DAILY CURRENT AFFAIRS 2025 (10th May)
News related to RBI Banking and Finance
1. RBI mandates reporting of digital lending apps 2. Public sector banks post record ₹1.78 tn profit in
via CIMS portal from May 13 FY25, growth up 26%
❖ Regulated entities (REs) must report details of ❖ Public sector banks (PSBs) in India posted a
their digital lending apps (DLAs) via the
record cumulative profit of Rs 1.78 lakh crore in
Reserve Bank of India's (RBI) Centralised
FY25, marking a 26% increase from FY24 (Rs
Information Management System (CIMS)
portal. 1.41 lakh crore).
❖ The CIMS portal will start accepting reports on ❖ The profit increase in absolute terms was around
May 13, 2025, and REs have until June 15, Rs 37,100 crore compared to the previous fiscal
2025, to submit their initial data. year.
❖ The new regulations aim to enhance ❖ State Bank of India (SBI) contributed over 40%
transparency in digital lending practices, of the total profit, with a net profit of Rs 70,901
including how loan products are presented to
crore in FY25, a 16% rise from Rs 61,077 crore
borrowers.
in FY24.
❖ The RBI will publish a list of DLAs on its
website to help customers verify the association ❖ Notably, Punjab National Bank reported the
of a DLA with an RE, based solely on data highest profit growth at 102%, reaching Rs
submitted by REs, with no further validation by 16,630 crore; followed by Punjab & Sind Bank
the RBI. This list will be automatically updated. at 71% growth to Rs 1,016 crore.
❖ REs are required to conduct enhanced due ❖ Other banks with significant profit increases
diligence when partnering with lending service include:
providers (LSPs) for digital lending, ▪ Central Bank of India: 48.4% growth to Rs
considering factors like technical capabilities 3,785 crore
and data privacy. ▪ UCO Bank: 47.8% rise to Rs 2,445 crore
❖ LSPs working with multiple REs must provide ▪ Bank of India: 45.9% increase to Rs 9,219
a digital view of all loan offers that align with a crore
borrower's request, including unmatched ▪ Bank of Maharashtra: 36.1% rise to Rs
lenders. 5,520 crore
❖ Expertise comments indicate that the ▪ Indian Bank: 35.4% increase to Rs 10,918
consolidation of guidelines and new measures crore
from the RBI is positive for consumer ❖ The turnaround of PSBs is notable, recovering
transparency and experience. from record losses of Rs 85,390 crore in FY18
❖ REs face a reporting deadline of June 15, while to profits in FY25.
LSPs must comply with presentation ❖ The improvements are attributed to government
requirements by November 1, 2025. initiatives and reforms, including the 4R
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DAILY CURRENT AFFAIRS 2025 (10th May)
strategy: Recognising NPAs, Resolution and ❖ Future upgrades are possible if reforms continue
recovery, Recapitalising PSBs, and Reforms in to boost the investment rate and medium-term
the financial ecosystem. growth prospects.
❖ The government infused Rs 3,10,997 crore for ❖ Current public debt levels are manageable due
the recapitalisation of PSBs over five financial to local currency denomination and long
years (2016-17 to 2020-21). maturity structures.
❖ Reforms focused on credit discipline, ❖ Continued reforms and reduction of the public
responsible lending, governance improvement, debt-to-GDP ratio could lead to further rating
technology adoption, and bank amalgamation. upgrades.
❖ Morningstar DBRS rating scale aligns with
Business and Economy Fitch and S&P, with 'high' and 'low' suffixes
3. India gets upgraded to ‘BBB’ with a ‘Stable’ replacing the +/- system.
trend in rating by Morningstar DBRS, a global
sovereign credit rating agency Agreement and MoU
4. India and Chile Sign Terms of Reference for
Comprehensive Economic Partnership
Agreement Negotiations
❖ Morningstar DBRS upgraded India's Long-
Term Foreign and Local Currency Issuer
Ratings from BBB (low) to BBB with a Stable
trend. ❖ India and Chile signed the Terms of Reference
❖ India's Short-Term Foreign and Local Currency (ToR) for a Comprehensive Economic
Issuer Ratings improved from R-2 (middle) to Partnership Agreement (CEPA).
R-2 (high) with a Stable trend. ❖ The first round of negotiations for the CEPA is
❖ Key factors for the upgrade: scheduled for May 26-30, 2025, in New Delhi.
▪ Structural reforms such as infrastructure ❖ The CEPA aims to build upon the existing
investment and digitalization. Preferential Trade Agreement (PTA) and cover
▪ Fiscal consolidation leading to declining a broader range of sectors, including digital
debt and deficit.
services, investment promotion, MSMEs, and
▪ Sustained high economic growth (average
critical minerals.
GDP growth of 8.2% during FY22-25).
▪ Macroeconomic stability (stabilized ❖ Both nations are strategic partners, having a
inflation, range-bound exchange rate, history of strengthening bilateral relations and
sound external balance). high-level exchanges.
▪ A resilient banking system with well- ❖ A Framework Agreement on Economic
capitalized banks and low non-performing Cooperation was signed in January 2005,
loans (at a 13-year low).
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DAILY CURRENT AFFAIRS 2025 (10th May)
followed by the PTA in March 2006, and an mentorship, and integration into global value
expanded PTA in September 2016. chains.
❖ Negotiations to expand the PTA took place ❖ The company will provide access to
between 2019 and 2021, leading to the infrastructure, supplier development, technical
establishment of a Joint Study Group (JSG) to collaboration, and market access for startups
explore further economic engagement. and MSMEs.
❖ The JSG report was finalized on April 30, 2024. ❖ Hafele has already invested over USD 2.5
❖ This commitment was reiterated during the million in an Indian appliance manufacturing
State visit of Chilean President H.E. Mr. Gabriel startup and placed purchase orders with Indian
Boric Font to India from April 1-5, 2025. MSME manufacturers.
❖ Both leaders emphasized enhancing the trade ❖ DPIIT will facilitate access to the ecosystem
framework to unlock new growth opportunities through Startup India, aiding startup
and welcomed the signing of the ToR for the connections and program participation.
CEPA. ❖ The MoU is effective for two years, with
potential for extension based on mutual
5. DPIIT and Hafele India Sign MoU to Boost agreement.
Manufacturing Innovation and Localized Supply
Chains 6. Karnataka inks MoU with GAIL for 1 GW
renewable energy project
❖ The Department for Promotion of Industry and
Internal Trade (DPIIT) signed a Memorandum ❖ The Government of Karnataka has signed an
of Understanding (MoU) with Hafele India Pvt. MOU with GAIL (India) Limited to establish
Ltd. in New Delhi. approximately 1 GW of renewable energy (RE)
❖ The partnership aims to enhance India's capacity in the state.
manufacturing and innovation ecosystem by ❖ The proposed investment for this initiative is Rs
supporting product startups, MSMEs, and 5,000 crore.
entrepreneurs. ❖ The MOU allows GAIL to explore various
❖ It focuses on building resilient local supply renewable energy options, including:
chains and accelerating India's goal of ▪ Ground-mounted solar
becoming a global manufacturing hub. ▪ Rooftop solar
❖ Hafele will implement initiatives for product ▪ Floating solar
▪ Wind energy
innovation, local sourcing, and
▪ Storage solutions
entrepreneurship through investments,
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DAILY CURRENT AFFAIRS 2025 (10th May)
❖ GAIL aims to acquire land within solar parks in ❖ This session focused on the comprehensive
Karnataka to expedite project implementation. implementation and impact of the SVAMITVA
❖ This collaboration aims for long-term benefits Scheme, covering drone surveys, legal
in economic growth and climate objectives. frameworks, property card issuance, and
❖ The Pavagada Solar Park is currently generating institutional convergence.
2,050 MW annually, with local farmers offering ❖ During the technical session on May 8, Shri
an additional 10,000 acres of land for future Alok Prem Nagar presented the Gram
projects. Manchitra platform, emphasizing its role in
localized, data-driven development planning.
Summit and Conference ❖ Gram Manchitra aids in climate resilience,
7. World Bank Land Conference 2025 concludes infrastructure planning, and scheme
with Nations keen to replicate India’s Rural convergence, earning recognition for its
Governance Models relevance in the global south.
Appointment
8. Wipro appoints Sandeep Dhar as Global Head of
GCC practice
❖ The World Bank Land Conference 2025 took
place from May 5-8 in Washington D.C., with
India recognized as a leader in rural governance.
❖ The conference highlighted India's initiatives,
particularly the SVAMITVA Scheme and the ❖ Wipro has appointed Sandeep Dhar as the
Gram Manchitra platform, as models of Global Head of its Global Capability Center
inclusive, tech-driven rural governance. (GCC) practice.
❖ The Plenary Session focused on the ❖ Sandeep will lead Wipro’s AI-powered,
SVAMITVA Scheme's impact on improving consulting-led GCC strategy aimed at helping
livelihoods, empowering women, and providing global enterprises create and scale
access to credit in rural areas. transformation hubs.
❖ The SVAMITVA Scheme has surveyed 68,000 ❖ He reports to Sanjeev Jain, Wipro’s Chief
sq. km of land and monetized Rs.1.16 trillion, Operating Officer.
positioning it as a scalable model for economic ❖ Wipro offers comprehensive GCC services that
transformation globally. span from portfolio strategy to setup and
❖ A high-level special session titled "Securing operation.
Land Rights for a Billion People" was led by the ❖ Sanjeev Jain expressed confidence in Sandeep's
Ministry of Panchayati Raj, attended by World experience and Wipro’s capabilities to deliver
Bank representatives and various countries. value to clients.
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DAILY CURRENT AFFAIRS 2025 (10th May)
❖ Sandeep Dhar has over 30 years of experience State Affairs
in the GCC ecosystem and consulting. 10. Haryana Launches “Pandit Lakhmi Chand
❖ Previously, he transformed Tesco and Goldman Kalakar Samajik Samman Yojana” to Support
Sachs Consumer Bank GCCs into innovative Senior Artistes
growth centers.
❖ Sandeep emphasized the need for strategic
partners to help GCCs meet evolving business
needs and drive impact.
Awards and Honours
9. Sonu Sood to receive humanitarian award at
72nd Miss World Festival for Covid-19 relief
work
❖ The Haryana government has launched the
“Pandit Lakhmi Chand Kalakar Samajik
Samman Yojana” to assist elderly and
economically weaker artistes.
❖ The scheme offers monthly financial assistance
to senior contributors in the arts, including
music, dance, painting, and theatre.
❖ Approved by the Haryana Cabinet under Chief
Minister Nayab Singh Saini on May 5, 2025.
❖ Sonu Sood will receive the Humanitarian ❖ Aims to support the livelihoods of senior artistes
Award at the 72nd Miss World Festival on May who lack financial stability.
31 at HITEX Arena, Hyderabad. ❖ Recognizes the lifelong contributions of veteran
❖ He is recognized for his contributions during the cultural practitioners in Haryana.
Covid-19 pandemic. ❖ Seeks to preserve and promote traditional arts
❖ Sood will also serve as one of the judges for the by valuing the artists who maintain them.
Miss World 2025 grand finale. Eligibility Criteria:
❖ Julia Morley, Chairperson of the Miss World ❖ Must be a resident of Haryana.
Organisation, praised Sood's dedication as ❖ At least 20 years of active contribution to
embodying the organization's theme of 'Beauty relevant artistic fields.
With A Purpose.' ❖ Must be 60 years or older, verified through
❖ Sood helped stranded migrant workers during Parivar Pehchan Patra (PPP).
the pandemic by arranging transportation, Financial Assistance Structure:
❖ Annual income up to ₹1.80 lakh: ₹10,000 per
providing medical support, and launching
month.
educational and employment initiatives through
❖ Annual income between ₹1.80 lakh and ₹3 lakh:
his non-profit, the Sood Charity Foundation.
₹7,000 per month.
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