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THE BANKING/FINANCIAL/ECONOMY
AFFAIRS – AUGUST 2025
India’s Retail Inflation Declines to 8-Year Low of 1.55% in July 2025
 National Statistics Office (NSO), Ministry of Statistics and Programme Implementation
(MoSPI), released the . As per the official data, India’s retail inflation, measured by CPI,
declined to a 95-“Consumer Price Index (CPI) for Rural, Urban and Combined for the
month of July 2025”month low (8 years) to 1.55% in July 2025, down from 2.10% in June
2025.
 Low: This is the lowest Year-on-Year inflation (Y-o-Y) registered since June 2017. It also
marks the 6th consecutive month that inflation has stayed below the Reserve Bank of
India (RBI)’s medium-target of 4%.
 Factors: Food inflation has dropped to 1.76%, lowest registered since January 2019, with
food inflation rates in urban (1.74%) and rural (1.90%) in July 2025.
 The headline inflation in rural areas is 1.18% in July 2025, while the urban sector has
witnessed a drop in headline inflation to 2.05%.

Tata Power Joins Hands with Suzlon for 700 MW Wind Project in AP
 Tata Power Renewable Energy Limited(TPREL) signed an agreement worth Rs 6,000
Crore with Suzlon Energy Limited, one of the leading global Renewable Energy (RE)
solution provider for the development of 700 MegaWatt (MW) wind energy project in
Anantpur district of Andhra Pradesh (AP).
 This newly announced project is part of a Memorandum of Understanding (MoU) signed
between Tata Power Renewable Energy Limited (TPREL) and AP government in March
2025.
 The MoU aims to build Renewable Energy (RE) capacities up to a capacity of 7 Giga Watt
(GW).
 Annual Energy Capacity: The project is expected to generate 1840 million units of power
annually. Investment: The 7 GW of RE which includes solar, wind, and hybrid projects
with or without storage solutions, is projected to attract investments worth Rs 49,000
crore, making it one of the largest RE investments in the state.

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PPSL Received RBI’s Approval to Operate as Online PA
 Paytm Payments Services Limited (PPSL), a wholly-owned subsidiary of One 97
Communications, has received ‘In-Principle’ approval from the Reserve Bank of India
(RBI) operates as an Online Payment Aggregator (PA) under the Payment and
Settlement Systems Act (PSS Act, 2007).
 The approval is subject to adherence to the Guidelines on Regulation of Payment
Aggregators and Payment Gateways dated March 17, 2020 and related clarifications
released on March 31, 2021.
 Merchant Onboarding Resumes: This approval allows PPSL to restart onboarding new
merchants, a process that had been on hold for over a year.
 System Audit: RBI has mandated PPSL to conduct a thorough system audit, which
includes a cyber-security audit.
 Deadline: PPSL must file the system audit report within 6 months, otherwise the RBI will
withdraw its in-principle approval.

RBI Allowed NRIs to Invest Surplus Rupee SRVAs in G-Secs & T-Bills
 Reserve Bank of India (RBI) has allowed Non-Resident Indians (NRIs) holding Special
Rupee Vostro Accounts (SRVAs) to invest their surplus rupee balances in central
Government Securities (G-Secs) including Treasury Bills (T-Bills). This new measure came
into immediate effect.
 The directions were issued under the sections 10(4) and 11 (1) of the Foreign Exchange
Management Act (FEMA), 1999 and are without prejudice to permissions/approval, if
any, required under any other law.
Key Changes:
 Updated Master Direction: In order to incorporate new guidelines, RBI has revised its
Master Direction i.e. RBI (Non-Resident Investment in Debt Instruments) Directions,
2025 issued in January 2025.
 Directions to AD Cat-I: RBI has directed the Authorised Dealer Category (AD Cat-I) banks
to inform their constituents and concerned customers about the new provisions.
 SRVAs: It is a special arrangement, introduced in July 2022, for the settlement of
international trade through Indian Rupee (INR). It helps to reduce dependence on hard
(convertible) currency and improves financial stability.

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Tata’s Nelco to Roll Out Eutelsat OneWeb LEO Satellite Services in India
 Tata Group’s satellite communications firm, Nelco Limited, has partnered with French
satellite service provider Eutelsat to deliver OneWeb Low Earth Orbit (LEO) satellite
connectivity across India.
 This collaboration aims to provide secure, low-latency, and high-speed satellite internet
services covering India’s landmass, territorial waters, and remote regions.
 Coverage: The services will cover a wide range of government and enterprise
applications, strengthening India’s digital infrastructure and national security while
enhancing connectivity in underserved or remote regions of the country.
 Protection: This strategic partnership will provide reliable, secure, and high-speed
communication solutions based on LEO services for critical sectors across land, sea and
air.
 OneWeb, a satellite services company backed by Bharti Enterprises, merged its
operations with Eutelsat in 2023. This became the second-largest satellite operator
globally, with 669 satellites in orbit.

LTIMindtree Joins India’s First Quantum Valley at Amaravati, AP

 LTIMindtree, an Information Technology (IT) services and consulting company, in
partnership with its parent group, Larsen & Toubro (L&T), announced a strategic
collaboration with Government of Andhra Pradesh (AP) and industry partners to
develop India’s first Quantum Valley Tech Park in Amaravati, AP.
 With this move, LTIMindtree and L&T have become the core technology and
infrastructure partner in the Quantum Valley Ecosystem.
 Under this partnership, LTIMindtree will establish a Centre of Excellence (CoE) in the
Quantum Valley, to spearhead deep-tech research, quantum incubation, and applied
Research and Development (R&D).
 L&T will oversee the design, development, and management of the physical
infrastructure, utilizing its expertise in large-scale construction projects.

RBL Bank Partnered with CAMSPay to Launch Digital Payment Gateway

 Mumbai (Maharashtra) based RBL Bank entered into a strategic partnership with
CAMSPay, the payments unit of Computer Age Management Services (CAMS), to launch
a new digital payment gateway platform targeting Indian enterprises.

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 RBL Bank’s Role: RBL Bank uses its banking infrastructure to deliver smooth and efficient
acquiring settlement services.
 CAMSPay’s Contribution: CAMSPay drives payment technology innovation with features
such as real-time settlement capabilities, secure card processing, real-time analytics,
automated reconciliation, and efficient settlement through Open APIs, delivering a
scalable and regulation-ready solution.
 Collaboration Benefits: Together, they tackle payment challenges across various
industries, support high transaction volumes, and ensure adherence to regulatory
requirements.
 Managing Director (MD) & Chief Executive Officer (CEO) of RBL Bank is R
Subramaniakumar and CEO of CAMSPay is Vasanth Jeyapaul.

NABARD, APGB & Aqua Exchange Signed MoU to Launch Collateral-Free Shrimp
Farming Loans
 National Bank for Agriculture and Rural Development (NABARD), Andhra Pradesh
Grameena Bank (APGB), and Aqua Exchange Agritech Private Limited signed a
Memorandum of Understanding (MoU) in Vijayawada (Andhra Pradesh, AP) to launch a
pilot Internet of Things (IoT)-enabled loan model for shrimp farmers.
 Purpose: The initiative aims to integrate shrimp farmers into the formal credit system by
offering low-interest, collateral-free crop loans, reducing reliance on informal lending,
and encouraging sustainable aquaculture. Loan Disbursement: Total of Rs. 25 crores in
collateral-free loans to be disbursed to around 100 shrimp farmers within 3–6 months,
with an initial sanction of Rs. 1.25 crore to 5 farmers.
 Future Disbursement Target: Rs. 100 crores in Financial Year (FY) 2025–26(FY26) and Rs.
250 crores in FY27.
 Farm Rating Score (FRS): An FRS will be developed to assess farmers’ creditworthiness,
acting as a benchmark for the formal finance sector under the Unified Lending Interface
(ULI) of the Reserve Bank of India (RBI).
 Technology Integration: IoT devices will be deployed for real-time monitoring of water
quality, feed usage, and disease control, thereby improving productivity and reducing
risks.

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BEML Secured USD 1 Million Overseas Rail and Metro Contract from Malaysia
 Bengaluru (Karnataka) based Bharat Earth Movers Limited (BEML), a Schedule ‘A’
company under the Ministry of Defence, secured its first overseas rail and metro
contract worth USD 1 million (around Rs 8.3 crore) from Malaysia for retrofitting and
reconditioning its Mass Rapid Transit (MRT) system.
 Significance – This contract represents BEML Rail & Metro division’s first international
order. The project includes upgrading and refurbishing key parts of Malaysia’s MRT
System to improve efficiency and safety.
 BEML operates across Defence and Aerospace, Mining and Construction, and Rail and
Metro sectors and a nationwide sales and service network catering to multiple
industries.

KSFE Becomes India’s First Miscellaneous NBFC to Cross Rs 1 Lakh Crore

Business Turnover
 Kerala State Financial Enterprises (KSFE), headquartered in Thiruvananthapuram, Kerala,
became the first miscellaneous non-banking financial company (NBFC) in India to
surpass a business turnover of Rs 1 lakh crore, doubling its business from Rs 50,000
crore within four years.
 Industry Significance – KSFE’s achievement sets a new standard for India’s
miscellaneous NBFC sector, highlighting its strong growth, financial stability, and
important role in Kerala’s and India’s financial system.
 Celebrations: To mark this milestone, Kerala’s Chief Minister (CM) Pinarayi Vijayan
inaugurated celebrations in Thiruvananthapuram, (Kerala) with kerala’s Finance Minister
(FM) K N Balagopal chairing the event.
 Launches: KSFE launched the ‘Onam Samriddhi Gift Card’ and unveiled its new tagline,
“KSFE: The Courage of Kerala,” with KSFE Brand Ambassador actor Suraj Venjaramoodu
as the guest of honour.

Sebi proposes single-window gateway for trusted foreign investors

 Securities Exchange Board of India (SEBI) has proposed a single-window gateway called
SWAGAT-FI to ease regulatory process for Foreign Portfolio Investors (FPIs).
 SWAGAT-FI: The Sebi’s Single Window Automatic & Generalised Access for Trusted
Foreign Investors (SWAGAT-FI) aims to offer a unified, streamlined and consistent access
mechanism for certain categories of FI that are verified as low-risk category.
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 This framework will help reduce regulatory complexity, simplify compliance, and
enhance India’s attractiveness as an investment destination.
 Target: This initiative targets government-owned funds, central banks, sovereign wealth
funds, multilateral entities, and highly regulated public retail funds, which currently
contribute over 70% of FPI assets under custody.
 SWAGAT-FI: The Sebi’s Single Window Automatic & Generalised Access for Trusted
Foreign Investors (SWAGAT-FI) aims to offer a unified, streamlined and consistent access
mechanism for certain categories of FI that are verified as low-risk category.
 This framework will help reduce regulatory complexity, simplify compliance, and
enhance India’s attractiveness as an investment destination.
 Target: This initiative targets government-owned funds, central banks, sovereign wealth
funds, multilateral entities, and highly regulated public retail funds, which currently
contribute over 70% of FPI assets under custody.

BSNL and NRL signs MoU to Implement India’s First 5G CNPN through Industry
4.0 Adoption
 New Delhi (Delhi)-based Bharat Sanchar Nigam Limited (BSNL) and Guwahati (Assam)-
based Numaligarh Refinery Limited (NRL) signed a Memorandum of Understanding
(MoU) during the “Industry 4.0 Workshop for Central Public Sector Enterprises (CPSEs)”
organised by the Ministry of Finance (MoF) in Guwahati, Assam.
 Objective: The collaboration aims to implement India’s first 5G Captive Non-Public
Network (CNPN) in the refinery sector to deliver secure, ultra-reliable, and real-time
industrial connectivity.
 Scope: Facilitates Industry 4.0 adoption, enabling technologies such as Digital Twins,
Artificial Intelligence (AI)-powered 3D Printing, Virtual Formulation,
Augmented/Virtual/Mixed Reality (AR/VR/MR), Internet of Things (IoT), and Big Data
Analytics.
 Impact: It is expected to be a replicable model for other industrial sectors and create
employment, especially in the North Eastern Region.

RBI Imposes Rs. 75 Lakh Monetary Penalty on ICICI Bank

 Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 75 lakhs on Mumbai
(Maharashtra)-based ICICI Bank Limited for breaching regulatory guidelines
Reason for Penalty

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The violations were related to:
 Valuation of Properties – Empanelment of Valuers: Failure to conduct property
valuations through independent RBI-approved valuers for certain mortgage loans.
 Opening of Current Accounts by Banks – Need for Discipline: Opening or maintaining
current accounts in breach of RBI’s regulatory restrictions.
Inspection & Action
 The action follows the Statutory Inspection for Supervisory Evaluation (ISE 2024) of ICICI
Bank, referencing its financial position as of 31 March 2024. The RBI found deficiencies
in regulatory compliance, warranting the monetary penalty.

Paras Defence Partners with German Firm to Develop Satellite Antenna

Technology in India
 Paras Defence & Space Technologies Limited, India’s leading defence engineering
company, has signed a Teaming Agreement with German firm, High Performance Space
Structure Systems GmbH (HPS GmbH), a global leader in Large Deployable Antenna
Systems, to co-develop and supply deployable antenna reflector subsystems for
advanced satellite applications in India.
 The agreement signed between these two entities is for an initial term of 2 years, with
possibility for further extension.
 This strategic partnership marks a major step in India’s journey towards self-reliance in
space technologies, which aligns with Prime Minister (PM) Narendra Modi’s
‘Aatmanirbhar Bharat’ vision.
 Key Components: The agreement covers the components like: reflector and arm
assemblies, Hold-Down Release Mechanisms (HDRMs), deployment electronics, and
thermal hardware.

BEML to Set Up Vande Bharat, Amrit Bharat Train Coach Manufacturing Unit in
MP
 Dr. Mohan Yadav, Chief Minister (CM) of Madhya Pradesh (MP) announced that Bharat
Earth Movers Limited (BEML), Multi-technology Schedule ‘A’ Public Sector Undertaking
(PSU) under the Ministry of Defence (MoD), will manufacture the country’s premium
Vande Bharat, Amrit Bharat and metro rail coaches in Goharganj tehsil of Umaria in
Raisen district, Madhya Pradesh (MP).

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About BEML Manufacturing Unit:
 Total Cost: The new train coach manufacturing unit will be constructed at the total cost
of Rs 1,800 crore under the project named BRAHMA (BEML Rail Hub for Manufacturing).
 Annual Production: For the initial phase, BEML will manufacture 125-200 coaches
annually and further expected to increase the production capacity to 1,100 coaches
annually within 5 years.

DSP Mutual Fund Launches India’s First Flexi Cap Index Fund
 DSP Mutual Fund, a subsidiary of DSP Group, launched DSP Nifty500 Flexicap Quality 30
Index Fund, India’s first Passive flexicap fund developed in partnership with National
Stock Exchange (NSE) which combines quality-only stocks and dynamic market cap
allocation based on momentum.
 The fund will replicate the Nifty 500 Flexicap Quality 30 Index. The index picks 30 high-
quality stocks 10 each from the Nifty 100 (large-cap), Nifty Midcap 150, and Nifty
Smallcap 250 based on quality factors such as return on equity.
 Flexi Cap Fund: It is an equity Mutual Fund (MF) that invests across large, mid, and
small-cap stocks without fixed allocation limits. It allows the fund managers or the index
to shift the investments based on market conditions.
 The fund will adjust its exposure between Small and Mid-Caps (SMID) and large caps to
either 33% or 67% every quarter relative to its moving average of 200 days.
 Metrics: 10 companies are identified, each from large-cap, mid-cap, and small-cap
segments, using metrics such as Return on Equity (ROE), debt levels, and earnings
growth.
 The index assigns equal weight to each stock within its respective market segment.

 Challenges: The fund addresses challenges such as identifying high quality stocks,
automating optimal allocation to large, mid and small caps at a low cost. Passive:
Passive fund does not rely on the active decisions of a fund manager.
About DSP Mutual Fund
Managing Director (MD) & Chief Executive Officer (CEO) – Kalpen Parekh
Headquarters – Mumbai, Maharashtra
Established – 1996

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BoB & FSSAI Signed MoU to Launch Customized Web-based Payment Solution
 Bank of Baroda (BoB), India’s 2nd largest Public Sector Bank (PSB) has signed a
Memorandum of Understanding (MoU) with the Food Safety and Standards Authority of
India (FSSAI) to launch customized web-based payment platform named ‘FSSAI Payment
Solution’.
 The MoU was signed between Cdr Sharad Aggarwal, Director of FSSAI and Mini TM,
Chief General Manager (CGM) & Zonal Head, New Delhi Zone, BoB, in the presence
various senior governments officials.
 Aim: This strategic partnership is aimed to promote ease of doing business by
streamlining the digital payment interface with various stakeholders engaging with
FSSAI.
 Key Benefits: The platform will simplify and automate the disbursement of grants,
vendor payments, and Management Information System (MIS) functionalities.
 The implementation of this Information Technology (IT)-based platform will also enable
effective monitoring and seamless control over the nodal accounts, including State Child
Accounts and District Sub-Child Accounts.
 Role of BoB: It will provide various services, such as personal banking, corporate
banking, international banking, small and medium enterprise (SME) banking, rural
banking, non-resident Indian (NRI) services and treasury services.
About Food Safety and Standards Authority of India (FSSAI)
It is a statutory body established under Food Safety and Standards, 2006 under the
administrative control of Ministry of Health & Family Welfare (MoH&FW).
Chairperson- Punya Salila Srivastava
Headquarters- New Delhi, Delhi
Established- September 05, 2008
IFC Commits USD 150 Mn to HDFC Capital’s H-DREAM Fund
 Washington D.C. (the United States of America, USA)-based International Finance
Corporation (IFC), a member of the World Bank Group, announced a USD 150 million
(around Rs. 1,300 crore) anchor equity investment in the H-DREAM Fund (HDFC Capital
Development of Real Estate Affordable and Mid-Income Fund). This fund is managed by
Mumbai (Maharashtra)-based HDFC Capital Advisors, the real estate private equity arm
of HDFC Group, to promote green and affordable housing development across India.

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 The total target corpus of the H-DREAM Fund is USD 1 billion, comprising a primary
raise of USD 500 million and a greenshoe option of an additional USD 500 million
 Capital Mobilization: IFC’s anchor investment of USD 150 million is expected to mobilize
up to USD 850 million in long-term capital from global institutional investors.
 The in-principle commitments of around USD 350 million have been secured from
domestic and international institutions as well as Indian family offices.
 Objective: The targeted plan is to deliver at least 25,000 green, affordable, and mid-
income residential units aligned with international sustainability standards, such as
Excellence in Design for Greater Efficiencies (EDGE).
 The initiative addresses India’s housing shortfall, estimated at 18 million units in Tier-I
and Tier-II cities, while prioritising environmental resilience.
About International Finance Corporation (IFC)
Managing Director (MD) – Makhtar Diop
Headquarters- Washington D.C., the United States of America (USA)
Established- 1956

AU Small Finance Bank gets RBI approval to become a universal bank

 Reserve Bank of India (RBI) granted in-principal approval to AU Small Finance Bank (AU
SFB) for transitioning from a SFB to Universal Bank (UB).
 This is the first time after 11 years that an entity has been granted a Universal bank
licence by the regulator.
Eligibility Criteria for SFB to UB:
 Net Worth: SFBs must have a minimum net worth of Rs. 1000 crores. Status: The bank
must have a scheduled status with a satisfactory track record of performance for a
minimum period of 5 years.
 The shares of the bank should have been listed on a recognised stock exchange.
 Financial Metric: The SFB must maintain a net profit in the last two financial years (FYs).
AUSFB reported a rise in first quarter net profit. The net profit is Rs 581 crore. It was Rs
503 crore last year.
 They must have Gross Non Performing Asset (GNPA) and Net NPA of less than or equal
to 3% and 1% respectively in the last two FYs.
 It should meet the prescribed Capital to Risk-weighted Assets Ratio (CRAR) requirements
of 15%.

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About AU Small Finance Bank (AU SFB)
Managing Director (MD) & Chief Executive Officer (CEO) – Sanjay Agarwal
Headquarters – Jaipur, Rajasthan

Amazon India & FIEO Signed MoU to Boost E-commerce Exports of MSMEs in
India
 Amazon India signed a Memorandum of Understanding (MoU) with Federation of Indian
Export Organisations (FIEO) to enhance e-commerce export potential of Micro, Small,
and Medium Enterprises (MSMEs) in India.
 The collaboration aims to establish a dedicated e-commerce export task force to create
a policy and infrastructure roadmap that enables seller readiness and increases
awareness about e-commerce export opportunities.
 Export Task Force: The initiative aims to develop infrastructure and policy
recommendations to streamline export processes by addressing operational challenges
such as customs clearance, logistics, and regulatory compliance.
 Capacity Building: Amazon and FIEO will jointly conduct workshops and training sessions
for exporters across key product categories such as home textiles and décor, health and
personal care, apparel, toys, packaged foods, and handicrafts to improve operations,
compliance, and access global market.
 Local Seller Communities: The initiative will set up offline seller support communities to
help MSMEs in their export journey by providing peer learning and access to service
providers.

RBI Issued Final Co-lending Norms to Enhance Risk Sharing and Transparency
 Reserve Bank of India (RBI) issued revised co-lending guidelines for banks and Non-Bank
Financial Companies (NBFCs) under various provisions of the Banking Regulation Act
(1949), Reserve Bank of India Act (1934), and National Housing Bank Act (1987). As per
the revised guidelines, it is now mandatory for all Regulated Entities (REs) involved in
Co-lending Arrangements (CLAs) to retain a minimum 10% of each individual loan on
their own books.
 RBI has also clarified that digital lending arrangements will continue to be administered
by the ‘Reserve Bank of India (Digital Lending) Directions, 2025’.
 These revised guidelines will come into force from January 01, 2026.
Key Provisions:

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 Timeline: The new rules mandated the loan originator to transfer the loan to the co-
lender within 15 days of the loan being originated.
 In case of failure to adhere to the timeline specified in the rules, the loan will no longer
be considered a CLA and can then only be transferred to other eligible lenders according
to the provisions under Transfer of Loan Exposure norms of 2021.
 Maximum DLG: As per the new rules, the originating lender may also offer maximum
Default Loss Guarantee (DLG) of 5% of the outstanding loan portfolio, subject to the
condition to comply with RBI’s digital lending norms and is not used for credit
enhancement.
 PSL: Each partner in the co-lending arrangement can classify its portion of the loan as
Priority Sector Lending (PSL), provided the loan meets PSL eligibility criteria.
 Applicability: RBI’s approved final norms for CLA have been extended to all commercial
banks (excluding: Small Finance Banks (SFBs), Regional Rural Banks (RRBs), and Local
Area Banks (LABs), financial institutions, and NBFCs including Housing Finance
Companies (HFCs).
 Blended Interest Rate: RBI has mentioned that the interest rate charged to borrowers
will be a blended rate, which will be determined based on the weighted average of each
RE’s internal rate, proportionate to their funding contribution.
 Uniform Asset Classification: The new CLA rules has introduced a uniform asset
classification system which means if one lender classifies a loan as a Special Mention
Account (SMA) or Non-Performing Asset (NPA), then the same classification will be
applicable to the co-lending partner for their exposure to that borrower.
 Provisions to include in Co-Lending: Lenders have been mandated to include certain
provision like: the criteria for borrower selection, product lines, geographical areas of
operation, fee structures, and other relevant terms, for co-lending in their credit
policies.
NCAER’s Business Confidence Index Rises to 149.4 from 139.3 in April-June of
FY 26
 National Council of Applied Economic Research (NCAER) released the results of its
Business Expectations Survey, conducted in June 2025, which covered 479 companies
across six major Indian cities.

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 As per the Survey, India’s Business Confidence Index (BCI) surged to 149.4 in the Quarter
1 (Q1-April-June) of the Financial Year 2025-26 (FY26), from the 139.3 in the Q4 of the
FY25.
 Components: The index is based on four key components such as Improvement of
overall economic conditions, Improved financial position of the firms, positive
assessment of investment climate, and high or optimal capacity utilization.
 Positive Responses: The share of positive responses across the four components
remains above 60%. The firms which anticipate increasing the import of raw materials
have increased from 46.1% to 54.3%.

Tata AIA Life Insurance Launches Women-Centric Term Insurance Plan ‘Shubh
Shakti’
 Tata AIA Life Insurance Company Limited, a joint venture(JV) company formed by Tata
Sons Private Limited and AIA Group Ltd. (AIA), launched “Shubh Shakti”, a term
insurance plan, particularly designed for women, to encourage the participation of
women in the insurance sector.
About Shubh Shakti:
 Premiums: The plan allows women to pay approximately 15% lower premiums
compared to men, applied each year during the tenure of the premium payment.
 Single mothers will receive an additional 1% lifetime discount from the premium paid by
other women.
 Post-Childbirth Benefits: The policyholders can take two premium holidays of up to 12
months each during pregnancy and after childbirth, allowing women to focus on health
and childcare without financial burden.
 Health support: The policy covers Polycystic Ovarian Disease (PCOD) support, In Vitro
Fertilization (IVF) counselling, weight-management programs, vaccinations for Human
Papillomavirus (HPV), flu, and cervical cancer, annual health checkups, etc.
 Education: The plan provides an optional add-on feature that provides a monthly
income benefit for up to three children until age 25, ensuring continued support for
their education.
 Waive: The future payment of premiums is waived in case of the husband’s or accidental
death of the policyholder.

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Axis Bank Introduces First Ever ‘Lock FD’ Feature to Prevent Term Deposits
from Digital Frauds
 Axis Bank announced the launch of “Lock FD” feature, the first in the industry of
banking, to protect Fixed Deposits (FDs) from digital fraud.
 Activation: The ‘Lock FD’ feature is available to all customers and can be activated
through the Axis Bank mobile application or a branch.
 Branch Visit: ‘Lock FD’ feature restricts the premature closure of FDs through Internet
Banking or mobile banking, requiring the customers to visit their branch and undergo an
identity verification for early withdrawal.
 Digital Frauds: The feature is designed especially for the customers who may be less
familiar with digital banking and are vulnerable to digital fraud.

IRCTC Payments Ltd. Received RBI’s In-Principle Approval to Operate as Online

PA
 IRCTC Payments Limited, a wholly-owned subsidiary of Indian Railway Catering and
Tourism Corporation (IRCTC), a Mini Ratna Central Public Sector Enterprise (CPSE) under
the Ministry of Railways (MoR), has received the In-Principle Approval from the Reserve
Bank of India (RBI) to operate as an Online Payment Aggregator (PA).
 This approval was granted by RBI under Payment and Settlement Systems (PSS) Act,
2007.
 Process Online transactions: After receiving this approval, IRCTC Payments will be able
to facilitate online transactions between customers and merchants.
 Pool Customer Funds: The license will also allow the company to pool customer funds
and settle them with merchants after a specified period.
 At present, IRCTC has its own PA in place named ‘IRCTC iPay’, which processes payments
through all modes like: internet banking, debit and credit card, Unified Payments
Interface (UPI), among others.

BOB Launches Digital Forex Platform ‘bob FxOne’ for Corporate and MSME
Customers
 Bank of Baroda (BOB) launched “bob FxOne”, a digital Foreign Exchange (FOREX)
platform, tailored for corporate and Micro Small and Medium Enterprises (MSMEs)
customers.This platform marks a major leap in digitizing treasury operations and forex
dealings for business clients, enabling a seamless, transparent, and efficient experience.
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 Derivate Transactions: The platform is designed to streamline and simplify the forex and
derivative transactions and provides access to real-time forex rates, automated instant
deal confirmations, and downloadable deal tickets.
 Features: It includes a personalized user dashboard with alerts and summaries of
transactions. It also includes One-Click Trade (1CT) for instant deal booking, and Request
for Quote (RFQ) support for tailored pricing.
 Booking Options: Supports cash, tom (tomorrow), spot, forward, bills, and options
trades—all in one interface.

RBI Relaxed Procedures for Opening Special Rupee Vostro Accounts

 Reserve Bank of India (RBI) has relaxed norms for opening Special Rupee Vostro
Accounts (SRVAs) and allowed banks to open these accounts for foreign correspondent
banks without its prior approval.
 This RBI decision, effective immediately, streamlines the process introduced in July 2022
for settling cross-border trade transactions in Indian Rupees (INR).
About Special Rupee Vostro Accounts (SRVAs):
 Purpose: It is an additional arrangement for the settlement of international trade
through INR and helps to reduce dependence on hard (freely convertible) currency and
enhances financial stability.
 Previous Arrangement: Earlier, banks were allowed to open SRVAs of correspondent
banks, with prior approval of RBI for situations like: invoicing, payment, and settlement
of exports/imports in INR.

RBI Announced 3 Consumer-Centric Schemes to Drive Financial Inclusion

 Sanjay Malhotra, Governor of the Reserve Bank of India (RBI) announced 3 schemes
aimed to boost financial inclusion among consumers during his address following the
conclusion of 3rd bi-monthly Monetary Policy Committee (MPC) meeting of Financial
Year 2025-26 (FY26) was held in Mumbai, Maharashtra.
 The newly announced consumer-centric schemes include: simplified Re-Know Your
Customer (KYC) procedures ; streamlined claims for deceased account holders; and
enhanced features on the Retail Direct Platform for Government Securities (G-Secs).
 These reforms aimed at enhancing financial access, simplifying banking processes, and
bolstering the reach of government-supported financial inclusion schemes.
Rural Re-KYC and Financial Progress:
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 Conducting doorstep banking camps: As per RBI directions, all banks will conduct
doorstep banking camps from July 01, 2025 to September 30, 2025 at Panchayat level.
 The RBI announced a major outreach campaign for rural and unbanked populations to
commemorate 10 years of the Pradhan Mantri Jan Dhan Yojana (PMJDY).
 Key Focus Areas: These banking camps focus mainly on: Re-KYC for account holders of
PMJDY; opening new bank accounts; enrolling beneficiaries in micro-insurance and
pension schemes such as: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan
Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY); and resolving
customer grievances’ on-site.
 Key Progress: As per RBI’s data released in August 2025, during the 1st month of
doorstep banking camps, which started on July 01, 2025, witnessed 1.05 lakh camps
being conducted in the Gram Panchayats (GPs).
 During this same time period, over 6 lakh PMJDY accounts were opened, and 7 lakh+
enrolments under PMJJBY took place, with nearly 12 lakh enrolments under PMSBY and
3 lakh enrolments under APY.
 Additionally, Re-KYC of 14.22 lakh bank accounts has been done through the camp
mode.
Simplified Settlement Process for Deceased Customers:
 Objective: Banks have been directed to simplify the claim settlement process for
deceased account holders under the Banking Regulation Act, 1949.
 New Framework: The RBI is expected to soon release a draft circular for public
consultation to streamline and standardize the settlement procedure and will cover:
deposit accounts, articles held in safe custody, and safe deposit locker contents.

IDFC First Bank Ltd. & IndiGo Unveiled New ‘IndiGo IDFC FIRST Dual Credit
Card’
 IDFC First Bank Limited, private sector bank in India, and IndiGo, India’s largest
passenger airline and amongst the world’s fastest growing airlines, have launched new
credit card named ‘IndiGO IDFC FIRST Dual Credit Card’.
 This newly launched dual credit card offers both Mastercard and RuPay credit cards
with a common credit limit.
 Also, the new card will provide single statement for all transactions, with credit limit
shared between both cards.

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 Joining and Annual Fee: Any interested applicant, who wants this new dual credit, is
required to submit a joining fee of Rs 4,999 including Goods and Services Tax (GST) and
annual fee (payable from the 2nd year onwards) of Rs 4,999 including GST.
 Opting FD-backed Variant: However, the applicant can also get the card without paying
joining fee by selecting the Fixed Deposit (FD)-backed variant, which requires the
applicant to choose an FD of Rs 1 lakh with bank. Set Transaction Preferences
 Separately: It is mandatory for users to set Personal Identification Numbers (PINs) and
transaction preferences for both cards separately.
About IDFC FIRST Bank Limited
Managing Director (MD) and Chief Executive Officer (CEO) – V. Vaidyanathan
Headquarters- Mumbai, Maharashtra
Tagline-”Always You First”
Established- 2018

Generali Group, Central Bank of India Unveiled New JV Brand Identity as

‘Generali Central’
 Generali Group, insurance provider and the Central Bank of India (CBI), India’s leading
Public Sector Bank (PSB), unveiled a new brand identity for their life and general
insurance Joint Venture (JV) as Generali Central.
 Now, Life Insurance component will operate as Generali Central Life Insurance Company
Limited.
 While, the general insurance component of the JV will now General Central Insurance
Company Limited.
About Generali Central:
 Objective: This strategic partnership aims to use global expertise of Generali Group
across more than 50 countries with CBI‘s network of over 4,500 branches to expand
insurance access in remote and rural areas of the country.
 Shareholding: Both entities have clarified that the shareholding structure will remain
same i.e. Generali Group and CBI will continue to hold 74% and 26% stake respectively,
in the JV.
 Key Components of JV: This newly branded JV also features new visual identity,
including a new logo and typography, as well as new web portal and revamped social
presence.

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PFRDA Launches New Website Under PFRDA CONNECT to Enhance Digital
Engagement
 Pension Fund Regulatory and Development Authority (PFRDA), under the Ministry of
Finance(MoF), launched its new under the PFRDA CONNECT initiative to enhance digital
upgraded website engagement .
 It was launched by S. Ramann, Chairperson of PFRDA in New Delhi, Delhi.
About PFDRA’s new website:
 Overview: It is designed to enhance digital engagement for users as part of the broader
digital transformation initiative aligned with the Digital India mission.
 Purpose: This initiative promotes transparency, efficiency, and accessibility in pension
sector governance.
 Users: Pensioners registered under various schemes, including the National Pension
System (NPS) and Atal Pension Yojana (APY).
 Revamp: It is part of the digital transformation project named “Technology Architecture
(TARCH)” to revamp the older websites with modern guidelines and technologies.
Hosting & Compliance: It is hosted on a Virtual Private Cloud (VPC) empanelled by the
Ministry of Electronics and Information Technology (MeitY).
 It complies with Guidelines for Indian Government Websites(GIGW) and Web Content
Accessibility Guidelines (WCAG).
About Pension Fund Regulatory and Development Authority (PFRDA)
Chairperson – Sivasubramanian Ramann
Headquarters- New Delhi, Delhi
Established- 2003
ICAI Signed a MoU with IAGES to Strengthen Accreditation in Gold Industry
 Institute of Chartered Accountants of India (ICAI) under the administrative control of the
Ministry of Corporate Affairs (MoCA) and Indian Association of Gold Excellence and
Standards (IAGES) have signed a Memorandum of Understanding (MoU) to implement a
robust accreditation framework for value chain partners in the gold industry, which
currently includes an estimated 6 lakh partners across India.
 Objective Evaluation: The MoU will provide a comprehensive and objective evaluation
based on well-defined parameters and will also introduce a code of conduct applicable
to the gold industry.

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 Professional Development Committee: The Professional Development Committee (PDC)
will raise awareness among its members about the MoU and the opportunities that will
be generated by it.
 Also, PDC will supply a panel of Chartered Accountant (CA) firms to IAGES as per their
requirement to enroll them for undertaking the work arising out of this MoU.
 Significance: This strategic collaboration is expected to generate meaningful
professional opportunities for members of the ICAI and contribute significantly to
enhancing governance and standardisation of processes within the gold industry.

BIAL Completed India’s Largest Unlisted NCDs Issuance worth Rs 9,000 Crore
for Airport Expansion
 Bangalore International Airport Limited (BIAL), the Joint Venture (JV) Company
operating the Kempegowda International Airport in Bengaluru (Karnatka), has
successfully completed the issuance of unlisted Non-Convertible Debentures (NCDs) in
India’s airport sector, raising a total of Rs 9,000 crore.
 The funds raised through issuance of NCDs will be used to refinance existing debt and
support future infrastructure expansion.
About Issuance of Unlisted NCDs:
 Fundraising Divided into Two Tranches: The fundraising is being undertaken in two
tranches of Rs 4,362 crore completed on July 25, 2025, and Rs 4,638 crore scheduled for
early October 2025.
 Sole Arranger for the Funds: As per BIAL, State Bank of India (SBI) Capital Markets
(SBICAPs) acted as the sole arranger for the issuance of these unlisted NCDs Conserve
 Capital: The refinancing with tenure of 15 years enables the BIAL to conserve capital and
focus resources on funding future expansion plans.
 Key Benefits: The fundraising also provides significant savings in borrowing cost,
supported by the AAA credit rating, a transition from Marginal Cost of funds-based
Lending Rate (MCLR)-linked to fixed interest rate, and the extended maturity profile.

Quant MF Gets SEBI Approval to Launch India’s First SIF

 Quant Mutual Fund (MF) received approval from the Securities and Exchange Board of
India (SEBI) to launch India’s first Specialised Investment Fund (SIF) named ‘QSIF Equity
Long-Short Fund’.

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 This makes Quant, the first Asset Management Company (AMC) in India to receive such
approval under the new SIF category.
About SIF Equity Long-Short Fund:
 Features: SIFs are designed to bridge the gap between MFs and Portfolio Management
Services (PMS).
 These funds offer flexible strategies, such as long-short equity, sector rotation, and use
of leverage and derivatives.
 Strategy: The QSIF Equity Long-Short Fund will operate across equity, debt, and hybrid
instruments, allowing for both long positions (buying rising stocks) and short positions
(betting against falling stocks). Investment Norms: The minimum investment required in
SIFs is Rs.10 lakh per investor.

Choice AMC Receives SEBI Approval to Start MF Business

 Mumbai (Maharashtra)-based Choice Asset Management Company (AMC) Private
Limited, a subsidiary of Choice International Limited, received final approval from the
Securities and Exchange Board of India (SEBI), to operate as an AMC managing Choice
Mutual Fund (MF).
 This move aligns with Choice’s long-term strategy to offer quality, regulated financial
solutions.
 Initial Product Focus: Passive investment products, including Index Funds and Exchange-
Traded Funds (ETFs), will be launched in a phased rollout.
 Target Segments: Serves retail investors, emerging affluent, and institutional clients
through goal-based investing, Systematic Investment Plans (SIPs), and broad-market
index solutions.
 Strategic Vision: Bridges traditional financial advice with modern investment products
using technology-driven distribution and robust governance.

NPCI’s New UPI Rules Effective from August 1, 2025

 National Payments Corporation of India (NPCI) issued new Unified Payments Interface
(UPI) guidelines in May 2025, which came into effect on August 1, 2025. The guidelines
were issued with an aim to enhance the efficiency and reliability of UPI transactions.
 The new guidelines will be applicable to all participants in the UPI ecosystem, including
banks, payment apps, and third-party service providers.

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 The NPCI directed Payment Service Providers (PSPs) such as Googlepay (Gpay), PhonePe,
and Paytm, to implement the relevant changes in their system by July 31, 2025.
Revised UPI Guidelines:
 Balance Enquiry Limit: UPI users can check their bank account balance only up to 50
times per UPI application per day through manual requests. The background or
automated balance queries by applications are no longer permitted.
 After a successful UPI transaction, the updated account balance will be displayed
automatically, reducing the need for manual enquiry.
 If the limit is exceeded, users will be restricted from checking their balance on that app
for 24 hours.
 List Account: UPI applications can check and list the linked bank accounts of the user for
up to 25 times a day per application per user, to protect user privacy and control the use
of backend resources.
 The List Account Application Programming Interface (API) helps users view the list of
bank accounts linked to their mobile number through a specific bank in the UPI
application.
 On the failure of the list account to load, retry is allowed, following the consent of the
user, to avoid unnecessary system load.
 Transaction status: Users can check the status of a pending transaction up to 3 times
a day at a time interval of 90 seconds between each transaction inquiry.
 With the initial transaction, four attempts are allowed to execute a single transaction.
 Autopay: The guidelines have mandated to schedule all autopay executions during
non-peak hours only to reduce congestion. The non-peak hours include the time period
before 10:00 AM, between 1:00 PM and 5:00 PM, and after 9:30 PM.
 If a scheduled AutoPay fails due to insufficient balance or technical issues, the
application will retry up to 3 times, making it 4 total attempts.
 Peak hours are defined as the period during the day when UPI financial transactions
reach the highest transactions per second.
 Recipient Information Visibility: To prevent accidental transfers and reduce fraud, UPI
apps will now display the recipient’s registered name and transaction details before the
payment is completed.

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 Penalties: The non-compliance of rules by an UPI application or PSP will lead to the
restriction of their access to UPI APIs, pause onboarding new users and imposing technical
or regulatory penalties.
About National Payments Corporation of India (NPCI):
Managing Director (MD) and Chief Executive Officer (CEO) – Dilip Asbe
Headquarters – Mumbai, Maharashtra
Established – 2008

Banking Laws (Amendment) Act, 2025: Key Provisions to Take Effect from Aug
1
 Government of India (GoI) notified that important provisions of the Banking Laws
(Amendment) Act, 2025 will come into effect from August 01, 2025, aiming to reshape
the landscape of Indian banking.
Amendments:
 Redefinition of Substantial Interest: The threshold for “substantial interest” has been
increased from Rs 5 lakh to Rs 2 crore, a limit that had remained unchanged since 1968.
 This amendment aims to modernise the definition of substantial interest to reflect
inflation and sectoral growth.
 Director Tenure in Cooperative Banks: The maximum tenure for directors in
cooperative banks has been extended from 8 years to 10 years, excluding the
chairperson and whole-time director (WTD).
 This aligns with the 97th Constitutional Amendment and aims to promote stability in
cooperative bank management.
 Unclaimed Assets to Investor Education and Protection Fund (IEPF): The PSBs will
now transfer unclaimed amounts to the IEPF, similar to practices followed by companies
under the Companies Act,2013.
 The assets included dividends remaining unpaid/unclaimed, shares where dividends
haven’t been claimed for 7 consecutive years, and unclaimed interest/redemption
amounts on bonds.
 Remuneration for statutory auditors: The PSBs now can directly fix the
remuneration of their statutory auditors, replacing the earlier model where the RBI fixed it
in consultation with the GoI.

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 This reform gives banks greater autonomy and flexibility to attract qualified statutory
auditors by offering market-aligned compensation.
 Reporting Changes: The amendments also revise the reporting dates for the submission
of statutory reports by banks to the RBI from reporting every Friday to the last day of
the fortnight, month or the quarter.
 This adjustment streamlines regulatory compliance and reduces reporting burdens.
 Before the enactment of the new law, under the Banking Regulation Act, substantial
interest in a company referred to holding shares of over Rs. 5 lakhs or 10% of the paid-up
capital of the company, whichever was lower. This may be held by an individual, his spouse,
or minor child, either individually or collectively.

Google to Build a 1-GW Data Centre Worth USD 6 Billion in Visakhapatnam, AP

 Google, a wholly owned subsidiary of Alphabet Inc., planned to establish a 1-Gigawatt
(GW) Data Centre and its supporting infrastructure, worth USD 6 billion (around Rs.
50,000 crore) by in Visakhapatnam, Andhra Pradesh (AP).
 This data centre marks the first data centre investment by Google in India and the
largest in both capacity and size across Asia.
 Total Outlay: USD 6 billion
 Renewable Energy Allocation: USD 2 billion for solar/wind power infrastructure to
sustain operations.
 Global Context: Part of Alphabet’s USD 75 billion global data centre expansion in 2025,
including projects in Singapore, Malaysia, and Thailand.

ICAI Signed MoUs with NSE IX & IVCA to Promote Global Investment Education
 Institute of Chartered Accountants of India (ICAI), the statutory body regulating the
chartered accountancy profession in India, signed Memorandums of Understanding
(MoUs) with NSE International Financial Services Centres(IFSC) Limited (NSE
International Exchange, IX),subsidiary of National Stock Exchange of India Limited (NSE),
and Indian Venture and Alternate Capital Association (IVCA).
 The MoUs aim to promote investor education, global investment awareness, and
professional development in India’s capital markets.
ICAI–NSE IFSC MoU:

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 Focus Area: The MoU with Gujarat International Finance Tec-City (GIFT City)-based NSE
IFSC, focuses on collaboration in investor awareness, international investment, and
capacity building for chartered accountants in the capital market domain.
 Educational Programmes: Both entities will undertake co-branded educational
programmes covering global investing, derivative instruments, and financial innovation
to strengthen professional competence in emerging financial sectors.
ICAI–IVCA MoU:
 Expert Groups: The agreement with IVCA, the apex industry body representing India’s
alternative capital sector, aims to set up joint expert groups focused on issues related to
alternative capital.
 Reporting Standards: It also seeks to standardise financial reporting frameworks
through industry-led consultations, thereby improving transparency and governance
practices in the alternative investment ecosystem.

SEBI Extended Deadline for Implementation of Nomination Framework

 Securities and Exchange Board of India (SEBI) has extended the timeline for the
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 powers
given under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read
with Regulation 60A of the SEBI (Depositories and Participants) Regulations, 2018 and
Regulation 29A of the SEBI (Mutual Funds) Regulations, 1996, to safeguard the interests
of investors in securities and to promote the development of, and to regulate the
securities market.
 New Timelines: As per SEBI’s circular, the implementation date for phase-II of the
framework, originally scheduled for June 01, 2025, has been extended to August 08,
2025.
 Similarly, the implementation date for phase-III, initially set for September 01, 2025, has
been extended to December 15, 2025.
 Other Provisions Remain Unchanged: SEBI has clarified that apart from timelines, all
other provisions of Phase-I and Phase-II of nomination framework shall continue to
remain unchanged.

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About Nomination Framework:
 Objective: The framework, originally introduced in January 2025, seeks to simplify
nomination process for mutual fund folios and demat accounts, further aims to enhance
transparency and prevent unclaimed assets.
 Key Amendments: As per SEBI’s February 2025 circular, some of the key changes
introduced were:
 After the demise of one or more joint account holders, the assets will be transferred to
the surviving holder(s) without the need for additional Know Your Customer (KYC) unless
it was requested earlier and not provided.
 Investors with single holdings now have the option to opt-out of nomination either
online or offline mode.

PFC and JBIC Sign Rs 3,500 Crore Loan Agreement to Support Bioethanol
Project in Assam
 Power Finance Corporation Limited (PFC), a Schedule-A Maharatna Central Public Sector
Enterprise (CPSE) under the administrative control of the Ministry of Power (MoP) and
the Tokyo (Japan)-based Japan Bank for International Cooperation (JBIC) signed a loan
agreement worth around Rs 3,500 crore (60 billion Japanese Yen (JPY)) to finance clean
energy projects in India.
 The loan will fund Assam Bio Ethanol Private Limited (ABEPL) to establish a biofuel
production and power generation plant in Golaghat district, Assam.
 The project focuses on second-generation bioethanol production using bamboo
harvested from the Northeastern states of India, promoting renewable and cleaner
energy.
 It directly supports India’s National Policy on Biofuels which targets 20% ethanol
blending in gasoline (E20) by 2025 to reduce fossil fuel dependency and address climate
change.
 India is the world’s third-largest emitter of Carbon dioxide (CO2), following China and
the United States of America (USA).

Jio Payments Bank Unveils ‘Savings Pro’ for Higher Returns on Idle Deposits
 Jio Payments Bank Limited (JPBL), a wholly owned subsidiary of Jio Financial Services
Limited (JFSL), announced the upcoming launch of ‘Savings Pro’, India’s first savings

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account that automatically invests idle balances in overnight Mutual Funds (MFs),
allowing depositors to earn higher returns without additional effort.
How Savings Pro Works:
 Idle balance in the account will be seamlessly moved into overnight mutual funds—
open-ended debt funds investing in money market instruments that mature overnight.
 Earnings through overnight MFs could substantially exceed those from conventional
savings, enhancing returns with minimal customer intervention
 Idle money in a savings account earns low interest, typically around 2% to 4% annually.
 With Savings Pro, this idle cash will automatically get invested in overnight MFs, which
offer better returns (usually in the range of 4% to 6%) with minimal risk.

Air India Express Becomes Fourth Indian Airline to Join IATA

 Air India Express, a wholly owned subsidiary of Air India, has joined the International Air
Transport Association (IATA), an airline trade association, making it the fourth Indian
carrier to join after Air India, IndiGo, and SpiceJet.
 With this move, Air India Express will gain access to global standards and key systems
such as ticketing, settlement platforms, safety audits, and working groups.
 The membership will enhance the passenger experience such as improved baggage
handling, seamless booking, and better interline connectivity when traveling on multi-
carrier itineraries.

Unity Bank and BharatPe Launches India’s First EMI-Driven RuPay Credit Card
 Unity Small Finance Bank Limited (Unity Bank) partnered with BharatPe to launch
India’s first Equated Monthly Instalment (EMI)-driven credit card, the ‘Unity Bank
BharatPe Credit Card’. The card operates on the National Payments Corporation of India
(NPCI) operated RuPay network.
 The card aims to provide transparent and inclusive access to credit, enabling salaried
and self-employed individuals to manage cash flows responsibly and avoid high-interest
revolving debt traps.
About Unity Bank BharatPe Credit Card:
 Eligibility Criteria: Applicants must be between 21 and 65 years of age, with a minimum
annual income of Rs.2.5 lakh for salaried individuals and Rs.5 lakh for self-employed
individuals.

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 Auto-EMI Conversion: Monthly unpaid spends above Rs. 1000 are automatically
converted into EMIs with flexible tenures of up to 12 months, with penalty-free
prepayment.
 Zero-fee structure: No joining charges, annual fees, or foreclosure penalties.
 Rewards: Flat 2% unlimited rewards (Zillion Coins) on EMI-converted transactions,
redeemable for vouchers, products, or bill payments (up to Rs. 5,000)
 UPI Integration: Linkable to Unified Payments Interface (UPI) for seamless transactions.
 Lifestyle Benefits: Complimentary domestic/international lounge access and health
check-ups.

SBI Card, Flipkart Launched Co-branded Credit Card ‘Flipkart SBI Credit Card’
for Seamless Shopping
 SBI Card and Payment Services Limited, Indian Non-Banking Financial Company (NBFC),
in collaboration with Flipkart, e-commerce marketplace, has announced the launch of a
co-branded credit card named ‘Flipkart SBI Credit Card’, designed with curated cash
back benefits to offer a seamless shopping experience to its customers.
About Flipkart SBI Credit Card:
 Platform: This newly launched co-branded credit card is available on both Mastercard
and VISA platforms.
 Application Mode: Interested customers can easily apply for the credit card digitally
through the Flipkart Application (App), and SBI Card SPRINT; or by visiting the card
website ‘SBI Card.com’.
 Cashback Offers: The new credit card offers 7.5% cashback on spends made on Myntra;
and 5% cashback on spends made on Flipkart, Shopsy, and Cleartrip, subject to quarterly
limits of Rs 4,000 for each category.
 Automatic Cashback Credit: This new co-branded credit card offers an auto-credit
cashback facility, which allows automatic credit of entitled cashback to the SBI account
within two days of statement generation.

ABCDL Receives In-Principle Payment Aggregator License from RBI

 Reserve Bank of India (RBI) granted in-principle authorisation to Aditya Birla Capital
Digital Limited (ABCDL), a wholly owned subsidiary of Aditya Birla Capital Limited (ABCL),
to operate as an Online Payment Aggregator(PA) under the Payment and Settlement
Systems Act, 2007.

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 Digital Payments Enablement: As a licensed payment aggregator, ABCDL will empower
merchants and e-commerce platforms to securely accept and process online payments.
 Expansion: This move strengthens ABCL’s existing financial services portfolio and lays
the foundation for its growing digital business operations.

PNB Unveils its First Startup-Centric Branch in New Delhi

 Punjab National Bank (PNB) has opened its first startup-focused branch, in alignment
with the Startup India initiative, to support entrepreneurial growth, at Bhikaji Cama
Place in New Delhi, Delhi.
About Startup-Centric Branch:
 Purpose: To provide tailored financial services, including startup-specific banking
solutions, advisory support, and access to government schemes, facilitating the growth
of emerging businesses.
 Support: This initiative supports the Government of India(GoI)’s Startup India mission,
promoting entrepreneurship and fostering innovation across India.
 Partnership: During the event, PNB signed a Memorandum of Understanding (MoU)
with the STPI to bridge startups with the financial products and schemes of PNB.
 Under this MoU, STPI will share a curated list of incubated, onboarded, or graduated
startups with PNB.

GoI Appoints Goldman Sachs as Sole Banker for Stake Divestment in IOB, CBI,
UCO Bank, Punjab & Sind Bank
 Government of India (GoI) has appointed Goldman Sachs, global investment banking
firm, as the sole transaction advisor for divestment of stakes in four Public Sector Banks
(PSBs) such as Indian Overseas Bank (IOB), Central Bank of India (CBI), UCO Bank, and
Punjab & Sind Bank.
 Advisor: Goldman Sachs will oversee the entire process such as structuring the deal,
identifying potential investors, and facilitating smooth execution of the stake sale.
 Divestment: At present, the GoI holds over 90% equity in each of these banks.It plans to
divest up to 5% of its stake in the four PSBs in two tranches.
 Objective: This divestment forms part of the government’s broader strategy to lower its
stake in PSBs and comply with Securities Exchange Board of India’s (SEBI) 25% minimum
public shareholding requirement before the August 1, 2026 deadline.

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Akums & Government of Zambia Announced JV to Setup Pharmaceutical
Facility in Zambia
 India’s Contract Manufacturing and Development Organisation (CDMO) Akums Drugs
and Pharmaceuticals Limited has signed a framework agreement to incorporate Joint
Venture (JV) with the Government of Zambia (GRZ) to establish a new pharmaceutical
manufacturing facility in Zambia as well as to supply medicines for GRZ’s national health
programs.
 This new project will be implemented through incorporation of a new JV company
expected to be operational by December 2025 in Zambia.
 As per agreement, Akums will be a majority partner with 51% stake in new JV company,
while the remaining 49% stake will be owned by Zambian state instrumentality.
 The new green facility is expected to start its operations by 2028. It plans to
manufacture general oral solids, liquids injectables, as well as beta-lactam products.
 Procurement of Medicines: According to the agreement, GRZ will also procure
medicines of minimum aggregate value of USD 50 million (Rs 425 crore) over the next
two years (2026 and 2027).

Malaysia Launched Ryt Bank, World’s 1st AI-powered Bank

 Malaysia scripted history with the launch of Ryt Bank, the World’s 1st Artificial
Intelligence (AI)-powered bank developed by Malaysians, for local users.
 This initiative was led Malaysia’s YTL in partnership with Singapore’s tech firm Sea
Limited, marks a major step in the country’s digital future.
 Multilingual App: The Ryt AI application (app) is currently available in 3 languages
namely, Bahasa, Malaysia and English; with Mandarin support is expected to be
available by September 2025.
 Ryt AI: It is an always-on banking assistant tool powered by ILMU, Malaysia’s 1st
indigenously developed Large Language Model (LLM).
 Licensed by: This new Ryt Bank is licensed by Bank Negara Malaysia.

SEBI Approves Reclassification of LIC as a Public Shareholder in IDBI Bank

 Securities Exchange Board of India (SEBI) approved the request of Life Insurance
Corporation of India (LIC) to be classified from a promoter shareholder to a public
shareholder in Industrial Development Bank of India (IDBI) bank.

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 This move is a pre-condition for the privatization of IDBI Bank, in which LIC holds 49%
stake as of June 2025.
Conditions:
 SEBI has attached strict conditions such as the voting rights of LIC not exceeding 10%, no
direct or indirect control over the bank, no Board Representation, 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.
Disinvestment Plan:
 The Government of India (GoI) and LIC together hold 94.72% stake in IDBI Bank (GoI –
45.48%, LIC – 49.24%).
 They will jointly divest 60.7% stake through the strategic sale.
 Financial bids are expected between Oct–Dec 2025.

L&T Finance Partners with Google Pay to Offer Personal Loans

 L&T Finance Limited(LTF), leading Non-Banking Financial Company (NBFC) in India, has
collaborated with Google Pay(GPay), a mobile payment application(app) developed by
Google, to offer personal loans to eligible users.
 Strategy: This initiative aligns with L&T Finance’s product diversification strategy,
making personal loans fast, seamless, and digitally accessible for users.
 Easy Access to Loans: This collaboration will enable the eligible users of Google Pay to
easily apply for and access to personal loan products of LTF within the platform.

PFC Signs EUR150 Million Loan Pact with Germany’s KfW to Support RDSS
Projects
 Power Finance Corporation Limited (PFC), Schedule-A ‘Maharatna’ Central Public Sector
Enterprise (CPSE) under the Ministry of Power (MoP), has signed a loan agreement
worth EUR 150 million with Kreditanstalt für Wiederaufbau (KfW), Germany’s largest
promotional bank, to strengthen India’s power distribution under the Revamped
Distribution Sector Scheme (RDSS).
 This strategic partnership is expected to bolster bilateral cooperation between India and
Germany in the energy sector, promoting the shared goal of driving energy transition
and ensuring reliable power supply.

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 Funding: As per the agreement, the loan proceeds will be used to fund projects under
the GoI’s RDSS, aimed at enhancing the operational and financial efficiency of power
distribution companies nationwide.
 Prior Collaboration: PFC and KfW have a history of working together on several power
distribution sector projects.
 RDSS: The scheme was originally launched in 2021 by the GoI, with total budget outlay
of Rs 3,03, 758 crore.
About Power Finance Corporation Limited (PFC)
Chairman and Managing Director (CMD) - Parminder Chopra
Headquarters- New Delhi, Delhi
Established- 1986

EIL Signed MoU with NPCIL to Develop Bharat SMR

 Engineers India Limited (EIL), a Public Sector Undertaking (PSU) under theMinistry of
Petroleum & Natural Gas (MoPNG), has signed a Memorandum of Understanding (MoU)
with National Power Corporation of India Limited (NPCIL), a PSU works under the
Department of Atomic Energy (DAE), to develop Bharat Small Modular Reactors
(BSMRs).
 Purpose: As per the MoU, EIL will provide engineering services required for the
development of conceptual design and engineering of structures, systems and
components of BSMR.
 Significance: This collaboration supports the Government of India (GoI)’s vision to drive
nuclear power, enabling clean, green, and reliable energy to bolster India’s energy
security.
 Target: It also marks a major step towards the Nuclear Energy Mission for Viksit Bharat,
targeting a nuclear power capacity of 100 Giga Watt (GW) by 2047.

IRFC Sanctions Rs. 199.7 Cr Loan to SITCO for Multi-Modal Transport Hub
 Indian Railway Finance Corporation (IRFC), a Navratna Central Public Sector Enterprise
(CPSE) and the financing arm of the Ministry of Railways (MoR), sanctioned a term loan
of Rs. 199.70 crore to Surat Integrated Transportation Development Corporation Limited
(SITCO), for developing India’s first international-standard Multi-Modal Transport Hub
(MMTH) in Surat, Gujarat
 Developer: SITCO, a Joint Venture(JV) between MoR and the Government of Gujarat.
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 Integrated Connectivity: The hub will integrate rail, metro, Bus Rapid Transit System
(BRTS), city/regional buses, autos, and taxis, alongside upgrading passenger amenities
and station infrastructure
 Goal: Enhance connectivity, reduce congestion, and boost regional economic growth in
Surat, one of Gujarat’s fastest-growing cities

MOL, Suzuki, and TradeWaltz Sign MoU to Strengthen Automobile Trade

between India and Africa
 Japanese companies Mitsui O.S.K Lines Limited (MOL), TradeWaltz Inc. and Suzuki
Motor Corporation (Suzuki), signed a Memorandum of Understanding (MoU) to
strengthen the cooperation in automobile trade between India and Africa.
 The MoU was signed at the 9th Tokyo International Conference on African Development
(TICAD 9) in Yokohama, Japan.
 Aim: The MoU aims to identify the existing challenges in automobile trade operations
between India and Africa, explore potential solutions including digitalization, and
promote decarbonization.
 Focus: The agreement will target two main priorities: Digitising documentation in vehicle
trades and decarbonising transport links.
 Alignment: The initiative aligns with the “Japan-India Cooperation Initiative for
Sustainable Economic Development in Africa”, launched at the Japan-India-Africa
Business Forum in February 2025.

Thomas Cook India Partners with Mastercard to Enable Contactless Cross-

Border Payments Via Pay
 Thomas Cook (India) Limited, an omnichannel travel company, partnered with
Mastercard to enable contactless cross-border payments via Google Pay (GPay),
allowing users to make secure payments at merchant locations worldwide.
About Cross-Border Payments via Google Pay:
 Payments for International Travel: With this move, the customers can add the prepaid
foreign exchange cards (forex) of Thomas Cook to Gpay and make tap-and-pay
transactions across the border.
 The initiative enables Indians to make secure international payments through their
mobile phones for services, including hotel accommodation, dining, and other
transactions.

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 Tokenization: The payments are protected through tokenization, where the card
number is not shared with merchants.
 Elimination: This initiative eliminates the need to carry physical cards, reducing the fear
of theft or loss of card.

AU SFB Launches UPI for NRE, NRO Account Holders with International Mobile
Numbers
 AU Small Finance Bank (AU SFB) launched Unified Payment Interface (UPI) services for
Non-Resident External (NRE) and Non-Resident Ordinary (NRO) account holders using
international mobile numbers, following the directive of National Payments Corporation
of India (NPCI).
UPI Access for NRIs:
 Benefit: With this move, NRIs are benefitted with seamless, secure, real-time UPI
transactions for transactions, including bill payments, merchant purchases, and money
transfer without the need of an Indian Mobile Number.
 Countries: The launched feature is available for NRIs across 12 countries, including
Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore,
the United Arab Emirates (UAE), the United Kingdom (UK), and the United States of
America (USA).

Indian Oil and Air India Signed MoU for SAF Supply
 Indian Oil Corporation Limited (IOCL) signed a Memorandum of Understanding (MoU)
with Air India for the supply of Sustainable Aviation Fuel (SAF).
 This MoU reflects a shared commitment to accelerate adoption of low-carbon fuels in
aviation sector, support global decarbonisation goals and contribute to the transition
toward more sustainable air transport operations.
 IATA Net Zero Target: Through this strategic partnership, Air India has reaffirmed its
commitment in pursuing sustainability initiatives as part of its wider strategy to align
with the International Air Transport Association (IATA)’s target of achieving Net-Zero
emissions by 2050.
 Key Objectives: As per this MoU, both IOCL and Air India will collaborate on SAF supply
for international flights, and will exceed CORSIA targets while ensuring a reliable and
transparent green fuel supply chain.

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PNB becomes 1st PSB in India to migrate to ‘.bank.in’ Domain
 Punjab National Bank (PNB), India’s 2nd largest Public Sector Bank (PSB), has become
the 1st Indian PSB to migrate its corporate website www.pnb.bank.co.in) to the secure
‘.bank.in’ domain (https://pnb.bank.in).
 This move is in alignment with Reserve Bank of India’s (RBI) circular on ‘Migration to
‘.bank.in’ Domain’ issued in April 2025.
About .bank.in Domain:
 Aim: The ‘.bank.in’ internet domain reserved exclusively for Indian banks, aims to
combat fraud in digital payments, cyber security threats and malicious activities such as
phishing, and enhance public confidence in the digital banking.
 Exclusive Registrar: As per RBI directions, the Institute for Development and Research in
Banking Technology (IDRBT) will act as the exclusive registrar for this domain.
 New Domain for Financial Sector: RBI is also planning to introduce an exclusive domain
i.e. ‘fin.in’ for other non-bank entities in the financial sector.

EXIM Bank signs USD 40 million credit line deal with Africa’s ECOWAS Bank
 Export-Import Bank of India (EXIM Bank) signed a USD40 million commercial credit line
agreement with the Africa based ECOWAS Bank for Investment Development (EBID), the
financial arm of the Economic Community of West African States (ECOWAS) to support
developmental projects across Africa.
 This agreement is aimed at creating new opportunities for Indian businesses to
contribute to Africa’s growth and strengthen bilateral economic ties.
 The amount will support the infrastructure projects that are being executed by the
Indian exporters
About ECOWAS Bank for Investment and Development (EBID)
The EBID is a financial institution established by the 15 member states of the ECOWAS.
Members: Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea,
Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
President and Chairman – Dr. George Agyekum Donkor
Headquarters – Lomé, Togo Established – 1999
About Export-Import Bank of India (EXIM Bank)

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It is fully owned by the Government of India (GoI). It is the premier export finance
institution of the country that seeks to build value by integrating foreign trade and
investment with the economic rise of India.
Managing Director (MD) – Harsha Bangari
Headquarters – Mumbai, Maharashtra
Established – 1982

SEBI Extended Deadline for New Margin Pledge Framework to October 10,
2025
 Securities and Exchange Board of India (SEBI) has extended the timeline for the
implementation of framework related to the process of margin obligations through
pledge and re-pledge within the depository system to October 10, 2025 instead of its
original timeline i.e. September 01, 2025.
 SEBI announced this new timeline through a circular issued in exercise of powers given
under Section 11(1) of Chapter IV of SEBI Act, 1992, read with Regulation 30 of Chapter
VII of SEBI (Stock Brokers) Regulations, 1992.
 SEBI introduced this framework originally in June 2025. The new framework has
mandated that all margin obligations in the equity and derivatives segment be fulfilled
only through the depository system of pledges and re-pledges. Automated Invocation:
Under this framework, SEBI introduced an automated invocation process where clients’
margin-pledged securities, upon invocation, will be blocked for early pay-in within the
demat account of the client.
 This move will help in reducing the chances of brokers misusing securities while ensuring
a clear transaction trail.
 Pledge Release for Pay-in: SEBI has also introduced a unique feature, ‘Pledge Release for
Pay-in’ where, the pledge will be released and the pay-in block will be set up
immediately in the demat account of the client.
 Significance: Upon implementation of the framework, the brokers will no longer require
separate physical or electronic instructions to process un-pledging and delivery, and the
system itself will validate and process the client’s pay-in obligations automatically.

BoM and SBI Card Launches ‘Bank of Maharashtra SBI Card’ on Rupay and Visa
 Bank of Maharashtra (BoM) and SBI Cards & Payment Services Limited (SBICPSL), a
subsidiary of the State Bank of India (SBI), jointly launched a co-branded credit card

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‘Bank of Maharashtra SBI Card’to offer customers a premium and rewarding shopping
experience across diverse segments.
About Bank of Maharashtra SBI Card:
 Aim: The partnership aims to provide enhanced value and convenience, fulfilling the
needs of customers across India.
 Variants: The credit card is available in three variants- ELITE, PRIME, and SimplySAVE,
catering to diverse customer needs
 Network: The cards support Rupay and Visa payment platforms, ensuring wide
domestic and international acceptance.
 Benefits: The cards offer benefits, including accelerated reward points, a fuel surcharge
waiver, utility bill payments, and discounts on travel, dining, and shopping.

JSW and POSCO Sign HoA for 6 MTPA Steel Plant in India
 JSW Steel Limited, India, and South Korea-based POSCO Group signed a non-binding
Heads of Agreement (HoA) to jointly explore setting up a 6 Million Tonnes Per Annum
(MTPA) integrated steel plant in India through a 50:50 joint venture (JV).
 Capacity & Location: The plant’s capacity was upgraded from 5 MTPA under the
October 2024 Memorandum of Understanding (MoU) to 6 MTPA.
 Odisha is the preferred location due to its iron ore/coal reserves and logistical
advantages
 Investment: Estimated at Rs. 65,000 crore (USD 7.44 billion), pending feasibility studies.
 Scope: Includes exploring opportunities in battery materials for electric vehicles (EVs)
and renewable energy
 Strategic Objective: Supports India’s Atmanirbhar Bharat (Self-Reliant India) initiative by
creating a globally competitive manufacturing hub for domestic and export markets.

SBI Report: UPI Transactions Surged in 2025; Maharashtra Emerged as the

No.1 State in UPI Usage
 India’s largest Public Sector Bank (PSB), State Bank of India (SBI)’s Economic Research
Department (ERD) released its latest report on Unified Payments Interface (UPI)
transactions. The report highlighted that UPI transactions have expanded significantly in
2025, both in terms of value and volume.

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 In terms of value, the report showed that the average daily UPI transactions have
increased from Rs 75, 743 crore (in January 2025) to Rs 80, 919 crore (in July 2025) and
to Rs 90, 446 crore in August 2025 (so far).
 In terms of volume, the average daily transaction volume has increased by 127 million,
to 675 million in August 2025 compared with January 2025.
 State-wise UPI usage: Maharashtra has topped among all Indian states in UPI usage,
accounting for 9.8% volume share in July 2025. It is followed by Karnataka (5.5%), Uttar
Pradesh (UP) (5.3%), Telangana (4.1%) and Tamil Nadu (TN) (4%).
 State-wise share in terms of value: Maharashtra emerged as the number one state in
terms of transaction value, with 1,905 million UPI transactions worth Rs 2.30 lakh crore
(accounting for 9.2% value share in July 2025).
 It is followed by Karnataka with Rs 1.45 lakh crore (5.8%), UP with Rs 1.31lakh crore
(5.3%), Telangana (5.1%) and TN (4.7%).
 Structural Shift to UPI over Cash & debit cards: The report highlighted structural
transition from cash and debit cards to UPI for instance; the share of UPI in value has
increased from 40% (in November 2019) to 62% (in January 2021) to 91% (in May 2025).
 Top Remitter & Beneficiary Bank: As per the report, SBI emerged as the top remitter
bank with 5.2 billion transactions, which is 3.4 times higher than HDFC Bank Limited, the
2nd –biggest remitter bank.
 While, Yes Bank Limited emerged as the leading beneficiary bank with nearly 8.0 billion
transactions.
 Top 3 UPI Platforms: PhonePe topped among all UPI platforms used for transactions,
with 8,931 million transactions worth Rs 12.20 lakh crore, followed by Google Pay (with
6,923 million transactions worth Rs 8.91 lakh crore), and Paytm (with 1,366 million
transactions worth Rs 1.43 lakh crore).

Kotak Mahindra International Secured UAE Licence to Sell Funds to Retail

Investors
 Kotak Mahindra (International) Limited, an international arm of India’s 3rd largest
Private Sector Bank Kotak Mahindra Bank Limited (KMBL), has secured a license from
the United Arab Emirates (UAE)’s capital markets regulator, Securities and Commodities
Authority (SCA), to sell investment funds and portfolios to onshore retail investors.

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 Following this approval, Kotak Mahindra (International) became the 1st Indian company
to get this license from SCA, marking a major step in the evolution of cross-border
financial services.
 Retail Access: Kotak Mahindra (International) aims to use this license to support the
investment fund industry of the UAE by offering retail-focused solutions.
 Investment: The funds can be accessed with a minimum investment of approximately
USD 500.

SBI Launches collateral-free Rs.4 lakh loan at 10.5% interest for Agniveers
 State Bank of India (SBI) has launched a special personal loan scheme for Agniveers on
the occasion of the 79th Independence day(August 15, 2025).
 This scheme builds on its existing Defence Salary Package (DSP), which provides
preferential banking services to armed forces personnel, including Agniveers.
About SBI Agniveer Loan Scheme
 Borrowers: This personal loan scheme is applicable for Agniveers – young men and
women serving in the armed forces under Government’s short-term “Agnipath
recruitment programme”.
 Loan Amount: The scheme is available to the Agniveer account holders at SBI, offering
loans up to Rs. 4 lakhs without collateral and processing fees.
 Interest Rate: The bank is offering a flat interest rate of 10.50% to all defence personnel
until September 30,2025.
 Tenure: The repayment tenure will align with the term of the Agnipath scheme, offering
maximum flexibility and convenience for service members transitioning to civilian life.
About Agnipath Programme
The Agnipath recruitment programme is a central government scheme launched in
2022. It is a recruitment scheme for Indian youth to serve in the Armed Forces for four
years and the youth selected under this scheme will be known as Agniveers.

NSIC Signs MoUs with Private Banks to Boost Credit Access for MSMEs
 National Small Industries Corporation Limited (NSIC) operating under the Ministry of
Micro, Small and Medium Enterprises (MoMSME) signed Memoranda of Understanding
(MoUs) with several private sector banks under its MSME Credit Facilitation Programme
to streamline financing, improve last-mile connectivity, and support the growth and
formalization of the MSME sector.
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 The MoUs were exchanged by Gaurav Gulati, Director (Finance) of NSIC, along with
senior representatives of the participating banks, in the presence of Dr. S. S. Acharya,
Chairman and Managing Director (CMD) of NSIC, and other senior officials from both
NSIC and the banks.
 The event was attended by Union Minister Jitan Ram Manjhi, MoMSME and S.C.L. Das,
Secretary of MoMSME.
 Objective: This initiative is expected to strengthen the overall efforts of banks in
supporting small enterprises and boosting their growth
 Benefits: Through this collaboration, MSMEs will be supported in accessing the formal
financial system while banks expand their outreach to micro and small businesses for
last-mile credit delivery.
About National Small Industries Corporation Limited (NSIC)
Chairman and Managing Director (CMD) – Dr. S. S. Acharya
Headquarters – New Delhi, Delhi
Established – 1955

SBI Life Launches Term Insurance Plan ‘SBI Life- Smart Shield Plus’
 SBI Life Insurance Company Limited (SBI Life), a Joint Venture (JV) between State Bank
of India (SBI) and BNP Paribas Cardif, launched “SBI Life-Smart Shield Plus”, a future-
ready term insurance plan, designed for the growing needs of the customers.
 Risk: It is an individual, non-linked, non-participating, pure risk insurance plan that
adapts to the evolving needs of the customers.
 Options: The plan offers three options, including Level Cover, under which a fixed sum is
assured throughout the policy term; Increasing Cover Benefit, the assured sum increases
at a simple rate of 5% annually with maximum increase of 100% of sum assured.
 It also includes Level Cover with Future Proofing Benefit, which allows sum assured to
increase at various stages of life such as Marriage, Childbirth, and Purchase of a House.
 Life Cover: The plan provides life coverage up to 100 years of age under the Whole life
option, or up to 79 years of age for other term options.

HDFC ERGO General Partners with PhonePe to Promote Health Insurance

 HDFC ERGO General Insurance Company Limited (HDFC ERGO), a Joint Venture(JV)
between HDFC Ltd and ERGO International AG, has partnered with PhonePe to launch

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an affordable health insurance solution, with an aim to expand health insurance
coverage to the underserved citizens in India.
 Focus: The partnership focuses on the ‘Missing Middle’ (approximately 40 crore Indians),
aged between 18 and 30 years, who are not covered by government schemes or the
existing health insurance plans.
 Premiums: To serve the people in lower and middle-income groups, the premium starts
at Rs.12 per day or Rs.4,380 per year for coverage of Rs.3 lakhs.

RBI To Introduce Continuous Clearing and Settlement Realisation in CTS in 2

Phases
 Reserve Bank of India (RBI) issued a circular for introduction of ‘Continuous Clearing and
Settlement on Realisation in CTS’. As per RBI’s circular, the Cheque Truncation System
(CTS) which currently processess cheques with a clearing cycle of upto two working
days, is set to transition to continuous clearing with ‘on-realisation-settlement’.
 The new mechanism will be implemented in two phases i.e. Phase-I will come into effect
on October 04, 2025 while Phase-2 is scheduled to commence on January 03, 2026.
 It aimed to enhance the efficiency of cheque clearing and reduce settlement risk for
participants in the cheque clearing system, as well as to improve customer experience.
About Continuous Clearing and Settlement on Realization in CTS:
 Single Presentation Time: As per the new mechanism, there will be a single (cheque)
presentation session from 10 AM to 4 PM.
 Processing of Cheques: Cheques received by the bank branches will be scanned,
presented, and passed to the clearing house immediately and continuously during the
presentation time, thereby reducing the clearing cycle from current ‘T+1 days’ to just a
few hours.
 Timeline for Phase-I: During Phase-I, it is mandatory for drawee banks to confirm
(positively/negatively) cheques presented on them by 7:00 pm on the same day, in
failure to do the confirmation by then, the cheques will be considered as approved for
settlement.
 Timeline for Phase-II: During Phase-2, cheques are required to be confirmed within the
3 hours of presentation time (T+3 hours clear hours), if no confirmation is received
within the specified time limit, then, the cheque will be considered approved.

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 Completion of Settlement: RBI has clarified that after the completion of settlement; the
presenting bank is required to release the funds to the customer immediately within an
hour.

RBI Launches September 2025 Round of Inflation Expectations Survey of

Households
 The Reserve Bank of India (RBI) has launched the September 2025 round of its
“Inflation Expectations Survey of Households (IESH)”. The RBI conducts these surveys
quarterly to assess consumer views on inflation and general price movements of
products.
 The survey seeks qualitative responses from households on price changes, general
prices, as well as prices of specific product groups, in the 3 months ahead, as well as in
the 1-year ahead period, and quantitative responses on current, 3 months ahead, and
1-year ahead inflation rates. The results of this survey provide valuable inputs for
monetary policy.
 The survey is being conducted in 19 cities, which include Ahmedabad, Bengaluru,
Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur,
Jammu, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi, and
Thiruvananthapuram.
 These cities were chosen to reflect diverse consumption patterns from different
regions of the country. For this round, the RBI has engaged a Mumbai-based agency to
carry out the survey on its behalf.
 The RBI survey is also open online for broader public participation. The RBI has been
carrying out IESH on a quarterly basis since September 2005.

IRDAI Launches QIS 2 Under RBC Framework;

 The Insurance Regulatory and Development Authority of India (IRDAI) has directed all
insurers – including life, general, standalone health insurers, reinsurers, branches of
foreign reinsurers, and Lloyd’s India – to carry out the Second Quantitative Impact
Study (QIS 2) under the Risk-Based Capital (RBC) framework using actuarial valuation
data as of March 31, 2025, and to submit results by October 15, 2025. This follows the
first such study conducted in 2023, and IRDAI will provide a separate technical guidance
document, submission templates, and supplementary instructions.

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 The directive emphasizes that QIS 2 is an additional exercise and does not replace
existing regulatory returns.

Punjab & Sind Bank Unveils 'PSB Naari Shakti' Initiative

 Punjab & Sind Bank has launched “PSB Naari Shakti”, a women-centric savings account
initiative offered in two variants, ‘PSB Pink’ and ‘PSB Smile’, designed to empower
women with financial and health advantages.
 The scheme provides cancer insurance cover up to ₹10 lakh, group accidental insurance
up to ₹20 lakh, and complimentary annual preventive health checkups plus tele-
consultation services.
 Account holders also receive a Platinum RuPay debit card for seamless digital
transactions.

BSE Launches 'India Defence Index' to Track Defence Sector Performance

 BSE Index Services, a subsidiary of the Bombay Stock Exchange, launched the “BSE
India Defence Index”, a thematic benchmark derived from the BSE 1000 Index with a
capped free-float adjusted market-cap weighting and a base value of 1000.
 Its first value date dates back to June 19, 2017, and the index undergoes semi-annual
reconstitution in June and December to maintain sector relevance.
 The index offers investors a clear, rules-based, and investable gauge of India’s defence
sector performance, ideal for passive investment strategies like ETFs and index funds,
as well as for benchmarking Portfolio Management Services (PMS), mutual funds, and
investment portfolios.
 Ashutosh Singh is the MD & CEO of BSE Index Services.

India’s First Barrier-less Toll Collection System to Launch at Choryasi Plaza on

NH-48
 India is set to launch its first-ever barrier-less toll collection system at Choryasi Toll
Plaza, which sits on the 246-kilometre Bharuch-Surat stretch of National Highway 48
(NH-48) in Gujarat, with ICICI Bank handling all the digital transactions.
 ICICI Bank has bagged the mandate from the National Highways Authority of India
(NHAI) to manage digital payment services for this system.
 Choryasi will be the first NH stretch to support the multi-lane free flow (MLFF) system.

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 The MLFF system, part of NHAI’s modernisation push, replaces traditional toll booths
with AI-enabled number plate recognition cameras and RFID (Radio-Frequency
Identification) scanners for contactless payment, ensuring that toll amounts are
collected without slowing traffic. Only banks are eligible to bid for these projects, in line
with metro fare collection models.
 Apart from Choryasi, pilot bids have been invited for toll plazas at Gharaunda, Nemli,
UER-II (Urban Extension Road-II), Dwarka Expressway, and three locations on the
Gurugram-Jaipur section of NH-48.

Finance Ministry to Review Q1 FY2026 Performance of PSBs After Record

Profit Surge
 Union Ministry of Finance has called a meeting of heads of public sector banks (PSBs)
on August 20, 2025, to review the financial performance of the first quarter of 2025-26
(Q1 FY2026). The meeting is scheduled to be chaired by Financial Services Secretary M
Nagaraju.
 Led by State Bank of India (SBI), 12 PSBs, cumulatively, logged a record profit of
₹44,218 crore in Q1 FY2026, with an 11% year-on-year growth. This marked an
improvement of ₹4,244 crore over the ₹39,974 crore earned in the same quarter of
FY2025.
 SBI logged a net profit of ₹19,160 crore, 43% of the total earnings, in Q1 FY26,
reflecting a 12% increase compared to the same period of the previous fiscal. In terms of
size and profits, SBI controls the public banking market.
 In percentage terms, Chennai-based Indian Overseas Bank reported the highest net
profit growth of 76% to ₹1,111 crore, followed by Punjab & Sind Bank with a 48% rise
to ₹269 crore. Central Bank of India recorded 32.8% growth in the June quarter net
profit to ₹1,169 crore, Indian Bank posted 23.7% rise to ₹2,973 crore, and Bank of
Maharashtra logged 23.2% improvement to ₹1,593 crore.
 Punjab National Bank (PNB) was the only PSB to post a decline in profitability for the
quarter. PNB reported a 48% fall in net profit to ₹1,675 crore against ₹3,252 crore in
the year-ago period.

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SEBI Scraps Transaction Charges for Mutual Fund Distributors to Enhance
Transparency
 Securities and Exchange Board of India (SEBI) has done away with transaction charges
for mutual fund distributors, according to the latest circular released on August 8,
2025.
 According to the old master circular on mutual funds released in June 2024, Asset
Management Companies (AMCs) were allowed to pay a transaction fee for
subscriptions worth more than ₹10,000 to the mutual fund distributors (₹150 for new
investors and ₹100 for existing investors per ₹10,000 invested).
 This rule now stands cancelled, citing that distributors are already entitled to
remuneration through AMC commissions.
 The move aims to simplify costs, enhance transparency, curb hidden fees, discourage
frequent transaction-based incentives, and align distributor remuneration with total
expense ratio (TER)-based structures.

RBI Survey: Mutual Fund Foreign Liabilities Surge 19.9% in FY2025, UAE Leads
in Holdings
 According to the Reserve Bank of India (RBI) survey, the domestic mutual fund (MF)
industry’s foreign liabilities surged 19.9% to $30.5 billion in market value terms during
FY2025, primarily driven by an increase in units issued to non-residents.
 Among major countries, non-residents of the UAE held the largest share in MF units,
both in terms of face value (21.2%) as well as at market value (20.2%) during FY2025. In
face value terms, foreign liabilities in units of MFs held by non-residents of the UAE
increased by 32.8% to ₹3,305 crore in FY2025, while in market value terms, they rose by
28% to ₹11,508 crore.
 The non-residents of other countries that own a large share of domestic MF units, in
face value terms, include the USA (11.2%), the UK (10.8%), and Singapore (6.6%).
 The survey showed that overseas assets of MFs declined by 5.6% and stood at $8.3
billion in March 2025, due to lower holdings of foreign equity securities.
 As a result, the net foreign liabilities of MFs increased to $22.2 billion in March 2025
from $16.6 billion a year ago.

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Parliament Informed of ₹5.82 Lakh Crore Bad Loan Write-Offs by PSBs Over 5
Years
 On 12 August 2025, Parliament was informed that public sector banks (PSBs) have
written off bad loans amounting to ₹5.82 lakh crore over the past 5 financial years (FY
2020-21 to FY 2024-25), with a record write-off of ₹91,260 crore in FY 2024-25, down
from ₹1.15 lakh crore in the previous year. The write-off was highest at ₹1.33 lakh
crore during 2020-21.
 In contrast to write-offs, PSBs have recovered around ₹1.65 lakh crore over the last five
years. Recovery is around 28% of the total write-off in the previous five financial years.
 A loan write-off is a tool used by banks to clean up their balance sheets by removing
bad loans or non-performing assets (NPAs) from their books.
 As per RBI norms, a loan is classified as an NPA if interest or principal remains overdue
for more than 90 days (3 months).
 Once classified as an NPA and recovery prospects are low, banks may write it off, but
this does not absolve the borrower of repayment liability.
 Recovery efforts continue through legal and regulatory mechanisms such as SARFAESI,
Debt Recovery Tribunals (DRT), and the Insolvency and Bankruptcy Code (IBC).

Banks Sanction ₹62,791 Crore Under Stand-Up India Scheme; Interest Subsidy
and P2P Lending Regulations Update
 As per the government data, banks have sanctioned ₹62,791 crore to 2,75,291 loan
accounts under the “Stand-Up India Scheme” since its launch. The loans are sanctioned
under the scheme for setting up greenfield enterprises in the trading, manufacturing,
services sectors, and activities allied to agriculture.
 The Stand-Up India Scheme was launched on April 5, 2016, to promote
entrepreneurship among the SC/ST and women by facilitating bank loans of value
between ₹10 lakh and ₹1 crore to at least 1 SC/ST borrower and 1 woman borrower
per bank branch of Scheduled Commercial Banks (SCBs).
 Additionally, ₹17,811.72 crore has been disbursed as interest subsidy (both Interest
Subvention and Prompt Repayment Incentive) under the ‘Modified Interest
Subvention Scheme (MISS)’ for the year 2024-25, as reported by the Department of
Agriculture and Farmers’ Welfare for short-term crop loans.
 MISS, launched in 2006-07, is a central sector scheme under the Ministry of Agriculture
and Farmers’ Welfare. It provides concessional short-term credit for agriculture and
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allied activities via KCC. While loans are sanctioned at 7% interest, a 3% Prompt
Repayment Incentive (PRI), given for prompt and timely repayment of loans, reduces
the effective rate to 4%, making credit more affordable.
 Further, the Peer-to-Peer (P2P) lending is regulated as per RBI’s Master Directions,
“NBFC-P2P Platform (Reserve Bank) Directions, 2017”, updated on February 27, 2025.
 These directions provide a framework to regulate the functioning of P2P lending
platforms in India.

EPFO Raises Death Relief Fund and Reports Record Job Growth in June 2025
 The Employees’ Provident Fund Organisation (EPFO) has raised the ex-gratia amount
under the Death Relief Fund for Central Board employees from ₹8.8 lakh to ₹15 lakh,
effective from April 1, 2025. This amount will be provided to the nominee or legal heirs
of employees who die while in service and will be disbursed from the Staff Welfare
Fund.
 EPFO has also announced that the ex-gratia amount will increase by 5% annually,
starting from April 1, 2026, to keep pace with inflation and rising costs.
 Meanwhile, in 2025, EPFO introduced several reforms to simplify procedures for its
subscribers. The death claim process has been made more efficient by eliminating the
need for guardianship certificates when settling claims in the bank accounts of minor
children. Additionally, the joint declaration process has been streamlined.
 Further, EPFO’s provisional payroll data for June 2025 reveals the addition of 2.18
million net formal jobs, marking the highest monthly increase since payroll tracking
began in April 2018. This represents an 8.9% rise from May 2025 and a 12.9% year-on-
year increase. The data also indicates that around 1.69 million members exited and
subsequently rejoined EPFO in June 2025, a year-on-year increase of 19.6%.
 State-wise, the top five states and UTs contributed 61.5% of net payroll additions,
totaling around 1.35 million jobs. Maharashtra led with 20.03% of the net payroll,
followed by Karnataka, Tamil Nadu, Gujarat, Haryana, Delhi, Uttar Pradesh, and
Telangana, each contributing more than 5% of the total.

IEPFA Launches Three Niveshak Seva Kendras in Hyderabad to Aid Investors

 The Investor Education and Protection Fund Authority (IEPFA), in partnership with SEBI,
CDSL, NSDL, BSE, and NSE, inaugurated three Niveshak Seva Kendras in Hyderabad,
Telangana.
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 The Niveshak Seva Kendras have been set up to provide faster, easier, and more
accessible solutions to investors, particularly in matters related to unclaimed dividends
and KYC/nomination updates.
 The centres are operational at designated locations in the Financial District (KFin
Technologies), Ameerpet (BSE office), and Begumpet (NSE office).
 IEPFA was established on September 7, 2016, under the Ministry of Corporate Affairs.

PNB Partners with CRPF to Extend “Rakshak Plus” Benefits and Plans NPA
Sales
 Punjab National Bank (PNB) signed an MoU with the Central Reserve Police Force
(CRPF) to extend its flagship “Rakshak Plus” benefits to CRPF personnel, pensioners,
and their families. PNB will provide a range of services, including enhanced insurance
coverage and other benefits, to all serving personnel and pensioners of the CRPF
through its flagship scheme, “PNB Rakshak Plus”.
 Besides, PNB is preparing to sell around 100 non-performing asset (NPA) accounts,
estimated at ₹4,000-5,000 crore, to asset reconstruction companies (ARCs) in the
current financial year (FY26).

LIC Launches Month-Long Revival Campaign for Lapsed Policies with Late Fee
Concessions
 Life Insurance Corporation of India (LIC) has launched a month-long campaign for the
revival of individual lapsed policies, starting August 18 and lasting until October 17,
2025. This special drive is extended to all non-linked policies with a concession on the
late fee.
According to LIC, under the revival campaign:
 For premiums up to ₹1,00,000, a 30% concession is available, subject to a maximum of
₹3,000.
 For premiums between ₹1,00,001 and ₹3,00,000, the concession is 30% with a cap of
₹4,000.
 For premiums above ₹3,00,001, the concession is 30% up to ₹5,000.
 There is a 100% waiver of late fees for micro insurance policies to facilitate affordable
restoration of risk cover.
 Policies can be revived within 5 years from the date of the 1st unpaid premium, subject
to satisfying the policy terms and conditions. Policies in a lapsed condition during the

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premium paying term and not completed policy term are eligible for revival under this
campaign.
 There are no concessions on medical/health requirements. Policyholders are required
to pay a fixed premium either on the due date or within the grace period, usually 15 to
30 days. If the premium is not paid even during this grace period, the policy lapses.
SBI Tops Customer Complaints in FY25, Axis Bank Leads Among Private Banks
 According to the State Bank of India’s (SBI) Business Responsibility and Sustainability
Report (BRSR), SBI received the highest number of customer complaints in FY25, while
Axis Bank topped the list among private banks.
 SBI received over 6.87 lakh complaints related to unauthorized electronic debit
transactions, 12,502 complaints for delay in delivery of essential services, and 21.50
lakh complaints under the ‘other’ category.
 Punjab National Bank (PNB) recorded 11.39 lakh customer complaints in FY25.
 Bank of Baroda (BoB) received 5.34 lakh complaints.
 Most complaints were related to internet, mobile, electronic banking, and ATM/debit
cards.
Among private banks:
 Axis Bank faced 4.97 lakh complaints on delay in delivery of essential services, 76,111
‘other’ complaints, 12,744 complaints regarding advertising, and 4,438 complaints
related to unfair trade practices.
 ICICI Bank reported 5.34 lakh complaints related to delay in essential services.
 HDFC Bank saw 4.42 lakh complaints under the ‘other’ category.

UIDAI Launches Aadhaar-Based Authentication Framework for Cooperative

Banks
 The Unique Identification Authority of India (UIDAI) has launched an Aadhaar-based
authentication framework for Cooperative Banks across India. Developed in
collaboration with the Ministry of Cooperation, NABARD, NPCI, and various cooperative
banks, the framework covers all 34 State Cooperative Banks (SCBs) and 352 District
Central Cooperative Banks (DCCBs).
 Only SCBs will be registered with UIDAI as Authentication User Agencies (AUA) and
eKYC User Agencies (KUA).

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 DCCBs will use the Aadhaar authentication application and IT infrastructure of their
respective SCBs, reducing the need for separate systems, lowering costs, and
streamlining operations.
 The framework enables faster and more secure customer onboarding using biometric
eKYC and face authentication, especially in rural and semi-urban areas.
 It facilitates direct credit of subsidies and welfare payments into cooperative bank
accounts via Aadhaar.
 Banks can also offer services like Aadhaar Enabled Payment System (AePS) and the
Aadhaar Payment Bridge.

Indranil Bhattacharyya Appointed as Ex Officio Member of RBI’s Monetary

Policy Committee
 The Central Board of Directors of the Reserve Bank of India (RBI), at its meeting chaired
by Governor Sanjay Malhotra, approved the nomination of Indranil Bhattacharyya,
Executive Director (ED), as an ex officio member of the Monetary Policy Committee
(MPC). He replaces Rajiv Ranjan.
 Bhattacharyya will participate in the upcoming MPC meeting scheduled from
September 29 to October 1, 2025.
 The six-member MPC includes 3 internal members:
 Governor Sanjay Malhotra
 Deputy Governor Dr. Poonam Gupta (Monetary Policy Department)
 Executive Director Indranil Bhattacharyya (Monetary Policy Department)
 These three are ex officio permanent members. The panel also has 3 external members
appointed by the government for a three-year term: Nagesh Kumar, Saugata
Bhattacharyya, and Ram Singh.
 Other RBI Deputy Governors include M. Rajeshwar Rao, T. Rabi Sankar, J.
Swaminathan, and Dr. Poonam Gupta.

HDFC ERGO and PhonePe Launch “Suraksha Sankalp” for Affordable Health
Insurance
 HDFC ERGO General Insurance Company has partnered with PhonePe to launch
“Suraksha Sankalp”, an affordable health insurance solution covering OPD to
hospitalization for lower and middle-income groups, including unorganised sector and
gig economy workers.

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 As per the NITI Aayog report, around 40 crore Indians in the ‘Missing Middle’ lack any
form of health insurance coverage. The partnership combines HDFC ERGO’s expertise in
designing comprehensive, Shariah-compliant, and digitally enabled insurance products
with PhonePe’s digital distribution network.
 This integration allows underserved citizens to access quality health coverage at an
affordable premium entirely through the PhonePe app. The plan offers cashless
hospitalisation across a dedicated network, protection against medical emergencies,
outpatient consultations, and additional financial benefits for cases like vector-borne
diseases.
 Initially available in Hyderabad, Nagpur, and Madurai, ‘Suraksha Sankalp’ will be rolled
out to additional cities.

IndusInd Bank Partners with NSIC to Enhance Credit Access for MSMEs
 IndusInd Bank has signed an MoU with the National Small Industries Corporation
(NSIC), a government enterprise under the Ministry of MSME, to strengthen credit
access for over 6.7 crore Udyam-registered Micro, Small, and Medium Enterprises
(MSMEs) across India.
 This strategic partnership aims to accelerate credit delivery and provide customized
financial solutions to MSMEs associated with NSIC, including working capital loans,
term loans, and structured credit facilities.
 The collaboration supports NSIC’s flagship programs such as the ‘Credit Facilitation
Scheme’ and ‘Single Point Registration Scheme’.
 IndusInd Bank aims to bridge credit gaps by leveraging NSIC’s trusted ecosystem along
with its financial expertise and digital capabilities.

South Indian Bank Launches “Gold Xpress” for Quick and Flexible Gold Loans
 South Indian Bank has launched “Gold Xpress”, a new gold loan product designed to
offer quick and convenient credit access to customers. With this scheme, borrowers can
avail loans up to 90% of their gold’s value, with amounts ranging from ₹25,000 to ₹25
lakh, and flexible tenures of up to 3 years.
 The product targets MSMEs, non-MSMEs, and small businesses, enabling them to
finance business expansion, working capital needs, or personal ventures easily. The
entire eligibility and loan processing is digital and hassle-free, allowing even customers
new to credit to avail loans based on basic checks.
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Growth of Cooperative Banks and Their Loan Outstanding in India
 According to data from the Reserve Bank of India (RBI) and NABARD (National Bank for
Agriculture and Rural Development), India has:
 1,457 Urban Cooperative Banks
 34 State Cooperative Banks
 351 District Central Cooperative Banks
 1 Industrial Cooperative Bank (Tamil Nadu Industrial Co-operative Bank)
 The total outstanding loans from these banks have shown significant growth, rising
from Rs 7.84 lakh crore in 2020 to Rs 11.33 lakh crore by March 2025.
 Maharashtra and Karnataka have the highest number of Urban Cooperative Banks.
 This data highlights the crucial role of cooperative banks in providing financial services
and driving economic activity.

Ministry of Finance Introduces "One-time, One-way" Switch Facility from UPS

to NPS
 The Ministry of Finance has introduced a “One-time, One-way” switch facility from the
Unified Pension Scheme (UPS) to the National Pension System (NPS).
 Central government employees can opt for the UPS before September 30, 2025, which
offers assured payouts and several benefits.
 The switch facility may be exercised by UPS optees any time:
 Not later than 1 year prior to the date of superannuation
 Or 3 months prior to the deemed date of retirement in case of voluntary
retirement.
 The switch will not be allowed in cases of removal, dismissal, compulsory retirement as
penalty, or ongoing/disciplined proceedings.
 After switching, PFRDA (Exit & Withdrawal under NPS) Regulations, 2015 apply, and
employees cease to be eligible for assured payouts and UPS benefits.
 The UPS was introduced on April 1, 2025, as an option under NPS for central
government employees and provides assured payouts to employees.

Sundaram Home Finance Launches “Anugraha” Affordable Housing Initiative

 Sundaram Home Finance, a wholly owned subsidiary of Sundaram Finance Ltd, has
launched an affordable housing initiative named “Anugraha”, targeting lower and

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middle-income families in Tier II and III towns, aiming to make homeownership more
accessible and inclusive for aspirants in these regions.
 The initiative is part of Sundaram Home Finance’s Emerging Business segment, which
also covers small business loans and focuses on expanding into underserved
geographies to promote financial inclusion.
 Sundaram Home Finance presently operates over 50 branches in Tamil Nadu and
Andhra Pradesh and registered disbursements of more than ₹200 crore in the last
financial year.

Bank of India Tags Reliance Communications Loan as Fraud

 After the State Bank of India (SBI), Bank of India (BOI) has also tagged the loan
accounts of Reliance Communications, its promoter Anil Ambani, and former director
Manjari Ashok Kacker as ‘fraud’ due to alleged diversion and misappropriation of
funds.
 The loan of Rs 700 crore granted by BOI in August 2016 was partly misused, with half
the disbursed amount invested in fixed deposits, violating the loan sanction terms. This
follows a similar classification by SBI in June 2025.
 Reliance Communications and its group companies had total borrowings of
approximately Rs 31,580 crore across multiple banks. Under Indian banking laws,
accounts tagged as fraudulent are barred from raising fresh funds for 5 years and
referred for criminal investigation.

RBI Announces Premature Redemption Schedule for Sovereign Gold Bonds

 The Reserve Bank of India (RBI) has announced a schedule for premature redemption
for 28 sovereign gold bonds (SGBs) till March 26, 2026. These bonds were issued
between May 2018 and March 2021.
 While SGBs are issued for 8 years, they can be redeemed prematurely after 5 years
from the date of issue. For the latest repurchase of SGBs, RBI has fixed a price of Rs
10,070 per unit.
 Investors who bought these bonds issued in September 2009 at Rs 4,070 per gram have
gained Rs 6,000 per unit or 147%, excluding the 2.5% annual interest.
 The redemption price will be calculated based on the simple average closing price of
gold of 999 purity, published by the India Bullion and Jewellers Association (IBJA) for
the preceding 3 working days.
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 SGB offers the dual benefit of gold price appreciation and a fixed annual interest of
2.5% paid semi-annually. SGB holders who redeem their SGBs at maturity (8 years) will
also receive tax-free capital gains.
 RBI has scheduled 3 bonds for September 2025. Since April, RBI has opened up
premature redemption for 34 SGBs issued between October 2017 and September 2020.

Income Tax Department Raises Prosecution Threshold for Undisclosed Foreign

Assets
 The Income Tax Department has instructed its officials not to initiate prosecution in
cases where the aggregate value of undisclosed foreign assets (other than immovable
property) is up to Rs 20 lakh.
 Earlier, this threshold was Rs 5 lakh. The new threshold will be effective from October 1,
2024. This instruction is significant as the due date for filing income tax returns (ITR) for
the assessment year 2025-26 is September 15, 2025.
 Sections 42 and 43 of the Black Money Act (BMA), 2015 prescribe a penalty for failure
to disclose foreign income and assets in the ITR, while prosecution can be initiated
under sections 49 and 50.
 According to the law, the penalty can be up to Rs 10 lakh.
 An amendment in these sections by the Finance Act 2024 has expanded the scope of
assets.

SEBI Approves LIC’s Reclassification as Public Shareholder of IDBI Bank Post-

Disinvestment
 The Securities and Exchange Board of India (SEBI) has approved the classification of
Life Insurance Corporation of India (LIC) as a public shareholder of IDBI Bank for its
residual stake after the completion of strategic divestment in the lender. The
reclassification is subject to fulfilling transaction-related conditions.
 Key conditions include:
 LIC’s voting rights shall not exceed 10% of the total net effective voting rights of IDBI
Bank.
 LIC cannot exercise control over the bank’s affairs, directly or indirectly.
 LIC may not have special rights via any arrangement, including shareholders’
agreements.

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AUGUST 2025 CA NOTES FOR ALL BANKING EXAMS

 LIC will not have board representation or nominees on IDBI Bank’s Board of
Directors.
 Failure to comply will lead to automatic withdrawal of reclassification.
 Post-disinvestment, LIC must reduce its residual shareholding to 15% or below within 2
years as directed by the Reserve Bank of India (RBI).
 Currently, the Centre and LIC hold a combined 95% stake in IDBI, with 60.72% up for
sale. Qualified bidders are conducting due diligence, expected to complete by
September 2025.

Malaysia Launches Ryt Bank, the World’s First AI-Powered Bank

 Malaysia has launched Ryt Bank, the world’s first AI-powered bank, developed by
Malaysians for local users. The bank is a joint venture between YTL Group and Sea
Limited and operates under the supervision of Bank Negara Malaysia.
 Ryt Bank offers services in multiple languages - Bahasa Malaysia and English from
launch, with Mandarin expected by September 2025.
 Central to the bank is Ryt AI, an intelligent digital assistant powered by ILMU, Malaysia’s
first domestically developed large language model, which understands natural language
and handles tasks such as bill payments, fund transfers, spending tracking, and
financial literacy support.
 Ryt Bank is licensed by Bank Negara Malaysia, with your money protected by PIDM (up
to RM 2,50,000 per depositor).

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