NATIONAL UPDATES:
1. Government sets up inter-ministerial-industry panel on fintech, DFS Secretary to head Panel: The government has set up an inter-ministerial-industry committee on fintech (IMICF) to look into entire gamut of issues that affect growth of fintech sector and suggest long term strategy for its development.The Panel, which is being chaired by DFS Secretary M Nagaraju, will also look into how fintech has influenced the broader banking and financial services industry, identify obstacles that hinder growth, and analyse global best practices in governance and regulation.The panel will analyse the growth of fintech sector and its contribution to BFSI sector; understand the issues and challenges of the fintech sector; take stock of the regulatory and policy developments in the fintech sector.The Committee is also expected to frame a “vision strategy” that would outline policy interventions and come up with industry recommendations.
2. Delhi Police launches ‘Shishtachar’ anti-eve-teasing squad to ensure women’s safety: Delhi Police has launched a dedicated squad against eve teasing, ‘Shishtachar,’ with at least 30 teams deployed across the national capital, especially in hotspots, to check incidents of harassment and ensure the safety of women in public spaces.These squads, consisting of male and female officers, will patrol high-risk areas, swiftly act on complaints and spread awareness regarding laws against harassment.The initiative adopts a multi-faceted approach, involving prevention, intervention and victim assistance. The squads have been directed to focus on enforcing the law without imposing personal or cultural morality, while also ensuring that victims are protected from undue public scrutiny or embarrassment.
3. Cabinet approves revised ₹2,790 crore dairy development scheme to boost infrastructure: The Union Cabinet has approved the Revised National Programme for Dairy Development (NPDD), aimed at modernizing India’s dairy sector and ensuring its long-term growth.The scheme, classified as a Central Sector initiative, has been allocated an additional ₹1,000 crore, taking the total budget outlay to ₹2,790 crore for the duration of the 15th Finance Commission period from 2021-22 to 2025-26.The revised programme is focused on strengthening the dairy infrastructure across the country. It seeks to boost milk procurement and processing capacity, improve quality control systems, and ensure better market access for dairy farmers.The initiative is designed to encourage value addition in the sector, streamline supply chain efficiency, and ultimately raise rural incomes, particularly benefiting women, who represent 70% of India’s dairy workforce.
4. Cabinet approves implementation of Revised Rashtriya Gokul Mission with enhanced allocation for 2024-25 and 2025-26: The Union Cabinet has approved the Revised Rashtriya Gokul Mission (RGM) to boost growth in the livestock sector.The revised mission will be implemented as a Central Sector component of the Development Programmes scheme, with an additional outlay of ₹1,000 crore, bringing the total allocation to ₹3,400 crore for the 15th Finance Commission cycle from 2021-22 to 2025-26.Two new activities have been introduced under the revised RGM. The first is a one-time assistance of 35 percent of the capital cost for the establishment of Heifer Rearing Centres, which will help in creating 30 housing facilities with a total of 15,000 heifers.The second initiative aims to encourage farmers to purchase High Genetic Merit (HGM) IVF heifers by providing a 3 percent interest subvention on loans taken from milk unions, financial institutions, or banks for such purchases. This will facilitate the systematic induction of high-yielding breeds.
5. Union Cabinet approves new ammonia-urea complex in Assam: The s has approved a new Brownfield Ammonia-Urea Complex at Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), Namrup, Assam, with an annual production capacity of 12.7 Lakh Metric Tonnes (LMT).
The project will be executed under a Joint Venture (JV) with a 70:30 Debt-Equity ratio at a cost of ₹10,601.40 crore, following the New Investment Policy, 2012, and its 2014 amendments, with a completion timeline of 48 months.National Fertilizers Limited (NFL) has been granted an 18% equity stake, exceeding the Department of Public Enterprises (DPE) guidelines, and an Inter-Ministerial Committee (IMC) will oversee the project’s execution.The equity structure includes 40% by the Government of Assam, 11% by BVFCL, 18% each by National Fertilizers Limited (NFL) and Oil India Limited (OIL), and 13% by Hindustan Urvarak & Rasayan Limited (HURL).
6. Cabinet approves construction of 6-lane high-speed highway in Maharashtra: The Cabinet Committee on Economic Affairs, chaired by PM Modi, has approved the construction of a six-lane access-controlled Greenfield High-Speed National Highway from JNPA Port (Pagote) to Chowk in Maharashtra.The project, spanning 29.219 km, will be developed under the Build, Operate, and Transfer (BOT) mode at a total capital cost of ₹4,500.62 crore.The development of road connectivity to major and minor ports in India is a key focus area under the PM Gati Shakti National Master Plan principles. With the increasing container volume at JNPA Port and the upcoming Navi Mumbai International Airport, the need for enhanced National Highway connectivity in the region has been identified.The newly approved project aims to address these connectivity challenges and enhance logistics efficiency between JNPA Port and Navi Mumbai International Airport. The highway alignment will commence at JNPA Port (NH 348) in Pagote village and conclude at Mumbai-Pune Highway (NH-48), while also linking the Mumbai-Pune Expressway and the Mumbai-Goa National Highway (NH-66).
7. Bajaj Auto Reappoints Rajiv Bajaj as MD & CEO: Bajaj Auto has reappointed Rajivnayan Rahulkumar Bajaj as Managing Director and Chief Executive Officer for a five-year term starting April 1, 2025.The company’s board also approved a Rs 1,500 crore fund infusion into its wholly-owned subsidiary, Bajaj Auto Credit Ltd (BACL), to be disbursed in phases during FY 2025-26, aimed at boosting BACL’s assets under management.
INTERNATIONAL UPDATES:
1. 20 March – World Sparrow Day: World Sparrow Day is observed annually on March 20 to raise awareness about the declining population of sparrows and the need for their conservation.Theme 2025 – A Tribute to Nature’s Tiny Messengers First observed in 2010 to highlight the challenges faced by sparrows due to urbanization, habitat loss, pollution, and radiation from mobile towers.
2. 20 March – International Day of Happiness: The International Day of Happiness is celebrated every year on March 20 to recognize the importance of happiness and well-being in people’s lives worldwide.Theme 2025 – CARING AND SHARINGThe General Assembly of the United Nations passed a resolution 66/281 of 12 July 2012 announcing March 20 as the International Day of Happiness, recognising the relevance of happiness and well-being as universal goals.
3. 20 March – World Oral Health Day: World Oral Health Day is celebrated annually on March 20 to raise awareness about the importance of oral hygiene, dental care, and overall oral health.The day encourages individuals to adopt healthy oral habits and emphasizes the impact of oral health on overall well-being. Theme 2025 – A Happy Mouth is… A Happy Mind
OTHER UPDATES:
DEFENCE
1. GRSE Completes Sea Trials for Himgiri and Androth: CSTs are crucial for assessing a ship’s seaworthiness. During these trials, various performance metrics are evaluated. These include speed, manoeuvrability, and the functionality of onboard equipment. Senior officials from GRSE and the Indian Navy monitored the trials closely. The completion of these trials signifies that the vessels are ready for operational deployment. The Himgiri is the first of three Advanced Frigates being constructed under Project 17A. This project aims to enhance India’s naval capabilities with modern, indigenously designed ships. The Androth is the second of eight Anti-Submarine Warfare vessels being built at GRSE. Both ships feature advanced technology and improved stealth capabilities.
SCIENCE AND TECHNOLOGY
1. INCOIS Identifies Cyclone Formation and Intensification Factors: Recent advancements in cyclone research have emerged from the Indian National Centre for Ocean Information and Services (INCOIS). Scientists have successfully quantified the oceanic and atmospheric factors influencing cyclone formation and intensification. This research is crucial for enhancing cyclone prediction and improving contingency planning for coastal regions in India. The Indian coastline is particularly vulnerable to cyclones during two main periods – April-May and October-December. May and November typically see the most intense storms. Historically, three out of four cyclones develop in the Bay of Bengal. However, the Arabian Sea has also witnessed severe storms in recent years. These cyclones often exhibit rapid intensification, complicating predictions.
2. H7N9 Bird Flu Outbreak in US: The spread of avian influenza has devastated poultry flocks around the world. This disruption has led to increase in egg prices, reaching record highs. The economic impact extends beyond poultry to other livestock, including dairy cows, raising concerns about broader food supply issues. The H7N9 virus has a high fatality rate among infected individuals. Since its emergence, 616 deaths have been reported from 1,568 confirmed cases. Most human infections have been linked to exposure to live poultry or contaminated environments. However, the World Health Organisation has indicated that the virus does not easily transmit from person to person.
BANKING AND FINANCE
1. Cabinet approves Rs 1,500 crore incentive scheme to promote low-value BHIM-UPI transactions: The Union Cabinet has approved a ₹1,500 crore incentive scheme to promote low-value BHIM-UPI transactions (P2M) for FY 2024-25, running from April 1, 2024, to March 31, 2025.The scheme is designed to encourage the adoption of the BHIM-UPI platform among small merchants and aligns with the government’s broader vision of transitioning towards a less-cash economy.The scheme focuses on transactions under ₹2,000, offering a 0.15% incentive per transaction for small merchants, while large merchants are not eligible.80% of the admitted claim amount will be disbursed each quarter unconditionally, while the remaining 20% depends on meeting performance criteria, including a technical decline rate below 0.75% and system uptime above 99.5%.The initiative aims to enhance financial inclusion by promoting digital payments, particularly through UPI services like UPI 123PAY and UPI Lite, reducing cash dependence in rural and remote areas.
2. RBI and Bank of Mauritius sign pact on use of local currencies for bilateral transactions: Reserve Bank and the Bank of Mauritius (BOM) have signed a pact for establishing a framework to promote the use of the Indian Rupee and the Mauritian Rupee (MUR) for cross-border transactions.The MoU was signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K.The MoU aims to promote the use of INR and MUR in bilateral trade. The MoU covers all current account transactions and permissible capital account transactions as agreed upon by both the countries.The framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn, would enable the development of a market in the INR-MUR pair.Use of local currencies in bilateral transactions will eventually contribute to promoting trade between India and Mauritius as well as deepen financial integration and strengthen the historical, cultural, and, economic relations between India and Mauritius.
3. RBI infuses Rs. 5 Lakh Crore into Banking System: The Reserve Bank of India (RBI) has infused over Rs. 5 lakh crore into the banking system since mid-January through bond purchases, forex swaps, and early-April maturity repos.Aiming to maintain surplus liquidity and ensure the transmission of its rate cut benefits to borrowers, the central bank is set to inject an additional Rs. 50,000 crore via bond repurchases.Additionally, even as RBI injects liquidity, it continues to withdraw rupees by selling dollars from its forex reserves. This strategy has helped stabilize the financial system, but short-term interest rates remain elevated due to liquidity deficits and economic uncertainties.
4. SBI Mutual Fund launches two new PSU bank-focused investment schemes: SBI Mutual Fund has introduced two new investment options centred around India’s public sector banking sector.
SBI BSE PSU Bank Index Fund – An open-ended scheme that mirrors or tracks the BSE PSU Bank Index.SBI BSE PSU Bank ETF – An open-ended exchange-traded fund (ETF) that also replicates the BSE PSU Bank Index.Their objective is to deliver returns closely aligned with the performance of the BSE PSU Bank Index, subject to tracking error. However, SBI Mutual Fund has clarified that achieving this investment objective is not guaranteed.The funds will primarily allocate 95% to 100% of their assets to stocks listed in the BSE PSU Bank Index.
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