Table of Contents
Daily Current Affairs 26th March 2025 Daily GK Update
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National News
APEDA Pioneers Export of Sikkim’s GI-Tagged Dalle Chilly to Solomon Islands
- The Agricultural and Processed Food Products Export Development Authority (APEDA) successfully facilitated the first export of 15,000 kg of GI-tagged Dalle Chilly from Sikkim to the Solomon Islands, marking a significant step in promoting India’s northeastern agricultural products globally.
- Sourced from South Sikkim farmers and Farmer Producer Organizations (FPOs) by Mevedir, the consignment fetched premium prices of Rs 250-300 per kg—compared to the usual Rs 180-200 per kg—highlighting the economic benefits of GI tagging and international trade for local producers.
- Dalle Chilly, also known as Fire Ball Chilly or Dalle Khursani, is renowned for its intense pungency, bright red color, and high nutritional value. Rich in vitamins A, C, and E, along with potassium, its Scoville Heat Units (SHU) range from 100,000 to 350,000, making it a sought-after spice for both culinary and medicinal applications.
India-Singapore to jointly develop Green and Digital Shipping corridor
- India and Singapore have signed a Letter of Intent (LoI) on Green and Digital Shipping Corridor (GDSC) collaboration at the ongoing Singapore Maritime Week (SMW).
- India and Netherlands also discussed the possibility of utilizing Dutch global expertise to enable cargo movement in low draft rivers of Brahmaputra and Barak.
- Under the LOI, both sides will collaborate on maritime digitalisation and decarbonisation projects, including identifying relevant stakeholders who could contribute to the effort, and work towards formalising the partnership through a memorandum of understanding on a Singapore-India GDSC.
- The Singapore-India GDSC, when established, will enhance collaboration from both countries and help accelerate the development and uptake of zero or near-zero GHG emission technologies and the adoption of digital solutions.
Centre Notifies 24% Hike in Salaries and Pensions for MPs
- The government of India has notified the increase in the salaries, allowances, and pensions of the Members of the Parliament (MP) with a retrospective effect from 1st April 2023. The salaries have been increased from Rs one lakh per month to Rs 1.24 lakh per month an increase of 24 %.
- The last time the salaries and other benefits of the MPs were revised was in April 2018.
- The salaries and other allowances of the members of Parliaments are regulated by the Salary, Allowances, and Pension of Members of Parliament Act, 1954 enacted by the Parliament.
- The act was amended by the Finance Act 2018 and provided that the salary and daily allowances of the MPs shall be increased every five years starting 1 April 2023.
- The salary and other allowances of the MPs have been linked to the Cost Inflation Index as per section 48 of the Income Tax Act 1961.
Here are the revised benefits for MPs:
- Salary: The monthly salary for MPs has been increased from ₹1,00,000 to ₹1,24,000.
- Daily Allowance: The daily allowance has been raised from ₹2,000 to ₹2,500.
- The pension for former members of Parliament has been increased from ₹25,000 per month to ₹31,000 per month.
- The additional pension for every year of service over five years has been increased from ₹2,000 per month to ₹2,500 per month.
Ministry of Education launches “Baalpan ki Kavita initiative: Restoring Bhartiya rhymes/poems for young children”
- The National Education Policy (NEP) 2020 highlights the importance of Early Childhood Education, multilingualism, and using children’s native languages, inspiring the Ministry of Education’s “Baalpan ki Kavita” initiative to create a collection of nursery rhymes and poems in Indian languages and English, rooted in the Indian context.
- Launched by the Department of School Education & Literacy (DoSE&L), this initiative aims to enhance foundational learning for young children by offering joyful, relatable rhymes and poems in their mother tongue, helping them connect with their surroundings.
- In partnership with MyGov, DoSE&L invites contributions of existing folk rhymes (with author credits) or original compositions for three age groups: Pre-primary (ages 3-6), Grade 1 (ages 6-7), and Grade 2 (ages 7-8), accepting entries in all Bhartiya Bhasha and English from March 26, 2025, to April 22, 2025.
- The competition, hosted on MyGov (https://www.mygov.in/) with no entry fee, encourages culturally significant regional rhymes, supporting NEP 2020’s vision of making early education engaging and accessible through familiar languages.
Banking and Financial
614th Meeting of Central Board of the RBI organised in Thiruvananthapuram
- The 614th meeting of the Central Board of Directors of Reserve Bank of India was held in Thiruvananthapuram under the Chairmanship of Shri Sanjay Malhotra, Governor.
- The Board assessed the emerging global and domestic economic landscape, including the evolving geopolitical and financial market developments and associated challenges. Further, the Board discussed the Reserve Bank’s activities during the current accounting year 2024-25.
- The Board also approved the Bank’s budget for the accounting year 2025-26.
India to overtake Japan in 2025 and Germany in 2027: IMF
- According to International Monetary Fund (IMF) data, the Indian economy is likely to overtake Japan in 2025 and Germany in 2027 to become the world’s third largest economy after the United States of America and China.
- The positive report of the IMF comes after a World Bank report which suggested that India needs to grow at an average annual growth rate of 7.8 percent to achieve the target of Viksit Bharat or a developed country by 2047.
- The real gross domestic product (GDP) of India has doubled from $2.1 trillion in 2015 to $4.3 trillion in 2025.
- The growth rate of India was 105 percent which is the highest growth rate amongst the major economies. The growth rate of the United States during this period was 66 percent and China was 76 percent during this period.
- While Japan whose real GDP was 4.4 trillion in 2015 remained at 4.4 trillion in 2025, showing a growth rate of 0 percent.
SEBI Doubles FPI Disclosure Threshold to ₹50,000 Cr
- Markets regulator Securities and Exchange Board of India (SEBI) has approved a proposal to double the investment threshold for granular disclosures by foreign portfolio investors (FPIs) to 50,000 crore rupees. This is aimed at addressing the changing market dynamics without altering the concentration criteria, which remain unchanged.
- FPIs holding more than 50,000 crore rupees in equity AUM in the Indian markets will now be required to make additional disclosures.
- SEBI has also decided to boost investor awareness amid recent market volatility. It aims to ensure investors receive proper advice and are not misled by unregistered advisors.
- SEBI Chairman stated that action has been taken against over 17,000 financial influencers with the help of Google and Meta. SEBI’s board has decided to constitute a High-Level Committee (HLC) to undertake a comprehensive review of the provisions relating to conflict of interest, disclosure pertaining to property, investment, liabilities, etc.
- Currently, certain FPIs with equity assets under management (AUM) of more than 25,000 crore rupees are needed to give granular details of all their investors or stakeholders on a look-through basis. After this decision, FPIs holding more than 50,000 crore rupees of equity AUM in the Indian markets will now be required to make additional disclosures.
Ribbit Capital To Raise $500 Million to Boost Fintech Investments
- Ribbit Capital, a company from San Francisco that helps fintech startups grow, plans to collect $500 million for a new fund called Ribbit Capital Y.
- They’ve supported big fintech names like CRED, Razorpay, and PhonePe in India, and Nubank and Robinhood worldwide, showing their focus on new financial tech ideas.
- This comes after raising $800 million in 2023 and $1.15 billion in 2022, but this time the fund is smaller because fintech funding has slowed down globally, dropping to $95.6 billion in 2024.
- The new fund shows Ribbit believes in fintech’s future, especially in India, where companies like PhonePe and Groww are getting ready for big stock market launches.
Bain Capital Acquires Joint Control in Manappuram Finance for Rs. 4,385 Crore
- Bain Capital is investing ₹4,385 crore ($508 million) to acquire an 18% stake in Manappuram Finance, with the potential to increase its ownership up to 41.7% through a mandatory open offer.
- This partnership aims to enhance Manappuram Finance’s operational capabilities, leadership, and market presence, leveraging Bain Capital’s expertise in financial services while supporting diversification into microfinance, vehicle finance, housing finance, and SME lending.
- The investment aligns with the rapid growth of India’s gold loan sector, which is projected to reach ₹19 trillion by FY 2029, positioning Manappuram Finance for sustained innovation and expansion in financial services.
- Founded in 1949, Manappuram Finance has established itself as a trusted financial institution with a customer base exceeding 6.59 million.
RRBs achieve a record Rs. 7,571 crore profit in FY 2023-24
- Regional Rural Banks (RRBs) achieved a record consolidated net profit of Rs 7,571 crore in 2023-24, marking their highest-ever earnings, as reported to the Rajya Sabha by Minister of State for Finance Pankaj Chaudhary.
- The financial health of RRBs has strengthened, with their total balance sheet size growing from Rs 7,04,556 crore in 2021-22 to Rs 8,40,080 crore in 2023-24, alongside improvements in key metrics like CRAR, deposits, and advances.
- Net Non-Performing Assets (NPA) of RRBs dropped significantly from 4.7% in 2021-22 to 2.4% in 2023-24, while the credit-to-deposit (CD) ratio rose from 64.5% to 71.4% over the same period, reflecting better financial management.
- RRBs have advanced financial inclusion in rural areas, contributing to schemes like Pradhan Mantri Jan Dhan Yojana, Suraksha Bima Yojana, Jeevan Jyoti Bima Yojana, and Atal Pension Yojana, as reviewed by the government.
Appointment
Canara Bank Appoints S K Majumdar as Executive Director
- Canara Bank has appointed S K Majumdar as its new Executive Director for a term of three years.
- Prior to this role, Majumdar served as the Chief General Manager and Group Chief Financial Officer (GCFO) at Canara Bank, bringing over 25 years of banking experience as a chartered accountant and cost accountant.
- The appointment is expected to strengthen Canara Bank’s leadership, with Majumdar poised to contribute to the bank’s goals of innovation, customer-centric services, and financial resilience.
Recent Appointment in Banking & Insurance Sector
- Head of Bank of America in India -Vikram Sahu (replace Kaku Nakhate)
- Independent Director of Fino Payments Bank – Deena Mehta
- Interim MD & CEO of Edelweiss Asset Reconstruction Company (EARC) – Mythili Balasubramanians
- Executive Director of RBI – Indranil Bhattacharyya (new role: Dept. of Statistics and Information Mgmt. and the FinTech Dept.)
- Chief Executive of Indian Banks’ Association (IBA) – Atul Kumar Goel
Sanjay Singh elected UWW-Asia bureau member
- The Wrestling Federation of India (WFI) president, Sanjay Singh has been elected a Bureau Member of United World Wrestling (UWW)-Asia.
- The election took place during the UWW-Asia General Assembly in Amman.
- According to WFI, Singh secured 22 votes out of 38, “demonstrating strong support from the Asian wrestling community.”
Recent Appointments
- Chairman of Indian National Trust for Art and Cultural Heritage (INTACH) – Ashok Singh Thakur (for three years)
- Chief Justice of the Orissa High Court –Justice Harish Tandon
- MD & CEO of IFCI Ltd – Rahul Bhave (for 3 years)
- Joint Secretary (Director level) in UPSC – Anuj Kumar Singh
- President of the International Olympic Committee (IOC) – Zimbabwe’s Kirsty Coventry; replace Costa Navarino from Greece (first female President in IOC history).
Defence
India achieves record ₹1.27 lakh crore in indigenous defence production in 2023-24
- India has achieved the highest-ever growth in indigenous defence production in 2023-24 since the launch of the Make in India initiative, reaching a record one lakh 27 thousand crore rupees.
- The value of defence production has surged 174 per cent increase from 46 thousand 429 crore in 2014-15.
- Defence exports have also surged from 686 crore in 2013-14 to an all-time high of over 21 thousand crore rupees in 2023-24, marking a 30-fold increase over the past decade.
Sports
India Wins Bronze in Mixed Quad at ISTAF Sepak Takraw World Cup 2025
- The Indian team has won the bronze medal in the mixed quad category event in the ISTAF Sepak Takraw World Cup 2025, which is underway at Patna.
- The Indian team won the medal jointly with the Vietnam team.
- In the second semifinals of the mixed quad category played at Patliputra Sports Complex Indoor Stadium, the Myanmar team defeated India in straight sets.
- In the final of the mixed quad event, Thailand clinched the gold medal, defeating Myanmar, which got the silver medal.
Important day
March 25 – International Day of Solidarity with Detained and Missing Staff Members
- The International Day of Solidarity with Detained and Missing Staff Members is observed annually on March 25 to honor and advocate for the safety of United Nations (UN) personnel and associated staff who have been detained, abducted, or gone missing while carrying out their duties.
- This day was established by the United Nations (UN) to draw attention to the risks faced by humanitarian workers, peacekeepers, and journalists working in conflict zones or unstable regions.
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