24th July 2025

1. India Ratings & Research Cuts India’s Growth Forecast for FY26
2. Suhani Shah Became First Indian To Win ‘Oscar for Magicians’ at FISM 2025
3. Delhi Government’s Cash Rewards Boost for Olympic & Paralympic Medalists
4. Powerful Earthquakes Strike Russia’s Kamchatka Peninsula – A Seismic Hotspot
5. Ambrosia Beetle Threatens Rubber Plantations In Kerala
6. US Withdraws from UNESCO Again After Joining 2 Years Ago
7. National Sports Governance Bill
8. Nagaland University to host one of four incubation centres in Northeast
9. New leadership at GCMMF: Ashok Chaudhary takes charge as chairman, Gordhan Dhameliya as vice chairman
10. Equitas Small Finance Bank launches FCNR deposits and Explorer Savings Account
11. PhonePe partnered with SBI Card to launch two co-branded credit cards
12. SEBI renews recognition of MCXCCL as clearing corporation
13. KredX & Canara Bank partnered to enhance MSME digital trade finance via DTX
14. World’s Top 10 Favourite International Airports: Chhatrapati Shivaji Airport ranks 9th, Istanbul Airport topped
15. BITS Pilani-based start-up Apollyon Dynamics delivers indigenous drones to Indian Army
16. Japan Badminton Open 2025: Shi Yu Qi won Men’s singles and An Se-young won Women’s singles
17. National Broadcasting Day 2025 – July 23
18. Uttarakhand launches India’s first systematic plant conservation programme
19. ADB cuts Indias FY26 growth forecast to 6.5%
20. India – TEPA to come in effect from Oct 1, 2025
21. National Sample survey Completes 75 years
22. Public Sector Banks Flag 1,629 Cases Worth ₹1.62 Trillion
23. RBI Conducts Surprise VRR Auction to Infuse ₹50,000 Crore Liquidity (July 2025)
24. Fino Payments Bank Launches “GATI” Savings Account to Boost UPI Adoption in Bengal
25. Meet ‘Samudra Prachet’ The Game-Changing Pollution Control Vessel!
26. China’s Construction of the World’s Largest Dam on Yarlung Tsangpo (Brahmputra)
27. Income Tax Day – July 24
28. International Day for Judicial Well-being – July 25
29. World Drowning Prevention Day – July 25
30. International Day for Women and Girls of African Descent – July 25
31. Kargil vijay diwas – July 26, 1999

National News

1. National Sports Governance Bill Introduced in Lok Sabha

• What:
  • Sports Minister Mansukh Mandaviya introduced the National Sports Governance Bill in Lok Sabha to reform sports governance in India.
• Why:
  • The Bill aims to create a unified national sports structure and proper dispute resolution to improve transparency and efficiency in sports administration.
• Tell me more:
  • The Bill proposes a National Sports Board with authority to set rules and oversee federations, including the Board of Control for Cricket in India (BCCI).
  • It establishes a National Sports Tribunal with civil court powers to resolve disputes involving federations and athletes, replacing lower and high courts as the first forum.
  • The tribunal’s decisions can only be challenged in the Supreme Court, streamlining dispute resolution.
  • The Bill follows recommendations from the 2007 Draft Comprehensive National Sports Policy and previous drafts for a sports regulator.
  • The Bill will require the BCCI to align its constitution with the legislation and possibly come under the Indian Olympic Association (IOA).

Source: IE

2. India Submits Ratification of TEPA with EFTA to Norway

• What:
  • India submitted the ratification document of the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) to Norway, the designated depository.
• Why:
  • The submission marks the formal step to implement TEPA, aiming to strengthen trade and investment ties between India and the EFTA countries.
• Tell me more:
  • The agreement was signed on March 10, 2024, and is set to be implemented from October 1, 2025.
  • EFTA consists of Iceland, Liechtenstein, Norway, and Switzerland.
  • India is expected to receive $100 billion in investment over 15 years from the EFTA bloc.
  • India will provide reduced or zero import duties on goods including Swiss watches, chocolates, and cut and polished diamonds.
  • The pact is one of India’s most significant recent trade agreements to deepen economic cooperation with non-EU European countries.

Source: TOI

3. NSO-Kolkata Organizes “Anvesha 2.0” Quiz for NSS 75th Anniversary

• What:
  • NSO-Kolkata held “Anvesha 2.0,” a nationwide quiz contest on official statistics to celebrate 75 years of the National Sample Survey (NSS).
• Why:
  • The quiz aimed to promote interest and awareness about official statistics and NSS among young students.
• Tell me more:
  • Globsyn Business School won the contest; University of Kalyani and St. Xavier’s College were first and second runners-up.
  • The National Sample Survey began 75 years ago and plays a crucial role in official statistics in India.

Source: ET

State News

1. Delhi Government Hikes Awards, Launches Laptop Scheme

• What:
  • Delhi government increased cash awards for Olympic and Paralympic medallists and approved free laptops for meritorious students under the Mukhyamantri Digital Scheme.
• Why:
  • The changes were made to encourage sports and support the holistic development of students and youth.
• Tell me more:
  • Olympic gold medallists will now get Rs 7 crore, silver medallists Rs 5 crore, and bronze medallists Rs 3 crore, up from earlier amounts of Rs 3 crore, Rs 2 crore, and Rs 1 crore.
  • Gold and silver medallists will receive Group A jobs, while bronze medallists will get Group B jobs in the Delhi government.
  • Under the digital scheme, 1,200 meritorious students who passed Class 10 with good marks will receive free i7 laptops.
  • The decisions were made during a Cabinet meeting chaired by Chief Minister Rekha Gupta.

Source: ET

2. Nagaland University to Host Northeast Incubation Centre

• What:
  • Nagaland University has been selected to host one of four incubation centres in the northeast under a central government initiative.
• Why:
  • The initiative aims to support entrepreneurship development and provide startup seed money to promising beneficiaries in the region.
• Tell me more:
  • The project is titled ‘Establish, Develop, and Manage Entrepreneurship Development Centres and Incubation Centres in the Educational Institutes of the North Eastern Region’.
  • It is sponsored by the North Eastern Council, Shillong, and implemented by the Indian Institute of Entrepreneurship (IIE), Guwahati.
  • Nagaland University’s Kohima campus is among the four incubation centres chosen in the northeast.
  • The first batch will incubate 44 beneficiaries from Arunachal Pradesh (16), Assam (6), Manipur (4), and Nagaland (remainder).
  • Selected beneficiaries can receive startup seed money grants up to Rs 5 lakh, and onboarding will begin in July 2025.

Source: TOI

3. Uttarakhand Forest Department Launches Rare Plant Reintroduction Program

• What:
  • Uttarakhand Forest Department started India’s first program to reintroduce rare, endangered, and threatened (RET) plant species to their natural habitats in the Western Himalayas.
• Why:
  • The initiative aims to restore critically endangered plant species and protect Uttarakhand’s rich floral biodiversity from threats like overexploitation, habitat loss, and climate change.
• Tell me more:
  • The project began in July 2025 under the leadership of IFS officer Sanjiv Chaturvedi, Chief Conservator of Forests (Working Plan and Research).
  • It focuses on 14 plant species chosen based on their IUCN Red List status and Uttarakhand State Biodiversity Board’s threatened species list.
  • These plants include Himalayan Gentian, White Himalayan Lily, Red Crane Orchid, Kumaon Fan Palm, Indian Spikenard, and others notable for medicinal and cultural importance.
  • Four species are critically endangered, three are endangered, one is vulnerable, and the rest are classified as threatened.
  • Many of these plants face threats due to overharvesting for medicinal use and low natural regeneration.

Source: IM

International News

1. Powerful Earthquakes Hit Russia’s Kamchatka Peninsula

• Five earthquakes, the largest of 7.4 magnitude, struck Russia’s Kamchatka Peninsula, leading to tsunami warnings.
• The Kamchatka Peninsula is where the Pacific and North American tectonic plates meet, making it a seismic hot zone.

Source: ET

2. US Withdraws from UNESCO

• What:
  • The United States will withdraw from UNESCO at the end of December 2026, as announced by President Donald Trump.
• Why:
  • The withdrawal decision contradicts multilateral principles and affects US partners involved in World Heritage and educational programs.
• Tell me more:
  • UNESCO anticipated the withdrawal and has prepared by undertaking major reforms and diversifying funding sources since 2018.
  • The US contribution now constitutes 8% of UNESCO’s budget, down from earlier levels, and UNESCO’s overall budget has steadily increased.
  • UNESCO has completed significant projects like reconstructing Mosul’s old city and developing global standards on AI ethics.
  • UNESCO maintains relations with US partners in private, academic, and non-profit sectors and intends to continue dialogue with US authorities.

Source: UN

3. China Builds Mega Dam on Yarlung Zangbo River in Tibet

• What:
  • China has started construction of a mega hydropower dam on the Yarlung Zangbo River in Tibet that could become the world’s largest hydroelectric power source.
• Why:
  • The project aims to support China’s carbon neutrality goals, boost economic development in Tibet, and supply electricity to other regions while meeting local needs.
• Tell me more:
  • The project includes five hydropower stations along the river, also known as Brahmaputra in India and Jamuna in Bangladesh.
  • The dam is located near the disputed China-India border, around 30 km from India.
  • It may generate up to three times the energy produced by China’s Three Gorges Dam.

Source: ALJ

Banking and Economy

1. Equitas Small Finance Bank Launches NRI-Focused Banking Products

• What:
  • Equitas Small Finance Bank launched the Foreign Currency Non-Resident FCNR(B) Deposit and the Equitas Explorer Savings Account for NRIs and seafarers.
• Why:
  • These products aim to meet the evolving financial needs of India’s global workforce by offering secure, flexible, and convenient banking solutions.
• Tell me more:
  • The FCNR(B) Deposit is available in USD with benefits including tax-free interest income in India, full repatriation of principal and interest, no foreign exchange risk, and competitive interest rates.
  • The Equitas Explorer Savings Account, for NRIs and Persons of Indian Origin working in shipping, merchant navy, and oil rigs, offers features like an International VISA Platinum Debit Card (NRE), Rs 1 crore air accidental death insurance, home contents insurance up to Rs 2 lakhs, and a mandate holder facility for relatives in India.
  • The account is available in Non-Resident External (NRE) and Non-Resident Ordinary (NRO) types with attractive inward/outward remittance rates and a 25% discount on annual locker rentals.
  • Simplified documentation includes passport, visa or Continuous Discharge Certificate (CDC), and merchant navy declarations.
  • Customers can open the Explorer Account by maintaining either an Average Monthly Balance of Rs 1 lakh or a Total Relationship Value of Rs 10 lakhs.

Source: BS

2. PhonePe Launches Co-branded Credit Cards with SBI Card

• What:
  • PhonePe launched two co-branded credit cards—PhonePe SBI Card PURPLE and PhonePe SBI Card SELECT BLACK—in partnership with SBI Card.
• Tell me more:
  • These cards work on RuPay and Visa networks; RuPay variants can link with UPI, and Visa cards can be tokenised on the PhonePe app for secure digital payments.
  • The partnership strengthens PhonePe’s credit product suite as it prepares for its IPO.
  • SBI Card is India’s largest pure-play credit card issuer.
  • PhonePe had earlier partnered with HDFC Bank for co-branded credit cards.

Source: HBL

3. Sebi Renews Recognition of MCX Clearing Corporation

• What:
  • The Securities and Exchange Board of India (Sebi) has renewed the recognition of Multi Commodity Exchange Clearing Corporation Ltd (MCXCCL) as a clearing corporation for three years starting July 31, 2025.
• Why:
  • The renewal was granted considering it to be in the interest of the trade, securities market, and the public.
• Tell me more:
  • The renewed term for MCXCCL will end on July 30, 2028.
  • MCXCCL will continue its role as the clearing corporation, managing clearing and settlement of trades.
  • MCXCCL is a wholly owned subsidiary of the Multi Commodity Exchange of India Limited (MCX).

Source: BS

4. Canara Bank and KredX Partner to Boost MSME Digital Trade Finance

• What:
  • KredX’s RBI-licensed TReDS platform, Domestic Trade Exchange (DTX), partnered with Canara Bank to expand digital trade finance access for MSMEs.
• Why:
  • The partnership aims to bridge the Rs. 30 lakh crore MSME credit gap by offering easier and affordable working capital access through formal digital finance.
• Tell me more:
  • KredX’s DTX platform enables faster, collateral-free working capital access by digital trade receivable discounting, addressing delayed payments and high borrowing costs.
  • KredX targets Rs. 15,000 crore disbursal and wants to empower 15,000 MSMEs by the fiscal year-end.
  • The Government mandates firms with turnover above Rs. 250 crore to use TReDS and integrate with GSTN for financing compliance.

Source: PTI

5. Public Sector Banks Identify 1,629 Wilful Defaulters with ₹1.62 Trillion Dues

• What:
  • Public sector banks (PSBs) have classified 1,629 unique corporate borrowers as wilful defaulters, owing ₹1.62 trillion as of March 31, 2025.
• Why:
  • Identifying wilful defaulters supports recovery efforts and deters deliberate loan repayment defaults in the banking system.
• Tell me more:
  • This data is sourced from the Central Repository of Information on Large Credits (CRILC) and is updated monthly.
  • The defaulters’ list, excluding overseas borrowers, is publicly accessible via credit information companies like CIBIL, Experian, Equifax, and CRIF High Mark.
  • Nine accused who fled India have been declared Fugitive Economic Offenders under the Fugitive Economic Offenders Act, 2018.
  • Assets worth around ₹15,298 crore have been confiscated under the Prevention of Money Laundering Act (PMLA) and ₹749 crore under the FEOA.
  • Strict measures prohibit wilful defaulters from accessing additional credit, floating new ventures for five years, and raising funds in capital markets.

Source: BS

6. RBI Conducts ₹50,000 Crore Variable Rate Repo Auction to Infuse Liquidity

• What:
  • The Reserve Bank of India (RBI) conducted a surprise two-day variable rate repo (VRR) auction to inject ₹50,000 crore liquidity into the banking system.
• Why:
  • The liquidity infusion was needed to ease the strain on the banking system caused by Goods and Services Tax (GST)-related outflows.
• Tell me more:
  • Banks bid for ₹71,902 crore in the auction, but RBI accepted ₹50,001 crore at a weighted average rate of 5.58%.
  • Although the banking system’s gross liquidity stands at ₹2.43 lakh crore, nearly ₹2 lakh crore is locked in variable rate reverse repo (VRRR), leaving around ₹42,000 crore as daily usable liquidity.
  • Recent GST payments have further tightened liquidity flows within the system.
  • RBI’s monthly bulletin noted surplus liquidity during June and July 2025 driven by higher government spending, lower-than-expected GST collections, and reduced currency in circulation.
  • The average daily net absorption under the Liquidity Adjustment Facility (LAF) rose to ₹3.13 lakh crore during June 16 to July 18, 2025, from ₹2.39 lakh crore in the previous month.

Source: HBL

7. Fino Payments Bank Launches “GATI” Savings Account for Instant Transactions

• What:
  • Fino Payments Bank launched a new savings account named “GATI” to enable customers to transact instantly after opening the account.
• Why:
  • The account targets customers eager to use affordable and fast digital banking services, especially helping those shifting from physical to digital transactions.
• Tell me more:
  • GATI savings accounts can be opened instantly at any of Fino Bank’s 40,301 merchant points in West Bengal through eKYC with a one-time Rs 100 fee and zero minimum balance.
  • The FinoPay mobile banking app auto-creates a UPI ID upon account opening, enabling immediate digital transactions.
  • Account maintenance charges are Rs 50 per quarter, making it affordable compared to annual fees.
  • The account primarily targets digitally active customers over 18 years, including youngsters, women, welfare beneficiaries, and senior citizens with smartphones.
  • GATI aims to encourage safe, secure digital banking adoption in rural areas with merchant assistance for instant transaction readiness.

Source: UNI

Reports and Indices

1. Istanbul Airport Tops World’s Best International Airports Again

• What:
  • Istanbul Airport in Turkey was ranked the world’s best international airport again in Travel + Leisure’s 2025 list with a high score of 98.57.
• Why:
  • The ranking reflects improved infrastructure, traveler satisfaction, and efficient operations including one of the world’s first triple-runway simultaneous operations.
• Tell me more:
  • Istanbul Airport’s score improved from 95.79 in 2024 and from 83.36 when it ranked seventh in 2023.
  • Mumbai’s Chhatrapati Shivaji Maharaj International Airport ranked ninth globally with a score of 84.23. It is managed by Mumbai International Airport Ltd under Adani Airport Holdings Ltd.
  • It is the first Indian and third global airport to get Level 5 Accreditation for Airport Customer Experience by ACI.

Source: ET

GDP Forecast

1. India’s FY26 Growth Forecast Revised by ADB and Ind-Ra

• What:
  • The Asian Development Bank (ADB) and India Ratings & Research (Ind-Ra) have lowered India’s GDP growth forecast for FY26 to 6.5% and 6.3%, respectively.
• Why:
  • The revision is due to the impact of US baseline tariffs, policy uncertainty affecting investment, and a weaker investment climate.
• Tell me more:
  • ADB noted India remains one of the fastest-growing major economies, supported by strong consumption and rural demand revival.
  • Services and agriculture sectors are key growth drivers, with agriculture aided by a forecast of above-normal monsoon rains.
  • RBI’s growth projection also aligns with ADB at 6.5% for FY26, with India’s economy growing 6.5% in FY25.
  • ADB expects growth to improve to 6.7% in FY27, assuming better policy clarity, financial conditions, and lower crude oil prices.
  • Ind-Ra highlighted headwinds from external tariff hikes and weak investment but tailwinds from monetary easing, lower inflation, and likely good monsoon.

Source: ET

Defence News

1. BITS Pilani Students Develop Combat Drones for Indian Army

• What:
  • Two BITS Pilani Hyderabad students founded a startup and created combat drones now used by the Indian Army.
• Why:
  • The drones were developed to provide innovative, fast, and radar-resistant aerial combat solutions tailored for Indian terrain.
• Tell me more:
  • The students are Jayant Khatri (Mechanical Engineering) and Sourya Choudhury (Electrical Engineering).
  • Their radar-resistant kamikaze drone flies over 300 km/h, five times faster than standard drones, carrying payloads up to 1 kg.
  • Drones are operational in multiple Army bases including Jammu, Chandimandir, Panagarh, and Arunachal Pradesh.
  • Their work was recognized by BITS officials and showcased before the Chancellor Kumar Mangalam Birla.

Source: ET

2. Indigenous Pollution Control Vessel ‘Samudra Prachet’ Launched for Indian Coast Guard

• What:
  • The Indian Coast Guard’s second indigenous Pollution Control Vessel (PCV), ‘Samudra Prachet’, was launched by Goa Shipyard Ltd in Goa.
• Why:
  • The vessel aims to enhance India’s capability for quick and effective response to oil spills in the Exclusive Economic Zone, supporting maritime environmental protection.
• Tell me more:
  • ‘Samudra Prachet’ has 72% indigenous content, reflecting national capability-building and support for local industry and MSMEs.
  • The vessel can recover oil of all viscosities, pump contaminated water, analyze and separate pollutants, and store recovered oil in onboard tanks.
  • The first PCV was launched in August 2024 and is expected to be delivered soon.

Source: PIB

Agriculture and Rural Development

1. Ambrosia Beetle Fungus Threatens Kerala Rubber Plantations

• What:
  • Rubber plantations in Kerala are being damaged by an ambrosia beetle and its fungi, causing leaf fall and drying of trees.
• Why:
  • The beetle and fungi attack weak or stressed rubber trees, harming the trees and reducing latex production.
• Tell me more:
  • The beetle, Euplatypus parallelus, has a mutual relationship with two fungi: Fusarium ambrosia and Fusarium solani.
  • This is the first time Fusarium solani has been found with adult ambrosia beetles.
  • The beetles bore tunnels in the tree bark, carry fungi inside, and farm the fungi, which they and their larvae feed on.
  • The fungi weaken the wood and block the tree’s water transport system, causing damage and slow healing.
  • Farmers first noticed symptoms like latex oozing from bark in the Irrity-Kannur region, leading to research and help from Kerala Forest Research Institute.

Source: TH

Awards

1. Suhani Shah Wins Best Magic Creator 2025 Award

• What:
  • Rajasthan’s Suhani Shah won the ‘Best Magic Creator 2025’ award at the International Federation of Magic Societies (FISM), known as the ‘Oscars for magicians’.
• Tell me more:
  • The FISM event was held in Torino, Italy from July 14-19 and included magicians from around the world.
  • Suhani Shah competed in the online category with participants from the UK, US, Australia, and Dubai.
  • Suhani Shah is India’s first female mentalist, illusionist, and magician with a career starting over 25 years ago.

Source: TBI GS

Important Days

1. National Broadcasting Day 2025 – July 23

• What:
  • National Broadcasting Day marks the first radio broadcast in India on July 23, 1927, from the Bombay Station by the Indian Broadcasting Company.
• Tell me more:
  • The Indian State Broadcasting Service was renamed All India Radio (AIR) on June 8, 1936.
  • The Central News Organisation (CNO) was established in August 1937 and later split into News Services Division and External Services Division.
  • The name AKASHVANI was adopted by the National Broadcaster in 1956.
  • Vividh Bharati Service, launched in 1957, focused on popular film music.
  • AIR’s motto is “Bahujana Hitaya, Bahujana Sukhaya,” meaning “for the benefit and happiness of the many.”
  • All India Radio (AIR) originally came under the Department of Communications and later the Department of Information and Broadcasting.

Source: NOA

2. Income Tax Day – July 24

Source: PIB

3. International Day for Judicial Well-being – July 25

4. World Drowning Prevention Day – July 25

5. International Day for Women and Girls of African Descent – July 25

6. Kargil Vijay Diwas – July 26

Sports

1. BWF Japan Open 2025 in Tokyo

Source: OC

Appointments

1. GCMMF Elects New Chairman and Vice Chairman

• Ashok Chaudhary and Gordhan Dhameliya were elected as Chairman and Vice Chairman of Gujarat Cooperative Milk Marketing Federation (GCMMF).
• GCMMF is the federation behind Amul, a major cooperative dairy brand in India.

Source: IE

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