Current Affairs Quiz 14th February 2025 Quiz

Exp. Decentro Unveils India’s First Self-Hosted CKYC Solution to Align with CERSAI’s New Compliance Mandate

Decentro, a leading fintech infrastructure platform, has launched India’s first fully compliant, self-hosted CKYC (Central Know Your Customer) solution, enabling financial institutions to seamlessly transition to the new CERSAI compliance framework.

This innovation eliminates third-party dependencies, allowing banks, NBFCs, and insurers to onboard customers faster while ensuring regulatory adherence.

Additionally, the Union Budget 2025 has emphasized AI-driven KYC reforms, reinforcing the need for a secure, transparent, and centralized CKYC system. The evolving CKYC landscape presents challenges such as compliance risks, operational disruptions, and significant time and cost implications for institutions lacking the necessary infrastructure.

Co-Founder & CEO of Decentro – Rohit Taneja

Exp. Union Mutual Fund launches two new schemes for structured gold investments

Union Mutual Fund has launched two new funds that will invest in gold “at a time when investors are looking for diversified solutions”, said the company.

Union Gold ETF and Union Gold ETF Fund of Fund opened for subscriptions and will continue till February 24, with a minimum investment requirement of Rs 1,000.

Gold plays a key role in portfolio diversification due to its low correlation with other asset classes and potential as a hedge against inflation. Central banks globally are major buyers of gold, further supporting its demand and price.

The schemes offer key benefits, including cost-effective exposure to gold without concerns related to making charges or storage.

Exp. RBI lifts restrictions on Kotak Mahindra Bank on onboarding new customers

 The Reserve Bank of India (RBI) lifted the restrictions imposed on Kotak Mahindra Bank regarding onboarding new customers using online and mobile banking channels and issuing new credit cards.

In April last year (2024), the RBI placed restrictions on the bank as it failed to plug gaps in its information technology (IT) systems, which resulted in frequent outages in the bank’s core banking system and online channels in the preceding two years, inconveniencing customers.

Ten months after the Reserve Bank of India (RBI) imposed restrictions on Kotak Mahindra Bank on onboarding new customers via its online and mobile banking channels, as well as the issuance of fresh credit cards, the central bank said that it has lifted all such restrictions, as it was satisfied with submissions and the remedial measures undertaken by the bank.

Exp. SEBI launches MITRA to help investors trace inactive mutual fund folios

Capital markets regulator, Securities and Exchange Board of India (SEBI), has introduced a new digital platform, MITRA, to assist investors in tracking and reclaiming inactive or unclaimed mutual fund folios.

The objective of the platform, Mutual Fund Investment Tracing and Retrieval Assistant (MITRA), is to encourage investors to search for forgotten MF investments and update KYC as per the current norms.

The platform addresses a growing concern wherein investors, over time, lose track of their mutual fund investments lack of updated contact information, or unawareness of investments made in their name.

MITRA platform is developed by the RTAs to provide investors with a searchable database of inactive and unclaimed mutual fund folios at an industry-level which will empower the investors.

SEBI has also revised the mandate of the Unit Holder Protection Committee (UHPC) under Mutual Funds rules. The UHPC will now be responsible for reviewing inactive folios along with unclaimed dividends and redemptions, ensuring proactive steps are taken to reduce such cases.

Exp. RBI to issue ₹50 denomination bank notes with signature of new Governor Malhotra

The Reserve Bank of India will soon issue Rs 50 denomination banknotes bearing the signature of Governor Sanjay Malhotra.

Malhotra assumed office in December 2024 replacing Shaktikanta Das who demitted office after completion of his extended term.

The design of these notes is similar in all respects to Rs 50 banknotes in Mahatma Gandhi (New) Series. All banknotes in the denomination of Rs 50 issued by the Reserve Bank in the past will continue to be legal tender.

The Reserve Bank of India will shortly issue ₹50 denomination bank notes in Mahatma Gandhi (new) Series bearing the signature of newly appointed Governor Sanjay Malhotra, the central bank said in a statement.

Exp. SIDBI and AFD, France ink $100 million deal to boost green finance for Indian MSMEs

Small Industries Development Bank of India (SIDBI) and AFD, France have signed a $100 million credit facility agreement (CFA) to scale up green finance solutions for Indian micro, small, and medium enterprises (MSMEs).

The partnership aims to support sustainable growth and drive the transition towards a low-carbon economy.

Under this agreement, AFD will provide credit line of $100 million to SIDBI to deploy the funds to expand access to affordable financing for MSMEs investing in energy-efficient technologies, renewable energy solutions, and climate-friendly business practices.

This initiative aligns with both institutions’ commitment to fostering sustainable economic development and enhancing climate resilience in emerging markets.

Recent MoUs Signed in Banking Sector

• Airtel Payments Bank has partnered with the Karnataka Bulldozers for the Celebrity Cricket League (CCL) 2025
• Bajaj Finance partnered with Bharti Airtel to create a digital platform for financial services.
• PNB MetLife partners with Saraswat Co-operative Bank to offer insurance solutions*
• Suryoday Small Finance Bank partnered with Tata Digital to extend its fixed deposit (FD) offerings via the Tata Neu platform.
• PhonePe partners with ICICI Lombard to offer Maha Kumbh Mela insurance
• Tata Power, Canara Bank partner to offer loans for rooftop solar systems

Exp. IIT Madras, ISRO develop semiconductor for space research, other sectors

Indian Institute of Technology (IIT) Madras and ISRO have developed an indigenous microprocessor for space applications which can be used in command and control systems and other critical functions in outer space.

The SHAKTI microprocessor project is led by IIT Madras Director V Kamakoti at Prathap Subrahmanyam Centre for Digital Intelligence and Secure Hardware Architecture (PSCDISHA) in Department of Computer Science and Engineering.

The SHAKTI class of systems are based on RISC-V, an open-source Instruction Set Architecture (ISA), for designing custom processors.

“SHAKTI” is backed by the Ministry of Electronics and Information Technology under its ‘Digital India RISC-V’ initiative (DIRV). It aims to promote indigenous development of microprocessor based products that offer best-in-class security and visibility for users adopting RISC-V technology.

The ISRO Inertial Systems Unit (IISU) in Thiruvananthapuram proposed the idea of a 64bit RISC-V-based Controller and collaborated with IIT Madras in defining the specifications and designing of the semiconductor chip.

Exp. Small Finance Banks get RBI nod to provide credit lines on UPI

The Reserve Bank of India (RBI) has approved small finance banks (SFBs) to offer credit lines on the Unified Payments Interface (UPI), in accordance with the regulator’s announcement made during the December 2024 monetary policy committee meeting.

This product empowers individuals and small businesses to obtain pre-sanctioned credit lines from banks, which can be utilised immediately for transactions through UPI.  It facilitates availability and frictionless usage of credit lines, overdrafts and retail loans.

Small Finance Bank customers will be able to use pre-approved credit lines through UPI, similar to how they currently use linked bank accounts or credit cards. This means they can access short-term credit instantly without the need for a separate loan application.

Exp. ICC bans Bangladesh’s Shohely Akhter for five years on corruption charges

Bangladesh offspinner Shohely Akhter has become the first female cricketer to be banned for corruption.

Akhter, who has played two ODIs and 13 T20Is, was found guilty of attempting to fix, offering a bribe and failing to disclose full details of an approach to the ICC’s Anti-Corruption Code (ACU), as well as obstructing the investigation.

She has been banned for five years from all cricket after she admitted breaching five provisions of the anti-corruption code.

The charges against her centre around an approach she made to a Bangladesh cricketer during the 2023 Women’s T20 World held in South Africa. Akhter, 36, was not part of the Bangladesh playing squad for that World Cup, having last played in October 2022.

Exp. 13 February – National Women’s Day

National Women’s Day is observed annually in India on February 13th to commemorate the birth anniversary of Sarojini Naidu, a renowned political leader, poet, and champion of women’s rights.

Known as the “Nightingale of India,” Sarojini Naidu was born on this day in 1879.

The day recognizes the diverse struggles and dreams of women, promoting gender equality and leadership.

In 1930, Naidu became the fourth president of the All India Women’s Conference (AIWC). She was a strong proponent of women’s voting rights, which were later incorporated into India’s constitution.

She also urged British authorities to grant women the right to vote, reinforcing her commitment to gender equality.

Exp. BPCL signs major deals with Petrobras and Shipping Corporation of India

Bharat Petroleum Corporation Limited has signed an MoU with the Shipping Corporation of India (SCI). As per the deal, the two companies will collaborate to create a dedicated, efficient, and future-ready maritime infrastructure.

The deal aims to improve operational efficiency, expand capabilities, and drive innovation in the maritime sector. It will ensure a secure and resilient energy supply chain, supporting India’s growing energy needs.

State-owned Shipping Corporation of India (SCI) is India’s largest shipping company. Its fleet features bulk carriers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, LPG and offshore supply vessels.

The MoU encompasses a long-term commitment by BPCL and SCI to explore opportunities that focus on enhancing India’s maritime strength while ensuring a reliable energy transportation network.

Recent MoU

• ONGC signed a pact with global oil major BP to explore collaboration in exploration and production, trading and other energy vectors, in India and internationally.
• DPIIT signed an agreement with the Korea Transport Institute to enhance cooperation in logistics and infrastructure development.
• JSW Group signs MoU with Odisha govt to set up 5-MTPA steel plant in Keonjhar
• SBI Payments & Pine Labs Partners to Drive Next-Gen Commerce Solutions
• DPIIT signs MoU with Bhaane Group to promote startup ecosystem in manufacturing sector

Exp. Airtel awards contracts to Nokia to expand 5G Wireless Broadband Access

Bharti Airtel has entered into a contract with Nokia to expand 5G Fixed Wireless Access (FWA) and Wi-Fi solutions for regions with low or nil fiber connectivity.

The deployment of fixed wireless broadband access via 5G networks stands out as a significant application of 5G technology, especially in India, which faces low fiber penetration and a high demand for digital services.

Airtel will leverage Nokia’s FastMile 5G outdoor receivers that can serve two households concurrently and thus reduce connection expenses. Further, Airtel will implement Nokia’s Wi-Fi 6 access point for better in-home experience. Both these products, using Qualcomm Modem-RF and Wi-Fi 6 chipsets, will be produced in India and packaged in fully recyclable materials.  

Exp. Exim Bank to provide $300 mn credit to Vietnam for boats, patrol vessels

The Export Import Bank of India will provide lines of credit totalling $300 million to Vietnam for procuring high-speed guard boats and offshore patrol vessels.

The Exim Bank had entered into an agreement on July 31, 2024 with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, GoI supported Line of Credit (LoC) of $180 million for procurement of four Offshore Patrol Vessels (OPV).

The bank had also entered into an agreement with GO-VNM for making available to the latter, India supported LoC of $120 million for procurement of high-speed guard boats, it said in another circular.

Exp. Asia’s 20 richest families: Mukesh Ambani leads

Reliance Industries’ Chairman, Mukesh Ambani, has secured the top spot on Bloomberg’s Asia’s 20 Richest Families list.

Ambani, who took the reins of Reliance Industries in 2002 following the death of his father Dhirubhai Ambani, has expanded the Mumbai-based conglomerate into a global powerhouse with interests in oil refining, tech, retail, financial services, and green energy.