National News Updates – July 05, 2025
Banking and Financial Sector Developments
SEBI Major Action Against Jane Street Trading Company
Securities and Exchange Board of India (SEBI) imposed complete ban on US-based Jane Street Group from Indian securities market
Authority seized Rs 4,843 crore (approximately $567 million) as alleged illicit profits from market manipulation activities
Investigation revealed violations of Foreign Portfolio Investor (FPI) regulations through intra-day trading violations
Jane Street prohibited from buying, selling or dealing in securities directly or indirectly until further orders
Move signals strong regulatory action against algorithmic trading firms violating market norms
Reserve Bank of India (RBI) Banking Holiday Notifications
Banks closed in Jammu and Srinagar on July 5, 2025 (Saturday) for Guru Hargobind Ji Birthday celebration
First Saturday banking operations continue normally across all other states including Delhi, Punjab, Haryana, UP, Maharashtra
Online banking services including UPI, net banking, and mobile banking remain operational during holidays
July 2025 total banking holidays announced: 13 days including regional festivals and weekend closures
Government Extends Tax Benefits to Unified Pension Scheme
Finance Ministry announced National Pension System (NPS) tax benefits will apply to new Unified Pension Scheme (UPS)
Decision brings parity between NPS and UPS making government employment more attractive
UPS introduced as alternative option for central government employees joining from April 1, 2025
Existing NPS employees granted one-time switching option to UPS with same tax advantages
Government Policy and Scheme Updates
NITI Aayog Chemical Industry Roadmap Released
Report titled “Chemical Industry: Powering India’s Participation in Global Value Chains” unveiled
Ambitious target set: India to achieve 12% share in global chemical value chains by 2040
Vision includes reaching USD 1 trillion chemical industry output within next 15 years
Policy recommendations include world-class chemical hubs, port infrastructure development, and OPEX subsidy schemes
Focus on reducing import dependency and enhancing export competitiveness through technological partnerships
Defence Acquisition Council Approves Rs 1.05 Lakh Crore Indigenous Procurement
Major boost to domestic defence manufacturing under Atmanirbhar Bharat initiative
Approval covers multiple indigenous defence projects and equipment procurement
Decision aimed at reducing defence imports and strengthening domestic defence ecosystem
Move expected to generate significant employment in defence manufacturing sector
National Startup Awards 2025 Deadline Extended
Application deadline extended to July 5, 2025 providing additional opportunity for startups
Awards recognize innovative, scalable, and socially impactful startups across 20 categories
Winners receive Rs 10 lakh prize money plus exclusive government handholding support
Over 140,000 DPIIT-recognized startups eligible to participate in recognition program
Infrastructure and Development Initiatives
India-Australia Undersea Surveillance Partnership
Joint undersea surveillance research pact between India and Australia becomes operational
Agreement enhances maritime security cooperation in Indo-Pacific region
Partnership includes technology sharing and joint research initiatives
Strategic importance for monitoring undersea activities and regional security
First WOAH-Recognised Emergency Disease-Free Compartment Established
India establishes first World Organisation for Animal Health (WOAH) recognized facility in Meerut, Uttar Pradesh
Facility enhances India’s capability to manage animal disease emergencies
Development strengthens India’s position in global animal health standards
Initiative supports livestock sector growth and export potential
International Affairs – July 05, 2025
Prime Minister’s International Engagements
PM Modi Receives Trinidad and Tobago’s Highest Civilian Honor
Prime Minister becomes first foreign leader to receive Trinidad and Tobago’s supreme civilian award
Recognition acknowledges India’s strengthening ties with Caribbean nations
PM Modi now honored by 25 countries with their highest civilian awards
Achievement reinforces India’s growing diplomatic influence and soft power projection
India-US Trade Relations Progress
Negotiations continue for comprehensive India-US trade agreement with potential 64% export boost
Deal expected to increase India’s GDP by 0.6% according to economic analysis
Agricultural and automobile sectors remain key discussion points
Agreement could significantly enhance bilateral trade from current levels
Global Economic Developments
US Economic Indicators Show Strength
United States added 147,000 jobs in June 2025, exceeding analyst expectations
Labor market stability maintained despite economic uncertainties from policy changes
Stock markets respond positively with Dow gaining 300 points on ceasefire hopes
Federal Reserve Chairman Powell’s statement on interest rates awaited
Iran-Israel Conflict Developments
Iran suspends cooperation with International Atomic Energy Agency (IAEA) amid regional tensions
United States reimposed sanctions on Iranian oil exports after brief ceasefire period
Energy sector restrictions target Iranian oil smuggling operations through UAE entities
Regional stability concerns affect global energy markets and diplomatic relations
Sports News Highlights – July 05, 2025
Cricket Updates
India vs England Second Test Progress
Yashasvi Jaiswal scripts history by breaking Sunil Gavaskar’s 49-year-old record
Achievement includes fastest to reach 2000 Test runs milestone
Harry Brook scores ninth Test century leading England’s recovery at Edgbaston
Mohammed Siraj takes six wickets for India in England’s innings
Jamie Smith and Harry Brook’s 303-run partnership helps England bounce back
Athletics Events
Neeraj Chopra Classic 2025 Inauguration
India’s first international javelin competition begins July 5 at Sree Kanteerava Stadium, Bengaluru
World Athletics Gold Label event features elite international throwers
Olympic gold medallist Thomas Rohler and Kenya’s Julius Yego among participants
Event marks milestone for Indian athletics with 12,000-seat capacity venue
Ticket prices range from Rs 199 to Rs 9,999 with corporate boxes available
Boxing and Other Sports
World Boxing Cup 2025 Success
Hitesh Gulia and Sakshi advance to semi-finals in Astana, Kazakhstan
Hitesh defeats Kazakhstan’s Almaz Orozbekov 5-0 in men’s 70kg category
Sakshi secures unanimous victory over Brazil’s Tatiana Chagas in women’s 54kg
Success boosts India’s medal hopes in international boxing competition
Chess Championship Developments
Gukesh defeats Magnus Carlsen in rapid format at Zagreb tournament
Victory demonstrates rising Indian chess talent competing against world champions
Achievement adds to India’s growing reputation in international chess competitions
Banking Sector Specific Updates for Exam Preparation
New Financial Regulations Effective July 2025
GST Return Filing Changes
GSTR-3B forms become non-editable after submission starting July 2025 tax period
Three-year time limit introduced for filing past GST returns
Changes require enhanced accuracy in initial filing with no amendment options
Businesses must implement rigorous data verification processes before submission
PAN Card Application Changes
Aadhaar mandatory for all new Permanent Account Number (PAN) applications from July 1, 2025
Central Board of Direct Taxes (CBDT) implements digital identity verification enhancement
Existing PAN cards issued before October 1, 2024 must link with Aadhaar by December 31, 2025
Failure to complete linkage renders PAN cards inoperative
Credit Card and Banking Fee Revisions
Multiple banks revise credit card terms affecting billing structures and reward programs
SBI Card modifies Minimum Amount Due calculation including full GST amounts
HDFC Bank introduces 1% fee on monthly online gaming spends exceeding Rs 10,000
ICICI Bank revises ATM and IMPS charges with new transaction limits
Key Appointments and Leadership Changes
Sahil Kini Appointed CEO of Reserve Bank Innovation Hub
Strategic appointment to lead RBI’s innovation initiatives and fintech development
Position focuses on digital banking transformation and regulatory technology advancement
Innovation Hub plays crucial role in India’s financial technology ecosystem
Appointment signals RBI’s commitment to technological advancement in banking sector
MobiKwik Securities SEBI Approval
SEBI approves MobiKwik Securities to operate as stockbroker and clearing member
Decision expands digital payment company’s presence in securities market
Development indicates growing integration between fintech and capital markets
Move enhances competition in online trading and investment platforms
Market and Investment Updates
NSE Data Reveals Gujarat Investment Milestone
Gujarat becomes third Indian state to cross 1 crore stock market investors
Achievement follows Maharashtra and Uttar Pradesh in investor participation
Milestone indicates expanding retail investor base across Indian states
Development supports government’s financial inclusion and investment promotion goals
Green Climate Fund Approves USD 200 Million for India
Asian Development Bank’s Clean Energy Program receives significant funding
Investment targets renewable energy infrastructure development
Initiative supports India’s climate commitments and sustainable development goals
Funding enhances clean energy financing ecosystem
State News and Regional Developments
Infrastructure Projects and Initiatives
Haryana Plans India’s First Disneyland-Style Theme Park
500-acre entertainment hub planned in Manesar near Pachgaon Chowk
Project aims to establish Haryana as leading tourism destination
Investment expected to boost regional infrastructure and employment
Initiative part of NCR region’s entertainment industry development
Puducherry Leads Tuberculosis Elimination Efforts
State achieves 136% increase in TB testing since 2015 with 59% case reduction
40 villages targeted for TB-free declaration in 2025
Medical students implement Family Adoption Program for TB screening
Success model demonstrates effective public health intervention strategies
Weather and Natural Disaster Updates
Himachal Pradesh Monsoon Impact
69 deaths reported with 37 missing during current monsoon season
Orange alert issued for July 5-8 period due to heavy rainfall forecast
Property losses exceed Rs 400 crore due to weather-related damages
IMD predicts extremely heavy rainfall in northwest, central, and eastern India
Weather Derivatives Launch
NCDEX partners with India Meteorological Department (IMD) for weather derivatives
India’s first weather derivatives aim to help farmers manage climate risks
Initiative provides risk management tools for agriculture and commodity sectors
Development enhances financial instruments for weather-dependent industries
Technology and Innovation Updates
Digital Infrastructure Developments
India Rejoins Unicode Consortium as Supporting Member
Country regains voting rights in international character encoding standards
Membership supports India’s digital language initiatives and local script development
Decision enhances India’s influence in global technology standardization
Move benefits digital India initiatives and multilingual computing advancement
High-Speed Router SAKSHAM-3000 Launch
Union Minister Dr. Pemmasani Chandra Sekhar launches indigenous router technology
Development strengthens India’s telecommunications infrastructure capabilities
Router technology supports high-speed internet connectivity requirements
Initiative aligns with Atmanirbhar Bharat goals in telecommunications sector
Scientific and Research Achievements
New Species Discovery in Assam
Scientists discover new Garcinia species ‘Garcinia Kusumae’ in Assam
Discovery adds to India’s biodiversity documentation and conservation efforts
Research contributes to understanding of northeastern India’s ecological wealth
Finding demonstrates ongoing scientific research and species documentation
Economic Policy and Fiscal Updates
Tax and Revenue Measures
Income Tax Return Deadline Extended
ITR filing deadline extended from July 31 to September 15, 2025
Extension provides relief to salaried individuals and small taxpayers
Early filing recommended to avoid last-minute portal congestion
Change allows more time for tax compliance and refund processing
Toll Tax Reduction Implementation
Government reduces toll charges by up to 50% on national highways
Reduction applies to sections with bridges, tunnels, flyovers, or elevated roads
Initiative aims to reduce transportation costs for vehicle operators
Policy expected to benefit logistics sector and reduce inflation pressure
Agricultural and Rural Development
Madhya Pradesh Rural Self-Reliance Initiative
MP Cabinet approves ‘Mukhyamantri Vrindavam Gram Yojana’ for village self-reliance
Scheme targets comprehensive rural development and economic independence
Initiative includes infrastructure development and livelihood enhancement
Program aligns with national rural development objectives
Rajasthan Poverty Elimination Program
CM Bhajan Lal Sharma announces ‘Garibi Mukt Gaon Yojana’
Comprehensive rural poverty elimination strategy implementation
Focus on sustainable livelihood creation and social development
Initiative demonstrates state-level commitment to inclusive growth
This comprehensive current affairs update for July 05, 2025, provides essential information for banking exam preparation, covering national and international developments, economic policies, government schemes, and sector-specific updates crucial for competitive examination success.
