Current Affairs Quiz 31st March 2025 Quiz

Exp. India’s core sector growth slows down to 2.9% in Feb as against 4.6% in January

India’s core sector growth slowed down to by 2.9 per cent in February as against 4.6 per cent in January 2025.

The production of Cement, Fertilizers, Steel, Electricity, Coal and Refinery Products recorded positive growth in February, 2025.

Coal production saw a modest increase of 1.7% in February, a slowdown compared to the 4.6% growth recorded in January.

In contrast, crude oil production witnessed a sharper decline, contracting by 5.2% in February, a significant drop from the 1.1% contraction seen in the previous month.

Exp. Interest rates on small savings schemes unchanged for April-June quarter

The government has left interest rates unchanged on various small savings schemes like PPF and NSC for the fifth consecutive quarter, starting April 1, 2025.

Sukanya Samriddhi Scheme will continue to offer 8.2% interest, while the three-year term deposit rate remains at 7.1%.

The Public Provident Fund (PPF) and Post Office Savings Deposit interest rates have been retained at 7.1% and 4%, respectively.

The National Savings Certificate (NSC) interest rate remains 7.7%, while the Monthly Income Scheme will continue to offer 7.4% interest.

The interest rates on small savings schemes are reviewed quarterly, but no changes have been made since the fourth quarter of 2023-24.

Saving Schemes Interest rates for April 2025 – June 2025

• Post Office Savings Deposit- 4 per cent
• Post Office Monthly Income Account- 7.4 percent
• 1-Year Post Office Time Deposits- 6.9 percent
• 2-Year Post Office Time Deposits- 7.0 percent
• 3-Year Post Office Time Deposits- 7.1 percent
• 5-Year Post Office Time Deposits- 7.5 percent
• 5-Year Recurring Deposits- 6.7 percent
• Senior Citizens Savings Scheme- 8.2 per cent
• Sukanya Samriddhi Account- 8.2 per cent
• National Saving Certificates (NSC)- 7.7 percent
• Kisan Vikas Patra- 7.5 percent (will mature in 115 months)
• Public Provident Fund- 7.1 per cent

Exp. Ajay Kapur reappointed as MD of Ambuja Cements

Ajay Kapur has been reappointed as Managing Director (MD) of Ambuja Cements Limited, a subsidiary of the Adani Group, for two years.

Alongside Vinod Bahety has been appointed as the new CEO and Whole-time Director of Ambuja Cements for a three-year term.

The company also appointed Rakesh Tiwary as Chief Financial Officer (CFO) and Praveen Garg as a Non-Executive Independent Director for a three-year term.

Exp. IBA elects CS Setty as new Chairman

The managing committee of the Indian Banks’ Association (IBA) has elected State Bank of India (SBI) Chairman CS Setty as the new Chairman.

The committee also elected Union Bank MD A Maninekhalai, Punjab & Sind Bank MD Swarup Kumar Saha, and Madhav Nair from Bank of Bahrain & Kuwait BSC as three deputy Chairmen.

Karur Vysya Bank, MD B Ramesh Babu has been elected as honorary secretary of IBA. Earlier this month, former Punjab National Bank MD Atul Kumar Goel was elected as the CEO of IBA, succeeding Sunil Mehta.

IBA is the industry body for banks, having members from across public and private sector banks. The body holds consultations between bankers and the banking regulator on areas concerning the sector.

Exp. Central Bank of India Partners with PSB Alliance for Digital Supply Chain Finance

Central Bank of India said it has entered into a memorandum of understanding with PSB Alliance Pvt Ltd for Digital Supply Chain Finance.

Under this partnership, the public sector bank will leverage the digital platform offered by PSB Alliance for end-to-end, paperless financing for supply chain participants.

Recent MoUs Signed in Banking Sector

• SEBI Partners with DigiLocker to Tackle Unclaimed Assets in Securities Market
• DPIIT and YES BANK Partner to Strengthen India’s Startup Ecosystem
• Piramal Finance partnered with Punjab & Sind Bank to make loans more accessible to middle and low-income borrowers, especially in rural and semi-urban areas.
• SIDBI signs MoU with Federal Bank to foster growth of MSME ecosystem
• Canara HSBC Life Insurance Company Limited partnered with GIC Housing Finance Limited to provide credit life insurance solutions to home loan borrowers.

Exp. Manav Thakkar Becomes First Indian to Reach Final Eight of WTT Star Contender

In Table Tennis, India’s Manav Thakkar created history by becoming the first Indian to qualify for the final eight of a WTT Star Contender event.

He defeated Andre Bertelsmeier of Germany, 3-2 in the men’s singles prequarterfinal at the WTT Star Contender in Chennai.

Meanwhile, in women’s singles, India’s Krittwika Roy was defeated 0-3 by three-time World Championship medalist Miyu Nagasaki of Japan in the pre-quarterfinals.

Exp. Novak Djokovic becomes oldest man to reach ATP Masters 1000 semi-final

In Tennis, Novak Djokovic has become the oldest man to reach semi-final of the ATP Masters 1000.

The 37-year-old Serbian achieved this feat by defeating American Sebastian Korda with an impressive 6-3 7-6 win in the quarterfinals of the Miami Open. He surpassed Roger Federer, who made the final four at Indian Wells and Miami open at the age of 37 years and seven months in 2019.

Exp. TATA AIA’s Swaminathan S. Iyer Joins IRDAI as Whole-Time Member (Life)

Mumbai-based fintech and insurance professional Swaminathan S. Iyer has been appointed as a Whole-time Member (Life) of the Insurance Regulatory and Development Authority of India (IRDAI).

This historic move by the Appointments Committee of the Cabinet (ACC) is the first time a private sector professional has been selected for this high-profile position, ending the long tradition of selection from the Life Insurance Corporation (LIC).

Iyer, formerly Executive Vice President – Head Legal, Company Secretary, and Regulatory Affairs & ESG of Tata AIA Life Insurance, has more than 34 years of experience working in the life insurance sector. His term will be five years or until he turns 62, whichever is earlier.

Exp. Zaggle Acquires 51% Stake in EffiaSoft for ₹41 Crore to Boost Fintech Capabilities

Fintech SaaS company Zaggle Prepaid Ocean Services Ltd has announced the acquisition of a 51% controlling stake in Hyderabad-based billing software provider EffiaSoft Private Ltd.

This deal, valued at over Rs. 41 crore, is set to strengthen Zaggle’s position in the fintech ecosystem by enhancing its merchant services and payment processing capabilities.

The acquisition will be executed in two stages. Initially, Zaggle will acquire a 45.33% stake in EffiaSoft for Rs. 36.72 crore, purchasing shares from founders Koushik Shee and Akula Krishna Rao, as well as other existing shareholders.

The board has also approved acquiring an additional 5.67% stake for Rs. 4.59 crore, with the mode of acquisition, cash or share swap, to be decided later. The deal values EffiaSoft at an enterprise valuation of approximately Rs. 81 crore.

This acquisition comes shortly after Zaggle completed its investment in Mobileware Technologies, acquiring a 38.34% stake for nearly Rs. 23 crore.

Exp. Fintech Startup Abound Raises $14M to Serve Indian-Americans

Abound, a fintech platform tailored for Indians residing in the United States, has raised $14 million in a seed funding round led by the NEAR Foundation. The round also saw participation from Circle Ventures, Times Internet, and other prominent investors.

This marks the company’s first external funding since its incubation at Times Internet, the digital arm of The Times of India Group.

The capital injection aims to propel Abound’s mission of creating a seamless financial bridge between non-resident Indians (NRIs) and their home country.

CEO of Abound – Nishkaam Mehta

Exp. HAL signs Rs 62,700-cr deal with MoD for supply of light combat helicopters

Hindustan Aeronautics (HAL) has signed two contracts with the Ministry of Defence (MoD) for the supply of 156 Light Combat Helicopters (LCH), Prachand, along with training and other associated equipment, worth Rs 62,700 crore.

The first contract is for the supply of 66 LCHs to the Indian Air Force (IAF), and the second is for the supply of 90 LCHs to the Indian Army. The supply of these helicopters will commence in the third year and will be spread over the next five years. These contracts will enhance the combat capability of the Armed Forces at high altitudes.

The Defence Ministry also signed a contract with Metrea Management for the wet leasing of one Flight Refueling Aircraft (FRA) to provide air-to-air refueling training to pilots of the IAF and Indian Navy.

Metrea will provide the FRA (KC-135 Aircraft) within six months, marking the first FRA to be wet-leased by the IAF.

With the signing of these three contracts, the total number of contracts signed by the Ministry of Defence during 2024-25 has reached 193, with an overall contract value exceeding Rs 2,09,050 crore. This is the highest-ever figure, nearly double the previous highest amount. Of these, 177 contracts (92%) are with the domestic industry, totaling Rs 1,68,922 crore (81%).

Exp. India, Japan sign loan agreements worth JPY 191.73 billion for 6 projects

India and Japan have signed loan agreements worth 191.736 billion Japanese yen for six projects under Japan’s Official Development Assistance (ODA) to India.

India and Japan yesterday signed loan agreements worth 191.736 billion Japanese yen for six projects in forest management, water supply, urban transport, aquaculture, biodiversity conservation and investment promotion.

The six loan agreements include one for the Tamil Nadu Investment Promotion Program (Phase 3) (TNIPP-III) (JPY 36.114 billion).

Also, one for Delhi Mass Rapid Transport System Project (Phase 4 Additional Corridors) (I)” (JPY 79.726 billion).

Another Project is for the Construction of Chennai Seawater Desalination Plant (II)” (JPY 52.556 billion).

Exp. NITI Aayog launches second edition of “Trade Watch Quarterly” in New Delhi

The second edition of Trade Watch Quarterly for Q2 of the financial year 2024-25 (July to September) was officially released in New Delhi by Dr Arvind Virmani, Member of NITI Aayog.

Published by NITI Aayog, the report offers a comprehensive overview of India’s trade performance, analysing global demand-supply trends, sector-specific developments, and emerging opportunities in the international trade landscape.

During Q2 FY’25, India recorded a steady trade growth of 5.67 per cent in the April–September 2024 period compared to the same timeframe in 2023.

Notably, copper entered the top ten import categories, with a significant 28 per cent year-on-year surge, primarily driven by increased infrastructure demand. While export composition remained largely consistent with the previous quarter, electrical machinery and nuclear reactors showed notable year-on-year growth. In contrast, mineral fuels and iron & steel experienced declines.

North America and the European Union accounted for nearly 40 per cent of India’s exports, while Northeast and West Asia continued as major import partners.

This edition places special emphasis on the textile sector, a vital contributor to India’s industrial output, employment generation, and export earnings. India ranks among the top ten textile exporters globally, holding a 4 per cent share in international trade. The country maintains a competitive edge in natural fibre-based textiles, with cotton and carpets representing about 70 per cent of its textile exports.

Exp. Bank of Baroda Goes Live with PM-Vidyalaxmi Scheme to Boost Education Loans

Bank of Baroda has officially implemented the Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme to provide financial assistance for higher education.

Students can now apply for education loans seamlessly through the PM-Vidyalaxmi portal, enhancing accessibility and ease of processing.

The bank has set up 12 Education Loan Sanctioning Cells (ELSC) and 119 Retail Assets Processing Cells (RAPC), backed by over 8,300 branches nationwide.

Students can avail of collateral-free and guarantor-free education loans up to ₹7.5 lakh, with a 75% credit guarantee from the Government of India.

Students who get admission in the top 860 identified Quality Higher Educational Institutions (QHEIs) of the nation are eligible to apply for an education loan under this scheme.

The scheme offers partial or full interest subvention to students from economically weaker sections, ensuring affordability and financial inclusion.

Exp. Anahat Singh & Kareem El Torkey win the Indian Open 2025 Squash Title

Indian number one-ranked women’s squash player, Anahat Singh has won the women’s singles title at the Indian Open 2025 PSA Copper event in Mumbai.

This was her second consecutive title after her victory in the SRFI Indian Tour PSA Challenger event in Chennai.

The men’s title was won by Egypt’s Kareem El Torkey.

The $53,500 prize money Indian Open 2025 PSA Copper event was held at the iconic Bombay Gymkhana’s court in Mumbai.