National Current Affairs – 24.08.2025
Banking and Financial Sector Updates
The Banking Laws (Amendment) Act, 2025 came into effect from August 1st, introducing significant reforms to improve governance standards in the banking sector
Key changes include redefining “substantial interest” threshold from ₹5 lakh to ₹2 crore, a limit that remained unchanged since 1968
Maximum tenure for cooperative bank directors (excluding chairpersons and full-time directors) increased from 8 years to 10 years, aligning with the 97th Constitutional Amendment
Public Sector Banks (PSBs) can now transfer unclaimed amounts to the Investor Education and Protection Fund (IEPF) under revised provisions
RBI maintained repo rate at 5.50% in August 2025 MPC meeting, marking the second consecutive pause after 100 basis points reduction since February 2025
Sumitomo Mitsui received RBI approval to acquire up to 24.99% stake in Yes Bank from multiple Indian shareholders including 13.19% from SBI
UPI and Digital Payment Systems
New UPI usage limits implemented from August 1st to improve system performance during high-traffic periods
Balance checks limited to 50 times per day while account view restricted to 25 times daily
Autopay mandates allowed 1 execution plus 3 retries, scheduled during non-peak hours (10 AM-1 PM and 5 PM-9:30 PM are peak hours)
No changes made to actual transaction limits for UPI, UPI Lite, or UPI Autopay services
Government Policy and Schemes
India suspended all postal services to the United States from August 25th following new customs rules and escalating trade tensions
GST Council scheduled to meet September 3-4 to decide on shifting from four tax slabs to simplified two-slab structure (5% and 18%)
PM Viksit Bharat Rozgar Yojana (PM-VBRY) effective from August 1st with ₹99,446 crore outlay aims to create over 3.5 crore jobs
Scheme benefits applicable to jobs created between August 1, 2025, and July 31, 2027, focusing on first-time workforce entrants
Defence and Security
Defence Minister Rajnath Singh announced India-France partnership with Safran to manufacture advanced jet engines for fifth-generation fighter aircraft
Joint venture represents significant stride towards self-reliance in defence aviation technology
HAL received orders worth ₹66,000 crore for 97 new Tejas fighter aircraft, supplementing earlier order of 83 aircraft worth ₹48,000 crore
Operation Sindoor showcased India’s enhanced military capabilities and commitment to national security
Sudarshan Chakra Mission announced in 2025 aims for futuristic indigenous national security shield by 2035
Supreme Court Developments
Supreme Court issued mandatory directions on August 11th regarding stray dog management following suo moto cognizance of rabies-related deaths
Three-judge bench constituted to review feasibility of implementation and address concerns raised by animal welfare organizations
Court proceedings continued with multiple benches handling various civil and criminal matters across different jurisdictions
Key Appointments and Personnel Changes
Lieutenant General Pushpendra Singh appointed as new Vice Chief of Indian Army in August 2025
Sanjay Singhal became new Director General of Sashastra Seema Bal (SSB) in July 2025
Professor Uma Kanjilal appointed as Vice-Chancellor of Indira Gandhi National Open University (IGNOU) in July 2025
Ajay Seth appointed as Chairman of Insurance Regulatory and Development Authority of India (IRDAI) in July 2025
Ashim Kumar Ghosh appointed as Governor of Haryana while Poosapati Ashok Gajapati Raju named Governor of Goa
International Current Affairs – 24.08.2025
United States Policy Changes
Trump administration withdrew support for Hispanic-Serving Institution program, potentially affecting $350 million annual funding for colleges with significant Hispanic enrollment
Federal officials confirmed they will not defend the HSI program in court despite its importance for educational equity
Fed Chair Jerome Powell signaled possible September rate cut at Jackson Hole symposium, citing employment concerns while warning inflation risks remain elevated
Trump signed $8.9 billion deal for 10% Intel stake through US grants to revive chipmaker and boost domestic semiconductor production
Global Economic Outlook
IMF projects global growth at 3.0% for 2025 and 3.1% in 2026, reflecting front-loading ahead of tariffs and improved financial conditions
World Bank reduced global growth forecast for 2025 to 2.3%, down from earlier estimate of 2.7%, representing slowest pace in recent years
India’s growth projected at 6.4% for both 2025 and 2026 with slight upward revision due to more benign external environment
Global trade volume revised upward by 0.9 percentage points for 2025 but downward by 0.6 percentage points for 2026
Regional Developments
Sri Lankan leaders visited former President Ranil Wickremesinghe at Welikada Prison Hospital after remand on public funds misuse charges
Germany preparing draft law to revive military conscription with voluntary enlistment priority but mandatory service possible if recruitment goals fail
China attracted $3 billion in equity fund inflows while Hong Kong received $4.5 billion, indicating renewed North Asia investment preference
Russia announced participation in India’s Sudarshan Chakra defence project, strengthening strategic cooperation between the nations
Sports Current Affairs – 24.08.2025
Indian Sports Achievements
Arjun Babuta and Elavenil Valarivan won gold in 10m air rifle mixed team at Asian Shooting Championship 2025, defeating Chinese pair 17-11
Tapasya became first Indian to win gold at U20 World Wrestling Championships 2025, marking historic achievement in international wrestling
India’s compound men’s U-21 team clinched first-ever Junior World title at 2025 World Archery Youth Championships
NorthEast United FC retained Durand Cup title with stunning 6-1 victory over Diamond Harbour FC at Yuva Bharati Krirangan, Kolkata
International Sports Events
BCCI invited applications for selectors in senior men’s, women’s, and junior men’s committees to shape national cricket teams
ICC shifted five Women’s ODI World Cup matches from Bengaluru to Navi Mumbai due to safety concerns at Chinnaswamy stadium
Argentina confirmed historic friendly match in Kerala featuring Lionel Messi during FIFA’s international match window in November 2025
Boxing Federation of India re-elected Ajay Singh as president, continuing leadership in Indian boxing administration
Cricket Updates
MCA unveiled Sunil Gavaskar statue and named museum after former president Sharad Pawar at Wankhede Stadium
Dhanalakshmi Sekhar’s remarkable comeback saw her win three gold medals at Senior National athletics championships after three-year ban
Animesh Kujur became first-ever Indian male sprinter to qualify for Tokyo World Athletics Championships
Economic and Business Updates – 24.08.2025
Economic Growth and PMI Data
India’s flash PMI surged to record 65.2 in August from 61.1 in July, highest since survey began in December 2005
Services sector PMI reached survey high of 65.6, leading the remarkable growth trajectory across sectors
Manufacturing PMI rose to 59.8, highest reading since January 2008, signaling fastest improvement in factory operating conditions
Export orders grew at fastest pace since composite data collection began in 2014, driven by demand from Asia, Middle East, Europe, and US
Corporate and Investment News
Foxconn recalled 300 Chinese engineers from Tamil Nadu plant, replacing them with Taiwanese staff amid Apple’s India expansion challenges
Global investors pulled $1.8 billion from India equity funds in four weeks, largest outflows since January 2025
Private sector economy recorded fastest growth since survey data collection began, with hiring activity continuing for 27th straight month
Companies passed on increased costs to customers at most aggressive rate since February 2013, citing strong demand conditions
ISRO and Space Developments – 24.08.2025
National Space Day Celebrations
India celebrated second National Space Day on August 23rd with theme “Aryabhatta to Gaganyaan: Ancient Wisdom to Infinite Possibilities”
ISRO revealed full-scale model of first module of Bharatiya Antariksh Station (BAS), key milestone in India’s space station plans
First module set for launch by 2028 with full operations expected by 2035, establishing India as fourth nation with independent space station capability
Prime Minister Modi praised Group Captain Shubhanshu Shukla for becoming first Indian to visit International Space Station
Upcoming Space Missions
Gaganyaan-2 scheduled for mid-2025 as second uncrewed test mission to validate crew module and life support systems
Venus Orbiter Mission (Shukrayaan) planned for late 2025 to study planet’s atmosphere, surface, and climate history
Mars Orbiter Mission 2 (Mangalyaan-2) set for 2026 with upgraded instruments for enhanced Martian exploration
Chandrayaan-4 lunar sample return mission scheduled for 2028, representing significant leap in scientific research capabilities
Bank Holidays and Important Dates
August 2025 Bank Holidays
August 23rd (Saturday) – Fourth Saturday holiday across all Indian banks
August 24th (Sunday) – Regular Sunday closure for all banking operations
August 25th (Monday) – Tirubhav Tithi of Srimanta Sankardeva observed in Guwahati
August 27th (Wednesday) – Ganesh Chaturthi celebrations in Mumbai, Bengaluru, Chennai, Hyderabad, and other major cities
August 28th (Thursday) – Ganesh Chaturthi second day and Nuakhai festival in Bhubaneswar and Panaji
This comprehensive current affairs update covers all major developments across national and international spheres, providing essential information for banking, UPSC, SSC, and other competitive examinations. The information presented reflects the dynamic nature of current events and their relevance to various competitive exam syllabi.
Daily Current Affairs and GK Update – 24.08.2025
