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Under this approval, six airports in Bihar: Madhubani, Birpur (Supaul), Munger, Valmikinagar (West
Champaran), Muzaffarpur and Saharsa, will be developed to improve regional air connectivity.
[Link] initial allocation of Rs 25 crore per airport (total Rs 150 crore) has been sanctioned for infrastructure
development.
[Link] developments are part of Bihar’s broader initiative to expand its aviation infrastructure, with plans
to develop a total of 15 airports across the state.
[Link] Bihar Cabinet approved the extension of contract for 1,717 retired Indian Army(IA) personnel
currently serving in the Special Auxiliary Police (SAP) for the financial year 2025–2026(FY26).

UP Govt Approved Rs 1.5 Crore Rhino Conservation Project in Dudhwa National Park
On 19th June 2025, the Department of Forest and Wildlife, Government of Uttar Pradesh (UP), under the
leadership of Chief Minister (CM) Yogi Adityanath, approved Rs 1.5 crore for the establishment of two new
Rhino Rehabilitation Areas (RRA-3 and RRA-4) in Dudhwa National Park (DNP), situated in Lakhimpur
Kheri, Uttar Pradesh.
This initiative is part of a long-term conservation project focused on protecting the natural habitats of
Indian one-horned rhinoceros and other endangered species in UP’s Terai region.
Key Highlights of the Project:
[Link] new enclosures, RRA-3 and RRA-4, will be developed following the successful models of RRA-1 and
RRA-2, facilitating semi-wild conditions with close monitoring.
[Link] primary goal is to ensure sustainable habitat conservation while strengthening anti-poaching
surveillance and curbing the illegal trade in rhino body parts.
[Link] newly established RRAs aim to support the current population of approximately 50 one-horned
rhinos in Dudhwa, UP and enhance the biodiversity of the region.
[Link] Allocation:
Rs 1.27 crore – Maintenance of rhino habitats, water bodies, and vegetation.
Rs 7 lakh – Procurement of wildlife medicines and veterinary chemicals.
Rs 4.8 lakh – Major construction works.
Rs 3 lakh – Minor infrastructure development.
Rs 7 lakh – Monitoring devices, machinery, and essential installations.

GOVT SHCEMES
CENTRAL SCHEMES
PM Surakshit Matritva Abhiyan marks 9 years, MRR declines by 50 points
In June 2025, the Pradhan Mantri Surakshit Matritva Abhiyan (PMSMA) ,a flagship initiative of the Ministry
of Health and Family Welfare (MoHFW), Government of India (GoI), marks its 9th anniversary. The aim of
PMSMA is to reduce maternal and neonatal mortality by facilitating early detection and prompt
management of high-risk pregnancies.
• As of May 2025, over 6.19 crore pregnant women have received antenatal check-ups under the
PMSMA across India.
• India’s Maternal Mortality Ratio (MMR) declined by 50 points, from 130 per 100,000 live births
during 2014–2016 to 80 per 100,000 live births during 2021–2023, indicating significant
progress in maternal healthcare outcomes.
Note: The MMR is a key indicator of maternal health, representing the number of maternal deaths per
100,000 live births.

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About Pradhan Mantri Surakshit Matritva Abhiyan (PMSMA):

The scheme,launched in June 2016, was designed to provide assured, comprehensive, and quality Antenatal
Care (ANC) services free of cost to all pregnant women on the 9th of every month, particularly during
the second and third trimesters.
• It aligns with the overarching objectives of the Reproductive, Maternal, Newborn, Child, and
Adolescent Health plus Nutrition (RMNCAH+N) strategy implemented under the National Health
Mission (NHM).
• The programme adopts a structured approach to private sector engagement by encouraging
private practitioners to volunteer for the campaign, assist in formulating awareness strategies,
and actively participate in service delivery at government health facilities under the Abhiyan.
Objectives:
[Link] the quality of care during antenatal visits.
[Link] and managing High-Risk Pregnancies (HRP) at an early stage.
[Link] birth planning and complication readiness for each pregnant woman.
[Link] appropriate management of women with malnutrition.
Key Features:
i.A minimum package of antenatal care services would be provided to the beneficiaries on the 9th day of
every month at identified public health facilities in both urban and rural areas, in addition to the routine
ANC.
ii.A sticker indicating the condition and risk factor of the pregnant women would be added onto Mother and
Child Protection (MCP) card for each visit:
• Green Sticker indicating women with no risk factor.
• Red Sticker indicating women with high risk pregnancy.
Extended PMSMA (E-PMSMA):
[Link] E-PMSMA was rolled out in January 2022 to ensure continuous tracking and follow-up of HRP women
until safe delivery by providing financial incentives to both the identified HRP women and their
accompanying Accredited Social Health Activists (ASHA) for making three additional antenatal visits beyond
the regular PMSMA check-up.
[Link] of December 31, 2024, more than 78.27 lakhs HRP women have been identified across all States/Union
Territory(UTs).
Key features of E-PMSMA:
[Link]-based line listing of HRP women.
Up to four additional PMSMA sessions per month for focused care.
[Link] tracking of HRP cases until a healthy outcome, extending up to 45 days post-delivery.
[Link] Message Service(SMS) alerts sent to both the beneficiary and the ASHA for registration and follow-
up.
Integration with National Health Policies:
PMSMA complements other existing programs of the government like:
[Link] Suraksha Yojana (JSY):
• It was launched in April 2005 to incentivize institutional deliveries through conditional cash
transfers.
• This scheme has benefitted over 11.07 crore women as of March 2025.
[Link] Shishu Suraksha Karyakram (JSSK):
• Launched to promote free institutional delivery and neonatal care.
• More than 16.60 crore beneficiaries have been served since 2014–15.
[Link] Room Quality Improvement Initiative (LaQshya):
• It was launched in December 2017 for improving quality of care in labour rooms.

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[Link] Matritva Aashwasan (SUMAN):

• SUMAN was launched in 2019 to strengthen respectful and quality care for pregnant women.
• 90,015 SUMAN health facilities have been notified across the country by March 2025.
[Link] Abhiyaan:
• POSHAN Abhiyaan, or National Nutrition Mission, was launched in March 2018 to target the most
vulnerable children, adolescent girls, pregnant women, and lactating mothers by revamping the
nutrition services.
• As of present, there are 6.97 crore Poshan Pakhwadas across India.
[Link] Mantri Matru Vandana Yojana (PMMVY):
• Launched in 2010 to promote institutional delivery and ensure maternal health, the scheme
provides direct cash benefits of Rs. 5,000 to pregnant and lactating women.
Achievements:
[Link] number of private practitioners registered as volunteers for the programme stands at 6,813 and
number of facilities providing PMSMA services are 20,752.
Top 5 states (In terms of volunteer registered till May 2025)

[Link]. States Number

1 Maharashtra 1131

2 Uttar Pradesh, UP 1076

3 Rajasthan 1015

4 Madhya Pradesh, MP 927

5 Karnataka 615
Top 5 states (In terms of number of pregnant women received ANC)

[Link]. States Number

1 Uttar Pradesh, UP 1,89,534

2 Madhya Pradesh, MP 38,573

3 Andhra Pradesh, AP 36,216

4 Gujarat 24,039

5 West Bengal, WB 23,102

About Ministry of Health and Family Welfare (MoHFW):
Union Minister – Jagat Prakash Nadda (Rajya Sabha – Gujarat)
Minister of State (MoS) – Prataprao Ganpatrao Jadhav (Buldhana, Maharashtra); Anupriya Patel (Mirzapur,
Uttar Pradesh, UP)

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STATE GOVT SCHEMES

Himachal CM Launches Van Samvardhan Yojana & Green Adoption Scheme
On June 2, 2025, Sukhvinder Singh Sukhu, Chief Minister (CM) of Himachal Pradesh (HP) launched the
‘Rajiv Gandhi Van Samvardhan Yojana(RGVSY)’ and the ‘Green Adoption Scheme’ in Hamirpur, HP, with
an aim to enhance green cover and promote community participation in HP.
• During the event, he also released a souvenir titled ‘Samvaad’ dedicated to Van Mitras.
[Link] part of the RGVSY scheme, the CM presented certificates to two mahila mandals from Nadaun-Amlehad
and Bhawdan, which will carry out the plantation activities on two hectares of forest land and ensure its
maintenance for a period of five years.
• The scheme involves engagement of Mahila Mandals, Yuvak Mandals, and Self Help Groups
(SHGs) to carry out plantation activities
[Link] the initial phase of the Green Adoption Scheme, Ambuja Group will undertake plantation work on 25
hectares, while the Adani Foundation and Ultratech will adopt 10 hectares each.
[Link] scheme envisages encouraging private enterprises, corporate houses, and non-governmental
organisations as part of their social responsibility to adopt barren forest land and undertake afforestation
work.

Assam CM Launches Mukhya Mantrir Jiban Anuprerana Scheme for Research Scholars
In June 2025, Assam Chief Minister (CM) Himanta Biswa Sarma, launched Mukhya Mantrir Jiban
Anuprerana Scheme at an event held at Lok Sewa Bhawan in Guwahati, Assam,with an aim to empower the
research scholars in Assam.
• The scheme aims to provide one-time financial assistance to research scholars, focusing on
Divyang scholars, to usher in a new era of research and development in Assam.
Key Points:
[Link] scheme will provide Rs. 25,000 for full-time research scholars and Rs.40,000 for Divyang research
scholars.
[Link] scheme is open to permanent residents of Assam studying in public institutions (state and central
universities).
[Link] scheme is expected to empower students to carry out research and development work without
financial constraints, enabling them to complete their research and gain employment in educational
institutions.
Swagata Satirtha Portal:
[Link] Himanta Biswa Sarma also launched Swagata Satirtha Portal, which simplifies the transfer process for
government employees, making it more transparent and time bound.
• Over 9004 Grade III and IV employees have benefited from the portal, which allows for mutual
transfers for ease.
[Link] mutual transfer system through the portal is a revolutionary step that eases the process and enhances
productivity.
About Assam:
Chief Minister (CM) – Himanta Biswa Sarma
Governor – Lakshman Acharya
Capital – Dispur
National Park (NP) – Kaziranga NP, Manas NP.

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AP Launched ‘Talliki Vandanam’ Scheme for School Children

In June 2025, the Government of Andhra Pradesh (AP), led by Chief Minister Nara Chandrababu, launched a
new welfare scheme named ‘Talliki Vandanam’ under the Telugu Desam Party-led National Democratic
Alliance (TDP-led NDA) coalition’s “Super Six” promises, which was launched on its first anniversary to
promote education and empower mothers.
The ‘Thalliki Vandanam’ scheme (meaning “Salutations to the Mother”) offers an annual financial
assistance of Rs.15,000 per school-going child, directly credited to the mother’s Aadhaar-linked bank
account via Direct Benefit Transfer (DBT), with no limit on the number of children eligible per
household.
Key Details:
[Link] Coverage: Students from Classes I to XII in government, private aided, and unaided schools,
including junior colleges.
[Link] Allocation: Rs. 8745 crore in the first phase (2025-26).
[Link]: Rs. 2000 per child for educational infrastructure (hygiene, sanitation, maintenance).
[Link]: After verifying eligibility, the Grama Sachivalayam/Ward Sachivalayam (GSWS)
System, Welfare Departments, and Finance Department will jointly coordinate the disbursement of funds.
[Link]: Under Section 12(1)(C) of the Right to Education (RTE) Act, 2009, fee reimbursements
are provided to school managements, and any residual amount is transferred to the mother’s account.
Eligibility:
[Link] family income must not exceed Rs.1.2 lakh (urban) / Rs.1.0 lakh (rural).
[Link] possess a Rice Card and an Aadhaar-linked bank account.
[Link] is less than 3 acres wet / 10 acres dry / both combined.
[Link] 4-wheeler (except auto/tractor/taxi), no municipal property greater than 1,000 square feet (sq ft).
[Link] electricity usage is less than 300 units.
[Link] government employees (except sanitation workers earning below the threshold).
[Link] must have 75% attendance and not be enrolled in Industrial Training Institute
(ITI)/Polytechnic/Rajiv Gandhi University of Knowledge Technologies (RGUKT), AP.
[Link] and street children covered if verified.
About Andhra Pradesh (AP):
Chief Minister (CM)-Nara Chandrababu Naidu
Governor – Justice (Retd.) S. Abdul Nazeer
Capital – Amaravati
National Parks (NPs) – Rajiv Gandhi (Rameswaram) NP and Papikonda NP

INTERNATIONAL AFFAIRS
Malaysia & UAE Jointly Elected as Presidency of UN-Habitat General Assembly for 2025-29
In May 2025, Malaysia and the United Arab Emirates (UAE) were jointly elected to lead the United Nations
Human Settlements Programme (UN-Habitat) General Assembly for the 2025–2029 term. This co-
presidency was unanimously approved by all 193 UN member states during the Assembly’s session held in
Nairobi, Kenya.
• This is the first time in 15 years that a Malaysian representative has held a leadership position in
a UN body.
• Through their joint leadership, Malaysia and the UAE aim to bolster multilateral collaboration and
drive forward the UN-Habitat Agenda, encouraging member states to step up their efforts in
realizing the goals of the New Urban Agenda.

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 • NITI Aayog will play a central role in providing strategic guidance, building capacity at the state
and district levels, tracking district-level progress, developing a monitoring dashboard, and
reviewing and guiding district-level plans.
• The Central or State Agricultural Universities will be paired with each district to serve
as technical knowledge partners.
[Link] and Farmer Support: For transparency, participation, and real-time oversight, the
following will be launched:
• Dedicated Mobile Application(App): It will be developed for farmers, offering multilingual
content in regional languages.
• Dashboard/Portal: This will be created for monitoring progress.
• District Ranking Mechanism: This is introduced to foster healthy competition and motivate
timely, efficient implementation.
[Link] Outcome: The scheme is expected to lead to:
• Higher productivity,
• Value addition in agriculture and allied sector,
• Local livelihood creation,
• Increase in domestic production,
• Achieving self-reliance
About Aspirational District Programme (ADP):
[Link], launched in 2018, was designed to rapidly and efficiently transform 112 underdeveloped
districts across India.
[Link] uses a 3-C approach (Convergence, Collaboration, and Competition) with the goal of sustainable
development for underdeveloped districts in India.
[Link] Champions of Change Dashboard tracks progress on 49 key indicators, addressing critical areas like
infant mortality, school dropout rates, sanitation, and crop productivity.

STATE GOVT SCHEMES

‘Raj Bhavan Annadhan Scheme’ Launched in Goa
In June 2025, Kerala Governor Rajendra Vishwanath Arlekar launched the Raj Bhavan Annadhan
Scheme in the presence of Goa Governor PS Sreedharan Pillai and Chief Minister(CM) Dr Pramod Sawant
at the Old Durbar Hall, Panaji(Goa).
• A cheque worth Rs 1,20,000 was handed over to Goa Street Providence organisation, while
financial aid of Rs.25,000 each was provided to approximately 40 patients during the event.
[Link] the scheme, Goa Governor P. S. Sreedharan Pillai will donate royalties from his published books to
support needy cancer and dialysis patients.
[Link] assistance from the Governor’s Discretionary Fund, facilitated by Goa CM Dr Pramod Sawant,
benefited around 40 patients undergoing cancer treatment and dialysis.

MP Cabinet Approves ‘Mukhyamantri Vrindavam Gram Yojana’ to make Villages Self-Reliant

In July 2025, the Madhya Pradesh(MP) cabinet headed by the Chief Minister (CM) Mohan Yadav,
approved the implementation of ‘Mukhyamantri Vrindavan Gram Yojana’ to make the villages self-
reliant in MP.
• Under this scheme, one village from each district will be selected, having a minimum population
of 2000 and at least 500 cattle.
[Link] selected villages will be developed as Vrindavan Grams, setting a model of self-sufficiency and
holistic development of others.

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[Link] key focus areas under the scheme will include Cow rearing and dairy development, environmental
conservation, organic farming, water conservation, solar energy, pasture development, infrastructure
development and rural entrepreneurship and livelihood generation.
[Link] scheme will be funded through a Rs.100 crore allocation comprising state budget support and
contributions from corporate Corporate Social Responsibility (CSR) funds.
• It will be administered by the Panchayat and Rural Development Department (PRDD) of MP,
with district-level committees overseeing its implementation.
[Link] cabinet also gave in-principle approval of Rs.4,572 crores for the reconstruction of 1766 damaged
bridges to ensure connectivity.
[Link] cabinet further approved the establishment of a campus of the Gandhinagar (Gujarat) based
Rashtriya Raksha University (RRU) in Bhopal, MP.

Rajasthan CM Bhajan Lal Sharma Announces ‘Garibi Mukt Gaon Yojana’ to Eliminate Rural
Poverty
On July 2, 2025, Chief Minister (CM) of Rajasthan, Bhajan Lal Sharma, announced the launch of
the “Pandit Deendayal Upadhyay Garibi Mukt Gaon Yojana”, which aims to eliminate rural poverty in
Rajasthan.
• Under the scheme, about 5,000 villages will be
selected in the first phase, with the allocation of Rs
1,300 crores to support Below Poverty Line (BPL)
families.
[Link] initiative is positioned as a flagship poverty-alleviation
programme of Rajasthan. It is designed to transform the
economic and social landscape of rural Rajasthan.
[Link] the scheme, the families who have successfully risen
above the poverty line through their own efforts will receive Rs.
21,000 as incentives.
• The scheme also proposes to offer financial assistance of up to Rs.1 lakh per BPL household to
encourage self-employment and livelihood generation initiatives.
[Link] beneficiary families will also receive an ‘Aatmanirbhar Parivar Card’ to recognize their
achievement and facilitate further support.
[Link] linked to Self-Help Groups(SHG) will be eligible for working capital support of up to Rs.15,000
per family.
[Link] districts that perform exceptionally well in implementing the scheme will receive financial awards
such as Rs.50 lakhs for first place, Rs.35 lakhs for second place, and Rs.25 lakhs for third place, based on
quarterly rankings.

Bihar Launches Mukhya Mantri Pratigya Scheme for Youth Internships and Skill Development
In July 2025, Bihar Chief Minister (CM) Nitish Kumar announced the launch of
the ‘Mukhya Mantri Pratigya’ scheme, officially named CM-PRATIGYA (Chief Minister – Promotion of
Readiness, Awareness and Technical Insights for Guiding Youth Advancement). The scheme has been
introduced under the Bihar’s Saat Nischay-2 (Seven Resolves Part 2) development program to empower
the youth through skill development and internship opportunities.
• The initiative targets 1 lakh youths across the state during the period 2025–26 to 2030–31,
with an initial target of supporting 5,000 youths in the first year (2025–26).

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[Link] programme will provide monthly financial support to participants involved in skill training and
internships for durations ranging from 3 to 12 months.
[Link] the scheme, youth aged 18 to 28 will be provided with the following financial assistance:
• Rs. 4,000 per month for those who have passed Class 12 and are undergoing skill training.
• Rs. 5,000 per month for Industrial Training Institute (ITI) certificate holders or diploma holders
engaged in training.
• Rs. 6,000 per month for graduate or postgraduate participating in internships.
[Link] addition, youths undertaking internships outside their home district will receive an extra Rs. 2,000
per month as livelihood support, while those interning outside Bihar will be provided an additional Rs.
5,000 per month.
Other Schemes Approved by the Cabinet:
The Cabinet also approved ‘Mukhya Mantri Kalakar Pension Yojana,’ and ‘Mukhya Mantri Guru-Shishya
Parampara Yojana’ .
• Under the ‘Mukhya Mantri Kalakar Pension Yojana,’ artists with over ten years of experience in
traditional arts will receive a monthly pension of Rs 3,000.
• Meanwhile, the ‘Mukhya Mantri Guru-Shishya Parampara Yojana’ aims to preserve endangered
art forms by training young talents under the guidance of experienced gurus.
• Furthermore, the ‘Mukhya Mantri Chikitsa Sahayta Kosh’ will offer healthcare grants to elected
representatives of Panchayati Raj Institutions suffering from critical illnesses.
About Bihar:
Chief Minister (CM) – Nitish Kumar
Governor – Arif Mohammed Khan
Capital – Patna
Dance – Jat-Jatin Dance, Bidesia nach, Fagua

UP Govt to Launch Two New Pilgrimage Assistance Schemes

On July 5, 2025, Yogi Adityanath, Chief Minister (CM) of Uttar Pradesh (UP) announced two new
Pilgrimage Assistance Schemes, ‘Baudh Teerth Darshan Yojana’ and the ‘Panch Takht Yatra Yojana’ for
Buddhist and Sikh devotees.
• Under the two schemes, a minimum of Rs.10, 000 will be provided as assistance to each
pilgrim.
[Link] Baudh Teerth Darshan Yojana will help Buddhist and Hindu residents of UP undertake pilgrimages to
major sites across India, with priority given to Buddhist monks.
[Link] Panch Takht Yatra Yojana will benefit Sikh devotees visiting the five sacred Takht Sahib Sites across
India.
• Under the scheme, assistance will be provided to devotees travelling to Anandpur Sahib
(Punjab); Akal Takht Sahib (Amritsar, Punjab); Damdama Sahib (Talwandi Sabo, Punjab); Takht
Sachkhand Hazur Sahib (Nanded, Maharashtra), and Harmandir Ji Sahib (Patna Sahib, Bihar).

Punjab CM Bhagwant Mann Launches ‘Mukhyamantri Sehat Yojana’ for free treatment up to
Rs.10 Lakhs Annually
On July 8, 2025, Bhagwant Mann, Chief Minister (CM) of Punjab, launched the ‘Mukhyamantri Sehat
Yojana’ which offers free, cashless medical treatment up to Rs.10 lakh per family annually.
• In its 2025-26 budget, the Government of Punjab allocated Rs.778 Crores for this purpose.
[Link] to commence on October 2, 2025, this program seeks to offer healthcare coverage to all 65
lakh families in the state, ensuring equitable access to medical services for every resident.

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[Link] new scheme builds upon the existing Government of India (GoI)’s Ayushman Bharat Yojana(ABY)
and Punjab’s Mukh Mantri Sarbat Sehat Bima Yojana, which previously provided Rs.5 lakh coverage.
[Link] the expanded plan, families already enrolled in these programs will receive an additional Rs.5
lakh top-up, doubling their total coverage.
[Link] ensure seamless access, beneficiaries will be issued ‘Sehat Cards’ that enable cashless treatment at
both government and empanelled private hospitals.

Assam CM Himanta Biswa Sarma Launches Milk Subsidy Scheme

On July 20, 2025, Chief Minister (CM) of Assam Himanta Biswa Sarma launched a Milk Subsidy Scheme,
offering dairy farmers Rs.5 per litre of milk, supplied to cooperative processing units, at an event in
Guwahati, Assam.
• The scheme aims to enhance milk production, increase farmers’ incomes, and strengthen the
dairy sector in the state.
[Link] the subsidy scheme, financial assistance of Rs.5 per litre of milk, for up to 30 litres per day will be
provided to approximately 20,000 dairy farmers, associated with 601 dairy cooperative societies across
Assam.
[Link] total budget outlay of the scheme is Rs.10 crores for the Financial Year 2025-26 (FY 26).
[Link] the event, CM also performed the Bhoomi Pujan for the expansion of the Panjabari milk
processing plant operated by West Assam Milk Producers’ Cooperative Union (WAMUL) under the Purabi
Dairy brand.
[Link] expansion of Purabi Dairy plant facility, with an estimated cost of Rs.104.55 crores, will increase the
capacity of the plant from 1.5 lakh litres per day (LLPD) to 3 LLPD.
[Link] initiative is part of the Assam Dairy Development Plan (ADDP), backed by an Memorandum of
understanding(MoU) between WAMUL and the National Dairy Development Board (NDDB), aiming to
increase Assam’s formal milk processing capacity to 10 LLPD.

Maharashtra Launches ‘Krishi Samruddhi’ Scheme to Empower Farmers

On 23 July 2025, the Government of Maharashtra announced a new scheme, ‘Krishi Samruddhi’, to be
implemented by Maharashtra’s Agriculture Department with a total budget of Rs. 25000 over the next 5
years, aiming to empower farmers and promote climate-resilient, sustainable farming.
About Krishi Samruddhi scheme:
Farmer Empowerment: It aims to empower farmers by providing financial assistance for technology
adoption, soil health improvement, water-use efficiency, and post-harvest value addition, and providing
training and extension services for best practices.
Sustainable Farming Practices: It helps in Climate-resilient techniques and introduces cost-effective
methods to conserve resources and reduce environmental impact.
Investment & Infrastructure Development: This includes boosting capital investment in the agriculture
sector by establishing modern infrastructure related to agriculture to strengthen rural connectivity and
market access.
Crop Diversification: It supports alternate high-value crops to lower risk and upgrade processing,
packaging, and market linkages to increase farmer margins.
Agro-Technology Adoption: It promotes the adoption of agro technologies suitable for different climatic
conditions.

NALSA Launched Veer Parivaar Sahayta Yojana to Aid Defence Personnel and their Families
In July 2025, the National Legal Services Authority (NALSA), in collaboration with the High Court of
Jammu & Kashmir (J&K) and Ladakh, and the J&K Legal Services Authority (LSA), launched the Veer

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Parivaar Sahayata 2025, a scheme that aims to bolster legal aid for defence personnel and their
families.
• The scheme was formally launched by Justice Surya Kant, Executive Chairman of NALSA,
during the North Zone Regional Conference titled ‘Reaffirming the Constitutional Vision of
Justice for Defence Personnel and Tribals’ held at Shere-i-Kashmir International Conference
Centre (SKICC) in Srinagar, J&K.
About Veer Parivaar Sahayata 2025:
Free Legal Aid: NALSA will provide legal aid for issues like family property, disputes, land matters, or
domestic cases, which are often left unresolved due to soldiers’ absence in cases, where they are employed
in isolated areas or regions like J&K or the North East Region (NER).
Defence Personnel Covered: The scheme will extend legal aid to paramilitary personnel such as: Border
Security Force (BSF), the Central Reserve Police Force (CRPF), and the Indo-Tibetan Border Police (ITBP).
3 Key Pillars of Scheme:
• Setting up a dedicated network of legal services clinics at the Zilla, Rajya, and Kendriya Sainik
Boards;
• Deployment of specially trained nodal officers, legal aid counsels, and paralegal volunteers
(including ex-servicemen) for timely support.
• Facilitating digital access through online meditation and e-Lok Adalats to make legal assistance
seamless and accessible.

INTERNATIONAL AFFAIRS
Suriname Becomes First Amazon Nation to Earn WHO Malaria-Free Certification
On June 30, 2025, Suriname, a country in South America, has become the first country in the Amazon
region to be certified malaria-free by the Geneva (Switzerland) based World Health
Organization (WHO). This historic milestone follows nearly 70 years of commitment by the Suriname
government and its people to eliminate the disease across its vast rainforests and diverse communities.
• Including Suriname, 46 countries and 1 territory have been certified as malaria-free by WHO
to date.
Malaria-Free Certification:
[Link] of Malaria elimination is granted by WHO when a country has proven, beyond reasonable
doubt, that the chain of indigenous transmission has been interrupted nationwide for at least the
previous three consecutive years.
[Link] final decision on awarding a malaria-free certification is made by the WHO Director-General, based
on a recommendation by the Technical Advisory Group on Malaria Elimination and Certification (TAG-
MEC) and validation from the Malaria Policy Advisory Group (MPAG).
Malaria Disease:
[Link] is a life-threatening disease caused by Plasmodium parasites, which are transmitted to humans
through the bite of infected female Anopheles mosquitoes.
[Link] is caused by five species of the Plasmodium parasite, including Plasmodium falciparum,
Plasmodium vivax, Plasmodium malariae, Plasmodium ovale, Plasmodium knowlesi.
[Link] commonly affects tropical and subtropical regions, including Sub-Saharan Africa, Asia, Latin
America, and the Pacific Islands.
Malaria Elimination in Suriname:
[Link] the 1950s, Suriname started malaria control in coastal areas by spraying pesticides indoors. By the
1960s, these areas were malaria-free.

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About Delhi-Oslo Smart Transport Initiative (DOSTI):
Significance: The name “DOSTI” means “friendship” in Hindi, symbolizing cooperation in sustainable
transport innovation.
Collaboration: The DOSTI initiative will enable Delhi and Oslo to share expertise in areas such as electric
bus deployment, public charging infrastructure, and clean construction practices.
• This knowledge exchange is expected to help Delhi expand its EV ecosystem more effectively.
Focus: The partnership aims to achieve a fleet of approximately 6,000 electric buses by 2025, expanding
further to 7,000–8,000 by February 2026, up from the current 3,400 e-buses in Delhi.
• Additionally, the initiative will explore zero-emission solutions beyond road transport,
including construction machinery.

GOVT SCHEMES
CENTRAL GOVT SCHEMES
MHI Extends PM E-DRIVE Scheme Tenure by 2 Years From 31 March 2026 to 31 March 2028
On August 8, 2025, Union Minister H.D. Kumaraswamy, Ministry of Heavy Industries (MHI), announced
the extension of the Pradhan Mantri Electric Drive Revolution in Innovative vehicle Enhancement (PM E-
DRIVE) Scheme tenure by two years till 31st March 2028.
• Earlier, the scheme was notified for a period of two years till 31st March 2026, While
incentives for electric two- and three-wheelers will cease in March 2026, subsidies for other
vehicle categories, including e-buses, e-trucks and e-ambulances, will continue subject to fund
availability until March 2028.
Exam Hints:
✓ What? PM E-DRIVE Scheme duration has been extended
✓ Extended Duration: 2 years from 31st March 2026 to 31st March 2028.
✓ Scheme under: Ministry of Heavy Industries (MHI)
✓ Budget: Rs.10,900 crores
✓ Target segments: e-buses, trucks, ambulances, 2-wheelers, 3-wheelers, charging infrastructure,
and testing facilities
About PM E-DRIVE Scheme:
Aim: The PM E-DRIVE Scheme aims to accelerate the adoption of Electric Vehicles (EVs), establish robust
charging infrastructure, and strengthen the EV manufacturing ecosystem in India.
Incentives: Buyers of electric two- and three-wheelers are eligible for demand incentives of Rs 5,000 per
(Kilo Watt hour) kWh in FY25 and Rs 2,500 per kWh in Financial Year 2026, capped at 15 per cent of the
ex-factory vehicle price.
Launch: It was notified on September 29, 2024, by the MHI, Government of India (GOI) with the Budget
outlay of Rs.10,900 crores and an aim to promote faster adoption of electric mobility in India, particularly
for commercial and public transport segments.
• E-buses, supported by a Rs.4,391 crore allocation for deploying 14,028 units, require a post
selection process from March 2026, underscoring the need for additional time.
About the Ministry of Heavy Industries (MHI):
Union Minister – H.D. Kumaraswamy (Constituency – Mandya, Karnataka)
Minister of State (MoS) – Bhupathiraju Srinivasa Varma (Constituency – Narsapuram, Andhra Pradesh)

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Overview of Pradhan Mantri Ujjwala Yojana: A Flame that Warms the Heart
As of July 2025, the Pradhan Mantri Ujjwala Yojana (PMUY) has provided over 10.33 crore Liquefied
Petroleum Gas (LPG) connections, empowering rural households with access to clean cooking fuel.
• The union cabinet approved a subsidy of Rs.300 per 14.2 kg cylinder for up to 9 refills per year
and Rs.2200 government support per connection for the beneficiaries of the PMUY during
Financial Year 2025-26 (FY26), at an expenditure of Rs. 12,000 crore.
Exam Hints:
✓ What? PMUY – LPG connections
✓ Provided: 10.33 cr LPG
✓ Launched: 2016, phase -2: 2021
✓ Top states: UP, Bihar, WB
✓ SDG: 3, 5, 7, 13
PMUY Objectives:
Objective: The Ministry of Petroleum and Natural Gas (MoPNG), introduced the PMUY as a flagship
scheme for providing LPG connections to women from Below Poverty Line (BPL) households.
• The scheme was launched on 1st May 2016 in Ballia, Uttar Pradesh (UP).
Ujjwala-Phase 1: This phase aimed to provide 5 crore LPG connections to women from BPL households.
• Subsequently, the target was enhanced to 8 crore connections.
• This scheme initially provided financial support of Rs. 1,600 per connection by the government.
Ujjwala 2.0: This 2nd phase was launched on 10th August 2021 to expand the coverage and reach of the
distribution by another 1 crore households.
• It aimed to fill the gaps left by the 1st phase and ensure last-mile delivery of clean cooking fuel.
Eligibility criteria: The connection must be issued exclusively to adult women aged 18 years or above.
• The household must not already have an LPG connection and Eligible women must belong to the
following categories:
SC (Scheduled Caste) /ST Beneficiary of PMAY ( Pradhan
Most Backward Classes (MBC)
(Scheduled Tribe) households Mantri Awas Yojana)

Antyodaya Anna Yojana (AAY) Tea and Ex Tea Garden Tribes Forest dwellers

Residents of Islands or river

SECC-listed households
islands
State-wise reach of PMUY:
The number of PMUY scheme holders state wise as of December 2024:
Uttar Pradesh (UP): UP is leading with 1.85 crore (cr) households due to its large rural population and
high LPG adoption.
Bihar: Around 1.16 cr households, driven by widespread rural uptake of clean cooking fuel.
West Bengal (WB): Approximately 1.23 cr households, with strong outreach to underserved
communities.
Madhya Pradesh (MP): About 88.4 lakh households, empowering women in tribal and rural regions.
Maharashtra: Nearly 52.18 lakh households have gained access to clean cooking fuel through the scheme.
Impact of PMUY:
The PMUY has accelerated India’s progress in attaining the following Sustainable Development Goals
(SDG):
SDG 3 – Good health and well-being
SDG 5 – Gender Equality

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SDG 7 – Affordable and clean energy
SDG 13 – Combat climate change

Union Minister Shivraj Singh Chouhan Releases Rs.3,200 Crores To Farmers under PMFBY
In August 2025, Union Minister Shivraj Singh Chouhan, Ministry of Agriculture and Farmers Welfare
(MoAFW) announced the digital transfer of insurance payout worth Rs.3,200 crores directly through
Digital Benefit Transfer (DBT) to the bank accounts of approximately 35 lakh farmers at an event held in
Jhunjhunu, Rajasthan, marking 9 years of the Pradhan Mantri Fasal Bima Yojana (PMFBY).
• It is the first installment, transferred under the PMFBY, with approximately Rs.8,000 crores to
be released in next installments.
Exam Hints:
✓ What? Rs.3,200 Crores transferred directly into the bank account of 35 lakh farmers
✓ Scheme: Pradhan Mantri Fasal Bima Yojana (PMFBY)
✓ Announced by: Union Minister Shivraj Singh Chouhan, MoAFW
✓ Scheme launch: 2016
✓ Purpose: To protect the farmers from financial loss due to crop failure by natural calamities, pests,
and diseases.
Event Highlights:
Key Dignitaries: Several dignitaries, including Minister of State (MoS) Bhagirath Choudhary, MoAFW;
Chief Minister (CM) of Rajasthan Bhajanlal Sharma, were also present.
States: Under the state-wise claim distribution, Farmers in Madhya Pradesh (MP) received Rs. 1,156
crores, farmers in Rajasthan received Rs.1,121 crores, Chhattisgarh received Rs.150 crores and farmers in
other states ,and farmers in other states received Rs.773 crore.
Penalty: From Kharif 2025, any delay by states or insurers will incur a 12% penalty.
About Pradhan Mantri Fasal Bima Yojana (PMFBY):
Aim: PMFBY, a flagship initiative by the Government of India(GoI), was launched on February 18, 2016,
with an aim to protect the farmers from financial loss due to crop failure by natural calamities such as
droughts, floods cyclones, pests, and diseases.
• In January 2025, the Union Cabinet approved the continuation of PMFBY and Weather Based
Crop Insurance Scheme (RWBCIS) till 2025-26, with a total budget of Rs.69, 515.71 Crores.
• RWBCIS is a weather index-based scheme, introduced along with PMFBY, which differs in its
methodology of calculation of admissible claims to the farmers.
Cycle: PMFBY covers the entire crop cycle, from pre-sowing to post-harvest, including damage during
storage if caused by a notified calamity.
Benefits:
Premium: The farmers pay 2% of sum insured for Kharif crops, 1.5% of sum insured for Rabi crops,
and 5% of sum insured for the horticulture/commercial crops.
Coverage: The coverage includes yield losses, prevented sowing (up to 25% of sum insured), post-harvest
losses (up to 14 days post-harvest), and localized calamities.
• The GoI pays the entire premium for the farmers in the North-Eastern States, Jammu & Kashmir
(J&K), and Himachal Pradesh (HP).
Compensation: PMFBY aims to process claims within two months of the harvest to ensure that farmers
receive the compensation quickly.
Technology: The scheme integrates advanced technologies such as satellite imaging, drones, and mobile
applications(apps) for precise estimation of crop loss, ensuring accurate claim settlements.

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Eligibility:
Non-Loanee Farmers: The farmers, opted for non-standard Kisan Credit Card (KCC) scheme-linked crop
loans, farmers who have not taken crop loans are eligible. All non-loanee farmers can voluntarily enroll
under the PMFBY to mitigate risk and claim insurance benefits.
Loanee Farmers: The farmers, who have been sanctioned loans from financial institutions for Seasonal
Agricultural Operations (SAO). All loanee farmers are required to enroll under PMFBY.
Implementation:
The scheme is implemented through the departments of the state governments, empanelled insurance
companies, Banks and Primary Agricultural Credit Societies (PACS), and Regulatory bodies.
Achievements :
Enrollment: Farmer enrolment rose 32% from 3.17 crore (2022-23) to 4.19 crore (2024-25).
Applications: As of June 30, 2025, a total of 78.407 crore farmer applications have been insured under
PMFBY since its inception in 2016. Out of these applications, 22.667 crore farmers received claims worth
Rs.1.83 lakh crore.
Expansion: Coverage grew from 371 lakh (2014-15) to 1,510 lakh (2024-25), and non-loanee applications
from 20 lakh to 522 lakh.
Technology:
Remote Sensing: The schemes utilizes remote sensing and drones for estimating the crop area, yield
assessment, and loss evaluation, to reduce human error.
YES-TECH: Yield Estimation System Based on Technology (YES-TECH) was introduced for paddy and
wheat crops from Kharif 2023 season, which blends satellite-based yield estimated with manual data,
gradually phasing out traditional Crop Cutting Experiments (CCEs). From 2024 Kharif season, soyabean
has also been included.
WINDS: Weather Information Network and Data System (WINDS) was developed to establish an expanded
network of Automatic Weather Stations (AWS) and Automatic Rain Gauges (ARG). It will collect hyper-
local weather data at Gram Panchayat and Block levels. The collected data will be integrated into a national
database with interoperability.
PMFBY Strengthening Measures:
National Crop Insurance Portal (NCIP): Facilitates online farmer enrolment, data sharing, scheme
monitoring, and direct transfer of claim amounts to farmers’ bank accounts.
Dedicated DigiClaim Module:Operational since Kharif 2022, it links NCIP with the Public Finance
Management System (PFMS) and insurance company systems. From Kharif 2024, a 12% penalty is
automatically applied for delayed claim payments.
Mandatory ESCROW Account for States: From Kharif 2025, States must open an ESCROW account and
deposit their premium share in advance.
Awareness Campaigns for Farmers:Since Kharif 2021, ‘Crop Insurance Week/Fasal Bima Saptah’ is held
twice a year, along with ‘Fasal Bima Pathshalas’ in villages to educate farmers.
Meri Policy Mere Haath’ Initiative:Crop insurance policy receipts are distributed to PMFBY-enrolled
farmers via special camps held at the gram panchayat and village levels.
KRPH (KrishiRakshak Portal and Helpline): Launched to assist farmers with PMFBY queries and
complaints, the KRPH platform and toll-free number 14447 provide ticket numbers for tracking issues,
ensuring timely resolution and enabling government monitoring of grievance redressal.
About Rajasthan:
Chief Minister (CM) – Bhajan Lal Sharma
Governor – Haribhau Kisanrao Bagade
Capital – Jaipur
National Park (NPs) – Ranthambore NP, Mukundra Hills NP

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MoF introduces one-time, one-way switch facility from UPS to NPS
In August 2025, the Ministry of Finance (MoF) introduced a one-time, one-way switch facility allowing
central government employees to move from the Unified Pension Scheme (UPS) to the National Pension
System (NPS).
• The option will remain open until September 30, 2025.
Exam Hints:
✓ What? One-time switch UPS to NPS
✓ Introduced by: Ministry of Finance (MoF)
✓ Deadline: September 30, 2025
✓ When? Any time a year or 3 months before retirement
✓ Condition: Once exercised, no reverting to UPS
✓ Exit Provisions: As per PFRDA Exit & Withdrawal Regulations, 2015
Key Features of Switch Facility:
Switch Facility: This facility may be exercised by UPS optees any time a year prior to the date of
superannuation or three months before to the deemed date of retirement in case of voluntary retirement.
Exemptions: The switch option will not be given in case of removal, dismissal or compulsory retirement
as a penalty or for cases where disciplinary proceedings are ongoing or contemplated.
Condition: Once employees opt for the switch, they will permanently forfeit UPS benefits, including
assured payouts, and cannot revert to the UPS.
Exit Provisions: Upon switching, the exit provisions under the Pension Fund Regulatory and
Development Authority (PFRDA) Exit & Withdrawal Regulations, 2015 (PFRDA Regulations, 2015) will
become applicable.
Government Contribution: The Government of India’s(GoI) 4% differential contribution, calculated as
per the default investment pattern, will be credited to the National Pension System (NPS) corpus at the
time of exit.
About National Pension System (NPS):
NPS: The NPS launched on January 01, 2004, a government-backed, voluntary, defined-contribution
retirement savings scheme that aims to provide old-age income security for citizens.
• The PFRDA regulates and administers NPS under the PFRDA Act, 2013.
Introduction: The National Pension System (NPS) was initially introduced for new government recruits
(except armed forces). From 1st May 2009, it was extended to all citizens of India, including unorganised
sector workers, on a voluntary basis.
Voluntary Model: The NPS voluntary scheme is open to all Indian citizens, including those residing
abroad, within the age group of 18 to 70 years.
About Unified Pension Scheme (UPS):
UPS: It is pension scheme introduced by the GoI as an option under the NPS for CG employees with effect
from 1st April 2025.
• It operates under the existing NPS architecture by the PFRDA and is applicable to both serving
and retired employees.
• It provides an assured, guaranteed pension, with contributions from both employees (10% of
Basic Pay + Dearness Allowance (DA)) and the government.
Applicable to: The UPS is available to:
• Existing CG Employees under NPS as on 01.04.2025.
• New Recruits joining Central Government service on or after 01.04.2025.
• Retired NPS Subscribers who superannuated or retired on or before 31.03.2025 with minimum
10 years of qualifying service.
Last Date: The last date to enrol to this scheme is September 30, 2025.

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Assured Pension: 50% of the average basic pay drawn over the last 12 months prior to superannuation
for a minimum qualifying service of 25 years. This pay is to be proportionate for lesser service period upto
a minimum of 10 years of service.
Assured Family Pension: 60% of pension of the employee immediately before her/his demise.
Assured minimum pension: Rs. 10,000 per month on superannuation after minimum 10 years of service.
About Pension Fund Regulatory and Development Authority (PFRDA):
It was initially established as a regulatory body to promote, develop and regulate the pension sector in
India. Later, it was granted a statutory body status through PFRDA Act, 2013 passed in September 2013
and the same was officially notified on February 1, 2014.
• It comes under the jurisdiction of Department of Financial Services (DFS), Ministry of Finance
(MoF).
Chairman- Sivasubramanian Ramann
Headquarters- New Delhi, Delhi

Govt Approves Restructuring & Extension of PM SVANidhi scheme till 31 March, 2030
In August 2025, the Union Cabinet chaired by Prime Minister (PM) Narendra Modi approved the
restructuring and extension of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)
Scheme, extending its lending period from December 31, 2024, to March 31, 2030.
Exam Hints:
✓ What? Cabinet approved restructuring of PM SVANidhi scheme
✓ New Deadline: March 31, 2030 from December 31, 2024
✓ Financial outlay: Rs. 7332 crores
✓ Implementation: MoHUA, DFS(MoF)
✓ Revised Tranches: 1st – Rs. 15,000, 2nd tranche – Rs. 25,000, 3rd tranche – 50,000
✓ Credit Access: UPI-linked RuPay Credit Card
✓ Cashback incentives: Rs. 1,600
About PM SVANidhi scheme:
Launched in: It is a central-sector micro-credit scheme launched on 1st June 2020 by the Ministry of
Housing and Urban Affairs (MoHUA) to provide handholding support to street vendors.
• The scheme facilitates a working capital collateral-free loan of Rs. 10,000, with subsequent
loans of Rs. 20,000 and Rs. 50,000 with a 7% interest subsidy.
Milestone: As of July 30, 2025 over 96 lakh loans amounting to Rs 13,797 crore have been disbursed to
more than 68 lakh street vendors,
• Nearly 47 lakh digitally active beneficiaries have conducted over 557 crore digital transactions
worth Rs. 6.09 lakh crore, earning a total cashback of Rs. 241 crores.
• Under the ‘SVANidhi se Samriddhi’ initiative, 46 lakh beneficiaries across 3,564 Urban Local
Bodies (ULBs) were profiled, enabling over 1.38 crore scheme sanctions.
Awards received: The scheme has won the PM’s Award for Excellence in Public Administration (2023) for
Innovation (Central Level) and the Silver Award for Excellence in Government Process Re-engineering for
Digital Transformation (2022).
Highlights of the Approval:
Outlay: The decision involves a budgetary provision of Rs. 7,332 crore and will extend benefits to about
1.15 crore street vendors, including 50 lakh first-time recipients.
Implementation: The scheme is a joint responsibility of MoHUA and the Department of Financial Services
(DFS), under the Ministry of Finance(MoF).
• The MoHUA will act as the main coordinating authority for the scheme.

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 • The DFS will facilitate the access to loans and credit cards through banks and financial
institutions.
About Restructured PM SVANidhi Scheme:
Enhanced Loan Slabs: The loan slabs have been revised in the restructured scheme.
• The 1st tranche has been increased to Rs. 15,000 from the earlier Rs. 10,000.
• The 2nd tranche is enhanced to Rs. 25,000 from Rs. 20,000 and the 3rd tranche remains
unchanged at Rs. 50,000.
Credit Access via RuPay Card:The introduction of Unified Payments Interface(UPI)-linked RUPAY
Credit card would provide immediate access of credit to the street vendors in order to meet any emergent
business and personal requirements.
Cashback Incentives: In order to encourage digital adoption, street vendors will now be able to earn cash
back incentives of up to Rs. 1,600 on retail and wholesale transactions.
Expanded Coverage: The coverage of the scheme is also being expanded beyond the statutory towns to
include census towns and peri-urban areas in a phased manner.
Capacity building measures: It also focuses on building the capacity of the street vendors with a focus on
entrepreneurship, financial literacy, digital skills, and marketing through convergence.
• Standardized hygiene and food safety training programs will be organized for street food
vendors in collaboration with the Food Safety and Standards Authority of India (FSSAI).
Component enhanced: The ‘SVANidhi se Samriddhi’ component is being strengthened to ensure
convergence with other government schemes.
• Monthly Lok Kalyan Melas (Public welfare fair) will be organised to link beneficiaries and their
families with welfare programmes.
About Ministry of Housing and Urban Affairs (MoHUA):
Union Minister- Manohar Lal Khattar (Constituency- Karnal, Haryana) Minister of State (MoS)– Tokhan
Sahu (Constituency- Bilaspur, Chhattisgarh)

PMJDY Completes 11 Years with 56.16 Crore Accounts, Rs.2.67 Lakh Crore Deposits
On August 28, 2025, the Pradhan Mantri Jan Dhan Yojana (PMJDY), launched by the Prime Minister(PM)
Narendra Modi in August 2014, marks 11 years of transformative impact in India’s financial landscape.
Exam Hints:
✓ Event: 11 years of PMJDY
✓ When? August 28, 2025
✓ Launched by: PM Narendra Modi
✓ Nodal Ministry: Department of Financial Services (DFS), MoF
✓ Slogan: Mera Khata – Bhagya Vidhata
✓ Mission: Banking the unbanked, Securing the unsecured, funding the unfunded
✓ Milestone: 56.16 crore accounts (56% women), 36.68 crore RuPay cards issued; Deposits totaling
Rs.2,67,756 crore
✓ World Record: 1.8 cr accounts opened in a single week.
About Pradhan Mantri Jan Dhan Yojana (PMJDY):
Empowerment: The world’s largest financial inclusion scheme, PMJDY is a National Mission for
Financial Inclusion that seeks to provide every unbanked adult in India with a bank account, a financial
identity, and access to essential services like credit, insurance, and pensions.
Ministry: The Nodal Ministry for the PMJDY is the Department of Financial Services(DFS), Ministry of
Finance(MoF).
Slogan: The slogan of PMJDY is ‘Mera Khata – Bhagya Vidhata’.
Principles: The Core Principles of the PMJDY are

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 • Banking the unbanked: Opening of Basic Savings Bank Deposit (BSBD) account with minimal
paperwork, relaxed Know Your Customer(KYC), e-KYC, account opening in camp mode, zero
balance and zero charges.
• Securing the unsecured: Issuance of free Rupay Debit cards for cash withdrawals &
payments at merchant locations, with free accident insurance coverage of Rs. 2 lakhs.
• Funding the unfunded: Other financial products like micro-insurance, overdraft for
consumption, micro-pension, overdraft facility up to Rs. 10,000 and micro-credit.
Pillar of JAM Trinity: It serves as the foundational component of India’s JAM (Jan Dhan–Aadhaar–Mobile)
Trinity.
Benefits of PMJDY:
• Small Account / Chota Khata: For individuals without formal legal documents, small accounts
can be opened. These are valid for 12 months and may be extended by another 12 months if
proof of application for an Officially Valid Document is submitted within the first year.
• Business Correspondents (BCs) / Bank Mitras: BCs/Bank Mitras assist residents with
savings, deposits, withdrawals, and mini-statements, ensuring last-mile delivery of banking
services.
• Eligibility for Additional Government Schemes: PMJDY accounts are eligible for Direct
Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri
Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and Micro Units Development &
Refinance Agency (MUDRA) scheme.
Key Milestone(As on 13th August 2025):
World Record: The scheme set a Guinness World Record by opening nearly 1.8 crore bank accounts in a
single week during its launch phase.
Accounts: PMJDY accounts have grown from 14.72 crores (cr) in 2015 to over 56.16 cr by August 2025,
with around 67% in rural/semi-urban areas and 33% were opened in urban/metro areas.
• 56% PMJDY accounts belong to women, highlighting the scheme’s role in promoting gender
equality in financial access.
Deposits : Total deposit balances under PMJDY accounts have reached Rs. 2,67,756 cr.
• As on 13th August 2025, the average deposit per account is Rs. 4,768.
• The average deposit per account has increased by 3.7 times compared to August 2015.
RuPay Cards: A total of 38.68 cr RuPay debit cards have been issued to PMJDY account holders,
facilitating cashless transactions and providing access to the inbuilt accident insurance cover.
• The total number of digital transactions rose from 2,338 cr in Financial Year 2018-19 (FY19)
to 22,198 cr in FY25, supported by RuPay cards, PoS (Point of Sale) machines, and UPI (Unified
Payment Interface).
Campaign for financial outreach:
Campaign: The Department of Finance (DoF), MoF, launched a three-month nationwide saturation
campaign, effective from 1st July 2025 to 30th September 2025, to bolster the outreach of flagship
schemes such as the PMJDY, PMJJBY, PMSBY, and APY.
• In the first-month milestone, nearly 6.6 lakh new PMJDY accounts were opened. KYC details
were re-verified for over 4.73 lakhs inactive PMJDY accounts and 5.65 lakhs other savings
accounts.
Recent Related News:
On July 22, 2025, the Ministry of Health and Family Welfare (MoHFW) announced that 6 crore people had
been screened for Sickle Cell Disease (SCD) under the National Sickle Cell Anemia Elimination Mission,
moving closer to the target of 7 crore screenings.

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 • Out of the 6 crore individuals, 2.15 lakh individuals are diagnosed with SCD, and 16.7 lakh have
been identified as carriers.

STATE GOVT SCHEMES

AP CM Launched Annadata Sukhibhava-PM KISAN Scheme
In August 2025, Nara (N.) Chandrababu Naidu, Chief Minister (CM) of Andhra Pradesh (AP) formally
launched the Annadata Sukhibhava- Pradhan Mantri Kisan Samman Nidhi (PM KISAN) scheme at
Veerayapalem in Prakasam district, AP.
• During the event, AP CM also disbursed Rs 3,175 crore to 46.86 lakh farmers across the state
as part of the 1st installment of the scheme.
• Each eligible farmer received Rs 7,000 in 1st tranche, comprising Rs 5,000 from the State
government (Rs 2,343 crore) and Rs 2,000 from the Government of India (GoI) (Rs
832 crore).
Exam Hints:
✓ What? Launch of Annadata Sukhibhava- PM KISAN scheme
✓ Launched by: Nara (N.) Chandrababu Naidu, CM of AP
✓ Launched at: at Veerayapalem in Prakasam district, AP.
✓ Objective: To provide annual financial assistance to farmers
✓ Financial Assistance: Rs 20,000 per annum
✓ Installments: Rs 7,000 (as 1st and 2nd installment) and Rs 6,000 (3rd installment)
✓ Total Amount Disbursed in 1st Installment: Rs 3,175 crore (Rs 2,343 crore from state and Rs
832 crore from GoI)
✓ Total Beneficiaries in 1st Phase: 46.86 lakh farmers
✓ Each beneficiary Received: Rs 7,000 of which Rs 5,000 (state) and Rs 2,000 (GoI)
✓ Toll Free Number for Non-Payment Issues: 155251
About Annadata Sukhibhava-PM KISAN Scheme:
Super Six Programe: The scheme is launched as part of the ‘Super Six’ set of poll promises made by the
Telugu Desam Party (TDP)-led National Democratic Alliance (NDA)-Jana Sena state government in AP,
which assured 3 free cooking gas cylinders per annum to each household under Deepam-II scheme; Rs
15,000 per annum for every school-going child; and monthly financial assistance of Rs 15,000 to women
aged between 19 and 59 years, and others.
Annual Financial Assistance: Under this scheme, every eligible farmer will receive total Rs 20,000 per
annum as financial assistance.
Funding: Of the annual financial assistance of Rs 20,000, the state government will provide Rs 14,000
while the GoI will provide Rs 6,000 under PM-KISAN scheme.
Phase-wise distribution: The total amount under the scheme will be disbursed to eligible farmers in 3
installments for instance: Rs 7,000 in two tranches and Rs 6,000 in 3rd tranche.
Sukhibhava Portal/Toll-Free Number: During the launch event, AP CM Naidu advised the farmers to use
the Sukhibhava portal, or call toll-free number ‘155251’ to register their complaints regarding any
payment issues.
About Andhra Pradesh (AP):
Chief Minister (CM) – Nara Chandrababu Naidu
Governor- Justice (Retired) S. Abdul Nazeer
Capital- Amaravati
National Parks (NPs)- Rajiv Gandhi (Rameswaram) NP, Papikonda NP

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TN CM Stalin launches ‘Thayumanavar scheme’ in to deliver ration products at doorsteps
In August 2025, the Tamil Nadu (TN) Chief Minister (CM) Muthuvel karunanidhi(M.K) Stalin
launched “Thayumanavar Thittam”,a scheme designed to deliver essential ration items directly to the
doorsteps of eligible beneficiaries, in Chepauk-Triplicane constituency, Chennai, TN.
• During the event, he also flagged off vehicles to deliver commodities to a certain number of
beneficiaries.
Exam Hints:
✓ What? Launch of Thayumanavar Thittam
✓ Launched by: [Link], CM of TN
✓ Purpose: Doorstep delivery of ration goods
✓ Beneficiary: Elderly citizen and disabled person
✓ When delivered? 2nd Saturday and Sunday
✓ Expense: Rs.30.16 crore
About Thayumanavar Thittam:
Purpose: The purpose of the scheme is to deliver essential ration commodities like rice, sugar, wheat,
palmolein oil and toor dal at the doorsteps of over 21.7 lakh elderly citizens aged above 70 years and
disabled persons across the State.
Implementation: The scheme will be implemented in 34,809 Fair Price Shops (FPS) to benefit 20,42,657
citizens above 70 years of age and 1,27,797 disabled persons under the public distribution system (PDS).
Delivery Frequency: The essential commodities from ration shops would be delivered at the doorsteps of
the beneficiaries on the second Saturday and Sunday of every month, following Aadhar authentication.
• The delivery staff will be provided with an electronic weighing machine and electronic – Point
of Sale (e-POS) machines.
Expenditure: This will result in an additional expenditure of Rs 30.16 crore annually for the Cooperation
Department.
About Tamil Nadu (TN):
Chief Minister (CM) – Muthuvel karunanidhi(M.K) Stalin
Governor – Ravindra Narayana(R.N) Ravi
Capital – Chennai
Tiger Reserves – Kalakad Mundanthurai Tiger Reserve, Anamalai Tiger Reserve

West Bengal Launches ‘Shramshree‘ Scheme to Support Returning Bengali Migrant Workers
In August 2025, West Bengal(WB) Chief Minister (CM) Mamata Banerjee launched
the ‘Shramshree’ scheme, aimed at assisting Bengali-migrant workers returning to the state after facing
alleged harassment in other parts of India.
• The scheme provides financial aid and support to help these workers reintegrate into society
and regain employment opportunities
Exam Hints:
✓ What? Launch of ‘Shramshree’ scheme
✓ Launched by: West Bengal CM Mamata Banerjee
✓ Purpose: To support Bengali migrant workers returning to the state
✓ Benefits: Rs. 5,000/month for 1 year or until employment.
Key Features of Shramshree Scheme
Financial Aid: Eligible workers will receive Rs. 5,000 per month for up to one year or until they secure
employment in WB.
Implementation: Managed by the Labour Department of WB. Returning workers must register on
the Shramshree portal to access benefits, including ration cards and Swastha Sathi healthcare cards.

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Skill Development: Returning workers will receive free training under the Utkarsh Bangla scheme.
Employment : Migrant workers will be provided with job cards under the Karmashree scheme to
facilitate work opportunities.

Bihar Cabinet Approved ‘Mukhya Mantri Mahila Rozgar Yojana’

In August 2025, the Bihar Cabinet chaired by Chief Minister (CM) of Bihar Nitish Kumar, approved
the Mukhya Mantri Mahila Rozgar Yojana (MMR Yojana), aimed at ensuring economic empowerment
of women by providing financial assistance to start businesses of their choice.
• The scheme will be implemented by the Rural Development Department, Bihar, with support
from the Urban Development and Housing Department, Bihar.
Exam Hints:
✓ What? Approval of Mukhya Mantri Mahila Rozgar Yojana
✓ By whom? Bihar Cabinet chaired by Chief Minister Nitish Kumar
✓ Implemented by: Rural Development Department, Bihar
✓ Support: Urban Development and Housing Department, Bihar
✓ First Assistance: Rs 10,000 grant (from September 2025)
✓ Additional Assistance: Up to Rs 2 lakh after 6 months
✓ Purpose: Promote women entrepreneurship and generate employment opportunities within Bihar
✓ Other Support: Development of haat bazaars in villages & towns for sale of women’s products
About Mukhya Mantri Mahila Rozgar Yojana:
Objective: The scheme will help women become financially independent and also reduce migration by
creating “better employment opportunities” within Bihar.
Financial Support: Rs 10,000 will be given as the first instalment to one woman from each family. The
amount is a grant and does not need to be repaid.
Additional Assistance: After 6 months, based on performance evaluation of the business, an additional
grant of up to Rs 2 lakh will be provided.
Direct Benefit Transfer (DBT): Starting September 2025, financial assistance under the DBT scheme will
be directly credited to women’s bank accounts.
Market Support: Haat bazaars to be developed across rural and urban areas to facilitate sale of women’s
products.

INTERNATIONAL AFFAIRS
Moldova becomes 107th member of the ISA
In August 2025, Republic of Moldova has officially became the 107th member of the International Solar
Alliance (ISA).
• Ana Taban, Ambassador of Moldova handed over the
Instrument of Ratification to P.S. Gangadhar, Joint
Secretary (Economic Diplomacy, Ministry of External
Affairs(MEA), Government of India(GoI) in New Delhi,
Delhi.
Exam Hints:
✓ Country: Republic of Moldova
✓ What? Becomes the 107th member of ISA
✓ How? The Instrument of Ratification was handed over to MEA
✓ Purpose: To promote clean energy and sustainability through the ISA platform.

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 • Cashless: It provides cashless access to health care services for the beneficiary at the point of
service, that is, the hospital.
• Funding: The scheme is fully funded by the GoI and cost of implementation is shared between
Central and State Government.
• Hospitalization: It covers up to 3 days of pre-hospitalization and 15 days post-hospitalization
expenses such as diagnostics and medicines.
• Inclusivity: There is no restriction on the family size, age or gender. All pre–existing
conditions are covered from day one.
Implementation Model:
The scheme can be implemented through the following three models:
• Assurance/Trust Model: Under this model, the scheme is directly implemented by the SHA
without the intermediation of the insurance company. The financial risk of implementing the
scheme is borne by the Government in this model. SHA essentially reimburses health care
providers directly.
• Insurance Model: In this, the SHA competitively selects an insurance company through a
tendering process to manage PM-JAY in the State. The SHA pays premium to the insurance
company per eligible family for the policy period and insurance company, in turn, does the
claims settlement and payments to the service provider.
• Mixed Model: Under this, the SHA engages both the assurance/ trust and insurance models
mentioned above in various capacities with the aim of being more economic, efficient, providing
flexibility and allowing convergence with the State scheme.
Key new developments:
On September 11th 2024, the GoI made the decision that all senior citizens aged 70 and above will
receive health coverage, regardless of their income under this AB-JAY. Under this expansion, all senior
citizens aged 70 years and above were given “Ayushman Vaya Vandana Card”, which will help them in
availing healthcare benefits.
• Benefit: This expansion benefits around 4.5 crore families, including 6 crore senior citizens, by
providing them with free health insurance coverage of up to Rs.5 lakh per family.
• Top-Up Coverage: This top-up of Rs.5 lakhs will be for the senior citizens and they will not
have to share it with other family members under the age of 70.
• Choice of Schemes: Senior citizens who are already benefiting from other public health
insurance schemes like the Central Government Health Scheme (CGHS), Ex-Servicemen
Contributory Health Scheme (ECHS), or Ayushman Central Armed Police Force (CAPF) have the
option to either continue with their current scheme or opt for AB PM-JAY.
• Private Insurance: Senior citizens who are covered by private health insurance policies or the
Employees’ State Insurance scheme are also eligible to benefit from AB PM-JAY.
Key Achievements:
The scheme is implemented nationwide, except for West Bengal (WB).
• Admissions: As of August 2025, over 10.30 cr plus hospital admissions have been authorised,
translating into more than Rs.1.48 lakh cr in cashless care and recorded out-of-pocket savings.
It has also covered nearly 61 cr people.
• Coverage: It has also covered nearly 61 cr people, including one crore gig and platform
workers, further widening the reach of this transformative healthcare initiative.
About the Ministry of Health and Family Welfare (MoHFW):
Union Minister – Jagat Prakash Nadda (Rajya Sabha – Gujarat)
Minister of State (MoS) – Prataprao Ganpatrao Jadhav (Buldhana, Maharashtra); Anupriya Patel –
(Mirzapur, Uttar Pradesh, UP).

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PM Narendra Modi Launched Bihar’s Mukhyamantri Mahila Rojgar Yojana
On September 26, 2025, Prime Minister (PM) Narendra Modi launched the ‘Mukhyamantri Mahila
Rojgar Yojana’, an initiative of the Government of Bihar through video conferencing from New Delhi
(Delhi).
• During the launch, he directly transferred Rs 10,000 each into the bank accounts of 75
lakh women across Bihar, amounting to a total transfer of Rs 7,500 crore.
Exam Hints:
✓ What? Launch of Mukhyamantri Mahila Rojgar Yojana
✓ By Whom? PM Narendra Modi (via video conferencing)
✓ Financial Transfer: Rs 10,000 each, total Rs 7,500 crore
✓ Beneficiaries: 75 lakh women (one woman per family)
✓ Additional Support: Up to Rs 2 lakh in later phases
✓ Implementer: Government of Bihar with support from SHGs
✓ Focus Areas: Agriculture, animal husbandry, tailoring, weaving, handicrafts, and other small-scale
enterprises
Dignitaries: The launch event was attended virtually by Bihar Chief Minister (CM) Nitish Kumar, Deputy
CMs Samrat Choudhary and Vijay Kumar Sinha, and was witnessed live by over 1 crore women across
the State.
About Mukhyamantri Mahila Rojgar Yojana:
Beneficiary: Empowering one woman from each family in Bihar by promoting self-employment,
livelihood opportunities, and financial support to ensure economic independence, social upliftment, and
Aatmanirbhar (self-reliant) women.
Financial Assistance: An initial transfer of Rs. 10,000 via Direct Benefit Transfer (DBT), followed by
performance-based assistance of up to Rs. 2 lakh in subsequent phases.
Sectors Covered: Agriculture, animal husbandry, handicrafts, tailoring, weaving, poultry farming, and
other small enterprises.
Implementation: A community-driven model through Self-Help Groups (SHGs) resource persons,
providing beneficiaries with skill training, market linkages via Gramin Haat-Bazaars, and financial
integration through Bihar Jeevika Nidhi Credit Cooperative Society (Jeevika Nidhi).
Linkages: The initiative strengthens the Lakhpati Didi Campaign, aiming to support 3 crore women in
earning over Rs. 1 lakh per annum across India.
• It also aligning with Central Sector Schemes (CSS) including Pradhan Mantri Mudra Yojana
(PMMY), Drone Didi, Bima Sakhi, Bank Didi, and Pradhan Mantri Jan Dhan Yojana (PMJDY) to
enable seamless DBT through the Jan Dhan-Aadhaar-Mobile (JAM) trinity.
About Bihar:
Chief Minister (CM) – Nitish Kumar
Governor – Arif Mohammed Khan
Capital – Patna
Wildlife Sanctuary (WLS) – Rajgir WLS, Udaypur WLS

STATE GOVT SCHEMES

TN CM M.K Stalin Launched ‘Anbu Karangal’ Scheme for Orphaned Children
On 15 September 2025, Tamil Nadu (TN) Chief Minister (CM) Muthuvel Karunanidhi (M.K.)
Stalin launched the ‘Anbu Karangal’ (Hands of Love) scheme in Chennai, TN, providing a monthly
financial aid of Rs 2,000 to orphaned children and those with a single parent lacking guardian support,
until they complete schooling or turn 18.

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 • The scheme is implemented under the ‘Thayumanavar’ programme, which identifies families
living in extreme poverty and extends livelihood and welfare support.
Exam Hints:
✓ What? Launch of ‘Anbu Karangal’ scheme
✓ By Whom? Tamil Nadu CM M.K. Stalin
✓ Monthly Aid: Rs 2,000 per child until school completion/18 years of age
✓ Beneficiaries (Phase 1): 6,082 children
✓ Additional Support: Laptops to 1,340 Class 12 pass students admitted to higher education
✓ Linked Programme: Part of Tamil Nadu’s ‘Thayumanavar’ programme
About Anbu Karangal Scheme:
Objective: Prevent school dropouts among vulnerable children and ensure access to higher education and
skill development opportunities.
Higher Education Support: Beneficiaries completing Class 12 will receive support to pursue college
education or skill development.
Phase 1 Coverage: 6,082 children across TN.
Technology Support: Launch of a dedicated mobile application by the TN e-Governance Agency for
applications, monitoring, and grievance redressal.
Laptop Distribution: 1,340 students who lost both parents and secured admission to higher education
institutions received laptops.
Linkage to Other Schemes: The scheme complements TN’s other welfare initiatives, including the CM’s
Breakfast Scheme, the Kalaignar Magalir Urimai Thogai Scheme (Rs 1,000 monthly aid to women), and
financial assistance for persons with disabilities and transgender persons.

Telangana Launches RAMP Scheme to Support Women-Led MSMEs

In September 2025, the Telangana government’s initiative for women entrepreneurs, WE Hub, has
launched the women-centred version of the Raising and Accelerating MSME Performance (RAMP) scheme,
which is a World Bank-assisted initiative supported by the Union Ministry of Micro, Small and Medium
Enterprises (MoMSME).
• The scheme aims to support 45 women-led MSMEs selected from a poll of 300, across 13
districts of Telangana through district boot-camps and acceleration programs.
Exam Hints:
✓ What? Scheme launching
✓ Scheme: RAMP (Raising and Accelerating MSME Performance)
✓ State: Telangana
✓ Support: 45 women-led MSMEs
✓ Duration: Up to March 2027
✓ Governing Ministry: Union Ministry of MSME
✓ Implementation: WE Hub and ni-msme as key partners
Key Features of the Scheme:
Duration: 2 years (till March 2027) of comprehensive support.
Support: Acceleration services such as sector-specific mentorship, capacity building, product positioning,
e-commerce support, Business-to-Business (B2B) and Business-to-Consumer (B2C) connections.
Technology & Market Growth: Promotes innovation, digitization, and global market entry.
Key Partners: National Institute for Micro, Small and Medium Enterprises (ni-msme) is a primary
implementation partner ensuring capacity building at grassroots levels, along with WE Hub’s role in
fostering women entrepreneurship.
RAMP Scheme: A world Bank-supported Central Sector Scheme (SSC) launched on June 30, 2022 with an

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outlay of Rs. 6,062.45 crore (USD 808 million) for a five-year period (Financial Year (FY) 2022 to FY 2027)
and aims to benefit 5.55 lakh MSMEs across India

Haryana CM Launches Deendayal Lado Lakshmi Yojana for Women

In September 2025, Haryana Chief Minister (CM) Nayab Singh Saini launched the Deendayal Lado
Lakshmi Yojana, a welfare scheme providing Rs 2,100 per month to eligible women. The scheme aims to
strengthen the economic and social standing of women in Haryana.
• The launch coincided with the birth anniversary of Pandit Deendayal Upadhyaya, the
architect of Antyodaya.
Exam Hints:
✓ What? Haryana CM launches Deendayal Lado Lakshmi Yojana
✓ Aim: To strengthen the economic and social standing of women
✓ Benefits: Rs 2,100 per month
✓ Beneficiaries: Around 20 lakh women (aged 23–60 years); with annual income up to Rs 1 lakh
✓ Budget Allocation: Rs 5,000 crore for FY 2025–26
Scheme Details:
Beneficiaries: Around 20 lakh women (aged 23–60 years, married or unmarried) from families with
annual income up to Rs 1 lakh.
Transfer Mode: Direct Benefit Transfer (DBT) to bank accounts.
Budget Allocation: Rs 5,000 crore sanctioned for Financial Year (FY) 2025–26.
Multiple Eligibility: More than one eligible woman in a household can avail benefits.
Implementation: Deen Dayal Lado Lakshmi mobile application launched for direct registration,
verification, and grievance redressal.

INTERNATIONAL AFFAIRS
India’s 7 More Sites Included in Tentative List of UNESCO’s World Heritage Sites 2025, Total
Increases to 69
In September 2025, the Permanent Delegation of India to United Nations Educational, Scientific and
Cultural Organisation (UNESCO) announced the inclusion of 7 Indian properties/sites under the ‘Natural
Category’ in the Tentative List of UNESCO’s World Heritage Convention
• With this, the total number of Indian sites on the list
increases to 69, including 49 under Cultural
category, 3 under Mixed Category and 17 under Natural
Category.
Exam Hints:
✓ What? Inclusion of 7 Indian Properties in UNESCO’s
Tentative List
✓ Announced by: Permanent Delegation of India to UNESCO
✓ Category: Natural
✓ Total Indian Sites: 69 including 49 (Cultural Category), 3 (Mixed category) and 17 (Natural
category)
✓ Sites Name: Deccan Traps at Panchgani and Mahabaleshwar (Maharashtra); Geological Heritage of
St. Mary’s Island Cluster (Karnataka); Meghalayan Age Caves (Meghalaya); Naga Hill Ophiolite
(Nagaland); Natural Heritage of Erra Matti Dibbalu (AP); Natural Heritage of Tirumala Hills (AP)
and Natural Heritage of Varkala (Kerala)
✓ India’s UNESCO World Heritage Sites: 44(as of July 2025)

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Fund:A dedicated fund will offer VGF and incentives to boost regional air connectivity, linking smaller
towns with major cities under Ude Desh ka Aam Nagrik(UDAN) and similar schemes.

UP Creates New District Named After Kalyan Singh

In October 2025, the Uttar Pradesh (UP) government announced the creation of its 76th district, Kalyan
Singh Nagar, named in honour of former Chief Minister (CM) Kalyan Singh, by merging parts of Aligarh
and Bulandshahr districts.
Exam Hints:
✓ What? Formation of new district in UP
✓ Name? Kalyan Singh Nagar
✓ Significance? 76th district of UP
✓ Remembrance? Tribute to former CM Kalyan Singh
✓ Key tehsils included: Atrauli, Gangiri, Dibai
About New District:
Tribute: The proposed district is being planned as a tribute to former CM Kalyan Singh, whose political
influence and legacy continue to shape western UP.
Location: The district is expected to include Atrauli and Gangiri tehsils from Aligarh and Dibai from
Bulandshahr.
Requested by: The move follows a proposal from Rajveer Singh, former Member of Parliament(MP) and
son of Kalyan Singh, who requested CM Yogi Adityanath to recognize his father’s lifelong contribution to
the region’s growth and governance.

GOVT SCHEMES
CENTRAL GOVT SCHEMES
MoF Keeps Interest Rates on Small Savings Schemes Unchanged for Q3 FY26
On September 30, 2025, the Department of Economic Affairs (DEA) under the Ministry of Finance (MoF),
announced that the interest rates of Small Savings Scheme (SSS) will remain unchanged, for 3rd Quarter of
Financial Year 2025-26 (Q3 FY26), i.e. from October 1, 2025, to December 31, 2025, maintaining the same
rates as Q2FY26 (July 1, 2025, to September 30, 2025).
• This marks the seventh consecutive quarter with no change in SSS interest rates, which were
last revised by the DEA in Q4 of FY24.
Exam Hints:
✓ What? Interest on SSS is kept unchanged
✓ Who? DEA, MoF
✓ Period: Q3 FY26 (October 1 – December 31, 2025)
✓ Last Change: Q4 FY24
✓ Committee: Shyamala Gopinath Committee
✓ First Review: 2016
Interest Rates on Small Savings Scheme (SSS):

Interest Rates from October 1, 2025, to

Instruments
December 31, 2025

Post Office Savings Deposit (POSD) 4.0%

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 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 Schemes (SSS):
Overview: Small Savings Schemes (SSS) are government-backed instruments in India that offer safe
investment options with fixed returns, aimed at promoting household savings.
Management:The schemes are primarily managed by the DEA and administered through designated
banks and over 1.5 lakh Post Offices.
Committee: 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, which are 25 to 100 basis points (bps) higher than the government bond yields.
Utilization All deposits received under various SSS are pooled in the National Small Savings Fund (NSSF),
which is used by the central government to finance its fiscal deficit.
About Ministry of Finance (MoF):
Union Minister – Nirmala Sitharaman (Rajya Sabha – Karnataka)
Minister of State (MoS) – Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh, UP)

Union Minister Rammohan Naidu Launches ‘Fare se Fursat’ Fixed Fare Scheme
In October 2025, Union Minister Kinjarapu Rammohan Naidu, Ministry of Civil Aviation (MoCA),
launched the ‘Fare Se Fursat’, fixed airfare scheme, aimed at reducing the stress of fluctuating airfares and
making air travel in India more convenient.
• The government-owned regional airline, Alliance Air, has introduced the scheme to simplify air
travel and promote hassle-free flying across India.
Exam Hints:
✓ What: Launch of Fixed Airfare Scheme
✓ Scheme Name: Fare Se Fursat
✓ Launched By: Kinjarapu Rammohan Naidu, MoCA
✓ By: Alliance Air

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 ✓ Objective: Promote affordable and predictable regional air travel across Tier-II & Tier-III cities
About Fare Se Fursat Scheme:
Trial Period: The initiative will be implemented on a pilot basis from October 13 to December 31, 2025,
across select routes (Tier-II & Tier-III cities), to evaluate its operational feasibility and passenger response.
Fare Stability: The scheme offers static and predictable airfares across select routes, ensuring no surge
pricing or fare fluctuations.
Alignment: The ‘Fare se Fursat’ scheme aligns closely with Ude Desh ka Aam Nagrik (UDAN) initiative,
which aims to make air travel affordable and widespread across India.

MoAFW Revises Guidelines for PDMC Scheme to Foster Micro-Irrigation

In October 2025, the Department of Agriculture and Farmers Welfare (DoAFW), Ministry of Agriculture
and Farmers Welfare (MoAFW), revised the guidelines for ‘Per Drop More Crop (PDMC) scheme’, with an
aim to promote efficient water use and raise the income of farmers.
• The revised guidelines enable more flexibility for States and Union Territories (UTs) to take up
micro-level water storage and conservation projects under the “Other Interventions” (OI)
category.
Exam Hints:
✓ What? Guidelines revised for PDMC scheme
✓ Who? DoAFW, MoAFW
✓ Purpose: To promote efficient water use and raise famers’ income
✓ Under: PMKSY
✓ Key Change: States/UTs now have full flexibility to take up micro-level water storage and
conservation projects
✓ Old guidelines: Funding 20% for states and UTs and 40% (Northeastern states, Himalayan states)
About Revised Guidelines for PDMC Scheme:
Unlimited Funding: Under the revised guidelines, States and UTs can plan local water management works
such as diggi construction and water harvesting systems based on local needs.
• These systems can be developed for individual farmers as well as community use, ensuring
sustainable water availability for micro-irrigation.
Old guideline: Earlier, the funding on such projects was capped at 20% of total funds for states and UTs,
and 40% for Northeastern States, Himalayan states, Jammu & Kashmir (J&K), and Ladakh.
• With this move, the revised rules remove these limits, enabling States and UTs to use funds
more freely.
About PDMC Scheme:
Overview: It is a key component of the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), and a Centrally
Sponsored Scheme (CSS), launched by the MoAFW on July 1, 2015, to promote efficient water use in
agriculture through the promotion of micro-irrigation, ensuring the principle of “More Crop per Drop”.
Objective: To promote micro-irrigation technologies, encourage precision farming, enhance productivity
and income, promote water conservation, and support diversification.
Features: The scheme covers installation of drip and sprinkler systems, with different patterns for states
with high/low penetration, and for Northeastern and Himalayan states. Under the scheme, states prepare
Annual Action Plans (AAPs) under District Irrigation Plan and State Irrigation Plan frameworks.
• The scheme lays emphasis on convergence with other schemes, technology adoption, geo-
tagging, monitoring, and Quality Control (QC).
About the Ministry of Agriculture and Farmers’ Welfare (MoAFW):
Union Minister – Shivraj Singh Chouhan (Constituency – Vidisha, Madhya Pradesh, MP)

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Ministers of State (MoS) – Ram Nath Thakur (Rajya Sabha – Bihar), Bhagirath Choudhary (Constituency –
Ajmer, Rajasthan)

GoI Approves Extension of LC75 & BLC Investment Schemes to Central Government Employees
On October 24, 2025, the Government of India (GoI) approved the extension of Life Cycle 75 (LC75) and
Balanced Life Cycle (BLC) investment options to central government employees under National Pension
System (NPS) and the Unified Pension Scheme (UPS). It was announced by the Ministry of Finance(MoF).
• The move aims to enable flexibility for employees to plan their retirement and manage their
savings according to individual preferences.
Exam Hints:
✓ What? Approved to extent Investment options to central government employees
✓ Who? Government of India (GoI)
✓ Investment options: LC75 & BLC
✓ Schemes: NPS, UPS
✓ LC75: Max 75% in equities, tapering from age 35–55.
✓ BLC: Modified LC-50; equity tapering from 45 years
✓ Options: Default, Scheme G (100% govt securities), LC-25 (25% equities), LC-50 (50% equities).
About Expanded Investment Options under NPS & UPS:
Investment Options: Under NPS & UPS, central government employees can now select from several
investment options, including:
• Default Option: Standard pattern defined by the Pension Fund Regulatory and Development
Authority (PFRDA).
• Scheme G: 100% investment in government securities with low risk and fixed returns.
• LC-25: Up to 25% in equities, tapering gradually from age 33–35.
• LC-50: Up to 50% in equities, tapering from age 35–55.
• LC-75: Up to 75% in equities, tapering from age 35–55.
• BLC: Modified LC-50, with equity exposure tapering from age 45, allowing longer equity
participation.
Impact of Expansion:
Flexibility: The expansion provides greater flexibility, enabling the central government employees to
choose options that match their retirement goals and risk tolerance.
Equity Exposure: The glide path mechanism gradually reduces equity exposure to 15% for LC75 and 35%
for BLC by 55 years of age, helping protect their savings from large market fluctuations.
Diversified Choices: The broadened Auto Choice options give employees more diversified choices for
retirement planning.
Individual Preferences: The investment options enable employees to structure their retirement savings.
About National Pension System (NPS):
Scheme: It is a retirement saving scheme, launched in 2004, backed by GoI, that helps individuals build a
pension corpus, offering flexible investment options such as equities, government securities, and bonds,
along with tax benefits.
Benefits: Upon retirement, a part of the corpus can be withdrawn as a lump sum, and the rest provides a
regular pension through an annuity.
About Unified Pension Scheme (UPS):
Scheme: The UPS, approved by the union cabinet on 24 August 2024, was notified on 24 January 2025 as
an option under the NPS for eligible central government employees and became operational from 1 April
2025.

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 • It is a retirement savings scheme backed by GoI, designed for Central government employees
who joined service on or after January 1, 2004.
Benefits: It allows regular contributions from employees and government, offers flexible investment
options similar to NPS, and provides a lump sum plus regular pension at retirement.
About Ministry of Finance (MoF):
Union Minister – Nirmala Sithraman (Rajya Sabha- Karnataka)
Minister of State (MoS) – Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh, UP)

STATE GOVT SCHEMES

Union Minister Amit Shah launches ‘Mhaje Ghar Yojana’ to grant Ownership Rights to Residents
On October 04, 2025, Union Minister Amit Shah, Ministry of Home Affairs (MHA), launched the Goa
government’s flagship welfare programme ‘Mhaje Ghar Yojana (My Home Scheme)’ at an event held at Dr
Shyama Prasad Mukherjee Indoor Stadium at Taleigao, Goa.
• Goa Chief Minister (CM) Dr. Pramod Sawant, Union Minister of State(MoS)Shripad Naik,
Ministry of New and Renewable Energy (MNRE) and other dignitaries were present at the
event.
Exam Hints:
✓ What? Launch of Mhaje Ghar Yojana
✓ By? Union Minister Amit Shah, MHA
✓ Where? Taleigao, Goa
✓ For? To provide ownership rights to residents
✓ Initiatives Launched
✓ Development Projects: 21 projects worth Rs2,452 crore
✓ Goa Police Mobile App, 1930 Cyber Helpline Cloud Call Centre, mobile forensic vans
✓ Released book marking five years of Swayampurna Goa
About Mhaje Ghar Yojana:
Aim: The scheme aims to regularize houses built on government and community lands and to grant
ownership rights to long-time residents.
Legal Regularisation: The scheme consolidates and streamlines multiple legal provisions, including the
Goa Land Revenue Code, the Goa Regularisation of Unauthorized Constructions Act, and the Forest Rights
Act, into a single law, simplifying the process for beneficiaries.
Timeline: Under the Mhaje Ghar Yojana, the home ownership process will be completed within six
months.
Other Inaugurations:
Development Projects: Union Minister Amit Shah inaugurated and laid the foundation stones for 21
development projects worth Rs.2,452 crore, covering infrastructure and tourism initiatives.
Key Infrastructure Works: Projects include the redevelopment of Junta House, government quarters at
St. Inez, construction of a new circuit house at Altinho, Panaji, and the Chhatrapati Shivaji Maharaja
Museum at Farmagudi, Goa.
Public Safety Initiatives: Launched initiatives include e-witness rooms for North and South Goa, the Goa
Police Mobile App and the 1930 Cyber Helpline Cloud Call Centre.
Education & Recreation Facilities: The new Dental College Hostel at Bambolim and the rejuvenated
Campal Green Space in Panaji were also inaugurated.
Forensic & Milestone Initiatives: He also flagged off four Forensic Science vans and released a book
commemorating five years of the Swayampurna Goa initiative.

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About Goa:
Chief Minister (CM)– Pramod Sawant
Governor- Ashok Gajapathi Raju
Capital-Panaji
National Park(NP) – Mollem NP

Assam CM Launched ‘Shraddhanjali’ Scheme for Repatriation of Mortal Remains

In October 2025, Assam Chief Minister (CM) Himanta Biswa Sarma, launched the ‘Shraddhanjali’
scheme to ensure the dignified return of mortal remains of Assamese residents who die outside the state,
at Lok Sewa Bhawan, Guwahati, Assam.
Exam Hints:
✓ What? Launch of ‘Shraddhanjali’ scheme
✓ By Whom? Assam CM Himanta Biswa Sarma
✓ Implementer: SB, Assam Police; Home and Political Department, Assam
✓ Objective: Ensure respectful and hassle-free transportation of mortal remains of deceased
residents from outside Assam
✓ Eligible Beneficiaries: Students and youth in low-income jobs outside Assam
✓ Exclusions: Financially well-off families; deaths during medical treatment outside Assam
✓ Cost Coverage: Rs. 40,000 – Rs. 50,000 per repatriation
✓ Helpline Numbers: 112 (police control room), 0361-2381511 (SB control room), WhatsApp +91
91810-14888, Sewa Setu Portal
About Shraddhanjali Scheme:
Background: Before the formal launch of the scheme approved by the Assam state cabinet on June 22,
2025, the government had already facilitated the repatriation of 24 mortal remains under informal
arrangements.
Objective: To provide complete assistance for the respectful and hassle-free transportation of the mortal
remains of deceased domiciled residents of Assam who pass away anywhere in India.
Estimated Coverage: The scheme will cover the Rs. 40,000 – Rs. 50,000 cost per repatriation, relieving
many low-income families of this financial burden.
Eligibility: The scheme targets students from Assam studying outside the state and youth in low-income
jobs, excluding wealthy families and those traveling for medical treatment.
Implementation: The scheme is implemented by Assam’s Home and Political Department, with the
Special Branch of Assam Police serving as the nodal coordination agency.
Helpline Channels: Families can report a death and seek assistance via the Police Helpline (112), Special
Branch Control Room (0361-2381511), Sewa Setu portal, or WhatsApp (+91 91810-14888).

INTERNATIONAL AFFAIRS
China Commences World’s 1st Solar-Thermal Power Plant in Gobi Desert
In October 2025, China inaugurated the world’s first solar thermal power station, developed by China
Three Gorges Corporation, in the Gobi Desert, located in Gansu Province (China).
• This plant features two towers channeling energy into a single turbine, representing a major
leap in solar thermal technology.
Exam Hints:
✓ What? Commencement of World’s 1st Solar-Thermal Power Plant
✓ Where? Gobi Desert, China

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connected by end of November 2025, achieving 100% coverage.
BharatNet Scheme: The scheme, launched in 2011, aims to provide access to electronic (e)-health, e-
education, and e-governance services in rural areas.

GOVT SCHEMES
CENTRAL GOVT SCHEMES
MoF Notifies CGA scheme 2025; Expands Digital Payment Options
In November 2025, the Ministry of Finance (MoF) notified the Capital Gains Accounts (2nd Amendment)
Scheme (CGAS), 2025, which revises the 1988 framework by allowing taxpayers to temporarily deposit
capital gains in a designated bank account to retain eligibility for tax exemption while purchasing or
constructing a new property.
• The amendment, effective from 19 November, 2025.
Exam Hints:
✓ What? MoF notified CGAS, 2025
✓ Effective from: November 19, 2025
✓ Introduced in: 1988
✓ Previous Amendment: Last amended in 2012
✓ Sections Covered: 54, 54B, 54D, 54F, 54G, 54GA (industrial undertaking shift to SEZ), 54GB
✓ New Payment Option: Electronic mode of payments accepted
✓ Documentation Charges: Electronic account statement accorded same status as physical
passbooks
✓ Expanded Bank Coverage: Includes 19 private and small finance banks + PSBs and IDBI Bank for
non-rural branches
✓ Effective Date: Date of cheque/DD/electronic deposit receipt at deposit office
✓ Account closure: Can be closed through electronic filing, from April 1, 2027
✓ Section 54GA: CGAS has been expanded to include Section 54GA.
About Capital Gains Accounts Scheme (CGAS):
CGA Scheme: The scheme exists to ensure that taxpayers who intend to claim capital gain exemptions but
are unable to invest the amount immediately can deposit the unutilised funds into a designated account.
• This protects the exemption claim and provides an organised mechanism for tracking
utilisation.
• The scheme was previously amended in 2012.
Amendment: The amendment modernises the scheme by introducing digital payments, electronic
statements and online account closure.
Sections: These amendments mark a major shift towards digitalisation, broader applicability and
streamlined compliance for taxpayers, NRIs (Non-Resident Indians) and businesses reinvesting capital
gains under Sections 54, 54B, 54D, 54F, 54G, 54GA and 54GB of the Income-tax Act, 1961.
Key Amendments:
New Payment Options: A key reform is the inclusion of electronic payment modes: credit and debit cards,
net banking, Immediate Payment Service (IMPS), Unified Payment Interface (UPI), Real Time Gross
Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Bharat Interface for Money (BHIM)
Aadhaar Pay, for making deposits into CGAS accounts.
Documentation changes: Electronic account statements are now formally accorded the same status as
physical passbooks for withdrawals, verification and updates.

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 • The CGAS forms have also been upgraded to include fields for RTGS, IMPS and NEFT
information for electronic transactions.
Expanded Bank Coverage for CGAS Deposits: The amendment broadens the definition of a “Deposit
Office” to include 19 private sector and small finance banks, in addition to Public Sector Banks (PSBs) and
IDBI Bank. These authorised banks can now accept CGAS deposits at all non-rural branches.
• The banks are: HDFC Bank, ICICI Bank, Axis Bank, City Union Bank (CUB), DCB Bank, Federal
Bank Limited, IDFC FIRST Bank, IndusInd Bank, Jammu & Kashmir(J&K) Bank, Karnataka Bank,
Karur Vysya Bank (KVB), Kotak Mahindra Bank (KMB), RBL Bank, South Indian Bank (SIB), Yes
Bank, Dhanlaxmi Bank, Bandhan Bank, CSB Bank, and Tamilnad Mercantile Bank (TMB).
CGAS Account closure: Effective April 1, 2027, CGAS accounts can be closed solely through electronic
filing, authenticated via digital signature or electronic verification code.
Effective date of deposits: When the deposit is made by a cheque or a Demand Draft (DD), or
electronically, the effective date of deposit for the purpose of claiming exemption shall be the date on
which the cheque or draft, or payment by such electronic mode, is received by the deposit office along with
the application for the CGAS account.
Section 54GA: Apart from the above, CGAS has been expanded to include Section 54GA, which will allow
exemption on depositing unutilised capital gains from shifting an industrial undertaking from an urban
area to an SEZ (Special Economic Zone).
About Ministry of Finance (MoF)
Union Minister – Nirmala Sitharaman (Rajya Sabha – Karnataka)
Minister of State (MoS) – Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh, UP)

INTERNATIONAL AFFAIRS
Dictionary. com Chooses “67” as Word of the Year 2025
In October 2025, [Link] named “67(six – seven)” as its 2025 Word of the Year, reflecting the
viral humor and chaos of online culture.
• The yearly selection acts as a “linguistic time capsule,” capturing the social trends and global
events that shaped the year.
Exam Hints:
✓ What? ‘67’ as word of the year
✓ Declared by? [Link]
✓ Pronounced as? Six-Seven
✓ Created by? Gen Alpha
About the word ‘67’:
Term: Six seven(not sixty-seven) has become an internet trend, blending a song lyric, meme, and youth
slang into one viral expression.
Origin: The trend began with Skrilla’s song “Doot Doot (6 7)”, where versions like 6 7, 6-7, or six-seven are
used.
Impact: For Gen Alpha, “67” works as an inside joke or secret code, and for others, it reflects the fast-
changing nature of language in the digital age.
Meaning: “67” can mean “so-so” or “maybe,” often shown with a playful hand gesture, though many use it
just for fun or humor.

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 RBI & SEBI C O R N E R
Your Compass for Exclusive
RBI & SEBI Knowledge

RBI APPROVES WORLDLINE & RBI LAUNCHED ‘CLIMATE RISK

PAYPAL TO FACILITATE CROSS- DATA PLATFORM’
BORDER ONLINE TRANSACTIONS

Reserve Bank of India launched Reserve Bank-

Climate Risk Information System (RBI-CRIS), a
Worldline ePayments India & Paypal India
two-pronged data platform aimed to fix
Private Limited have received in-principle
persistent gaps in climate-related financial
approval from Reserve Bank of India to operate
information.
as Payment Aggregator for Cross-Border Export
The new data platform will comprise two parts:
and Import activities
a web-based directory listing various data
The approval was made under the Payments
sources such as meteorological, geo-spatial
and Settlements Systems Act, 2007.
which will be publicly accessible in the RBI
This authorization enables both companies to
website.
facilitate online international transactions for
A restricted-access data portal will offer
the import and export of goods and services.
processed, standardized datasets to regulated
LAUNCH OF FIVE-PART Financial Institutions.
DOCUMENTARY SERIES ON RBI IEPFA AND SEBI LAUNCHED 1ST
‘NIVESHAK SHIVIR’ IN PUNE

The Reserve Bank of India, in collaboration

with JioHotstar, has launched a five part Investors' Education and Protection Fund
documentary series titled RBI Unlocked: Authority in partnership with Securities and
Exchange Board of India (SEBI) launched the
Beyond the Rupee. The project has been
1st edition of Niveshak Shivir in Pune,
produced by Chalkboard Entertainment. The
Maharashtra.
project was commissioned by RBI to visually Niveshak Shivir was conceptualized to guide
document its 90-year history, with the investors in resolving pending issues related to
objective of creating awareness about its unclaimed dividends and shares and simplify
various functions and roles. investor grievance redressal process.
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 RBI & SEBI Corner
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RBI DATA: INDIA’S BANK WISE GETS RBI NOD TO OPERATE

DEPOSIT GROWTH AS CROSS-BORDER PAYMENT
AGGREGATOR

Reserve Bank of India released data showing

that bank deposit growth in India slowed to
London based financial technology company
10.6% Year-on-Year in Financial Year 202425
Wise, previously known as TransferWise,
compared to 13% in FY24.
received in-principle approval from the Reserve
RBI DATA: INDIA’S BANK DEPOSIT GROWTH Bank of India to operate as a Payment
Aggregator Cross Border (PA-CB) for export
CATEGORY FY25 DATA transactions.

TERM DEPOSITS 59.5% (DOWN FROM

NSE SUSTAINABILITY LAUNCHES
(TD) SHARE 60% IN FY24) ESG RATINGS FOR LISTED
COMPANIES
TD WITH 1-3 YEAR
68.40%
MATURITY

TD WITH OR ABOVE 72.7% (UP FROM

7% INTEREST RATE 64.2% IN FY24)

LARGE TD (ABOVE 1 45.1% (UP FROM

CRORE) 43.7% IN FY24) National Stock Exchange Sustainability
launched the Environmental, Social and
SAVINGS DEPOSIT 29.1% (DOWN FROM
Governance (ESG) ratings for listed companies
SHARE 30.8% IN FY24)
with an aim to enhance innovation in
CURRENT DEPOSIT sustainable finance.
9.8% (STEADY)
SHARE NSE Sustainability has received Registration
certificate from Security Exchange Board of
HOUSEHOLD 60.2% OF TOTAL India (SEBI) to operate as a Category I ESG
CONTRIBUTION DEPOSITS Rating Provider
Larsen and Toubro has announced a Rs. 500
FEMALE DEPOSITOR 20.7% OF
SHARE HOUSEHOLD
crore ESG bond issuance deal, becoming the
(HOUSEHOLD) DEPOSITS first Indian corporate under the SEBI and
introduced ESG and sustainability-linked bond
SENIOR CITIZEN 20.2% OF TOTAL framework.
DEPOSITOR SHARE DEPOSITS Hongkong and Shanghai Banking Corporation
(HSBC) will act as the sole lead arranger in the
DEPOSIT GROWTH -
11.70% transaction.
METRO AREAS
ESG Stands For:
DEPOSIT GROWTH - Environmental: Carbon footprint,
10.10% pollution control, energy efficiency,
RURAL AREAS
climate impact
DEPOSIT GROWTH - Social: Labor practices, diversity,
8.90%
SEMI-URBAN AREAS employee safety, human rights
Governance: Board structure,
DEPOSIT GROWTH -
9.30% transparency, business ethics,
URBAN AREAS
shareholder rights
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CURRENT AFFAIRS

SEBI ISSUES NEW ESG DEBT SEBI UNVEILS ‘VALID’ UPI

FRAMEWORK TO REGULATE SAFEGUARD AND ‘SEBI CHECK’
SOCIAL, SUSTAINABILITY, AND VERIFICATION TOOL
LINKED BONDS

SEBI will introduce a new Unified Payments

Securities and Exchange Board of India Interface payment mechanism named Valid for
introduced a comprehensive framework to all registered intermediaries, who collect funds
govern the issuance and listing of from investors.
Environmental, Social, and Governance (ESG) It is mandatory for all investors interacting with
debt securities. market intermediaries to transition to the new
This framework specifically governs social UPI verification system by October 01, 2025.
bonds, sustainability bonds, and Sustainability- As per SEBI, Valid is a unique, UPI-based
Linked Bonds while excluding green bonds. payment Identification(ID) which will be
The new regulations came into effect on June developed by National Payments Corporation
5, 2025. of India for each bank and issued only for
This framework is aligned with SEBIs
payment collection by SEBI-registered entities.
Sustainable Finance Roadmap for 2025-2028.
The UPI IDs will feature the exclusive @valid
These instruments are required to comply with
handle for all SEBI-registered, combined with
recognized international standards, including
the bank name, to ensure easy identification by
the International Capital Market Association
investors.
(ICMA) Principles, Climate Bonds Standard
(CBS), Association of Southeast Asian Nations SEBI has also fixed a daily UPI limit of Rs 5 lakh
(ASEAN) Standards, or any guidelines issued by for capital market transactions done through
Indian financial regulators. UPI, which may be reviewed at regular intervals
Bonds can be labelled as social, of time in consultation with NPCI.
sustainability, or SLBs only if proceeds Apart from the new UPI address mechanism,
finance projects aligned with defined SEBI has also announced to launch a
ESG standards. verification tool SEBI Check, an additional
Social Bonds: Debt securities issued to security layer for payments to verify the
raise funds exclusively for projects that authenticity of an entity before proceeding with
deliver positive social outcomes, such any financial transaction.
as affordable housing, healthcare, This new tool will enable investors to verify the
education, and employment authenticity of UPI IDs either by scanning a
generation. Quick Response or entering the UPI ID
Sustainability Bonds: Bonds that manually and confirming the bank details like:
finance a combination of both
the account number and India Financial
environmental and social projects,
System Code (IFSC) of a registered
supporting broader sustainability goals.
intermediary.
Sustainability-Linked Bonds (SLBs):
This new facility will be available to users from
Bonds where the issuer commits to
October 01, 2025.
achieving predefined SPTs
(Sustainability Performance Targets) NSE RECEIVED SEBI’S APPROVAL
with financial or structural incentives TO LAUNCH MONTHLY
linked to the achievement of these ELECTRICITY FUTURES
goals.
CONTRACTS
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 RBI & SEBI Corner
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CURRENT AFFAIRS

Bank accounts (savings or current accounts)

become inactive when there has been no
customer-induced transaction for the last two
years. These accounts are also called
dormant accounts.
Unclaimed Deposits
The deposit with the bank where the
National Stock Exchange of India Limited customer has done no transaction
announced that it has received the approval (withdrawal or deposit) for the last 10
from Securities and Exchange Board of India years.
(SEBI) to launch monthly electricity futures Customer accounts include all types
contracts. of bank accounts, such as current
This move is expected to strengthen power accounts, savings accounts, fixed
markets and support long-term structural deposits, recurring deposits, and cash
reforms started under the Electricity Act, 2003. credit accounts.
Previously, SEBI approved Multi Commodity Banks must transfer the money lying
Exchange of India to launch electricity in the bank accounts declared
derivatives. unclaimed deposits to the Depositor
NSE Clearing Limited is entrusted with the Education and Awareness Fund
responsibility to manage the clearing and (DEAF) managed by the RBI.
settlement of these contracts. RBI established DEAF in 2014 under
In 2008, NSE in collaboration with NCDEX, the Banking Regulation Act 1949
became the first stock exchange in India to provisions.
establish a dedicated power exchange, Power The Fund is managed by a seven-
Exchange India Limited member committee headed by a
As per NITI Aayog report, India's journey to Deputy Governor of the RBI.
achieve its net- zero emissions targets requires The banks are to return the amount
substantial investment i.e. estimated at over with applicable interest to the
USD 250 billion annually till 2047. customer or their legal heir of the
RBI ALLOWS VIDEO KYC TO account holder, whenever they claim
REACTIVATE DORMANT BANK it.
RBI will provide money to the bank
ACCOUNTS
from the DEAF for this purpose.
RBI’S 2ND BI-MONTHLY
MONETARY POLICY OF FY 2025-
26

The banking sector regulator, the Reserve

Bank of India has amended the Know Your
Customer (KYC) guidelines and allowed
banks to conduct video KYC to reactivate
The Reserve Bank of India conducted the 55th
dormant (inoperative) bank accounts and
and 2nd Bi-monthly Monetary Policy Meeting of
unclaimed deposits. Financial Year 2025-26
RBI has allowed banks to use their Business The credit growth decelerated across all bank
Correspondents (BC) to periodically update groups in FY 2024- 25. Private banks had the
bank customers' KYC. steepest decline, of 9.5%, in March after a
Facilitate the video-based customer sustained credit growth of above 15% for the
identification process (CIP), preceding three years.
Facilitate KYC updates in any bank branch In order to improve access to formal credit for
rural and semi-urban borrowers, the Loan-to-
(including the non-home branch).
Value (LTV) cap for small-ticket gold loans i.e.
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 RBI & SEBI Corner
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---loan under Rs.2.5 lakh has been raised to 85%

INDICATOR VALUE
from 75%. Also borrowers are allowed to submit
self-declared gold ownership in the absence of
CPI Q1 FY26 2.9%
purchase invoices.
The RBI has now prohibited lending against CPI Q2 FY26 3.4%
primary gold assets such as gold bullion. The
RBI has clarified that REs may continue to offer CPI Q3 FY26 3.9%
loans backed by gold jewellery, ornaments, or
coins. CPI Q4 FY26 4.4%
The RBI has reduced the qualifying asset
threshold for non-banking financial companies GROSS FDI USD 81.0 BILLION
and microfinance institutions (NBFC-MFIs) to INFLOWS (202425) (+14%)
60% from 75%. Qualifying assets of NBFC-MFIs
shall constitute a minimum of 60% of the total USD 0.4 BILLION
NET FDI INFLOWS
assets (netted off by intangible assets), on an (DOWN FROM 10.1
(202425)
ongoing basis. If an NBFC-MFI fails to maintain BILLION)
the qualifying assets as per the threshold for
four consecutive quarters, it shall approach the FPI INFLOWS
USD 1.7 BILLION
RBI with a remediation plan for taking a view in (202425)
the matter.
FOREX RESERVES
RBI’S 2ND BI-MONTHLY MONETARY POLICY (AS ON MAY 30, USD 691.5 BILLION
OF FY 2025-26 2025)

INDICATOR VALUE IMPORT COVER & COVERS 11+ MONTHS

EXTERNAL DEBT OF IMPORTS, 96% OF
REPO RATE 5.50%
COVERAGE EXTERNAL DEBT

REVERSE REPO
RATE
3.35% RBI IMPOSES RS 29.6 LAKH
PENALTY ON FINO PAYMENTS
SDF 5.25%
BANK FOR REGULATORY NON-
MSF 5.75% COMPLIANCE

CASH RESERVE
3.00%
RATIO

STATUTORY
18.00%
LIQUIDITY RATIO

Reserve Bank of India imposed a monetary

BANK RATE 5.75%
penalty of Rs 29.6 lakh on Fino Payments Bank
GDP PROJECTION Limited under Section 47A(1)(c) of the Banking
6.5%
FY26 Regulation Act, 1949 for non-compliance with
specific provisions of the Licensing of
GDP Q1 FY26 6.5%
Payments Banks guidelines.
GDP Q2 FY26 6.7% The RBI found that Fino Payments Bank
breached regulatory norms by exceeding the
GDP Q3 FY26 6.6% permissible end-of-day (EOD) balance limit of
Rs 2 lakh in certain customer accounts on
GDP Q4 FY26 6.3%
multiple occasions.
CPI INFLATION FY26 3.7% (REVISED FROM RBI’S UPDATED PROJECT
(REVISED) 4%)
FINANCE NORMS
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 RBI & SEBI Corner
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--is the official start date of an infrastructure

project under the Public Private Partnership (PPP)
model. It is the date from which the concession
agreement (the legal contract between the
government and the private company) comes
into effect.
Reserve Bank of India introduced the (Project
A Techno-Economic Viability (TEV) study
Finance) Directions, 2025, applicable to:
shall be required for this purpose for all
[Link] Commercial Banks (including Small Finance
Banks but excluding Payments Banks, Local projects where the aggregate exposure of all
Area Banks and Regional Rural Banks) lenders is 100 crores or more.
[Link] Non-Banking Financial Companies (NBFCs) Extra provisioning for DCCO delays:
(including Housing Finance Companies) Infrastructure: +0.375% per quarter
[Link] Primary (Urban) Cooperative Banks Non-infra (e.g., real estate): +0.5625%
[Link] India Financial Institutions (AIFIs) per quarter
These directions set to come into effect from 1 DCCO Extension Limits
October 2025
Extensions allowed without asset
Applies only to new project loans, i.e., those
downgrade:
with financial closure on or after 1 Oct 2025;
earlier loans continue under previous rules Infrastructure: up to 3 years past original
A project involves long-term investments for DCCO
physical assets (e.g., roads, plants) with Non-infra: up to 2 years past original
expected future cash flows DCCO
Project finance means at least 51% of Stress Resolution Framework
repayment must come from the projects own A credit event (e.g., loan default, DCCO delay)
cash flows, and all lenders must be part of a requires collective lender action under RBIs
consolidated funding agreement.
2019 Prudential Framework
Sanction & Disbursement Norms:
Stress must be identified early, with a
Financial closure (90% funding secured) & a
clear original DCCO (Date of Commencement resolution plan initiated within 30 days.
of Commercial Operations) required before first A downgraded loan can be upgraded once
loan disbursement operational and performance criteria are met
Repayment period (including moratorium)
PROVISIONING REQUIREMENTS (GENERAL
cannot exceed 85% of projects economic life
PROVISIONS)
Minimum lender exposure in large loans:
For total exposure 1,500cr min 10% per lender
CONSTRUCT OPERATION
For > Rs 1,500cr -> min 150cr or 5% (whichever STAGE
-ION PHASE -AL PHASE
is higher)
Disbursement and Monitoring COMMERCIAL
A lender shall ensure availability of sufficient REAL ESTATE 1.25% 1.0%
land/right of way for all projects before (CRE)
disbursement of funds, subject to the following
minimum requirements: CRE
[Link] infrastructure projects under PPP model RESIDENTIAL
1.0% 0.75%
50% HOUSING
[Link] all other projects (non-PPP (CRE-RH)
infrastructure, and non-infrastructure
including CRE & CRE-RH) 75% OTHER
1.0% 0.40%
[Link] transmission line projects as decided by PROJECTS
a lender
In case of infrastructure projects under PPP RBI REVISES PRIORITY SECTOR
model, disbursement of funds shall begin only LENDING NORMS FOR SMALL
after declaration of the Appointed date or its
equivalent, for the project. The Appointed Date FINANCE BANKS
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Reserve Bank of India revised the regulatory lending norms for Small Finance Banks reducing the
mandated allocation to priority sectors by 15%.
The revised guidelines are set to come into effect from 1 April 2025.
From the Financial Year 2025-26, Priority Sector Lending loans target for SFBs has been lowered to 60% of
their loans from 75% earlier.
These changes have been issued under Section 22(1) of the Banking Regulation Act, 1949.
In March 2025, RBI reduced the PSL target for Urban Cooperative Banks (UCBs) from 75% to 60%.
The SFB are required to allocate 40% of their Adjusted Net Bank Credit (ANBC) or Credit Equivalent of Off-
Balance Sheet Exposures (CEOBE) to specific sub-sectors defined under PSL guidelines and the
remaining 35% to any PSL sub-sector where they have a competitive advantage.
From FY26, this additional component (35%) of PSL allocation will be reduced to 20%, thereby making the
overall PSL target as 60 % of ANBC or CEOBE, whichever is higher.

Item Description Symbol/Code

Bank Credit in India (as per item No. VI of Form 'A' under Section 42(2) of the RBI
I
Act, 1934)

Bills rediscounted with RBI and other approved Financial Institutions II

Net Bank Credit (NBC)* III(I – II)

Outstanding Deposits under RIDF and other eligible funds with NABARD, NHB, SIDBI
and MUDRA Ltd in lieu of non-achievement of PSL targets/sub-targets + outstanding IV
PSLCS

Eligible amount for exemptions on issuance of long-term bonds for infrastructure

V
and affordable housing

Advances extended in India against the incremental FCNR(B)/NRE deposits,

VI
qualifying for exemption from CRR/SLR requirements

Investments made by public sector banks in the Recapitalization Bonds floated by

VII
Government of India

Other investments eligible to be treated as priority sector (e.g., investments in

VIII
securitisation notes)

Bonds/debentures in Non-SLR categories under HTM category IX

For UCBs: Investments made after August 30, 2007 in permitted non SLR bonds
X
held under the 'Held to Maturity' (HTM) category

ANBC (Other than UCBs) III + IV - (V + VI + VII) + VIII + IX

ANBC for UCBs III + IV - VI + X

** For the purpose of priority sector computation only. Banks shall not deduct / net any amount like
provisions, accrued interest, etc. from NBC.

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 RBI & SEBI Corner
CROSSWORD
CURRENT AFFAIRS

RBI Revises Priority Sector Lending Norms for Department of Financial Services held a high-
SFB: As per RBI guidelines, the following are level meeting on scaling up Reserve Bank of
the main sectors (sub-targets) where SFBs India's latest Digital Lending Infrastructure
must allocate this 40%: Unified Lending Interface
Sub-sector Kind Sub-target (%) ULI is an Application Programme Interface (API)
based, consent-driven platform that enables
Agriculture seamless, secure access to authenticated
Farmers 18% of ANBC
(Total) borrower data such as Aadhaar, land records,
tax filings, and KYC (Know Your Customer) from
Small &
multiple sources by Banks and Financial
Marginal 8% of ANBC
Institutions.
Farmers
ULI is a Digital Public Infrastructure (DPI) for the
Micro credit market developed by RBIH and co-
- 7.5% of ANBC
Enterprises conceptualized with the RBI.
It was announced by the former RBI governor
Weaker Shri Shaktikanta Das at RBI 90@ Global
- 12% of ANBC
Sections Conference on August 26,2024.
ULI aggregates data from various sources to
FINANCE MINISTRY & RBI
streamline the lending process. Key data
OFFICIALS MEET GOVT sources include land records, GSTN data, milk
OFFICIALS ON SCALING UP pouring insights, satellite data, and
UNIFIED LENDING INTERFACE authentication & verification services like
Aadhaar e-KYC and PAN validation.
It also integrates with Account Aggregators to
consolidate digital financial information and
Digilocker for access to verified documents.
Additionally, ULI consolidates property data
and analytics for housing loan underwriting.

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 RBI & SEBI C O R N E R
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AADHAAR ENABLED PAYMENT – Business Correspondent / sub-agent, then the

same may be adopted.
SYSTEM – DUE DILIGENCE OF The acquiring bank shall also carry out
AEPS TOUCHPOINT OPERATORS periodic updation of KYC of ATOs.
In cases where an ATO has remained inactive,
i.e. has not performed any financial / non-
financial transaction for a customer for a
continuous period of three months, the
acquiring bank shall carry out KYC of the ATO
before enabling him / her to transact further.
The acquiring bank shall monitor the
Aadhaar Enabled Payment System (AePS) is a
activities of ATOs through their transaction
payment system operated by National Payment
monitoring systems on an ongoing basis and
Corporation of India (NPCI) that facilitates
set operational parameters based on the
interoperable transactions using Aadhaar-
business risk profile of the ATOs.
enabled authentication.
Aspects such as location and type of the ATO,
Aadhaar Enabled Payment System (AePS):
volume and velocity of transactions, etc. shall
It is a Payment System in which transactions are
form part of the bank’s fraud risk
enabled through Aadhaar number and
management framework.
biometrics or OTP authentication, providing
financial services such as cash withdrawal, INSTIFI FINTECH SECURES RBI
cash deposit, fund transfer, and non-financial LICENSE TO OPERATE AS PA
services such as mini statement and balance
enquiry.
Acquiring bank: The bank that onboards the
AePS touchpoint operators.
AePS Touchpoint: The terminal deployed by
acquirer banks to facilitate AePS transactions,
which shall include both mobile and fixed
points. Instifi has received Certificate of Authorization, a
AePS Touchpoint Operator (ATO): The final authorization from the Reserve Bank of
individual onboarded by the acquiring bank India to operate as a licensed online Payment
who operates the AePS touchpoint. Aggregator under the Payments and
The acquiring bank shall carry out due Settlement Systems (PSS) Act, 2007.
diligence of all ATOs before onboarding them, The approval positions Instifi as the only
adopting the same process as indicated in the company based in Goa to hold the
Know Your Customer Direction, 2016. authorization
However, if the due diligence of ATOs has Instifi, operating under Instanow Info Systems
already been done in their capacity as - Pvt Ltd
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 RBI & SEBI Corner
CROSSWORD
CURRENT AFFAIRS

INDIA RECORDS CURRENT – that the Standing Deposit Facility (SDF) and
Marginal Standing Facility (MSF) will be available
ACCOUNT SURPLUS OF USD 13.5 between 7:00 PM and 11:59 PM with effect from
BILLION IN Q4 FY25 July 01, 2025.

SEBI APPROVED MOBIKWIK

SECURITIES TO OPERATE AS
STOCKBROKER & CLEARING
MEMBER

Reserve Bank of India released data on 8India9s

Balance of Payments for Q4 (January–March)
FY259, showing that India9s current account
balance posted a surplus of USD 13.5 billion in
the fourth quarter of Financial Year 2024–25
This surplus was higher compared to USD 4.6 Securities Exchange Board of India has issued a
billion (0.5% of GDP) in Q4 FY24, and a Certificate of Registration to MobiKwik
significant improvement from a deficit of USD Securities Broking Private Limited of One
11.3 billion (1.1% of GDP) in Q3 FY25. MobiKwik Systems Limited, to operate as a
RBI EXTENDS CALL MONEY stockbroker and clearing member under SEBI9s
Stock Brokers Regulations, 1992.
MARKET TIMINGS BY 2 HOURS
Starting July 1, 2025, this approval empowers
FROM JULY 01, 2025 MSBPL to carry out activities such as buying,
selling, and trading securities, as well as
clearing and settling trades.

RBI KEEPS INTEREST RATE ON

FLOATING RATE SAVINGS
BONDS UNCHANGED FOR JULY-
Reserve Bank of India has extended the DECEMBER 2025
trading hours for the interbank call money
market by 2 hours with effect from July 01,
2025.
As per RBI directions, the call money market
will now operate from 9 am to 7pm instead of
current 9 am to 5 pm.
The Reserve Bank of India has announced that
RBI has also revised the closing time for
the interest rate for its Floating Rate Savings
Market Repo and Tri-party Repo (TREP)
Bonds, 2020 (Taxable) [FRSB 2020 (T)] will
transactions from around 2:30–3:00 p.m. to remain unchanged at 8.05% for the period from
4:00 p.m., effective August 1, 2025. July 1 to December 1, 2025.
These revised timings are based on the This interest will be payable on January 1,
recommendations of the Working Group 2026.
chaired by Radha Shyam Ratho, Executive The interest rate on FRSB is set at 0.35% higher
Director RBI. than the prevailing rate of the National Savings
At present, Standing Deposit Facility (SDF) Certificate (NSC), which currently stands at
7.70%.
and Marginal Standing Facility (MSF) are
The interest rate of the FRSB is revised every six
available between 5:30 PM and 11:59 PM on
months, depending on changes in the NSC
all days. rate. If the NSC rate increases, the FRSB interest
In light of the extension of market timings for rate will also rise.
call money to 7:00 PM, it has been decided - FRSB is a government-backed investment -
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 RBI & SEBI Corner
CROSSWORD
CURRENT AFFAIRS

– instrument, ideal for retail investors seeking – business to individuals, with or without co-
capital safety and predictable income. obligant(s), an RE shall not levy pre-payment
The bond has a fixed tenure of seven years, charges
with a minimum investment requirement of For all loans granted for business purpose to
₹1,000 and no upper limit. individuals and MSEs, with or without co-
Premature withdrawal is not allowed for obligant(s):
investors. A commercial bank (excluding Small Finance
However, senior citizens are permitted to exit bank, Regional Rural bank and Local Area
early under certain specified conditions, after bank), a Tier 4 Primary (Urban) Co-operative
completing a lock-in period. In such cases, a bank, an NBFC-UL, and an All India Financial
penalty of 50% of the interest due for the last six Institution shall not levy any pre-payment
months will be levied. charges.
A Small Finance bank, a Regional Rural bank,
RESERVE BANK OF INDIA (PRE- a Tier 3 Primary (Urban) Co-operative bank,
PAYMENT CHARGES ON LOANS) State Cooperative bank, Central Cooperative
DIRECTIONS, 2025 bank and an NBFC-ML shall not levy any pre-
payment charges on loans with sanctioned
amount/ limit up to ₹50 lakh.
The Directions above shall be applicable
irrespective of the source of funds used for
pre-payment of loans, either in part or in full,
and without any minimum lock-in period.
Applicability of above Directions for dual/
As announced in the Statement on special rate (combination of fixed and floating
Developmental and Regulatory Policies dated rate) loans will depend on whether the loan is
October 9, 2024, a draft circular in this regard on floating rate at the time of pre-payment.
In cases other than those mentioned above,
was issued on February 21, 2025 for public
pre-payment charges, if any, shall be as per
consultation.
the approved policy of the RE.
Based on a review of the supervisory findings However, in case of term loans, pre-payment
and public feedback received on the draft charges, if levied by the RE, shall be based on
circular, the Reserve Bank, in exercise of the the amount being prepaid.
powers conferred by Sections 21, 35A and 56 In case of cash credit/ overdraft facilities, pre-
of the Banking Regulation Act, 1949, Sections payment charges on closure of the facility
45JA, 45L and 45M of the Reserve Bank of before the due date shall be levied on an
India Act, 1934 and Section 30A of the amount not exceeding the sanctioned limit.
In case of cash credit/ overdraft facilities, no
National Housing Bank Act, 1987, hereby
pre-payment charges shall be applicable if
issues the Directions hereinafter specified.
the borrower intimates the RE of his/ her/ its
These Directions shall be called the Reserve intention not to renew the facility before the
Bank of India (Pre-payment Charges on period as stipulated in the loan agreement,
Loans) Directions, 2025. provided that the facility gets closed on the
These Directions shall be applicable to all due date.
loans and advances sanctioned or renewed An RE shall not levy any charges where pre-
on or after January 1, 2026. payment is effected at the instance of the RE.
These Directions shall apply to all commercial The applicability or otherwise of pre-payment
charges shall be clearly disclosed in the
banks (excluding payments banks), co-
sanction letter and loan agreement. Further,
operative banks, NBFCs and All India
in case of loans and advances where Key
Financial Institutions. Facts Statement (KFS) is to be provided. No
An RE shall adhere to the following Directions pre-payment charges which have not been
regarding levy of pre-payment charges on all disclosed as specified herein shall be
floating rate loans and advances: charged by an RE.
For all loans granted for purposes other than - An RE shall not levy any charges/ fees -
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 RBI & SEBI Corner
CROSSWORD
CURRENT AFFAIRS

– retrospectively at the time of pre-payment of – of the Reserve Bank of India Act, 1934.
loans, which were waived off earlier by the RE. The company routed the loan repayments
through the account of a third-party, instead
BASEL III CAPITAL REGULATIONS
of the borrowers directly crediting the loan
– EXTERNAL CREDIT repayments to the company’s account.
ASSESSMENT INSTITUTIONS– RBI IMPOSES MONETARY
CAREEDGE GLOBAL IFSC PENALTY ON AUTHORISED
LIMITED DEALER BANK – HDFC BANK LTD

These guideline issued to All Scheduled The Reserve Bank of India has imposed a
Commercial Banks (including Small Finance monetary penalty of ₹4.88 lakh on HDFC Bank
Banks) (excluding Local Area Banks, Payments Ltd. in exercise of powers vested in the Reserve
Banks and Regional Rural Banks) Bank under the provisions of Section 11(3) of
Banks are permitted to use the ratings of FEMA, 1999, for contravention of guidelines
three international credit rating agencies while granting a term loan to its client.
for the purpose of risk weighting their
claims on different foreign entities for SEBI UNVEILED 8VCF
capital adequacy purposes: SETTLEMENT SCHEME 20259
[Link]
[Link]'s
[Link] & Poor9s.
It has been decided to permit banks to also use
the ratings of M/s CareEdge Global IFSC
Limited for risk weighting their claims on non-
resident corporates originating at International
The Securities and Exchange Board of India
Financial Services Centre (IFSC).
unveiled 8Venture Capital Fund (VCF)
RBI IMPOSES MONETARY Settlement Scheme 20259, aimed to aid the
PENALTY ON SHRIRAM FINANCE settlement of violations of winding-up
provisions by migrated VCFs.
LIMITED
The scheme will commence on July 21, 2025
and expires on January 19, 2026
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.
The Reserve Bank of India (RBI) has imposed To address this, SEBI allowed a transition
a monetary penalty of ₹2.70 lakh on Shriram period till July 19, 2025.
An entity who is interested in making an
Finance Limited for non-compliance with
application for availing settlement under the
certain provisions of the <Reserve Bank of
VCF Settlement Scheme, 2025, is required to
India (Digital Lending) Directions, 2025= submit a settlement application along with a
issued by RBI. non-refundable application fee of Rs 25,000
This penalty has been imposed in exercise of with 18% GST.
powers conferred on RBI under clause (b) of As per the new scheme, the base amount for
sub-section (1) of Section 58G read with settlement for maximum delay of 1 year in
clause (aa) of sub-section (5) of Section 58B - winding up the scheme will be Rs 1 lakh.
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 RBI & SEBI Corner
CROSSWORD
CURRENT AFFAIRS

The scheme has further clarified that for every The Reserve Bank cancelled the licence of
subsequent year of delay or part thereof, an the bank as:
additional amount of Rs 50,000 shall be The bank does not have adequate capital
payable. and earning prospects. As such, it does
Also, a slab-wise amount will be required to pay not comply with the provisions of Section
based on the amount of unliquidated 11(1) and Section 22(3)(d) read with
investment corpus, which ranges from Rs 1 lakh Section 56 of the Banking Regulation Act,
to Rs 6 lakh. 1949;
The bank has failed to comply with the
RBI GRANTS SCHEDULED BANK requirements of Sections 22(3)(a), 22(3)
STATUS TO NSDL PAYMENTS (b), 22(3)(c), 22(3)(d) and 22(3)(e) read
with Section 56 of the Banking Regulation
BANK
Act, 1949;
The continuance of the bank is prejudicial
to the interests of its depositors;
The bank with its present financial
position would be unable to pay its
present depositors in full;
Public interest would be adversely
Reserve Bank of India has announced the affected if the bank is allowed to carry on
inclusion of NSDL Payments Bank Limited, a its banking business any further.
subsidiary of National Securities Depository Consequent to the cancellation of its licence,
Limited (NSDL) in Schedule II of the RBI Act, <The Karwar Urban Co-operative Bank Ltd.,
1934. Karwar= is prohibited from conducting the
This inclusion was made by RBI in exercise of its business of 8banking9 which includes, among
powers given under Section 42(6) (a) of the RBI other things, acceptance of deposits and
Act, 1934. repayment of deposits as defined in Section
With this, it becomes the 5th payment bank in 5(b) read with Section 56 of the Banking
India to get the SB status after India Post Regulation Act, 1949 with immediate effect.
Payments Bank Limited (IPPB); Fino Payments On liquidation, every depositor would be
Bank Limited, Airtel Payments Bank Limited, entitled to receive deposit insurance claim
and Jio Payments Bank. amount of his/her deposits up to a monetary
ceiling of ₹5,00,000/- (Rupees five lakh only)
RBI CANCELS THE LICENCE OF from Deposit Insurance and Credit Guarantee
THE KARWAR URBAN CO- Corporation (DICGC) subject to the
provisions of DICGC Act, 1961.
OPERATIVE BANK LTD., KARWAR
As per the data submitted by the bank,
92.90% of the depositors are entitled to
receive full amount of their deposits from
DICGC. As on June 30, 2025, DICGC has
already paid ₹37.79 crore of the total insured
deposits under the provisions of Section 18A
of the DICGC Act, 1961 based on the
The Reserve Bank of India has cancelled the willingness received from the concerned
depositors of the bank.
licence of <The Karwar Urban Co-operative
RBI’S FINANCIAL INCLUSION
Bank Ltd., Karwar=. Consequently, the bank
ceases to carry on banking business, with INDEX
effect from the close of business on July 23,
2025.
The Registrar of Cooperative Societies,
Karnataka has also been requested to issue
an order for winding up the bank and appoint
a liquidator for the bank. The Reserve Bank of India’s Financial Inclusion-
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 RBI & SEBI Corner
CROSSWORD
CURRENT AFFAIRS

– Index (FI-Index), which measures the depth and Securities and Exchange Board of India
reaches of financial inclusion across the country, renewed the recognition of Multi Commodity
rose by 4.3% in Financial Year 2024-25 Exchange Clearing Corporation Limited
The index value increased from 64.2 in March (MCXCCL), a wholly owned subsidiary of the
2024 to 67 in March 2025 Multi Commodity Exchange of India (MCX) as
The annual FI-Index for the period ending a clearing corporation for a period of three
March 2021 is 53.9 as against 43.4 for the years, from July 31, 2025, to July 30, 2028.
period ending March 2017. The other Clearing Corporations of India
The index was first introduced by the RBI in include Indian Clearing Corporation Limited
August 2021 for the FY ending March 2021. (ICCL), National Securities Clearing
It is a comprehensive index incorporating Corporation Limited(NSCCL), Metropolitan
details of banking, investments, insurance, Clearing Corporation of India Limited
postal and pension sectors. (MCCIL), India International Clearing
The FI-Index comprises of three broad Corporation (IFSC) Limited (IICC), NSE IFSC
parameters i.e., Clearing Corporation Limited (NICCL),
Access (35%) – Reflecting how easily financial Clearing Corporation of India Limited (CCIL)
services are available. and others.
Usage (45%) – Indicates how frequently and RBI WITHDRAWS CONDITIONS
effectively people are using these services.
Quality (20%) – Captures the quality aspect of
ON RELIGARE FINVEST UNDER
financial inclusion as reflected by financial CORRECTIVE ACTION PLAN
literacy, consumer protection, and inequalities
and deficiencies in services.
RBI – DIGITAL PAYMENTS INDEX
FOR MARCH 2025

The Reserve Bank of India officially withdrew

the Corrective Action Plan which was
previously imposed on Religare Finvest Limited
The CAP was initially imposed on January 18,
The Reserve Bank of India has been 2018 due to irregularities observed during the
inspection as of March 31,2017.
publishing a composite Reserve Bank of India
The Non-Banking Financial Company had
– Digital Payments Index (RBI-DPI) since
accumulated losses of Rs. 2,270 crores till
January 1, 2021 with March 2018 as base to
March 2022..
capture the extent of digitisation of payments
SEBI INTRODUCES CENTRALISED
across the country.
The increase in RBI-DPI index was driven by
COMPLIANCE REPORTING
significant growth in parameters viz. Payment PLATFORM FOR BROKERS
Infrastructure – Supply-side factors and EFFECTIVE AUGUST 1, 2025
Payment Performance across the country
over the period.
SEBI RENEWS RECOGNITION OF
MCXCCL AS CLEARING
CORPORATION
Securities Exchange Board of India in
collaboration with National Stock Exchange
has launched <Samuhik Prativedan Manch=, a
unified reporting platform to simplify
compliance for stockbrokers.
This initiative is designed to make compliance -
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 RBI & SEBI C O R N E R
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LENDING AND DEPOSIT RATES – deposit rate (WADTDR) on outstanding

rupee term deposits of SCBs was 6.99 per cent
OF SCHEDULED COMMERCIAL
in June 2025 (7.07 per cent in May 2025).
BANKS – JULY 2025
MCLR = Marginal Cost of Funds + Operating
Cost + Tenor Premium + Negative Carry on
CRR

Component Meaning

Cost of raising new

Data on lending and deposit rates of Marginal Cost of
deposits + borrowing
scheduled commercial banks (SCBs) Funds
costs (major weightage)
(excluding regional rural banks and small
finance banks) received during the month Bank’s admin costs
Operating Cost
of July 2025 are set out (salaries, tech, etc.)
Lending Rates:
Additional charge for
The weighted average lending rate Tenor Premium
giving long-term loans
(WALR) on fresh rupee loans of SCBs
declined to 8.62 per cent in June 2025
Cost banks bear for
from 9.20 per cent in May 2025. Negative Carry
keeping cash with RBI
on CRR
The WALR on outstanding rupee loans (which earns no interest)
of SCBs dropped to 9.48 per cent in
June 2025 from 9.69 per cent in May
RLLR = RBI Repo Rate + Bank Spread +
2025. Credit Risk Premium (if any)
1-Year median Marginal Cost of Funds
based Lending Rate (MCLR) of SCBs Component Meaning
moderated to 8.75 per cent in July
2025 from 8.90 per cent in June 2025. The rate at which RBI lends to
Repo Rate
banks (currently 6.50%)
Deposit Rates:
The weighted average domestic term
Fixed by the bank to cover
deposit rate (WADTDR) on fresh rupee Bank Spread
profit, operating cost, etc.
term deposits of SCBs stood at 5.75
per cent in June 2025 as compared to
Credit Risk Extra interest based on
6.11 per cent in May 2025.
Premium borrower’s creditworthiness
The weighted average domestic term
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 RBI & SEBI Corner
CROSSWORD
CURRENT AFFAIRS

WITHDRAWAL OF ₹2000
DENOMINATION BANKNOTES –
STATUS

The Reserve Bank of India, in exercise of

the powers conferred under sub-section
(4) of Section 44A read with Section 56 of
The Reserve Bank of India (RBI) had the Banking Regulation Act, 1949, has
announced the withdrawal of ₹2000 sanctioned the Scheme of Amalgamation
denomination banknotes from circulation of New India Co-operative Bank Ltd.,
Mumbai with Saraswat Co-operative Bank
vide Press Release 2023-2024/257 dated
Ltd., Mumbai.
May 19, 2023 The status of withdrawal of
The Scheme will come into force with
₹2000 banknotes is periodically published
effect from August 04, 2025
by the RBI.
All the branches of New India Co-operative
The facility for deposit and / or exchange
Bank Ltd., Mumbai will function as
of the ₹2000 banknotes was available at all branches of Saraswat Co-operative Bank
bank branches in the country upto Ltd., Mumbai with effect from August 04,
October 07, 2023. 2025.
The facility for exchange of the ₹2000 SEBI AND STOCK EXCHANGES
banknotes is available at the 19 Issue REVISE SURVEILLANCE
Offices of the Reserve Bank (RBI Issue
FRAMEWORK FOR SMALL-CAP
Offices) since May 19, 2023. From October
FIRMS
09, 2023, RBI Issue Offices are also
accepting ₹2000 banknotes from
individuals / entities for deposit into their
bank accounts. Further, members of the
public are sending ₹2000 banknotes
through India Post from any post office
within the country, to any of the RBI Issue Securities and Exchange Board of India
along with stock exchanges has revised
Offices for credit to their bank accounts.
the enhanced surveillance mechanism for
The total value of ₹2000 banknotes in
companies with market capitalisation
circulation, which was ₹3.56 lakh crore at
under Rs. 1,000 crores
the close of business on May 19, 2023,
These revisions, expected to benefit 28
when the withdrawal of ₹2000 banknotes
companies currently under the
was announced, has declined to ₹6,017 surveillance framework, will take effect
crore at the close of business on July 31, from July 28,2025.
2025. Thus, 98.31% of the ₹2000 The ESM framework was initially extended
banknotes in circulation as on May 19, to listed companies with a market
2023, has since been returned. capitalisation of under Rs.1,000 crore in
RBI APPROVES THE VOLUNTARY August 2023
Stage 1: Previously companies were
AMALGAMATION OF NEW INDIA
brought under surveillance mainly due to
CO-OPERATIVE BANK LTD., high-low price variation metric.
MUMBAI WITH SARASWAT CO- But under the current revised ESM
OPERATIVE BANK LTD., MUMBAI framework, apart from the above metric, a
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 RBI & SEBI Corner
CROSSWORD
CURRENT AFFAIRS

--sustained upward close-to-close price trend --promote and enhance the state’s rich
over the last three months will now be cultural heritage, natural landscapes, and
considered. modern hospitality sector among
Stage 2: A new price-to-earnings (PE) ratio international travellers.
filter has been introduced to determine if a IPPB LAUNCHES AADHAAR-
stock should move from Stage 1 to Stage 2 BASED FACE AUTHENTICATION
under the ESM framework.
FOR SEAMLESS AND INCLUSIVE
Only stocks with a PE ratio up to twice that
of the Nifty 500 index will qualify, ensuring DIGITAL BANKING
that excessively overvalued stocks come
under stricter surveillance.
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 India Post Payments Bank announced the
a 5% price band, i.e. the price of a security nationwide rollout of Aadhaar-based Face
can fluctuate up or down by a maximum of Authentication facility for customer
5% of its previous day’s closing price within transactions — a breakthrough initiative
a single trading session. aimed at empowering every Indian,
In case a stock already operates under a especially the elderly and differently-abled,
2% price band, that restriction will remain by making banking more secure, inclusive,
unchanged. and convenient.
About PE Ratio: The face authentication feature,
PE Ratio = Price per Share ÷ Earnings developed under the framework of UIDAI
per Share (EPS) (Unique Identification Authority of India),
It tells you how much investors are enables customers to perform banking
willing to pay for ₹1 of a company’s transactions using facial recognition,
earnings. eliminating the need for physical biometric
Example: inputs like fingerprints or OTPs.
If a company’s share price is ₹200 With this, IPPB strengthens its mission of
And its Earnings Per Share (EPS) is <Aapka Bank, Aapke Dwaar= by making
₹20 banking more accessible, inclusive, and
PE Ratio = ₹200 / ₹20 = 10 customer-centric.
This means investors are paying India Post Payments Bank (IPPB) has been
₹10 for every ₹1 the company established under the Department of
earns. Posts, Ministry of Communication with
MASTERCARD SIGNS MOU WITH 100% equity owned by Government of
ANDHRA PRADESH GOVT. TO India. IPPB was launched on September 1,
BOOST TOURISM 2018.
IPPB delivers simple and affordable
banking solutions through intuitive
interfaces available in 13 languages to 11
Crore customers across 5.57 lakh villages
& towns in India.
SEBI EXTENDED DEADLINE FOR
MasterCard signed a Memorandum of IMPLEMENTATION OF
Understanding with the Andhra Pradesh
NOMINATION FRAMEWORK
Tourism Development Corporation to --
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The Securities and Exchange Board of BANKING LAWS (AMENDMENT)

India has extended the timeline for the ACT, 2025
implementation of the 2nd and 3rd phases
of its new nomination framework in the
securities market, originally issued on
January 10, 2025 and later, amended on
February 28, 2025.
SEBI announced these new timelines
through a circular issued in exercise of Government of India notified that
powers given under Section 11 (1) of the important provisions of the Banking Laws
Securities and Exchange Board of India (Amendment) Act 2025 will come into
Act, 1992 read with Regulation 60A of the effect from August 01, 2025
SEBI (Depositories and Participants) The Banking Laws (Amendment) Act,
Regulations, 2018 and Regulation 29A of 2025 was first published on April 15, 2025,
the SEBI (Mutual Funds) Regulations, after receiving the President’s approval.
1996, to safeguard the interests of The amendment introduces 19
investors in securities and to promote the amendments across 5 key legislations:
development of, and to regulate the [Link] Bank of India Act, 1934
securities market. [Link] Regulation Act, 1949
As per SEBI’s circular, the implementation [Link] Bank of India Act, 1955
date for phase-II of the framework, [Link] Companies (Acquisition and
originally scheduled for June 01, 2025, has Transfer of Undertakings) Act, 1970
been extended to August 08, 2025. [Link] Companies (Acquisition and
Similarly, the implementation date for Transfer of Undertakings) Act, 1980
phase-III, initially set for September 01, The threshold for <substantial interest= has
2025, has been extended to December 15, been increased from Rs 5 lakh to Rs 2
2025 crore, a limit that had remained unchanged
since 1968. Before the enactment of the
SEBI Extended Deadline for Implementation new law, under the Banking Regulation
of Nomination Framework Act, substantial interest in a company
referred to holding shares of over Rs. 5
Original Reschedu Key Focus
Phase lakhs or 10% of the paid-up capital of the
Date led To Areas
company, whichever was lower. This may
be held by an individual, his spouse, or
Mandatory
March 1, nomination, minor child, either individually or
I Went live collectively.
2025 survivorship
provisions The maximum tenure for directors in
cooperative banks has been extended
Digital from 8 years to 10 years, excluding the
nomination, chairperson and whole-time director.
June 1, August 8,
II video-
2025 2025 Unclaimed Assets to Investor Education
verified opt-
out and Protection Fund (IEPF): The PSBs will
now transfer unclaimed amounts to the
Full IEPF, similar to practices followed by
implementa companies under the Companies
Septemb
December tion by Act,2013. The assets included dividends
III er 1,
15, 2025 intermediari remaining unpaid/unclaimed, shares
2025
es and
where dividends haven’t been claimed for
systems
7 consecutive years, and unclaimed --
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CURRENT AFFAIRS

--interest/redemption amounts on bonds. The Department of Telecommunications

The PSBs now can directly fix the has developed Financial Fraud Risk
remuneration of their statutory auditors, Indicator (FRI) which is a risk-based
replacing the earlier model where the RBI metric that classifies a mobile number to
fixed it in consultation with the Govt of have been associated with Medium,
India. High, or Very High risk of financial fraud.
The amendments also revise the reporting FRI empowers stakeholders-especially
dates for the submission of statutory banks, Non-Banking Financial
reports by banks to the RBI from reporting Companies (NBFCs) and Unified
every Friday to the last day of the fortnight, Payment Interface (UPI) service providers
month or the quarter. to prioritize enforcement and take
QUANT MF GETS SEBI APPROVAL additional customer protection measures
in case a mobile number has high risk.
TO LAUNCH INDIA’S FIRST SIF
FRI is available through Digital
Intelligence Platform (DIP) to the
stakeholders.
RBI has issued separate advisories to
banks & Payment Service Operators
(PSO) for integration of FRI with their
respective systems and adopt necessary
Quant Mutual Fund received approval
real-time response protocols (like alerts,
from the Securities and Exchange Board
transaction delays, warnings, transaction
of India to launch India9s first Specialised decline etc.).
Investment Fund (SIF) named 8QSIF Based on the Action Taken Reports
Equity Long-Short Fund9. (ATRs) submitted on DIP, 34 banks,
This makes Quant, the first Asset financial institutions and UPI service
Management Company (AMC) in India to providers have frozen 10.02 lakh bank
receive such approval under the new SIF accounts/ payment wallets and placed
category. debit/ credit restrictions on 3.05 lakh
The minimum investment required in bank accounts/ payment wallets.
DIU project of DoT is having total outlay
SIFs is Rs.10 lakh per investor.
of Rs 228.16 crore for a period of 5 years.
As per SEBI norms, if any investor
DIP and FRI are developed under DIU
breaches this threshold, their units project.
across strategies will be frozen for debit. RBI GRANTS IN-PRINCIPLE
A 30-day window is provided for
APPROVAL TO AU SMALL
rebalancing; failure to comply will lead to
FINANCE BANK FOR TRANSITION
automatic redemption at the prevailing
INTO UNIVERSAL BANK
Net Asset Value
FRAUD RISK INDICATOR
DEVELOPED BY DEPT. OF
TELECOMMUNICATION

The Reserve Bank of India granted 'in-

principle’ approval to AU Small Finance
Bank for transitioning from a Small Finance
Bank to a Universal Bank.
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On September 3, 2024, AU Small Finance Recent AUSFB related news:

Bank has applied to the RBI for voluntary AU Small Finance Bank has
transition from a Small Finance Bank to a collaborated with International
Universal Bank. Finance Corporation to undertake a
Voluntary transition of Small Finance comprehensive climate risk advisory
Banks to Universal Banks program.
The eligibility criteria for an SFB to NABARD AND RBI PROMOTE
transition into a Universal bank will RURAL FINANCIAL LITERACY
now be as follows: THROUGH VARIOUS INITIATIVES
scheduled status with a satisfactory
track record of performance for a
minimum period of five years
shares of the bank should have been
listed on a recognised stock exchange
having a minimum net worth of ₹1,000
crore as at the end of the previous National Bank for Agriculture and Rural
quarter (audited) Development (NABARD) and Reserve
meeting the prescribed CRAR Bank of India (RBI) have undertaken
requirements for SFBs various interventions to promote financial
having a net profit in the last two literacy and awareness of rural population,
financial years including microfinance borrowers.
having GNPA and NNPA of less than or NABARD has been providing financial
equal to 3 percent and 1 percent support for conduct of Financial and
respectively in the last two financial Digital Literacy Camps through rural bank
years. branches and Financial Literacy Centres
The following conditions shall be (FLCs) in areas with limited awareness.
applicable with regard to shareholding Centre for Financial Literacy (CFL) Project
pattern: has been initiated by RBI since 2017 with
There is no mandatory requirement for an objective to adopt community-led
an eligible SFB to have an identified innovative and participatory approaches to
promoter. However, the existing financial literacy.
promoters of the eligible SFB, if any, A total of 2,421 CFLs have been set up
shall continue as the promoters on across the country as on March 31, 2025
transition to Universal Bank. with one CFL covering three blocks on an
Addition of new promoters or change average
in promoters shall not be permitted for NABARD also sponsors Village Level
an eligible SFB while transitioning to Programmes (VLPs) which are conducted
Universal Bank. with the support of banks and State Rural
There shall be no new mandatory lock- Livelihoods Missions (SRLMs) for a better
in requirement of minimum interface between bankers and Self-Help
shareholding for existing promoters in Groups (SHGs) to facilitate opening of SHG
the transitioned Universal Bank. accounts, their credit linkage and regular
There shall be no change to the loan repayments, thereby facilitating
promoter shareholding dilution plan financial inclusion at the village level.
already approved by the Reserve Bank. The following steps have been taken
The eligible SFBs having diversified by RBI for enabling ease of access to
loan portfolio will be preferred. credit (in the microfinance sector):
The definition of microfinance loan has
been simplified and various
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CURRENT AFFAIRS

---- quantitative restrictions on loans given by At present, IRCTC has its own PA in place
NBFC-MFIs have been removed, including named 8IRCTC iPay9, which processes
limits on loan amount in a particular cycle and payments through all modes like:
minimum tenure for loans over a particular internet banking, debit and credit card,
threshold. Presently, all collateral-free loans Unified Payments Interface (UPI), among
given to a household having annual others.
household income up to ₹3,00,000 are
considered as microfinance loans. RBI IMPOSES RS. 75 LAKH
Erstwhile requirement of providing MONETARY PENALTY ON ICICI
minimum 50% loans for income BANK
generation purposes has been
dispensed with, considering the need
of credit for medical, educational and
income smoothening purposes.
Further, RBI has taken following steps
to enhance borrower protection:
A ceiling of 50% on the monthly loan
repayment obligations as a The Reserve Bank of India (RBI) has
percentage of monthly income has imposed a monetary penalty of ₹75.00
been prescribed to protect customers lakh on ICICI Bank Limited for non-
from over in debtedness. compliance with certain directions issued
RBI has issued specific guidelines for by RBI on 8Valuation of Properties -
recovery processes which has to be Empanelment of Valuers9 and 8Opening of
followed by REs which ensure Current Accounts by Banks – Need for
protection to the borrowers against discipline9.
harsh recovery methods. REs are This penalty has been imposed in exercise
required to have a dedicated of powers conferred on RBI under the
mechanism for redressal of recovery provisions of Section 47A(1)(c) read with
related grievances. Section 46(4)(i) of the Banking Regulation
Act, 1949.
IRCTC PAYMENTS LTD. The Statutory Inspection for Supervisory
RECEIVED RBI’S IN-PRINCIPLE Evaluation (ISE 2024) of the bank was
APPROVAL TO OPERATE AS conducted by RBI with reference to its
ONLINE PA financial position as on March 31, 2024
RBI found that the following charges
against the bank were sustained,
warranting imposition of monetary penalty:
The bank did not carry out valuation of
properties by independent valuers in
certain mortgage loans.
The bank opened / maintained certain
IRCTC Payments Limited, a wholly- current accounts in contravention of extant
owned subsidiary of Indian Railway regulatory requirements.
Catering and Tourism Corporation
SEBI PROPOSES SINGLE-
(IRCTC) has received the In-Principle
Approval from the Reserve Bank of India
WINDOW GATEWAY TO EASE
to operate as an Online Payment REGULATORY PROCESS FOR
Aggregator FOREIGN PORTFOLIO INVESTORS
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 RBI & SEBI Corner
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Reserve Bank of India (RBI) has, from

time to time, emphasised that banks
must communicate with customers in
their preferred language to ensure clarity
and convenience.
RBI’s Master Circular on Customer
SEBI has proposed a single-window Service in Banks states, inter alia, that all
gateway called SWAGAT-FI to ease customer-facing materials at the
regulatory process for Foreign Portfolio branches of Scheduled Commercial
Investors Banks must be made available in Hindi,
The Sebi’s Single Window Automatic & English, and the concerned regional
Generalised Access for Trusted Foreign language.
Investors (SWAGAT-FI) aims to offer a Further, RBI vide its letter dated
unified, streamlined and consistent access September 30, 2024, reiterated that all
mechanism for certain categories of FI that communications to customers, should
are verified as low-risk category. invariably be issued in a trilingual format-
This framework will help reduce regulatory Hindi, English, and the regional
complexity, simplify compliance, and language.
enhance India’s attractiveness as an All Banks have a robust board approved
investment destination. grievance redressal mechanism in place
Currently, the KYC of FPIs are reviewed to address complaints.
every year or three years based on the risk Further, the Reserve Bank – Integrated
categorisation, while FVCI, are reviewed Ombudsman Scheme (RB-IOS), 2021,
every year/5 years. Now, it is proposed to provides a cost-free platform for
increase the periodicity for continuance of redressal of complaints against RBI-
registration and review of KYC of regulated entities (REs) in matters
SWAGAT-FIs to 10 years. relating to deficiency in service, if the
Currently, aggregate contribution from grievance is not redressed or reply is not
non-resident Indian (NRI), Overseas Citizen given by the RE within the prescribed
of India (OCI) and Resident Indian timeline.
individuals in an FPI is capped at 50% of Government through the Centralized
the total corpus of the FPI. Now, it has Public Grievance Redress and
proposed that restrictions on these Monitoring System (CPGRAMS) portal,
contributions from NRIs, OCIs and RIs will has a feedback call centre since June
be removed for eligible SWAGAT-FI funds, 2022, to assess citizen satisfaction after
particularly benefiting mutual funds with grievance disposal. The feedback data
diversified retail bases. gets finally forwarded to the banks
It is proposed to permit SWAGAT-FIs to use concerned for appropriate action.
a single demat account for holding all Further, RBI’s toll-free Contact Centre
securities acquired as FPI or FVCI or as (14448), operational since November
foreign investor investing in units of 2021, provides information on the
investment vehicles, on an optional basis. grievance redressal mechanism,
As of June 30, 2025, India had 11,913 assistance in filing complaints, and
registered FPIs, collectively holding assets updates on existing cases.
valued at Rs. 81 trillion up from Rs 51tn in While the Contact Centre (CC) is
March 2022. available 24*7 through the Interactive
RBI GUIDELINES ENSURE Voice Response System (IVRS), the
MULTILINGUAL CUSTOMER facility to connect to the CC personnel is
COMMUNICATION available from Monday to Saturday --
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– (except National Holidays) from 8:00 am to This move is a pre-condition for the
10:00 pm in Hindi, English and ten regional privatization of IDBI Bank, in which LIC
languages. holds 49% stake as of June 2025.
SEBI APPROVES SEBI has attached strict conditions such
RECLASSIFICATION OF LIC AS A as the voting rights of LIC not exceeding
10%, no direct or indirect control over the
PUBLIC SHAREHOLDER IN IDBI
bank, no Board Representation,
BANK reduction of stake in IDBI bank to 15% or
less within 2 years.
The non-compliance of LIC with the
conditions will automatically cancel the
reclassification.
The Government of India and LIC
together hold 94.72% stake in IDBI Bank
Securities Exchange Board of India
(GoI – 45.48%, LIC – 49.24%).
approved the request of Life Insurance
They will jointly divest 60.7% stake
Corporation of India to be classified from a
through the strategic
promoter shareholder to a public
shareholder in IDBI bank.

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ABCDL RECEIVES IN-PRINCIPLE – penalty has been imposed in exercise of powers

conferred on RBI under the provisions of section
PAYMENT AGGREGATOR 47 A (1) (c) read with section 46 (4) of the BR Act.
LICENSE FROM RBI Bandhan Bank has paid remuneration to
certain employees in the form of commission,
violating RBI norms.
The bank has carried out manual intervention
at the back end for data of certain accounts
and failed to record the audit trails or logs of
access with specific user details in the
system..
Reserve Bank of India granted in-principle
authorisation to Aditya Birla Capital Digital SEBI NOTIFIES EASIER DELISTING
Limited to operate as an Online Payment RULES FOR PSU
Aggregator under the Payment and Settlement
Systems Act, 2007.
RBI IMPOSES RS.44.70 LAKH
MONETARY PENALTY ON
BANDHAN BANK
Securities and Exchange Board of India
introduced special relaxations for Public Sector
Undertakings in which the government already
holds 90% or more equity.
The new framework aims to simplify the
voluntary delisting process for state-owned
The Reserve Bank of India has imposed a companies, ensuring a more practical and
monetary penalty of Rs.44.70 lakh on efficient approach to their market exit.
Bandhan Bank Limited due to non- SEBI has provided relaxations from the
compliance with certain statutory and requirement of a two-thirds threshold for
regulatory directions issued by RBI approving delisting by public shareholders and
in the mode of computation of the floor price.
This is in contravention of section 10(1)(b)(ii)
The traditional reverse book-building
of the Banking Regulation Act, 1949 (BR Act),
mechanism has been replaced with a fixed
and non-compliance with certain directions
price approach, provided certain valuation
issued by RBI on ‘Automation of Income conditions are met.
Recognition, Asset Classification and The SEBI stated that the new rule applies to
Provisioning processes in banks’. This - PSUs, excluding banks, Non-Banking Financial -
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– Companies and insurance companies, where the – phase-III, initially set for September 01, 2025,
government holds a 90% or greater stake. has been extended to December 15, 2025.
The PSUs can now delist at a fixed price,
RBI IMPOSED RS 21 LAKH FINE ON
provided it is at least 15% above the floor price
regardless of recent trading activity in the stock. PHONEPE
The FP of delisting will be the highest among :
The volume-weighted average price of trades
over the 52 weeks up to the reference date. The
maximum price paid over the 26 weeks before
the reference date.
If a shareholder does not submit their shares
within the one-year exit window, the company Reserve Bank of India has imposed a
is required to deposit the pending amount in a
monetary fine of Rs 21 lakh on PhonePe
designated account with the stock exchange
Limited for non- compliance with certain
within 30 days following the closure of the
window. regulatory norms related to Prepaid Payment
The money will be held for 7 years, allowing Instruments (PPIs).
investors ample time to claim their dues. This penalty has been imposed in exercise of
powers conferred on RBI under the
SEBI RAISED CUSTODIAN NET
provisions of Section 30(1) read with Section
WORTH REQUIREMENT TO RS 75 26(6) of the Payment and Settlement Systems
CRORE Act, 2007.
RBI highlighted that PhonePe’s end of the
day balance in the escrow account of the
company was less than the value of
outstanding PPls and payments due to
merchants on certain days and the company
did not report the shortfall in the said escrow
Securities and Exchange Board of India has account to RBI immediately.
raised the minimum net worth requirement
RBI SIGNED RENEWED SOC TO
for custodians from existing Rs 50 crore to Rs
75 crore
FX GLOBAL CODE
SEBI introduced this new change by
amending the existing SEBI (Custodian)
Regulations, 1996.
Following the amendment, these regulations
are now known as ‘SEBI (Custodian)
(Amendment) Regulations, 2025.’
Reserve Bank of India has reaffirmed its
As per SEBI, the provisions of the new dedication to global best practices in the
regulations will come into force 6 months foreign exchange market by renewing its
from the date of their publication in the Statement of Commitment to the FX Global
official gazette. Code.
The existing custodians are required to meet As per SoC, RBI acts as a Market Participant as
the new capital adequacy requirement within defined by the Code, is committed to
3 years from the date of new regulations conducting its FX market activities as per the
principles of the Code.
commencement.
The code is a set of international principles of
As per SEBI’s circular, the implementation
good practice in the FX
date for phase-II of the framework, originally The code was developed under strategic
scheduled for June 01, 2025, has been partnership between the central banks and
extended to August 08, 2025. market participants worldwide and 1st
Similarly, the implementation date for - published in 2017.
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The Global Foreign Exchange Committee

(GFXC), apex body responsible for promotion,
maintenance of the code, reviewed the code
for the 1st time in July 2021 and then later, in
December 2024.
RBI AUTHORIZES DBS BANK
INDIA AS AGENCY BANK TO The Reserve Bank of India announced a new
COLLECT GST PAYMENTS institutional mechanism to periodically review
its regulations, aimed at making the
regulatory framework more effective,
responsive and also aligned with the evolving
requirements of the financial sector.
This RRC will oversee the systematic internal
review of all regulations issued by the RBI and
DBS Bank India became the first wholly owned also each regulation will be revisited once
subsidiary of a foreign bank in India to be every five to seven years, ensuring a
authorized by the Reserve Bank of India as an structured and phased approach to
agency bank to collect Goods and Services Tax regulatory assessment.
(GST) payments. The RBI has also set up an independent
With this move, DBS Bank India can handle Advisory Group on Regulation (to strengthen
GST collections on behalf of the Central Board
stakeholder engagement and channel
of Indirect Taxes and Customs
industry feedback into the process.
This approval allows DBS Bank India to provide
GST payment solutions to businesses through The AGR will have an initial tenure of three
its enterprise digital banking platform, DBS years, renewable for another two years
IDEAL. subject to review

RBI SETS UP NEW INTERNAL

MECHANISM TO REVIEW
REGULATIONS

RBI SETS UP NEW INTERNAL MECHANISM TO REVIEW REGULATIONS

AGR COMPOSITION

NAME DESIGNATION ENTITY

RANA ASHUTOSH KUMAR SINGH

1 MANAGING DIRECTOR STATE BANK OF INDIA
(CHAIRMAN)

FORMER MD AND NON-

2 T. T. SRINIVASARAGHAVAN SUNDARAM FINANCE
EXECUTIVE DIRECTOR

3 GAUTAM THAKUR CHAIRMAN SARASWAT CO-OPERATIVE BANK

FORMER MD & CHIEF

4 SHYAM SRINIVASAN FEDERAL BANK
EXECUTIVE OFFICER

FORMER PRESIDENT & CHIEF

5 RAVI DUVVURU JANA SMALL FINANCE BANK
COMPLIANCE OFFICER

FORMER MD & CHIEF ICICI PRUDENTIAL LIFE

6 N. S. KANNAN
EXECUTIVE OFFICER INSURANCE

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RBI IMPOSED PENALTY ON The company has violated guidelines on

code of conduct in outsourcing of financial
MUTHOOT FINCORP services in its digital lending operations.
It caused trouble in sourcing of customers,
conducting their due diligence, disbursement
of loans, servicing of loans, recovery of loans
granted as well as Know Your Customer
verification to the service provider
KinCash app & DoLoan app (Zest Top One
The Reserve Bank of India imposed a monetary Technology Pvt Ltd) and ZestCash app
penalty of Rs 2.7 lakh on Muthoot FinCorp (company’s in-house app) serve as the
Limited for failing to comply with certain norms service providers.
on ‘Internal Ombudsman’. Recent RBI related news:
The monetary penalty was imposed under the The Reserve Bank of India announced a new
clause (b) of sub-section (1) of Section 58G institutional mechanism to periodically review
read with clause (aa) of sub-section (5) of its regulations, aimed at making the
Section 58B of the RBI Act, 1934. regulatory framework more effective,
RBI found that the company failed to establish a responsive and also aligned with the evolving
system of auto escalation of complaints that requirements of the financial sector.
were partly or wholly rejected by its internal DBS Bank India became the first wholly
grievance redress mechanism to the internal owned subsidiary of a foreign bank in India to
Ombudsman. be authorized by the Reserve Bank of India as
an agency bank to collect Goods and
RBI CANCELS REGISTRATION Services Tax (GST) payments.
CERTIFICATE OF DATTA SEBI EXTENDED THE DEADLINE
FINANCE AND TRADING FOR THE COMPLETE ROLL OUT
OF ALGORITHM TRADING RULES

Reserve Bank of India has cancelled the

Certification of Registration of Datta Finance Securities and Exchange Board of India
and Trading Private Limited, a Non-Banking extended the deadline for the complete roll out
Financial Company due to its irregular of algorithm trading rules for retail investors to
lending processes April 01, 2026.
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Retail Algo Trading enables investors to use – Committee Meeting of Financial Year 2025-26
automated strategies through computer under the chairmanship of Shri Sanjay Malhotra,
programmes Governor, RBI.
Initially, the framework was scheduled to come The meeting was attended by the MPC
into effect from August 01, 2025, was 1st members Dr. Nagesh Kumar, Shri Saugata
deferred to October 01, 2025. Bhattacharya, Prof. Ram Singh, Dr. Poonam
SEBI has introduced a glide path which further Gupta and Shri Indranil Bhattacharyya.
outlines 3 key milestones for the smooth and All the MPC members voted unanimously to
complete implementation of the framework. keep the policy repo rate under the liquidity
Milestone 1: Stock brokers are required to adjustment facility unchanged at 5.5%
apply for registration of at least one retail algo The RBI revised India’s Gross Domestic Product
strategy through an API (in-house and through growth forecast for Financial Year 2025- 26)
vendors) by October 31, 2025. upwards to 6.8% from earlier estimate of 6.5%.
Milestone 2: SEBI has directed that complete India’s real GDP grew 7.8% in Quarter 1 (Q1:
registration of retail algo products coming April-June 2025) FY 26, up from 7.4% in the
through API (in-house and through vendors) previous quarter
and few algo strategies for retail algo with The projection for FY26 Q2 (July-September
exchange must be completed by November 2025) at 7.0%; Q3 (October-December 2025) at
30, 2025. 6.4%, Q4 (January-March 2026) at 6.2%.
Milestone 3: Further, stock brokers are The real GDP growth for Q1:2026-27 is
required to participate in at least one mock projected at 6.4%.
trading session with full functionality by Consumer Price Index inflation for FY26 is now
January 03, 2026, and submit proof of projected at 2.6% (lowered by 50 basis points)
participation to the exchanges. with Q2 at 1.8%; Q3 at 1.8%; and Q4 at 4.0%.
Stock brokers who fail to comply with these The CPI inflation for Q1:FY27 is projected at
milestones will be barred from onboarding new 4.5%
retail clients for the API-based algo retail trading Risk Based Premium Framework for Deposit
framework from January 05, 2026. Insurance in India
Stock Exchanges have been entrusted with the Deposit Insurance and Credit Guarantee
responsibility to monitor the overall compliance Corporation (DICGC), under the DICGC Act,
of stock brokers with the milestones set by the 1961 has been operating the deposit insurance
SEBI. scheme since 1962 on a flat rate premium
SEBI has directed the stock exchanges to basis.
ensure that brokers, who are not ready to go At present, the banks are charged a premium of
live from October 01 2025, are advised to 12 paise per Rs.100 of assessable deposits.
submit details of their existing clients as of Under the new Risk Based Premium model,
September 30 2025, to the concerned banks demonstrating greater financial stability
exchanges. and robustness will be rewarded with a
SEBI has clarified that the complete algo significantly lower premium payout
framework, including operational modalities Free digital banking service to basic savings
issued by stock exchanges, will be applicable account holders
to all brokers from April 01, 2026. RBI has announced that Basic Savings Bank
Deposit Account (BSBDA) holders will now
RBI’S 4TH BI-MONTHLY have access to full-fledged digital banking
MONETARY POLICY FY 2025-26 facilities.
Until now, digital banking services such as
mobile and internet banking were largely
reserved for regular savings account holders.
Reserve Bank – Integrated Ombudsman
Scheme, 2021 (RB-IOS)
The Regulated Entities currently covered under
the RB-IOS include Commercial Banks,
The Reserve Bank of India conducted the Regional Rural Banks, Scheduled Primary
57th and 4th Bi-monthly Monetary Policy - (Urban) Co-operative Banks, Non-Scheduled -
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– Primary (Urban) Co-operative Banks with – use of rupee in invoicing and settlement of
deposits size of Rs.50 crore and above, select international trade.
Non-Banking Financial Companies and Credit The balances in Special Rupee Vostro
Information Companies. Accounts which currently facilitate trade
In the MPC meeting, it was decided to bring settlement in local currency, will now be
State Co-operative Banks and District Central made eligible for investment in corporate
Co-operative Banks which were previously bonds and commercial papers. Already, RBI
under National Bank for Agriculture and Rural had allowed foreign investors to invest their
Development within the scope of the RB-IOS. surplus SRVA balances into central
Strengthening Internal Ombudsman (IO) government securities.
mechanism The RBI informed that it has dropped the
The RBI has institutionalized the Internal proposed restriction on overlaps in business
Ombudsman mechanism in select REs which activities between banks and their group
enables an independent apex level review of entities from the final guidelines on “Forms of
complaints that are being rejected by the Business and Prudential Regulation for
Regulated Entities. Investments (issued in October 2024).”
To further improve upon the efficacy of this This means that now banks and their NBFC
mechanism, it is proposed that the IOs be can operate in a similar line of business
equipped with compensation powers and be without banks having to merge or divest their
allowed access to the complainant, aligning stakes in their subsidiaries.
the role of IOs more closely with that of the
RBI Ombudsman. RBI’s 4th Bi-monthly Monetary Policy FY
Additionally, a two-tiered structure may be 2025-26
introduced within REs for grievance redress–
Category Rate
prior to escalation to the IO.
It is proposed to enhance limits for lending by Repo Rate 5.50%
banks against shares from Rs.20 lakhs to Rs.1
cr and for IPO financing from Rs.10 lakhs to Reverse Repo Rate 3.35%
Rs.25 lakhs per person.
The RBI has also proposed to remove the SDF 5.25%
regulatory ceiling on lending against listed
MSF 5.75%
debt securities.
It is proposed to withdraw RBI’s August 2016 Cash Reserve Ratio (CRR) 3.00%
framework on Enhancing Credit Supply for
Large Borrowers through Market Mechanism Statutory Liquidity Ratio (SLR) 18.00%
(with credit limit from banking system of Rs
10,000 crore and above). Bank Rate 5.75%
To reduce the cost of infrastructure financing
by NBFCs, it is proposed to reduce the risk SEBI LAUNCHED MITRA
weights applicable to lending by NBFCs to PLATFORM
operational, high quality infrastructure
projects.
Since 2004, licensing for Urban Co-operative
Banks had been paused. Now RBI proposes
to publish a discussion paper on licensing of
new UCBs.
The authorised dealer banks will now be
permitted to extend loans in Indian Rupees to Securities and Exchange Board of India
non-residents from Bhutan, Nepal and Sri launched a new digital platform, Mutual Fund
Lanka for trade-related transactions. Investment Tracing and Retrieval Assistant
The RBI plans to establish transparent (MITRA).
reference rates for currencies of India’s major The new platform is designed to help investors
trading partners. The step aims to make in tracking and reclaiming inactive or
pricing more predictable and strengthen the - unclaimed Mutual Fund folios.
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This new platform was originally introduced by – System Code) code or its @valid UPI ID through
SEBI in February 2025, through a circular the SEBI Check portal available on the SEBI
issued in exercise of the powers given under website or SEBI Saarthi application
Section 11(1) of the SEBI Act 1992, read with
SEBI PANEL PROPOSES HIGHER
provision of Regulation 77 of SEBI (Mutual
Funds) Regulation, 1996, to protect the interest TRANSACTION FEES FOR
of the investors in securities and to promote the CLEARING CORPORATIONS
development of, and to regulate the securities
market.
The platform is jointly managed by two
Qualified Registrar and Transfer Agents namely,
Computer Age Management Services Limited
(CAMS) and KFin Technologies Limited.

SEBI LAUNCHES ‘VALIDATED UPI Securities and Exchange Board of India

HANDLES’ & ‘SEBI CHECK’ constituted working group headed by R.S.
Gandhi, former Deputy Governor of Reserve
Bank of India has proposed increasing
transaction charges for clearing corporations
such as NSE Clearing Limited, a wholly owned
subsidiary of the National Stock Exchange.
SEBI clarified that broker charges will remain
unchanged.
Securities and Exchange Board of India Currently, NSE Clearing receives nearly 5% to
unveiled two significant initiatives 6% of the fees that NSE collects from members.
A revision of the charges for the clearing
SEBI has introduced exclusive “@valid” UPI
corporation, expected to increase the share to
IDs for all registered investor-facing
25% or even a little higher.
intermediaries, including brokers and mutual
The proposed fee revision could lower
funds standalone earnings of major exchanges like
Apart from the @valid, which indicates the NSE, while brokers and clearing members may
verified status, a suffix indicating the type of face increased cost pressures.
intermediary, for e.g. .brk for brokers and .mf RBI LAUNCHED GLOBAL
for MF will be added along.
HACKATHON ‘HARBINGER 2025’
When an investor initiates a UPI payment to a
registered entity using a @valid handle, a
“thumbs-up” symbol enclosed in a green
triangle will appear on the payment screen.
Its absence serves as a red flag, alerting
investors to potential unauthorised recipients.
In addition, a distinct QR (Quick Response)
Reserve Bank of India launched the 4th edition
code featuring the same thumbs-up logo will of its global hackathon ‘HaRBInger 2025:
be used for quick and error-free payments. Innovation for Transformation’, designed to
SEBI Check is a self-verification tool that leverage emerging technologies to build
enables investors to confirm the authenticity innovative, secure and user-centric financial
of SEBI- registered entities before making solutions.
payments. THEME: ‘Secure Banking: Powered by Identity,
This facility can be used not only for UPI Integrity, and Inclusivity’.
HaRBInger 2025, conceptualized by the
payments but also for transfers made through
Reserve Bank Innovation Hub (RBIH), provides
NEFT, RTGS and IMPS
a unique platform that brings together global
Investors can verify an intermediary’s bank innovators, developers, entrepreneurs, students
account number and IFSC (Indian Financial - and technology professionals to co-create -
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– solutions for the banking and financial sector. – Department, Premises Department, Rajbhasha
Under this hackathon, the eligible entities and Department, Central Security Cell (new), Right to
individuals are invited to develop technology- Information (RTI) Division (new), Internal Debt
driven solutions under three problem Management Department, Department of Banking
statements: Tokenised Know Your Customer Regulation, Department of Payment and Settlement
(KYC), Offline Central Bank Digital Currency Systems, Department of Currency Management,
(CBDC) and enhancing trust. and Department of Risk Monitoring) at the central
All entities, teams or individuals, who are aged bank, including two newly added divisions: the
18 years and above, are eligible to participate in Central Security Cell and the Right to Information
this global hackathon. (RTI) division.
For each problem statement, the winning team RBI Deputy Governor Poonam Gupta will
will receive Rs 40 lakh and the Runner-up team oversee six departments, including the
will receive Rs 20 lakh. Monetary Policy Department, International
In addition to that, a special prize will be given Department, and Financial Stability
to the best all-woman team, with a monetary Department.
prize of Rs 20 lakh.
As per RBI, each selected team will receive
financial assistance of Rs. 5 lakh to develop
working prototypes.

RBI RESTRUCTURED THE

PORTFOLIOS OF ITS FOUR
DEPUTY GOVERNORS

Shirish Chandra Murmu has taken charge as

Deputy Governor of the RBI for a three-year
term, overseeing key departments such as
Communication, Government & Bank
Accounts, Regulation, and Enforcement. A
veteran of the RBI since 1991, he previously
served as Executive Director(ED)
M. Rajeshwar Rao continues in his role as
Deputy Governor, overseeing departments
such as Financial Markets Operations,
Financial Inclusion and Development, and
the Department of Supervision.
RBI Deputy Governor T. Rabi Sankar will now
oversee the Corporate Strategy and Budget
Department, previously managed by Deputy
Governor Poonam Gupta. He will also be
responsible for the Rajbhasha Department,
Risk Monitoring Department, and the
Secretary’s Department.
RBI Deputy Governor Swaminathan
Janakiraman will now manage 10
departments(Human Resource Management-
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