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Daily Current Affairs 5th March 2025 Daily GK Update
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National News
Govt grants Navratna status to IRCTC and IRFC
- The Government of India upgraded the Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC) to the prestigious status of Navratna Central Public Sector Enterprise (CPSE).
- With this, IRCTC and IRFC have become the 25th and 26th Navratna among the CPSEs, respectively, marking a major milestone for the Indian Railway companies.
- The elevation to Navratna status grants the two companies’ greater financial autonomy, allowing it to invest up to Rs 1,000 crore without seeking government approval, thereby fast-tracking their decision-making abilities.
- Founded in 1986, IRFC is primarily responsible for mobilising funds for Indian Railways’ massive infrastructure expansion and modernization projects. Meanwhile, IRCTC, which was founded in 1999, provides ticketing, catering, and tourism services for the state-owned Indian Railways.
- The Indian government categorizes CPSEs into three groups: Maharatna, Navratna, and Miniratna. The centre’s aim is to make these PSUs much more competitive and efficient.
15th Finance Commission Releases Grants worth Rs.699 Crores for Rural Local Bodies of West Bengal
- The Centre has released the 15th Finance Commission Grants for the Financial Year 202425 for Rural Local Bodies in West Bengal, which includes the second installment of Untied Grants of Rs 694.4 crore and the withheld portion of the first installment of Untied Grants of Rs 4.9 crore.
- According to the Panchayati Raj Ministry, these funds are for the 21 eligible District Panchayats, 326 eligible Block Panchayats and 3,220 eligible Gram Panchayats.
- The Untied Grants would be utilised by Panchayati Raj Institutions (PRIs) and Rural Local Bodies (RLBs) for location-specific needs under the Twenty-Nine (29) Subjects enshrined in the Eleventh Schedule of the Constitution, except for salaries and other establishment costs.
Banking and Financial
Crisil projects FY26 GDP growth to be steady at 6.5%
- Crisil has forecast India’s GDP growth to be steady at 6.5 per cent. The rating agency estimated GDP growth for this fiscal at 6.5 per cent, slower than 9.2 per cent in the previous fiscal.
- However, growth remains close to the pre-pandemic decadal average of 6.6 per cent between fiscals 2011 and 2020 and will allow India to retain its tag of fastest growing large economy.
Updated GDP List
- CRISIL – 6.5% (FY26)
- Moody’s Analytics – 6.4% (FY25)
- RBI –6.6% (FY25), 6.7% (FY26)
- Deloitte – 6.5-6.8 (FY25)
- FICCI – 6.4% (FY25)
- UN – 6.6% (CY25); 6.7% (CY26)
IOB bank user can access Housing Loan Interest Certificate on DigiLocker
- Indian Overseas Bank (IOB) has launched a new facility enabling customers to download their housing loan interest certificate directly from DigiLocker.
- This initiative eliminates the need for branch visits, providing a seamless, secure, and efficient way to access financial documents.
- MD & CEO of Indian Overseas Bank – Ajay Kumar Srivastava
What is DigiLocker?
- DigiLocker is an initiative under the central government digital India programme, which provides a secure platform for users to store and access important documents anytime, anywhere.
- By integrating with DigiLocker, Indian Overseas Bank is making financial document retrieval faster, paperless, and more environmentally sustainable.
Poonawalla Fincorp launches digital personal loan for salaried professionals
- Poonawalla Fincorp Limited has launched a new fully digital personal loan product called “PL Prime Digital 24×7” targeting salaried professionals.
- The new offering provides instant loan approvals of up to ₹15 lakh within 15 minutes through a completely paperless process. The service is available around the clock and accessible through the company’s mobile app, website, and authorized partners.
- The product aims to eliminate paperwork and delays in the lending process, particularly for professionals from prime corporates requiring quick access to funds.
- MD & CEO of Poonawalla Fincorp – Arvind Kapil
ICICI Prudential launches ‘Pru GIFT Select’ for guaranteed income
- ICICI Prudential Life Insurance has unveiled a new long-term savings product, ICICI Pru GIFT Select, aimed at providing customers with guaranteed immediate income to navigate the uncertainties of the current market.
- The plan offers multiple benefits, including guaranteed returns, wealth preservation, and an inflation-adjusted increasing income option.
- ICICI Pru GIFT Select enables customers to customise their income by choosing the start date, duration, and amount of their guaranteed payouts. Additionally, the plan includes a life cover component, ensuring financial security for policyholders and their families.
- One of the standout features of this product is the increasing income option, where the guaranteed income grows at a compounded rate of 5 per cent per annum, making it an effective hedge against inflation. This ensures that customers’ purchasing power remains intact, even in an unpredictable economic environment.
Appointment
Levi’s ropes in Diljit Dosanjh as global ambassador
- In an iconic partnership, American clothing brand, Levi’s, has signed up Punjabi singer and actor Diljit Dosanjh to be the face of the brand.
- This collaboration marks a significant moment in the fashion industry, bringing together two Greatest Of All Times (G.O.A.T.) forces that resonate with the youth.
- This fusion of Levi’s exclusive style and Diljit’s genre-defying artistry has set the stage for a new era in fashion and music.
Recent Brand Ambassador
- PV Sindhu – PUMA India
- Mo Farah – Tata Mumbai Marathon
- MS Dhoni – Eurogrip Tyres
- Rashmika Mandanna – Chennai-based real estate developer, DRA
- Sonu Sood – Brand Ambassador and Honourary Tourism Advisor for Thailand
- Harbhajan Singh & Sania Mirza – Dubai Sports Council brand ambassador
Christian Stocker becomes Austrian chancellor as three-party gov’t sworn in
- Conservative Christian Stocker has been sworn in as Austria’s chancellor at the head of a three-party coalition government, ending five months of political deadlock that followed a far-right party’s election win.
- The swearing-in came days after Stocker said a “common programme” had been agreed by his Austrian People’s Party (OVP), the centre-left Social Democrats and the liberal Neos.
Newly Appointed Prime Minister & President
- Romania’s Interim President – Ilie Bolojans
- 72nd US Secretary of State in the Trump Administration – Marco Rubio
- PM of Belgium – Bart De Wever
- President of Belarus -Alexander Lukashenkos
- PM of Ireland – Micheal Martin
- President of the United States – Donald Trump (47th)
Dr Mayank Sharma takes charge as Controller General of Defence Accounts
- Dr Mayank Sharma assumed the office of Controller General of Defence Accounts (CGDA).
- He is a 1989-batch officer of the Indian Defence Accounts Service (IDAS) and has had a distinguished career in the government spanning more than three decades.
- Dr Mayank Sharma has served in various capacities within the Government of India, including the Defence Accounts Department.
Recent Appointments
- Chairman of Bar Council of India (BCI) – Manan Kumar Mishra (7th time)
- Chairman of Ratan Tata Endowment Foundation – N Chandrasekaran
- Head of Drug Controller General of India (DCGI) – Rajeev Singh Raghuvanshi (extension one year)
- CEO of NITI Aayog – B V R Subrahmanyam (extension one year)
RBL Bank appoints Agrawal as president of branch banking, Pari as COO
- Private sector lender RBL Bank appointed Narendra Agrawal as president and head of branch banking and retail liabilities and T S Pari as chief operations officer (COO).
- Agrawal has over 25 years of experience across deposits, lending, distribution, and payments. He brings strong track record of scaling businesses and driving profitable growth through digital-first approach.
- Agrawal will focus on deposit growth, enhancing customer experience through an omnichannel strategy, and strengthening the business’s contribution to the lender’s long-term plan.
- Pari, who has more than 25 years of experience in leadership roles across foreign and private sector banks, will be responsible for driving efficiencies, customer centricity, and strengthening risk management practices in core business operations.
Awards
Rishabh Pant nominated for Laureus World Comeback of the Year Award
- Indian cricket team’s swashbuckling batter-keeper, Rishabh Pant has been nominated for the prestigious Laureus World Sports Award 2025 in the comeback of the year category. The awards ceremony will take place in Madrid on April 21.
- Pant suffered the near-fatal car accident on December 30, 2022 while driving from Delhi to his hometown Roorkee.
- After undergoing initial treatment at a hospital in Dehradun, Pant was airlifted to Mumbai where he was under the care of the BCCI’s specialist consultant
Recent Award
- Icon of Excellence award at Forbes India Leadership Awards 2025 -ICC Chairman Jay Shah
- Sarvashrestha Suraksha Puraskar (Golden Trophy) – Manohar International Airport, Goa
- Time Magazine’s Women of the Year 2025 – Purnima Devi Barman
- Knight Commander of the Most Excellent Order of the British Empire (KBE)- Sunil Bharti Mittal
- Memory League World Championship – Vishvaa Rajakumar
Sports
Krishna Jayasankar becomes 1st Indian woman to cross 16m in indoor shot put
- India’s Krishna Jayasankar made history at the 2025 Mountain West Indoor Track and Field Championships by becoming the first Indian woman to cross the 16-metre mark in indoor shot put. Her record-breaking throw measured 16.03 metres.
- The 22-year-old broke the previous Indian indoor record of 15.54 metres. Poornarao Rane set that record at the 2023 American Athletic Conference Indoor Championships.
- Krishna was in fourth place until the penultimate round. However, she clinched the bronze medal with her final throw. Mya Lesnar of the USA bagged the Gold while compatriot Gabby Morns claimed a sliver.
- Krishna’s previous best indoor throw was 15.03 metres, recorded last month at the same venue. India’s overall women’s shot put record remains 18.41 m. Abha Khatua set it at the Federation Cup 2024.
Tennis: Brandon Holt wins Bengaluru Open Title, Beats Shintaro Mochizuki in Final
- In tennis, Brandon Holt of the USA clinched his second ATP Challenger singles title of the season after beating Japan’s Shintaro Mochizuki 6-3, 6-3 in the Bengaluru Open 2025 tennis tournament’s singles final.
- Consequently, the 26-year-old Holt became the first American winner in the Bengaluru Open history. This was the ninth edition of the ATP Challenger 125 tennis tournament.
- Indian tennis player Anirudh Chandrasekar and Chinese Taipei’s Ray Ho beat Blake Bayldon and Matthew Christopher Romios 6-2, 6-4 to win the doubles title.
Obituary
Padmakar Shivalkar, legendary Mumbai spinner, dies
- Legendary Mumbai spinner Padmakar Shivalkar died at the age of 84.
- Considered one of the best spinners to have never played for India, Shivalkar featured in a total of 124 first-class matches and claimed 589 wickets at 19.69 between 1961-62 to 1987-88.
- The left-arm spinner made his debut at the age of 22 in Ranji Trophy and continued playing until he was 48 and took 361 wickets in India’s premier domestic competition, including eleven 10-wicket hauls. Shivalkar also played 12 List A matches and took 16 wickets.
- He was honoured with the CK Nayudu Lifetime Achievement Award in 2017 by the Indian cricket board.
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