From Feb 18 Flashcards
Union Minister of State(MoS), S.P. Singh Baghel, Ministry of Panchayati Raj (MoPR), Ministry of Fisheries, Animal Husbandry and Dairying (MoFAH&D) released the comprehensive Devolution Index Report titled “Status of Devolution to Panchayats in States – An Indicative Evidence-Based Ranking 2024” at the Indian Institute of Public Administration (IIPA), New Delhi (Delhi).
- As per the report, ____ranked 1st in the devolution of power to panchayats, excelling in terms of funds, functions, and functionaries, followed by 2. Kerala, 3. Tamil Nadu (TN), 4. Maharashtra, and 5. Uttar Pradesh (UP).
Karnataka
- This report marks a key milestone in India’s efforts to empower Panchayati Raj Institutions (PRIs) and to fulfill the vision of “Local Self Government” outlined in the 73rd Constitutional Amendment
What is the Devolution Index?
i. The Devolution Index is the result of thorough research and empirical analysis, offering insights into decentralization progress across States and UTs.
- The report was prepared by the IIPA [Indian Institute of Public Administration (IIPA), New Delhi (Delhi)] and assessed 31 states and Union Territories (UTs), sampling 172 Panchayats across 68 districts, with a total of 1,594 respondents interviewed.
- Meghalaya, Mizoram, Nagaland, UT of Chandigarh and National Capital Territory (NCT) of Delhi are not covered in this report.
ii. The Index evaluates 6 critical dimensions: Framework, Functions, Finances, Functionaries, Capacity Building, and Accountability of Panchayats.
iii. It specifically examines the autonomy of Panchayats to make and implement independent decisions, reflecting the spirit of ______ of the Constitution.
Article 243G
Note: Article 243G empowers State legislatures to devolve powers and responsibilities to Panchayats across 29 subjects listed in the 11th Schedule.
i. The Devolution Index serves as a tool for strengthening cooperative federalism and local self-governance.
ii. It enables states to identify areas for improvement and adopt best practices for more empowered and effective Panchayats.
iii. For citizens, it provides transparency in tracking Panchayat functioning and resource allocation, while elected representatives can utilize data-driven insights for advocacy and reform
Devolution Index Report titled “Status of Devolution to Panchayats in States – An Indicative Evidence-Based Ranking 2024”
i. Increase in Devolution: The report indicates a rise in devolution to rural local bodies from 39.9% in 2013-14 to 43.9% in 2021-22.
ii. Capacity Enhancement: Following the launch of the Rashtriya Gram Swaraj Abhiyan (RGSA) on April 21, 2018, the capacity enhancement component of the Devolution Index 2024 increased from 44% to _____, marking an improvement of over 10%.
iii. Functionaries: Efforts to strengthen PRIs through infrastructure development and recruitment have led to a significant increase in the functionaries component of the Devolution Index, rising from 39.6% to
50.9%.
iv. Accountability & Transparency: Measures to enhance accountability and transparency resulted in scores growing from 46.1% to 47.5%, indicating stronger auditing and anti-corruption efforts.
54.6%
- Financial Devolution: The share of funds allocated to PRIs increased from 32.05% to 37.04%, enhancing financial resources for local governance.
- Functional Devolution: The proportion of functions transferred to PRIs declined from 35.34% to 29.18%, indicating a reduction in administrative responsibilities at the local level.
i. Kerala leads in the ‘Framework’ dimension, setting the standard for mandatory structures.
ii. Tamil Nadu (TN) excels in ‘Functions’, establishing a benchmark for functional devolution.
iii. Karnataka demonstrates exemplary financial management in the ‘Finances’ category.
iv. Gujarat leads in ‘Functionaries’, showcasing excellence in personnel management and capacity building.
v. Telangana stands out in ‘Capacity Enhancement’, leading in institutional strengthening.
vi. Karnataka also sets new standards in ‘Accountability’, establishing benchmarks in transparency.
the Department of Telecommunications (DoT), Ministry of Communications (MoC), in partnership with the ________ unveiled a comprehensive report on Disaster Risk and Resilience Assessment Framework (DRRAF). This marks a significant step towards strengthening India’s telecom sector against disasters.
- The report was launched as part of a comprehensive study on National and Sub-national Disaster Risk & Resilience Assessment for the Telecommunication sector by CDRI (______).
- The study was conducted across 5 Indian states: Assam, Odisha, Tamil Nadu (TN), Uttarakhand, and Gujarat, which focuses on disaster risks and resilience strategies specific to the telecom sector.
- DoT coordinated with State Governments, Telecom Service Providers, and Infrastructure Providers to gather critical data.
Coalition for Disaster Resilient Infrastructure (CDRI)
the Ministry of Ayush (Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy) signed a Memorandum of Understanding (MoU) with the ______ under the Ministry of Social Justice and Empowerment (MoSJE) in New Delhi (Delhi).
- The MoU aims to implement Ayush-based interventions to enhance geriatric healthcare and address substance abuse.
- It marks a milestone in India’s healthcare journey, blending the strengths of Ayush systems with social justice initiatives to foster a healthier and more inclusive society.
Department of Social Justice and Empowerment (DoSJE)
the Securities and Exchange Board of India (SEBI) launched_____, India’s 1st dedicated platform to monitor and analyse RPTs. The portal also aims to bolster transparency and governance in corporate India.
‘Related Party Transaction (RPT) portal’
- The portal enables a wide range of stakeholders to access standardized and comparable data on RPTs.
Note: RPT is a transaction between related parties which involves transfer of resources, services or obligations between them regardless of whether a price is charged.
i. SEBI clarified that executive compensation will be covered under RPTs, which means that promoters of companies can reward themselves without shareholder approval.
ii. The portal will compile comprehensive information on RPTs, including shareholding voting patterns from the last 2 years, which will enable the investors and other entities to make well-informed decisions. Also, by compiling such data in a single platform, the initiative will fix information gaps and enhance corporate governance practices in India.
iii. The portal will be maintained by 3 proxy advisories Bengaluru (Karnataka)-based InGovern Research Services Private Limited, Mumbai (Maharashtra)-based Institutional Investor Advisory Services India Limited (IiAs) and Mumbai based Stakeholders Empowerment Services (SES).
iv. It will help investors to track RPTs and access opinions on such transactions.
- Retail investors will now have access to this information, which was previously limited to institutional investors.
Madhabi Puri Buch, Chairperson of SEBI
announced that new RPT disclosure standards have been approved by the ______. These new standards aimed to ensure more transparency and protect investors.
i. The new standards will require listed companies to provide more detailed information like: what are the minimum
disclosures the companies would have to make when they take an RPT for approval, both by shareholders and audit committees (in certain cases).
ii. Also, the standards will outline the minimum disclosures required when you go to the shareholders for approval.
Industry Standards Forum (ISF)
About Industry Standards Forum (ISF):
It is a SEBI-established group of representatives from different industry sectors. The main objective of ISF is to develop and set standards for implementing regulatory guidelines within their respective sectors.
Chairman- Kundapur Vaman (K.V.) Kamath
Established- 2023
the Reserve Bank of India (RBI) imposed restrictions on Mumbai (Maharashtra)- based _____ from issuing new loans and suspended deposit withdrawals amid supervisory concerns about its financial position.
- These restrictions were issued by the RBI under Section _____ of the Banking Regulation Act, 1949 to protect the interest of depositors.
- These restrictions came into force on February 13, 2025 and will remain in force for a period of ____ months, but they are subject to a future review by the RBI.
New India Co-operative Bank Limited
35A ; 6
- As per the RBI directions, the bank does not have power/authority to grant or renew any loans or advances, make any new investments or accept new deposits without the prior approval from the RBI.
- But, RBI has permitted loan set-offs against deposits under specific terms and conditions.
- It has also allowed bank to incur essential expenses such as employee salaries, rent, and electricity bills.
- RBI informed that eligible depositors will receive a deposit insurance claim of up to Rs 5 lakh for their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC), as applicable under the provisions of the DICGC Act, 1961.
The RBI in exercise of the powers given under Section _____ read with section ____ of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) has superseded the Board of Directors (BoDs) of New India Co-operative Bank for a period of ____ months, to address its governance issues.
About New India Co-operative Bank Limited:
It was initially established as Bombay Labour Co-operative Bank Limited in 1968. Later, it was renamed as the New India Co-operative Bank Limited in 1977.
Headquarters- Mumbai, Maharashtra
36 AAA ; 56 ; 12
- It has appointed Shreekant, a former Chief General Manager (CGM), State Bank of India (SBI) as the administrator to manage the bank’s affairs.
- It has also formed a committee of advisors to assist him, including Ravindra Sapra, former General Manager (GM) of SBI and Abhijeet Deshmukh, Chartered Accountant (CA).
- The primary function of the committee is to examine the financial situation, stabilize operations, and work towards the revival of the bank.
Mumbai (Maharashtra)-based National Payments Corporation of India (NPCI) has introduced a new rule for managing charge backs in Unified Payments Interface (UPI) transactions.
- As per new UPI rule, charge backs will now be automatically accepted or rejected based on _____ and Return Requests (RET) raised by the beneficiary banks in the next settlement cycle after the charge back has been started.
- The new above mentioned facility is implemented in UPI Dispute Resolution System (URCS) with effect from ______.
Key Highlights of New Mechanism:
i. The new UPI rule is applicable only to bulk upload options and Unified Dispute Resolution Interface (UDIR), and will not include front-end dispute resolution options.
ii. Now, Beneficiary banks will have an opportunity to reconcile transactions efficiently before charge backs are deemed approved.
About National Payments Corporation of India (NPCI):
It is an organisation that regulates the retail payment and settlement system in India. It was launched as a joint initiative of RBI and India Banks’ Association (IBA). It was set up under the provisions of Payment and Settlement Systems (PSS Act, 2007).
Managing Director (MD) and Chief Executive Officer (CEO) – Dilip Asbe
Headquarters- Mumbai, Maharashtra
Established- ____
Transaction Credit Confirmation (TCC) ; February 15, 2025
2008
- A charge back is a process which reverses a completed UPI transaction due to disputes, fraud or technical error. This reversal of UPI transaction is initiated by the payer’s bank, and if approved, the transaction amount is returned to the payer.
- At present, remitting banks can start charge backs from ‘T+0’ onwards in URCS due to which beneficiary banks are not getting sufficient time to reconcile transactions, leading to rejected RET.
- While, in some cases, charge backs are closed automatically with a deemed acceptance which resulted in penalties imposed by the Reserve Bank of India (RBI).
the Reserve Bank of India (RBI) granted an extension to the Mumbai (Maharashtra) based _____ authorization to set up, own, and operate White Label ATMs (WLAs) across India until March 31, 2026.
Vakrangee Limited
- As of January 31, 2025, Vakrangee operates 6,036 WLAs and 76% of these are in Tier 4 and Tier 6 locations, aimed at enhancing financial accessibility in the unserved & underserved areas.
i. Vakrangee Limited offers a wide range of services, including banking, insurance, e-governance, ecommerce, and logistics solutions.
ii. In addition, Vakrangee operates 22,395 Vakrangee Kendra outlets, with 81% of these located in Tier-4 to Tier-6 areas.
iii. Vakrangee aims to achieve a revenue of USD 1 billion and a gross transaction value of USD 150 billion by 2030.
Note: As of December 2024, the Life Insurance Corporation of India (LIC) held a 4.41% stake in Vakrangee Limited
Mumbai based Reserve Bank of India (RBI) removed the restrictions placed on ______, headquartered in Mumbai, Maharashtra, allowing KMB to resume onboarding new customers digitally and issuing new credit cards.
i. The RBI imposed restrictions on April 24, 2024, under section 35A of Banking Regulation Act, 1949, after identifying serious Information Technology (IT)-related regulatory violations, including deficiencies in IT inventory management, security protocols and disaster recovery measures.
ii. These restrictions had prevented the bank from adding new customers through online and mobile banking and from issuing new credit cards.
iii. To resolve these issues, KMB took corrective measures and submitted compliance reports, conducted an external audit with RBI’s approval. After reviewing the bank’s improvements and compliance efforts, the RBI decided to lift the restrictions.
iv. As a result the “cease and desist” directive has been lifted for all banks and non-banking financial companies (NBFC), except for Paytm Payments Bank.
Kotak Mahindra Bank (KMB) Limited
Mumbai, Maharashtra based The Reserve Bank of India (RBI) permitted ______, a subsidiary of Singapore-based Temasek Holdings (Private) Limited, to raise its stake in Jaipur (Rajasthan)-based AU Small Finance Bank (SFB) to 7%.
Zulia Investments Pte. Ltd.
- If Zulia increases its stake, it could become the largest foreign investor in the bank.
Note: AU SFB, which began operations in April 2017, focuses on providing credit to retail customers and MSMEs (Micro, Small, and Medium Enterprises) while offering deposit and branch banking services.
i. On February 12, 2025, AU SFB received an RBI letter approving Zulia and its associated entities to acquire up to 7% of the bank’s paid-up capital or voting rights within one year.
ii. If the acquisition is not completed by February 12, 2026, the approval will lapse.
iii. Currently, Zulia holds a 1.37% stake in AU SFB, while foreign institutional and portfolio investors own 39.35%.
Washington (the United States of America, USA)-based International Finance Corporation (IFC), the private sector arm of the World Bank Group (WBG), has invested Rs 860 crore (nearly USD 98.35 million) in India’s 1st ________in the road sector, issued by Noida (Uttar Pradesh, UP)-based Cube Highways Trust (Cube InvIT (Infrastructure Investment Trust)).
- This investment by IFC aims to improve critical road infrastructure and strengthen climate resilience in highway development in India.
Sustainability-linked Bond (SLB)
______ announced that it will provide lines of credit worth USD 300 million to Vietnam for buying high-speed boats and offshore patrol vessels.
Mumbai (Maharashtra)-based Export Import Bank of India (EXIM Bank)
- In July 2024, the EXIM Bank had signed an agreement with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, the Government of India (GoI) had pledged to provide Line of Credit (LoC) of USD 180 million for procurement of 4 Offshore Patrol Vessels (OPV).
i. The bank had also signed an agreement with GO-VNM for making available to the latter, GoI had committed to provide LoC of USD 120 million for procurement of high speed guard boats.
ii. Both agreements are effective from January 20, 2025 and the last date for disbursement will be 60 months after the scheduled completion date of the project.
Bengaluru (Karnataka)-based Decentro Tech Private Limited, a leading fintech infrastructure platform, has launched India’s 1st completely compliant, self-hosted _______.
- This will enable financial institutions to seamlessly switch to the new Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) compliance framework.
i. This new offering will remove the dependency on 3rd-parties, allowing banks, Non-Banking Financial
Companies (NBFCs), and insurers to onboard customers faster while ensuring regulatory compliance.
ii. Some of the key benefits of this new innovation are: 80% faster processing; 75% lower compliance costs, and zero vendor dependencies.
Central Know Your Customer (CKYC) solution
About CERSAI:
* CERSAI was established under Section 20 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act, 2002).
* CERSAI was incorporated as a company under Section 25 of the Companies Act, 1956. The Government of India(GoI) holds a 51% share in the company.
the United States of America (USA) based Morgan Stanley Capital International Incorporation (MSCI), a leading service provider for the global investment community announced the ______. The review revealed that Gurugram (Haryana) based Hyundai Motor India Limited (HMIL) has been added to the MSCI Emerging Markets (EM) Index, and also to the MSCI India Domestic Index, while Ahmedabad (Gujarat) based Adani Green Energy Limited (AGEL) has been removed from the index.
MSCI Equity Indexes February 2025 Index Review
- The changes will be implemented around February 28, 2025, and will take effect from March 3, 2025.
- With this, India’s weight in the index increases to 19%, up from 18.8% in the previous review.
Note: Hyundai Motor is the only large-cap stock which has been added to the list.
About MSCI Emerging Markets (EM) Index:
i. The MSCI Emerging Markets Index tracks the performance of growing economies around the world.
ii. It includes large and mid-cap companies from 24 Emerging Markets (EM) countries.
iii. With 1,251 constituents, the index covers 85% of the free-float-adjusted market capitalization in each of these countries
the 7th edition of the “Sportstar Aces Awards 2025” was held at the Taj Mahal Palace in Mumbai, Maharashtra. The event celebrated exceptional achievements in Indian sports, honoring the winners across 24 distinct categories. The awards recognized the remarkable contributions and accomplishments of athletes, coaches, and organizations that have significantly impacted Indian sports.
- Indian hockey legend, ______ won the Sportstar of the Year 2025 (Male), while ______ won the Sportstar of the Year 2025 (Female) and also the Sportswoman of the Year (Olympic Sport) repectively.
- The event featured 5 Popular Choice Awards and 16 Jury Awards, with over 2 lakh votes cast for the Popular Choice categories.
- This year 2025, 2 special awards: ‘Special Recognition Gamechanger 2025’ and ‘Inspirational Icon Award 2025’ were presented.
Parattu Raveendran (PR) Sreejesh ; Manu Bhaker
______, an Indian ‘Maharatna’ Central Public Sector Undertaking (PSU) which works under the Ministry of Power (MoP), has been conferred with Forward Faster Sustainability Award 2025 in the category of ‘Water Resilience’, in recognition of the its exceptional efforts in water conservation and sustainable water management initiatives.
NTPC Limited (formerly known as National Thermal Power Corporation Limited)
- Harekrushna Dash, ED (Sustainability, Environment & Ash) and K Karthikeyan, Additional General Manager (AGM), NTPC Limited received the award at ceremony organised by the United Nations (UN) Global Compact Network India (UN GCNI) in Chennai, Tamil Nadu (TN).
- NTPC is actively implementing the Reduce, Reuse & Recycle(RRR) approach to optimize water use.
- The Forward Faster Sustainability Awards recognizes organisations/institutions in India that have made significant contributions in promoting sustainability and corporate responsibility, aligning with UN Sustainable Development Goals (SDGs).
- NTPC Limited, largest integrated power utility in India, is contributing 25% of India’s power requirements and has an installed capacity of more than 77 Giga Watt (GW), with an additional capacity of 29.5 GW under construction, including 9.6 GW of Renewable Energy (RE) capacity.
- The company has set the target of achieving 60 GW of RE capacity by 2032
The 9th Asian Winter Games (Harbin 2025), held in Harbin, Heilongjiang Province, China, from February 7 to February 14, 2025, marked a significant milestone in the promotion of winter sports across Asia.
- Organized by the ______ and supported by the International Skating Union (ISU), the event brought together athletes from 34 countries.
- Asian Winter Games 2025 featured 64 events across 11 winter sports disciplines.
- 9th Asian Winter Games mascots are _____ and _____ tigers and the motto is “Dream of Winter, Love among Asia”.
New Entrants:
Saudi Arabia participated in alpine skiing & snowboarding and Cambodia participated in cross-country skiing, marking their first appearance in the Asian Winter Games.
- Saudi Arabia officially received the flag of the Olympic Council of Asia (OCA), as the host of the 10th Asian Winter Games (NEOM) in 2029, becoming the first country in West Asia to host the continental sporting event.
Olympic Council of Asia (OCA) ;
“Binbin” and “Nini”
- China topped the medal tally with 32 Gold, 27 Silver, and 26 Bronze medals, total 85 medals.
- Republic of Korea secured the second position with 16 Gold, 15 Silver, and 14 Bronze medals, total 45 medals.
- Japan followed closely with 10 Gold, 12 Silver, and 15 Bronze medals, total 37 medals, excelling in short-track speed skating and skiing.
India’s Performance:
- India had sent their largest contingent of 59 athletes to the Asian Winter Games 2025.
i. India ended its campaign without any medals but showcased potential through its athletes.
ii. Tara Prasad, India’s skater, delivered a personal best performance, finishing 8th in the women’s skating event
February 15
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International Childhood Cancer Day (ICCD) is a global collaborative campaign, observed annually on 15 February across the globe to raise awareness about childhood cancer, highlighting its distinct challenges, and to show solidarity with children and adolescents fighting cancer, as well as with survivors and their families.
i. The 3-year campaign of ICCD (2024-2026) aims to address the challenges faced by childhood cancer patients, caregivers, survivors and health care professionals worldwide.
ii. The campaign theme of ICCD 2025 is “Inspiring Action”.
* The campaign theme of ICCD 2026 is “Demonstrating Impact” and the campaign theme of ICCD 2024 is “Unveiling Challenges”. -
World Pangolin Day is observed annually on the third Saturday of February to celebrate pangolins or the scaly anteater, the most unique mammals on Earth and raise awareness about their conservation. The day aims to highlight the critical threats faced by these unique mammals, primarily due to illegal poaching and trafficking for their scales and meat.
* In 2025, World Pangolin Day falls on 15th February 2024 marking the observance of the 14th World Pangolin Day.
* The 13th World Pangolin Day was observed on 17th February, 2024 and the 15th World Pangolin Day will be observed for February 21, 2026
The *15th edition of Aero India 2025**, Asia’s largest aerospace and defence exhibition, was held from February 10 to 14, 2025, in ________, under the theme “The Runway to a Billion Opportunities.”
Bengaluru, Karnataka
the Rural Technology Action Group (RuTAGe) Smart Village Center (RSVC) was inaugurated in ______.
Mandaura village, Sonipat, Haryana
- The RSVC aims to bridge the gap between rural technological needs and cutting-edge innovations, promoting sustainable development in rural areas
______ has become the 1st state in India to introduce a dedicated Global Capability Centre (GCC) Policy 2025, positioning itself as a leading hub for global innovation, technology, and business collaboration.
- _______ will act as the nodal agency responsible for implementing the policy.
- A dedicated Policy Implementation Unit (PIU) will manage project approvals, incentive allocation, and compliance monitoring.
Madhya Pradesh (MP)
The Madhya Pradesh State Electronics Development Corporation Limited (MPSeDC)
Objective: The Madhya Pradesh GCC Policy 2025 aims to transform tier-2 cities like Bhopal, Indore, and Gwalior into global operations centers, providing a competitive advantage to businesses seeking expansion in India.
Key Features:
i. The focus sectors of the policy include Information Technology (IT), Finance, Engineering, Human Resources (HR), and Emerging Technologies (ET), with a special emphasis on Artificial Intelligence (AI), and
Cybersecurity.
ii. This policy combines incentives for Capital Expenditure (CapEx), payroll subsidies, upskilling programs, and Research and Development (R&D).
Note: Unveiled ahead of the Global Investors Summit (GIS) 2025 in Bhopal, MP on 24 and 25 February 2025, the GCC Policy 2025 reinforces MP’s role in India’s USD 110 billion GCC market vision for 2030.