Banking & Finance
RBI Invites Public Comments on Draft Circular
- RBI seeks feedback on proposed changes to rules for inoperative accounts and unclaimed deposits.
- Deadline for comments: June 8, 2025.
Periodic KYC Update to Become Easier
- RBI aims to simplify periodic KYC updates.
- Banks to launch KYC update facilities at all branches.
- Video KYC (V-CIP) enabled on demand.
- Deadline for KYC update: June 30, 2026.
UDGAM Portal & Unclaimed Deposits
- UDGAM Portal launched in Aug 2023 for tracking unclaimed deposits.
- Depositor Education and Awareness (DEA) Fund increased by 26% from FY 2022-23 to FY 2023-24.
- Banks can now nominate up to four individuals for deposits and lockers.
RBI Sells Nearly $400 Billion in FY25
- Gross foreign currency sale: $398.71 billion.
- Rupee hit record low of ₹87.95 per dollar in Feb 2025.
- Forex reserves declined by $80 billion from Sep 2024 to Jan 2025.
Getepay Approved as Online Payment Aggregator
- Getepay gains RBI authorization to help SMEs with digital payments.
India Post Payments Bank & Aditya Birla Capital Partnership
- Aims to improve loan access in rural areas.
- IPPB refers customers for personal, business, and property loans.
EnKash Launches India's 1st Payment Gateway for SMBs
- Focused on serving 63 million SMBs and startups.
- Offers a unified payment solution including corporate cards and expense management.
SEBI Mandates Electronic Book Mechanism for Private Debt Placements
- Now required for debt issues above ₹20 crore.
- Covers Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs), Small-Minus REITS (SM REITs) and municipal bonds.
ZikZuk Approved for Prepaid Payment Instruments (PPIs)
- PPIs facilitate cashless transactions like wallets and prepaid cards.
IRDAI Fines Acko General Insurance ₹1 Crore
- Violated outsourcing and agent commission payment norms.
SEBI Introduces New Audit Norms for Stock Exchanges
- Market Infrastructure Institutions (MIIs) must conduct internal audits covering operations and compliance twice a year.
RBI Cancels HCBL Co-operative Bank Licence
- Due to non-compliance with banking regulations.
RBI Imposes Penalties on Deutsche Bank & Yes Bank
- Deutsche Bank fined ₹50 lakh for common exposure data issues.
- Yes Bank fined ₹29.6 lakh for financial statement errors.
Emirates NBD Gets Approval for Subsidiary in India
- Can now operate independently instead of branch model.
Indusind Bank Signs MoU with STPINEXT
- Will provide banking solutions tailored for startups.
Indian Overseas Bank & Indian Institute of Banking & Finance MoU
- Aims to enhance MSME lending efficiency.
RBI Proposes 15% Investment Cap in Alternative Investment Funds (AIFs)
- New limits on bank/NBFC investments to reduce financial risk.
RBI to Issue ₹20 Banknotes in Mahatma Gandhi (New) Series
- Featuring Ellora Caves on reverse side.
- Base color: Greenish Yellow.
RBI’s 615th Central Board Meeting
- Focus on reviewing Economic Capital Framework (ECF).
- Dividend transfer decision expected on May 23, 2025.
HDFC Bank Launches 'Biz+ Current Accounts'
- Designed to meet business banking needs.
- RBI fined HDFC Bank ₹75 lakh for KYC violations.
SBM Bank & ICICI Prudential Bancassurance Partnership
- To expand life insurance offerings.
Economy & Market
BSE Sensex Rejig
- Trent Ltd & Bharat Electronics Ltd added.
- IndusInd Bank & Nestle India removed.
Fitch Upgrades India's Growth Forecast to 6.4%
- China’s forecast reduced to 4.3%.
India’s Core Sector Growth Hits 8-Month Low
- Growth fell to 0.5% in April 2025.
Morgan Stanley Raises India’s Growth Forecast
- Upgraded FY26 growth to 6.2% and FY27 to 6.5%.
RBI Monthly Report: Cautious Optimism for India
- Inflation expected to stabilize.
- Rural consumption likely to rise due to a bumper harvest.
Indian Railway Finance Corporation to Raise $1.17 Billion
- Funds through deep-discount bonds.
SEBI Implements SIP Cancellation Norms
- Cancellations surged due to new SEBI compliance rules.
International Relations
Algeria Joins BRICS Bank NDB
- NDB now includes 10 member countries.
India Participates in 24th Indian Ocean Rim Association (IORA) Meeting
- Hosted by Sri Lanka.
- India to take Chairship for 2025-2027.
Honduras Opens Embassy in India
- Strengthens trade and diplomatic relations.
Business & Industry
Edelweiss Asset Management Rebrands SIFs as 'altiva SIF'
- Focus on customized investment strategies.
Myntra Expands Globally
- Launches direct-to-consumer business in Singapore.
Coinbase Joins S&P 500
- First crypto exchange included.
Sapphire Media Acquires Big FM
- Completes acquisition of Reliance Broadcast Network.
National News & Policy
Govt Reserves 4% Housing Quota for Disabled Officials
- In General Pool Residential Accommodation (GPRA) scheme.
Centre Launches Apprenticeship Scheme for Northeast Youth
- ₹43.94 crore allocated.
BHEL to Develop EV Charging Super App
- Aims to install 72,000 public charging stations.
Mizoram Declared India’s First Fully Literate State
- Achieved under New India Literacy Programme (NILP).
PM Modi to Inaugurate 103 Amrit Bharat Railway Stations
- Development cost: ₹1,100 crore.
Science & Technology
India-Japan LUPEX (Lunar Polar Exploration) Mission Advances
- To explore Moon’s south pole.
Saudi Arabia Opens World’s First AI Medical Clinic
- Features AI doctor "Dr Hua."
DGCA Approves Drone Pilot Training for Medium-Class Drones
- By AVPL International.
Defence & Security
CISF Officer Geeta Samota Scales Mount Everest
- First woman CISF personnel to achieve this feat.
Indian Navy Uses Ancient Shipbuilding Technique
- Constructs a vessel with stitched hull method.
Environment
Global Forest Watch Report 2025
- India lost 204,000 hectares of primary forest in 2024.
Sports
Neeraj Chopra Achieves 90m Mark
- Finishes 2nd in Doha Diamond League.
Indian Women’s Football Team Qualifies for FIFA Women’s World Cup
- Will co-host the 2027 edition.