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Daily Current Affairs 1st October 2025 Daily GK Update
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National News
Air India Raises $215 Million from Bank of India and Standard Chartered via GIFT City to Refinance Boeing Aircraft Debt
- Air India raised approximately $215 million from Bank of India and Standard Chartered Plc through GIFT City to refinance shorter-duration debt used to acquire six Boeing 777-300ER aircraft.
- The six-year loan is priced at around 168 basis points over the secured overnight financing rate, marking a significant refinancing step for the airline after its recent operational challenges, including a June plane crash.
- This deal is the first instance of Bank of India acting as a mandated lead manager in a loan transaction from GIFT City, highlighting its growing role in structured financing for major corporations.
PM Modi Lays Foundation Stone for ₹42,000 Crore Mahi Banswara Atomic Power Project in Rajasthan
- PM Narendra Modi laid the foundation stone for the ₹42,000 crore Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) in Banswara, Rajasthan, which will be among India’s largest nuclear plants.
- The project includes four indigenous 700 MW Pressurised Heavy Water Reactors (IPHWR 700) developed by NPCIL, with advanced safety features under India’s “fleet mode” initiative.
- MBRAPP is being developed jointly by Anushakti Vidhyut Nigam (ASHVINI), NPCIL (51%) and NTPC (49%), combining financial, technological, and project expertise.
- The project will provide clean, reliable power, generate large-scale employment, boost local industries, and contribute to Atmanirbhar Bharat while fostering economic growth in Rajasthan and India.
Cabinet Approves Rs 69,725 Crore Maritime Package to Boost Shipbuilding
- The Union Cabinet, chaired by PM Narendra Modi, approved a Rs 69,725 crore comprehensive package to boost shipbuilding, maritime financing, and domestic capacity through a four-pillar strategy covering financing, infrastructure, technical development, and policy reforms.
- The spackage extends the Shipbuilding Financial Assistance Scheme (SBFAS) till 2036 with Rs 24,736 crore, introduces a Shipbreaking Credit Note of Rs 4,001 crore, and sets up a National Shipbuilding Mission for implementation.
- A Maritime Development Fund (Rs 25,000 crore) has been approved, including a Maritime Investment Fund (Rs 20,000 crore, 49% govt participation) and an Interest Incentivization Fund (Rs 5,000 crore) to reduce borrowing costs.
- The Shipbuilding Development Scheme (SbDS) with Rs19,989 crore will expand India’s domestic shipbuilding capacity to 4.5 million Gross Tonnage, promote mega shipbuilding clusters, establish the India Ship Technology Centre, and is expected to unlock Rs 4.5 lakh crore in investments and create 30 lakh jobs.
Tally Solutions Partners with Indian Bank to Enable Seamless E-Payments for SMEs via TallyPrime
- Tally Solutions has partnered with Indian Bank to integrate e-payment capabilities into the bank’s IND Cash Optima platform for businesses using TallyPrime.
- The integration allows users to initiate and manage payments directly from TallyPrime, automatically importing payment references like UTR numbers and updating transaction status for error-free reconciliation.
- The collaboration is expected to benefit SMEs and MSMEs by combining accounting and banking functions, enabling digital financial operations on a single cohesive platform.
- Executives from Tally and Indian Bank highlighted that the partnership will save time on payments and reconciliation, improve accuracy, convenience, and drive digital adoption among MSMEs.
Recent MoUs Signed in Banking Sector
- PayRupy Partners with BRISKPE to Launch Unified Domestic and Global Payments Platform
- SBI General Insurance and CarePlix launch first-of-its-kind biometric health scanning feature on mobile app
- Godrej Finance and Muthoot FinCorp partner to boost MSME secured lending in Tier-2 and Tier-3 cities
- Karnataka Grameena Bank Partners with Fyno to Centralize Customer Communication and Boost Efficiency
- TCIL Signs MoU with PNB to Strengthen IT Infrastructure and Accelerate Digital Transformation
Union Home Ministry Cancels FCRA Registration of Sonam Wangchuk’s SECMOL Amid Ladakh Unrest
- The Union Home Ministry cancelled the FCRA registration of SECMOL, an organisation founded by Ladakh-based climate activist Sonam Wangchuk, citing multiple alleged violations of the Act.
- The move follows unrest in Leh, Ladakh, during protests for Statehood and tribal status, with the Ministry alleging that “a mob guided by Sonam Wangchuk’s provocative statements” contributed to the violence.
- Specific violations included ₹3.5 lakh from the sale of an old bus misclassified as foreign donation, inadvertent deposits of local funds, acceptance of foreign contributions for sensitive studies, and poor financial recordkeeping.
- The CBI is also investigating suspected FCRA violations by Himalayan Institute of Alternatives Ladakh (HIAL), another institution founded by Wangchuk, though no formal case has been registered.
Banking & Financial News
Bank of Baroda and IIFL Finance Join Hands in Co-Lending Partnership to Expand Gold Loans in Rural India
- Bank of Baroda and IIFL Finance have entered into a co-lending partnership to provide gold loans, mainly targeting unbanked customers in semi-urban and rural India, focusing on agricultural and allied activities.
- Under the agreement, IIFL Finance will originate and service loans, while Bank of Baroda will fund them with joint underwriting, ensuring affordable and scalable credit delivery in line with RBI’s co-lending guidelines.
- The collaboration will operate through a tech-integrated process with real-time data sharing, co-branded documentation, and shared servicing responsibilities, aiming to enhance transparency, efficiency, and financial inclusion.
Recent MoUs Signed in Banking Sector
- Tally Solutions Partners with Indian Bank to Enable Seamless E-Payments for SMEs via TallyPrime
- PayRupy Partners with BRISKPE to Launch Unified Domestic and Global Payments Platform
- SBI General Insurance and CarePlix launch first-of-its-kind biometric health scanning feature on mobile app
- Godrej Finance and Muthoot FinCorp partner to boost MSME secured lending in Tier-2 and Tier-3 cities
- Karnataka Grameena Bank Partners with Fyno to Centralize Customer Communication and Boost Efficiency
EY Raises India’s FY26 GDP Forecast to 6.7%, Urges Diversification of Export and Import Markets
- EY raised India’s GDP forecast for FY26 to 6.7%, up from 6.5%, citing strong growth in Q1 and GST reforms.
- The report highlighted that global headwinds may constrain India’s export prospects, despite domestic demand stimulation.
- EY recommended diversifying India’s export and import markets and noted that GST 2.0 rate rationalisation will benefit sectors like automobiles, health, and textiles.
GDP Projection List 2025
- EY – 6.7% (FY26)
- S&P Global Ratings – 6.5% (FY26)
- Fitch Rating – 6.9% (FY25)
- SBI – 6.35 (FY26)
- Nomura – 6.2 % (FY26)
- IMF – 6.4% (FY25), 6.4% (FY26)
- India Ratings & Research – 6.3% (FY26)
- ADB –6.5%(FY26), 6.7% (FY27)
RBI Orders BNPL Startup Simpl to Halt Payment Operations Over PSS Act Violations
- The Reserve Bank of India (RBI) has ordered Bengaluru-based BNPL startup Simpl to immediately halt all payment operations for operating without authorisation under the Payments and Settlement Systems (PSS) Act, 2007.
- Simpl was functioning as a payment system operator without the mandatory Certificate of Authorisation, violating the provisions of the PSS Act.
- This action follows the Enforcement Directorate’s (ED) proceedings against Simpl and its co-founder Nitya Sharma over alleged foreign exchange irregularities worth ₹914 crore under FEMA regulations.
- Simpl, officially registered as One Sigma Technologies Pvt Ltd, is a leading BNPL fintech working with over 26,000 merchants including Zomato, BigBasket, and Rapido, but is now under regulatory and legal scrutiny.
Appointments
Amul MD Jayen Mehta Joins IBEF Board as Brand India Expands Global Footprint
- Jayen Mehta, MD of Gujarat Cooperative Milk Marketing Federation (Amul), has been nominated to the board of the India Brand Equity Foundation (IBEF), which promotes Brand India globally.
- Amul has recently expanded internationally, debuting in the US market and entering Europe in June 2025 through a partnership with Spanish cooperative COVAP, supported by a viral animated campaign.
Kanad Das Appointed as 13th Director of Botanical Survey of India
- Kanad Das took charge as the 13th Director of the Botanical Survey of India (BSI), becoming the first mycologist to lead the institute under MoEFCC.
- He is an expert in fungal taxonomy and has discovered two new genera and 165 new species of wild mushrooms in India.
- His research contributions include 170 papers in reputed journals and eight authoritative books on wild mushrooms.
- With over 25 years of experience, Dr. Das began his career at BSI and has previously headed the Acharya Jagadish Chandra Bose Indian Botanic Garden and Central National Herbarium.
About Botanical Survey of India (BSI)
- Establishment: Founded in 13 Feb 1890 at the Indian Museum, Calcutta (now Kolkata).
- Headquarters: Kolkata, West Bengal.
- Parent Ministry: Ministry of Environment, Forest and Climate Change (MoEFCC), Government of India.
- Mandate: To survey, explore, document, and conserve the plant resources of India, including flora, fungi, algae, and lichens.
Shirish Chandra Murmu Appointed as Deputy Governor of RBI for Three-Year Term
- The Appointment Committee of the Cabinet (ACC) approved Shirish Chandra Murmu as the new Deputy Governor of RBI for a three-year term.
- He will assume office on October 9, 2025, succeeding M. Rajeshwar Rao, who retires on October 8, 2025.
- Murmu is a career central banker and currently serves as Executive Director at RBI.
- The RBI has four Deputy Governors, including M. Rajeshwar Rao, T. Rabi Shankar, Swaminathan J., and Poonam Gupta.
About Reserve Bank of India (RBI)
- Founded – 1 April 1935
- RBI Nationalized – 1 January 1949
- Headquarters – Mumbai, Maharashtra
- RBI set up – Hilton Young Commission
- 1st Governor – Sir Osborne Smith (Australia)
- 1st Indian Governor – CD Deshmukh
- 26th Governor – Sanjay Malhotra (replace Shaktikanta Das)
- RBI Deputy Governor (4) – 1. Tavarna Rabi Sankar
- Swaminathan Janakiraman
- Poonam Gupta
- Shirish Chandra Murmu (replace M. Rajeshwar Rao)
Andrew Parsons Re-Elected IPC President for Third and Final Term at 2025 General Assembly
- Andrew Parsons has been re-elected as President of the International Paralympic Committee (IPC) for a third and final four-year term at the IPC General Assembly 2025 in Seoul, South Korea.
- He secured 109 of the 177 valid votes, defeating South Korean candidate Dong Hyun Bae, who received 68 votes.
- A long-time sports administrator, Parsons previously led the Brazilian and Americas Paralympic Committees, joined the IPC Governing Board in 2009, and has served as IPC President since 2017.
Recent Appointments in Foreign
- S. Ambassador to India – Aide Sergio Gor
- India’s Executive Director at ADB – Satya Srinivas (replace Vikas Sheel)
- CEO of Procter & Gamble – Indian-Origin Executive Shailesh Jejurikar
- CEO of Air New Zealand – Indian-Origin Nikhil Ravishankar (replace Greg Foran)
- President of the 80th session of UNGA – Annalena Baerbock
- President of MCC – Former England selector England’s Ed Smith (replace Lord King of Lothbury)
Awards
Sanskrit Scholar Mahamahopadhyay Bhadreshdas Swami Conferred Saraswati Samman 2024 for Swaminarayan Siddhant Sudha
- Mahamahopadhyay Bhadreshdas Swami, a renowned Sanskrit scholar and Vedanta philosopher of BAPS, was awarded the Saraswati Samman 2024 by the K.K. Birla Foundation for his work Swaminarayan Siddhant Sudha, presented by Gujarat and Maharashtra Governor Acharya Devvrat at BAPS Swaminarayan Mandir, Ahmedabad.
- The award includes a citation, plaque, statue of Goddess Saraswati, and ₹15 lakh, which Swami Bhadreshdas dedicated to BAPS for charitable activities.
- Born in 1966 in Nanded, Maharashtra, Swami Bhadreshdas was initiated as a sadhu in 1981, studied Sanskrit and Hindu philosophy for over three decades, earned a PhD on Bhagavad Gita and a D.Litt. in Vedanta, and authored the monumental 5-volume Swaminarayan Bhashyam.
About Saraswati Samman
- Saraswati Samman is one of India’s most prestigious literary awards, instituted in 1991 by the K.K. Birla Foundation.
- It is awarded annually to an outstanding literary work by an Indian citizen published in the last 10 years in any of the 22 languages listed in Schedule VIII of the Indian Constitution, including Hindi, Sanskrit, Marathi, Malayalam, Urdu, Bengali, Tamil, and others.
Important Days
29 September – International Day of Awareness on Food Loss and Waste Reduction
- International Day of Awareness on Food Loss and Waste Reduction is observed on 29 September each year to highlight the global issue of food loss and waste.
- The day aims to raise awareness about the environmental, economic, and social impacts of wasting food and encourages responsible consumption.
- It focuses on reducing food loss during production, storage, and transportation as well as food waste at retail and consumer levels, aligning with SDG 12.3.
- Activities include campaigns, workshops, and educational initiatives by governments, NGOs, and businesses to promote sustainable food management and minimize waste.
30 September – International Translation Day
- International Translation Day is observed every year on 30 September to celebrate the work of translators, interpreters, and language professionals who bridge cultures and languages worldwide.
- The date coincides with the feast of St. Jerome, the patron saint of translators, who is credited with translating the Bible into Latin (the Vulgate) in the 4th century.
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