NATIONAL NEWS
Major Headlines
PM Modi Concludes Historic Brazil Visit: Prime Minister Narendra Modi concluded his five-nation tour after attending the 17th BRICS Summit in Rio de Janeiro, Brazil. India has taken over the BRICS presidency for 2026, with PM Modi announcing the theme “Building Resilience and Innovation for Cooperation and Sustainability”
India Achieves SDG Milestone: India has secured a position among the top 100 countries making progress toward UN Sustainable Development Goals, marking significant improvements in healthcare, education, and clean energy sectors
Amarnath Yatra Success: Despite heavy rainfall, over 40,000 devotees visited the Amarnath cave shrine in Jammu and Kashmir within the first five days of the pilgrimage season, demonstrating strong religious tourism
COVID Vaccine Safety Confirmed: A Karnataka state-appointed committee concluded there is no evidence connecting sudden cardiac deaths among young adults to COVID-19 vaccinations, providing scientific clarity on vaccine safety
Mumbai Terror Attack Development: Pakistani-Canadian terrorist Tahawwur Rana confessed to his involvement in the 2008 Mumbai attacks and revealed the Pakistani Army’s role, marking a significant development in the case
Natural Disaster Alert: Continuous downpours in Himachal Pradesh have claimed 78 lives, while Uttarakhand remains on high alert for potential landslides and flooding
BANKING AND FINANCE
Monetary Policy Updates
RBI Policy Decision: Reserve Bank of India reduced the repo rate by 50 basis points to 5.50% in June 2025, changing the policy stance from accommodative to neutral. The decision aims to support economic growth while maintaining inflation control
Economic Projections: RBI projects GDP growth for 2025-26 at 6.5% with quarterly projections of Q1: 6.5%, Q2: 6.7%, Q3: 6.6%, and Q4: 6.3%. CPI inflation projected at 3.7% for FY26
GST Collection Performance
June 2025 Collections: Gross GST collections reached Rs 1.85 lakh crore in June 2025, registering 6.2% year-on-year growth. Net collections after refunds stood at Rs 1.59 lakh crore
Annual Achievement: FY25 recorded highest-ever GST collections of Rs 22.08 lakh crore, representing 9.4% growth and doubling of collections in five years since GST implementation
State Performance: Maharashtra leads state-wise collections followed by Karnataka, Gujarat, Tamil Nadu, and Haryana with most states showing positive growth
Banking Sector Developments
Public Sector Bank Recruitment: PSBs plan to hire approximately 50,000 personnel in the current fiscal year to strengthen their workforce and improve service delivery
Customer-Friendly Measures: Bank of Baroda and Punjab National Bank have waived minimum balance charges and penal charges respectively, providing relief to customers
Foreign Investment Trends: Foreign Institutional Investor flows turned negative in July amid concerns over trade negotiations and earnings outlook
Digital Banking Progress: Banks continue integration of advanced technologies with RBI advising adoption of Department of Telecom’s financial fraud risk indicator tool
GOVERNMENT INITIATIVES AND SCHEMES
Technology and Innovation
Deep Tech Fund Launch: Government announced Rs 10,000 crore second tranche under Fund of Funds initiative to strengthen India’s deep technology sector, covering entire technology lifecycle from research to commercial deployment
Infrastructure Investment: Cabinet approved Rs 1 lakh crore zero-interest loan for Department of Science and Technology with 50-year tenure to support technological advancement
Financial Inclusion Drive
Nationwide Campaign: Department of Financial Services launched three-month campaign for saturation of financial inclusion schemes covering all 2.70 lakh Gram Panchayats and Urban Local Bodies from July 1 to September 30, 2025
Digital Infrastructure: Continued focus on digitalization of banking services and expansion of financial access to underserved areas
Administrative Reforms
Infrastructure Project Review: High-level meeting reviewed 22 issues related to 18 critical projects valued at Rs 36,296 crore in Gujarat and Rajasthan, focusing on renewable energy transmission and digital connectivity
Tribal Empowerment: India launched its largest-ever tribal empowerment campaign reaching over 5.5 crore tribal citizens across 1 lakh+ tribal villages
INTERNATIONAL NEWS
BRICS Summit Outcomes
India’s BRICS Presidency: Brazil handed over BRICS chairmanship to India at the conclusion of the 17th summit. India will host the 18th BRICS Summit in 2026 with focus on strengthening Global South cooperation
Global Governance Reforms: BRICS leaders discussed reforms in global institutions including UN Security Council, IMF, World Bank, and WTO to reflect contemporary realities
Terrorism Condemnation: BRICS declaration strongly condemned the Pahalgam terror incident in Kashmir, calling for zero tolerance toward terrorism and rejecting double standards
US Trade Policy
Tariff Announcements: President Trump announced 25% tariffs on Japan and South Korea starting August 1, 2025, as part of broader trade policy restructuring
BRICS Response: China rejected Trump’s characterization of BRICS as “anti-America,” calling it a cooperative bloc focused on development rather than opposition to any nation
Global Developments
Russia-Ukraine Conflict: Putin dismissed Transport Minister amid logistics failures affecting military supply chains, while Russia launched over 100 drones at Ukrainian territories
Natural Disasters: Indonesia’s Mount Lewotobi Laki-Laki eruption sent ash 18 km into the sky, forcing flight cancellations and evacuation alerts
SPORTS NEWS
Cricket Updates
India vs England Test Series: India’s cricket team continues the five-match Test series in England with the 3rd Test scheduled at Lord’s from July 10-14, 2025
Record Performance: Captain Shubman Gill scored a magnificent double century in the 2nd Test at Edgbaston, helping India secure a historic victory
Administrative Appointment: International Cricket Council named Sanjog Gupta as its new Chief Executive Officer, marking significant leadership change
Other Sports
Archery World Cup: Indian archers including veterans Tarundeep Rai and Deepika Kumari compete in the fourth and final stage of the archery World Cup in Madrid
Chess Competition: K Priyanka represents India in the first round tie-breaks at FIDE Women’s Chess World Cup in Batumi, Georgia
Tennis: Wimbledon 2025 continues with top seed Jannik Sinner advancing to quarter-finals after opponent Grigor Dimitrov’s retirement due to injury
APPOINTMENTS AND TRANSFERS
Judicial Appointments
High Court Judges: Government processing appointments and transfers of High Court Chief Justices and judges, with some delays noted in implementation of collegium recommendations
Supreme Court Appointments: Recent swift processing of Supreme Court judge appointments including Justices N.V. Anjaria, Vijay Bishnoi, and A.S. Chandurkar
Administrative Changes
Bureaucratic Movements: Appointments Committee of Cabinet cleared senior-level appointments across various departments including CRPF, Intelligence Bureau, and Cabinet Secretariat positions
Recruitment Drives: Multiple government organizations announcing job openings including ISRO, BPCL, SSC, and various state commissions
ECONOMY AND BUSINESS
Stock Market Performance
Market Sentiment: Indian stock markets trade flat with GIFT Nifty down 0.06% at 25,500 level amid mixed global trends and trade tension concerns
Resistance Levels: Nifty faces resistance at 25,500-25,600 band with support at 25,300 zone, requiring decisive moves for directional clarity
Corporate Developments
Aviation Sector: Air India clarified that Rs 1 crore ex-gratia payment to AI-171 crash victims’ families is provisional, with final settlements pending investigation completion
Technology Sector: Tesla shares dropped 7% in pre-market trading following Elon Musk’s political announcements raising investor concerns
Trade Relations: Indian exporters urging government to fast-track trade agreement with Mexico to counter potential US tariff impacts
KEY TAKEAWAYS FOR COMPETITIVE EXAMS
Banking Exam Focus Points
RBI’s 50 bps repo rate cut to 5.50% with neutral stance adoption
GST collections growth pattern and state-wise performance analysis
Public sector banking recruitment and customer service improvements
Financial inclusion campaign covering rural and urban areas
Digital banking advancement and fraud prevention measures
UPSC Preparation Highlights
India’s BRICS presidency and multilateral diplomacy initiatives
Global governance reform discussions and developing country concerns
Administrative reforms and infrastructure project implementations
Disaster management and climate resilience measures
International trade policy changes and their implications
General Awareness Updates
Current economic indicators including GDP and inflation projections
Major sporting events and Indian athletes’ international participation
Technological advancement initiatives and government funding
Judicial system developments and appointment processes
Environmental challenges and government response measures
Important Note: This comprehensive current affairs update covers major developments relevant for banking, SSC, UPSC, and other competitive examinations. Regular reading and revision of such updates significantly enhances performance in general awareness sections of competitive exams.
