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Daily Current Affairs 25th, 26th and 27th January 2025 Daily GK Update
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National News
Reliance Consumer acquires Sil Foods brand
- Reliance Consumer Products has acquired packaged foods brand SIL Food India, which offers a range of products including cooking pastes, jams, mayonnaise, baked beans, and Chinese sauces.
- Pune-based company SIL Food India primarily operates in the Western and Southern markets, and Reliance Consumer Products Ltd (RCPL) plans to expand its distribution nationally to compete with FMCG majors like HUL, Tata Consumer, and Cremica.
- Reliance Consumer is aiming to reacDPIIT signs MoU with Bhaane Group to promote startup ecosystem in manufacturing sector
- Department for Promotion of Industry and Internal Trade (DPIIT) has signed a MoU with the Bhaane Group, a subsidiary of Shahi Exports Pvt Ltd, the largest manufacturer of apparel.
- This collaboration will launch incubation programs for startups specialising in manufacturing, along with other production areas and foster relationships with international startup ecosystems.
- The private firm will support upcoming startups by providing access to market insights. The firm will facilitate them to create a holistic understanding of the workings of foreign markets, along with guidance on operational knowledge throughout the startup lifecycle.
- This collaboration serves a greater good – to nurture a thriving entrepreneurial spirit and strengthen India’s manufacturing landscape.
- h the ₹10,000-crore revenue mark, and acquisitions is part of its strategy to reach that level.
- SIL Food India, originally known as James Smith & Co, was first acquired by Marico Industries in 1993. Marico later sold the business to Scandic Food India, a subsidiary of Denmark’s Good Food Group. In 2021, Food Service India, a company that supplies seasonings, spices, and condiments to the hospitality industry, acquired SIL Foods.
DPIIT signs MoU with Bhaane Group to promote startup ecosystem in manufacturing sector
- Department for Promotion of Industry and Internal Trade (DPIIT) has signed a MoU with the Bhaane Group, a subsidiary of Shahi Exports Pvt Ltd, the largest manufacturer of apparel.
- This collaboration will launch incubation programs for startups specialising in manufacturing, along with other production areas and foster relationships with international startup ecosystems.
- The private firm will support upcoming startups by providing access to market insights. The firm will facilitate them to create a holistic understanding of the workings of foreign markets, along with guidance on operational knowledge throughout the startup lifecycle.
- This collaboration serves a greater good – to nurture a thriving entrepreneurial spirit and strengthen India’s manufacturing landscape.
Recent MoU
- DPIIT signs MoU with Bhaane Group to promote startup ecosystem in manufacturing sector
- DPIIT partners with Apna to boost startup talent and create job opportunities for youth
- Andhra Pradesh signs MoU with Infosys for skill census pre-validation
- NSDC partners with Axis My India to map skill demand and supply across India
- DPIIT signs MoU with HDFC Bank to strengthen startup ecosystem and foster innovation
- Gati Shakti Vishwavidyalaya and Indian Navy sign MoU for Logistics related Education, Research and Training
International News
Microsoft’s Satya Nadella tops HSBC Hurun Global Indians List 2024
- Microsoft Chairman and CEO Satya Nadella has claimed the top spot in the inaugural HSBC Hurun Global Indians List 2024, which ranks 226 leaders of Indian origin heading the world’s most valuable companies.
- Alphabet CEO Sundar Pichai and YouTube CEO Neal Mohan secured the second and third spots, respectively.
- According to Hurun, the list was created based on a survey of 400 respondents, including wealth creators featured in its lists.The combined value of companies led by these leaders is estimated at $10 trillion.
- Companies in the list were ranked according to their market capitalisation or valuations in the case of non-listed companies, with the cut-off date being November 29, 2024.
- The list features 12 women, leading with Reshma Kewalramani of Vertex Pharmaceuticals, followed by Jayshree Ullal of Arista Networks, and Leena Nair, Global CEO of fashion brand —Chanel, who is also recognised as the most influential woman of Indian origin.
- According to the survey, Nadella and Pichai were identified as the most influential global Indians, with over half of the respondents voting for them.
Banking and Financial
Fintech Skydo Secures RBI Nod to Operate as Payment Aggregator for Cross-Border Transactions
- Bengaluru-based fintech firm Skydo has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity.
- This milestone positions Skydo among the select few players authorized to facilitate cross-border payments under RBI regulations.
- Currently, only five entities have received final RBI approval to operate as PA-CB, including Adyen India Technology Services, Amazon Pay (India), Cashfree Payments, IndiaIdeas.com, and Pay10 Services. Meanwhile, 11 other cross-border payment firms have pending applications for the PA-CB license, according to the RBI website.
- Co-Founder and CEO of Skydo – Srivatsan Sridhar
HDFC Life announces corporate agency tie-up with CARS24 financial services Pvt. Ltd.
- HDFC Life, one of India’s leading life insurers, has recently entered into a Corporate Agency tie-up with CARS24 Financial Services Pvt. Ltd.
- CARS24 Financial Services Private Limited (“CARS24 Financial Services”) is a professionally managed Non-Banking Financial Company (“NBFC”) registered with the Reserve Bank of India and with IRDAI as an Insurance Corporate Agent.
- The Company is a part of CARS24 group and offers a variety of vehicle financing solutions to customers. INSURE24, a major milestone for CARS24, is set to transform the digital insurance landscape for India’s rapidly growing online consumer base.
- This partnership will enable CARS24 Financial Services Pvt. Ltd. to distribute products of HDFC Life to existing and, future customers of CARS24. The life insurance solutions of HDFC Life will be offered across the branches as well as the digital platforms of the partner.
RBI cancels registration of Mumbai-based X10 Financial Services
- The Reserve Bank of India has cancelled registration of X10 Financial Services Ltd, a non-banking financial company (NBFC), due to irregularity in its digital lending operations.
- The Mumbai-based company was providing loans through several service providers (mobile apps), including Wecash Technology, XNP Technology, Yarlung Technology, Xinrui International, Omelette Technology, Mad-Elephant Network Technology and Huidatech Technology.
- The Certificate of Registration (CoR) has been cancelled as the company violated guidelines on the code of conduct in outsourcing of financial services in its digital lending operations by outsourcing its core decision-making functions such as credit appraisal, fixing of rate of interest as well as Know Your Customer verification, to the Service Provider (SP) and failed to conduct due diligence on the SPs.
- The CoR was issued to X10 Financial Services Ltd, previously known as Abhishek Securities Ltd, in June 2015.
Kotak Mahindra Bank acquires StanChart’s Rs 3,330-cr personal loan portfolio
- Kotak Mahindra Bank (KMB) has concluded a deal to purchase a personal loan portfolio of Rs 3,330 crore from Standard Chartered Bank, less than Rs 4,100 crore indicated at time of deal announcement in October 2024 as many customers paid-off loans in between.
- The personal loans are part of unsecured retail advances. The unsecured retail loans including retail microcredit had 10.5 per cent share in net advances of KMB at end of December 2024.
IDFC FIRST Bank Launches all new FIRST EARN RuPay Credit Card
- IDFC FIRST Bank, in partnership with RuPay, a global card payment network from India, has launched the UPI enabled RuPay Credit Card called – FIRST EARN .
- This credit card is backed by Fixed Deposit and hence everyone is eligible to instantly avail this unique credit card, online. It also offers cashback on UPI payments thus making the product rewarding for users.
- This UPI-enabled virtual credit card is designed to make transactions both convenient and highly rewarding for cardholders.
Recent Facilities Launched in Banking & Insurance Sector
- Shriram Life Insurance launches Sunishchit Laabh savings plan
- Bank of Baroda launches ‘bob Liquid FD’ for enhanced liquidity and convenience
- IDBI Bank unveils Chiranjeevi Super Senior Citizen FD, offers 8.5% interest
- Bank of Baroda to provide AI-driven support, forex facility, ATMs, and coin vending machines for Maha Kumbh 2025
- RenewBuy launches Smart Term Plan for working professionals and small business owners
Tata AIA Life Insurance launches ‘Shubh Muhurat’ to meet wedding expenses
- Tata AIA Life Insurance has launched ‘Shubh Muhurat,’ a life insurance solution designed to help families prepare financially for weddings, a major life milestone in India.
- The plan aims to address the rising costs of weddings by combining disciplined savings, wealth creation, and financial security.
- India’s wedding industry, the second largest globally, hosted over 80 lakh weddings in 2024, with expenditures exceeding ₹10.7 lakh crore, according to a report by Jefferies. The average wedding cost of ₹12.5 lakh often surpasses expenses on education.
- Recognising this financial burden, Tata AIA’s new offering targets parents aged 31-50 years with children between 1-20 years, encouraging long-term financial planning.
SBI Payments & Pine Labs Partners to Drive Next-Gen Commerce Solutions
- SBI Payments has partnered with Pine Labs to enhance the digital payments landscape in India, leveraging the combined strengths of SBI Payments, a joint venture between the State Bank of India and Hitachi Payment Services, and Pine Labs.
- Currently powering over 200,000 digital checkout points across India, the partnership seeks to accelerate the adoption of digital payments and commerce solutions nationwide.
- By combining SBI Payments’ extensive distribution network and advanced payment acceptance ecosystem with Pine Labs’ tailored solutions, the alliance aims to deliver seamless checkout experiences and empower merchants with a comprehensive suite of digital tools to streamline workflows and drive business growth.
- MD & CEO of SBI Payments – Sujay Kumar Yadav
Hitachi Payment Services Partners with IvyCamp to Drive Fintech Innovation through HPX Program
- Hitachi Payment Services, a leading provider of end-to-end payments and commerce solutions in India, has partnered with IvyCamp, the global alumni-based engagement initiative of IvyCap Ventures, to propel fintech innovation through the Hitachi Payments Accelerator (HPX) program.
- The HPX program is designed to engage with fintech startups and foster groundbreaking technological solutions in areas such as ERP/Billing, Embedded Finance, Payments Compliance, AI/Gen AI, Core Banking, Web 3.0/CBDC, and more.
- Selected startups will gain access to extensive customer networks, integration with Hitachi Payment Services’ advanced technology stack.
Appointment
IDBI Bank’s board approves re-appointment of Rakesh Sharma as MD & CEO for 3 years
- The Board of Directors of IDBI Bank has approved the reappointment of Rakesh Sharma as Managing Director and Chief Executive Officer (MD & CEO) of the bank for three years, effective March 19, 2025.
- Rakesh Sharma has been leading IDBI Bank since October 10, 2018.
- Prior to joining IDBI Bank, he was MD & CEO of Canara Bank from September 11, 2015, till his superannuation on July 31, 2018.
Recent Appointment in Banking & Insurance Sector
- MD and CEO of Zurich Kotak General Insurance – Alok Kumar Agarwal (Suresh Agarwal).s
- MD and CEO of Indian Bank – Binod Kumar
- MD & CEO of Institutional Equities at JM Financial Institutional Securities – Ankur Jhaveri
- CEO of Angel One – Ambarish Kenghe (effect from March 2025)
- MD and Group Chief Risk Officer – Baldev Prakash
Awards
INCOIS honored with Subhash Chandra Bose Aapda Prabandhan Puraskar-2025
- The Indian National Centre for Ocean Information Services (INCOIS) has been selected for the Subhash Chandra Bose Aapda Prabandhan Puraskar-2025, in the Institutional Category, for its excellent work in Disaster Management.
- The Union government had instituted the award to recognise and honour contributions and selfless service rendered by individuals and organisations in India in the field of disaster management.
- The award is announced every year on January 23, the birth anniversary of Netaji Subhash Chandra Bose. It carries cash prize of ₹51 lakh and a certificate.
- Indian National Centre for Ocean Information Services (INCOIS) was established in 1999, Hyderabad, Telangana. The INCOIS is integral to India’s disaster management strategy, specializing in early alerts for ocean-related hazards.
- It established the Indian Tsunami Early Warning Centre (ITEWC) which provides tsunami alerts within 10 minutes, serving India and 28 Indian Ocean countries. It has been recognized by UNESCO as a top Tsunami Service Provider. Supported by a network of seismic stations, tide gauges and other ocean sensors.
Recent Award
- Gates-Cambridge Impact Prize 2025 – Prof Urbasi Sinha
- Singapore’ Honorary Citizen Award – Tarun Das (Former DG of Confederation of Indian Industry)
- 14th PSE Excellence Awards by ICC – Indian Renewable Energy Development Agency Limited (IREDA)
- Sri Chandrasekarendra Saraswathi’ award for leadership – External Affairs Minister S Jaishankar
- Bhutan’s royal honour – Renowned Indian educationist Arun Kapur
Defence
Rajnath Singh flags-off ‘SANJAY – The Battlefield Surveillance System’ from New Delhi
- Defence Minsiter Rajnath Singh flagged-off ‘SANJAY – The Battlefield Surveillance System (BSS)’ from South Block, New Delhi.
- SANJAY is an automated system which integrates the inputs from all ground and aerial battlefield sensors, processing them to confirm their veracity, preventing duplication and fusing them to produce a Common Surveillance Picture of the battlefield over secured Army Data Network & Satellite Communication Network.
- The BSS is equipped with state-of-the-art sensors and cutting-edge analytics. It will monitor the vast land borders, prevent intrusions, assess situations with unparalleled accuracy and prove to be a force multiplier in Intelligence, Surveillance & Reconnaissance. This would enable commanders to operate in both conventional & sub-conventional operations, in a Network Centric Environment.
- SANJAY has been indigenously & jointly developed by the Indian Army and Bharat Electronics Limited (BEL) creating a conducive ecosystem towards achieving ‘Aatmanirbharta’ as a follow up to the Indian Army’s ‘Year of Technology Absorption’.
- These systems will be inducted to all operational Brigades, Divisions & Corps of the Indian Army in three phases w.e.f. March to October of 2025, which has been declared as ‘Year of Reforms’ in the Ministry of Defence (MoD). This system has been developed under the Buy (Indian) category at a cost of Rs 2,402 crore.
Important day
24 January – National Girl Child Day
- National Girl Child Day is celebrated every year on January 24. The day also marks the anniversary of Prime Minister Narendra Modi’s Beti Bachao, Beti Padhao (Save the Girl Child, Educate the Girl Child) scheme, launched on January 22, 2015.
- Established in 2008 by the Ministry of Women and Child Development, this day highlights the importance of empowering and protecting girl children.
- National Girl Child Day is an opportunity to raise awareness about the rights of girls and ensure they are provided with equal opportunities and support, free from gender biases.
- Theme 2025 – Empowering Girls for a Bright Future
25 January – National Voters’ Day
- National Voters’ Day is celebrated annually in India on January 25 to mark the foundation of the Election Commission of India (ECI), which was established on this day in 1950.
- The day is observed to encourage and increase voter participation, especially among the youth, and to highlight the importance of voting in a democracy.
- Theme 2025 – Nothing like voting, I vote for sure
- National Voters’ Day was first celebrated in 2011 to honor the contributions of the Election Commission in strengthening the democratic process in India.
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