National News – India
Prime Minister Modi’s Varanasi Visit and Development Projects
Prime Minister Narendra Modi visited his parliamentary constituency Varanasi on August 2, 2025, inaugurating and laying foundation stones for development projects worth ₹2,200 crore
The visit marked PM Modi’s 51st visit to Varanasi, covering infrastructure, education, healthcare, tourism, urban development, and cultural heritage projects
Key highlights included release of the 20th installment of PM-KISAN scheme, transferring over ₹20,500 crore to more than 9.7 crore farmers across the country
Total disbursement under PM-KISAN since inception has now crossed ₹3.90 lakh crore
Projects include widening of Varanasi-Bhadohi road, Chhitauni-Shool Tankeshwar road, Railway Overbridge at Hardattpur, and Smart Distribution Project worth over ₹880 crore
PM Modi inaugurated redevelopment of 8 riverfront Kuccha Ghats, restoration work at Kardameshwar Mahadev Temple, and development of Karkhiyaon birthplace of freedom fighters
Banking Laws Amendment Act 2025 Implementation
Key provisions of the Banking Laws Amendment Act 2025 came into effect from August 1, 2025
The Act introduces 19 amendments across five major banking legislations including Reserve Bank of India Act 1934, Banking Regulation Act 1949, State Bank of India Act 1955, and Banking Companies Acts
Major changes include revision of substantial interest threshold from ₹5 lakh to ₹2 crore for determining eligibility for directorship in banks
Director tenure in cooperative banks extended from 8 years to 10 years, aligning with 97th Constitutional Amendment
Public Sector Banks can now transfer unclaimed shares, interest, and bond redemption amounts to Investor Education and Protection Fund (IEPF)
PSBs empowered to decide remuneration for statutory auditors to hire high-quality audit professionals
New UPI Rules and Financial Changes
National Payments Corporation of India (NPCI) implemented new UPI rules from August 1, 2025
Balance check limit set at 50 times per day per UPI app to reduce response time and improve stability
Scheduled autopay transactions restricted to non-peak hours (before 10 AM, between 1-5 PM, and after 9:30 PM)
UPI IDs linked to inactive mobile numbers for over 12 months will be automatically disabled
Enhanced verification process for new bank accounts added to UPI with stronger user authentication
Election Commission Announces Vice Presidential Election
Election Commission of India announced Vice Presidential election scheduled for September 9, 2025
The election follows resignation of Jagdeep Dhankhar due to health concerns
Notification to be issued on August 7, with last date for filing nominations set as August 21
Electoral College comprises elected members of Rajya Sabha, nominated members of Rajya Sabha, and elected members of Lok Sabha
Operation Sindoor Military Action
India conducted Operation Sindoor on May 7, 2025, targeting nine terror camps in Pakistan and Pakistan-occupied Kashmir
The operation was launched in response to Pahalgam terror attack on April 22 that killed 26 civilians including tourists
Defense Minister Rajnath Singh confirmed the operation has been suspended but warned it could resume if Pakistan continues supporting terrorism
The precision strikes lasted 23 minutes using Rafale jets equipped with SCALP missiles, HAMMER munitions, and Kamikaze drones
International News
Major Earthquake Strikes Russia’s Kamchatka Peninsula
A powerful magnitude 8.8 earthquake struck off Russia’s Kamchatka Peninsula on July 30, 2025
The earthquake is among the six strongest ever recorded, causing tsunami warnings across the Pacific
The tremor occurred at shallow depth of 20.7 km, triggering evacuation orders in Japan and Hawaii
Over 140 aftershocks registered in 24 hours following the main earthquake
Klyuchevskoy volcano erupted following the earthquake, sending ash plume to 1.5 miles height
Despite its magnitude, damage was relatively minor with no fatalities reported due to high-quality building construction
Trump Implements 25% Tariffs on India
US President Donald Trump announced 25% tariffs on Indian imports effective August 1, 2025
Additional unspecified penalty imposed on India for purchasing Russian energy and military equipment
The tariff affects India’s $87 billion annual exports to the US, with potential GDP impact of 0.2-0.4 percentage points
India’s trade-weighted average tariff was 12% compared to US’s 2.2%, leading to Trump calling India “tariff king”
The move comes after failed negotiations for bilateral trade agreement aimed at doubling trade to $500 billion by 2030
NASA-ISRO NISAR Satellite Launch
The NASA-ISRO Synthetic Aperture Radar (NISAR) satellite was successfully launched on July 30, 2025
The $1.5 billion mission represents the first hardware collaboration between NASA and ISRO for Earth observation
NISAR launched aboard GSLV-F16 from Sriharikota and will orbit at 747 km altitude with 12-day repeat cycle
The satellite carries dual-frequency radar systems – NASA’s L-band and ISRO’s S-band SAR
Mission will monitor Earth’s changing ecosystems, ice masses, and natural hazards for baseline 3-year period
Sports News
Chess Championship Victory
Indian chess prodigy Divya Deshmukh won the FIDE Women’s World Cup 2025 at age 19
She defeated Grandmaster Humpy Koneru 1.5-0.5 in tiebreaks to become the tournament champion
Divya earned the Grandmaster title with this victory, becoming India’s 88th Grandmaster and 4th Indian woman to achieve this honor
The victory qualifies her for the Women’s Candidates Tournament 2026
Prime Minister Modi congratulated both players for making it an all-Indian final
India vs England 5th Test
The fifth and decisive Test match between India and England continues at The Oval
India ended Day 1 at 204/6 with Karun Nair scoring unbeaten 52 runs in challenging conditions
The series remains level with this final Test determining the winner
Captain Shubman Gill surpassed Sunil Gavaskar’s record for most runs by an Indian captain in a Test series with 733 runs
U17 World Wrestling Championships Success
Indian women’s wrestling team won the U17 team title at World Wrestling Championships with 151 points
India finished ahead of USA (142 points) and Japan (113 points) to claim the team championship
Indian wrestlers won total of 6 medals – 2 gold, 3 silver, and 1 bronze medal
This marks back-to-back triumph for India’s U17 women’s wrestling team on the world stage
Delhi Premier League Cricket Tournament
Delhi Premier League (DPL) 2025 second season commenced on August 2, 2025
The tournament features 8 teams including two new additions – Outer Delhi Warriors and New Delhi Tigers
East Delhi Riders are defending champions from the inaugural season
All matches being played at Arun Jaitley Stadium, New Delhi, with final scheduled for August 31
Star Sports Network acquired broadcasting rights with JioHotstar providing live streaming
Durand Cup Football Tournament
The 134th edition of Durand Cup, Asia’s oldest football tournament, is ongoing from July 23 to August 23
Tournament features 24 teams from Indian Super League, I-League, and Armed Forces across six venues
Defending champions NorthEast United FC began title defense on August 2 in Shillong
Indian Navy Football Team defeated Real Kashmir FC 2-1 in Group F encounter at Khuman Lampak Stadium, Imphal
Asia Rugby Championship in Bihar
Bihar Chief Minister Nitish Kumar unveiled mascot ‘Ashok’ and logo for Asia Rugby U20 Championship 2025
The tournament will be held on August 9-10, 2025, at State Sports Academy-cum-Bihar Sports University, Rajgir
Nine countries participating including India, China, UAE, Hong Kong, Kazakhstan, Uzbekistan, Sri Lanka, Malaysia, and Nepal
This marks the first time Bihar is hosting an international rugby championship
Government Policies and Schemes
RBI Monetary Policy Committee Meeting
Reserve Bank of India’s Monetary Policy Committee meeting scheduled for August 4-6, 2025
Market expectations divided between maintaining current 5.5% repo rate or announcing 25 basis points cut
Inflation remained at 2.1% in June 2025, lowest level since December 2019, providing room for policy easing
SBI report suggests August rate cut would stimulate credit growth ahead of festive season
Budget 2025-26 Key Announcements
Government proposed Jan Vishwas Bill 2.0 to decriminalize more than 100 provisions in various laws
Investment Friendliness Index of States to be launched in 2025 for competitive cooperative federalism
Centre of Excellence in Artificial Intelligence for education to be set up with ₹500 crore outlay
10,000 additional medical education seats to be added in 2025-26 towards goal of 75,000 seats in next 5 years
Income Tax Reforms
No income tax payable up to income of ₹12 lakh under new regime (₹12.75 lakh for salaried taxpayers)
New tax slab structure introduced with rates ranging from nil to 30% across different income brackets
TDS threshold for senior citizens on interest doubled from ₹50,000 to ₹1 lakh
TCS threshold on remittances under LRS increased from ₹7 lakh to ₹10 lakh
Economic and Business Updates
US Layoffs and Job Market Impact
114 US companies filed WARN notices for potential layoffs in August 2025
Major firms including Microsoft and Georgia-Pacific expected to cut hundreds of jobs
July jobs report showed unemployment ticking up to 4.2% with slowing job growth
The layoffs span across tech, retail, healthcare, and manufacturing sectors
Credit Card and Banking Changes
HDFC Tata Neu Infinity Credit Card NeuCoins will expire one year from earning month starting August 1
SBI Card discontinued complimentary air accident insurance on several co-branded credit cards from August 11
New copper tariffs of 50% imposed by US affecting India’s $2 billion copper exports
Financial Market Developments
Trading hours extended for call money, market repo, and TREPs markets by RBI
Market repo and TREPs trading hours extended to 4 PM from August 1, operating 9 AM to 4 PM
Banks remain open on August 2, 2025, as it is the first Saturday of the month
Upcoming Events and Important Dates
August 2025 Key Dates
August 4-6: RBI Monetary Policy Committee meeting
August 7: Election Commission notification for Vice Presidential election
August 9-10: Asia Rugby U20 Championship in Rajgir, Bihar
August 15: Independence Day (national holiday)
August 21: Last date for Vice Presidential election nominations
August 23: Durand Cup football tournament final
August 31: Delhi Premier League final
December 2025 Special Event
Football legend Lionel Messi scheduled to visit India from December 13-15
Messi will visit Mumbai’s Wankhede Stadium on December 14 for special event
Three-city tour planned covering Mumbai, Kolkata, and Delhi
Potential cricket exhibition match with Indian cricket stars including MS Dhoni and Virat Kohli
Competitive Exam Focus Points
Banking Awareness
Banking Laws Amendment Act 2025 provisions and their impact on banking sector governance
UPI rule changes and digital payment system modifications
RBI monetary policy decisions and repo rate implications
Credit card terms and conditions changes by major banks
Current Affairs for UPSC/SSC
Operation Sindoor military action and India-Pakistan relations
NASA-ISRO NISAR satellite mission and space cooperation
Constitutional amendments affecting cooperative bank governance
Election Commission procedures for Vice Presidential election
Sports and Awards
Major chess championship victories and Grandmaster achievements
Wrestling championship medals and international sporting success
Football tournament formats and major international competitions
Rugby championship organization and international participation
Economic Developments
US tariff policies and their impact on Indian exports
Income tax reforms and new tax slabs under Budget 2025-26
Digital payment system changes and financial inclusion measures
International trade agreements and bilateral economic relations
This comprehensive current affairs update for August 2, 2025, covers all major national and international developments relevant for competitive examinations and general knowledge enhancement.
