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QwikStudy Current Affairs - May 24, 2025

Discover the most recent news and updates from around the globe on May 24, 2025—your go-to source for timely current events.
24 May 2025 by
Tushar Rajwaniya

Appointments

  1. New Director for MPEDA
    • Ram Mohan M.K. has been appointed as the new Director of the Marine Products Export Development Authority (MPEDA).
    • MPEDA is a statutory body established in 1972 under the Ministry of Commerce and Industry, Government of India.
    • Its headquarters are in Kochi.
  2. PTC India's New Chairman & MD
    • Manoj Kumar Jhawar is the new Chairman & Managing Director of PTC India. The previous Chairman & Managing Director was Rajib Kumar Mishra, whose services were terminated.
    • His appointment term will last until he reaches the age of superannuation (60 years).
  3. KSDL Brand Ambassador
    • Actress Tamannaah Bhatia is now the brand ambassador for Karnataka Soaps & Detergents Limited (KSDL).
    • This announcement was made by Large and Medium Industries Minister M.B. Patil.
    • Karnataka Soaps & Detergents Limited (KSDL) is a public sector enterprise known for producing Mysore Sandal Soap.
  4. Intelligence Bureau Chief Extension
    • Tapan Kumar Deka, the Intelligence Bureau Chief, has had his term extended by one year.

Banking & Finance

  1. North-East Small Finance Bank Renamed
    • North-East Small Finance Bank Limited has officially changed its name to Slice Small Finance Bank Limited.
    • This change is noted in the Second Schedule to the Reserve Bank of India Act, 1934.
    • The change resulted from a strategic merger between the fintech company slice (Bengaluru-based) and the Guwahati-based North East Small Finance Bank (NESFB), completed in October 2024.
  2. MMRDA Secures Loan from Bank of Maharashtra
    • The Mumbai Metropolitan Region Development Authority (MMRDA) secured a ₹1,500 crore loan from the Bank of Maharashtra.
    • This loan is for a slum redevelopment project along the Eastern Express Highway in Ghatkopar, Mumbai.
    • The project's total cost is estimated at ₹8,498 crore, and it is funded by a 15-year loan.
    • It is expected to be completed within three years.
    • About Bank of Maharashtra (BoM):
      • Established in 1935.
      • Headquartered in Pune, Maharashtra.
      • MD & CEO: Nidhu Saxena.
      • Tagline: "One Family One Bank."
  3. EnKash Launches Payment Gateway for SMBs and Startups
    • EnKash launched India's first Payment Gateway specifically designed for Small to Medium-sized Businesses (SMBs) and Startup merchants.
    • This platform aims to simplify payment collection for businesses.
    • About EnKash:
      • Established in 2018.
      • Headquartered in Mumbai.
      • MD & CEO: Deep Sehgal.
  4. Getepay Gets RBI Approval
    • Getepay, a fintech startup, has received final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. 
    • This allows Getepay to offer payment collection services to merchants.
  5. India Post Payments Bank Partnership
    • India Post Payments Bank (IPPB) has partnered with Aditya Birla Capital Limited. 
    • This collaboration aims to provide financial planning and investment solutions to IPPB's vast customer base, especially in rural and underserved areas.
  6. Aditya Birla Sun Life Insurance Collaborates with Equitas Small Finance Bank
    • Aditya Birla Sun Life Insurance (ABSLI) has partnered with Equitas Small Finance Bank.
    • This collaboration aims to expand the reach of life insurance solutions in rural India.
  7. RBI Invites Comments on Inoperative Accounts
    • The RBI has invited public comments on the draft circular on 'Inoperative Accounts/Unclaimed Deposits in Banks - Revised Instructions (Amendment) 2025'.
    • Comments are invited until June 6, 2025.
    • The draft circular modifies existing instructions from January 1, 2024.
    • Banks are required to make KYC (Know Your Customer) updation facilities available at all branches and through V-CIP (Video-based Customer Identification Process) for activating inoperative accounts.
  8. New Payments Regulatory Board (PRB)
    • The Centre has notified the 'Payments Regulatory Board Regulations, 2025', establishing a new PRB to replace the RBI's previous Board for Regulation and Supervision of Payment and Settlement System (BPSS).
    • Composition:
      • The PRB will include the RBI Governor as Chairperson (with a casting vote).
      • The RBI Deputy Governor in charge of payment and settlement systems.
      • An RBI officer nominated by its central board.
      • Three members nominated by the central government.
    • Meetings: The PRB is required to meet at least twice a year.
    • Historical Context: The RBI had dissented against the formation of an independent PRB in 2018, advocating for the payment systems regulation to remain with the monetary authority.
  9. RBI Expects Lower Digital Lending Rates
    • The RBI expects a fall in the final interest rate charged by digital lenders to borrowers once new draft guidelines on co-lending come into effect. 
    • This aims to bring more transparency and fairness to digital lending practices.
  10. NPCI Increases UPI Vigilance
    • NPCI (National Payments Corporation of India) is stepping up UPI (Unified Payments Interface) vigil to prevent disruptions and ensure the smooth functioning of the digital payment system, especially with the growing volume of transactions.
  11. RBI Imposes Fines
    • The RBI has imposed a ₹63.6 lakh fine on Union Bank of India for regulatory violations.
    • A ₹40 lakh fine was imposed on Transactree Technologies Pvt Ltd for non-compliance with P2P (Peer-to-Peer) lending norms.
  12. RBI Transfers Surplus to Government
    • The RBI has transferred a ₹2.69 lakh crore surplus to the government for FY 2024-25.
    • This represents a 27% increase from the surplus transferred in FY 2023-24.
  13. ZikZuk Fintech Startup Receives RBI Approval
    • ZikZuk, a fintech startup, has received in-principle approval from the RBI for the issuance of Prepaid Payment Instruments (PPIs). 
    • This allows ZikZuk to offer digital wallet services.

National and Economic Developments

  1. Rising North East Investors Summit 2025
    • Prime Minister Narendra Modi inaugurated the Rising North East Investors Summit 2025 at Bharat Mandapam in New Delhi.
    • The summit emphasized the government's commitment to holistic development of the North Eastern region by attracting investments.
  2. Wings India 2026
    • Wings India 2026, a biennial civil aviation event, will be held in Hyderabad from January 28-31.
    • It is jointly organized by the Union Ministry of Civil Aviation and the Airport Authority of India (AAI).
  3. First Woman CISF Officer to Scale Everest
    • Geeta Samota becomes the first woman CISF (Central Industrial Security Force) officer to scale Mount Everest. 
    • She achieved this feat on May 21, 2025.
  4. National Commission for Women (NCW) Launches Yashoda AI
    • The National Commission for Women (NCW) has launched the Yashoda AI platform.
    • This initiative aims to enhance women's access to AI and Cybersecurity training, promoting digital literacy and safety among women.
  5. Navy Recreates Ancient Ship
    • The Indian Navy recreated a stitched ship based on 5th century technology. 
    • This project aims to revive traditional shipbuilding techniques and maritime heritage.
  6. GITI and Tata Motors Partnership
    • GITI (Government Industrial Training Institute) inked an MoU (Memorandum of Understanding) with Tata Motors. 
    • This partnership aims to provide industry-aligned technical training and stipends to students, enhancing their employability in the automotive sector.
  7. New Butterfly Species in Arunachal Pradesh
    • Arunachal Pradesh welcomes a new butterfly species. 
    • This discovery highlights the rich biodiversity of the region.
  8. Fitch Ratings on India's Growth
    • Fitch Ratings projects India's growth to surge by 0.2% to 6.4%.
    • China's projection is reduced by 0.3%.
  9. India's Commitment to Indian Ocean Nations
    • India reiterated its commitment towards the progress of nations of the Indian Ocean during the 24th IORA (Indian Ocean Rim Association) meeting. 
    • IORA promotes regional cooperation and sustainable development in the Indian Ocean region.
  10. Delhi Cabinet Approves Solar Subsidy
    • The Delhi Cabinet cleared a proposal for a monthly solar power subsidy of up to ₹30,000 per consumer. 
    • This initiative aims to promote renewable energy adoption among residents.
  11. BHEL as Nodal Agency for EV Super App
    • BHEL (Bharat Heavy Electricals Limited) to be the nodal agency for building a new EV (Electric Vehicle) super app. 
    • This app will likely integrate various EV-related services like charging station locations, payment, and possibly ride-sharing.
  12. TN Govt Partners with Banks for Employee Benefits
    • The Tamil Nadu Government inked pact with 7 banks (including State Bank of India, Indian Bank, Canara Bank, Bank of Baroda, Union Bank of India, Punjab National Bank, and Axis Bank) to provide comprehensive employee insurance and loan benefits. 
    • This initiative aims to improve financial welfare for state government employees.
  13. "Sagar Bhavan" and "Polar Bhavan" Inaugurated
    • Earth Sciences Minister Dr. Jitendra Singh inaugurates "Sagar Bhavan" and "Polar Bhavan", which are new facilities in Goa for the National Centre for Coastal Research (NCCR) and National Centre for Polar and Ocean Research (NCPOR) respectively, enhancing India's marine and polar research capabilities.
  14. DPIIT Extends Quality Control Order Deadline
    • The DPIIT (Department for Promotion of Industry and Internal Trade) has extended the implementation timeline for the Safety of Household, Commercial and Similar Electrical Appliances (Quality Control) Order, 2025.
    • The QCO (Quality Control Order) will now be enforced from March 19, 2026, for domestic large and medium enterprises and foreign manufacturers.
    • Micro and Small Enterprises (MSEs) have received additional extensions of 6 and 3 months respectively. This extension provides more time for compliance.
  15. PMAY-Urban Completion Deadline Extended
    • The Ministry of Housing and Urban Affairs (MoHUA) extended the deadline for completing houses sanctioned under PMAY-Urban (Pradhan Mantri Awas Yojana-Urban) to December 31, 2025.
    • Over 92.61 lakh houses have been constructed since the inception of the scheme in June 2015. The extension aims to ensure all sanctioned houses are completed.
  16. MSDE Launches Apprenticeship Scheme for NE Youth
    • The Ministry of Skill Development and Entrepreneurship (MSDE) launched a Pilot Apprenticeship Scheme for Youth to boost apprenticeship opportunities in the North Eastern Region. 
    • This scheme aims to provide practical training and enhance employability.
  17. Mizoram: India's First Fully Literate State
    • Mizoram declared India’s first fully literate state under the ULLAS Initiative, achieving 98.2% literacy. 
    • The ULLAS (Understanding Lifelong Learning for All in Society) initiative focuses on adult literacy and lifelong education.
  18. Himachal Pradesh Workshop on AI for Governance
    • The Himachal Pradesh Government, in collaboration with the National e-Governance Division (NeGD), organized a state-level workshop titled “AI for Good Governance: Driving Transparency, Efficiency, and Impact”. 
    • This workshop explored how Artificial Intelligence can improve government services.
  19. Inclusive India Summit
    • The DEPwD (Department of Empowerment of Persons with Disabilities) organized the ‘Inclusive India Summit’ on Global Accessibility Awareness Day (May 15, 2025) in New Delhi. 
    • The summit focused on promoting accessibility and inclusion for people with disabilities.
  20. BRICS Energy Ministers’ Meeting 2025
    • The BRICS Energy Ministers’ Meeting 2025 was held in Brasilia, Brazil.
    • Theme: “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance”. 
    • The meeting discussed energy cooperation among BRICS nations.
  21. USA Becomes India's Fourth-Largest Crude Oil Supplier
    • The United States of America surpassed the UAE to become India's fourth-largest crude oil supplier in April 2025. 
    • This indicates a shift in India's crude oil import sources.
  22. Exercise Raahat by Indian Army & NDRF
    • The Indian Army & NDRF (National Disaster Response Force) conducted ‘Exercise Raahat’ in Dimapur, Nagaland. 
    • This joint exercise was a disaster relief drill to enhance coordination during emergencies.

International News

  1. Saudi Arabia Unveils 'TOURISE' Platform
    • Saudi Arabia has unveiled the 'TOURISE' platform.
    • This platform is designed to chart a roadmap for tourism sector development, aligning with the Kingdom's Vision 2030 to diversify its economy.
  2. United Kingdom to Transfer Sovereignty of Chagos Islands
    • The United Kingdom is set to transfer the sovereignty of the Chagos Islands (including the Diego Garcia military base) to Mauritius.
    • This transfer addresses a long-standing dispute over the archipelago's control.

Rankings and Reports

  1. Indira Gandhi International Airport's Global Ranking
    • Indira Gandhi International Airport (IGIA) in New Delhi ranked as the 9th busiest airport globally for 2024-25.
    • This ranking was according to Airports Council International (ACI) World.
    • IGIA saw passenger traffic of 77,820,834, making it the busiest airport in India by passenger traffic.
  2. Global Passenger Forecast
    • The global passenger level is forecasted to reach 9.9 billion in 2025, reflecting a 4.8% year-over-year growth rate.

Sports

  1. 2025 FIBA Women's Asia Cup Ambassadors
    • Miao and Oga were named ambassadors for the 2025 FIBA Women's Asia Cup, highlighting their role in promoting the basketball event.
  2. Europa League Final Result
    • Tottenham beats Man United to win the Europa League title. The final score was not provided in the snippets.
  3. ISSF Junior World Cup Medal for India
    • India's Adriyan Karmakar bags a silver medal at the ISSF Junior World Cup in Suhl, Germany, in the shooting competition.
  4. Neeraj Chopra Secures Silver at Janusz Kusocinski Memorial Meet
    • Neeraj Chopra secured a silver medal at the Janusz Kusocinski Memorial Meet in Bydgoszcz, Poland.
    • His best throw was 84.14m.
  5. Angelo Mathews Announces Test Cricket Retirement
    • Angelo Mathews announced his retirement from Test Cricket after the first Test match against Bangladesh.
  6. Joe Root Becomes Fastest to 13,000 Test Runs
    • Joe Root became the fastest cricketer to score 13,000 Test runs, achieving this milestone against Zimbabwe.
  7. Shooter Kanak Wins India's First Gold at ISSF Junior World Cup 2025
    • Shooter Kanak won India’s first gold medal at the ISSF Junior World Cup 2025 in the Women’s 10m Air Pistol event.

Science & Technology

  1. Suzuki Motorcycle India Begins EV Scooter Production
    • Suzuki Motorcycle India has commenced production of its first electric scooter, the 'e-ACCESS', at its plant in Gurugram.
  2. Google Unveils "Beam" in Project Starline
    • Google unveiled "Beam" in its Project Starline, which is a new immersive communication platform that creates 3D holographic representations of people for more realistic virtual interactions.

Important Days

  1. International Day for Biological Diversity 2025
    • Observed on May 22.
    • Theme: "Harmony with Nature and Sustainable Development".
    • A national celebration was held in Udaipur, Rajasthan, organized by the Ministry of Environment, Forest and Climate Change with partners.
  2. International Day of the Markhor
    • Observed on May 24. 
    • The Markhor is a large wild goat species native to Central Asia, the Himalayas, and the Karakoram.
  3. International Day to End Obstetric Fistula
    • Observed on May 23. 
    • This day is dedicated to raising awareness and accelerating action towards ending obstetric fistula, a preventable and treatable childbirth injury.

Tushar Rajwaniya 24 May 2025
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