulation Act,
1949,”
• As per RBI announcement, Karwar UCB will cease to conduct banking business effective the end
of business hours on 23rd July 2025.
Liquidation: The RBI has also requested the Registrar of Cooperative Societies (RoCS), Karnataka, to
initiate the bank’s winding-up process and appoint a liquidator.
• On liquidation, every depositor would be entitled to receive the deposit insurance claim amount
of his/her deposits up to a monetary ceiling of Rs 5 lakh from Deposit Insurance and Credit
Guarantee Corporation (DICGC).
About Religare Enterprises Limited (REL):
Interim Chairperson – Praveen Kumar Tripathi (Interim)
Headquarters – Delhi, New Delhi

Xflow Received RBI Approval to Operate as Cross –Border Payments Aggregator

In July 2025, Xflow, a cross-border payments platform, has received the In-Principle Authorization (IPA)
from Reserve Bank of India (RBI) to operate as an online Payment Aggregator for Cross-Border (PA-CB)
transactions.
• This IPA covers both export and import flows, which will enable Xflow to streamline
international payments for businesses.
Xflow Expands Cross-Border Payment Services:
Strategic Expansion:Following this new licence, Xflow will be able to scale its services from existing
10,000 businesses to 30,000 businesses by the end of this year.
Innovative Tools:Xflow launched its FX AI Analyst, considered as India’s first Artificial Intelligence (AI)-
powered tool for forex insights. It will help businesses optimize currency conversions and manage foreign
exchange risks more effectively.
Other Companies Operate as PA-CBs: Currently, only 6 companies namely, Adyen India Technology

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Services Private Limited, Amazon Pay India Private Limited, Cashfree Payments, Indialdeas.com Limited
(BillDesk), Pay10 Services Private Limited, and Worldline ePayments India Private Limited, have received
IPA from RBI to operate as PA-CBs.

RBI’s Digital Payments Index Increases by 10.7%, to 493.22 in March 2025

In July 2025, the Reserve Bank of India (RBI) published its ‘Digital Payments Index i.e. RBI-DPI’, which has
increased to 493.22 in March 2025, marking an increase of 10.7% from 445.50 recorded (in March 2024)
and steady increase from 465.33 (in September 2024).
• As per RBI, this increase has been mainly attributed by robust improvements in Payment
Infrastructure-Supply-Side factors and Payment Performance components of the index.
About RBI-DPI:
Launched: RBI-DPI, a composite measure designed to capture the growth and reach of digital payments in
the country, was launched in 2021.
Semi-annual: The index is published semi-annually (i.e. in the month of March and September for each
year) by the RBI.
Base Period: RBI constituted the index with March 2018 as the base period, which was assigned a score
of 100.
Key Components: The index comprises 5 key components that are used to monitor the penetration and
strengthening of digital payment systems in India:
• Payment Enablers (25%), Payment Infrastructure-Demand side factors (10%), Payment
Infrastructure-Supply-side factors (15%), Payment Performance (45%) and Consumer
Centricity (5%).
Growth in Digital Transactions: Digital transactions in India have surged significantly over the past six
financial years (Financial Year 2019-20,FY20 to FY25), recording over 65,000 crore transactions
worth Rs.12,000 lakh crore (Rs.120 trillion).

RBI caps investment by banks, NBFCs at 20% of corpus of AIF scheme

In July 2025, the Reserve Bank of India (RBI) issued the RBI (Investment in AIF) Directions,
2025, limiting investments by Regulated Entities (REs) to a maximum of 20% of the corpus of any
Alternative Investment Fund (AIF) scheme.
• These updated guidelines govern investments made by banks, Non-Banking Financial
Companies (NBFCs), and All-India Financial Institutions (AIFIs) in AIFs.
• The new framework will take effect from January 1,2026, although REs can voluntarily adopt
them earlier.
RBI Investment Limits for AIFs:
Applicability: The guidelines apply to Commercial Banks, including Small Finance Banks (SFB), Local Area
Banks (LAB) and Regional Rural Banks (RRB), Primary (Urban) Co-operative Banks/ State Co-operative
Banks/ Central Co- operative Banks, All-India Financial Institutions (AIFI) and Non-Banking Financial
Companies (NBFC) (including Housing Finance Companies (HFC).
Purpose: The guidelines directly seek to address concerns relating to the misuse of the AIF route for
evergreening of loans and advancing by using AIF to finance the existing stressed loans portfolio.
Limits: Under the new directions, no single RE is allowed to invest over 10% of the total corpus of an AIF
scheme.
• All regulated entities together cannot contribute more than 20% to one AIF scheme.
Exposure: If a RE invests over 5% in an AIF that subsequently invests in its debtor companies (excluding
equity instruments), the RE is required to make 100% provisions equivalent to the extent of such indirect
exposure.

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 • The maximum provisioning will be limited to its direct exposure to the borrower.
Capital Deduction: If the RE’s investment is in the form of subordinated units, the entire amount must be
deducted from its capital funds, equally from Tier-1 and Tier-2 capital, wherever applicable.
Exemption: Investments or commitments made earlier with RBI’s approval under the Master Direction –
Financial Services provided by Banks, 2016 are exempt from the new limits on contributions.
Important Terms:
Debtor Company: The RBI defines a ‘debtor company’ as any company that has received a loan or
investment (other than equity) from the RE in the past 12 months.
Subordinated Units: In AIFs, these units refer to lower-ranked or junior units in the capital structure of
the fund. These units absorb losses first, meaning they are riskier than senior units.
Evergreening of loans:The evergreening of loans is a term in which banks try to revive a loan that is on
the verge of default by granting further loans to the same borrower.
About Reserve Bank of India(RBI):
Governor – Sanjay Malhotra
Headquarters – Mumbai, Maharashtra
Established – 1935

SEBI
SEBI Approved MobiKwik Securities to Operate as Stockbroker, Clearing Member
In July 2025, Mumbai (Maharashtra) based Securities Exchange Board of India (SEBI) has issued
Certificate of Registration (CoR) to Gurugram (Haryana) based MobiKwik Securities Broking Private
Limited (MSBPL), a wholly owned subsidiary of One MobiKwik Systems Limited, to operate
as stockbroker and clearing member under SEBI’s Stock Brokers Regulations, 1992.
• The CoR has no expiration date, providing MSBPL with indefinite validity and the flexibility to
expand its operations in the securities market.
i.Starting July 1, 2025, this approval empowers MSBPL to carry out activities such as buying, selling, and
trading securities, as well as clearing and settling trades.
ii.The license positions MobiKwik to accelerate growth in its wealth distribution space and broaden its
offerings throughout the capital market ecosystem.
iii.MobiKwik aims to integrate broking with its existing digital ecosystem, including wallets, lending, etc.

SEBI Unveiled ‘VCF Settlement Scheme 2025’ for VCF Liquidation; Starting from July 21, 2025
In July 2025, the Securities and Exchange Board of India (SEBI) unveiled ‘Venture Capital Fund (VCF)
Settlement Scheme 2025’, aimed to aid the settlement of violations of winding-up provisions by migrated
VCFs.
• The scheme will commence on July 21, 2025 and expires on January 19, 2026 (both dates are
inclusive) or other such date as approved by the competent authority.
Background:
i.SEBI repealed the VCF Regulations after introducing the Alternative Investment Funds (AIF) Regulations
in May 2012, but some VCFs could not liquidate their investments within the fund tenure.
• To address this, SEBI allowed a transition period till July 19, 2025.
ii.SEBI may initiate action after July 19, 2025, against VCFs that fail to wind up expired schemes and do not
opt for the VCF Settlement Scheme 2025.
Key Features of VCF Settlement Scheme 2025:
i.Eligibility Criteria: The new scheme is eligible for VCFs with minimum one scheme whose tenure has
expired but not wound up and has completed the migration.

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ii.Filing of the Settlement Application: An entity who is interested in making an application for availing
settlement under the VCF Settlement Scheme, 2025, is required to submit a settlement application along
with a non-refundable application fee of Rs 25,000 with 18% Goods and Services Tax (GST).
iii.Terms of Settlement of the Scheme: As per the new scheme, the base amount for settlement for
maximum delay of 1 year in winding up the scheme will be Rs 1 lakh.
• The scheme has further clarified that for every subsequent year of delay or part thereof, an
additional amount of Rs 50,000 shall be payable.
• Also, a slab-wise amount will be required to pay based on the amount of unliquidated
investment corpus, which ranges from Rs 1 lakh to Rs 6 lakh.
Key Conditions:
SEBI laid out certain conditions for applying for settlement under VCF Settlement Scheme, 2025:
i.Before applying under this new scheme, VCFs are required to complete their migration under AIF
Regulations.
ii.The Investment Manager or Sponsor will borne the settlement amount and all expenses related to
settlement and these expenses will not be recoverable from the scheme or investors.
iii.Any interested entity can apply for settlement under this scheme from July 19, 2025 to July 19, 2026, or
any other date as may be notified by SEBI.
Recent Related News:
In May 2025, SEBI has mandated the use of Electronic Book Platform (EBP) for all private placement debt
issues of 20 crore or above. This move is aimed to enhance transparency and streamline the fundraising
process in the private debt market.

The Wealth Company Receives SEBI’s Approval for Mutual Fund Business
On 18 July 2025, The Wealth Company Asset Management Holdings Private Limited, a subsidiary of the
Pantomath Group, received final approval from the Securities and Exchange Board of India (SEBI) to
launch its mutual fund(MF) business.
• The company will now operate as The Wealth Company MF, entering India’s MF sector valued
at Rs. 74.41 trillion.
i.It has now become the youngest Asset Management Company (AMC) in India’s MF industry
ii.The entry into MF brings their rigorous investment approach to a broader base of investors, supporting
India’s development goals, especially in Tier 3 markets and beyond.
Note: As of July 2025, nearly 50 AMCs are actively operating in India’s mutual fund industry.

Aurum PropTech Receives SEBI Approval to Launch India’s First Listed SM-REIT
In July 2025, Aurum PropTech Limited, a part of Aurum Ventures, received approval from the Securities
and Exchange Board of India (SEBI) to launch its Small and Medium Real Estate Investment Trust
(SM-REIT) under the name AMSA SM REIT Investment Trust (AMSA).
• The registration certificate, received via a regulatory filing on July 18, 2025, designates Aurum
as India’s first publicly listed company to operate an SM-REIT platform.
i.The AMSA SM-REIT framework enables retail investors to acquire fractional ownership in rent-yielding
premium commercial properties, such as office spaces and retail outlets, through schemes listed on stock
exchanges.
ii.The SM-REITs will focus on completed, income-generating commercial assets, ensuring stable returns
and strict adherence to SEBI’s SM-REIT compliance norms.

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SEBI Introduces Centralised Compliance Reporting Platform for Brokers Effective August 1,
2025
In July 2025, the Securities Exchange Board of India (SEBI), in collaboration with National Stock Exchange
(NSE), has launched “Samuhik Prativedan Manch”, a unified reporting platform to simplify compliance
for stockbrokers.
• This initiative is designed to make compliance processes more streamlined, transparent, and
cost-effective for stockbrokers.
• From August 1, 2025, the mechanism will be introduced in a step-by-step manner.
Key Highlights:
i.Currently, brokers registered with multiple stock exchanges are required to submit identical compliance
reports to each exchange individually.
• After this platform launch, brokers will now be able to submit their compliance reports through
a single interface, significantly reducing duplication of effort and lowering compliance costs.
ii.The new system will be implemented in phases, with 40 compliance reports included in the first rollout
starting August 01,2025.
• In the subsequent phases, the remaining document submissions will be standardised and
integrated into the centralised reporting platform, covering all remaining brokers, including
commodity brokers.
iii.As per estimates, approximately 990 stockbrokers with memberships across multiple exchanges are
expected to benefit immediately from this initiative.
iv.The initiative represents another step forward in SEBI’s broader efforts to harness technology for
creating a more investor- and intermediary-friendly market ecosystem.
About Securities Exchange Board of India (SEBI):
The SEBI, a market regulator, was constituted as a non-statutory body on April 12,1988 through a
resolution of the Government of India (GoI) and was established as a statutory body in 1992.
Chairman – Tuhin Kanta Pandey
Headquarters – Mumbai, Maharashtra

SEBI Renews Recognition of MCXCCL as Clearing Corporation

In July 2025, the Securities and Exchange Board of India (SEBI) renewed the recognition of Multi
Commodity Exchange Clearing Corporation Limited (MCXCCL), a wholly owned subsidiary of the Multi
Commodity Exchange of India (MCX) as a clearing corporation for a period of three years, from July 31,
2025, to July 30, 2028.
• The renewal is subject to compliance with SEBI’s regulatory framework, including risk
management, capital adequacy, and corporate governance standards.
i.MCXCCL is the clearing corporation for trades, conducted on the MCX platform, managing clearing and
settlement for commodity derivatives on MCX.
ii.Following the approval, the contracts will be available for trading throughout the calendar year.
iii.The other Clearing Corporations of India include Indian Clearing Corporation Limited (ICCL), National
Securities Clearing Corporation Limited(NSCCL), Metropolitan Clearing Corporation of India Limited
(MCCIL), India International Clearing Corporation (IFSC) Limited (IICC), NSE IFSC Clearing Corporation
Limited (NICCL), Clearing Corporation of India Limited (CCIL) and others.

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SEBI and Stock Exchanges Revise Surveillance Framework for Small-Cap Firms
In July 2025, the Securities and Exchange Board of India (SEBI), along with stock exchanges, has revised
the enhanced surveillance mechanism (ESM) for companies with market capitalisation under Rs. 1,000
crores with an aim to improve oversight of small and micro-cap stocks.
• These revisions, expected to benefit 28 companies currently under the surveillance framework,
will take effect from July 28,2025.
Key Highlights:
Background: The ESM framework was initially extended to listed companies with a market capitalisation
of under Rs.1,000 crore in August 2023, as part of SEBI’s efforts to curb excessive price volatility and
speculative trading.
• SEBI and the exchanges conduct weekly reviews to evaluate if a stock should be downgraded to
a lower stage or removed from the framework entirely.
Objective: The ESM framework is designed to strengthen market integrity and investor protection,
especially in the case of small and micro-cap stocks, which are more prone to sharp price movements and
speculative interest.
• It aims to identify and address potential risks associated with stocks exhibiting unusual price
fluctuations.
Stage 1: Previously companies were brought under surveillance mainly due to high-low price
variation metric.
• But under the current revised ESM framework, apart from the above metric, a sustained
upward close-to-close price trend over the last three months will now be considered.
• This addition aims to better detect consistent price increases, often signaling growing investor
interest in the stock.
Stage 2: A new price-to-earnings (PE) ratio filter has been introduced to determine if a stock should
move from Stage 1 to Stage 2 under the ESM framework.
• Only stocks with a PE ratio up to twice that of the Nifty 500 index will qualify, ensuring that
excessively overvalued stocks come under stricter surveillance.
• This is done to prevent market manipulation and protect investors from risky stocks that may
be overhyped or overvalued.
Restrictions: Companies placed under Stage 1 of ESM face a 100% margin requirement starting from T+2
days, and a trade-for-trade settlement mechanism with a 5% price band, i.e. the price of a security can
fluctuate up or down by a maximum of 5% of its previous day’s closing price within a single trading
session.
• In case, if a stock already operates under a 2% price band, that restriction will remain
unchanged.
Important Terms:
• PE Ratio: It is the ratio of the current price of a company’s share in relation to its earnings per
share (EPS).
PE Ratio = Market Price (Per Share) / Earnings Per Share (EPS)
• Close-to-close price trend: It refers to the percentage change in a stock’s closing price from
one trading day to the next.
About Securities Exchange Board of India (SEBI):
Chairman – Tuhin Kanta Pandey
Headquarters – Mumbai, Maharashtra

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 Economy

Goods and Services Tax Day 2025 – July 1

Goods and Services Tax (GST) Day is observed every year on July 1 across India to mark the
implementation of the GST regime, a unified indirect tax system on the supply of goods and services, which
was introduced on 1 July 2017.
• July 1, 2025 marks the 8th observance of the GST Day.
• The theme for 2025 GST Day is “GST-Simplifying Taxes: Empowering Citizens,” reflecting
efforts to streamline tax processes and strengthen compliance.
Background:
i.GST was launched in India on 1 July 2017. On 30 June 2018, the Government of India (GoI) decided to
celebrate 1 July every year as ‘GST Day’.
ii.The first GST Day was observed on 1 July 2018 to mark one year of this major tax reform.
About Goods and Services Tax (GST):
i.GST is an indirect tax applied to the supply of goods and services across India.
ii.It is a multi-stage, destination-based tax levied on every value addition, replacing various indirect taxes
such as Value-Added Tax (VAT), excise duty, and service tax.
iii.GST established “One Nation, One Tax, One Market,” promoting economic unity across India.
iv.All decisions under GST have been taken through consensus in the 27 meetings of the GST Council.
Genesis and Implementation of GST:
i.In India, the idea of GST was proposed in 2000 when then Prime Minister (PM) Atal Bihari Vajpayee set
up a committee.
• A task force led by Vijay L. Kelkar, former advisor to the Ministry of Finance (MoF), suggested
that GST would improve and simplify the tax system.
ii.The Constitution (122nd Amendment) Bill, 2014 was introduced in Parliament to enable GST
implementation
• It was passed by the Lok Sabha in 2015 and the Rajya Sabha in 2016.
iii.On September 8, 2016, it received Presidential assent, becoming the 101st Constitution Amendment
Act, 2016.
iv.The GST Council was constituted on 12 September 2016, along with the establishment of the GST
Council Secretariat.
v.GST laws came into force on 1 July 2017, supported by the Goods and Services Tax Network (GSTN)
providing Information Technology infrastructure.
Role of the GST Council:
i.The GST Council, constituted under Article 279A of the Constitution, is the apex decision-making body
on GST.
ii.Chaired by the Union Finance Minister (Presently Nirmala Sitharaman), the Council includes Union
Minister of State for Revenue or Finance, the Finance or Taxation Minister (or any Minister nominated) by
each State Government, and a person nominated by the State Governor in case of emergency under Article
356 can be appointed for the role.
iii.As of 30 April 2025, India has more than 1.51 crore active GST-registered taxpayers.
iv.Key decisions of the Council includes,
• Introduction of the e-Way Bill to track the movement of goods. Any registered person must
generate an e-Way Bill if goods worth over Rs. 50,000 are transported in a vehicle.
• Mandatory e-Invoicing for businesses with turnover above Rs. 5 crore.
• Reduction in GST on under-construction affordable housing from 8% to 1%.

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GST Structure and Tax Slabs:
i.GST operates under a dual model:
• Central GST (CGST): Levied by the Government of India (GoI).
• State GST (SGST): Levied by State Governments.
ii.Integrated GST (IGST): Levied on interstate supplies and imports by the GoI. The collected tax is then
shared with the state where the goods or services are delivered.
iii.Current Tax Slabs:
• 0%: Essential items such as milk, eggs, educational services, unpackaged food grains, curd, lassi.
• 5%, 12%, 18%, 28%: Other goods and services categories.
• Electronics such as mobile phones, TVs up to 32 inches, refrigerators, washing machines,
geysers, and fans moved to the 18% slab from 31.3% under the old regime.
iv.Special Rates:
• 3% on gold, silver, diamond jewellery.
• 1.5% on cut and polished diamonds.
• 0.25% on rough diamonds.
GST Collections in FY25:
In the Financial Year 2024-25 (FY25), India’s GST collection achieved its highest-ever gross collection
of Rs.22.08 lakh crore, recording 9.4% year-on-year (Y-o-Y) growth from Rs. 20.18 lakh crore in FY24.
• The average monthly collection stood at Rs. 1.84 lakh crore.
Deloitte GST@8 Survey:
According to the GST@8 Survey by New Delhi (Delhi) based Deloitte Touche Tohmatsu India LLP, covering
963 respondents across eight industries:
• 85% reported a positive GST experience.
• This is the fourth consecutive year of rising satisfaction, showing increasing confidence in the
system.
2025 Events:
On 16 June 2025, the GST Conclave 2025 was organised at Taj Vivanta, Marine Drive, Kochi (Kerala) under
the nationwide GST Pakhwada (16–30 June 2025).
• The event was organized by Central Board of Indirect Taxes and Customs
(CBIC), Thiruvananthapuram Zone, Kerala.
• It was attended by over 200 stakeholders, featured R. Venkataramani, Attorney General of
India(AGI), as Chief Guest and Rajendra Kumar P., Chairman, Indirect Taxes Committee,
Institute of Chartered Accountants of India (ICAI), as Guest of Honour and other dignitaries.
i.As part of the celebrations, CBIC Thiruvananthapuram Zone, received a Commendation Certificate for:
• Processing 55% of GST registrations within 7 days (national average: 17%).
• Resolving 83% of GST appeals filed during the year.

MoF keeps interest rates on Small Savings Schemes unchanged for Q2 FY26
In June 2025, the Department of Economic Affairs (DEA) under the Ministry of Finance (MoF) announced
that the Small Savings Scheme (SSS) interest rates will remain unchanged, for 2nd Quarter of Financial
Year 2025-26 (Q2FY26), i.e. from July 1,2025 to September 30, 2025, maintaining the same rates
as Q1FY26 (April 1,2025 to June 30,2025)
• This marks the sixth consecutive quarter with no revision in SSS interest rates, despite falling
market interest rates and latest repo rate cuts by the Reserve Bank of India (RBI).
• The government reviews and updates the interest rates at the start of each quarter based on
various factors such as benchmark yields of government securities, prevailing market
conditions, and government policy decisions.

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Note: The DEA last adjusted the interest rates on SSS in Q4 of FY24.
Interest Rates on Small Savings Scheme for Q2FY26:

Interest rates from July 1,2025 to

Instruments
September 30, 2025

Post Office Savings Deposit (POSD) 4.0%

1-Year Post Office Time Deposit (POTD) 6.9%

2-Year Post Office Time Deposit (POTD) 7.0%

3-Year Post Office Time Deposit (POTD) 7.1%

5-Year Post Office Time Deposit (POTD) 7.5%

5-Year Post Office Recurring Deposit (PORD) 6.7%

Kisan Vikas Patra (KVP) 7.5% (will mature in 115 months)

Public Provident Fund (PPF) 7.1%

Sukanya Samriddhi Yojana (SSY) 8.2%

National Savings Certificate (NSC) 7.7%

Senior Citizen’ Savings Scheme (SCSS) 8.2%

Post Office Monthly Income Scheme (PO-MIS) 7.4%

Mahila Samman Savings Certificate (MSSC) 7.5%

About Small Savings Scheme (SSS):
i.Small Savings Schemes (SSS) are government backed financial instruments aimed at promoting
household savings and offering secure investment options.
ii.These schemes are primarily managed by the DEA and administered through Post Offices and
designated banks.
• Since 2016, MoF has been reviewing the interest rates on SSS on a quarterly basis.
• The Shyamala Gopinath Committee formulated the method for determining the SSS interest
rates in January 2023.
• These rates should be 25 to 100 basis points (bps) higher than the government bond yields.
iii.All deposits received under various SSS are pooled in the National Small Savings Fund (NSSF).
• Later the money in the fund is used by the central government to finance its fiscal deficit.
Recent Related News:
In May 2025, the Ministry of Road Transport and Highways (MoRTH) has notified ‘Cashless Treatment of
Road Accident Victims Scheme, 2025’, nationwide, under which they will be entitled to cashless treatment
up to Rs. 1.5 lakh per accident per person.
• The Scheme has come into force with effect from May 5, 2025 for “Any person being a victim of
a road accident arising out of the use of a motor vehicle, occurring on any road”.

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Crisil Revised India’s FY26 GDP Growth to 6.5%
On July 1, 2025, Mumbai (Maharashtra) based Credit Rating Information Services of India
Limited (CRISIL) has revised Gross Domestic Product (GDP) growth of India for the Financial Year 2025-
26(FY26) at 6.5%.
Growth Drivers:
i.The revision is supported by multiple factors, including the India Meteorological Department (IMD)
predicting an above-normal monsoon at 106% of the long-period average, which is expected to boost farm
output and rural discretionary spending.
ii.The Reserve Bank of India (RBI) has already reduced policy rates by 100 basis points (bps) in the
current easing cycle, with further cuts anticipated to stimulate domestic demand.
iii.In May 2025, Central Government Capital Expenditure (Capex) increased 38.7%year-on-year (YoY) in
nominal terms, while cumulative capex across 17 major states rose 44.7% YoY, reflecting strong public
investment momentum.
iv.Output of infrastructure and construction goods rose to 6.3% in May 2025, up from 4.7% recorded in
April 2025.
v.However, the report cautioned that reciprocal tariffs imposed by the United States of America (USA)
administration are likely to negatively impact goods exports in FY26. Additionally, global economic
uncertainty may weigh on private investment during the year.

NSE Data: Gujarat becomes 3rd Indian State to Cross 1 Crore Stock Market Investors, after
Maharashtra and UP
As per the latest data released by Mumbai (Maharashtra) based National Stock Exchange Limited (NSE) in
July 2025, Gujarat has become the 3rd Indian state to record over 1 crore registered stock market
investors, after Maharashtra and Uttar Pradesh (UP).
• The data further revealed that cumulatively, these 3 states now account for 36% of the total
investor base in India.
Key Points:
i.The data showed that the total number of registered investors in India reached at
approximately 11.5 crore (as of May 2025). The month of May alone saw the inclusion of over 11 lakh
new investors, marking a 9% Month-on-Month (M-o-M) growth.
ii.The NSE data showed the region-wise distribution of number of registered investors such as North
India leads with 4.2 crore investors, followed by West India (3.5 crore), South India (2.4 crore) and East
India (1.4 crore).
iii.As per the data, North and East India registered the highest growth compared to last year, with investor
numbers increasing by 24% and 23% respectively.
• South India recorded a growth of 22%, followed by West India (17%) during the same period.
iv.The data noted that the overall growth pattern indicates a change in momentum i.e. India has breached
the mark of 9 crore investors in February 2024 and added the next crore every 5 to 6 months, reaching 10
crore by August 2024 and 11 crore by January 2025.
v.However, the growth rate declined from February to May 2025, with an average of 10.8 lakh new
investors added every month, compared to monthly average of 19.3 lakh new investors in the Calendar
Year 2024 (CY24).
About Gujarat:
Chief Minister (CM) – Bhupendra Patel
Governor – Acharya Devvrat
Capital– Gandhinagar
Ramsar Sites – Thol Lake Wildlife Sanctuary, Khijadia Wildlife Sanctuary

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Tracxn Report: India Ranks 3rd Globally in Fintech Startup Funding
In July 2025, Bengaluru (Karnataka) based Tracxn Technologies Limited, a leading market intelligence
platform, has launched a report titled, “Geo Semi-Annual India Fin Tech Report (SEA TECH)-H1 2025.
India’s financial technology sector has ranked third in startup funding globally, following the United States
of America (USA) and the United Kingdom (UK).
• India’s FinTech Sector raised a total of USD 889 million in the first half of the year( January to
June)H1 2025, a 26% decline from USD 1.2 billion in H2 2024 and a 5% drop from USD 936
million in H1 2024.
About Geo Semi-Annual India FinTech Report H1 2025 Report:
The report provides comprehensive insights into the Indian FinTech ecosystem, funding raised by
startups, developments across stages, investor interest, and the key trends shaping the landscape
from January – June 2025.
Key Findings:
i.The report highlights a 10% rise in early-stage funding, which stood at USD 361 million from H2 2024
and 9% from H1 2024. The sector witnessed 16 Mergers and Acquisitions (M&A) in H1 2025, a 45%
increase from H1 2024.
ii.The report highlights the strong interest of the investors through the steady momentum in early-stage
investments and growing acquisition activity, despite temporary decline in funding of the Indian FinTech
sector.
iii Seed-stage start-ups raised USD 91.2 million, marking a decline of 27% from USD 126 million in H2
2024 and 33% from USD 137 million in H1 2024.
iv.The report underscores the emergence of a new unicorn in the Indian fintech space, consistent with H2
2024, but with an improvement over H1 2024. Despite no Initial Public Offering (IPO) activity, with no
fintech companies going public during the period.
v.Bengaluru continued to lead the fintech funding landscape, accounting for 55% of total funding,
followed by Mumbai at 14%.
vi.The overall top investors in H1 2025 were Bengaluru-based Peak XV, Angel List and LetsVenture. In
the early stage which saw a surge in funding, the leading investors were Peak XV, Accel and Bessemer
Venture Partners.
• Mumbai (Maharashtra) based Blume Ventures, Venture Catalysts and 100 Unicorns led
investments at the seed stage, while SoftBank Vision Fund, Lathe Investment and Sofina were
the top investors in the late-stage round.
vii.Among venture capital firms, USA-based Accel led the highest number of investments with 34 rounds,
while Blume Ventures added 7 new companies to its portfolio during the period.
About Tracxn Technologies:
Chairperson and Managing Director (CMD) – Neha Singh
Headquarters – Bengaluru, Karnataka
Established – 2012

Cypriot Shipping Firms Announced Rs 10,000 Crore Investment in Indian Shipping

In July 2025, Cyprus-based two major shipping firms, Interorient Navigation Co Limited and Danship &
Partners Limited, have announced Rs 10,000 crore investment in the Indian shipping industry.
• This marks the largest Foreign Direct Investment (FDI) in the Indian shipping sector since the
Government of India (GoI) opened this sector to 100% FDI in 2005.
i.As part of this investment, all ships purchased under the initiative will be registered under the Indian
flag, which will help India in expanding its shipping capacity.

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ii.The freight income generated by moving India’s export and import cargo will remain within the
domestic economy, which will further support trade and employment.
iii.The announcement follows Prime Minister (PM) Narendra Modi’s visit to Cyprus in June 2025.

S&P’s Data: NSE Ranked 4th on the Global IPO Offering League Table in H1-CY25
In July 2025, S&P Global Market Intelligence data ranked India’s National Stock
Exchange (NSE) ranked 4th globally in Initial Public Offering (IPO) fundraising during the 1st Half of
Calendar Year 2025 (H1-CY25).
• NSE has raised USD 5.51 billion through IPO in H1-CY25, accounting for 8.9% of the total
global IPO fundraising of USD 61.95 billion.
i.NSE is ranked just behind the Nasdaq Global Market(USD 12.96 billion), New York Stock Exchange
(NYSE)(USD 8.62 billion), and Nasdaq Global Select Market(USD 7.37 billion).
ii.As per S&P’s data, NSE outperformed all global exchanges in terms of the number of IPOs, by hosting 73
IPOs during H1-CY25, surpassing Nasdaq Global Market’s 66.
iii.S&P data further revealed that Indian markets saw 119 IPOs during H1-CY25, raising a total of Rs
51,150 crore.
• This marks a significant Year-on-Year (Y-o-Y) increase in capital raised, compared to Rs 37,682
crore from 157 listings in H1-CY24.

NITI Aayog Launched 3rd edition of ‘Trade Watch Quarterly’ for Q3FY25 in New Delhi
In July 2025, Dr. Arvind Virmani, Member of National Institution for Transforming India (NITI
Aayog) launched the 3rd edition of ‘Trade Watch Quarterly (TWQ): October-December (Q3) FY25’ in New
Delhi, Delhi. The report provides a comprehensive overview of India’s merchandise and services trade for
the third Quarter(Q3) of Financial Year 2024-25 (FY25).
• Also, the thematic session of the report focuses on recent shifts in the United States of America
(USA) tariff structures, providing critical information into the realignment of global trade and its
implications for India’s export competitiveness.
Key Findings:
i.The report showed that merchandise exports registered a modest Year-on-Year (Y-o-Y) growth
of 3%, reaching USD 108.7 billion in Q3FY25.
• While, imports increased by 6.5%, to USD 187.5 billion during the same time period, widening
the merchandise trade deficit.
ii.The report highlighted that India’s export composition remains stable with some products like: aircraft,
spacecraft and parts entering the top 10 exports with more than 200% annual growth.
iii.As per the report, India registered a services surplus of USD 52.3 billion in Q3FY25, which is mainly
driven by 17% Y-o-Y growth in services exports, partially offset to the merchandise imbalance.
iv.The report also revealed that India ranked as the world’s 5th largest exporter of Digitally Delivered
Services (DDS) in 2024, with USD 269 billion in DDS exports.
v.The report further showed that India’s high-tech merchandise exports, led by electrical machinery and
arms/ammunition, have witnessed stable growth since 2014, growing at 10.6% Compounded Annual
Growth (CAGR).
vi.Regionally, North America and the European Union continued to dominate India’s export destinations,
together accounting for nearly 40% of outbound shipments.

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NSO Report: India’s Retail Inflation declines to 2.10% in June 2025
In July 2025, the National Statistics Office (NSO) under the Ministry of Statistics and Programme
Implementation (MoSPI) released the ‘Consumer Price Index (CPI) for rural, urban and combined for the
month of June 2025’. As per the official data, India’s retail inflation measured by CPI, declined to a 75-
month low (6 years) to 2.10% in June 2025, down from 2.82% in May 2025.
• This is the lowest Year-on-Year (Y-o-Y) inflation registered since January 2019.This also marks
the 5th consecutive month that inflation has stayed below the Reserve Bank of India (RBI)’s
medium-target of 4%.
• The Wholesale Price Index (WPI) slipped into deflation after 19 months, falling to -0.13% in
June 2025, compared to 0.39% in May 2025.
Key highlights:
i.Food Inflation: The NSO’s data showed that Year-on-Year (Y-o-Y) inflation rate based on All India
Consumer Food Price Index (CFPI) for the month of June 2025 over June 2024 is -1.06% (Provisional).
• The food inflation, which accounts for nearly 50% of CPI basket, in June 2025 saw a sharp
decline of 205 basis points (bps) compared to 0.99% in May 2025.
• This decline in food inflation was largely driven by favourable base effects and lower prices in
various categories like: vegetables, pulses, meat and fish, cereals, sugar, milk, among others.
ii.Rural Inflation: The headline inflation in rural areas of the country has decreased from 2.59% (in May
2025) to 1.72% (Provisional, in June 2025).
• While, the rural CFPI-based food inflation registered negative growth of -0.92% (Provisional, in
June 2025) compared to 0.95% (in May 2025).
iii.Urban Inflation: In urban India, the headline inflation decreased from 3.12% (in May 2025)
to 2.56% (Provisional, in June 2025).
• Similarly, food inflation in urban areas of the country declined from 1.01% to -1.22% for the
same period of time as for headline inflation.
iv.Core Inflation: Despite the drop in food prices, core inflation rose to 4.4% in June 2025, the highest
level since September 2023.
iv.Top 5 States/UTs with highest inflation rate: Kerala topped among all Indian states or Union
Territories (UT) with high Year-on-Year (Y-o-Y) inflation rate of 6.71% for the month of June 2025,
followed by Punjab (4.67%), Union Territory (UT) Jammu & Kashmir (J&K) (4.38%), Uttarakhand(3.40%),
and Haryana (3.10%).
Important Terms:
• Consumer Price Index (CPI): It measures the average change over time in the prices paid by
consumers for a fixed basket of goods and services.
• Wholesale Price Index (WPI): It measures the average change in prices of goods at the
wholesale level, meaning before they reach the retail market.
• Inflation is the rate of increase in prices over a given period of time.

MoC&I Data: India’s Trade Deficit Narrows Sharply to USD 3.51 Billion in June 2025 (Y-o-Y)
In July 2025, the Ministry of Commerce & Industry (MoC&I) released trade statistics for the 1st Quarter
(Q1: April-June) of Financial Year 2025-26 (FY26) and for the month of June 2025. As per the data, India’s
overall trade deficit including merchandise and services has narrowed sharply to USD 3.51 billion in June
2025 compared to USD 7.30 billion in June 2024.
• The decline in the trade deficit indicates stronger export performance, supported by resilient
demand in key international markets and robust service sector growth.

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 • India’s overall trade deficit declined 9.4% to USD 20.3 billion in Q1FY26, driven by
approximately 11% growth in services export during this period.
Note: Total Trade represents the combined value of a country’s Merchandise Trade (goods) and Services
Trade (services).
Key Findings for June 2025:
i.Exports and Imports: India’s overall exports were estimated at USD 67.98 billion during June 2025,
showing an increase of 6.5% over June 2024.
• It also showed that India’s overall imports valued at USD 71.50 billion, registering a marginal
increase of 0.50% over June 2024.
ii.Merchandise Exports and Imports: Merchandise exports remained stable at USD 35.14 billion in June
2025 compared to USD 35.16 billion in June 2024.
• While imports declined marginally to USD 53.92 billion in June 2025 from 56 billion in June
2024.
iii.Services Sector: The data highlighted that services exports for the month of June 2025 were estimated
at USD 32.84 billion, increase from USD 28.67 billion in June 2024.
• While services imports increased from 15.14 billion in June 2024 to 17.58 billion in June 2025.
iv.Key Drivers for Merchandise Exports: Electronics Goods saw the highest growth in exports,
increasing 46.93% to USD 4.15 billion in June 2025 compared to USD 2.82 billion recorded in June 2024.
• This was followed by exports of drugs and pharmaceuticals (+5.95%), meat, dairy & poultry
products (19.70%); marine products (+13.33%) and engineering goods (+1.35%).
v.Top 5 Export Destinations: The United States of America (USA) (23.53%), China (17.18%), Kenya
(76.2%), France (21.78%) and Brazil (23.02%).
vi.Top 5 Import Destinations: Ireland (265.82%), Hong Kong Special Administrative Region (SAR) of
China (23.09%), Singapore (18.16%), Thailand (25.68%) and China (2.48%).
Key Findings for Q1FY26:
i.Exports and Imports: The data further showed that India’s overall exports (merchandise and services)
increased by 5.94% Year-on-Year (Y-o-Y) in Q1FY26, reaching USD 210.31 billion compared to USD 198
billion recorded in the same quarter of FY25.
• While, overall India’s imports increased by 4.38%, to USD 230.62 billion in Q1FY26.
ii.Merchandise Exports & Imports: The combined value of merchandise exports stood at USD 112.17
billion in Q1FY26, registering a growth of 1.92% against USD 110.06 billion in Q1FY25.
• This slowdown in merchandise exports was mainly due to decreasing petroleum prices.
• Merchandise imports stood at USD 179.44 billion during Q1FY26, up from USD 172.16 billion in
the same period of 2024.
iii.Services sector: The data showed that services exports increased by nearly 11% during Q1FY26,
reaching USD 98.13 billion compared to USD 88.46 billion during the same quarter of FY25.
• Also, Services imports increased from USD 48.78 billion (inQ1 FY25) to USD 51.18 billion (in
Q1FY26).
iv.Sector-Wise Growth: The electronics sector witnessed the highest growth in exports, increasing
nearly 47.1% to USD 12.4 billion during Q1FY26. This was followed by the exports of marine products,
which increased by over 19% to USD 1.9 billion; tobacco (+19%) and tea (16%).
• The items that saw the highest growth in imports during Q1FY26 were: sulphur and unroasted
iron pyrites (284%), silver (216%), chemical materials and products (142%), and raw and
waste cotton (73%).
v.Top 5 Export Destinations: The United States of America (USA) continue to be the top export
destination for India, with exports increasing 22.18% to USD 25.5 billion in Q1FY26; followed by China
(17.87%); Kenya(69.83%); Germany(10.79%), and Australia(14.01 %).

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vi.Top 5 Import Destinations: China continue to be the top source of India’s imports, with imports from
that country increasing 16.33% to USD 29.7 billion in Q1FY26; followed by the United Arab
Emirates(UAE) (28.73%); Ireland(281.04%), the USA (11.68%) and and Hong Kong (33.22%).
Click Here to View More
About Ministry of Commerce and Industry (MoC&I):
Union Minister- Piyush Goyal (Constituency- Mumbai North, Maharashtra)
Minister of State (MoS)- Jitin Prasada (Constituency- Pilibhit, Uttar Pradesh, UP)

NABARD Unveils NIVARAN, RuralTech CoLab & Other Major Initiatives on its 44th Foundation
Day
On July 12, 2025, the National Bank for Agriculture and Rural Development (NABARD) commemorated
its 44th Foundation Day with the launch of several key initiatives, including NIVARAN and RuralTech
CoLab, during a celebratory event held at ITC Grand Chola in Chennai, Tamil Nadu(TN).
• The celebrations highlighted NABARD’s pivotal role in reshaping India’s rural development
landscape through innovation, infrastructure, and financial inclusion.
Key Dignitaries:
i.The event was attended by M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of
Finance (MoF); N. Muruganandam, Chief Secretary(CS), Government of TN; Shaji KV, Chairman of
NABARD and among others.
ii.In addition, G.S. Rawat and A.K. Sood, Managing Directors(MDs) of NABARD, along with the MD of Indian
Bank and Indian Overseas Bank (IOB), also participated in the event.
Key Initiatives Launched:
1.RuralTech CoLab:
i.It is an open digital innovation platform which enables startups, research institutes, and tech developers
to co-create, test, and scale rural-centric technologies.
ii.The innovative technological solutions will exclusively be customised for agriculture, rural development,
rural financial services.
iii.The platform will also facilitate access to the bank’s grassroots network, including Self-Help Groups
(SHGs), Farmer Producer Organisations (FPOs), Non-Governmental Organisations (NGOs), Co-operative
Banks, among others.
2.NIVARAN:
i.It is a dedicated Internal Grievance Redressal System, designed for rural Co-operative Banks. It offers
24×7 digital access for complaint resolution and governance enhancement.
ii.The system is integrated with the Centralized Public Grievance Redress and Monitoring System
(CPGRAMS), allowing for seamless tracking and management of complaints.
iii.It is aligns with the grievance redressal mechanisms outlined by the Reserve Bank of India (RBI),
ensuring adherence to regulatory standards
3.Other Key Initiatives:
i.Sub Office: NABARD inaugurated its Sub-office in Leh, Union Territory (UT) Ladakh. This reinforces its
commitment to reach the remotest regions of the country, with credit, capacity building, and development
finance.
ii.NABARD official Whatsapp Channel: It was launched to improve real-time communication and
provide direct access of market advisories, FPO information, and product updates to rural stakeholders.
iii.Radio Jingle for Financial Inclusion: It targets rural and semi-urban listeners across All India Radio
(AIR) and community radio networks with awareness messages on savings, credit, and insurance.
iv.Graduated Rural Income Generation Programme (GRIP): It is a livelihood intervention programme,
designed specifically for ultra-poor rural households.

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 • The programme will use returnable grants and capacity support to transition them into
sustainable economic activity.
v.Documentary Premiere : The event also featured the premiere of ‘Green Roots: NABARD’s Journey
Towards Climate Resilience’, a documentary showing its decade-long work in promoting sustainable
agriculture and environmental stewardship.
vi.Key Publications:
• ‘RIDF@30: A Journey of Rural Transformation’: It celebrates 30 years of the Rural Infrastructure
Development Fund (RIDF) and its contribution in reviving rural connectivity, irrigation,
education, and health infrastructure.
• ‘Grameen Bharat Mahotsave’ Coffee Table Book: It captures the January 2025 event held at
Bharat Mandapam (New Delhi, Delhi).
• ‘Beyond Numbers 2025’: It is a narrative impact report which highlights NABARD’s multi-
dimensional work across credit, climate, digital, and institutional ecosystems.
About National Bank for Agriculture and Rural Development (NABARD):
NABARD was established under NABARD Act, 1981. It works under the jurisdiction of Department of
Financial Services (DFS), Ministry of Finance (MoF).It was formally established in 1982 based on the
recommendations of B.Sivaramman Committee,
Chairman- Shaji K.V.
Headquarters- Mumbai, Maharashtra

JFSL and Allianz Signed Agreement to form 50:50 Domestic Reinsurance JV

In July 2025, Jio Financial Services Limited (JFSL), subsidiary of Reliance Industries Limited (RIL) and
Alliance Group (Allianz) through its 100%-owned subsidiary Allianz Europe B.V., entered into a binding
agreement to form a 50:50 domestic reinsurance Joint Venture (JV) to serve the dynamic and high-growth
insurance sector in India.
• This JV aims to expand access to insurance, supporting the national goal of ‘Insurance for All
2047’.
i.This strategic partnership combines Allianz’s global reinsurance expertise with JFSL’s strong domestic
presence and advanced digital infrastructure, aiming to offer innovative and tailored reinsurance solutions
to Indian insurers.
ii.The reinsurance partnership will support insurers in managing risks more efficiently by offering robust
underwriting expertise and enhanced capacity at competitive terms.
ii.Also, both companies entered into non-binding agreement to establish equally-owned (50:50) JVs for
both general and life insurance businesses in India.

ADB Lowers India’s FY25 GDP Growth Forecast to 6.5%

In July 2025, the Manila, Philippines based Asian Development Bank (ADB) released its report- “Asian
Development Outlook (ADO) July 2025: Slower growth amid tariffs and uncertainty”. The report has
lowered India’s Gross Domestic Product (GDP) growth forecast for Financial Year 2024-25 (FY25)
to 6.5%, from its previous estimate of 6.7%.
Key Highlights:
India Specific: India’s GDP growth is expected to improve to 6.7% in FY26 lower then previous
estimation of 6.8%. The baseline expectations of lower crude oil prices will also support economic activity
in FY25 and FY26.
• The ADB also revised the inflation forecast for India to 3.8% in 2025 from 4.3% in previous
forecast.

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Reason: The downgrade is primarily due to the impact of United States of America’s (USA) baseline tariffs
and associated policy uncertainty.
• In addition to the effects of lower global growth and the direct impact of additional US tariffs on
Indian exports, heightened policy uncertainty may affect investment flows too.
Positive Aspect: Despite the downgrade, India continues to be one of the fastest growing major
economies globally. The country’s economic activity remains robust, driven by strong domestic
consumption, revival in rural demand, and growth in the services and agriculture sectors.
Other Projections (Region): Developing Asia’s growth forecast downgraded to 4.7% in 2025 and 4.6% in
2026.
• The disinflation in this region is expected to continue, with headline inflation forecast to ease to
2.0% in 2025 and 2.1% in 2026.
• The growth forecast for East Asia in 2025 is revised down, to 4.3%, and to 5.9% in South Asia,
while the 2026 growth forecasts remain 4.0% and 6.2%, respectively.
About Asian Development Bank (ADB):
President – Masato Kanda (Japan)
Headquarters – Manila, the Philippines
Member Nations – 69 (49 member nations are from Asia-Pacific region)
Established – 1966

Ind-Ra Lowered India’s FY26 GDP Growth Forecast by 30 bps, to 6.3%

In July 2025, India Ratings and Research (Ind-Ra), a wholly-owned subsidiary of Fitch Group, released has
lowered India’s Gross Domestic Product (GDP) forecast by 30 basis points (bps) to 6.3% for Financial Year
2025-26 (FY26), from its previous estimate of 6.6% announced in December 2024.
Key Economic Indicators & Outlook:
Headwinds: The agency has outlined major headwinds like: uncertain global scenario from the unilateral
tariff hikes by the Government of the United States of America (USA) for all countries and weaker-than-
investment climate.
Tailwinds:It also highlighted major tailwinds like: monetary easing, faster-than-expected inflation decline,
and likely above-normal rainfall in 2025. The combined effect of these tailwinds will minimize the impact
of strong headwinds.
Inflation Outlook: It has revised its retail inflation forecast for FY26 to 3%, down from 4.3% earlier.
This comes as Consumer Price Index (CPI)-based inflation dropped to 2.1% in June 2025, remaining below
the Reserve Bank of India’s (RBI’s) 4% target.
Private Consumption Growth: The agency has further projected Private Final Consumption Expenditure
(PFCE) to grow at 6.9% Year-on-Year (Y-o-Y) in FY26, due to the decline in retail inflation.
Investment Demand :However, it also projected that investment demand i.e. Gross Fixed Capital
Formation (GFCF), to grow 6.7% in FY26 compared to its previous estimate of 7.2%.

IMF Raised India’s GDP Growth Forecast to 6.4% for FY26 & FY27
In July 2025, The International Monetary Fund (IMF) released its latest World Economic Outlook (WEO)
Update titled ‘Global Economy: Tenuous Resilience amid Persistent Uncertainty, July 2025’. The
report has raised India’s Gross Domestic Product (GDP) projection to 6.4% for both Financial Year 2025-
26 (FY26) and FY27, up from 6.2% and 6.3%, respectively, given in the April 2025 WEO.
• With this, the IMF reaffirmed India’s position as the world’s fastest-growing major economy.
• However, the GDP projection for FY26 is slightly lower than the Reserve Bank of India (RBI)’s
estimate of 6.5% for FY26.

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Key Findings:
India’s GDP Forecast based on CY: On a Calendar year(CY) basis, the IMF also anticipated that India’s
economy is expected to grow at 6.7% in CY25 and 6.4% in CY26.
Global Growth Outlook: The report has projected world’s GDP to grow modestly to 3.0% in CY25
and 3.1% (CY26), up from 2.8% and 3% predicted for CY25 and CY26, respectively in its April 2025
update.
• However, this global growth projection for both CY25 and CY26 is still lower than the 3.3%
growth witnessed in 2024 and the pre-COVID-19 Pandemic average of 3.7%.
Reasons: This upward revision of global GDP is mainly attributed to the stronger-than-expected front-
loading in anticipation of higher tariffs; lower average effective United States of America (USA) tariff rates
than announced in April; and improvement in financial conditions.
Global Inflation: As per IMF’s latest WEO update, global headline inflation is expected to decline
to 4.2% in CY25 and 3.6% in CY26, which is similar to the one predicted in April 2025.
Emerging & Developing Economies: The report has slightly raised its growth projection for emerging
and developing economies to 4.1% in CY25 and 4.0% in CY26, compared to its previous estimate of 3.7%
and 3.9%, respectively.
Advanced Economies: As per the report, growth in advanced economies is projected to be 1.5% in CY25
and 1.6% in CY26.
About International Monetary Fund(IMF):
Managing Director (MD)– Kristalina Georgieva
Headquarters- Washington DC, United States of America (USA)
Member nations-190
Established–1944

Awards & Recognitions

Union Minister Nirmala Sitharaman Presents Digital Payments Awards 2024–25 in New Delhi
In June 2025, the Department of Financial Services (DFS), under the Ministry of Finance (MoF), organised
the Digital Payments Awards 2024–25 ceremony at Vigyan Bhawan, New Delhi (Delhi), to honor
institutions advancing India’s digital payment ecosystem. A total of 21 honours were conferred during the
ceremony.
• Union Minister Nirmala Sitharaman, MoF and Minister of Corporate Affairs (MoCA), along
with Union Minister of State (MoS) (Independent Charge, IC) Pankaj Chaudhary, MoF, presided
over the event.
• The ceremony witnessed participation from representatives of 39 banks, 84 fintech companies,
regulatory bodies, and industry associations.
About Digital Payments Awards 2024–25:
i.The award recognizes excellence in digital payments innovation and financial inclusion during Financial
Year 2024-25 (FY25).
ii.10 awards were conferred to top-performing banks for their achievements in key parameters such as
digital payment transactions, Merchant Acquisition, Frauds and Grievances, Acceptance Infrastructure,
Product Innovations, and System Resilience.
iii.11 awards were presented to fintech companies in three categories: Emerging Third-Party
Application Providers (TPAPs), Digital Payments Acceptance Infrastructure, and Technical Service
Providers.

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Some Award Winners by Category:

Rank Award Winner Headquarters

Public Sector Banks (PSBs)

1 Punjab National Bank (PNB) New Delhi, Delhi

2 Bank of Baroda (BoB) Vadodara, Gujarat

3 UCO Bank Kolkata, West Bengal (WB)

Private Sector Banks

1 HDFC Bank Mumbai, Maharashtra

2 City Union Bank (CUB) Kumbakonam, Tamil Nadu (TN)

3 IndusInd Bank Mumbai, Maharashtra

Small Finance Banks (SFB)

1 Equitas Small Finance Bank Chennai, Tamil Nadu (TN)

Payments Banks

1 India Post Payments Bank (IPPB) New Delhi, Delhi

Fintech

1 PhonePe Bengaluru, Karnataka

Key Achievements of Award Winners:
i.IPPB is 100% Government of India (GoI)-owned under the Department of Posts (DoP), Ministry of
Communications (MoC), leveraged 2 lakh postmen and Gramin Dak Sevaks to provide doorstep banking
in 5.57 lakh villages.
ii.PhonePe recognized for building offline digital payments infrastructure, enhancing accessibility in
remote areas.
iii.CUB was awarded for innovations such as voice-based UPI 123Pay, multilingual chatbots, and tap-and-
go payments using wearables.
India’s Digital Payments Milestones:
i.UPI performance: India recorded an impressive 18,587 crore Unified Payment Interface (UPI)
transactions worth Rs. 261 lakh crore in the Financial Year 2024-25 (FY25).
• UPI currently has 35 crore active users in India and is operational in seven countries worldwide.
ii.Fintech Adoption: India recorded an impressive 87% fintech adoption rate, which surpassed the global
average of 67%.

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 • During the event, Union Minister Nirmala Sitharaman highlighted that India’s fintech market is
expected to surpass USD 400 billion by 2028–29.
iii.Financial Inclusion: 80% coverage achieved within 6 years, a milestone earlier estimated to require 50
years.
iv.Pradhan Mantri Jan Dhan Yojana (PMJDY): 55.54 crore accounts opened (30.99 crore women-
owned; 37.05 crore in rural/semi-urban areas) with deposits exceeding Rs. 2.57 lakh crore.
v.Direct Benefit Transfer (DBT): Rs.44.34 lakh crore transferred directly to beneficiaries.
About India Post Payments Bank (IPPB):
Managing Director(MD) and Chief Executive Officer(CEO) -R. Viswesvaran
Headquarters- New Delhi, Delhi
Established – 2018

HDFC Bank’s CEO Sashidhar Jagdishan Emerged as India’s Highest-Paid Banker in FY25
According to Bank’s Annual Report released in July 2025, Sashidhar Jagdishan, Managing Director (MD)
and Chief Executive Officer (CEO) of HDFC Bank Limited, has emerged as the highest-paid banker in India
in Financial Year 2024-25 (FY25), with total salary of 12.08 crore, marking an increase of 12% compared
to FY24.
• Apart from salary, he was also allotted 2.12 lakh shares in Employee Stock Options (ESOPs),
valued at over Rs 42.4 crore at current market levels.
• He was the 2nd highest-paid bank Chief in FY25, only after Ashok Vaswani, MD & CEO of
Kotak Mahindra Bank Limited (KMBL).
Other Highest-Paid Bankers in India in FY25:
i.Ashok Vaswani, who took over as CEO of KMBL on January 1, 2024, emerged as the highest-paid bank
chief in FY25 with a total compensation of Rs.12.95 crore.
• In comparison, he had drawn a salary of Rs.1.62 crore during the three-month period of FY24
following his appointment.
• He earned an annual salary of Rs 12.95 crore, along with 18,580 ESOPs worth over Rs 4 crore.
ii.Amitabh Chaudhary, MD & CEO of Axis Bank Limited, received a salary of Rs 9.11 crore which marks a
decline of 5.4% from FY24.
• Additionally, he was allotted approximately 2.69 lakh ESOPs, valued at over Rs 30 crore at
current market levels.
iii.IDFC First Bank Limited’s MD & CEO, V. Vaidyanathan, was paid Rs 5.54 crore in salary for FY25,
showing a 4.5% increase compared to the previous year. He was allotted 24, 20, 626 stock options worth
nearly Rs 18 crore.
iv.While, Sandeep Bakshi, MD & CEO of ICICI Bank Limited, earned an annual salary of Rs 9.96 crore in
FY24, but remuneration figures for FY25 have not yet been disclosed.
About HDFC Bank Limited :
Managing Director (MD) & Chief Executive Officer (CEO)- Sashidhar Jagdishan
Headquarter– Mumbai, Maharashtra
Tagline– We Understand Your World
Established– 1994

SBI Adjudged World’s Best Consumer Bank 2025 by Global Finance Magazine
In July 2025, the State Bank of India (SBI) has been adjudged as the World’s Best Consumer Bank for
2025 by Global Finance magazine, a leading international financial publication, following a detailed
editorial review supported by insights from finance executives, analysts, and global banking professionals.

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 • The award will be formally presented to SBI Chairman, Challa Sreenivasulu (CS) Setty on 18th
October 2025, during the International Monetary Fund (IMF)/World Bank (WB) Annual
Meetings in Washington D.C., United States of America (USA).
About World’s Best Consumer Bank award 2025:
i.The World’s Best Consumer Bank award, part of Global Finance magazine’s annual World’s Best Bank
awards, recognises top-performing banks across over 150 countries based on their innovation and
customer service in consumer banking.
ii.The following banks were named global award winners for the first time:
o World’s Best Bank – Societe Generale, France
o World’s Best Corporate Bank – BBVA, Spain
o World’s Best Emerging Market Bank – J.P. Morgan, United States of America(USA)
o World’s Best Frontier Market Bank – Societe Generale, France
o World’s Best Sub-Custodian Bank – CIBC Mellon, Canada
SBI’s Digital Innovation:
According to Global Finance magazine, SBI has demonstrated leadership in the consumer banking
segment through:
• Continuous focus on customer engagement and accessibility.
• Expansion of mobile banking infrastructure and establishment of new offices.
• Integration of cutting-edge technologies, including Artificial Intelligence (AI) for hyper-
personalised offerings.
• Development of omni-channel engagement models and vernacular voice banking.
• Strengthening of 24/7 digital support systems, particularly in rural and semi-urban regions.
Note: As of March 2025, the SBI caters to over 52 crore customers, holding deposits worth Rs 53.82 lakh
crore with a CASA (Current Account Savings Account) ratio of 39.97%, and total advances crossing Rs
42.20 lakh crore.
About State Bank of India (SBI):
Chairman – Challa Sreenivasulu (CS) Setty
Established – 1st July 1955
Headquarters – Mumbai, Maharashtra
Tagline – “Pure Banking, Nothing Else”/ “The Banker to every Indian”

Appointments

RBI Appoints Kesavan Ramachandran as ED

On July 1, 2025, Mumbai (Maharashtra) based Reserve Bank of India (RBI)
appointed Kesavan Ramachandran as an Executive Director (ED), effective immediately. As ED, he will
lead the Department of Regulation (Prudential Regulation Division), which is responsible for shaping the
regulatory framework governing Indian banks.
• Before this elevation, Kesavan Ramachandran was serving as Principal Chief General Manager
(PCGM) in the Risk Monitoring Department of RBI.
About Kesavan Ramachandran:
i.Kesavan Ramachandran has over 30 years of experience within the RBI, specializing in currency
management, Banking and Non-Banking supervision, training, and administration
ii.He previously served as Principal of the Reserve Bank Staff College (Chennai, Tamil Nadu, TN), and RBI
nominee on the Board of Canara Bank for over five years.
iii.He was also a member of the Auditing and Assurance Standards Board of the Institute of Chartered

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Accountants of India (ICAI) for two years.
SEBI Appoints Sunil Jayawant Kadam as ED:
On July 1, 2025, Mumbai (Maharashtra) based Securities and Exchange Board of India
(SEBI) appointed Sunil Jayawant Kadam as its ED, effective immediately. This appointment is a
promotion from his earlier role as Chief General Manager (CGM) in SEBI.
• As ED, Sunil Jayawant Kadam will oversee key functional divisions, Information Technology
Department (ITD), Office of Investor Assistance & Education (OIAE), Department of Economic &
Policy Analysis (DEPA), General Services Department (GSD), Board Cell, Right to Information
(RTI) & Parliamentary Questions Cell, and matters related to the National Institute of Securities
Markets (NISM).
About Sunil Jayawant Kadam:
i.Sunil Jayawant Kadam has been part of SEBI since 1996, accumulating 29 years of diverse regulatory
experience.
ii.He held various roles as Registrar at NISM, Regional Director of SEBI’s Northern Regional Office, and
Senior positions in Corporation Finance, Market Regulation, Surveillance, and Investigations.
iii.He is Specialist in forensic accounting, Indian Depository Receipts (IDRs), Electronic voting(e-voting),
and Business Responsibility Reporting.
iv.He contributed to SEBI Committee on Disclosures & Accounting Standards (SCODA) and Organisation
for Economic Co-operation and Development (OECD) report on “Related Party Transactions & Minority
Shareholder Protection”.

ACC Extends FSIB Chairperson Bhanu Pratap Sharma and Members’ Tenure by One Year
On July 1, 2025, the Appointments Committee of the Cabinet (ACC) approved a one-year extension for
the Financial Services Institutions Bureau (FSIB) leadership. Bhanu Pratap Sharma, who serves as part-
time Chairperson, along with six part-time members, will continue in office until 30 June 2026, or until
further orders, whichever is earlier.
• This marks the second consecutive year the government has extended the FSIB leadership’s
term.
Members Granted Extension:
The extension also includes six part-time members:
i.Animesh Chauhan, former Chairman and Managing Director (CMD) of Oriental Bank of Commerce.
ii.Deepak Singhal, former Executive Director (ED) of Reserve Bank of India (RBI)
iii.Shailendra Bhandari, former MD of ING Vysya Bank
iv.Usha Sangwan, former MD of Life Insurance Corporation of India (LIC)
v.A V Girija Kumar, former CMD of Oriental Insurance Company Limited
vi.Sujay Banarji, former whole-time member (distribution) at Insurance Regulatory and Development
Authority of India (IRDAI)
About Bhanu Pratap Sharma:
i.Bhanu Pratap Sharma is the former Secretary of the Department of Personnel and Training (DoPT) under
the Ministry of Personnel, Public Grievances and Pensions (MoPP&P).
ii.He has led FSIB since 2018, having first been appointed as Chairperson of the Banks Board Bureau
(BBB), the predecessor institution.
FSIB’s Role:
i.Acts as the primary headhunter for top roles in Public Sector Banks (PSBs), financial institutions (FIs),
and public sector insurance companies (PSICs).
ii.It recommends candidates for Whole-Time Directors (WTDs) and Non-Executive Chairpersons (NECs),
with final approvals by the ACC (chaired by the Prime Minister (PM) of India)

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iii.Previously known as the Banks Board Bureau (BBB), which was established in April 2016, FSIB was
restructured in 2022.

Sahil Kini Appointed as CEO of Reserve Bank Innovation Hub

In July 2025, Sahil Kini, co-founder of Setu, has been appointed as the new Chief Executive Officer (CEO)
of the Bengaluru(Karnataka)-based Reserve Bank Innovation Hub (RBIH).
• He succeeds Rajesh Bansal, the founding CEO, whose four-year term concluded in April 2025.
i.Sahil Kini previously worked with McKinsey & Company, Aspada Investments, Titan Industries Limited,
and MagnetWorks before co-founding Setu in 2018.
• Setu, a Bengaluru-based Application Programming Interface (API) fintech infrastructure firm,
was later acquired by Pine Labs in 2022.
ii.He was also a core member of the iSPIRIT Foundation, contributing to IndiaStack projects like Aadhaar
and Unified Payments Interface (UPI).
Note: RBIH was established in March 2022 and operates as a wholly owned subsidiary of the Reserve
Bank of India (RBI).

LIC appoints R Doraiswamy as new MD& CEO, first to hold full-term role under new framework
In July 2025, the Government of India(GoI), based on the recommendation of the Financial Services
Institutions Bureau (FSIB), has appointed R. Doraiswamy as the new Managing Director (MD) and Chief
Executive Officer (CEO) of India’s largest life insurer, Life Insurance Corporation (LIC).
• His appointment is effective from July 15, 2025, and will continue until he attains the age of 62
years (August 28, 2028), or until further orders, whichever occurs earlier.
• He succeeds Sat Pal Bhanoo, who had taken over as interim CEO following the retirement of
Siddhartha Mohanty, who officially resigned on June 30, 2024.
Key Highlights:
i.R.Doraiswamy became the first full-term MD & CEO under the new regulatory framework of the LIC Act,
1956 that merged the roles of chairman and MD into a single executive position.
ii.Prior to this, LIC operated under a structure where the roles of the Chairman and Managing
Director(CMD) co-existed, with the chairman holding a higher authority.
About R.Doraiswamy:
i.R. Doraiswamy has over 38 years of experience at LIC, having joined the organization in 1986.
ii.His career spans various departments, including operations, marketing, pensions and group schemes,
Information Technology (IT), and training.
ii.Before his elevation, he served as MD at the state-run insurer, where he was responsible for overseeing
operations in LIC’s Southern Zone.
LIC ties up with AU SFB for bancassurance:
i.In July 2025, LIC has entered into a Corporate Agency agreement with AU Small Finance Bank(AU
SFB), one of India’s leading small finance banks, to distribute its insurance products through the bank’s
extensive network.
ii.Under this partnership, AU Small Finance Bank will offer LIC’s comprehensive range of life insurance
products, including annuity plans, Unit-Linked Insurance Plan(ULIPs), term insurance, and savings-
oriented policies, through its branch network and digital platforms.
About Life Insurance Corporation (LIC):
Headquarters – Mumbai, Maharashtra
Established – 1956

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About AU Small Finance Bank(AU SFB):
AU SFB was originally established as a Non-Banking Financial Company (NBFC) under the name ‘AU
Financiers’ in 1996.It was transitioned into a Small Finance Bank (SFB) and commenced operations as AU
SFB on 19th April 2017.
Managing Director (MD) & Chief Executive Officer (CEO) – Sanjay Aggarwal
Headquarters – Jaipur, Rajasthan

Karnataka Bank Appoints Raghavendra Srinivas Bhat as Interim MD & CEO

In July 2025, Karnataka Bank Limited (KBL), a leading private sector bank,
appointed Raghavendra Srinivas Bhat, the Chief Operating Officer (COO) of the bank, as the interim
Managing Director (MD) and Chief Executive Officer (CEO). He succeeds Srikrishnan Hari Hara Sarma,
who stepped down in June 2025 due to personal reasons.
• His appointment is effective from 16 July 2025, for three months, or until the appointment of a
regular MD & CEO, whichever is earlier, with the necessary approval from the Reserve Bank of
India (RBI).
i.Raghavendra Srinivas Bhat has been associated with KBL for over 38 years, beginning his career as a
clerk in 1981.
ii.He gradually rose through the ranks and served as COO in the Chief General Manager (CGM) cadre until
2019.
iii.He resumed his role as COO on 2 July 2025, overseeing multiple departments, including Human
Resources (HR), Information Technology (IT), Treasury, Foreign Exchange (Forex) Operations, Insurance,
and Rural Banking.
• He steps down from his current role as COO effective 15 July 2025, ahead of assuming the
interim leadership role.

Former CBDT Chairman Nitin Gupta Appointed as Chairperson of NFRA

On July 17, 2025, the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister(PM)
Narendra Modi, has appointed Nitin Gupta as the new chairperson of the National Financial Reporting
Authority (NFRA),under the Ministry of Corporate Affairs(MoCA), with immediate effect. He will serve for
a term of three years or until he turns 65, whichever comes earlier.
• He succeeds Ravneet Kaur, who was holding additional charge since April 2025. The post had
remained vacant since the completion of Ajay Bhushan Pandey’s three-year tenure on March
31, 2025.
• Additionally, Smita Ghingran, P Daniel and Sushil Kumar Jaiswal have been appointed as full-
time members of the NFRA.
About Nitin Gupta:
i.Nitin Gupta is a 1986-batch Indian Revenue Service (IRS) officer under the Income Tax (IT) cadre.
ii.He previously served as Chairman of the Central Board of Direct Taxes (CBDT) under the Ministry of
Finance(MoF) from July 1, 2022, to June 30, 2024, where he played a key role in digitizing tax processes
and strengthening compliance.
iii.Earlier, he has held the position of Director-General (DG) at the Competition Commission of India (CCI).
About National Financial Reporting Authority (NFRA):
i.The NFRA, based in New Delhi (Delhi), was constituted on 1st October 2018 by the Government of
India(GoI) under Sub Section (1) of section 132 of the Companies Act, 2013.
ii.The duties of NFRA are:
• To Recommend accounting and auditing policies and standards

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 • To monitor and enforce compliance with accounting standards and auditing standards across
applicable companies
• To oversee the quality of auditing
• To initiate investigations and exercise disciplinary authority.

GoI Appoints Ajay Seth as the IRDAI’s New Chairman for 3 Years
On July 24, 2025, the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister (PM)
Narendra Modi, approved the appointment of Ajay Seth as the new Chairman of theInsurance Regulatory
and Development Authority of India (IRDAI). His term will be 3 years or until he attains 65 years of age,
or until further orders, whichever is earlier
Appointment details:
Vacancy:The appointment follows the vacancy created in March 2025 after the tenure completion
of Debasish Panda, the former Chairman of the IRDAI.
Role of FSRASC: The Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by
the Cabinet Secretary, is responsible for shortlisting eligible candidates for the post.
Final Approval Authority: As per FSRASC’s recommendation to the Appointments Committee of the
Cabinet (ACC), chaired by Prime Minister Narendra Modi, final approval is made.
About Ajay Seth:
Service Background: Ajay Seth is a 1987-batch Indian Administrative Service (IAS) officer from the
Karnataka cadre.
Tenure as DEA Secretary: He recently retired in June 2025 after completing a four-year tenure (2021-
June 2025) as Secretary, Department of Economic Affairs (DEA) under the Ministry of Finance (MoF),
Government of India (GoI).
• In March 2025, he was given an additional charge as Revenue Secretary after Tuhin Kanta
Pandey assumed the role of Chairman of the Securities and Exchange Board of India (SEBI).
Expertise in Finance and Development: He has wide-ranging expertise in public finance, taxation,
budgeting, foreign investment, project appraisal, public-private partnerships (PPP), and development
financing.
Other Exposures: He has 33 years of experience in finance and taxation, serving in social sector
administration, urban transport, and infrastructure development across roles in the Government of
Karnataka, GoI, and the Asian Development Bank (ADB).
Award: PM’s Award for Excellence in Public Administration (2013).
About Insurance Regulatory and Development Authority of India (IRDAI):
IRDAI is a statutory body functioning under the Ministry of Finance(MoF), Government of India(GoI).
Headquarters: Hyderabad, Telangana
Established: 1999

GoI appointed Anuradha Thakur as RBI’s Central Board Director

In July 2025, the Government of India (GoI) has appointed Anuradha Thakur, Secretary of the
Department of Economic Affairs (DEA) under the Ministry of Finance (MoF), as a Director on the Central
Board of the Reserve Bank of India (RBI), becoming one of the two government nominee directors.
• Her nomination is effective from 24 July 2025 and will continue until further notice.
About Anuradha Thakur:
Service Background: She is a 1994-batch Indian Administrative Service (IAS) officer from the Himachal
Pradesh(HP) cadre.
Key Roles: She assumed charge as Secretary of DEA on 1 July 2025, replacing Ajay Seth, who
superannuated on June 30, 2025 and became the first woman to hold this position in India.

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 • She also serves as a part-time member on the Board of the Securities and Exchange Board of
India (SEBI).
Nomination to RBI Board: Her appointment to the RBI Central Board follows the customary practice of
the Economic Affairs Secretary serving as an ex-officio member.
Other Nominee on RBI Board: M Nagaraju, Secretary of the Department of Financial Services (DFS),
Ministry of Finance(MoF).

Acquisitions & Mergers

CCI Approvals on July 01, 2025

On July 01 2025, the Competition Commission of India (CCI) has approved the following proposals:
i.Approved the proposal of Viggo Investment Pte Limited (GIC Investor) to acquire 2.143% stakes in
Initial Public Offering (IPO)-bound Billionbrains Garage Ventures.
ii.Approved the proposal of Murugappa Group-backed Coromandel International Limited (CIL) to acquire
certain equity shares in NACL Industries Limited.
iii.Approved the proposal of British International Investment plc (BII) to acquire a stake in
ReNew Photovoltaics Private Limited(RPVPL).
CCI Approved Proposal of GIC Investors to Acquire Minority Stake in Groww
The CCI has approved the proposal of Viggo Investment Pte Limited (GIC Investor), subsidiary of
Singapore based sovereign wealth fund, GIC (Ventures) Private Limited, to acquire minority stake in Initial
Public Offering (IPO)-bound Billionbrains Garage Ventures, the parent company of Bengaluru
(Karnataka) based investment tech unicorn Groww.
• As per the proposed arrangement, GIC Investor will acquire 2.143% shareholding in Bengaluru
(Karnataka) based Billionbrains Garage Ventures Limited, pursuant to the execution of, inter
alia, a Deed of Adherence and Share Subscription Agreement dated April 28, 2025.
• This investment by GIC is part of a larger funding round estimated at USD 250-300 million.
Key Points:
i.Singapore based Special Purpose Vehicle (SPV), Viggo Investment Pte Limited is a wholly-owned
subsidiary of Enterprise Holding Pte. Limited, which in turn is a wholly-owned subsidiary of GIC
(Ventures) Private Limited.
ii.Groww, a Securities and Exchange Board of India (SEBI)-regulated stockbroker, which through its
affiliates operates an online trading platform and mobile application called ‘Groww’, which enables
investors to invest in stocks and mutual funds and other financial instruments.
CCI Approved Coromandel International’s Stake Acquisition in NACL Industries
The CCI approved the proposal of Murugappa Group-backed Coromandel International Limited (CIL), a
leading agri-solutions provider based in Secunderabad(Telangana), to acquire certain equity shares in
Hyderabad (Telangana) based NACL Industries Limited (formerly known as Nagarjuna Agrichem
Limited), a public listed company which operates in the agro-chemical sector.
• In March 2025, CIL announced the acquisition of a majority stake (53%) in NACL Industries
Ltd. for Rs 820 crore.
i.It has proposed to make an open offer to the public to purchase up to 26% of the equity share capital in
NACL Industries Ltd., as per the SEBI’s Substantial Acquisition of Shares and Takeovers (SAST)
Regulations.
ii.The acquisition allows Coromandel to strengthen its foothold in the agrochemical sector, speed up
product launches, and venture into contract manufacturing.

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iii.NACL, a publicly listed company, operates in the agrochemical sector, providing crop protection
solutions and manufacturing active ingredients.
CCI Approved British International Investment Plc to Acquire Stakes in ReNew Photovoltaics
The CCI approved the proposal of the United Kingdom(UK) based development finance institution, British
International Investment plc (BII) which is wholly owned by the government of UK, to acquire stake in
Delhi based ReNew Photovoltaics Private Limited(RPVPL), subsidiary of ReNew Energy Global Plc .
• The proposed deal involves BII, which supports private sector businesses in developing
countries, investing in RPVPL by subscribing to its securities.
Key Points:
i.In June 2025, ReNew Energy Global Plc secured an investment of Rs 870 crore (nearly USD 100 million)
from BII to drive the growth of its solar manufacturing business in India.
ii.RPVPL will use the investment to expand its manufacturing capacity through the construction of a new 4
Giga Watt (GW) TOPCon cell facility in Dholera, Gujarat.
• Following this expansion, ReNew’s total manufacturing capacity is expected to be around 6.4
GW of modules and 6.4 GW of cells.
Recent Related News:
In May 2025, CCI approved Mumbai (Maharashtra)-based wealth and asset management company, 360
ONE WAM Limited (360 ONE) (including its group entities) proposed combined acquisition of Batlivala &
Karani Securities Private Limited, and Batlivala & Karani Finserv Private Limited.

CCI Approvals on July 08, 2025

On July 08 2025, the Competition Commission of India (CCI), operates under the Ministry of Corporate
Affairs(MoCA), has approved the following proposals:
• Approved the proposal of Kedaara Capital to purchase a certain stake in SmartShift Logistics
Solutions Private Limited, the parent company of on-demand logistics-turned-unicorn
‘Porter’.
• Approved the proposal of 360 ONE Group to acquire select wealth and lending units of
multinational investment bank UBS AG, a direct 100%-owned subsidiary of UBS Group AG
(UBS), through its entities.
CCI Approved Kedara Capital’s Stake Acquisition in Logistics Firm Porter:
The CCI approved the proposal of private equity firm Kedaara Capital Investment Managers Limited to
purchase certain stake in SmartShift Logistics Solutions Private Limited, the parent company of on-
demand logistics-turned-unicorn ‘Porter’, primarily engaged in business activities, including the provision
of logistics services, packing and moving services.
• As per the proposed arrangement, Kedaara Capital will acquire a stake in SmartShift Logistics
Solutions Private Ltd. (Target) through its two affiliates Kedaara Sapphire
Holding and Kedaara Capital Fund IV Alternative Investment Fund (AIF).
• The CCI’s approval paves the way for the completion of this significant investment, which forms
part of Porter’s strategic Series F funding round focused on expanding operations, enhancing
technological capabilities, and strengthening its workforce.
Note: In May 2025, Porter had raised USD 200 million in a Series F funding round co-led by Kedaara
Capital and Wellington Management at a valuation of USD 1.2 billion. After the completion of this
fundraising round, Porter became the 3rd unicorn after Netradyne and Juspay in 2025.
CCI Approved 360 ONE’s Proposal to Acquire Select UBS AG businesses in India:
The CCI has approved the proposal of 360 ONE Group to acquire select wealth and lending units
of Switzerland-based investment bank UBS AG, a direct 100%-owned subsidiary of UBS Group AG (UBS),
through its entities.

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 • As per the proposed arrangement, 360 ONE Portfolio Managers Limited will buy the portfolio
management services business of Credit Suisse Securities (India) Private Limited, a step-down
wholly-owned subsidiary of UBS AG.
• While, 360 ONE Distribution Services Limited will acquire the stock broking and financial
product distribution services of the same entity.
Key Points:
i.Also, CCI has approved the loan portfolio which forms part of lending and financing business of UBS
Finance India Private Limited, a systematically important non-deposit taking Non-Banking Financial
Company (NBFC) by 360 ONE Prime Limited.
ii.Additionally CCI has cleared UBS AG’s subscription to warrants of 360 ONE WAM Limited (360 OWL),
accounting for 4.95% of the paid-up share capital.
Points to Note:
i.360 OWL is the parent entity of the 360 ONE Group. It is a wealth and asset management firm in India
which serves High-Net Worth Individuals (HNWIs) through its customized wealth management solutions.
ii.360 Prime, 360 Portfolio, and 360 Distribution, are subsidiaries of 360 OWL and they are engaged in
lending, asset management, and financial product distribution.
Recent Related News:
In June 2025, CCI approved the acquisition of certain issued and paid-up equity share capital of Haldiram
Snacks Food Private Limited (HSFPL) by Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP.

RBI Permits Currant Sea to Acquire 9.99% Stake in IDFC First Bank
In July 2025, Reserve Bank of India (RBI) has approved the proposal of Currant Sea Investments B.V, a
subsidiary of Warburg Pincus, to acquire 9.99% stake for Rs. 7,500 crores in Infrastructure Development
Finance Company (IDFC) First Bank.
• The approval follows the approval by the Competition Commission of India (CCI) on June 3,
2025.
i.Currant Sea Investments B.V. and Platinum Invictus B 2025 RSC, a subsidiary of the Abu Dhabi
Investment Authority (ADIA), had jointly agreed to invest in IDFC First Bank through the issuance of
Compulsorily Convertible Preference Shares (CCPS).
ii.Currant Sea Investments B.V. will infuse Rs. 4,876 crore by subscribing to approximately 81.26 crore
CCPS, while Platinum Invictus B 2025 RSC, will invest Rs. 2,624 crore for 43.71 crore CCPS. Each share is
priced at Rs. 60.
iii.IDFC First Bank, founded in 2015, specializes in financial services such as Retail Banking, Micro Small
and Medium Enterprises (MSME) lending, wealth management, credit cards, and rural finance through its
subsidiary IDFC First Bharat.

Other News

SBI Marks 70 Years with Plan to Solarise 4 Million Homes by FY27

On July 1, 2025, Mumbai(Maharashtra) based State Bank of India (SBI), India’s largest bank,
commemorated its 70th anniversary with a special event held at the Dr. Ambedkar International Centre,
Janpath, New Delhi, Delhi.
• During the event, SBI announced the “Solar Rooftop Programme”to support India’s Renewable
Energy(RE) transition. This initiative aligns with India’s commitment to achieving Net Zero
emissions by 2070.

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Key Highlights:
i.SBI’s Solar Rooftop Programme aims to solarise 4 million (mn) homes by the Financial Year 2026-27
(FY27), promoting clean energy adoption at the household level.
• It has undertaken a mission to plant 9 lakh trees in the Cauvery basin while also supporting
underprivileged students and persons with disabilities.
ii.The bank also plans to establish a Centre of Excellence (CoE) focused on project finance for emerging
sectors such as RE, e-mobility, data centres, semiconductors, green hydrogen, decarbonisation, and smart
infrastructure.
iii.In FY25, the SBI recorded the highest agricultural lending in India, exceeding Rs. 3.5 lakh crores, with
a strong focus on supporting farm infrastructure, agri-enterprises, Farmer Producer Organisation(FPOs),
and cooperatives to promote sustainable rural development.
iv.It has spent Rs.610.8 crores on Corporate Social Responsibility (CSR) initiatives, impacting around 94
aspirational districts across the country.
• The CSR initiatives focused on areas such as healthcare, education, rural development, and
environmental sustainability.
Note: CSR refers to a company’s commitment to contribute to social, environmental, and economic
development while operating in an ethical and sustainable manner.
SBI Opens Specialized Trade Finance Centres in Kolkata and Hyderabad
On July 1, 2025, SBI inaugurated specialized Global Trade Finance Centres in Kolkata(West Bengal, WB)
and Hyderabad(Telangana).
• These centres aim to enhance the bank’s trade finance capabilities by streamlining domestic
and international trade transactions, thereby improving processing efficiency and turnaround
times.
• This move aligns with SBI’s broader strategy to bolster its global operations, including plans to
expand its presence through the International Financial Services Centre (IFSC) at Gujarat
International Finance Tec-City(GIFT City), Gujarat.
About State Bank of India(SBI):
The State Bank of India (SBI) traces its origins to the Bank of Calcutta, established in 1806. In 1921, The
Bank of Calcutta (1806), Bank of Bombay (1840), and Bank of Madras (1843) were merged to form
the Imperial Bank of India. Later, on 1st July 1955, the Imperial Bank was nationalized and renamed
the State Bank of India(SBI).
• As of October 2024, SBI holds an asset base exceeding Rs.61 trillion and serves over 500 million
customers through more than 22,500 branches, 63,580 ATMs/ADWMs (Automated Teller
Machines/Advanced Deposit Withdrawal Machines), and 82,900 business correspondent
outlets, showcasing its unparalleled presence across India.
• Globally, SBI supports Indian businesses and the diaspora with 241 offices across 29 countries.
Chairman – Challa Sreenivasulu Setty
Headquarters – Mumbai, Maharashtra
Tagline – Pure Banking, Nothing Else
Established – 1st July 1955

GCF Approves USD 200 Million for ADB’s Clean Energy Program in India
In July 2025, Incheon (South Korea) based Green Climate Fund (GCF), world’s largest climate fund,
approved USD 200 million (approximately Rs.17.07 billion) for a new Manila (Philippines) based Asian
Development Bank (ADB)-led programme that aims to unlock large-scale public and private investment
in high-impact and emerging clean energy sectors in India.
• GCF approved the funding at its 42nd Board meeting, held in Port Moresby, Papua New Guinea.

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 • This initiative is part of a broader effort by GCF to invest approximately USD 1.2 billion across
17 new climate projects, primarily in Asia and Africa.
About GCF-ADB Partnership:
i.This funding will be routed through the ADB’s India Green Finance Facility (IGFF), marking the first
partnership between GCF and ADB in India.
ii.The IGFF aims to attract investments in emerging clean energy technologies from leading Indian
Development Financial Institutions (DFIs) as well as the private sector.
iii.Through IGFF, ADB will provide Lines of Credit (LoC) to eligible DFIs, which will be responsible for
identifying and developing project pipelines.
iv.By extending LoCs to DFIs, the IGFF will fast-track financing for technologies such as round-the-clock
renewable energy, green hydrogen, compressed biogas, electric mobility in rural areas, and decentralized
renewable energy solutions.
v.A notable feature of the IGFF is a USD 65 million risk-sharing facility, designed to offer partial credit
guarantees that enable smaller developers to access affordable financing for compressed biogas projects,
often overlooked by commercial lenders due to perceived risks.
About Green Climate Fund(GCF):
GCF is the world’s largest dedicated fund, which helps to support developing nations in limiting or
reducing their Greenhouse Gas (GHG) emissions and adapting to the impacts of climate change.
• It was established under the United Nations Framework Convention on Climate Change
(UNFCCC) in 2010. It started its operations in 2015.
Executive Director(ED) – Mafalda Duarte
Headquarters – Incheon, South Korea
About Asian Development Bank (ADB):
President – Masato Kanda
Headquarters – Manila, Philippines
Established – 1966

AU SFB Partners with LIC to Expand Life Insurance Access

In June 225, Jaipur(Rajasthan) based AU Small Finance Bank (AU SFB) has entered into a strategic
partnership with Mumbai (Maharashtra) based Life Insurance Corporation of India (LIC) to
distribute LIC’s life insurance portfolio through AU SFB’s extensive network.
• This collaboration supports the national vision of “Insurance for All by 2047”, aiming to increase
insurance penetration among underserved and unserved populations.
i.Under the agreement, AU SFB will distribute LIC’s comprehensive suite of insurance products, including:
Term insurance Endowment plans Whole life policies Pension and annuity schemes Child-specific plans.
ii.The partnership seeks to enhance life insurance accessibility for underserved and unserved
communities throughout India.
iii.These products will be offered through AU SFB’s wide network of banking outlets, utilizing its extensive
reach to serve underserved communities.
Note: Established in 1996, AU SFB is the largest SFB in India and also operates as a Scheduled Commercial
Bank (SCB).

IndusInd Bank Launched Digital Banking Platform ‘’INDIE for Business’ to Empower MSMEs
In July 2025, Mumbai (Maharashtra) IndusInd Bank Limited, leading Private Sector Bank in India, has
launched ‘INDIE for Business’, a comprehensive digital banking platform designed to empower India’s
Micro, Small, and Medium Enterprises (MSMEs), which comprises over 60 billion businesses.

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 • This newly launched digital platform offers all banking services, across payments, loans,
collections, and account insights.
• The bank has positioned this digital platform as an integral component of its MSME growth
strategy, aiming to double its MSME revenue over the next 3 years.
Key Points:
i.This platform has some industry-first features such as a 360° view of all business accounts, real-time
tracking of loan balances, Equated Monthly Installments (EMIs) and due dates and digital self-onboarding.
• It also enables profile switching for entrepreneurs managing multiple entities.
ii.Through this platform, businesses can make bulk payments for salaries and vendors, pay Goods and
Services Tax (GST), income tax, and customs duties.
iii.It offers a fully paperless onboarding process, enabling MSMEs to register instantly using Aadhaar card,
debit card, or net banking credentials.
• Following the successful registration, the business will be able to accept payments via Point of
Sale (POS), Quick Response (QR) codes, and payment links.
• The platform also aims to transform cross-border payments with its quick and paperless
solutions.

AIIB Invests Rs 1,301 Crore in Aditya Birla Capital for Green Infrastructure
In July 2025, Beijing (China) based Asian Infrastructure Investment Bank (AIIB), a multilateral funding
organisation has subscribed to Rs 1,301.25 crore worth of Non-Convertible Debentures (NCDs) issued by
Mumbai (Maharashtra) based Aditya Birla Capital Limited (ABCL), a listed systemically important non-
deposit taking Non-Banking Financial Company (NBFC).
• The 3-year privately placed investment by NCD, aims to boost financing in the Renewable
Energy (RE) and e-mobility sectors to support India’s transition toward a sustainable
infrastructure ecosystem.
Key Points:
i.The capital raised by ABCL will support lending in RE generation which includes solar, wind, geothermal,
pumped storage, hydrogen production, and energy storage systems.
• It will also back electric-mobility projects covering electric-vehicle (EV) development, EV
batteries, and charging infrastructure.
ii.As part of this strategic partnership, AIIB has supported ABCL to enhance its Environmental and Social
Management System (ESMS), aligning it with Environmental and Social Framework (ESF) of AIIB to ensure
robust environmental and social governance in sub-projects.
iii.The investment supports India’s Nationally Determined Contributions (NDCs) under the Paris
Agreement (signed in 2015) and also supports various programmes of Government of India (GoI) such as:
National Infrastructure Pipeline (NIP)and Renewable Energy targets.

Slice Launches UPI Credit Card, Opens India’s First UPI-Powered Bank Branch
In June 2025, Bengaluru (Karnataka) based Slice (Garagepreneurs Internet Private Limited), a leading
fintech company, launched the Slice Unified Payments Interface (UPI) Credit Card and opened India’s
first UPI powered bank branch in Koramangala, Bengaluru(Karnataka).
• This initiative, following Slice’s merger with Guwahati (Assam) based North East Small Finance
Bank (NESFB) in October 2024, aims to transform credit access and banking services in India.
i.The newly launched Slice UPI Credit Card is a RuPay-based card with zero joining and annual fees. It
offers up to 3 percent cashback on all spending and allows customers to split any transaction into three
interest-free monthly instalments through the ‘Slice in 3’ feature.
ii.The new branch and its ATM allow all key banking services via UPI, including digital onboarding,

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cardless cash withdrawals, and deposits. The model aims to make banking more convenient by combining
UPI with branch banking for the first time in India.

IFC Committed Rs 460 Crore to IndiGrid to build India’s largest BESS Project in Gujarat
In July 2025, Washington D.C. (the United States of America, USA)-based International Finance
Corporation (IFC), the private sector lending arm of the World Bank Group (WBG), committed Rs
460 crore (USD 55 million) to New Delhi(Delhi) based IndiGrid Trust (IndiGrid), India’s 1st listed power
Infrastructure Investment Trust (InvIT), to construct India’s largest 180 Mega Watt (MW) standalone
Battery Energy Storage Systems (BESS) project in Gujarat.
• The project is designed to play a pivotal role in supporting the clean energy goals of the state by
improving grid stability and ensuring reliable power is available during peak demand.
• This latest investment by IFC supports Gujarat’s goal of achieving 100 Giga Watt (GW) of
Renewable Energy (RE) capacity by 2030.
Funding Structure:
i.Rs.460 crore was raised through long-term listed non-convertible debentures (NCDs).
ii.IFC contributed USD 38.5 million from its own account.
iii.An additional USD 16.5 million came from the Clean Technology Fund (CTF), under the Climate
Investment Funds (CIF).
About BESS project:
i.The BESS project will be set up at the Gujarat Energy Transmission Corporation (GETCO) substation
in Sanand, Gujarat.
ii.It is designed to enhance grid stability and enable efficient management of RE by storing and releasing
electricity based on demand.
iii.The project is being implemented by Gujarat BESS Project Limited, a special purpose vehicle (SPV)
established under IndiGrid.
iv.It is expected to be fully operational by February 2026, marking a significant milestone in India’s energy
storage and clean power infrastructure.
Note: Since 2023, IndiGrid has received a total Rs 32.5 billion in the form of debit from IFC.
About International Finance Corporation (IFC):
Managing Director (MD) – Makhtar Diop
Headquarters- Washington D.C., the United States of America (USA)
Established- 1956
About IndiGrid Trust (IndiGrid):
Managing Director (MD)– Harsh Shah
Headquarters- New Delhi, Delhi
Established- 2016

KVB, Kshema General Insurance Launches ‘Kshema Kisan Sathi’ for rural customers
In July 2025, Karur(Tamil Nadu, TN) based Karur Vysya Bank Limited (KVB) and Hyderabad(Telangana)
based Kshema General Insurance Limited, have entered a strategic bancassurance alliance to
introduce ‘Kshema Kisan Sathi’, a rural-focused dual-benefit insurance product aimed at India’s agri-
centric and rural communities .
• This alliance aligns with the Government of India(GoI)’s and Insurance Regulatory and
Development Authority of India (IRDAI)’s push to enhance insurance penetration in Tier-2 and
Tier-3 towns, advancing the vision of ‘Insurance for All’ by 2047.
i.Kshema Kisan Sathi has been designed with dual objectives, to provide financial security, stability, and
self-reliance to millions of rural families and agri-entrepreneurs, while also contributing to the growth of

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the rural economy.
ii.KVB will leverage its rural and semi-urban banking network to distribute the insurance scheme.
iii.Kshema General Insurance will manage underwriting and claims using advanced tools like satellite
imaging and real-time data analytics for faster processing.

Mashreq became the 1st UAE Bank to Receive Approval for IBU in GIFT City
In July 2025, Mashreq became the 1st United Arab Emirates (UAE) bank to receive an In-Principle
Approval (IPA) from Gandhinagar (Gujarat) based International Financial Services Centres
Authority (IFSCA), to set up a new International Financial Services Centre (IFSC) Banking
Unit (IBU) within the Gujarat International Finance Tec-City (GIFT City) based in Gandhinagar (Gujarat).
• This newly approved branch is expected to start its operations by the 4th Quarter (Q4) of 2025,
subject to all regulatory approvals.
i.The new IBU will offer a range of services, including foreign currency loans, trade finance solutions, and
treasury and risk management products.
ii.It will also offer regulatory incentives such as Tax Deducted at Source (TDS) exemptions in the initial
years, which will further support competitive structuring of financial solutions.
iii.This new branch will enhance Mashreq’s ability to serve clients smoothly across different time zones
and regulatory frameworks.
iv.This development is expected to strengthen UAE-India ties, promoting collaborative investments and
seamless capital flows.

NCDEX Signs MoU with IMD to Launch India’s First Weather Derivatives
In June 2025, Mumbai (Maharashtra) based National Commodity and Derivatives Exchange
Limited (NCDEX) signed a Memorandum of Understanding (MoU) with New Delhi (Delhi) based India
Meteorological Department (IMD) to launch India’s first weather derivatives.
• This strategic collaboration sets the stage for the rollout of weather derivatives, designed to
assist farmers and allied sectors in managing climate-related risks such as irregular rainfall,
extreme heat, and unseasonal weather conditions.
i.The proposed weather derivatives will leverage IMD’s real-time and historical weather datasets,
nationally validated and precision-calibrated to reflect actual ground-level conditions.
ii.These instruments will support location-specific, season-bound contracts, providing a powerful tool to
manage weather-related volatility in agriculture, transportation, and other climate-sensitive sectors.
iii.The collaboration will support capacity-building, joint research, and training programmes for
stakeholders, including Farmer Producer Organizations (FPOs), agri-traders, policy think tanks and
analysts.

LIC Launched Two New Plans, Nav Jeevan Shree & Nav Jeevan Shree Single Premium
In July 2025, Sat Pal Bhanoo, Chief Executive Officer (CEO) & Managing Director (MD) (In-Charge) of
Mumbai (Maharashtra) based Life Insurance Corporation of India (LIC) has launched two non-par, non-
linked individual plans namely, Nav Jeevan Shree and Nav Jeevan Shree Single Premium.
• These new offerings are a combination of savings and protection features designed to cater
financial requirements of buyers at various stages of life.
• Apart from these two new offerings, LIC has launched the Critical Illness Health Rider, a non-
linked, individual health rider that can be integrated to eligible base plans. It offers financial
support upon diagnosis of pre-specified critical illnesses.

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Key Points:
i.LIC’s Nav Jeevan Shree (Plan 912) is designed to cater to the all needs of individuals, who aspire to fulfill
their dreams, goals, responsibilities as well as to provide security.
ii.While, LIC’s Nav Jeevan Shree Single Premium (Plan 911), a single premium policy is meant to build
corpus and to offer life insurance.
iii.For both plans, minimum age at entry should be 30 days (completed) while, maximum age should
be 60 years.
iv.For both plans, minimum maturity age at maturity should be 18 years (completed) and maximum age
at maturity should be 75 years.
v.Both these plans can be purchased offline through licensed agents, corporate agents, brokers, insurance
marketing firms, Point of Sale Person’s-Life Insurance (POSP-LI) as well as online directly through LlC
official website.
Key Features of Nav Jeevan Shree Plan (912):
i.LIC’s Nav Jeevan Shree (912) is an endowment plan that provides guaranteed additions of 8.5% to
9.5% of the annual premium.
• LIC has also clarified that the actual rate of the guaranteed additions is based on the term of the
policy.
ii.Premiums can be paid for 6, 8, 10 and 12 years depending on the term of the plan.
iii.The minimum term of the plan is 10 years while the maximum term is 20 years. It offers flexibility to
its buyers by giving them an option to pay premiums for 6,8,10 and 12 years which further depends on the
term of the plan.
iv.Under this plan, the minimum basic sum assured is Rs 5 lakh while there is no maximum limit, subject
to board approved underwriting policy.
v.Offers flexibility to select from two ‘Sum Assured on Death’ options at the time of policy inception, based
on individual risk coverage needs.
Key Features of Nav Jeevan Shree Single Premium (Plan 911):
i.Under this single premium plan, guaranteed additions will accrue at the rate of Rs 85 per Rs 1,000 basic
sum assured at the end of each policy year from the inception till the end of policy term.
ii.The minimum policy term for this plan is 5 years while the maximum term is 20 years.
iii.The minimum basic sum assured is Rs 1 lakh while there is no maximum limit, subject to board
approved underwriting policy.
iv.The policy can be surrendered at any point during its term, with the policyholder receiving the higher
amount between the Guaranteed Surrender Value and the Special Surrender Value.
v.Offers flexibility to select from two ‘Sum Assured on Death’ options at the time of policy inception, based
on individual risk coverage needs.
About LIC’s Critical Illness Health Rider:
i.It aims to reduce financial burden in case the Life Assured is diagnosed as suffering from any of the 15
pre-specified critical illnesses, provided policy and rider are active.
ii.Minimum age at entry should be 18 years (completed) while, maximum age should be 65 years.
iii.Under this new offering of LIC, the minimum basic sum assured is Rs 1 lakh.
• While, maximum sum assured is an amount equal to the sum assured on death under the base
plan but is required to not exceed an overall limit of Rs 25 lakh critical illness sum assured
taking all existing policies of the Life Assured under this rider and the critical illness sum
assured under the new proposal into consideration.

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About Life Insurance Corporation of India (LIC):
LIC is a statutory corporation fully owned by the Government of India(GoI). It was established under
the LIC Act of 1956.
Chief Executive Officer (CEO) & Managing Director (MD) – Sat Pal Bhanoo(Additional-Charge)
Headquarters- Mumbai, Maharashtra
Established- 1956

CCIL IFSC Signs Agreement with Standard Chartered Bank to Act as Settlement Bank
In July 2025, Gandhinagar (Gujarat) based CCIL-International Financial Services Centre Limited(CCIL
IFSC), a subsidiary of Clearing Corporation of India Limited (CCIL) has signed an agreement with Mumbai
(Maharashtra) based Standard Chartered Bank (SCB), to enable real-time settlement of USD transactions
at Gujarat International Finance Technology (GIFT) City in Gandhinagar.
• The agreement was signed in the presence of Hare Krishna Jena, Managing Director (MD), CCIL
and P D Singh, CEO, India and South Asia, SCB.
i.Under the agreement, SCB International Banking Unit (IBU) will act as the settlement bank for CCIL IFSC
Limited’s Foreign Exchange Settlement System (FCSS) at GIFT City.
ii.Businesses and the financial ecosystem will benefit from the USD clearing system as it will enable faster
settlement of foreign currency transactions within the IBUs.
• It will lead to greater efficiencies in fund management for IFSC banking units, various other
institutions, and investors.

World Bank’s Gini Index: India Ranked World’s 4th Most Equal Society
In April 2025, World Bank (WB) released its report titled ‘Spring 2025 Poverty & Equity Brief’,
ranking India as the world’s 4th-most equal country with a Gini Index score of 25.5 (2022-23),
compared to 28.8 (2011-12).
• India has been ranked just behind Slovak Republic (24.1), Slovenia(24.3) and Belarus (24.4)
which are placed in the low inequality group.
• India performed well compared to all Group of Seven (G7) and Group of twenty (G20) nations,
including the United Kingdom (UK) (32.4), China (35.7), and the United States of America (USA)
(41.8).
About Gini Index:
i.The Gini Index, also known as the Gini coefficient, measures income or wealth inequality on a scale from
0 (complete equality) to 100 (complete inequality).
ii.Lower values indicate a more equal distribution of income.
iii.The index uses Lorenz curve analysis to compare the actual distribution of income against a scenario of
perfect equality.
Key Findings from the Report:
i.As per the WB’s report which has covered the data of 167 countries, only 30 countries including India,
have been placed into the ‘moderately low’ inequality category, which includes Gini Index scores
between 25 and 30.
• India is just 0.4 points away from entering the “low inequality” group, defined as countries with
a Gini Index below 25.
• India has been placed in this category along with various European countries such as Iceland,
Norway, Finland, and Belgium and also with some of the growing and wealthy economies like:
Poland, the United Arab Emirates (UAE).

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ii.Between 2011 and 2023, the share of people living on less than USD 2.15 per day, which was the global
threshold for extreme poverty till June 2025, dropped drastically from 16.2% to 2.3%, lifting 171 million
Indians out of extreme poverty.
• Under the revised extreme-poverty line of USD 3.00 per day, poverty rate in 2022–23 stands
at 5.3%.
iii.Between 2011 and 2023, Rural poverty of India fell from 18.4% to 2.8%, while urban
poverty dropped from 10.7% to 1.1%.
• States like Uttar Pradesh (UP), Maharashtra, Bihar, West Bengal (WB), and Madhya
Pradesh (MP) contributed to nearly two-thirds of the overall reduction in poverty in 2022-23.
GoI-led Key Initiatives and Schemes for India’s Improvement in Gini Index:
Various flagship schemes of Government of India (GoI) have contributed significantly to improving
financial access, welfare delivery, and entrepreneurship among marginalized groups in India:
i.Pradhan Mantri Jan Dhan Yojana (PMJDY): It is a financial inclusion scheme which has been an
integral part of India’s social equity push. As per GoI’s official data, over 55.69 crore people opened Jan
Dhan accounts (as of June 25, 2025), which gives them direct access to government benefits and formal
banking services.
ii.Aadhaar and Digital Identity: As of July 03 2025, over 142 crore Aadhaar cards have been issued by
the GoI.
iii.Direct Benefit Transfer (DBT): As of March 2023, Rs 3.48 lakh crore reached in cumulative savings,
reducing leakages in distributing the benefits of welfare schemes.
iv.Ayushman Bharat (AB): The scheme launched in 2018, offers health coverage of maximum Rs 5 lakh
per family per year. As of July 3, 2025, more than 41.34 crore Ayushman cards have been issued. The
scheme is supported by over 32, 000 empanelled hospitals nationwide.
• In 2024, the GoI had launched Ayushman Bharat: Vaya Vandana Card (AB-VVC) which extends
the coverage of AB to all citizens aged 70 and above, regardless of income.
v.Stand-Up India: Launched in 2016, aims to promote inclusive entrepreneurship in India. The scheme
offers loans between Rs 10 lakh and Rs 1 crore to Scheduled Caste (SC)/ Scheduled Tribe (ST) and women
entrepreneurs for setting –up greenfield enterprises.
• As of July 3, 2025, GoI has sanctioned over 2.75 lakh applications, with total funding of Rs
62,807.46 crore.
vi.Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY): As of December 2024, over 80.67 crore
beneficiaries received free food grains under PMGKAY, ensuring food security during crises.
vii.PM Vishwakarma Yojana: The scheme launched in 2023, supports traditional artisans and
craftspeople with collateral-free loans, toolkits, digital training, and marketing support.
• As of July 3, 2025, approximately 30 lakh individuals have registered under the scheme.
About World Bank (WB):
President- Ajay Banga
Headquarters-Washington, DC, the United States of America (USA)
Established-1944

ADB Launches UHC PEERS Network to Accelerate Health Coverage in Asia-Pacific

In July 2025, Masato Kanda, President of Asian Development Bank (ADB) announced the launch of the
Universal Health Coverage Practitioners and Experts Knowledge Exchange and Resources (UHC PEERS), a
regional peer-to-peer learning network to drive UHC across Asia and the Pacific region.
• The announcement was made during ADB’s INclusive, Sustainable, Prosperous, and
REsilient (INSPIRE) Health Systems in Asia and the Pacific Health Forum, organised at ADB’s
headquarters i.e. in Manila, the Philippines from July 07 to July 11, 2025.

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About UHC PEERS:
i.THE UHC PEERS network aims to address gap in regional health cooperation by offering a structured
platform for countries to exchange solutions for extending coverage to underserved populations.
ii.The network will complement the existing UHC Knowledge Hub in Tokyo (Japan) and enable countries
to learn from health financing reforms, service delivery innovation, expansion of coverage to vulnerable
groups.
iii.It will also facilitate exchanges on reaching remote populations, integration of private healthcare
providers, and sustainable health financing mechanisms.
• Through peer learning, countries will be able to adapt successful approaches that will further
help them to avoid financial mistakes.
About INSPIRE Health Systems in Asia and the Pacific Health Forum:
i.The 5-day long forum is hosted by ADB as part of its expanding commitment to regional health
engagement.
• It brings together over 25 developing member countries including the health ministers from 9
countries.
ii.INSPIRE is a flagship event of ADB, aims to promote innovation and drive the transformation of health
systems in Asia and the Pacific region.
iii.The forum presents ADB’s solutions working groups approach in health systems strengthening and
UHC, climate and health, and pandemic preparedness and response.

About Asian Development Bank (ADB):

President – Masato Kanda (Japan)
Headquarters – Mandaluyong City, Manila, the Philippines
Members Nations – 69 (50 members nations are from Asia-Pacific region)
Established – 1966

Asia Index Unveiled New BSE Insurance Index

In July 2025, Asia Index Private Limited, a wholly-owned subsidiary of Bombay Stock Exchange (BSE),
unveiled a new index named ‘BSE Insurance Index’.
• This newly launched index is derived from the constituents of BSE 1000 index that are classified
under the insurance sector.
i.The index has a base value of 1000, with its inception date set as June 18, 2018.
ii.The index, which caps stock weight at 25%, will be revised semi-annually i.e. in the months of June and
December.
iii.The index can be used for running passive strategies like: Exchange Traded Funds (ETFs), and Index
Funds.
iv.It can further be used for setting benchmarks for Portfolio Management Services (PMS) strategies,
mutual fund schemes, and fund portfolios.

KMBL and IndiGo Relaunch Co-Branded Credit Cards with IndiGo BluChip Rewards
On July 10, 2025, Kotak Mahindra Bank Limited(KMBL) and IndiGo Airlines have partnered to relaunch
co-branded credit cards, powered by IndiGo BluChip, IndiGo’s newly introduced loyalty program.
• The move aims to attract both frequent flyers and customers looking to earn rewards on
everyday spending.
i.The co-branded offering includes two variants, including the ‘IndiGo Kotak Credit Card’ and the ‘IndiGo
Kotak Premium Credit Card’. The cards allow users to earn BluChips, which can be redeemed for IndiGo
flight bookings across domestic and international routes.

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ii.The IndiGo Kotak Credit Card offers customers the chance to earn over 30,000 BluChips annually on
spending of Rs.6 lakhs, including milestone and bonus rewards.
iii.The Kotak Premium Credit Card, designed for frequent flyers, offers over 70,000 BluChips on annual
spends over Rs.12 lakhs, turning everyday spending into return tickets to popular destinations.
iv.Premium cardholders can earn up to 21 BluChips per Rs.100 spent on IndiGo bookings, while the
standard card offers up to 19 BluChips per Rs.100.
v.Cardholders also earn BluChips on dining, entertainment, and miletone spending.

CAMS Launches CAMSPay’s New Payment Gateway

On July 9, 2025, Computer Age Management Services (CAMS) has launched ‘CAMSPay Payment
Gateway’, a next-generation platform, designed to meet the evolving needs of businesses in India. The
gateway is accredited by Mastercard, VISA, and RuPay, reflecting its adherence to the highest standards of
compliance and security.
• CAMSPay is developed in partnership with Mylapay to ensure security. Ratnakar Bank
Limited (RBL) serves as the Bank Identification Number (BIN) sponsor for smooth card
processing and banking operations.
i.The gateway is designed to support over 5,000 Transactions Per Second (TPS), which will benefit the
high-volume enterprises.
ii.It offers real-time analytics and dashboards to help businesses identify payment trends and operational
efficiencies while ensuring seamless performance during peak traffic surges.
iii.The new platform is built to address key challenges such as compliance, with Reserve Bank of India
(RBI)’s tokenization and data localization mandates, the need for real-time visibility, fraud prevention, and
reliable transaction processing at scale.
Note: India’s digital payments market is projected to reach USD 10 trillion by 2030, growing at a
compound annual growth rate (CAGR) of over 20%

AIIB Commits USD100 Million to IIFL Home Finance for Affordable Housing in India
In July 2025, the Asian Infrastructure Investment Bank (AIIB) signed a USD 100
million (approximately Rs. 830 crore) funding agreement with IIFL Home Finance Limited (IIFLHF) to
enhance affordable housing finance access for Economically Weaker Sections (EWS) and Low-Income
Groups (LIG) in India.
• The investment will also support eco-friendly construction practices in line with India’s climate
and sustainability goals. This marks AIIB’s first partnership with IIFLHF.
i.The funding will be utilized to support both demand-side and supply-side housing needs:
• Demand-side: Home loans for EWS/LIG families to purchase/build houses.
• Supply-side: Financing developers constructing affordable housing projects
ii.Notably, 20% of funds will promote green-certified affordable housing, aligning with India’s Paris
Agreement commitments and supporting the Pradhan Mantri Awas Yojana – Urban (PMAY-U) 2.0, which
aims to provide “Housing for All” in urban areas.

India leads the world in fast payments with UPI Surge, transactions Cross 18 Billion monthly :
IMF Report
In June 2025, the International Monetary Fund (IMF) released a Fintech note titled “Growing Retail
Digital Payments: The Value of Interoperability”, authored by Alexander Copestake, Divya Kirti, and
Maria Soledad Martinez Peria.

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 • The note highlights India’s digital transformation, noting that Unified Payment Interface (UPI)
has become the largest retail fast payment system globally by volume.
• India has emerged as a global leader in fast digital payments, driven by the rapid adoption of
UPI, even as the use of debit and credit cards sees a gradual decline.
Key Highlights:
i.UPI launched in 2016 is an instant real-time payment system developed by the National Payment
Corporation of India (NPCI) to facilitate inter-bank transactions through mobile phones.
ii. Developed on the Immediate Payment Service (IMPS) framework, UPI now facilitates over 18 billion
transactions monthly, emerging as the leading mode of electronic retail payments in India.
• In June 2025, UPI recorded a 32% year-on-year surge in transaction volume, while the total
transaction value increased by 20% compared to the same month last year. Daily UPI
transactions also saw an uptick, rising to 613 million from 602 million in May 2025.
iii.The note stated that interoperability can accelerate the adoption of digital payments through two key
mechanisms:
• First, it empowers users to select their preferred payment application, whether based on brand
trust or transaction reliability, without being restricted to a single provider.
• Second, it motivates existing service providers to enhance their quality of service to retain
users, while also encouraging the entry of innovative new players into the market.
iv.It also stated that interoperable payment systems, such as UPI, serve as viable alternatives to closed-
loop systems, a payment system in which both the payer and the receiver must use the same platform or
provider for the transaction to happen.
• It further noted that policymakers must remain alert to the rise of dominant private players to
ensure the system stays open, interoperable, and competitive.
v.The note underscores a notable decline in cash usage proxies, such as Automated Teller Machine (ATM)
withdrawals, and a concurrent fall in debit and credit card use.
About International Monetary Fund(IMF):
Managing Director (MD) –Kristalina Georgieva
Headquarters – Washington DC, the United States of America (USA)
Member Nations – 190
Established – 1944

Groww MF launches India’s first power-focused ETF and FoF

In July 2025, Groww Mutual Fund (MF), the asset management arm of the investment platform, Groww,
has launched two new passive investment schemes: the ‘Groww BSE (Bombay Stock
Exchange) Power ETF (Exchange Traded Fund)’ and the ‘Groww BSE Power ETF FoF (Fund of Fund)’.
• These are India’s first ETF and FoF dedicated exclusively to the power sector. The funds are
jointly managed by Nikhil Satam, Aakash Chauhan, and Shashi Kumar.
• The New Fund Offer (NFO) for both schemes will open for subscription on July 18, 2025 and
close on August 1,2025.
About Newly Launched Schemes:
i.Groww BSE Power ETF: It is a fund that invests directly in the BSE Power Index’s underlying companies.
• It is designed for investors aiming for long-term capital growth by investing in equities and
equity-related instruments included in the BSE Power Index.
ii.Groww BSE Power ETF FoF: It is a MF that invests in the units of ETF.
• This is suitable for investors aiming for long-term capital appreciation by investing in units of
the Groww BSE Power ETF.

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iii.The minimum application amount for both the ETFs is Rs.500, with no exit load.
About the index:
i.Both ETF funds aim to track the BSE Power Index – Total Return Index (TRI), offering investors low-cost
exposure to companies in India’s power sector.
• This index offers exposure to 14 companies engaged in power generation, transmission, utilities
and infrastructure.
ii.The index represents India’s electricity sector, which has witnessed rapid growth driven by economic
growth, policy reforms and a transition toward Renewable Energy(RE).
Important Terms:
i.Exchange Traded Fund(ETF): It is an investment fund that owns a collection of assets (like stocks or
bonds) and is traded on a stock exchange, similar to how individual stocks are traded. It allows investors
to diversify their portfolio by investing in a basket of securities with a single purchase
ii.Fund of Fund(FoF): A FoF is a type of mutual fund that invests in units of other mutual fund schemes
instead of directly investing in stocks, bonds, or other securities.
About Groww Mutual Fund:
Chief Executive Officer (CEO) –Varun Gupta
Headquarters – Mumbai, Maharashtra
Establishment – 2011

SMFG and SBI Holdings Jointly to Launch Wealth Management Venture in Japan
On July 15, 2025, Tokyo (Japan) based Sumitomo Mitsui Financial Group (SMFG) and SBI Holding Inc
announced a joint venture (JV) to offer wealth management services to affluent individuals in Japan.
• The partnership aims to manage Japanese Yen (JPY) 10 trillion (approximately USD 69 billion)
in assets within 5 years.
i.The JV will be funded by SMFG and Sumitomo Mitsui Banking Corp (SMBC), and SMBC Nikko Securities,
subsidiaries of SMFG, SBI Holdings, and SBI Securities Co.
ii.The venture aims to become profitable within three years and to yield JPY 10 billion in pre-tax profit by
five years.
iii.As per a report by the Daiwa Institute of Research, the number of Japanese households with financial
assets of JPY 50 million (USD 347,000) is anticipated to increase to 6.1% by the end of the financial year
from April 2035.

EximPe Receives In-Principle Approval for Cross-Border PA License

On July 15, 2025, EximPe, a cross-border fintech company, has received in-principle approval from the
Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA) for Cross-Border Export and Import
activities (PA-CB E&I).
• The approval was made under the Payments and Settlements Systems (PSS) Act, 2007.
i.With the PA-CB license, EximPe can offer fully regulated cross-border payment services, including
handling pay-ins and pay-outs for digital services, e-commerce, and Business to Business (B2B) trade
across emerging Asian markets, reducing transactional friction and improving compliance for Small and
Medium Enterprises (SMEs).
ii.Eximpe, based in Bengaluru (Karnataka), was founded in 2021. It has joined other companies such as
Skydo, BriskPe, PayPal, and Wise, which have received in-principle approval from RBI.
iii.Currently, six companies, including Adyen India, Amazon Pay India, Cashfree Payments, BillDesk, Pay10,
and Worldline ePayments India, have received full license to operate as PA-CBs.

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NIPL adds 13 banks to UPI-PayNow linkage to boost India-Singapore remittances
In July 2025, the NPCI International Payments Limited(NIPL), the international arm of the National
Payments Corporation of India (NPCI), has announced the inclusion of 13 additional Indian banks into
the Unified Payment Interface (UPI)-PayNow, payment linkage between India and Singapore.
• This addition, effective from July 17, 2025, takes the total number of participating Indian banks
to 19, significantly easing cross-border remittances for individuals, including migrant workers
and students in Singapore.
Note: PayNow is a Singaporean real-time payment system that allows users to send and receive money
instantly using mobile numbers, National Registration Identity Card(NRIC) /Foreign Identification
Number(FIN), or Unique Entity Number(UEN) or Virtual Payment Address(VPA).
Indian Banks on UPI–PayNow :
i.As of July 2025, 19 Indian banks have been integrated into the UPI–PayNow linkage.
ii. The expanded list includes major public and private sector banks such as Bank of Baroda (BoB), Bank of
India (BoI), Canara Bank, Central Bank of India (CBI), Federal Bank Limited, HDFC Bank Limited, IDFC
FIRST Bank, IndusInd Bank, Karur Vysya Bank (KVB), Kotak Mahindra Bank Limited (KMBL), Punjab
National Bank (PNB), South Indian Bank (SIB), and UCO Bank, alongside previously linked banks like Axis
Bank Limited, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank (IOB), and State Bank of
India (SBI).
About UPI-PayNow:
i.The UPI-PayNow service was launched as a joint initiative between the Reserve Bank of India (RBI) and
the Monetary Authority of Singapore (MAS).
ii.This initiative enables the account-holders of the participating banks and financial institutions in India
and Singapore to perform cross-border remittance transactions through the UPI-PayNow linkage.
• It allows users to send or receive money efficiently via a mobile number or Virtual Payment
Address(VPA).
iii.UPI-PayNow is the world’s first cloud-based, real-time cross-border payment system, meaning that it
uses cloud technology, instead of physical servers or traditional banking infrastructure.
iv.Apart from the cross-border remittance, the UPI is also accepted at select merchant outlets in Singapore
via Quick Response (QR) code payments.
v.The recipient in India can receive remittances (inward remittance) from Singapore in their accounts
held with any of the selected 19 banks through their preferred UPI-enabled apps.
v.Outward remittances from India to Singapore are available through Canara Bank, HDFC Bank, KVB,
ICICI Bank, Indian Bank, IOB and SBI.
About NPCI International Payments Limited(NIPL):
Managing Director (MD) & Chief Executive Officer (CEO) – Ritesh Shukla
Headquarters – Mumbai, Maharashtra
Established – 2020

Taiwan’s CTBC Bank Proposed to Set Up IBU at GIFT City

In July 2025, CTBC bank, a Taiwanese commercial bank, has proposed to the International Financial
Services Centre Authority (IFSCA) to set up an International Financial Services Centre(IFSC) Banking
Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.
• With this move, CTBC will become the second Taiwanese bank to establish an IBU at GIFT City,
following Taipei Fubon Commercial Bank.
i.In January 2025, CTBC bank received approval from Financial Supervisory Commission (FSC), Taiwan, to
establish IBU in GIFT City.

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ii.An IBU is a branch of a domestic or foreign bank, established at the IFSC (GIFT City). It operates only in
foreign currencies.
iii.IBUs can offer services such as External Commercial Borrowings (ECBs), Syndicated loans to foreign
entities, Foreign Exchange (Forex) services, Trade finance for export and import transactions, Capital
market operations.
Note: Yes Bank was the first bank to set up an IBU in GIFT City in 2015.

IRDAI Panel Recommends Ban on Mergers between Insurers and Non-Insurers

On July 17, 2025, a committee set by the Insurance Regulatory and Development Authority of
India (IRDAI) has recommended a prohibition on mergers between insurance and non-
insurance companies. The panel, led by Dinesh Kumar Khara, Chairman, State Bank of India (SBI),
highlighted the potential risks to policy holders.
• In February 2025, IRDAI constituted a seven-member committee to assess the proposed
amendments to the Insurance Act, 1938.
i.The committee submitted its confidential report at the 132nd meeting of IRDAI held in Hyderabad,
Telangana.
ii.Mergers between insurers and non-insurers could lead to a moral hazard, increasing the conflict of
interest, undermining the protection of the policyholders and the stability of the sector.
iii.During the meeting, IRDAI constituted panels consisting of its whole-time members to adjudicate
violations committed by insurance companies and intermediaries.

WB’s Global Findex Report 2025: India maintains 89% financial account ownership, Faces High
Inactivity Rates
In July 2025, the World Bank (WB) has released the 5th edition of its Global Findex Database titled
“Connectivity and Financial Inclusion in the Digital Economy”. As per the report, financial account
ownership in India rose sharply to 89% in 2024, up from 77.5% in 2021 and a significant leap from just
35% in 2011.
• The Global account ownership rate stood at 79%, an increase of 28% points since 2011, when
the first round of Global Findex data was collected.
• In low- and middle-income economies, account ownership grew from 42% in 2011 to 75% in
2024, while in most high-income economies, it surged to 95% in 2024, from 87% in 2011.
Note: Account ownership is defined as a person having an account at a bank or similar institution or with a
mobile money provider.
About Global Findex Report:
i.The Global Findex Report was prepared by the Finance and Private Sector Development team of the
Development Research Group in theWB’s Development Economics Vice Presidency.
• Since 2011, it has been published every 3 years.
ii.It is the world’s only demand-side survey focused on financial inclusion and serves as a key source of
data on how adults globally access and utilize financial services.
iii.The Global Findex 2025 features a new addition, the ‘Digital Connectivity Tracker’, which assesses
both access to and usage of mobile technology.
Assessment:
The World Bank surveyed approximately 145,000 adults across 141 economies over the course of
calendar year 2024.
• These data are used to track progress towards the United Nations Sustainable Development
Goals (UN-SDG).

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Key Highlights of Global Findex Report 2025:
Global Trends:
i.As of 2024, around 1.3 billion adults globally remain unbanked, lacking access to financial accounts and,
consequently, the benefits of the formal financial system. Of these, over 700 million are women.
• In low- and middle-income economies, more than 650 million (mn) adults without financial
accounts reside just in 8 countries – Bangladesh, China, the Arab Republic of Egypt, India,
Indonesia, Mexico, Nigeria, and Pakistan.
ii.Europe and Central Asia have the largest share of women without accounts at 61%.
• Turkey drives this high percentage, with 77% of its adults without accounts are women.
Higher share of inactive accounts:
i.In India, the inactive account holder status i.e., non-usage of accounts in the past 12 months in 2024
is 16% of account holders, compared to the global average of 6%.
ii.In low- and middle-income economies (excluding India), the inactivity rate falls to 3% or 4% of account
owners.
Mobile Money:
i.From just 2% of adults globally having a mobile money account in 2014, to 15% globally and 18% in low-
and middle-income economies.
• 40% of adults in Sub-Saharan Africa had a mobile money account as of 2024, up from 27% in
2021 (highest rate of mobile money account ownership of any world region).
ii.Out of the above 89% account ownership in India, 88.7% were held with a bank/financial institution
and 23.1% reported having a mobile money account.
iii. Only 48.5% of Indian adults made or received a digital payment in the past year.
Note: Mobile money refers to financial transactions and services that can be carried out using a mobile
device and these services may or may not be linked to a bank account.
Gender gap:
i.The gender gap in account ownership has narrowed to 4% globally, and 5% in low- and middle-income
economies. As of 2024, 73% of women in low and middle-income economies had accounts, up from just
50% in 2014 and 66% in 2021.
ii.Between 2021 and 2024, the gender gap in active accounts narrowed from 12% to 7% points, driven
mainly by increased digitisation of government payments to women. Digital receipt of government-to-
person (G2P) transfers among women rose from 13% in 2021 to 24% in 2024.
iii.In High-income economies, there is no significant gender gaps in account ownership, whereas:
iv.The mobile phone ownership among women likely contributes to the narrowing gender gaps.
• Only 66.5% of adults in India own a personal mobile phone, with just 42% having a
smartphone. Notably, just 38.3% of phone users have enabled password protection on their
devices, raising security concerns.
Other Key Highlights:
i.Saving:The share of adults saving formally in low- and middle-income economies increased across all
regions between 2011 and 2024.
• In low- and middle-income economies it increased from 17% in 2011 to 40% in 2024.
• East Asia and Pacific registered the largest increase, at 20%, driven by an increase of 22% in
China alone.
• India exhibits mixed financial behaviour, with just 38.6% of adults saving money in the past
year, formally or informally, while 63.3% reported borrowing funds during the same period.
ii.Digital Payments: The use of digital payments among account owners is high across all regions except
South Asia where just 57% of account owners made or received digital payments.
• In India, the share of account owners who used digital payment stood at 54%

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iii.Digital Merchant Payments: The use of digital merchant payments—payments made by retail
customers to businesses in stores or online grew to 42% of all adults in 2024, up from 35% in 2021.
• Across low- and middle-income economies, it is 82% of account owners.
• 27% in East Asia and Pacific region
• 51% in Europe and Central Asia
About World Bank (WB):
President – Ajay Banga
Headquarters – Washington, D.C., United States of America(USA)
Member Nations – 189
Established – 1944

ADB granted Rs.975 cr loan for building infrastructure in 9 industrial areas in Tripura
In July 2025, Manila(Philippines) based the Asian Development Bank (ADB) has granted a loan amounting
to Rs. 975.26 crores(USD 85.4 million) for building infrastructure in nine industrial areas in Tripura.
• The initiative aims to revamp Tripura’s manufacturing ecosystem by promoting inclusivity and
boosting global competitiveness.
• The Tripura Industrial Development Corporation (TIDC) announced that the project will
encompass the development of industrial sheds, power substations, underground electrical
infrastructure, fire service stations, and the construction of 34 roads across designated
industrial areas.
Key Highlights:
i.Under this project, the State government has handed over plots for setting up industrial areas
at Santirbazar (127 acres) in South Tripura and Fatikroy (28 acres) in Unakoti district, Tripura.
• The Rs.975 crore cover 9 industrial areas including Bodhjungnagar, RK Nagar, Dukli, AN Nagar,
Kumarghat, Dhajanagar, Dharmanagar, Deewanpasa, and Sarasima
ii.TIDC has recovered 28 acres of land from 24 dormant industrial units to make space for new
entrepreneurs setting up industries in the northeastern(NE) state.
• The TIDC has already begun demarcation work to undertake infrastructure building in the two
new areas.
iii.Currently, two plywood manufacturing units are operational in the state, with seven more in the
pipeline.
iv.Tripura, with 1,10,000 hectares of rubber plantations, has identified 10,000 hectares of senile trees
suitable for plywood production.
About Tripura:
Chief Minister (CM)- Dr.Manik Saha
Governor– N Indrasena Reddy
Capital– Agartala
Ramsar Sites – Rudrasagar Lake
About Asian Development Bank (ADB):
ADB has 69 shareholding members including 50 from the Asia and Pacific region.
President – Masato Kanda
Headquarters – Manila, Philippines
Established – 1966

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Laraware Launches India’s First Fully AI-Driven Fintech Platform ‘Nxtbanking’
In July 2025, Anvesh Tiwari, Chief Technology Officer (CTO), Laraware Private Limited spearheaded the
launch of “Nxtbanking”, India’s first fully Artificial Intelligence (AI)-powered fintech software platform,
developed by Laraware, to revolutionise the digital financial services in India.
• The platform integrates more than 50 financial Application Programming Interface (API),
including Aaadhar Enabled Payment System (AEPS), Bharat Bill Payment System (BBPS), and
Micro Automated Teller Machine (ATM).
i.The platform is designed to support banks, Non-Banking Finance Companies (NBFCs), Payment
Aggregators (PAs), and fintech startups to instantly provide end-to-end banking services with rapid and
secured functionality.
ii.It is designed to streamline onboarding, verification, transaction processing, and fraud prevention, with
AI automation.
iii.The platform is equipped with an 8-layer AI compliance engine, which includes Real-Time Aadhar,
Permanent Account Number (PAN), Goods and Services Tax Identification Number (GSTIN) & Bank
Account Verification, AI-based Optical Character Recognition(OCR) and document parsing, Facial Match
and liveness detection, geographical tagging(Geo-tagging), device fingerprinting, and real-time fraud
scoring.
iv.Developer-first architecture supporting white-labeled retailer portals, custom business intelligence (BI)
and analytics dashboards, developer Software Development Kits (SDKs), and Application Programming
Interface (API) tools

LIC Signs MoU with DoRD to Promote Bima Sakhi Yojana in Rural Areas
On July 21, 2025, the Life Insurance Corporation of India (LIC) has signed a Memorandum of
Understanding (MoU) with the Department of Rural Development (DoRD), Ministry of Rural Development
(MoRD) to promote ‘Bima Sakhi Yojana’ in rural areas.
• The MoU was signed during the National Conclave on Financial Inclusion, “Anubhuti”,
organized by the MoRD, from July 8 to 10, 2025, in Goa.
i.Bima Sakhi Yojana, launched by LIC, is designed to empower women aged 18-70 years, who have
passed class 10. The participating women will be given training and stipend for 3 years.
• The scheme aligns with Deendayal Antyodya Yojana- National Rural Livelihood Mission (DAY-
NRLM).
ii.Under the scheme, each woman volunteer will receive a stipend of Rs.7,000 per month in the first year,
Rs.6,000 per month in the second year, and Rs.5,000 in the third year.
iii.Each Bima Sakhi woman will have a target of insuring two individuals every month or 24 individuals in
a year to earn the commission.

Government’s RRB Consolidation Drive reduces RRBs from 196 to 28 Under ‘One State-One
RRB’ Policy
The Government of India (GoI) initiated a structural consolidation of Regional Rural Banks (RRBs) in
Financial Year 2005–06 (FY06) to improve their operational viability and harness the benefits of
economies of scale.
• The amalgamation of RRBs has led to the creation of state-level RRBs with contiguous
operational areas, streamlining management and enhancing service delivery.
Background:
i.Phase-I amalgamation: In 2005-2010, the number of RRBs was brought down from 196 to 82 by
amalgamating RRBs of the same Sponsor Bank within a State.

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ii.Phase-II amalgamation: In 2012-14, the number of RRBs was brought down from 82 to 56, by
amalgamating RRBs across Sponsor Banks within a State with geographically contiguous areas of
operation.
iii.Phase-III amalgamation: Initiated in 2019 by amalgamating weaker RRB with the stronger RRB. The
number of RRBs was brought down from 56 to 43 at the end-March 2021.
Key Highlights:
i.In 2021, NABARD (National Bank for Agriculture and Rural Development) conducted a study and found
that RRB amalgamation had improved their financial viability and overall performance.
ii.The Reserve Bank of India (RBI) published the findings of the study in their Statutory Publication on
‘Report on Trend and Progress of Banking in India (2020-2021)’.
• The study revealed that across various phases of amalgamation, the share of profitable and
sustainably viable RRBs consistently increased, while accumulated losses as a percentage of
total assets declined.
• Post-amalgamation profitability, along with capital infusion in weaker banks, led to
improvements in both the leverage ratio and the reserves-to-capital ratio of RRBs.
iii.Under Phase-IV of the amalgamation process, the number of RRBs was reduced from 43 to 28, effective
from May 1, 2025, across 26 states and 2 Union Territories (UTs).
iv.The amalgamation of RRBs, guided by the ‘One State–One RRB’ principle, was executed based on
audited financials as of April 30, 2025, and came into effect on May 1, 2025.
• For smooth implementation, the GoI constituted a State Level Monitoring Committee (SLMC)
and a National Level Project Monitoring Unit (NLPMU) to oversee and monitor the
amalgamation process.
v.To ensure smooth and structured implementation of the RRB amalgamation process, NABARD issued a
comprehensive National-Level Standard Operating Procedure (SOP), outlining detailed steps for policy
harmonisation.
• This included the formation of an Amalgamation Project Management Unit (APMU), Steering
Committee and Functional Committees to finalise harmonised policies, operational frameworks,
and manage the day-to-day integration process.
Note: The “One State-One RRB” principle is a strategic initiative led by the Department of Financial
Services (DFS) under the Ministry of Finance (MoF). It aims to reduce the number of RRBs in each state to
a single entity, sponsored by a major public sector bank.
About Regional Rural Bank:
The RRBs were established in 1975 under the provisions of the Ordinance promulgated on
26th September 1975 and RRB Act, 1976. The shareholding pattern of RRBs among the Central
Government (CG), sponsoring bank and State Government (SG) is 50:35:15 respectively.
The authorised capital of the RRB is Rs 2000 crores. The minimum issued capital of the RRB is Rs 1
crore.

SBI Research Report: 5 States Account for Nearly 50% Active GST Taxpayers; UP Tops
In July 2025, SBI Research, the economic research division of the State Bank of India (SBI), released its
latest research report on Octennial Anniversary of Goods and Services Tax (GST). As per the report, 5
states namely, Uttar Pradesh (UP), Maharashtra, Gujarat, Tamil Nadu (TN) and Karnataka, account for
nearly 50% of the total active GST taxpayers in India.
• UP leads the top five states, contributing 13.2% of all active GST taxpayers in India, followed by
Maharashtra (12.1%), Gujarat (8.4%), Tamil Nadu, TN (7.7%), and Karnataka (6.9%).
• The report showed that top 5 states account for 41% of gross revenue while, 6 states surpasses
the mark of Rs 1 lakh crore.

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Key Findings:
i.The data further revealed that there are over 1.52 crore active GST registrations (as of May 31, 2025).
• Of these, 13,323,171 are normal taxpayers, 1,481,562 are composition taxpayers, 20,578 are
input service distributors, 22,835 are tax collectors at source, 374,229 are tax deductors at
source, and 3,808 belong to the “others” category.
ii.The report highlighted that almost 1/5th (20%) of registered taxpayers having at least one female 14%
registered taxpayers having all female members.
• It also showed that 15% share of women in overall Income taxpayers and 40% in overall
deposits, reflecting women empowerment.
iii.The report showed that states such as Uttarakhand, Chhattisgarh, Jammu & Kashmir (J&K), and
Himachal Pradesh (HP) have very little contribution to the total GST taxpayer base, with each accounting
for 1.4% of less.
iv.The report observed some economically stronger states such as: Telangana, TN, Kerala,
AP and Karnataka, are underperforming in GST participation when compared to their share in the overall
Gross State Domestic Product (GSDP).
• In contrast to this, states like: UP, Bihar, and Gujarat have larger share in total GST
registrations compared to their share in overall GSDP, reflecting greater formalization and
improved tax compliance.
v.As per the report, gross GST collection has doubled in the last 5 years i.e. from Rs 11.4 lakh crore in
Financial Year 2020-21 (FY21) to approximately Rs 22.1 lakh crore in FY25.
• It further revealed that average monthly gross GST collection now stands at nearly Rs 2
lakh crore.
Recent Related News:
In May 2025, SBI released its latest research Ecowrap report. As per the report, India’s Gross Domestic
Product (GDP) registered robust growth of 7.4% in fourth Quarter (Q4: January-March) of Financial Year
2024-25 (FY25).
• This growth is mainly driven by a sharp 12.7% increase in net indirect taxes.

World Bank Report: By 2030, Indian Cities to Create 70% of Jobs but May Lose USD 5 billion to
Floods
In July 2025, the World Bank Group (WBG) released its latest report titled ‘Towards Resilient and
Prosperous Cities in India’, prepared in partnership with the Ministry of Housing and Urban
Affairs (MoHUA), Government of India (GoI). The report has projected that Indian cities hold huge
potential as centres of economic growth, with 70% of new jobs coming from cities by 2030.
• Annual pluvial flood-related losses are expected to increase from currently estimated USD 4
billion to USD 5 billion by 2030 and between USD 14 and USD 30 billion by 2070, if cities don’t
invest in adoption.
• The report is based on analytical work conducted between September 2022 and May 2025 and
is supported by the Global Facility for Disaster Reduction and Recovery (GFDRR) including its
City Resilience Program.
Key Findings:
i.India’s urban population is expected to almost double by 2050 to 951 million and over 144 million new
homes will be required by 2070.
ii.The report warns that Indian cities face increasing vulnerability to climate risks like floods and
heatwaves, necessitating investments exceeding USD 2.4 trillion by 2050 and USD 10.9 trillion by 2070
to develop resilient, low-carbon infrastructure.

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iii.The report has studied 24 Indian cities, with a special focus on cities like: Chennai (Tamil Nadu, TN),
Indore (Madhya Pradesh, MP), New Delhi (Delhi) ,Lucknow (Uttar Pradesh, UP), Surat (Gujarat) and
Thiruvananthapuram (Kerala).
• The report has further identified cities like: New Delhi, Chennai, Surat and Lucknow, are most
exposed to urban heat island effects and flood risks, particularly due to settlement expansion
into vulnerable areas.
• It cautioned that timely action is required for cities to deal with impacts from extreme weather
events and help to avert huge economic losses in future.
iv.The report noted that only 10 out of 126 cities assessed under the Climate Smart Cities Framework have
carried out flood risk assessments and created flood management plans.
v.The report has outlined several recommendations for national and state-level interventions like:
implementing programs to address extreme urban heat and flooding which includes better regulation of
storm water, green spaces, installation of cool roofs, and effective Early Warning Systems (EWSs).
Key Projections related to Heat Stress:
i.Intense heat waves and urban heat island effects were already causing temperatures in city centres to
increase by over 3-4 degrees over surrounding areas.
ii.The report revealed that exposure to dangerous heat levels increased by 71% in India’s 10 largest
Indian cities between 1983 and 2016, increasing from 4.3 billion to 10.1 billion persons-hours per year.
iii.As per the report, heat-related deaths are expected to double i.e. to over 3 lakh annually by 2050.
• The report cautioned that if greenhouse (GHG)emissions continue at current levels, annual
heat-related deaths are expected to increase from 1.44 lakh to over 3.28 lakh by 2050.
iv.The report has estimated that heat mitigation alone could increase India’s Gross Domestic Product
(GDP) by a maximum of 0.4% and can save over 1.3 lakh lives annually from heat impacts by 2050.
Cities Need More Funds as Flood Losses Rise:
i.India currently spends only 0.7% of its Gross Domestic Product(GDP) (as of 2018) on urban
infrastructure and services, much less than many other countries.
• This spending, which averaged USD 10.6 billion annually between 2011 and 2018, needs to rise
significantly.
ii.Urban stormwater flooding now causes annual losses of around $4 billion—equivalent to 0.5% to 2.5%
of India’s GDP.
About World Bank (WB):
President– Ajay Banga
Headquarters– Washington, DC, the United States of America (USA)
Established– 1944

Equitas Small Finance Bank Launches FCNR Deposits and Explorer Savings Account
On July 22, 2025, Equitas Small Finance Bank (ESFB) announced the launch of two specialized Financial
Products such as ‘Foreign Currency Non-Resident (FCNR)(B) Deposit Account’ and the ‘Equitas
Explorer Savings Account’, with an aim to meet the financial needs of Non-Resident Indians (NRIs) and
Seafarers.
• The bank aims to meet the financial needs of over 2,85,454 Indian Seafarers and maritime
professionals working across international waters, and more than 35.4 million NRIs worldwide
About FCNR(B) Deposit Account:
i.The FCNR(B) Deposit account is a type of Fixed Deposit (FD) account, in which NRIs save their earnings
in foreign currency in United States Dollar (USD) in India.
ii.The bank offers rewarding interest rates, tax-free interest income on earnings in India, and full
repatriation of principal and interest.

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iii.The FCNR deposit account is launched to ensure seamless growth of wealth for global customers with
no risk of foreign exchange due to exchange rate volatility, simplified renewals, and the ability to increase
FCNR earnings.
About Equitas Explorer Savings Account:
i.The Account is designed for NRIs and Persons of Indian Origin (PIOs), working in foreign shipping
companies, merchant navy, and oil rigs.
ii.Equitas offer in two variants, Non-Resident External (NRE) and Non-Resident Ordinary (NRO).
• NRE accounts let NRIs deposit foreign earnings in Indian Rupees, with tax-free interest and full
repatriation of principal and interest.
• NRO accounts manage income earned in India, allowing repatriation of principal (up to USD 1
million yearly) after tax, while interest is taxable with TDS.
iii.The account offers Premium VISA Platinum International Debit Card (NRE Account), accident insurance
of Rs. 1 crore, home contents insurance of Rs. 2 lakhs against burglary and fire, and mandate holder facility
for close relatives in India. It also offers a 25% discount on locker facilities.
iv.The bank mandates to maintain an Average Monthly Balance (AMB) of Rs 1 lakh or a Total Relationship
Value (TRV) of Rs.10 lakhs.
• TRV comprises the balances across Savings Account (SA), Current Account (CA), FD, and
Recurring Deposit (RD) with the bank.
v.Mandate holder facility for close resident relatives, allowing them to operate the account on behalf of the
NRI.
About Equitas Small Finance Bank (ESFB):
Managing Director (MD) & Chief Executive Officer (CEO) – P.N. Vasudevan
Headquarters – Chennai, Tamil Nadu (TN)
Established – 1993

PhonePe Partnered with SBI Card To Launch Two Co-Branded Credit Cards
On July 22, 2025, PhonePe, a digital payments and financial services company,
in partnership with SBI Cards and Payment Services Limited, a subsidiary of the State Bank of India
(SBI) jointly launched co-branded credit cards of two variants such as ‘PhonePe SBI Card
PURPLE’ and ‘PhonePe SBI Card SELECT BLACK’, with an aim to broaden formal credit access by
offering rewards to customers on their everyday transactions.
• The two contactless credit card variants are issued on both RuPay and VISA networks.
• VISA cards can be tokenized on the PhonePe Application(app) and the RuPay variants can be
linked to the Unified Payments Interface (UPI) for seamless transactions.
About PhonePe SBI Cards:
i.The PhonePe SBI Cards offer reward points on groceries, travel, utility payments, insurance premiums,
and financial transactions in PhonePe application.
ii.The PhonePe SBI Card SELECT BLACK, designed for premium customers, offers up to 10% on PhonePe
and Pincode applications, and 5% on other online transactions.
• It offers an electronic (e) gift voucher of Rs.1,500 on joining fee payment, milestone travel
voucher of Rs.5,000 for an annual spend of Rs. 5 lakhs on travel.
iii.The PhonePe SBI Card PURPLE offers up to 3% on PhonePe and Pincode applications, and 2% on other
online transactions.
• It includes welcome e-gift vouchers of Rs.500, an annual travel voucher of Rs.3,000 on 3 lakhs
on travel, and 1% value back as reward points on other eligible transactions.
iv.The application process is integrated into the PhonePe App, where customers can apply for the PhonePe
SBI Cards.

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v.The reward points can be redeemed to settle the outstanding card bills or avail e-gift vouchers.
About PhonePe:
Chief Executive Officer (CEO) – Sameer Nigam
Headquarters – Bengaluru, Karnataka
Established – 2015

PSBs GNPA Dropped from 9.11% in FY21 to 2.58% in FY25

According to the Reserve Bank of India (RBI)’s provisional data which showed that Gross Non-Performing
Assets (GNPA) of Public Sector Banks (PSBs) has steadily decreased over the last 5 years i.e. from
9.11%(6.16 lakh crore) in Financial Year 2020-21 (FY21) to 2.58%(Rs.2.83 lakh crore) in FY25.
• He also highlighted that this decline in GNPAs was mainly attributed by joint measures initiated
by the Government of India (GoI) and the RBI.
• This data was shared by Union Minister of State(MoS) Pankaj Chaudhary, Ministry of
Finance(MoF), in a written response to a question in the Rajya Sabha.
Key Findings:
i.As per RBI’s data, PSBs witnessed sharp decline in their GNPAs, mainly due to the Insolvency and
Bankruptcy Code (IBC) that could remove non-payers from the company’s management and bar wilful
defaulters from participating in the resolution process.
ii.Timely identification of potential defaults has helped reduce the fresh addition of NPAs by PSBs to below
1% of their standard advances, a sharp decline from 8.35% in March 2018.
iii.With the joint efforts of the Government of India(GoI) and the RBI, GNPA of Scheduled Commercial
Banks (SCBs), including PSBs, declined from Rs 10.36 lakh crore (as of March 31, 2018) to Rs
4.45 lakh crore (in December 2024).
Key Measures led to Decline in GNPAs:
i.Following the enactment of IBC in 2016, the code has rescued 3,171 distressed companies involving
1,119 cases, recovering Rs 3.6 lakh crore (as on December 31, 2024) as compared to Board of Industrial
and Financial Reconstruction (BIFR) regime that resolved less than 3,500 cases in about 30 years since its
inception in 1987.
ii.Amendments to existing laws such as the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest (SARFAESI) Act, 2002 and the Recovery of Debts and Bankruptcy Act,
1993 (RDB Act) have helped in the faster recovery of bad loans.
iii.The GoI also raised the financial threshold for cases handled by Debt Recovery Tribunals (DRTs) from
Rs 10 lakh to Rs 20 lakh, thereby enhancing recovery for banks and financial institutions.
iv.PSBs have established specialized stressed assets management verticals and branches for effective
monitoring and follow-up of NPA accounts, which ensures faster and enhanced resolution and recoveries.
• PSBs have further initiated measures like: deployment of business correspondents and adoption
of the ‘Feet-on-Street’ model have also supported the recovery trajectory of NPAs in banks.
v.RBI mandated practices which PSBs are required to follow regarding asset valuation such as: it is
mandatory for banks to follow board-approved policies for property valuation, conducted by independent
qualified valuers.
• Also, for assets worth Rs 50 crore or more, minimum two independent valuation reports must
be obtained to ensure transparency.
Important Terms:
• Non-Performing Assets (NPAs): Loans on which borrowers have failed to repay principal or
interest for 90 days, causing a loss of income for lenders.
• Gross Non-Performing Assets (GNPA): It refers to the total value of loans that have turned non-
performing. GNPA is reported as an absolute figure.

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 • GNPA Ratio: It refers to the ratio of gross NPAs to their total advances in a particular year.

KredX & Canara Bank Partnered to Enhance MSME Digital Trade Finance via DTX
In July 2025, KredX, India’s leading integrated supply chain finance platform, signed a strategic
partnership with Canara Bank, to bridge the Rs. 30 lakh crore credit gap in the Micro, Small, and
Medium Enterprises (MSME) sector.
• The collaboration aims to enhance digital trade finance via KredX’s Reserve Bank of India (RBI)-
licensed Trade Receivables Discounting System (TReDS) platform, Domestic Trade
Exchange (DTX).
i.DTX is a digital-first TReDS platform, approved by the RBI, designed for end-to-end trade finance with
over 50 registered financiers.
ii.It offers instant working capital access to suppliers and enables enterprise buyers to manage cash flows
efficiently.
iii.By incorporating real-time processing, automated workflows, and a user-friendly interface, DTX
facilitates seamless trade receivables discounting.
Note: KredX has also signed a Memorandum of Understanding (MoU) with the Ministry of Micro, Small
and Medium Enterprises (MoMSME) to integrate its platform with the Udyam registration database.

PayPal to Launch PayPal World, Partners with NIPL and Others

On 23 July 2025, PayPal, the United States of America (USA) based global payment firm, announced a
partnership with India’s National Payment Corporation of India (NPCI) International Payments Limited
(NIPL) and others, to launch ‘PayPal World’, a new cross-border payments platform.
About ‘PayPal World’:
Partnerships: In the initial phase, it has established collaborations with 4 international payment service
providers which includes
• NIPL, operator of India’s UPI.
• Mercado Pago, Brazil.
• Tenpay Global (Weixin Pay), China
• Venmo, a subsidiary of PayPal
Global UPI Acceptance: Indian users can leverage the Unified Payments Interface (UPI) to pay at
international online merchants that accept PayPal.
Consumer Convenience and launch: Supports local payment systems, digital wallets, and currencies for
international transactions.
Streamlined Merchant Integration: Merchants gain access to a wider customer base without integrating
multiple payment providers, potentially transforming cross-border commerce.
Technology: Built on a cloud-native architecture ensuring low latency and high availability worldwide to
support dynamic payment buttons and stablecoins.

NUCFDC Signs MoU with IIA India to Enhance Governance and Internal Audit Standards in UCBs
On July 23, 2025, the National Urban Cooperative Finance and Development Corporation
Limited (NUCFDC), Ministry of Cooperation (MoC), signed a Memorandum of Understanding (MoU) with
the Institute of Internal Auditors India (IIA India), to strengthen the internal audit and governance in
Urban Cooperative Banks (UCBs).
• The MoU was signed by Prabhat Chaturvedi, Chief Executive Officer (CEO) of NUCFDC, and K.V.
Mukundan, CEO of IIA India in Mumbai, Maharashtra.

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MoU for Strengthening Governance in UCBs:
Strategic Focus: The MoU focuses on adoption of international audit standards, strengthening internal
control systems, and enhancing professional capabilities of internal auditors and senior management in
UCBs.
Role of the Parties: Under the MoU, IIA India will provide support to improve governance frameworks
within UCBs.
• It will provide access to its global resources such as Environmental, Social, and Governance
(ESG) and Artificial Intelligence (AI) tools in audit, training modules, and webinars.
• NUCFDC will help UCBs to adopt robust governance models.

Income Tax Day 2025 – July 24

Income Tax Day, also known as Aaykar Diwas, is annually observed across India on 24 July to
commemorate the introduction of Income Tax (IT) in India in 1860 by Sir James Wilson.
• The day highlights the evolution of India’s tax system, its role in national development, and the
contributions of Income Tax Department (ITD) employees.
• 24 July 2025 marks the 166th anniversary of IT Day.
Background:
In 2010, the Government of India (GoI) officially designated 24 July as Income Tax Day to honour
the 150th anniversary of the introduction of the IT system in India.
What is Income Tax (IT)?
Definition: IT is a direct government levy on income earned by individuals and businesses during a
financial year.
Legal Basis: Under Section 2(24) of the Income Tax Act, 1961, “income” includes various sources such as:
• Income from Salary, House property, Business or profession earnings, Capital gains and Other
sources (interest, dividends, winnings).
Evolution of the Income Tax (IT) System in India:
Origin: The IT system was first introduced in 1860 by Sir James Wilson, the first Finance Member of the
British India Council, to address the financial crisis following the First War of Independence (1857).
First Structured Law: This initial measure laid the groundwork for the Income-tax Act of 1922, which
established a structured and centralised tax administration in India by formalising various IT authorities.
Framework :The Central Board of Revenue Act, 1924, institutionalised the framework further by
appointing Commissioners of IT across provinces.
• The Income Tax Act, 1961, enacted by the Parliament of India, replaced the 1922 Act and
continues to serve as the comprehensive legal framework for direct taxation in India.
• Technological reforms in tax administration began with computerisation in 1981, followed by
the launch of the Centralised Processing Centre (CPC) in Bengaluru(Karnataka) in 2009 to
streamline return processing and improve efficiency.
India’s Tax Collections:
Net Direct Tax: As of July 10 2025, Net direct tax collection amounted to Rs. 5.63 lakh crore, a decline of
1.34% YoY from Rs. 5.70 lakh crore in FY25.
• The decline in net collection is attributed to a 38% surge in refunds, crossing Rs. 1 lakh crore,
reflecting the government’s focus on faster refund processing.
Gross Direct Tax: Despite the decline in net figures, Gross Direct Tax collection rose by 3.17% YoY
to Rs. 6.65 lakh crore.
Income Tax Return (ITR) Filings: Over the past five years, ITR filings have increased by 36%, with
approximately 9.19 crore returns (including updated ITRs) filed in FY25, compared to 6.72 crore in FY21.

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Direct Tax Collections:
India’s Gross Direct Tax Collections have shown strong and consistent growth over the past five
Financial Years (FY).
• In FY 2020–21, despite the impact of the COVID-19 pandemic, gross direct tax collections stood
at Rs. 12.31 lakh crore.
• The collections increased to Rs. 16.34 lakh crore in FY 2021–22, showing signs of recovery.
• The growth continued in FY 2022–23 and FY 2023–24, with collections reaching Rs. 19.72 lakh
crore and Rs. 23.38 lakh crore, respectively.
• In FY 2024–25, gross direct tax collections rose further to Rs. 27.02 lakh crore (provisional, as
of March 31, 2025).
Union Budget 2025–26: Revised Tax Slabs Under New Regime
The new tax rates are as follows:
• Income up to Rs 4 lakh – Nil
• Rs 4–8 lakhs – 5%
• Rs 8–12 lakhs – 10%
• Rs 12–16 lakhs – 15%
• Rs 16–20 lakhs – 20%
• Rs 20–24 lakhs – 25%
• Above Rs 24 lakhs – 30%
• No tax for individuals earning up to Rs 12 lakhs.
• Salaried individuals earning up to Rs 12.75 lakhs annually will pay no tax due to a standard
deduction of Rs 75,000.
Notable Initiatives – Union Budget 2025–26
Rationalisation of (Tax Deducted at Source) / TCS (Tax Collected at Source) Provisions:
• The TDS limit on interest income for senior citizens has been increased from Rs. 50,000 to Rs. 1
lakh.
• The TDS threshold on rent payments has been raised from Rs. 2.4 lakh to Rs. 6 lakh per
annum.
• The TCS threshold under the Liberalized Remittance Scheme (LRS) has been revised upward
from Rs. 7 lakh to Rs. 10 lakh.
• Delay in TCS payments has been decriminalized, promoting ease of doing business.
Promoting Voluntary Tax Compliance:
• Withdrawals from National Savings Scheme (NSS) accounts made on or after August 29, 2024,
are now fully exempt from income tax for individuals.
• Tax deduction benefits have been introduced for contributions to NPS Vatsalya accounts under
the old tax regime.
Simplifying Tax Compliance:
• The time limit for filing updated income tax returns has been extended from 2 years to 4 years.
• The validity period for registration of small charitable trusts and institutions has been increased
from 5 years to 10 years.
• Taxpayers are now allowed to claim exemption on the annual value of 2 self-occupied
properties (previously limited to one), without any conditions.
Income Tax Bill, 2025 – Towards Simplified Taxation
The Income Tax Bill, 2025 proposed to replace the Income Tax Act, 1961, retaining its core provisions
but simplifying language, removing outdated sections, and enhancing clarity in line with Viksit
Bharat objectives.

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About Central Board of Direct Taxes (CBDT):
The CBDT, the apex body for direct tax administration under the Department of Revenue, Ministry of
Finance (MoF), Government of India (GoI).
Chairman – Ravi Agarwal
Headquarters – New Delhi, Delhi
Motto – Fund roots and bars
Established – 1964

Federal Bank Launches India’s First Biometric Authentication for Ecom Card Transactions
On July 24, 2025, Federal Bank Limited has introduced India’s first-ever biometric
authentication solution for electronic (e)-commerce card transactions with credit cards and debit
cards. The initiative was launched in collaboration with fintech partners M2P and MinkasuPay.
• With this move, One Time Passwords (OTPs)-based Two Factor Authentication (TFA) of the
transactions has been replaced.
About India’s First Biometric Authentication:
Biometric Authentication: The customers can authenticate their ecommerce purchases through their
fingerprint or Face Identification (ID).
Enhanced User Experience: Replacement of OTP verification has reduced the timeframe from typical 30
– 60 seconds to just 3-4 seconds. This initiative enhances security and user experience.
Enrollment The enrollment is done with one-time consent during checkout on supported merchant
applications such as Easemytrip. After enrollment, the payments are authenticated through biometric
scans on Mobile Phones.
RBI Compliance: The biometric solution is compliant with TFA guidelines of Reserve Bank of India (RBI)
and opts OTP verification when biometrics do not work.

LIC Signed USD 1 Billion FRAs with JPMorgan & BoA to Hedge Against Interest Rate Risks
In July 2025, Life Insurance Corporation of India (LIC), the largest insurer in India, signed Forward Rate
Agreements (FRAs) worth USD 1 billion (approximately Rs. 8,300 crore) with two major United States of
America (USA)-based global financial institutions, JPMorgan Chase & Co. and Bank of America
Corporation (BoA), to hedge against declining interest rates and stabilize long-term returns amid equity
market volatility.
LIC in FRAs:
Background: In November 2024, the LIC announced its plan to enter the bond derivatives market.
Transaction Share: Since May 2025, LIC has executed FRA trades worth USD 1 billion, accounting
for 38% of India’s total FRA volume of USD 2.6 billion.
About FRA:
Definition: FRA is a financial contract where one party (LIC) agrees to buy a bond at a fixed interest rate
at a future date.
Role of Counterparty: The other party, usually a bank, takes on the interest rate risk in the contract and
receives a premium as compensation.
Strategy: To reduce risk, banks often buy long-term bonds that match the maturity period of the FRA.

Worldline Collaborates with Cosmos Co-operative Bank to Drive Next-Gen Digital Payment
Solutions
In July 2025, Worldline, world’s leading company in payment services, has entered into a strategic
partnership with Cosmos Co-operative Bank Limited, one of India’s oldest Urban Co-operative Banks

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(UCBs), to accelerate digital transformation through advanced and scalable payment solutions.
• This collaboration aims to address two critical challenges faced by the bank: modernization of
infrastructure and expanding their reach to underserved segments, by equipping the bank with
robust, future-ready digital payment solutions.
Key Focus Areas :
Integrated Payment Acceptance Solutions: As per this strategic partnership, Cosmos Bank will use
cutting-edge technology that will enable a seamless transaction experience for its customers.
• These customized solutions will cater to both payment and non-payment use cases and will also
provide the bank with a 360-degree analytics that will give a real-time view of public health.
Scalability and Operational Efficiency: Under this collaboration, scalable infrastructure will support
increasing transaction volumes and to cater the diversified customer requirements without compromising
performance.
• The customers of the bank will be able to have a host of Value Added Services (VAS) to select
from and, an experienced sales, relationship and service team will help to manage customer
expectations.

Padma Bhushan Awardee and Renowned Economist Meghnad Desai Passed Away
On July 29, 2025, Renowned Indian-born British economist and member of the United Kingdom(UK)
House of Lords, Meghnad Jagdishchandra Desai, passed away at the age of 85 years. He was born on July
10, 1940, in Baroda State (presently Vadodara), Gujarat.
• In 2008, he was conferred Padma Bhushan, India’s third-highest civilian honour, for his
distinguished contributions in the field of Public Affairs.
About Meghnad Jagdishchandra Desai:
Academic Career: He began his teaching career at the London School of Economics (LSE) in 1965. In
2003, he retired and was honoured as Professor Emeritus.
• He founded the Development Studies Institute (DESTIN) at LSE and served as Director from
1990 to 1995.
• He founded the Centre for the Study of Global Governance at LSE in 1992.
• He conducted extensive research for more than five decades, focusing on the developments,
influenced by private enterprises and government policies. It comprises Marxian economics,
globalization, and market liberalization.
Political Career: He became a member of the Labour Party in 1971 and was appointed to the House of
Lords in 1991, making him the first Indian-origin peer from the party. Upon his appointment, he
received the title ‘Lord Desai of Saint (St) Clement Danes’.
• He represented the Labour Party until 2020, after which he resigned and continued serving as
an Independent Peer.
Legacy: In 2021, he founded the Meghnad Desai Academy of Economics(MDAE) in Mumbai(Maharashtra),
dedicated to mentoring and nurturing future economists and intellectuals.
Author: He has authored several books with the themes, Marxism, Indian Politics, Cinema, and Global
Governance.
• His notable works include Marxian Economic Theory (1973), Testing Monetarism (1981),
Rethinking Islamism: The Ideology of the New Terror (2006), Nehru’s Hero: Dilip Kumar in the
Life of India (2004), and The Rediscovery of India (2009).

Padma Shri Awardee, IDBI Chairman, T. N. Manoharan passed away

On July 30, 2025, T. N. Manoharan, Padma Shri awardee, Chairman of IDBI Bank, and former
President of the Institute of Chartered Accountants of India (ICAI), passed away in Mumbai.

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 He was born on April 7, 1956, in Tamil Nadu.
About T.N. Manoharan:
Education & Early Career: He earned a Master’s in Commerce and a law degree. Then, qualified as a
Chartered Accountant in 1983, he founded Manohar Chowdhry & Associates in Chennai, offering free
education to economically weaker students.
Professional Background:
ICAI Leadership and Governance: Manoharan served on the central council of the ICAI from 2001. Then,
he served as National President of ICAI for the term 2006–07.
Roles in National Committees: He chaired the Accounting Standards & Taxation Committee of the
Confederation of Indian Industry (CII) during 2009–2011.
• Also, he was a member of various expert committees formed by Reserve Bank of India (RBI),
Securities and Exchange Board of India (SEBI), Central Vigilance Commission (CVC),
Comptroller and Auditor General of India (C&AG), and Central Board of Direct Taxes (CBDT).
• In 2009, he joined the Government-nominated board of Satyam Computer Services Ltd. and
helped steer its revival, a role he later documented in his book Tech Phoenix: Satyam’s 100-day
Turnaround
Banking Governance:
• He served as the Non-Executive Chairman of Canara Bank till August 2020.
• He was the Administrator of Lakshmi Vilas Bank till its merger with DBS Bank.
• He also served as a board member at National Bank for Financing Infrastructure and
Development (NaBFID)
• In May 2022, he was appointed Chairman of IDBI Bank for a term of three years.
Awards and Honours:
• He was conferred the Padma Shri (civilian honour) in the field of Trade and Industry in
April 2010.
• Lifetime Achievement Award (2005) and Dronacharya Award (2022) from Rotary, NDTV-
Profit’s Business Leadership Award (2009), and CNN-IBN Indian of the Year (2009) from the
Prime Minister of India.

MasterCard signs MoU with Andhra Pradesh Government to Boost Tourism

In July 2025, MasterCard signed a Memorandum of Understanding (MoU) with the Andhra Pradesh
Tourism Development Corporation (APTDC) to promote and enhance the state’s rich cultural heritage,
natural landscapes, and modern hospitality sector among international travellers.
Key Points:
Background: This initiative is the direct outcome of discussions held at the World Economic Forum(WEF)
in Davos(Switzerland) by Chief Minister (CM) Chandrababu Naidu in 2024.
• Earlier, on 25 July 2025, MasterCard representatives attended a workshop hosted by Amrapali
Kata, the Managing Director (MD) of APTDC in Vijaywada, to give a detailed overview of the
state’s tourism destinations.

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 Banking, Finance & Economy Q&A: July 2025
1. The Reserve Bank of India (RBI), in June 2025, issued final guidelines for Aadhaar Enabled
Payment System (AePS) Touchpoint Operators under ____________________ to enhance fraud risk
management.
1) Banking Regulation Act, 1949
2) Payment and Settlement Systems (PSS) Act, 2007
3) Information Technology Act, 2000
4) Reserve Bank of India Act, 1934
5) Aadhaar (Targeted Delivery of Financial and Other Subsidies) Act, 2016
Answer- 2) Payment and Settlement Systems (PSS) Act, 2007
Explanation:
In June 2025, Mumbai (Maharashtra) Reserve Bank of India (RBI) issued final guidelines for the due
diligence of Aadhaar Enabled Payment System (AePS) Touchpoint Operators(ATOs) to streamline
onboarding and enhance fraud risk management. These new guidelines will come into force from
January 01, 2026.
• These guidelines are issued under the Payment and Settlement Systems (PSS) Act, 2007, to
safeguard customers from identity theft and maintain trust in the AePS.
• In July 2024, RBI issued final draft guidelines on AePS due diligence for public and
stakeholder feedback. Read Full News

2. In June 2025, the Reserve Bank of India (RBI) reported that India’s external debt rose to
_________________ at the end of March 2025, compared to USD 668.8 billion at the end of March
2024.
1) USD 736.3 billion
2) USD 378.2 billion
3) USD 689.8 billion
4) USD 547.4 billion
5) USD 448.1 billion
Answer- 1) USD 736.3 billion
Explanation:
On June 27th 2025, the Reserve Bank of India (RBI) reported that India’s external debt rose by 10% to
USD 736.3 billion (bn) at the end of March 2025, compared to USD 668.8 bn at the end of March
2024.
• The external debt to GDP (Gross Domestic Product) ratio increased to 19.1% at end-March
2025 from 18.5% at end-March 2024. Read Full News

3. Name the fintech company that launched UPI Credit Card and inaugurated India’s first UPI-powered
bank branch in Koramangala, Bengaluru in June 2025.
1) Razorpay
2) PhonePe
3) Slice
4) Paytm
5) MobiKwik
Answer- 3) Slice

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Explanation:
In June 2025, Bengaluru (Karnataka) based Slice (Garagepreneurs Internet Private Limited), a leading fintech
company, launched the Slice Unified Payments Interface (UPI) Credit Card and opened India’s first UPI
powered bank branch in Koramangala, Bengaluru(Karnataka).
• This initiative, following Slice’s merger with Guwahati (Assam) based North East Small Finance
Bank (NESFB) in October 2024, aims to transform credit access and banking services in India.
i.The newly launched Slice UPI Credit Card is a RuPay-based card with zero joining and annual fees. It offers up
to 3 percent cashback on all spending and allows customers to split any transaction into three interest-free
monthly instalments through the ‘Slice in 3’ feature.

4. Over how much percent of the total growth in India’s foreign financial assets during the Financial
Year 2024-25 (FY25) was mainly driven by higher overseas direct investments, currency & deposits,
and reserve assets, as per India’s International Investment Position (IIP) data released by Reserve Bank
of India (RBI) in June 2025?
1) 70%
2) 72%
3) 75%
4) 86%
5) 83%
Answer- 2) 72%
Explanation:
In June 2025, Mumbai (Maharashtra) based Reserve Bank of India (RBI) released India’s International
Investment Position (IIP) data. As per the data, over 72% of the total growth in India’s foreign financial
assets during the Financial Year 2024-25 (FY25) was mainly driven by higher overseas direct investments,
currency & deposits, and reserve assets.
• The data further revealed that reserve assets alone accounted for over 54% increase in Indian
residents’ overseas financial assets; followed by currency & deposits and direct investments.

5. Goods and Services Tax (GST) Day is observed every year on July 1 across India to mark the
implementation of the GST regime, a unified indirect tax system on the supply of goods and services.
What is the theme of GST Day 2025?
1) Celebrating Simplification and Economic Growth
2) Sashakt Vyapar Samagra Vikas
3) One nation, One tax
4) One Nation, One Tax, One Market
5) GST-Simplifying Taxes: Empowering Citizens
Answer- 5) GST-Simplifying Taxes: Empowering Citizens
Explanation:
Goods and Services Tax (GST) Day is observed every year on July 1 across India to mark the implementation of
the GST regime, a unified indirect tax system on the supply of goods and services, which was introduced on 1
July 2017.
• July 1, 2025 marks the 8th observance of the GST Day.
• The theme for 2025 GST Day is “GST-Simplifying Taxes: Empowering Citizens,” reflecting efforts
to streamline tax processes and strengthen compliance. Read Full News

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6. Match the following Small Savings Schemes (SSS) with their applicable interest rates for 2nd
Quarter of Financial Year 2025-26 (Q2FY26), as announced by the Department of Economic
Affairs, Ministry of Finance in June 2025.
Instruments Interest rates from July 1, 2025 to September 30,
2025

A) Kisan Vikas Patra (KVP) i. 7.7%

B) Public Provident Fund (PPF) ii. 8.2%

C) Sukanya Samriddhi Yojana (SSY) iii. 7.5%

D) National Savings Certificate (NSC) iv. 7.1%

E) Senior Citizen’ Savings Scheme v. 8.2%

(SCSS)
1) A-i, B-ii, C-iii, D-iv, E-v
2) A-iii, B-iv, C-ii, D-i, E-v
3) A-ii, B-iii, C-i, D-v, E-iv
4) A-iv, B-ii, C-v, D-iii, E-i
5) A-v, B-i, C-ii, D-iii, E-iv
Answer- 2) A-iii, B-iv, C-ii, D-i, E-v
Explanation:
In June 2025, the Department of Economic Affairs (DEA) under the Ministry of Finance (MoF)
announced that the Small Savings Scheme (SSS) interest rates will remain unchanged, for 2nd
Quarter of Financial Year 2025-26 (Q2FY26), i.e. from July 1,2025 to September 30, 2025,
maintaining the same rates as Q1FY26 (April 1,2025 to June 30,2025)
• This marks the sixth consecutive quarter with no revision in SSS interest rates, despite
falling market interest rates and latest repo rate cuts by the Reserve Bank of India (RBI).
Instruments Interest rates from July 1, 2025 to September 30,
2025

Kisan Vikas Patra (KVP) 7.5% (will mature in 115 months)

Public Provident Fund (PPF) 7.1%

Sukanya Samriddhi Yojana (SSY) 8.2%

National Savings Certificate (NSC) 7.7%

Senior Citizen’ Savings Scheme 8.2%

(SCSS)
Read Full News

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7. On the occasion of the 70th anniversary of the State Bank of India (SBI) on July 1, 2025, in
which two cities did SBI inaugurate its specialised Global Trade Finance Centres?
1) Kolkata and Hyderabad
2) Mumbai and Bengaluru
3) Chennai and Pune
4) Ahmedabad and Delhi
5) Lucknow and Kochi
Answer- 1) Kolkata and Hyderabad
Explanation:
On July 1, 2025, Mumbai(Maharashtra) based State Bank of India (SBI), India’s largest bank,
commemorated its 70th anniversary with a special event held at the Dr. Ambedkar International
Centre, Janpath, New Delhi, Delhi.
• During the event, SBI announced the “Solar Rooftop Programme”to support India’s
Renewable Energy(RE) transition. This initiative aligns with India’s commitment to
achieving Net Zero emissions by 2070.
On July 1, 2025, SBI inaugurated specialized Global Trade Finance Centres in Kolkata(West Bengal,
WB) and Hyderabad(Telangana).
• These centres aim to enhance the bank’s trade finance capabilities by streamlining domestic
and international trade transactions, thereby improving processing efficiency and
turnaround times.

8. Identify the insurance company that partnered with AU Small Finance Bank in June 2025 to
distribute its life insurance products through the bank’s network.
1) HDFC Life Insurance Company Limited
2) Life Insurance Corporation of India
3) ICICI Prudential Life Insurance Company Limited
4) Max Life Insurance Company Limited
5) SBI Life Insurance Company Limited
Answer- 2) Life Insurance Corporation of India
Explanation:
In June 225, Jaipur(Rajasthan) based AU Small Finance Bank (AU SFB) has entered into a strategic
partnership with Mumbai (Maharashtra) based Life Insurance Corporation of India (LIC) to distribute
LIC’s life insurance portfolio through AU SFB’s extensive network.
• This collaboration supports the national vision of “Insurance for All by 2047”, aiming to
increase insurance penetration among underserved and unserved populations.
i.Under the agreement, AU SFB will distribute LIC’s comprehensive suite of insurance products,
including: Term insurance Endowment plans Whole life policies Pension and annuity schemes Child-
specific plans.

9. In July 2025, IndusInd Bank Limited launched the ‘INDIE for Business’ platform to support
which of the following business segments in India?
1) Startups
2) Cottage and Handicraft Industries
3) Public Sector Enterprises
4) Micro, Small, and Medium Enterprises

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5) Export-Oriented Units
Answer- 4) Micro, Small, and Medium Enterprises
Explanation:
In July 2025, Mumbai (Maharashtra) IndusInd Bank Limited, leading Private Sector Bank in India,
has launched ‘INDIE for Business’, a comprehensive digital banking platform designed to empower
India’s Micro, Small, and Medium Enterprises (MSMEs), which comprises over 60 billion businesses.
• This newly launched digital platform offers all banking services, across payments, loans,
collections, and account insights.
• The bank has positioned this digital platform as an integral component of its MSME growth
strategy, aiming to double its MSME revenue over the next 3 years.

10. Mention the organisation that subscribed to Rs. 1,301.25 crore worth of Non-Convertible
Debentures (NCDs) issued by Aditya Birla Capital Limited (ABCL) in July 2025 to support
renewable energy and e-mobility financing in India.
1) World Bank
2) International Monetary Fund
3) Asian Infrastructure Investment Bank
4) Asian Development Bank
5) New Development Bank
Answer- 3) Asian Infrastructure Investment Bank
Explanation:
In July 2025, Beijing (China) based Asian Infrastructure Investment Bank (AIIB), a multilateral
funding organisation has subscribed to Rs 1,301.25 crore worth of Non-Convertible Debentures
(NCDs) issued by Mumbai (Maharashtra) based Aditya Birla Capital Limited (ABCL), a listed
systemically important non-deposit taking Non-Banking Financial Company (NBFC).
• The 3-year privately placed investment by NCD, aims to boost financing in the Renewable
Energy (RE) and e-mobility sectors to support India’s transition toward a sustainable
infrastructure ecosystem.
i.The capital raised by ABCL will support lending in RE generation which includes solar, wind,
geothermal, pumped storage, hydrogen production, and energy storage systems.
• It will also back electric-mobility projects covering electric-vehicle (EV) development, EV
batteries, and charging infrastructure.

11. Mention the organization that appointed (in July 2025) Kesavan Ramachandran as an
Executive Director (ED), where he will lead the Department of Regulation.
1) Securities and Exchange Board of India
2) Reserve Bank of India
3) National Bank for Agriculture and Rural Development
4) Pension Fund Regulatory and Development Authority
5) Insurance Regulatory and Development Authority of India
Answer- 2) Reserve Bank of India
Explanation:
On July 1, 2025, Mumbai (Maharashtra) based Reserve Bank of India (RBI) appointed Kesavan
Ramachandran as an Executive Director (ED), effective immediately. As ED, he will lead the

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Department of Regulation (Prudential Regulation Division), which is responsible for shaping the
regulatory framework governing Indian banks.
• Before this elevation, Kesavan Ramachandran was serving as Principal Chief General
Manager (PCGM) in the Risk Monitoring Department of RBI.

12. In July 2025, Appointments Committee of the Cabinet (ACC) approved the extension of
Bhanu Pratap Sharma as the chairman of Financial Services Institutions Bureau (FSIB) by
________________.
1) 2 years
2) 6 months
3) 9 months
4) 1 year
5) 1.5 years
Answer- 4) 1 year
Explanation:
On July 1, 2025, the Appointments Committee of the Cabinet (ACC) approved a one-year extension for
the Financial Services Institutions Bureau (FSIB) leadership. Bhanu Pratap Sharma, who serves as
part-time Chairperson, along with six part-time members, will continue in office until 30 June 2026,
or until further orders, whichever is earlier.
• This marks the second consecutive year the government has extended the FSIB
leadership’s term.

13. Identify the ‘correct’ statement/s regarding the approvals by Competition Commission of
India (CCI) in July 2025.
A) CCI approved the proposal of Viggo Investment Pte Limited (GIC Investor) to acquire
2.143% stakes in Initial Public Offering (IPO)-bound Billionbrains Garage Ventures.
B) CCI approved the proposal of Coromandel International Limited (CIL) to acquire certain
equity shares in NACL Industries Limited, Hyderabad.
C) CCI approved the proposal of British International Investment plc (BII), United Kingdom to
acquire a stake in Delhi based ReNew Photovoltaics Private Limited (RPVPL).
1) Only A and B
2) Only B
3) Only B and C
4) Only C
5) All A, B and C
Answer- 5) All A, B and C
Explanation:
On July 01 2025, the Competition Commission of India (CCI) has approved the following proposals:
i.Approved the proposal of Viggo Investment Pte Limited (GIC Investor), subsidiary of Singapore
based sovereign wealth fund, GIC to acquire 2.143% stakes in Initial Public Offering (IPO)-bound
Billionbrains Garage Ventures, the parent company of Bengaluru (Karnataka) based investment
tech unicorn Groww.
ii.Approved the proposal of Murugappa Group-backed Coromandel International Limited (CIL) to
acquire certain equity shares in Hyderabad (Telangana) based NACL Industries Limited.

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iii.Approved the proposal of (the United Kingdom, UK) based development finance institution, British
International Investment plc (BII) to acquire stake in Delhi based ReNew Photovoltaics Private
Limited (RPVPL). Read Full News

14. Mark the correct statement regarding the recent report of Reserve Bank of India (RBI)’s
‘Financial Stability Report, June 2025’.
A) The corporate bond net outstanding rose to Rs.53.6 lakh crore as at end March 2025 with
the highest ever fresh issuance of Rs.9.9 lakh crore during 2024-25.
B) The proportion of stressed assets in Non-Banking Financial Companies (NBFCs), including
NBFC–Micro Finance Institutions (MFI), rose from 3.9% in September 2024 to 5.9% by March
2025.
C) The Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) of
Scheduled Commercial Banks (SCBs) declined to multi-decadal lows of 2.3% and 0.5%,
respectively.
1) All A, B and C
2) Only A and B
3) Only B and C
4) Only A and C
5) None of these
Answer- 1) All A, B and C
Explanation:
In June 2025, the Reserve Bank of India (RBI) released the half-yearly publication of the ‘Financial
Stability Report, June 2025’, which presents the collective assessment of the Sub Committee of the
Financial Stability and Development Council (FSDC) on current and emerging risks to the stability of
the Indian financial system.
i.Corporate bond is a debt instrument issued by the companies to raise money from the investors.
These bonds are assigned a credit rating by rating agencies to indicate the creditworthiness of the
issuer. The corporate bond net outstanding rose to Rs.53.6 lakh crore as at end March 2025 with the
highest ever fresh issuance of Rs.9.9 lakh crore during 2024-25.
ii.The share of stressed assets of Non-Banking Financial Company (NBFCs) (including NBFC-Micro
Finance Institutions (MFI)) increased from 3.9% in September 2024 to 5.9% in March 2025.
iii.The Gross NPA and Net NPA of Scheduled Commercial Banks (SCB) declined to multi-decadal lows
of 2.3% and 0.5%, respectively. While in September 2024, the GNPA stood at 2.6%. Read Full News

15. How much did the International Finance Corporation (IFC) commit to IndiGrid Trust in July
2025 for the development of India’s largest 180 MW standalone Battery Energy Storage
Systems (BESS) project in Gujarat?
1) Rs 400 crore
2) Rs 500 crore
3) Rs 350 crore
4) Rs 460 crore
5) Rs 600 crore
Answer- 4) Rs 460 crore

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Explanation:
In July 2025, Washington D.C. (the United States of America, USA)-based International Finance
Corporation (IFC), the private sector lending arm of the World Bank Group (WBG), committed Rs 460
crore (USD 55 million) to New Delhi(Delhi) based IndiGrid Trust (IndiGrid), India’s 1st listed power
Infrastructure Investment Trust (InvIT), to construct India’s largest 180 Mega Watt (MW) standalone
Battery Energy Storage Systems (BESS) project in Gujarat.
• The project is designed to play a pivotal role in supporting the clean energy goals of the
state by improving grid stability and ensuring reliable power is available during peak
demand.
i.Rs.460 crore was raised through long-term listed non-convertible debentures (NCDs).
ii.IFC contributed USD 38.5 million from its own account.
iii.An additional USD 16.5 million came from the Clean Technology Fund (CTF), under the Climate
Investment Funds (CIF).

16. Which private sector bank entered into a strategic bancassurance partnership with
Kshema General Insurance Limited in July 2025 to launch the rural-focused insurance product
‘Kshema Kisan Sathi’?
1) Karnataka Bank Limited
2) Federal Bank
3) Karur Vysya Bank Limited
4) IDFC FIRST Bank
5) South Indian Bank
Answer- 3) Karur Vysya Bank Limited
Explanation:
In July 2025, Karur(Tamil Nadu, TN) based Karur Vysya Bank Limited (KVB) and
Hyderabad(Telangana) based Kshema General Insurance Limited, have entered a strategic
bancassurance alliance to introduce ‘Kshema Kisan Sathi’, a rural-focused dual-benefit insurance
product aimed at India’s agri-centric and rural communities .
i.Kshema Kisan Sathi has been designed with dual objectives, to provide financial security, stability,
and self-reliance to millions of rural families and agri-entrepreneurs, while also contributing to the
growth of the rural economy.
ii.KVB will leverage its rural and semi-urban banking network to distribute the insurance scheme.

17. What is the interest rate applicable for the Reserve Bank of India (RBI)’s Floating Rate
Savings Bonds, 2020 (Taxable) [FRSB 2020 (T)] for the period from July 1 to December 31,
2025, with interest payable on January 1, 2026?
1) 7.85%
2) 8.25%
3) 7.50%
4) 8.10%
5) 8.05%
Answer- 5) 8.05%

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Explanation:
On July 1, 2025,the Reserve Bank of India (RBI) announced that the interest rate for its Floating Rate
Savings Bonds, 2020 Taxable(T)[FRSB 2020 (T)] will remain unchanged at 8.05% for the period
July 1- December 1, 2025.
• The interest rate is payable on January 1, 2026.
i.The interest rate of FRSB is set at 0.35% more than the National Savings Certificate (NSC) rate,
which stands at 7.70%.
ii.The interest rate is fixed every six months based on changes in the NSC rate. If the interest rate of
NSC rises, interest rate of FRSB increases.
iii.The bond has a fixed tenure of seven years, with a minimum investment amount is Rs.1,000, with
no maximum limit. The investors are not permitted to make premature withdrawals.

18. Mention the bank that became the 1st United Arab Emirates (UAE) bank to receive an In-
Principle Approval (IPA) from International Financial Services Centres Authority (IFSCA), to
set up a new International Financial Services Centre (IFSC) Banking Unit (IBU) within the
Gujarat International Finance Tec-City (GIFT City), Gujarat.
1) Mashreq
2) First Abu Dhabi Bank
3) Emirates Islamic
4) United Arab Bank
5) Al Hilal Bank
Answer- 1) Mashreq
Explanation:
In July 2025, Mashreq became the 1st United Arab Emirates (UAE) bank to receive an In-Principle
Approval (IPA) from Gandhinagar (Gujarat) based International Financial Services Centres Authority
(IFSCA), to set up a new International Financial Services Centre (IFSC) Banking Unit (IBU) within the
Gujarat International Finance Tec-City (GIFT City) based in Gandhinagar (Gujarat).
• This newly approved branch is expected to start its operations by the 4th Quarter (Q4) of
2025, subject to all regulatory approvals.

19. According to Credit Rating Information Services of India Limited (CRISIL), what is the
revised Gross Domestic Product (GDP) growth of India for the Financial Year 2025-26 (FY26)
as predicted by it in July 2025?
1) 5.9%
2) 8.1%
3) 6.2%
4) 7.4%
5) 6.5%
Answer- 5) 6.5%
Explanation:
On July 1, 2025, Mumbai (Maharashtra) based Credit Rating Information Services of India Limited
(CRISIL) has revised Gross Domestic Product (GDP) growth of India for the Financial Year 2025-
26(FY26) at 6.5%.

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 • The revision is supported by multiple factors, including the India Meteorological Department
(IMD) predicting an above-normal monsoon at 106% of the long-period average, which is
expected to boost farm output and rural discretionary spending.

20. Identify the ‘incorrect’ statement/s regarding the Digital Payments Awards 2024–25
organised by the Department of Financial Services in June 2025.
A) Bank of Baroda won the award in the Public Sector Banks category.
B) HDFC Bank won the award in the Private Sector Banks category.
C) AU Small Finance Bank won the award in the Small Finance Banks category.
1) Only A
2) Only A and C
3) Only B
4) Only B and C
5) All A, B and C
Answer- 2) Only A and C
Explanation:
In June 2025, the Department of Financial Services (DFS), under the Ministry of Finance (MoF),
organised the Digital Payments Awards 2024–25 ceremony at Vigyan Bhawan, New Delhi (Delhi), to
honor institutions advancing India’s digital payment ecosystem. A total of 21 honours were conferred
during the ceremony.
• Union Minister Nirmala Sitharaman, MoF and Minister of Corporate Affairs (MoCA), along
with Union Minister of State (MoS) (Independent Charge, IC) Pankaj Chaudhary, MoF,
presided over the event.
• The ceremony witnessed participation from representatives of 39 banks, 84 fintech
companies, regulatory bodies, and industry associations.

Rank Award Winner Headquarters

Public Sector Banks (PSBs)

1 Punjab National Bank (PNB) New Delhi, Delhi

Private Sector Banks

1 HDFC Bank Mumbai, Maharashtra

Small Finance Banks (SFB)

1 Equitas Small Finance Bank Chennai, Tamil Nadu (TN)

Payments Banks

1 India Post Payments Bank (IPPB) New Delhi, Delhi

Read Full News

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21. In July 2025, what amount was approved by Green Climate Fund (GCF) for Asian
Development Bank (ADB)-led programme that aims to unlock large-scale public and private
investment in high-impact and emerging clean energy sectors in India?
1) USD 200 million
2) USD 400 million
3) USD 350 million
4) USD 100 million
5) USD 450 million
Answer- 1) USD 200 million
Explanation:
In July 2025, Incheon (South Korea) based Green Climate Fund (GCF), world’s largest climate fund,
approved USD 200 million (approximately Rs.17.07 billion) for a new Manila (Philippines) based
Asian Development Bank (ADB)-led programme that aims to unlock large-scale public and private
investment in high-impact and emerging clean energy sectors in India.
• GCF approved the funding at its 42nd Board meeting, held in Port Moresby, Papua New
Guinea.
• This initiative is part of a broader effort by GCF to invest approximately USD 1.2 billion
across 17 new climate projects, primarily in Asia and Africa.

22. Identify the company that received (in July 2025) a Certificate of Registration (CoR) from
Securities Exchange Board of India (SEBI) to operate as stockbroker and clearing member
under SEBI’s Stock Brokers Regulations, 1992.
1) Kotak Securities Limited
2) MobiKwik Securities Broking Private Limited
3) Angel One Limited
4) IIFL Securities Limited
5) Zerodha Broking Limited
Answer- 2) MobiKwik Securities Broking Private Limited
Explanation:
In July 2025, Mumbai (Maharashtra) based Securities Exchange Board of India (SEBI) has issued
Certificate of Registration (CoR) to Gurugram (Haryana) based MobiKwik Securities Broking Private
Limited (MSBPL), a wholly owned subsidiary of One MobiKwik Systems Limited, to operate as
stockbroker and clearing member under SEBI’s Stock Brokers Regulations, 1992.
• The CoR has no expiration date, providing MSBPL with indefinite validity and the flexibility
to expand its operations in the securities market.

23. Mention the state that became the 3rd Indian state to record over 1 crore registered stock
market investors, after Maharashtra and Uttar Pradesh, according to the latest data released
by National Stock Exchange Limited (NSE) in July 2025.
1) Rajasthan
2) Bihar
3) Karnataka
4) Gujarat
5) Haryana
Answer- 4) Gujarat

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Explanation:
As per the latest data released by Mumbai (Maharashtra) based National Stock Exchange Limited
(NSE) in July 2025, Gujarat has become the 3rd Indian state to record over 1 crore registered stock
market investors, after Maharashtra and Uttar Pradesh (UP).
• The data further revealed that cumulatively, these 3 states now account for 36% of the total
investor base in India.

24. Identify the organization that signed (in June 2025) a Memorandum of Understanding
(MoU) with India Meteorological Department (IMD) to launch India’s first weather derivatives.
1) Multi Commodity Exchange of India
2) National Payments Corporation of India
3) National Commodity and Derivatives Exchange Limited
4) National Stock Exchange
5) Bombay Stock Exchange
Answer- 3) National Commodity and Derivatives Exchange Limited
Explanation:
In June 2025, Mumbai (Maharashtra) based National Commodity and Derivatives Exchange Limited
(NCDEX) signed a Memorandum of Understanding (MoU) with New Delhi (Delhi) based India
Meteorological Department (IMD) to launch India’s first weather derivatives.
• This strategic collaboration sets the stage for the rollout of weather derivatives, designed to
assist farmers and allied sectors in managing climate-related risks such as irregular rainfall,
extreme heat, and unseasonal weather conditions.

25. In July 2025, Sahil Kini was appointed as the new Chief Executive Officer (CEO) of which
organization, succeeding Rajesh Bansal?
1) National Payments Corporation of India
2) National Housing Bank
3) Unique Identification Authority of India
4) India Post Payments Bank
5) Reserve Bank Innovation Hub
Answer- 5) Reserve Bank Innovation Hub
Explanation:
In July 2025, Sahil Kini, co-founder of Setu, has been appointed as the new Chief Executive Officer
(CEO) of the Bengaluru(Karnataka)-based Reserve Bank Innovation Hub (RBIH).
• He succeeds Rajesh Bansal, the founding CEO, whose four-year term concluded in April
2025.
Note: RBIH was established in March 2022 and operates as a wholly owned subsidiary of the Reserve
Bank of India (RBI).

26. Identify the organisation that launched two non-par, non-linked individual plans, Nav
Jeevan Shree and Nav Jeevan Shree Single Premium, in July 2025 to cater financial
requirements of buyers at various stages of life.
1) HDFC Life Insurance
2) ICICI Prudential Life Insurance
3) Max Life Insurance

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4) Life Insurance Corporation of India
5) SBI Life Insurance
Answer- 4) Life Insurance Corporation of India
Explanation:
In July 2025, Sat Pal Bhanoo, Chief Executive Officer (CEO) & Managing Director (MD) (In-Charge) of
Mumbai (Maharashtra) based Life Insurance Corporation of India (LIC) has launched two non-par,
non-linked individual plans namely, Nav Jeevan Shree and Nav Jeevan Shree Single Premium.
• These new offerings are combination of savings and protection features designed to
cater financial requirements of buyers at various stages of life.
• Apart from these two new offerings, LIC has launched the Critical Illness Health
Rider, a non-linked, individual health rider that can be integrated to eligible base
plans. It offers financial support upon diagnosis of pre-specified critical
illnesses. Read Full News

27. Which bank signed an agreement with CCIL-International Financial Services Centre Limited
to enable real-time settlement of USD transactions at GIFT City, Gandhinagar?
1) Citibank
2) JPMorgan Chase
3) HSBC India
4) Barclays PLC
5) Standard Chartered Bank
Answer- 5) Standard Chartered Bank
Explanation:
In July 2025, Gandhinagar (Gujarat) based CCIL-International Financial Services Centre Limited(CCIL
IFSC), a subsidiary of Clearing Corporation of India Limited (CCIL) has signed an agreement with
Mumbai (Maharashtra) based Standard Chartered Bank (SCB), to enable real-time settlement of USD
transactions at Gujarat International Finance Technology (GIFT) City in Gandhinagar.
i.Under the agreement, SCB International Banking Unit (IBU) will act as the settlement bank for CCIL
IFSC Limited’s Foreign Exchange Settlement System (FCSS) at GIFT City.
ii.Businesses and the financial ecosystem will benefit from the USD clearing system as it will enable
faster settlement of foreign currency transactions within the IBUs.

28. According to the report titled, “Geo Semi-Annual India Fin Tech Report (SEA TECH)-H1 2025
launched by Tracxn Technologies Limited in July 2025, what is the rank of India’s financial technology
sector in startup funding globally, where United States of America topped the list?
1) 1st
2) 2nd
3) 3rd
4) 4th
5) 5th
Answer- 3) 3rd
Explanation:
In July 2025, Bengaluru (Karnataka) based Tracxn Technologies Limited, a leading market
intelligence platform, has launched a report titled, “Geo Semi-Annual India Fin Tech Report (SEA

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TECH)-H1 2025. India’s financial technology sector has ranked third in startup funding globally,
following the United States of America (USA) and the United Kingdom (UK).
• India’s FinTech Sector raised a total of USD 889 million in the first half of the year(
January to June)H1 2025, a 26% decline from USD 1.2 billion in H2 2024 and a 5%
drop from USD 936 million in H1 2024.

29. According to the World Bank’s ‘Spring 2025 Poverty & Equity Brief’ in July 2025, what is India’s
global rank in terms of income equality based on the Gini Index in 2022-2023?
1) 2nd
2) 3rd
3) 4th
4) 5th
5) 6th
Answer- 3) 4th
Explanation:
In April 2025, World Bank (WB) released its report titled ‘Spring 2025 Poverty & Equity Brief’,
ranking India as the world’s 4th-most equal country with a Gini Index score of 25.5 (2022-23),
compared to 28.8 (2011-12).
• India has been ranked just behind Slovak Republic (24.1), Slovenia(24.3) and
Belarus (24.4).
i.India performed well compared to advanced economies like: China (35.7), the United States of
America (USA) (41.8), the United Kingdom (UK) (32.4) and all Group-7 (G-7) as well as G20 countries.
ii.As per the WB’s report which has covered the data of 167 countries, only 30 countries including
India, have been placed into the ‘moderately low’ inequality category, which includes GI scores
between 25 and 30. Read Full News

30. Mention the organization that launched (in July 2025) the Universal Health Coverage
Practitioners and Experts Knowledge Exchange and Resources (UHC PEERS), a regional peer-
to-peer learning network to drive UHC across Asia and the Pacific region.
1) International Bank of Reconstruction and Development
2) Asian Infrastructure Investment Bank
3) International Monetary Fund
4) Asian Development Bank
5) New Development Bank
Answer- 4) Asian Development Bank
Explanation:
In July 2025, Masato Kanda, President of Asian Development Bank (ADB) announced the launch of
the Universal Health Coverage Practitioners and Experts Knowledge Exchange and Resources (UHC
PEERS), a regional peer-to-peer learning network to drive UHC across Asia and the Pacific region.
• The announcement was made during ADB’s INclusive, Sustainable, Prosperous, and
REsilient (INSPIRE) Health Systems in Asia and the Pacific Health Forum, organised
at ADB’s headquarters i.e. in Manila, the Philippines from July 07 to July 11, 2025.

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31. Identify the company which is set to acquire select wealth and lending units of
multinational investment bank UBS AG, as approved by the Competition Commission of India
(CCI) in July 2025.
1) Kedaara Capital
2) 360 ONE Group
3) SmartShift Logistics
4) Edelweiss Financial Services
5) JM Financial
Answer- 2) 360 ONE Group
Explanation:
On July 08 2025, the Competition Commission of India (CCI), operates under the Ministry of
Corporate Affairs(MoCA), has approved the following proposals:
• Approved the proposal of Kedaara Capital to purchase a certain stake in
SmartShift Logistics Solutions Private Limited, the parent company of on-demand
logistics-turned-unicorn ‘Porter’.
• Approved the proposal of 360 ONE Group to acquire select wealth and lending units
of multinational investment bank UBS AG, a direct 100%-owned subsidiary of UBS
Group AG (UBS), through its entities.

32. Identify the company that in July 2025 unveiled a new index named ‘BSE Insurance Index’,
derived from the constituents of BSE 1000 index.
1) MSCI India
2) CRISIL Limited
3) S&P Dow Jones Indices
4) NSE Indices Limited
5) Asia Index Private Limited
Answer- 5) Asia Index Private Limited
Explanation:
In July 2025, Asia Index Private Limited, a wholly-owned subsidiary of Bombay Stock Exchange
(BSE), unveiled a new index named ‘BSE Insurance Index’.
• This newly launched index is derived from the constituents of BSE 1000 index that are
classified under the insurance sector.
i.The index has a base value of 1000, with its inception date set as June 18, 2018.

33. Mention the bank that partnered with IndiGo Airlines to relaunch co-branded credit cards,
powered by IndiGo BluChip.
1) Kotak Mahindra Bank
2) Axis Bank
3) Bandhan Bank
4) HDFC Bank
5) Federal Bank
Answer- 1) Kotak Mahindra Bank

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Explanation:
On July 10, 2025, Kotak Mahindra Bank Limited (KMBL) and IndiGo Airlines have partnered to
relaunch co-branded credit cards, powered by IndiGo BluChip, IndiGo’s newly introduced loyalty
program.
• The move aims to attract both frequent flyers and customers looking to earn rewards on
everyday spending.

34. In July 2025, Computer Age Management Services (CAMS) launched ‘CAMSPay Payment
Gateway’, a next-generation platform, designed to meet the evolving needs of businesses in
India.
CAMSPay is developed in partnership with __________ to ensure security.
1) Razorpay
2) PayU
3) Mylapay
4) CCAvenue
5) BillDesk
Answer- 3) Mylapay
Explanation:
On July 9, 2025, Computer Age Management Services (CAMS) has launched ‘CAMSPay Payment
Gateway’, a next-generation platform, designed to meet the evolving needs of businesses in India. The
gateway is accredited by Mastercard, VISA, and RuPay, reflecting its adherence to the highest
standards of compliance and security.
• CAMSPay is developed in partnership with Mylapay to ensure security. Ratnakar Bank Limited
(RBL) serves as the Bank Identification Number (BIN) sponsor for smooth card processing and
banking operations.

35. In July 2025, the Asian Infrastructure Investment Bank (AIIB) committed how much
amount to IIFL Home Finance Limited (IIFLHF) to enhance affordable housing finance access
for Economically Weaker Sections (EWS) and Low-Income Groups (LIG) in India?
1) USD 200 million
2) USD 100 million
3) USD 150 million
4) USD 120 million
5) USD 240 million
Answer- 2) USD 100 million
Explanation:
In July 2025, the Asian Infrastructure Investment Bank (AIIB) signed a USD 100 million
(approximately Rs. 830 crore) funding agreement with IIFL Home Finance Limited (IIFLHF) to
enhance affordable housing finance access for Economically Weaker Sections (EWS) and Low-
Income Groups (LIG) in India.
• The investment will also support eco-friendly construction practices in line with India’s climate
and sustainability goals. This marks AIIB’s first partnership with IIFLHF.

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36. Pick out the correct statement regarding the Fintech Note titled “Growing Retail Digital
Payments: The Value of Interoperability” released by the International Monetary Fund (IMF) in
July 2025.
A) India has positioned itself as a global leader in fast digital payments, primarily driven by the
widespread adoption of the Unified Payments Interface (UPI).
B) UPI, which is built on the Immediate Payment Service (IMPS) infrastructure, currently
processes over 18 billion transactions every month, making it the dominant mode of electronic
retail payments in India.
C) The daily UPI transaction count also increased to 613 million from 602 million in May 2025.
1) Only A and B
2) Only B and C
3) Only A and C
4) All A, B and C
5) None of the above
Answer- 4) All A, B and C
Explanation:
In June 2025, the International Monetary Fund (IMF) released a Fintech note titled “Growing Retail
Digital Payments: The Value of Interoperability”, authored by Alexander Copestake, Divya Kirti,
and Maria Soledad Martinez Peria.
• The note highlights India’s digital transformation, noting that Unified Payment Interface (UPI)
has become the largest retail fast payment system globally by volume.
i.India has emerged as a global leader in fast digital payments, driven by the rapid adoption of UPI,
even as the use of debit and credit cards sees a gradual decline.
ii.Developed on the Immediate Payment Service (IMPS) framework, UPI now facilitates over 18
billion transactions monthly, emerging as the leading mode of electronic retail payments in India.
iii.In June 2025, UPI recorded a 32% year-on-year surge in transaction volume, while the total
transaction value increased by 20% compared to the same month last year. Daily UPI transactions
also saw an uptick, rising to 613 million from 602 million in May 2025. >>Read Full News

37. Mention the Mutual Fund company that launched the 'BSE (Bombay Stock Exchange)
Power ETF' and the 'BSE Power ETF Fund of Fund (FoF)' in July 2025
exclusively focused on the power sector..
1) Axis Mutual Fund
2) ICICI Prudential Mutual Fund
3) Aditya Birla Sun Life Mutual Fund
4) HDFC Mutual Fund
5) Groww Mutual Fund
Answer- 5) Groww Mutual Fund
Explanation:
In July 2025, Groww Mutual Fund (MF), the asset management arm of the investment platform,
Groww, has launched two new passive investment schemes: the ‘Groww BSE (Bombay Stock
Exchange) Power ETF (Exchange Traded Fund)’ and the ‘Groww BSE Power ETF FoF (Fund of
Fund)’.
• These are India’s first ETF and FoF dedicated exclusively to the power sector. The funds are
jointly managed by Nikhil Satam, Aakash Chauhan, and Shashi Kumar.

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 • The New Fund Offer (NFO) for both schemes will open for subscription on July 18, 2025 and
close on August 1,2025.
• The minimum application amount for both the ETFs is Rs.500, with no exit load.

38. What was the monetary penalty imposed by the Reserve Bank of India (RBI) on HDFC Bank
in July 2025 for non-compliance with Foreign Exchange Management Act (FEMA), 1999
regulations related to Foreign Direct Investment (FDI)?
1) Rs. 2.75 lakh
2) Rs. 5.10 lakh
3) Rs. 4.88 lakh
4) Rs. 3.50 lakh
5) Rs. 6.25 lakh
Answer- 3) Rs. 4.88 lakh
Explanation:
In July 2025, the Reserve Bank of India (RBI) imposed monetary penalties on two financial
institutions, HDFC Bank Limited and Shriram Finance Limited, for violations of regulatory
guidelines under different frameworks.
• The RBI clarified that these penalties were imposed for regulatory compliance failures only
and do not affect the legality of the underlying loan agreements or customer transactions.
i.The RBI levied a penalty of Rs. 4.88 lakh on HDFC Bank for non-compliance with regulations under
the Foreign Exchange Management Act (FEMA), 1999 concerning Foreign Direct Investment (FDI) in
India.
ii.In a separate case, Shriram Finance was fined Rs. 2.70 lakh for breaching the RBI (Digital Lending)
Directions, 2025.

39. Identify the shipping companies that announced a Rs 10,000 crore investment in the Indian
shipping industry in July 2025, marking the largest Foreign Direct Investment (FDI) in the
sector.
1) Seaspan Corporation and Evergreen Marine
2) Interorient Navigation Co Limited and Danship & Partners Limited
3) Pacific International Lines and Zim Integrated Shipping
4) Maersk Line and Mediterranean Shipping Company
5) Orient Overseas Container Line and NYK Line
Answer- 2) Interorient Navigation Co Limited and Danship & Partners Limited
Explanation:
In July 2025, Cyprus-based two major shipping firms, Interorient Navigation Co Limited and
Danship & Partners Limited, have announced Rs 10,000 crore investment in the Indian shipping
industry.
• This marks the largest Foreign Direct Investment (FDI) in the Indian shipping sector since the
Government of India (GoI) opened this sector to 100% FDI in 2005.
i.As part of this investment, all ships purchased under the initiative will be registered under the
Indian flag, which will help India in expanding its shipping capacity.
ii.The freight income generated by moving India’s export and import cargo will remain within the
domestic economy, which will further support trade and employment.

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40. Identify the stock exchange that was ranked 4th globally in Initial Public Offering (IPO)
fundraising during the 1st Half of Calendar Year 2025, as per S&P Global Market Intelligence
data.
1) Nasdaq Global Market
2) National Stock Exchange of India
3) New York Stock Exchange
4) Shanghai Stock Exchange
5) India International Exchange
Answer- 2) National Stock Exchange of India
Explanation:
In July 2025, S&P Global Market Intelligence data ranked India’s National Stock Exchange (NSE)
ranked 4th globally in Initial Public Offering (IPO) fundraising during the 1st Half of Calendar Year
2025 (H1-CY25).
• NSE has raised USD 5.51 billion through IPO in H1-CY25, accounting for 8.9% of the total
global IPO fundraising of USD 61.95 billion.
i.NSE is ranked just behind the Nasdaq Global Market(USD 12.96 billion), New York Stock Exchange
(NYSE)(USD 8.62 billion), and Nasdaq Global Select Market(USD 7.37 billion).
ii.As per S&P’s data, NSE outperformed all global exchanges in terms of the number of IPOs, by
hosting 73 IPOs during H1-CY25, surpassing Nasdaq Global Market’s 66.

41. Identify the organization that appointed R. Doraiswamy as its new Managing Director (MD)
and Chief Executive Officer (CEO) in July 2025.
1) National Housing Bank
2) New India Assurance
3) State Bank of India
4) Punjab National Bank
5) Life Insurance Corporation
Answer- 5) Life Insurance Corporation
Explanation:
In July 2025, the Government of India(GoI), based on the recommendation of the Financial Services
Institutions Bureau (FSIB), has appointed R. Doraiswamy as the new Managing Director (MD) and
Chief Executive Officer (CEO) of India’s largest life insurer, Life Insurance Corporation (LIC).
• His appointment is effective from July 15, 2025, and will continue until he attains the age of 62
years (August 28, 2028), or until further orders, whichever occurs earlier.
• He succeeds Sat Pal Bhanoo, who had taken over as interim CEO following the retirement of
Siddhartha Mohanty, who officially resigned on June 30, 2024. Read Full News

42. Mention the bank that appointed (in July 2025) Raghavendra Srinivas Bhat as the interim
Managing Director (MD) and Chief Executive Officer (CEO) of the bank succeeding Srikrishnan
Hari Hara Sarma.
1) Citi Bank
2) Karnataka Bank
3) RBL Bank
4) Bandhan Bank
5) Yes Bank

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Answer- 2) Karnataka Bank
Explanation:
In July 2025, Karnataka Bank Limited (KBL), a leading private sector bank, appointed Raghavendra
Srinivas Bhat, the Chief Operating Officer (COO) of the bank, as the interim Managing Director (MD)
and Chief Executive Officer (CEO). He succeeds Srikrishnan Hari Hara Sarma, who stepped down in
June 2025 due to personal reasons.
• His appointment is effective from 16 July 2025, for three months, or until the appointment of a
regular MD & CEO, whichever is earlier, with the necessary approval from the Reserve Bank of
India (RBI).

43. Which organisation launched the 3rd edition of ‘Trade Watch Quarterly’ in Delhi in July
2025, providing a comprehensive overview of India’s merchandise and services trade for the
third quarter (Q3) of Financial Year 2024-25 (FY25)?
1) Reserve Bank of India (RBI)
2) Ministry of Commerce and Industry (MoC&I)
3) Economic Advisory Council to the Prime Minister (EAC-PM)
4) National Institution for Transforming India (NITI) Aayog
5) Central Statistics Office (CSO)
Answer- 4) National Institution for Transforming India (NITI) Aayog
Explanation:
In July 2025, Dr. Arvind Virmani, Member of National Institution for Transforming India (NITI
Aayog) launched the 3rd edition of ‘Trade Watch Quarterly (TWQ) Quarterly: October-December
(Q3) FY25’ in New Delhi, Delhi. The report provides a comprehensive overview of India’s merchandise
and services trade for the third Quarter(Q3) of Financial Year 2024-25 (FY25).
i.The report showed that merchandise exports registered a modest Year-on-Year (Y-o-Y) growth of
3%, reaching USD 108.7 billion in Q3FY25.
• While, imports increased by 6.5%, to USD 187.5 billion during the same time period, widening
the merchandise trade deficit.
ii.The report highlighted that India’s export composition remains stable with some products like:
aircraft, spacecraft and parts entering the top 10 exports with more than 200% annual growth.
iii.The report also revealed that India ranked as the world’s 5th largest exporter of Digitally
Delivered Services (DDS) in 2024, with USD 269 billion in DDS exports.

44. Mention the organisation that launched the ‘Venture Capital Fund (VCF) Settlement Scheme
2025’ in July 2025 to aid the settlement of violations of winding-up provisions by migrated
VCFs.
1) Reserve Bank of India (RBI)
2) Insurance Regulatory and Development Authority of India (IRDAI)
3) Ministry of Corporate Affairs (MCA)
4) National Stock Exchange of India (NSE)
5) Securities and Exchange Board of India (SEBI)
Answer- 5) Securities and Exchange Board of India (SEBI)

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Explanation:
In July 2025, the Securities and Exchange Board of India (SEBI) unveiled ‘Venture Capital Fund (VCF)
Settlement Scheme 2025’, aimed to aid the settlement of violations of winding-up provisions by
migrated VCFs.
• The scheme will commence on July 21, 2025 and expires on January 19, 2026 (both dates are
inclusive) or other such date as approved by the competent authority.
i.The new scheme is eligible for VCFs with a minimum one scheme whose tenure has expired but not
wound up and has completed the migration.
ii.An entity who is interested in making an application for availing settlement under the VCF
Settlement Scheme, 2025, is required to submit a settlement application along with a non-refundable
application fee of Rs 25,000 with 18% Goods and Services Tax (GST).
iii.As per the new scheme, the base amount for settlement for maximum delay of 1 year in winding up
the scheme will be Rs 1 lakh.
>>Read Full News

45. Identify the financial institution in India that entered into a joint venture with Japan-based
Sumitomo Mitsui Financial Group (SMFG) in July 2025, to provide wealth management services
in Japan.
1) SBI Holdings Inc.
2) LIC Housing Finance Limited
3) Bajaj Finserv Limited
4) HDFC Asset Management Company
5) UTI Asset Management Company
Answer- 1) SBI Holdings Inc.
Explanation:
On July 15, 2025, Tokyo (Japan) based Sumitomo Mitsui Financial Group (SMFG) and SBI Holdings
Inc., announced a joint venture (JV) to offer wealth management services to affluent individuals in
Japan.
• The partnership aims to manage Japanese Yen (JPY) 10 trillion (approximately USD 69
billion) in assets within 5 years.
i.The JV will be funded by SMFG and Sumitomo Mitsui Banking Corp (SMBC), and SMBC Nikko
Securities, subsidiaries of SMFG, SBI Holdings, and SBI Securities Co.
ii.The venture aims to become profitable within three years and to yield JPY 10 billion in pre-tax
profit by five years.

46. Identify the company that in July 2025 received in-principle approval from the Reserve
Bank of India (RBI) to operate as a Payment Aggregator (PA) for Cross-Border Export and
Import activities (PA-CB E&I).
1) Skydo Technologies
2) PayPal
3) Worldline ePayments India
4) EximPe
5) Adyen India
Answer- 4) EximPe

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Explanation:
On July 15, 2025, EximPe, a cross-border fintech company, has received in-principle approval from
the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA) for Cross-Border Export and
Import activities (PA-CB E&I).
• The approval was made under the Payments and Settlements Systems (PSS) Act, 2007.

47. In June 2025, what was India’s retail inflation measured by Consumer Price Index (CPI)
according to ‘Consumer Price Index (CPI) for rural, urban and combined for the month of June
2025’ released by National Statistics Office (NSO) in July 2025?
1) 3.24%
2) 4.80%
3) 2.10%
4) 2.82%
5) 3.98%
Answer- 3) 2.10%
Explanation:
In July 2025, the National Statistics Office (NSO) under the Ministry of Statistics and Programme
Implementation (MoSPI) released the ‘Consumer Price Index (CPI) for rural, urban and combined for
the month of June 2025’. As per the official data, India’s retail inflation measured by CPI, declined to a
75-month low (6 years) to 2.10% in June 2025, down from 2.82% in May 2025..
• This is the lowest Year-on-Year (Y-o-Y) inflation registered since January 2019.This also marks
the 5th consecutive month that inflation has stayed below the Reserve Bank of India (RBI)’s
medium-target of 4%. Read Full News

48. In June 2025, India’s overall trade deficit including merchandise and services narrowed
sharply to ____________, as per the trade statistics for the 1st Quarter (Q1: April-June) of Financial
Year 2025-26 (FY26) and for the month of June 2025 released by Ministry of Commerce &
Industry (MoC&I) in July 2025.
1) USD 4.56 billion
2) USD 3.51 billion
3) USD 3.09 billion
4) USD 5.18 billion
5) USD 2.30 billion
Answer- 2) USD 3.51 billion
Explanation:
In July 2025, the Ministry of Commerce & Industry (MoC&I) released trade statistics for the 1st
Quarter (Q1: April-June) of Financial Year 2025-26 (FY26) and for the month of June 2025. As per the
data, India’s overall trade deficit including merchandise and services has narrowed sharply to USD
3.51 billion in June 2025 compared to USD 7.30 billion in June 2024.
• India’s overall trade deficit declined 9.4% to USD 20.3 billion in Q1FY26, driven by
approximately 11% growth in services export during this period. Read Full News

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49. In July 2025, the Reserve Bank of India (RBI) issued new directions, allowing voluntary
pledge of gold and silver as collateral for agriculture and Micro, Small and Medium Enterprises
(MSME) loans.
Mention the category of banks to which these new directions are not applicable.
1) Payments Banks
2) Regional Rural Banks
3) Small Finance Banks
4) District Central Co-operative Banks
5) Scheduled Commercial Banks
Answer- 1) Payments Banks
Explanation:
In July 2025, the Reserve Bank of India (RBI) issued new directions, allowing voluntary pledge of
gold and silver as collateral for agriculture and Micro, Small and Medium Enterprises (MSME) loans.
• These norms will be applicable to all Scheduled Commercial Banks (SCBs), Regional Rural
Banks (RRBs), Small Finance Banks (SFBs) and all State Co-operative Banks(SCBs) and District
Central Co-operative Banks (DCCBs).

50. In July 2025, the NPCI International Payments Limited (NIPL) announced the inclusion of
13 additional Indian banks into the Unified Payment Interface (UPI)-PayNow service, which is
a joint initiative between the Reserve Bank of India (RBI) and ____________________________.
1) Hong Kong Monetary Authority
2) Bank of Thailand
3) Central Bank of UAE
4) Nepal Rastra Bank
5) Monetary Authority of Singapore
Answer- 5) Monetary Authority of Singapore
Explanation:
In July 2025, the NPCI International Payments Limited(NIPL), the international arm of the National
Payments Corporation of India (NPCI), has announced the inclusion of 13 additional Indian banks
into the Unified Payment Interface (UPI)-PayNow, payment linkage between India and Singapore.
• This addition, effective from July 17, 2025, takes the total number of participating Indian banks
to 19, significantly easing cross-border remittances for individuals, including migrant workers
and students in Singapore.
i.The UPI-PayNow service was launched as a joint initiative between the Reserve Bank of India (RBI)
and the Monetary Authority of Singapore (MAS).
ii.This initiative enables the account-holders of the participating banks and financial institutions in
India and Singapore to perform cross-border remittance transactions through the UPI-PayNow
linkage. Read Full News

51. Mention the bank that proposed (in July 2025) to the International Financial Services
Centre Authority (IFSCA) to set up an International Financial Services Centre(IFSC) Banking
Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.
1) CTBC bank
2) Mashreq Bank
3) First Abu Dhabi Bank

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4) ANZ Group
5) Taipei Fubon Bank
Answer- 1) CTBC bank
Explanation:
In July 2025, CTBC bank, a Taiwanese commercial bank, has proposed to the International Financial
Services Centre Authority (IFSCA) to set up an International Financial Services Centre(IFSC) Banking
Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.
• With this move, CTBC will become the second Taiwanese bank to establish an IBU at GIFT City,
following Taipei Fubon Commercial Bank.

52. In July 2025, the panel led by whom recommended a prohibition on mergers between
insurance and non-insurance companies to the Insurance Regulatory and Development
Authority of India (IRDAI), highlighting the potential risks to policy holders?
1) Dinesh Kumar Khara
2) Rakesh Sharma
3) Rajnish Kumar
4) Saurav Sinha
5) Alok Misra
Answer- 1) Dinesh Kumar Khara
Explanation:
On July 17, 2025, a committee set by the Insurance Regulatory and Development Authority of India
(IRDAI) has recommended a prohibition on mergers between insurance and non-
insurance companies. The panel, led by Dinesh Kumar Khara, Chairman, State Bank of India (SBI),
highlighted the potential risks to policy holders.
• In February 2025, IRDAI constituted a seven-member committee to assess the proposed
amendments to the Insurance Act, 1938.

53. In July 2025, the National Bank for Agriculture and Rural Development (NABARD)
commemorated its 44th Foundation Day with the launch of several key initiatives in Chennai,
Tamil Nadu.
Identify the ‘correct’ statement/s regarding the initiatives launched by NABARD on its
foundation day.
A) NABARD launched RuralTech CoLab, an open digital innovation platform which enables
startups, research institutes, and tech developers to co-create, test, and scale rural-centric
technologies.
B) NABARD launched NIVARAN, a dedicated Internal Grievance Redressal System, designed for
rural Co-operative Banks, offering 24×7 digital access for complaint resolution and governance
enhancement.
C) NABARD launched a Telegram Channel targeting Financial Inclusion among the rural and
semi-urban population.
1) Only A
2) Only A and B
3) Only A and C
4) Only B
5) All A, B and C

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Answer- 2) Only A and B
Explanation:
On July 12, 2025, the National Bank for Agriculture and Rural Development (NABARD)
commemorated its 44th Foundation Day with the launch of several key initiatives, including
NIVARAN and RuralTech CoLab, during a celebratory event held at ITC Grand Chola in Chennai, Tamil
Nadu(TN).
• The celebrations highlighted NABARD’s pivotal role in reshaping India’s rural development
landscape through innovation, infrastructure, and financial inclusion.
i.RuralTech CoLab: It is an open digital innovation platform which enables startups, research
institutes, and tech developers to co-create, test, and scale rural-centric technologies.
ii.NIVARAN: It is a dedicated Internal Grievance Redressal System, designed for rural Co-operative
Banks. It offers 24×7 digital access for complaint resolution and governance enhancement.
iii.NABARD official Whatsapp Channel: It was launched to improve real-time communication and
provide direct access of market advisories, FPO information, and product updates to rural
stakeholders.
iv.Radio Jingle for Financial Inclusion: It targets rural and semi-urban listeners across All India
Radio (AIR) and community radio networks with awareness messages on savings, credit, and
insurance.Read Full News

54. Mention the name of the bank whose Managing Director (MD) and Chief Executive Officer
(CEO) has emerged as the highest-paid banker in India in Financial Year 2024-25 (FY25), with
a total salary of 12.08 crore, according to Bank’s Annual Report released in July 2025.
1) HDFC Bank
2) Axis Bank
3) ICICI Bank
4) Yes Bank
5) Bandhan Bank
Answer- 1) HDFC Bank
Explanation:
According to Bank’s Annual Report released in July 2025, Sashidhar Jagdishan, Managing Director
(MD) and Chief Executive Officer (CEO) of HDFC Bank Limited, has emerged as the highest-paid
banker in India in Financial Year 2024-25 (FY25), with total salary of 12.08 crore, marking an
increase of 12% compared to FY24.
• Apart from salary, he was also allotted 2.12 lakh shares in Employee Stock Options
(ESOPs), valued at over Rs 4.24 crore at current market levels.
• He was the 2nd highest-paid bank Chief in FY25, only after Ashok Vaswani, MD &
CEO of Kotak Mahindra Bank Limited (KMBL).

55. Identify the bank that has been adjudged as the World’s Best Consumer Bank for 2025 by
Global Finance magazine, following a detailed editorial review supported by insights from
finance executives, analysts, and global banking professionals.
1) State Bank of India
2) Barclays Bank
3) Bank of America
4) DBS Bank

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5) HSBC Holdings
Answer- 1) State Bank of India
Explanation:
In July 2025, the State Bank of India (SBI) has been adjudged as the World’s Best Consumer Bank
for 2025 by Global Finance magazine, a leading international financial publication, following a
detailed editorial review supported by insights from finance executives, analysts, and global banking
professionals.
• The award will be formally presented to SBI Chairman, Challa Sreenivasulu (CS)
Setty on 18th October 2025, during the International Monetary Fund (IMF)/World
Bank (WB) Annual Meetings in Washington D.C., United States of America (USA).
• The World’s Best Consumer Bank award, part of Global Finance magazine’s annual
World’s Best Bank awards, recognises top-performing banks across over 150
countries based on their innovation and customer service in consumer banking.

56. In July 2025, the Appointments Committee of the Cabinet (ACC) appointed Nitin Gupta as
the new chairperson of which organization for a period of 3 years succeeding Ravneet Kaur?
1) Institute of Chartered Accountants of India
2) National Financial Reporting Authority
3) Central Bureau of Investigation
4) International Forum of Independent Audit Regulators
5) Central Board of Direct Taxes
Answer- 2) National Financial Reporting Authority
Explanation:
On July 17, 2025, the Appointments Committee of the Cabinet (ACC), chaired by the Prime
Minister(PM) Narendra Modi, has appointed Nitin Gupta as the new chairperson of the National
Financial Reporting Authority (NFRA),under the Ministry of Corporate Affairs(MoCA), with
immediate effect. He will serve for a term of three years or until he turns 65, whichever comes earlier.
• He succeeds Ravneet Kaur, who was holding additional charge since April 2025.
The post had remained vacant since the completion of Ajay Bhushan Pandey’s
three-year tenure on March 31, 2025.
• Additionally, Smita Ghingran, P Daniel and Sushil Kumar Jaiswal have been
appointed as full-time members of the NFRA.

57. Identify the company that received (in July 2025) final approval from the Securities and
Exchange Board of India (SEBI) to launch its mutual fund(MF) business in India.
1) Angel One Asset Management
2) The Wealth Company Asset Management Holdings
3) Jio BlackRock Asset Management
4) ASK Asset & Wealth Management
5) Choice International Asset Management
Answer- 2) The Wealth Company Asset Management Holdings
Explanation:
On 18 July 2025, The Wealth Company Asset Management Holdings Private Limited, a subsidiary
of the Pantomath Group, received final approval from the Securities and Exchange Board of India
(SEBI) to launch its mutual fund(MF) business.

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 • The company will now operate as The Wealth Company MF, entering India’s MF
sector valued at Rs. 74.41 trillion.

58. Name the company that received (in July 2025) approval from the Securities and Exchange
Board of India (SEBI) to launch its Small and Medium Real Estate Investment Trust (SM-REIT)
under the name AMSA SM REIT Investment Trust (AMSA).
1) Embassy Group
2) Prestige Group
3) Aurum PropTech Limited
4) Mindspace Business Parks REIT
5) Brookfield India Real Estate Trust
Answer- 3) Aurum PropTech Limited
Explanation:
In July 2025, Aurum PropTech Limited, a part of Aurum Ventures, received approval from the
Securities and Exchange Board of India (SEBI) to launch its Small and Medium Real Estate
Investment Trust (SM-REIT) under the name AMSA SM REIT Investment Trust (AMSA).
• The registration certificate, received via a regulatory filing on July 18, 2025,
designates Aurum as India’s first publicly listed company to operate an SM-REIT
platform.

59. Identify the company that entered into a binding agreement with Alliance Group to form a
50:50 domestic reinsurance Joint Venture (JV) to serve the dynamic and high-growth
insurance sector in India.
1) HDFC Life Insurance Company
2) ICICI Lombard General Insurance
3) SBI Life Insurance
4) Bajaj Finserv Ltd
5) Jio Financial Services Limited
Answer- 5) Jio Financial Services Limited
Explanation:
In July 2025, Jio Financial Services Limited (JFSL), subsidiary of Reliance Industries Limited (RIL) and
Alliance Group (Allianz) through its 100%-owned subsidiary Allianz Europe B.V., entered into a
binding agreement to form a 50:50 domestic reinsurance Joint Venture (JV) to serve the dynamic and
high-growth insurance sector in India.
• This JV aims to expand access to insurance, supporting the national goal of
‘Insurance for All 2047’.

60. Mark the ‘correct’ statement regarding the 5th edition of Global Findex Database 2024
report titled “Connectivity and Financial Inclusion in the Digital Economy” released by World
Bank in July 2025.
A) Financial account ownership in India rose sharply to 79% in 2024, up from 77.5% in 2021.
B) The global rate of account ownership reached 89% in 2024, reflecting a 28% point rise
since 2011, when the Global Findex data collection began.
C) The proportion of inactive bank accounts in India—those not used in the last 12 months—
stood at 16% in 2024, notably higher than the global average of 6%.

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1) Only A
2) Only B
3) Only A and B
4) Only C
5) Only A and C
Answer- 4) Only C
Explanation:
In July 2025, the World Bank (WB) has released the 5th edition of its Global Findex Database titled
“Connectivity and Financial Inclusion in the Digital Economy”. As per the report, financial account
ownership in India rose sharply to 89% in 2024, up from 77.5% in 2021 and a significant leap from
just 35% in 2011.
• The Global account ownership rate stood at 79%, an increase of 28% points since
2011, when the first round of Global Findex data was collected.
• In India, the inactive account holder status i.e., non-usage of accounts in the past
12 months in 2024 is 16% of account holders, compared to the global average of
6%. Read Full News

61. In July 2025, how much loan amount was granted to Tripura for building infrastructure in
nine industrial areas by the Asian Development Bank (ADB)?
1) Rs. 946.81 crores
2) Rs. 895.39 crores
3) Rs. 568.06 crores
4) Rs. 975.26 crores
5) Rs. 639.54 crores
Answer- 4) Rs. 975.26 crores
Explanation:
In July 2025, Manila(Philippines) based the Asian Development Bank (ADB) has granted a loan
amounting to Rs. 975.26 crores(USD 85.4 million) for building infrastructure in nine industrial areas
in Tripura.
• The initiative aims to revamp Tripura’s manufacturing ecosystem by promoting
inclusivity and boosting global competitiveness.
• The Tripura Industrial Development Corporation (TIDC) announced that the project
will encompass the development of industrial sheds, power substations,
underground electrical infrastructure, fire service stations, and the construction of
34 roads across designated industrial areas.

62. Mention the name of bank that was included in the Schedule II of the Reserve Bank of India
(RBI) Act, 1934 by the RBI in July 2025
1) NSDL Payments Bank Limited
2) Jio Payments Bank
3) India Post Payments Bank
4) Airtel Payments Bank
5) Fino Payments Bank
Answer- 1) NSDL Payments Bank Limited

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Explanation:
In July 2025, the Reserve Bank of India (RBI) has announced the inclusion of NSDL Payments Bank
Limited, a subsidiary of National Securities Depository Limited (NSDL) in Schedule II of the RBI Act,
1934. This inclusion was made by RBI in exercise of its powers given under Section 42(6) (a) of the
RBI Act, 1934.
• Following this inclusion NSDL Payments Bank Ltd. attains the status of a Scheduled
Bank (SB) and will now able to access facilities from the RBI like: borrowing from
the Marginal Standing Facility (MSF) and participating in Liquidity Adjustment
Facility (LAF) operations, will further enhance its operational capabilities within the
Indian financial system.
• With this, it becomes the 5th payment bank in India to get the SB status after India
Post Payments Bank Limited (IPPB); Fino Payments Bank Limited, Airtel Payments
Bank Limited, and Jio Payments Bank.

63. In July 2025, the Reserve Bank of India (RBI) imposed a Monetary Penalty on
Mandvi Nagrik Sahakari Bank and 3 Other Cooperative Banks.
Match the bank with the amount of penalty imposed on it.
Bank Name Penalty Amount

A. Mandvi Nagrik Sahakari Bank Limited i. Rs 20,000

B. Sarvodaya Nagrik Sahakari Bank Limited ii. Rs 2.10 lakh

C. Laxmi Vishnu Sahakari Bank Limited iii. Rs 3 lakh

D. Thane District Central Co-operative Bank Limited iv. Rs 2 lakh

1) A-ii, B-i, C-iv, D-iii
2) A-i, B-iii, C-ii, D-iv
3) A-iv, B-iii, C-i, D-ii
4) A-iii, B-iv, C-ii, D-i
5) A-iv, B-i, C-iii, D-ii
Answer- 3) A-iv, B-iii, C-i, D-ii
Explanation:
In July 2025, the Reserve Bank of India (RBI) imposed monetary penalty of Rs 2 lakh on the
Mandvi Nagrik Sahakari Bank Limited, based in Mandvi district in Surat, Gujarat, for non-
compliance with its directives on ‘Management of Advances by Urban Cooperative Banks (UCBs)’.
i.RBI has also imposed monetary penalty of Rs 3 lakh on Sarvodaya Nagrik Sahakari Bank Limited
(Gujarat) for failing to comply with its directions on the Comprehensive Cyber Security Framework
for Primary UCBs.
ii.Two cooperative banks from Maharashtra were also penalized:
• Laxmi Vishnu Sahakari Bank Limited (Maharashtra) has been penalized Rs
20,000 for non-compliance with RBI directions related to ‘Loans and advances to
directions, their relatives, and firms/concerns in which they are interested’.
• Thane District Central Co-operative Bank Limited(Thane, Maharashtra) has been
fined Rs 2.10 lakh for lapses in adherence to the Know Your Customer (KYC) rules.

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 64. Name the platform launched (in July 2025) by Laraware Private Limited to revolutionise
the digital financial services in India, said to be India’s first fully Artificial Intelligence (AI)-
powered fintech software platform.
1) Neobank Pro
2) FinTech AI Hub
3) DigiBank AI
4) Nxtbanking
5) SmartFinance 360
Answer- 4) Nxtbanking
Explanation:
In July 2025, Anvesh Tiwari, Chief Technology Officer (CTO), Laraware Private Limited spearheaded
the launch of “Nxtbanking”, India’s first fully Artificial Intelligence (AI)-powered fintech software
platform, developed by Laraware, to revolutionise the digital financial services in India.
• The platform integrates more than 50 financial Application Programming Interface
(API), including Aaadhar Enabled Payment System (AEPS), Bharat Bill Payment
System (BBPS), and Micro Automated Teller Machine (ATM).

65. In July 2025, Reserve Bank of India (RBI) approved the proposal of Currant Sea
Investments B.V to acquire how much percent stake in Infrastructure Development Finance
Company (IDFC) First Bank for Rs. 7,500 crores?
1) 10.23%
2) 9.99%
3) 8.67%
4) 7.55%
5) 11.32%
Answer- 2) 9.99%
Explanation:
In July 2025, Reserve Bank of India (RBI) has approved the proposal of Currant Sea Investments
B.V, a subsidiary of Warburg Pincus, to acquire 9.99% stake for Rs. 7,500 crores in Infrastructure
Development Finance Company (IDFC) First Bank.
• The approval follows the approval by the Competition Commission of India (CCI) on
June 3, 2025.

66. Mention the department that signed a Memorandum of Understanding (MoU) with Life
Insurance Corporation of India (LIC) in July 2025 to promote the ‘Bima Sakhi Yojana’ in rural
areas.
1) Department of Financial Services
2) Department of Agriculture and Farmers Welfare
3) Department of Economic Affairs
4) Department of Rural Development
5) Department of Empowerment of Persons with Disabilities
Answer- 4) Department of Rural Development

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Explanation:
On July 21, 2025, the Life Insurance Corporation of India (LIC) has signed a Memorandum of
Understanding (MoU) with the Department of Rural Development (DoRD), Ministry of Rural
Development (MoRD) to promote ‘Bima Sakhi Yojana’ in rural areas.
• The MoU was signed during the National Conclave on Financial Inclusion,
“Anubhuti”, organized by the MoRD, from July 8 to 10, 2025, in Goa.
i.Bima Sakhi Yojana, launched by LIC, is designed to empower women aged 18-70 years, who have
passed class 10. The participating women will be given training and stipend for 3 years.
• The scheme aligns with Deendayal Antyodya Yojana- National Rural Livelihood
Mission (DAY-NRLM).
ii.Under the scheme, each woman volunteer will receive a stipend of Rs.7,000 per month in the first
year, Rs.6,000 per month in the second year, and Rs.5,000 in the third year.

67. Pick out the correct statement regarding the amalgamation process of Regional Rural Banks (RRBs)
initiated by the Government of India, as of July 2025.
A) During Phase-I (2005–2010), the number of RRBs was reduced from 196 to 82 by
amalgamating RRBs of the same Sponsor Bank within a state.
B) Under Phase-II (2012–2014) and Phase-III (initiated in 2019), the total number of RRBs
was brought down from 82 to 43 by amalgamating RRBs across Sponsor Banks and merging
weaker RRBs with stronger ones.
C) Under Phase-IV, effective from May 1, 2025, the number of RRBs was reduced from 43 to 28,
covering 26 States and 2 Union Territories (UTs).
1) Only A
2) Only C
3) Only A and C
4) Only B and C
5) All A, B and C
Answer- 5) All A, B and C
Explanation:
The Government of India (GoI) initiated a structural consolidation of Regional Rural Banks (RRBs) in
Financial Year 2005–06 (FY06) to improve their operational viability and harness the benefits of
economies of scale.
• The amalgamation of RRBs has led to the creation of state-level RRBs with
contiguous operational areas, streamlining management and enhancing service
delivery.
i.Phase-I amalgamation: In 2005-2010, the number of RRBs was brought down from 196 to 82 by
amalgamating RRBs of the same Sponsor Bank within a State.
ii.Phase-II amalgamation: In 2012-14, the number of RRBs was brought down from 82 to 56, by
amalgamating RRBs across Sponsor Banks within a State with geographically contiguous areas of
operation.
iii.Phase-III amalgamation: Initiated in 2019 by amalgamating weaker RRB with the stronger RRB.
The number of RRBs was brought down from 56 to 43 at the end-March 2021.
iv.Under Phase-IV of the amalgamation process, the number of RRBs was reduced from 43 to 28,
effective from May 1, 2025, across 26 states and 2 Union Territories (UTs).
Read Full News

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68. As per the July 2025 SBI Research report on the Octennial Anniversary of Goods and
Services Tax (GST), which of the following states is Not among the top 5 states accounting for
nearly 50% of total active GST taxpayers in India?
1) Uttar Pradesh
2) Maharashtra
3) Gujarat
4) West Bengal
5) Karnataka
Answer- 4) West Bengal
Explanation:
In July 2025, SBI Research, the economic research division of the State Bank of India (SBI), released
its latest research report on Octennial Anniversary of Goods and Services Tax (GST). As per the report,
5 states namely, Uttar Pradesh (UP), Maharashtra, Gujarat, Tamil Nadu (TN) and Karnataka,
account for nearly 50% of the total active GST taxpayers in India.
• UP leads the top five states, contributing 13.2% of all active GST taxpayers in India,
followed by Maharashtra (12.1%), Gujarat (8.4%), Tamil Nadu, TN (7.7%), and
Karnataka (6.9%).
• The report showed that top 5 states account for 41% of gross revenue while, 6 states
surpasses the mark of Rs 1 lakh crore.
i.The data further revealed that there are over 1.52 crore active GST registrations (as of May 31,
2025).
ii.The report observed some economically stronger states such as: Telangana, TN, Kerala, AP and
Karnataka, are underperforming in GST participation when compared to their share in the overall
Gross State Domestic Product (GSDP). Read Full News

69. Name the unified reporting platform launched by Securities Exchange Board of India (SEBI)
in collaboration with the National Stock Exchange (NSE) to simplify compliance for
stockbrokers?
1) Vyapar Suvidha Portal
2) SEBI-NSE Compliance Link
3) Samuhik Prativedan Manch
4) Prativedan Sahayata Portal
5) Unified Broker Compliance System
Answer- 3) Samuhik Prativedan Manch
Explanation:
In July 2025, the Securities Exchange Board of India (SEBI), in collaboration with National Stock
Exchange (NSE), has launched “Samuhik Prativedan Manch”, a unified reporting platform to
simplify compliance for stockbrokers.
• This initiative is designed to make compliance processes more streamlined,
transparent, and cost-effective for stockbrokers.
• From August 1, 2025, the mechanism will be introduced in a step-by-step manner.
i.Currently, brokers registered with multiple stock exchanges are required to submit identical
compliance reports to each exchange individually.

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 • After this platform launch, brokers will now be able to submit their compliance
reports through a single interface, significantly reducing duplication of effort and
lowering compliance costs.

70. Which Small Finance Bank launched the ‘Foreign Currency Non-Resident (FCNR)(B) Deposit
Account’ and ‘Explorer Savings Account’ in July 2025, targeting Non-Resident Indians (NRIs)
and Seafarers?
1) AU Small Finance Bank
2) Ujjivan Small Finance Bank
3) ESAF Small Finance Bank
4) Equitas Small Finance Bank
5) Jana Small Finance Bank
Answer- 4) Equitas Small Finance Bank
Explanation:
On July 22, 2025, Equitas Small Finance Bank (ESFB) announced the launch of two specialized
Financial Products such as ‘Foreign Currency Non-Resident (FCNR)(B) Deposit Account’ and the
‘Equitas Explorer Savings Account’, with an aim to meet the financial needs of Non-Resident Indians
(NRIs) and Seafarers.
i.The FCNR(B) Deposit account is a type of Fixed Deposit (FD) account, in which NRIs save their
earnings in foreign currency in United States Dollar (USD) in India.
ii.The bank offers rewarding interest rates, tax-free interest income on earnings in India, and full
repatriation of principal and interest.
iii.The Account is designed for NRIs and Persons of Indian Origin (PIOs), working in foreign shipping
companies, merchant navy, and oil rigs.
iv.Equitas offer in two variants, Non-Resident External (NRE) and Non-Resident Ordinary (NRO).
>>Read Full News

71. Identify the digital payments company that in partnership with SBI Cards and Payment
Services Limited jointly launched (in July 2025) co-branded credit cards of two variants, with
an aim to broaden formal credit access by offering rewards to customers on their everyday
transactions.
1) Paytm
2) Tata Digital
3) Fibe
4) MobiKwik
5) PhonePe
Answer- 5) PhonePe
Explanation:
On July 22, 2025, PhonePe, a digital payments and financial services company,
in partnership with SBI Cards and Payment Services Limited, a subsidiary of the State Bank of India
(SBI) jointly launched co-branded credit cards of two variants such as ‘PhonePe SBI Card PURPLE’
and ‘PhonePe SBI Card SELECT BLACK’, with an aim to broaden formal credit access by offering
rewards to customers on their everyday transactions.
• The two contactless credit card variants are issued on both RuPay and VISA
networks.

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 • VISA cards can be tokenized on the PhonePe Application(app) and the RuPay
variants can be linked to the Unified Payments Interface (UPI) for seamless
transactions.

72. According to the Reserve Bank of India (RBI)’s provisional data, Gross Non-Performing
Assets (GNPA) of Public Sector Banks (PSBs) steadily decreased to what percent in Financial
Year 2024-25 (FY25)?
1) 6.44%
2) 3.86%
3) 2.58%
4) 4.11%
5) 5.06%
Answer- 3) 2.58%
Explanation:
According to the Reserve Bank of India (RBI)’s provisional data which showed that Gross Non-
Performing Assets (GNPA) of Public Sector Banks (PSBs) has steadily decreased over the last 5 years
i.e. from 9.11%(6.16 lakh crore) in Financial Year 2020-21 (FY21) to 2.58%(Rs.2.83 lakh crore) in
FY25.
• He also highlighted that this decline in GNPAs was mainly attributed by joint
measures initiated by the Government of India (GoI) and the RBI. Read Full News

73. The Reserve Bank of India’s (RBI) Financial Inclusion Index (FI-Index), which measures the
depth and reach of financial inclusion across the country, rose by _______ in Financial Year 2024-
25 (FY25).
1) 4.3%
2) 5.2%
3) 2.8%
4) 9.6%
5) 7.1%
Answer- 1) 4.3%
Explanation:
The Reserve Bank of India’s (RBI) Financial Inclusion Index (FI-Index), which measures the depth
and reaches of financial inclusion across the country, rose by 4.3% in Financial Year 2024-25 (FY25).
• The index value increased from 64.2 in March 2024 to 67 in March 2025, reflecting
steady progress across all sub-indices, i.e. access, usage, and quality of financial
services.
• The annual FI-Index for the period ending March 2021 is 53.9 as against 43.4 for the
period ending March 2017.

74. In July 2025, the Securities and Exchange Board of India (SEBI) renewed the recognition of
Multi Commodity Exchange Clearing Corporation Limited (MCXCCL) as a clearing corporation
for a period of how many years?
1) 3 years
2) 2 years
3) 8 years

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4) 5 years
5) 6 years
Answer- 1) 3 years
Explanation:
In July 2025, the Securities and Exchange Board of India (SEBI) renewed the recognition of Multi
Commodity Exchange Clearing Corporation Limited (MCXCCL), a wholly owned subsidiary of the
Multi Commodity Exchange of India (MCX) as a clearing corporation for a period of three years, from
July 31, 2025, to July 30, 2028.
• The renewal is subject to compliance with SEBI’s regulatory framework, including
risk management, capital adequacy, and corporate governance standards.

75. Mention the bank with which KredX in July 2025 signed a strategic partnership to bridge
the Rs. 30 lakh crore credit gap in the Micro, Small, and Medium Enterprises (MSME) sector.
1) Union Bank of India
2) Canara Bank
3) Bank of Maharashtra
4) Bank of India
5) Punjab National Bank
Answer- 2) Canara Bank
Explanation:
In July 2025, KredX, India’s leading integrated supply chain finance platform, signed a strategic
partnership with Canara Bank, to bridge the Rs. 30 lakh crore credit gap in the Micro, Small, and
Medium Enterprises (MSME) sector.
• The collaboration aims to enhance digital trade finance via KredX’s Reserve Bank of
India (RBI)-licensed Trade Receivables Discounting System (TReDS) platform,
Domestic Trade Exchange (DTX).

76. In July 2025, the World Bank Group (WBG) in partnership with the __________, released its report
titled ‘Towards Resilient and Prosperous Cities in India’, highlighting the potential of Indian cities to
generate 70% of new jobs by 2030.
1) Ministry of Micro, Small & Medium Enterprises
2) Ministry of Housing and Urban Affairs
3) Ministry of Skill Development and Entrepreneurship
4) Ministry of Labour and Employment
5) Ministry of Rural Development
Answer- 2) Ministry of Housing and Urban Affairs
Explanation:
In July 2025, the World Bank Group (WBG) released its latest report titled ‘Towards Resilient and
Prosperous Cities in India’, prepared in partnership with the Ministry of Housing and Urban Affairs
(MoHUA), Government of India (GoI). The report has projected that Indian cities hold huge potential
as centres of economic growth, with 70% of new jobs coming from cities by 2030.
• Annual pluvial flood-related losses are expected to increase from currently
estimated USD 4 billion to USD 5 billion by 2030 and between USD 14 and USD 30
billion by 2070, if cities don’t invest in adoption.

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 • The report is based on analytical work conducted between September 2022 and May
2025 and is supported by the Global Facility for Disaster Reduction and Recovery
(GFDRR) including its City Resilience Program.
i.The report warns that Indian cities face increasing vulnerability to climate risks like floods and
heatwaves, necessitating investments exceeding USD 2.4 trillion by 2050 and USD 10.9 trillion by
2070 to develop resilient, low-carbon infrastructure.
ii.The report has studied 24 Indian cities, with a special focus on cities like: Chennai (Tamil Nadu,
TN), Indore (Madhya Pradesh, MP), New Delhi (Delhi) ,Lucknow (Uttar Pradesh, UP), Surat (Gujarat)
and Thiruvananthapuram (Kerala).
Read Full News

77. Mention the organization with which United States of America (USA) based PayPal
announced partnership in July 2025, to launch ‘PayPal World’, a new cross-border payments
platform.
1) Google Pay India
2) NPCI International Payments Limited (NIPL)
3) Ripple Labs
4) Razorpay
5) Mobikwik
Answer- 2) NPCI International Payments Limited (NIPL)
Explanation:
On 23 July 2025, PayPal, the United States of America (USA) based global payment firm, announced a
partnership with India’s National Payment Corporation of India (NPCI) International Payments
Limited (NIPL) and others, to launch ‘PayPal World’, a new cross-border payments platform.

78. Identify the organization which signed (in July 2025) a Memorandum of Understanding
(MoU) with the Institute of Internal Auditors India (IIA India), to strengthen the internal audit
and governance in Urban Cooperative Banks (UCBs).
1) National Federation of State Cooperative Banks
2) Small Industries Development Bank of India
3) The Institute of Chartered Accountants of India
4) National Urban Cooperative Finance and Development Corporation Limited
5) IFRS Foundation
Answer- 4) National Urban Cooperative Finance and Development Corporation Limited
Explanation:
On July 23, 2025, the National Urban Cooperative Finance and Development Corporation Limited
(NUCFDC), Ministry of Cooperation (MoC), signed a Memorandum of Understanding (MoU) with the
Institute of Internal Auditors India (IIA India), to strengthen the internal audit and governance in
Urban Cooperative Banks (UCBs).
• The MoU was signed by Prabhat Chaturvedi, Chief Executive Officer (CEO) of
NUCFDC, and K.V. Mukundan, CEO of IIA India in Mumbai, Maharashtra.

79. What is India’s Gross Domestic Product (GDP) growth forecast for Financial Year 2024-25
(FY25) according to the report titled “Asian Development Outlook (ADO) July 2025: Slower
growth amid tariffs and uncertainty” released by Asian Development Bank (ADB) in July 2025?

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1) 6.5%
2) 6.1%
3) 7.3%
4) 7.8%
5) 6.4%
Answer- 1) 6.5%
Explanation:
In July 2025, the Manila, Philippines based Asian Development Bank (ADB) released its report- “Asian
Development Outlook (ADO) July 2025: Slower growth amid tariffs and uncertainty”. The report
has lowered India’s Gross Domestic Product (GDP) growth forecast for Financial Year 2024-25 (FY25)
to 6.5%, from its previous estimate of 6.7%.

80. Identify the company that estimated India’s Gross Domestic Product (GDP) forecast to be
6.3% for the Financial Year 2025-26 (FY26).
1) S&P Global Ratings
2) UBS Securities
3) World Bank
4) Organisation for Economic Co-operation and Development (OECD)
5) India Ratings and Research
Answer- 5) India Ratings and Research
Explanation:
In July 2025, India Ratings and Research (Ind-Ra), a wholly-owned subsidiary of Fitch Group,
released has lowered India’s Gross Domestic Product (GDP) forecast by 30 basis points (bps) to 6.3%
for Financial Year 2025-26 (FY26), from its previous estimate of 6.6% announced in December 2024.

81. In July 2025, who was appointed as the new Chairman of the Insurance Regulatory and
Development Authority of India (IRDAI) succeeding Debasish Panda?
1) Vikram Pandey
2) Ajay Seth
3) Bhushan Soni
4) Danish Arora
5) Mukul Sachdeva
Answer- 2) Ajay Seth
Explanation:
On July 24, 2025, the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister (PM)
Narendra Modi, approved the appointment of Ajay Seth as the new Chairman of theInsurance
Regulatory and Development Authority of India (IRDAI). His term will be 3 years or until he attains
65 years of age, or until further orders, whichever is earlier.
• The appointment follows the vacancy created in March 2025 after the tenure
completion of Debasish Panda, the former Chairman of the IRDAI.

82. Every year, when is Income Tax Day, also known as Aaykar Diwas, observed across India to
commemorate the introduction of Income Tax (IT) in India in 1860 by Sir James Wilson?
1) July 24
2) July 25

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3) July 19
4) July 16
5) July 22
Answer- 1) July 24
Explanation:
Income Tax Day, also known as Aaykar Diwas, is annually observed across India on 24 July to
commemorate the introduction of Income Tax (IT) in India in 1860 by Sir James Wilson.
• The day highlights the evolution of India’s tax system, its role in national
development, and the contributions of Income Tax Department (ITD) employees.
• 24 July 2025 marks the 166th anniversary of IT Day. Read Full News

83. Identify the Non-Banking Financial Company (NBFC) on which the Reserve Bank of India
(RBI) officially withdrew the Corrective Action Plan (CAP) in July 2025, which was initially
imposed in January 2018 due to inspection irregularities.
1) Infrastructure Leasing & Financial Services
2) Piramal Finance Limited
3) SREI Infrastructure Finance
4) Religare Finvest Limited
5) Bajaj Finance Limited
Answer- 4) Religare Finvest Limited
Explanation:
On 23rd July 2025, the Reserve Bank of India (RBI) officially withdrew the Corrective Action Plan
(CAP), which was previously imposed on Religare Finvest Limited (RFL), a wholly-owned subsidiary
of Religare Enterprises Limited (REL).
Background: The CAP was initially imposed on January 18, 2018, due to irregularities observed
during the inspection as of March 31,2017.
• The Non-Banking Financial Company (NBFC) had accumulated losses of Rs. 2,270
crores till March 2022. The RBI had placed the NBFC under the CAP framework due
to large-scale fund misappropriation from both REL and RFL.
Recovery: The NBFC made progress by completing a one-time settlement with 16 lenders in March
2023, repaying over Rs. 9,000 crores to the banking system.
Stakeholders: Earlier in 2025, the Burman family secured a controlling stake in REL following the
conclusion of an open offer.
In July 2025, the RBI has cancelled the licence of the karwar, Karnataka based The Karwar Urban Co-
operative Bank (UCB) due to inadequate capital and earning prospects.

84. Identify the bank that in July 2025 introduced India’s first-ever biometric authentication
solution for electronic (e)-commerce card transactions with credit cards and debit cards.
1) Bandhan Bank
2) Axis Bank
3) Federal Bank
4) Citi Bank
5) RBL Bank
Answer- 3) Federal Bank

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Explanation:
On July 24, 2025, Federal Bank Limited has introduced India’s first-ever biometric authentication
solution for electronic (e)-commerce card transactions with credit cards and debit cards. The
initiative was launched in collaboration with fintech partners M2P and MinkasuPay.
• With this move, One Time Passwords (OTPs)-based Two Factor Authentication
(TFA) of the transactions has been replaced.

85. Identify the company that received the In-Principle Authorization (IPA) from Reserve Bank
of India (RBI) to operate as an online Payment Aggregator for Cross-Border (PA-CB)
transactions.
1) EximPe
2) Xflow
3) Wise
4) PayPal
5) BriskPe
Answer- 2) Xflow
Explanation:
In July 2025, Xflow, a cross-border payments platform, has received the In-Principle Authorization
(IPA) from Reserve Bank of India (RBI) to operate as an online Payment Aggregator for Cross-Border
(PA-CB) transactions.
• This IPA covers both export and import flows, which will enable Xflow to streamline
international payments for businesses.

86. In July 2025, who was appointed as a Director on the Central Board of the Reserve Bank of
India (RBI) by the Government of India (GoI), becoming one of the two government nominee
directors?
1) Devdatt Malik
2) Suniti Chawla
3) Anuradha Thakur
4) Mohit Kundu
5) Shikha Gera
Answer- 3) Anuradha Thakur
Explanation:
In July 2025, the Government of India (GoI) has appointed Anuradha Thakur, Secretary of the
Department of Economic Affairs (DEA) under the Ministry of Finance (MoF), as a Director on the
Central Board of the Reserve Bank of India (RBI), becoming one of the two government nominee
directors.
• Her nomination is effective from 24 July 2025 and will continue until further notice.

87. Mention the organization that signed Forward Rate Agreements (FRAs) worth USD 1 billion
with JPMorgan Chase & Co. and Bank of America Corporation (BoA), to hedge against declining
interest rates and stabilize long-term returns amid equity market volatility.
1) National Stock Exchange
2) Reserve Bank of India
3) Securities and Exchange Board of India

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4) State Bank of India
5) Life Insurance Corporation of India
Answer- 5) Life Insurance Corporation of India
Explanation:
In July 2025, Life Insurance Corporation of India (LIC), the largest insurer in India, signed Forward
Rate Agreements (FRAs) worth USD 1 billion (approximately Rs. 8,300 crore) with two major United
States of America (USA)-based global financial institutions, JPMorgan Chase & Co. and Bank of
America Corporation (BoA), to hedge against declining interest rates and stabilize long-term returns
amid equity market volatility.

88. Identify the bank with which payment services company, Worldline entered into a strategic
partnership to accelerate digital transformation through advanced and scalable payment
solutions.
1) IndusInd Bank
2) RBL Bank
3) Cosmos Co-operative Bank
4) Axis Bank
5) Yes Bank
Answer- 3) Cosmos Co-operative Bank
Explanation:
In July 2025, Worldline, world’s leading company in payment services, has entered into a strategic
partnership with Cosmos Co-operative Bank Limited, one of India’s oldest Urban Co-operative
Banks (UCBs), to accelerate digital transformation through advanced and scalable payment solutions.
• This collaboration aims to address two critical challenges faced by the bank:
modernization of infrastructure and expanding their reach to underserved segments,
by equipping the bank with robust, future-ready digital payment solutions.

89. What is the increased value (in March 2025) of ‘Digital Payments Index i.e. RBI-DPI’
published by the Reserve Bank of India (RBI) in July 2025?
1) 320.43
2) 392.16
3) 493.22
4) 456.87
5) 367.44
Answer- 3) 493.22
Explanation:
In July 2025, the Reserve Bank of India (RBI) published its ‘Digital Payments Index i.e. RBI-DPI’,
which has increased to 493.22 in March 2025, marking an increase of 10.7% from 445.50 recorded
(in March 2024) and steady increase from 465.33 (in September 2024).
• As per RBI, this increase has been mainly attributed by robust improvements in
Payment Infrastructure-Supply-Side factors and Payment Performance components
of the index.

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90. The Securities and Exchange Board of India (SEBI), along with stock exchanges, revised the
Enhanced Surveillance Mechanism (ESM) for companies with a market capitalisation of less
than Rs. 1,000 crore. From which date will the revised ESM framework come into effect?
1) November 1, 2025
2) August 28, 2025
3) September 15, 2025
4) July 28, 2025
5) October 29, 2025
Answer- 4) July 28, 2025
Explanation:
In July 2025, the Securities and Exchange Board of India (SEBI), along with stock exchanges revised
the enhanced surveillance mechanism (ESM) for companies with market capitalisation under Rs.
1,000 crores with an aim to improve oversight of small and micro-cap stocks.
• These revisions, expected to benefit 28 companies currently under the surveillance
framework, will take effect from July 28,2025.
Objective: The ESM framework is designed to strengthen market integrity and investor protection,
especially in the case of small and micro-cap stocks, which are more prone to sharp price movements
and speculative interest. Read Full News

91. Mark the ‘correct’ statement(s) regarding the Reserve Bank of India’s (RBI) Investment in
Alternative Investment Fund (AIF) Directions, 2025, issued in July 2025.
A) Under the new directions, no single Regulated Entity (RE) is allowed to invest more than
10% of the total corpus of an AIF scheme.
B) The aggregate investment by all Regulated Entities (REs) in a single AIF scheme must not
exceed 30% of its total corpus.
C) The framework is applicable to Commercial Banks including Small Finance Banks, Local
Area Banks, and Regional Rural Banks, Co-operative Banks, All-India Financial Institutions,
and Non-Banking Financial Companies including Housing Finance Companies.
1) Only A
2) Only B
3) Only A and C
4) Only A and B
5) Only B and C
Answer- 3) Only A and C
Explanation:
In July 2025, the Reserve Bank of India (RBI) issued the RBI (Investment in AIF) Directions, 2025,
limiting investments by Regulated Entities (REs) to a maximum of 20% of the corpus of any
Alternative Investment Fund (AIF) scheme.
Applicability: The guidelines apply to Commercial Banks, including Small Finance Banks (SFB), Local
Area Banks (LAB) and Regional Rural Banks (RRB), Primary (Urban) Co-operative Banks/ State Co-
operative Banks/ Central Co- operative Banks, All-India Financial Institutions (AIFI) and Non-Banking
Financial Companies (NBFC) (including Housing Finance Companies (HFC).
Limits: Under the new directions, no single RE is allowed to invest over 10% of the total corpus of an
AIF scheme.

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 • All regulated entities together cannot contribute more than 20% to one AIF
scheme. Read Full News

92. As per the International Monetary Fund (IMF’s) July 2025 World Economic Outlook (WEO)
Update, what is India’s revised Gross Domestic Product (GDP) growth projection for both FY26
and FY27?
1) 6.1%
2) 6.2%
3) 6.3%
4) 6.4%
5) 6.5%
Answer- 4) 6.4%
Explanation:
In July 2025, The International Monetary Fund (IMF) released its latest World Economic Outlook
(WEO) Update titled ‘Global Economy: Tenuous Resilience amid Persistent Uncertainty, July
2025’. The report has raised India’s Gross Domestic Product (GDP) projection to 6.4% for both
Financial Year 2025-26 (FY26) and FY27, up from 6.2% and 6.3%, respectively, given in the April
2025 WEO.
• With this, the IMF reaffirmed India’s position as the world’s fastest-growing major
economy.
India’s GDP Forecast based on CY: On a Calendar year(CY) basis, the IMF also anticipated that
India’s economy is expected to grow at 6.7% in CY25 and 6.4% in CY26.
Global Growth Outlook: The report has projected world’s GDP to grow modestly to 3.0% in CY25
and 3.1% (CY26), up from 2.8% and 3% predicted for CY25 and CY26, respectively in its April 2025
update.

93. Which company secured defence contracts worth approximately Rs 600 crore in July 2025
through its subsidiaries for projects related to airborne, naval, and radar systems?
1) L&T Technology Services
2) Hindustan Aeronautics Limited
3) Tata Advanced Systems
4) Bharat Electronics Limited
5) AXISCADES Technologies Limited
Answer- 5) AXISCADES Technologies Limited
Explanation:
In July 2025, AXISCADES Technologies Limited, a prominent engineering and technology solutions
firm, secured defence contracts valued at approximately Rs 600 crore through its subsidiaries, with
project execution planned over the next 3 to 5 years.
• The contracts involve delivering cutting-edge solutions for airborne, naval, and radar
systems, with backing from prominent defence bodies including the Defence
Research and Development Organisation (DRDO) and Defence Public Sector
Undertakings (DPSUs).
Key Defence Programmes Under the Orders:
VIRUPAKSHA Radar Programme (Su-30 MKI Upgrade)
Transmit-Receive (TR) Modules for S-Band Radars

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LRBMR–KUSHA Radar System
Electric Heavy Weight Torpedoes (EHWT)
Sonar Systems for Submarines

94. Identify the Indian-born British economist and member of the United Kingdom(UK) House
of Lords, who passed away at the age of 85 years in July 2025.
1) Meghnad Jagdishchandra Desai
2) Amartya Sen
3) Jagdish Bhagwati
4) Raghuram Rajan
5) Montek Singh Ahluwalia
Answer- 1) Meghnad Jagdishchandra Desai
Explanation:
On July 29, 2025, Renowned Indian-born British economist and member of the United Kingdom(UK)
House of Lords,, passed away at the age of 85 years. He was born on July 10, 1940, in Baroda State
(presently Vadodara), Gujarat.
• In 2008, he was conferred Padma Bhushan, India’s third-highest civilian honour,
for his distinguished contributions in the field of Public Affairs.

95. Identify the ‘correct’ statement/s regarding Padma Shri awardee, T. N. Manoharan who
passed away in July 2025.
A) Manoharan was the chairman of Bank of Baroda.
B) Manoharan served as National President of Institute of Chartered Accountants of India
(ICAI) for the term 2006–07.
C) Manoharan was the Administrator of Lakshmi Vilas Bank till its merger with DBS Bank.
1) Only C
2) Only B and C
3) Only B
4) Only A and B
5) All A, B and C
Answer- 2) Only B and C
Explanation:
On July 30, 2025, T. N. Manoharan, Padma Shri awardee, Chairman of IDBI Bank, and former
President of the Institute of Chartered Accountants of India (ICAI), passed away in Mumbai. He was
born on April 7, 1956, in Tamil Nadu.
• Manoharan served on the central council of the ICAI from 2001. Then, he served as
National President of ICAI for the term 2006–07.
• He was the Administrator of Lakshmi Vilas Bank till its merger with DBS Bank.
• He also served as a board member at National Bank for Financing Infrastructure and
Development (NaBFID)
• In May 2022, he was appointed Chairman of IDBI Bank for a term of three years.
• He was conferred the Padma Shri (civilian honour) in the field of Trade and Industry in
April 2010.

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96. In July 2025, which payment card company signed a Memorandum of Understanding (MoU)
with the Andhra Pradesh Tourism Development Corporation to enhance the state’s rich
cultural heritage, natural landscapes, and modern hospitality sector among international
travellers?
1) Visa
2) Rupay
3) Wirecard
4) MasterCard
5) American Express
Answer- 4) MasterCard
Explanation:
In July 2025, MasterCard signed a Memorandum of Understanding (MoU) with the Andhra Pradesh
Tourism Development Corporation (APTDC) to promote and enhance the state’s rich cultural
heritage, natural landscapes, and modern hospitality sector among international travellers.

Current Static Banking

1. In June 2025, which of the following private sector banks were removed by the Odisha
Government from its panel of authorised banks for handling government-related business and
deposits?
1) HDFC Bank Limited
2) ICICI Bank Limited
3) Axis Bank Limited
4) Only 1 and 3
5) All 1, 2 and 3
Answer- 5) All 1, 2 and 3
Explanation:
In June 2025, the Odisha Government removed three major private sector banks — Mumbai
(Maharashtra) based - HDFC Bank Limited, ICICI Bank Limited, and Axis Bank Limited — from its
list of authorised banks permitted to manage the business and deposits of state departments,
universities, directorates, and other government-supported entities.
• The decision was announced through an official letter issued by Saswata Mishra, Principal
Secretary, Finance Department, Government of Odisha.
• The move came after a detailed assessment, which revealed consistently poor performance by
these banks in implementing Central Government welfare schemes, especially during the last
two financial years.
• Additionally, these banks were found to have demonstrated generally unsatisfactory banking
parameters in other areas of service.

2. Mention the organisation that launched a real-time PAN and bank account validation facility
on the Income Tax Department’s e-filing portal in June 2025.
1) Reserve Bank of India (RBI)
2) National Payments Corporation of India (NPCI)
3) Securities and Exchange Board of India (SEBI)

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4) Unique Identification Authority of India (UIDAI)
5) Central Board of Direct Taxes (CBDT)
Answer- 2) National Payments Corporation of India (NPCI)
Explanation:
On 17th June 2025, Mumbai (Maharashtra) based – National Payments Corporation of India (NPCI)
introduced a new real-time PAN and bank account validation facility on the Income Tax
Department’s e-filing portal. This API-based system enables government departments to directly
verify Permanent Account Number (PAN), bank account status, and account holder details using
data from the Core Banking System (CBS) of NPCI’s member banks.
• This initiative aims to streamline taxpayer verification, ensure faster income tax refunds,
and support direct benefit transfers (DBTs) by reducing errors and fraud.
• NPCI directed all member banks to promptly upgrade their systems to comply with its secure
API standards. The facility promotes digital governance and strengthens India’s financial
infrastructure.

3. In which year was the State Bank of India (SBI) established following the nationalization of
the Imperial Bank of India?
1) 1806
2) 1921
3) 1949
4) 1955
5) 1959
Answer- 4) 1955
Explanation:
About State Bank of India(SBI):
The State Bank of India (SBI) traces its origins to the Bank of Calcutta, established in 1806. In 1921,
The Bank of Calcutta (1806), Bank of Bombay (1840), and Bank of Madras (1843) were merged to
form the Imperial Bank of India. Later, on 1st July 1955, the Imperial Bank was nationalized and
renamed the State Bank of India(SBI).
Chairman – Challa Sreenivasulu Setty
Headquarters – Mumbai, Maharashtra
Tagline – Pure Banking, Nothing Else
Established – 1st July 1955

4. Which is the second-largest global reserve asset held by central banks, according to the
European Central Bank’s (ECB) June 2025 report?
1) US Dollar
2) British Pound Sterling
3) Euro
4) Japanese Yen
5) Gold
Answer- 5) Gold
Explanation:
In June 2025, the European Central Bank (ECB) released a report highlighting a major shift in global
reserve compositions. According to the report, gold has officially overtaken the euro to become

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the second-largest reserve asset held by central banks worldwide, after the United States (US)
dollar.
• Gold’s share in global reserves increased from 16.5% in 2023 to 19% in 2024, surpassing
the euro, whose share declined to 16%.
• The US dollar continues to be the leading reserve currency, holding 47% of total global
reserves.
• Central banks now account for over 20% of global gold demand, which is double the share
recorded a decade ago.

5. Who is the current Managing Director (MD) and Chief Executive Officer (CEO) of the India
Post Payments Bank (IPPB)?
1) J. Venkatramu
2) R. Viswesvaran
3) S. Krishnan
4) Vineet Pandey
5) T. Rabi Sankar
Answer- 2) R. Viswesvaran
Explanation:
About India Post Payments Bank (IPPB):
Managing Director(MD) and Chief Executive Officer(CEO) -R. Viswesvaran
Headquarters- New Delhi, Delhi
Established – 2018

6. Which committee first proposed the setting up of the Financial Stability and Development
Council (FSDC), a non-statutory apex council under the Ministry of Finance?
1) Narsimham Committee
2) Urjit Patel Committee
3) Deepak Mohanty Committee
4) Raghuram Rajan Committee
5) Bimal Jalan Committee
Answer- 4) Raghuram Rajan Committee
Explanation:
About Financial Stability and Development Council (FSDC):
i.The FSDC is a non-statutory apex council under the Ministry of Finance (MoF). The council is chaired
by the Finance Minister.
ii.The Raghuram Rajan Committee (2008) on financial sector reforms had first proposed setting up of
FSDC.

7. Identify the private sector bank in India that launched Unified Payments Interface (UPI)
services for Non-Resident Indian (NRI) customers across 12 countries, allowing them to make
INR (Indian rupee)-denominated UPI payments using international mobile numbers.
1) Axis Bank
2) HDFC Bank
3) IDFC FIRST Bank
4) ICICI Bank

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5) State Bank of India
Answer- 3) IDFC FIRST Bank
Explanation:
On 2nd July 2025, Mumbai (Maharashtra)-based IDFC FIRST Bank Limited launched Unified
Payments Interface (UPI) services for Non-Resident Indian (NRI) customers across 12 countries.
NRIs can now use international mobile numbers linked to Non-Resident External (NRE) or Non-
Resident Ordinary (NRO) accounts for INR (Indian rupee) -denominated UPI payments in India. The
facility, with zero transaction charges, is available via the bank’s mobile app and third-party UPI apps.
It supports payments from countries including the USA, UK, UAE, Canada, Singapore, and Australia,
among others.

8. Identify the facility launched by the Shanghai Gold Exchange (SGE) in Hong Kong on 27th
June 2025 to support international trade and storage of gold bullion.
1) Offshore derivatives clearing house
2) Offshore derivatives clearing house
3) Global precious metals hub
4) Offshore gold vault
5) Cross-Border Bullion Exchange Hub
Answer- 4) Offshore gold vault
Explanation:
On 27th June 2025, the Shanghai Gold Exchange (SGE) opened its first offshore gold vault in Hong
Kong, aiming to strengthen the global trading of yuan-denominated gold contracts. Operated by
Hong Kong-based Bank of China (Hong Kong) Limited, the facility enables international clients to
trade and store gold bullion. This marks a strategic move by China to boost its influence in global
commodities and futures markets. The SGE, established in 2002 by the People’s Bank of China,
already operates warehouses in Shanghai and Shenzhen.

9. Who is the current President of the Asian Development Bank (ADB) as of July 2025?
1) Kristalina Georgieva
2) Masato Kanda
3) Ajay Banga
4) Ngozi Okonjo-Iweala
5) Jin Liqun
Answer- 2) Masato Kanda
Explanation:
About Asian Development Bank (ADB):
President – Masato Kanda
Headquarters – Manila, Philippines
Established – 1966

10. Mention the organisation that issued (in July’25) the authorisation to use Aadhaar
authentication for candidate verification in Institute of Banking Personnel Selection (IBPS)
recruitment examinations.
1) Unique Identification Authority of India (UIDAI)
2) Ministry of Electronics and Information Technology (MeitY)

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3) National Informatics Centre (NIC)
4) Department of Financial Services (DFS)
5) National e-Governance Division (NeGD)
Answer- 4) Department of Financial Services (DFS)
Explanation:
In July 2025, the Government of India authorised the use of Aadhaar authentication for candidate
verification in examinations conducted by the Institute of Banking Personnel Selection (IBPS).
A notification was issued by the Department of Financial Services (DFS) under the Ministry of Finance
(MoF), granting permission to IBPS to use Aadhaar-based authentication on a voluntary basis for
identity verification during its recruitment and examination processes.
The move is aimed at:
• Preventing impersonation and examination-related malpractices.
• Promoting good governance in recruitment procedures.
• Strengthening integrity and transparency in recruitment for the Banking, Financial Services,
and Insurance (BFSI) sector.

11. Who is currently holding the additional charge as Chief Executive Officer (CEO) & Managing
Director (MD) of Life Insurance Corporation of India (LIC), as of July 2025?
1) Siddhartha Mohanty
2) M. R. Kumar
3) T. C. Suseel Kumar
4) Sat Pal Bhanoo
5) Raj Kumar
Answer- 4) Sat Pal Bhanoo
Explanation:
About Life Insurance Corporation of India (LIC):
LIC is a statutory corporation fully owned by the Government of India(GoI). It was established under
the LIC Act of 1956.
Chief Executive Officer (CEO) & Managing Director (MD) – Sat Pal Bhanoo (Additional-Charge)
Headquarters- Mumbai, Maharashtra
Established- 1956

12. On 4th July 2025, which bank raised Rs 1,000 crore through Tier-II bonds in the domestic
debt capital market to strengthen its capital base?
1) HDFC Bank Limited
2) Axis Bank Limited
3) ICICI Bank Limited
4) Kotak Mahindra Bank
5) IndusInd Bank
Answer- 3) ICICI Bank Limited
Explanation:
On 4th July 2025, Mumbai (Maharashtra)-based ICICI Bank Limited, India’s second-largest private
sector bank, raised Rs 1,000 crore through Tier-II bonds in the domestic debt capital market to
strengthen its capital base.

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The issue consisted of a base size of Rs 500 crore, with an additional green shoe option of Rs 500
crore, fully subscribed by investors. These bonds carry a coupon rate of 7.45%, with a tenure of 15
years and a call option available after 10 years.
This marks ICICI Bank’s first Tier-II bond issuance in Financial Year 2025-26 (FY26). Despite the
volatility in the interest rate environment and long-term yields on AAA-rated Public Sector
Undertaking (PSU) bonds crossing 7%, the bank secured a competitive cut-off yield due to strong
investor demand.

13. As per the Reserve Bank of India (RBI), what was the total remittance inflow received by
India in FY 2024–25, marking the highest-ever recorded?
1) USD 128.50 billion
2) USD 119.00 billion
3) USD 140.00 billion
4) USD 130.25 billion
5) USD 135.46 billion
Answer- 5) USD 135.46 billion
Explanation:
In Financial Year 2024–25 (FY25), India recorded its highest-ever remittance inflows, receiving
USD 135.46 billion, marking a 14% year-on-year (YoY) growth over the USD 119 billion received
in FY24. This data was released by the Reserve Bank of India (RBI).
India retained its position as the world’s top recipient of remittances, reinforcing the economic
strength of the Indian diaspora.
Remittance inflows contributed to over 10% of India’s total current account receipts, playing a
vital role in the country’s foreign exchange reserves and macroeconomic stability.
During calendar year 2024, India had already received USD 129.4 billion, reflecting consistent
performance across both fiscal and calendar year

14. Identify the current President of the World Bank, as of July 2025.
1) Kristalina Georgieva
2) Ajay Banga
3) David Malpass
4) Masatsugu Asakawa
5) Ngozi Okonjo-Iweala
Answer- 2) Ajay Banga
Explanation:
About World Bank (WB):
President- Ajay Banga
Headquarters-Washington, DC, the United States of America (USA)
Established-1944

15. Who is the current President of the New Development Bank (NDB), as of July 2025?
1) Dilma Rousseff
2) Kristalina Georgieva
3) Ajay Banga
4) Ngozi Okonjo-Iweala

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5) Jin Liqun
Answer- 1) Dilma Rousseff
Explanation:
About the New Development Bank:
President – Dilma Rousseff
Headquarters – Shanghai, China
Established – 2015

16. In June 2025, Securities and Exchange Board of India (SEBI) permitted the use of the e-KYC
Setu System for Aadhaar-based digital Know Your Customer (KYC), developed by National
Payments Corporation of India (NPCI) in collaboration with ____________.
1) Reserve Bank of India
2) Ministry of Electronics and Information Technology
3) National Informatics Centre
4) Unique Identification Authority of India
5) Central Registry of Securitisation Asset Reconstruction and Security Interest
Answer- 4) Unique Identification Authority of India
Explanation:
On 30th June 2025, the Securities and Exchange Board of India (SEBI) issued a notification
permitting registered intermediaries in the securities market to use the e-KYC Setu System
developed by the National Payments Corporation of India (NPCI) in collaboration with the Unique
Identification Authority of India (UIDAI) for Aadhaar-based digital Know Your Customer (KYC).
This initiative provides an additional valid digital KYC method alongside the existing UIDAI e-KYC
services via KYC User Agency (KUA)/Sub-KUA or DigiLocker.
• The e-KYC Setu System offers a streamlined, Aadhaar-based digital KYC solution aimed at enhancing
ease of client onboarding.
• This is expected to simplify the digital KYC process for investors and increase operational flexibility
for intermediaries.
• The system is compliant with the Aadhaar Act, 2016 and aims to strengthen the digital
infrastructure in the securities market.

17. Which bank was awarded the Gold Award under the Public Sector Banks category at the
National Micro, Small and Medium Enterprises (MSME) Impact Awards 2025, held on 1st July
2025?
1) Punjab National Bank
2) Canara Bank
3) Union Bank of India
4) Bank of Baroda
5) Indian Bank
Answer- 4) Bank of Baroda
Explanation:
On 1st July 2025, Bank of Baroda (BoB), one of India’s leading public sector banks, was awarded the
Gold Award under the Public Sector Banks category at the National Micro, Small and Medium
Enterprises (MSME) Impact Awards 2025. The award ceremony was held in New Delhi, and the
recognition was conferred by India SME Forum, India’s largest not-for-profit organisation for MSMEs.

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The award was presented by Kalraj Mishra, former Union Minister and Chief Patron of India SME
Forum.
• The recognition highlights BoB’s significant contribution towards promoting ease of doing
business and enhancing access to credit for the MSME sector in India.
• Madhur Kumar, Chief General Manager of BoB, received the award on behalf of the bank.

18. According to a report released by the State Bank of India (SBI) on July 2, 2025, how much
did SBI alone contribute to the incremental global Gross Domestic Product (GDP) growth in
Financial Year 2024–25 (FY25)?
1) 0.5%
2) 0.8%
3) 1.1%
4) 1.4%
5) 1.7%
Answer- 3) 1.1%
Explanation:
On 2nd July 2025, the State Bank of India (SBI) released a research report highlighting India’s
significant contribution of around 6.7% to the incremental global Gross Domestic Product (GDP)
growth in Financial Year 2024–25 (FY25). According to the report, SBI alone contributed 1.1% to the
global GDP growth, reflecting the bank’s major role in the domestic and global economic landscape.
The global economy witnessed an overall GDP increase of USD 4,118 billion in FY25.
• India’s contribution was USD 297 billion, accounting for approximately 6.7% of the total global GDP
growth.
• Of this, Mumbai (Maharashtra)-based State Bank of India (SBI) alone added around USD 44 billion,
constituting 1.1% of the global GDP increase and around 16% of India’s GDP addition.

19. Who among the following is the current President of the Asian Development Bank (ADB), as
of July 2025?
1) Haruhiko Kuroda
2) Masato Kanda
3) Shaktikanta Das
4) Kristalina Georgieva
5) Takehiko Nakao
Answer- 2) Masato Kanda
Explanation:
About Asian Development Bank (ADB):
President - Masato Kanda (Japan)
Headquarters - Mandaluyong City, Manila, the Philippines
Members Nations - 69 (50 members nations are from Asia-Pacific region)
Established - 1966

20. What is the Cost Inflation Index (CII) notified by the Central Board of Direct Taxes (CBDT)
for the Financial Year 2025–26, applicable for calculating Long-Term Capital Gains (LTCG) for
Assessment Year 2026–27?
1) 356

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2) 363
3) 370
4) 376
5) 381
Answer- 4) 376
Explanation:
On 2nd July 2025, the New Delhi (Delhi)-based Central Board of Direct Taxes (CBDT) under the
Department of Revenue, Ministry of Finance, notified the Cost Inflation Index (CII) for Financial
Year (FY) 2025–26 as 376, an increase from 363 in FY 2024–25. This CII will be applicable for
calculating long-term capital gains (LTCG) for Assessment Year (AY) 2026–27 and onwards. The
notification will come into effect from 1st April 2026.
The CII is a tool used to adjust the original purchase price of capital assets (like land, building, gold,
securities) to account for inflation.
This adjustment helps reduce the taxable portion of LTCG, ensuring tax is levied only on real gains
after adjusting for erosion in purchasing power.

21. Which country ranked as the world’s third-largest holder of Sovereign-Owned Investor
(SOI) assets in the mid-year report released by Global SWF in July 2025?
1) India
2) Singapore
3) China
4) United States of America
5) United Arab Emirates
Answer- 5) United Arab Emirates
Explanation:
In July 2025, New York (United States of America)-based Global SWF released its mid-year report,
ranking the United Arab Emirates (UAE) as the third-largest holder of Sovereign-Owned Investor
(SOI) assets globally, with a combined valuation of USD 2.49 trillion (approximately AED 9.17
trillion).
The UAE followed:
United States of America (USA) – USD 12.12 trillion
People’s Republic of China – USD 3.36 trillion
The UAE also emerged as the top holder of sovereign and public pension assets in the Middle
East region.
The report highlights the growing role of Sovereign Wealth Funds (SWFs) and public pension
funds in the UAE’s economic diversification.

22. On 8th July 2025, which investment firm was barred by Securities and Exchange Board of
India (SEBI) from accessing the Indian securities market for allegedly manipulating stock
indices and unlawfully earning ₹4,843 crore?
1) Citadel Securities
2) Jane Street Group
3) Renaissance Technologies
4) Bridgewater Associates
5) Two Sigma Investments

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Answer-2 ) Jane Street Group
Explanation:
On 8th July 2025, the Securities and Exchange Board of India (SEBI) barred U.S.-based
investment firm Jane Street Group from accessing the Indian securities market for allegedly
manipulating stock indices and unlawfully earning ₹4,843 crore.
SEBI’s investigation revealed that the Jane Street Group influenced the Bank Nifty and Nifty 50 index
levels by executing aggressive buying and selling of constituent stocks.
The manipulation impacted the pricing of index options, allowing the group to generate substantial
illegal profits through derivatives trading.
SEBI directed the group to open an escrow account in a scheduled commercial bank to deposit the
unlawful gains.
All banks, depositories, and market institutions have been instructed not to debit funds from the Jane
Street Group’s accounts without SEBI’s prior approval.

23. Who has been assigned additional charge as the Managing Director (MD) of India
Infrastructure Finance Company Limited (IIFCL) in July 2025?
1) Alok Kumar
2) Rajiv Kumar
3) Sanjay Malhotra
4) Palash Srivastava
5) Vivek Joshi
Answer- 4) Palash Srivastava
Explanation:
In July 2025, The Government of India has assigned additional charge of Managing Director (MD)
of India Infrastructure Finance Company Limited (IIFCL) to Palash Srivastava, who currently
serves as the Deputy Managing Director (DMD) of IIFCL.
As Deputy Managing Director, he has been instrumental in enhancing IIFCL's strategic
engagements in: Infrastructure financing, Project development and Policy advisory.

24. Which sector is the second-highest contributor to the Indian economy as of July 2025?
1) Heavy Industries
2) Micro, Small and Medium Enterprises
3) Agriculture and Allied Sector
4) Information Technology and Services
5) Services Sector
Answer- 2) Micro, Small and Medium Enterprises
Explanation:
On 4th July 2025, the Union Minister for Micro, Small and Medium Enterprises (MSME), Shri
Jitan Ram Manjhi, addressed a press conference in Mumbai, highlighting the vital role of the MSME
sector in India's economy. The briefing followed his review meetings at the Institute for
Design of Electrical Measuring Instruments (IDEMI) and the Khadi & Village Industries
Commission (KVIC) offices in Mumbai.
Key Contributions of MSME Sector:
• 30.1% contribution to India’s Gross Domestic Product (GDP)
• 35.4% share in manufacturing output

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 • 45.73% contribution to India’s exports
The MSME sector is the second-highest contributor to the Indian economy.

25. Mention the current Managing Director (MD) of the International Monetary Fund (IMF), as
of July 2025.
1) Gita Gopinath
2) Kristalina Georgieva
3) Ajay Banga
4) Ngozi Okonjo-Iweala
5) David Malpass
Answer- 2) Kristalina Georgieva
Explanation:
About International Monetary Fund(IMF):
Managing Director (MD) –Kristalina Georgieva
Headquarters – Washington DC, the United States of America (USA)
Member Nations – 190
Established – 1944

26. Where is the headquarters of JM Financial Limited located?

1) New Delhi
2) Bengaluru
3) Hyderabad
4) Mumbai
5) Chennai
Answer- 4) Mumbai
Explanation:
On 1st July 2025, Mumbai (Maharashtra) based - JM Financial Limited acquired the remaining
2.98% stake in its non-banking financial company (NBFC) subsidiary, JM Financial Credit Solutions
Limited (JMFCSL), from Moraine Master Fund LP, making JMFCSL a wholly-owned subsidiary.
• The acquisition was completed through a cash transaction worth Rs 88.97 crore,
involving the purchase of 84,343 equity shares.
• A Share Purchase Agreement (SPA) was signed on 27th June 2025, and the deal was
finalised on 1st July 2025.
• Prior to the acquisition, JM Financial held a 97.02% stake in JMFCSL.

27. In which year was Groww Mutual Fund established?

1) 2008
2) 2011
3) 2015
4) 2017
5) 2013
Answer- 2) 2011
Explanation:
About Groww Mutual Fund:
Chief Executive Officer (CEO) –Varun Gupta

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Headquarters – Mumbai, Maharashtra
Establishment – 2011

28. Who is the Managing Director (MD) and Chief Executive Officer (CEO) of AU Small Finance
Bank (AU SFB), as of July 2025?
1) Chandra Shekhar Ghosh
2) Sandeep Bakhshi
3) Sanjay Aggarwal
4) Sumant Kathpalia
5) Shyam Srinivasan
Answer- Sanjay Aggarwal
Explanation:
About AU Small Finance Bank(AU SFB):
AU SFB was originally established as a Non-Banking Financial Company (NBFC) under the name ‘AU
Financiers’ in 1996.It was transitioned into a Small Finance Bank (SFB) and commenced operations as
AU SFB on 19th April 2017.
Managing Director (MD) & Chief Executive Officer (CEO) – Sanjay Aggarwal
Headquarters – Jaipur, Rajasthan

29. In which year was the NPCI International Payments Limited (NIPL) established?
1) 2005
2) 2009
3) 2012
4) 2015
5) 2020
Answer- 5) 2020
Explanation:
About NPCI International Payments Limited(NIPL):
Managing Director (MD) & Chief Executive Officer (CEO) – Ritesh Shukla
Headquarters – Mumbai, Maharashtra
Established – 2020

30. Who is the current Chairman of the National Bank for Agriculture and Rural Development
(NABARD), as of July 2025?
1) M. Rajeshwar Rao
2) Ramesh Chand
3) Rajiv Kumar
4) Shaji K.V.
5) Ajay Kumar Srivastava
Answer- 4) Shaji K.V.
Explanation:
About National Bank for Agriculture and Rural Development (NABARD):
NABARD was established under NABARD Act, 1981. It works under the jurisdiction of Department of
Financial Services (DFS), Ministry of Finance (MoF).It was formally established in 1982 based on the
recommendations of B.Sivaramman Committee,

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Chairman- Shaji K.V.
Headquarters- Mumbai, Maharashtra

31. In which year was the State Bank of India (SBI) established?
1) 1949
2) 1950
3) 1955
4) 1959
5) 1965
Answer- 3) 1955
Explanation:
About State Bank of India (SBI):
Chairman – Challa Sreenivasulu (CS) Setty
Established – 1st July 1955
Headquarters – Mumbai, Maharashtra
Tagline – “Pure Banking, Nothing Else”/ “The Banker to every Indian”

32. Identify the current Managing Director (MD) and Chief Executive Officer (CEO) of HDFC
Bank Limited as of July 2025?
1) Aditya Puri
2) Sandeep Bakhshi
3) Shyam Srinivasan
4) Sashidhar Jagdishan
5) Amitabh Chaudhry
Answer- 4) Sashidhar Jagdishan
Explanation:
About HDFC Bank Limited :
Managing Director (MD) & Chief Executive Officer (CEO)- Sashidhar Jagdishan
Headquarter– Mumbai, Maharashtra
Tagline– We Understand Your World
Established– 1994

33. Which Indian state became the first to implement the Carbon Credit Finance Scheme aimed
at promoting environmental protection and enhancing farmers’ income?
1) Uttar Pradesh
2) Gujarat
3) Maharashtra
4) Karnataka
5) Madhya Pradesh
Answer- 1) Uttar Pradesh
Explanation:
The Government of Uttar Pradesh (UP) has implemented the Carbon Credit Finance Scheme,
making it the first Indian state to introduce such a model aimed at environmental protection and
farmers' economic upliftment.

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 • Under the scheme, Rs 49.55 lakh has been distributed to 244 farmers in the first
phase.
• In the next phase, Rs 25.45 lakh will be disbursed to 401 farmers, as initiated by CM
Yogi Adityanath during a state-wide plantation drive in Ayodhya Dham.
The scheme is implemented in collaboration with The Energy and Resources Institute (TERI).
Agroforestry efforts by farmers have generated 42.19 lakh carbon credits, each valued at USD 6,
disbursed every five years.

34. When was the World Bank (WB) established?

1) 1944
2) 1950
3) 1954
4) 1998
5) 1947
Answer- 1) 1944
Explanation:
About World Bank (WB):
President – Ajay Banga
Headquarters – Washington, D.C., United States of America(USA)
Member Nations – 189
Established – 1944

35. Where is the headquarters of the Asian Development Bank (ADB) located?
1) Tokyo, Japan
2) Bangkok, Thailand
3) Manila, Philippines
4) Jakarta, Indonesia
5) New Delhi, India
Answer- 3) Manila, Philippines
Explanation:
About Asian Development Bank (ADB):
ADB has 69 shareholding members including 50 from the Asia and Pacific region.
President – Masato Kanda
Headquarters – Manila, Philippines
Established – 1966

36. Who is the Managing Director (MD) and Chief Executive Officer (CEO) of NSDL Payments
Bank Limited as of 2025?
1) Dhananjaya Tambe
2) Abhijit Kamalapurkar
3) Suresh Sethi
4) Rajesh Bansal
5) Ashish Chauhan
Answer- 2) Abhijit Kamalapurkar

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Explanation:
About NSDL Payments Bank Limited:
Chairman – Dhananjaya Tambe
Managing Director (MD) & Chief Executive Officer (CEO) – Abhijit Kamalapurkar
Headquarters – Mumbai, Maharashtra
Established – 2018

37. In which year were Regional Rural Banks (RRBs) established in India?
1) 1969
2) 1980
3) 1979
4) 1999
5) 1975
Answer- 5) 1975
Explanation:
About Regional Rural Bank:
The RRBs were established in 1975 under the provisions of the Ordinance promulgated on 26th
September 1975 and RRB Act, 1976. The shareholding pattern of RRBs among the Central
Government (CG), sponsoring bank and State Government (SG) is 50:35:15 respectively.

38. What is the name of the zero-balance savings account launched by Fino Payments Bank on
16th July 2025 to promote instant digital transactions?
1) SAARTHI
2) LAKSHYA
3) GATI
4) TEJAS
5) SAMPARK
Answer- 3) GATI
Explanation:
On 16th July 2025, Fino Payments Bank announced the launch of ‘GATI’, a zero-balance savings
account designed to enable instant digital transactions upon account opening. 'GATI',
meaning "speed" in many Indian languages, is aimed at promoting affordable digital banking among
new and rural users.
Key Features of GATI Account:
• Can be opened instantly via eKYC at any of Fino Bank’s 40,301 merchant points across
West Bengal.
• One-time account opening fee: ₹100.
• Quarterly account maintenance charge: ₹50 (no annual charges).
• Enables immediate UPI transactions via auto-generated UPI ID on the FinoPay mobile
banking app.
• Offers access to additional services: insurance, digital gold, and referral loans.

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39. Who is the current Chairman of the Securities and Exchange Board of India (SEBI), as of July
2025?
1) Ajay Tyagi
2) Tuhin Kanta Pandey
3) Shaktikanta Das
4) Rajiv Kumar
5) Nilesh Shah
Answer- 2) Tuhin Kanta Pandey
Explanation:
About Securities Exchange Board of India (SEBI):
The SEBI, a market regulator, was constituted as a non-statutory body on April 12,1988 through a
resolution of the Government of India (GoI) and was established as a statutory body in 1992.
Chairman – Tuhin Kanta Pandey
Headquarters – Mumbai, Maharashtra

40. In which year was the digital payments platform ‘PhonePe’ established?
1) 2018
2) 2014
3) 2015
4) 2020
5) 2012
Answer- 3) 2015
Explanation:
About PhonePe:
Chief Executive Officer (CEO) – Sameer Nigam
Headquarters – Bengaluru, Karnataka
Established – 2015

41. Where is the headquarters of Equitas Small Finance Bank (ESFB) located?
1) Chennai, Tamil Nadu
2) Bengaluru, Karnataka
3) Hyderabad, Telangana
4) Mumbai, Maharashtra
5) Kochi, Kerala
Answer- 1) Chennai, Tamil Nadu
Explanation:
About Equitas Small Finance Bank (ESFB):
Managing Director (MD) & Chief Executive Officer (CEO) – P.N. Vasudevan
Headquarters – Chennai, Tamil Nadu (TN)
Established – 1993

42. In which year was the Reserve Bank of India (RBI) established?
1) 1948
2) 1949
3) 1930

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4) 1934
5) 1935
Answer- 5) 1935
Explanation:
About Reserve Bank of India (RBI):
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the
RBI Act,1934. The RBI was nationalised with effect from 1st January, 1949 on the basis of the RBI
(Transfer to Public Ownership) Act, 1948.
Governor – Sanjay Malhotra
Headquarters – Mumbai, Maharashtra

43. Identify the bank that withdrew from the Net-Zero Banking Alliance (NZBA) in July 2025,
citing a strategic shift towards its own updated net-zero transition plan.
1) HSBC Bank
2) Bank of Montreal
3) Citibank
4) Standard Chartered Bank
5) DBS Bank
Answer- 1) HSBC Bank
Explanation:
In July 2025, HSBC confirmed its withdrawal from the Net-Zero Banking Alliance (NZBA), joining
other major banks like JPMorgan Chase, Citi, Morgan Stanley, Macquarie, and Bank of Montreal in
exiting the climate coalition; while acknowledging NZBA’s role in guiding emission reduction targets,
HSBC cited a strategic shift to focus on its own updated net-zero transition plan, maintaining its 2050
net-zero target but drawing criticism for abandoning its 2030 emissions target and increasing reliance
on carbon offsets, raising concerns over the bank’s climate commitment and governance changes.

44. Mention the Bank that won the “World’s Best Bank” title at the Euromoney Awards for
Excellence 2025 in July 2025.
1) HSBC Bank
2) JPMorgan Chase
3) Citibank
4) DBS Bank
5) Standard Chartered Bank
Answer- 4) DBS Bank
Explanation:
In July 2025, DBS Bank achieved a hat-trick win at the Euromoney Awards for Excellence 2025,
securing the “World’s Best Bank” title for the third time since 2019, along with two other global
accolades — “World’s Best Bank for Customer Experience” (inaugural winner) and “World’s Best
Bank for Corporate Responsibility” (second time); the awards recognize DBS’ strong financials,
customer excellence, innovation, and sustainability efforts, including record SGD 22.3 billion in total
income, SGD 11.4 billion net profit, 18% return on equity, SGD 89 billion in sustainable financing,
and AI-driven engagement of over 13 million customers across Asia.

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45. In July 2025, which organisation announced a USD 20 million equity investment in
Transvolt Mobility Pvt. Ltd., marking its first-ever equity investment in an electric vehicle EV
platform globally?
1) Asian Development Bank (ADB)
2) World Bank (WB)
3) International Finance Corporation (IFC)
4) United Nations Development Programme (UNDP)
5) National Institution for Transforming India (NITI) Aayog
Answer- 3) International Finance Corporation (IFC)
Explanation:
In July 2025, the International Finance Corporation (IFC) announced a USD 20 million equity
investment in Transvolt Mobility Private Limited (Transvolt) as part of a USD 50 million financing
round, marking IFC’s first-ever equity investment in an electric vehicle (EV) platform in India and
globally; the investment will help Transvolt scale its EV fleet to 3,500 vehicles, generate 8,200 jobs
in five years, and support deployment of 8,000 heavy commercial EVs such as buses and trucks
across India, aligning with India's goal to electrify public and private fleets under its clean
mobility roadmap.

46. Who is the current President of the Asian Development Bank (ADB), as of July 2025?
1) Takehiko Nakao
2) Haruhiko Kuroda
3) Masato Kanda
4) Shunichi Suzuki
5) Hiroshi Watanabe
Answer- 3) Masato Kanda
Explanation:
About Asian Development Bank (ADB):
President – Masato Kanda (Japan)
Headquarters – Manila, the Philippines
Member Nations – 69 (49 member nations are from Asia-Pacific region)
Established – 1966

47. In which year was the Insurance Regulatory and Development Authority of India (IRDAI)
established?
1) 1995
2) 2001
3) 1997
4) 2003
5) 1999
Answer- 5) 1999
Explanation:
About Insurance Regulatory and Development Authority of India (IRDAI):
IRDAI is a statutory body functioning under the Ministry of Finance(MoF), Government of India(GoI).
Headquarters: Hyderabad, Telangana
Established: 1999

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48. In which year was the Central Board of Direct Taxes (CBDT) established?
1) 1964
2) 1956
3) 1972
4) 1980
5) 1991
Answer- 1) 1964
Explanation:
About Central Board of Direct Taxes (CBDT):
The CBDT, the apex body for direct tax administration under the Department of Revenue, Ministry of
Finance (MoF), Government of India (GoI).
Chairman – Ravi Agarwal
Headquarters – New Delhi, Delhi
Motto – Fund roots and bars
Established – 1964

49. Where is the headquarters of the ESAF Small Finance Bank Limited located?
1) Thrissur, Kerala
2) Bengaluru, Karnataka
3) Chennai, Tamil Nadu
4) Guwahati, Assam
5) Mumbai, Maharastra
Answer- 1) Thrissur, Kerala
Explanation:
In July 2025, Hyderabad (Telangana)-based Shriram Life Insurance Company Limited (SLIC)
signed a corporate agency agreement with Thrissur (Kerala)-based ESAF Small Finance Bank
Limited (ESAF SFB) to enhance the distribution of life insurance products to underserved and rural
segments across India.
To provide simple and affordable life insurance solutions to first-time policyholders, low-income
families, and rural households, in line with the vision of achieving “Insurance for All.”
ESAF SFB will act as a corporate agent of Shriram Life Insurance.
Insurance products will be distributed through ESAF’s branch network, enabling last-mile access to
financial protection.

50.In July 2025, Kotak Mahindra Asset Management Company (Kotak Mutual Fund) announced
its integration with ________________ to enhance the accessibility of mutual fund investments
across India?
1) Bharat Bill Payment System (BBPS)
2) Unified Payments Interface (UPI)
3) Open Network for Digital Commerce (ONDC)
4) Account Aggregator (AA) Network
5) Central KYC Registry (CKYCR)
Answer- 3) Open Network for Digital Commerce (ONDC)

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Explanation:
Kotak Mahindra Asset Management Company (Kotak Mutual Fund) has announced its integration
with the Open Network for Digital Commerce (ONDC) to enhance the accessibility of mutual fund
investments across India. This integration has been facilitated in collaboration with Cybrilla, a leading
fintech solutions provider.
Kotak Mutual Fund will now be discoverable on ONDC-enabled buyer platforms, making it easier for
users to invest digitally.
This collaboration supports the Digital India initiative by enabling direct access to mutual fund
schemes for millions of underserved and unserved Indians.

51. In July 2025, Sandiip Bharadwaj was appointed as the Managing Director (MD) and Chief
Executive Officer (CEO) of _________________, succeeding Rakesh Singh.
1) Zerodha
2) PhonePe
3) Groww
4) Paytm Money
5) Upstox
Answer- 4) Paytm Money
Explanation:
In July 2025, Paytm Money Ltd, the investment and wealth management arm of One97
Communications (Paytm), appointed Sandiip Bharadwaj as its new Managing Director (MD) and
Chief Executive Officer (CEO). He succeeds Rakesh Singh, who is expected to take up a new
leadership role within the Paytm group.
• Sandiip Bharadwaj joins from HDFC Securities, where he served as Chief Operating
and Digital Officer, overseeing digital strategy, product innovation, marketing,
customer experience, and investment services distribution.
• He brings over 24 years of experience in India’s financial services sector, having held
senior roles at ICICI Bank, HDFC Bank, ICICI Capital Services, IIFL Securities,
Religare, Angel Broking, and others.
• He currently serves as Co-Chairman of ASSOCHAM, one of India’s leading industry
chambers.

52. Mention the company that launched India’s first Artificial Intelligence (AI)-powered Self-
Healing POS (Point of Sale) devices in July 2025, aimed at resolving up to 60% of POS issues
automatically.
1) PhonePe
2) Pine Labs
3) MobiKwik
4) BharatPe
5) Razorpay
Answer- 5) Razorpay
Explanation:
On 23rd July 2025, Razorpay POS, the offline payments arm of Razorpay, launched India’s first
Artificial Intelligence (AI)-powered Self-Healing POS (Point of Sale) devices aimed at resolving up

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to 60% of POS issues automatically, ensuring maximum device uptime and faster in-store
transactions.
The Self-Healing POS is equipped with AI-driven systems that monitor device health continuously
and automatically fix problems such as:
• Unstable network connections
• App slowdowns
• Battery degradation

53. Mention the bank that recently (in July’ 25) launched a cybersecurity awareness initiative
on its 109th Founder’s Day.
1) South Indian Bank
2) Karur Vysya Bank
3) Tamilnad Mercantile Bank
4) Karnataka Bank
5) Federal Bank
Answer- 2) Karur Vysya Bank
Explanation:
On July 27, 2025, Karur Vysya Bank (KVB) launched a cybersecurity awareness initiative aimed
at promoting digital safety and responsible banking among the public. The initiative was launched
during the celebration of KVB’s 109th Founder’s Day held in Karur, Tamil Nadu.
J. Swaminathan, Deputy Governor of the Reserve Bank of India (RBI), virtually flagged off the
initiative.
The programme will use mass media campaigns, branch-level outreach, and customised
workshops across Schools & colleges, Workplaces, Residential communities and Senior citizen
forums.
A special “brand bran” showcasing KVB’s 109-year journey was unveiled as part of the
celebrations.

54. Who has been appointed as the Chairman of the Securities and Exchange Board of India
(SEBI), as of July 2025?
1) Ajay Tyagi
2) T.V. Somanathan
3) Tuhin Kanta Pandey
4) N.K. Singh
5) Subhash Chandra Garg
Answer- 3) Tuhin Kanta Pandey
Explanation:
About Securities Exchange Board of India (SEBI):
Chairman – Tuhin Kanta Pandey
Headquarters – Mumbai, Maharashtra

55. Who is the current Managing Director (MD) of the International Monetary Fund (IMF), as of
July 2025?
1) Kristalina Georgieva
2) Ngozi Okonjo-Iweala

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3) Ursula von der Leyen
4) Janet Yellen
5) Gita Gopinath
Answer- 1) Kristalina Georgieva
Explanation:
About International Monetary Fund(IMF):
Managing Director (MD)– Kristalina Georgieva
Headquarters- Washington DC, United States of America (USA)
Member nations-190
Established–1944

56. Name the investor awareness campaign launched by Securities and Exchange Board of
India (SEBI) and National Stock Exchange of India Limited in July 2025 to educate retail
investors and promote safe investing practices.
1) #InvestSafe
2) #SEBICares
3) #SafeFinanceIndia
4) #SEBIvsSCAM
5) #FraudAlertIndia
Answer- 4) #SEBIvsSCAM
Explanation:
The Securities and Exchange Board of India (SEBI), in collaboration with the National Stock
Exchange of India Ltd. (NSE), launched a nationwide investor awareness campaign titled
‘#SEBIvsSCAM’, aimed at educating retail investors about financial scams and promoting safe
investing practices.
The campaign focuses on alerting investors about rising digital financial frauds, such as:
Fake trading apps
Deepfake videos
Unregistered investment advisors
Pump-and-dump schemes
Dabba trading
Fraudulent foreign portfolio investment offers
Misleading social media stock tips

57. Name the new luxury credit card launched by Citigroup Inc. (USA) in July 2025 to compete
with high-end cards like American Express Platinum and JPMorgan Chase Sapphire Reserve.
1) Infinite Luxe Card
2) Prestige Signature Card
3) Citi Premier Reserve
4) Platinum Privilege Card
5) Strata Elite Credit Card
Answer- 5) Strata Elite Credit Card
Explanation:
In July 2025, United States of America (USA)-based Citigroup Inc., a leading multinational
investment bank and financial services corporation, launched its new Strata Elite Credit Card,

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Most Trusted Source!!!!! Since 2014, nearly 85% of the questions in the General
Awareness section on Bank Exams have been covered by Affairscloud@Careerscloud.

Detailed Analysis of GA Questions asked in SBI Clerk Mains Exam 2025:

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