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Current Affairs

Public sector banks

♦ Public sector banks' cumulative profit rose to a record level of Rs.1.78 lakh crore in the fiscal year ended March 2025, registering a growth of 26 percent over the previous year (2023-24). All 12 public sector banks had earned a total profit of Rs.1.41 lakh crore in FY24. ♦ The year-on-year increase in profit in absolute terms rose by about Rs 37,100 crore in FY25. ♦ Out of the total profit of Rs.1,78,364 crore earned during the FY25, market leader State Bank of India (SBI) alone contributed over 40 percent of the total earnings, as per the published numbers on stock exchanges. ♦ SBI logged a net profit of Rs.70,901 crore in FY25, 16 percent higher than the previous fiscal (Rs.61,077 crore). ♦ In percentage terms, Delhi-based Punjab National Bank reported the highest net profit growth of 102 percent to Rs.16,630 crore, followed by Punjab & Sind Bank with a 71 percent rise to Rs.1,016 crore. ♦ During the year, all 12 public sector banks (PSBs) reported a rise in profit.

Current Affairs

Anti-Submarine Warfare Shallow Water Crafts (ASW SWCs)

♦ The Indian Navy has received ‘Arnala’, the first of eight Anti-Submarine Warfare Shallow Water Crafts (ASW SWCs), at L&T Shipyard in Kattupalli, Tamil Nadu on 9 May 2025. ♦ The vessel was designed and built indigenously by Garden Reach Shipbuilders and Engineers (GRSE) under a collaborative public-private initiative with L&T Shipyard. ♦ The delivery marks a key development in the Indian Navy’s efforts toward self-reliance in defence production. Over 80% of the ship’s components are sourced domestically. ♦ The Indian Ministry of Defence signed contracts with GRSE and Cochin Shipyard Limited (CSL) in April 2019 to construct eight ASW SWC ships each. They are part of Make in India initiative. ♦ The ASW SWC are set to replace the existing Abhay-class corvettes currently in service. The Abhay-class corvettes entered service with the Indian Navy in 1989.

Current Affairs

Global sovereign credit rating agency on 9 May 2025

♦ India got a rating upgrade to ‘BBB’ with a ‘Stable’ outlook from Morningstar DBRS, a global sovereign credit rating agency on 9 May 2025. ♦ The rating scale for Morningstar DBRS is similar to the Fitch and S&P rating scales (It uses ‘high’ and ‘low’ as suffixes compared to the +/- nomenclature used by Fitch and S&P). ‘BBB-Low’ or ‘BBB- is the last investment grade. ♦ A 'BBB' rating denotes adequate credit quality, suggesting a capacity to meet financial obligations despite potential vulnerabilities to economic shocks. ♦ India’s overall debt-to-GDP ratio exceeds 80%, encompassing both state and central government debt. ♦ The central government’s debt ratio stood at 57.5% in FY24, projected to decline to 56.1% by FY26, according to the finance ministry.

Current Affairs

World Health Organization’s (WHO)

♦ Kozhikode city has earned a place in the World Health Organization’s (WHO) Global Network for Age-friendly Cities and Communities (GNAFCC). ♦ With this membership, Kozhikode joins a network of cities that formulate policies, provide services, and develop infrastructure aimed at supporting the elderly—helping them remain healthy, active, and creative in old age. ♦ Making a city age-friendly involves addressing various factors that influence the quality of life for the elderly, such as ensuring accessible public spaces, providing suitable accommodation through community support, and guaranteeing access to healthcare services and communication tools.

Current Affairs

India and Chile signed the Terms of Reference (ToR)

♦ India and Chile signed the Terms of Reference (ToR) for a Comprehensive Economic Partnership Agreement (CEPA), marking a significant advancement in their bilateral trade relations. ♦ The mutually agreed ToR were duly signed by H.E. Juan Angulo, Ambassador of Chile in India and Vimal Anand, Joint Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India, also the Chief Negotiator for India-Chile CEPA from the Indian side. ♦ Both sides reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round scheduled for 26-30th May, 2025 in New Delhi. ♦ The CEPA aims to build upon the existing PTA between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME, critical minerals etc. ♦ Thereby enhancing economic integration and cooperation.

Current Affairs

World Red Cross Day

♦ World Red Cross Day, also known as Red Crescent Day, is observed every year on May 8 to honour the birth anniversary of Henry Dunant, a Swiss businessman and the founder of the Red Cross. ♦ He founded the (ICRC) International Committee of the Red Cross and received the first Nobel Peace Prize in 1901. ♦ 2025 theme:  ‘Keeping Humanity Alive’

Current Affairs

Memorandum of Understanding (MoU)

♦ India and Vietnam have signed a Memorandum of Understanding (MoU) to deepen cooperation based on the universal teachings of the Buddha—compassion, wisdom, and peace. ♦ This agreement was formalized during the display of the Holy Relics of the Buddha in Vietnam as part of the United Nations Day of Vesak 2025 celebrations, reflecting the shared spiritual heritage and strong bilateral ties between the two nations.

Current Affairs

G. Kishan Reddy

♦ Union Minister of Coal and Mines, G. Kishan Reddy launched a dedicated Non-Ferrous Metal Recycling Website and Stakeholders' Portal – https://nfmrecycling.jnarddc.gov.in, to promote a structured, transparent and sustainable recycling ecosystem in India. ♦ Key features include National registry for dismantlers, recyclers, traders, and collection centres; tools to track raw material flows, product types, technology adoption, and workforce data; performance benchmarking mechanisms; identification of regional and sectoral infrastructure and skill gaps; and support for development of standards, certification systems, and awareness campaigns. ♦ Developed under the implementation guidelines of the National Non-Ferrous Metal Scrap Recycling Framework, the platform is designed to bring together key stakeholders, improve data visibility, and support evidence-based policymaking in the recycling of aluminium, copper, lead, zinc, and critical elements.

Current Affairs

Robert Prevost

♦ American Cardinal Robert Prevost (69) was elected as the 267th pope on May 8, 2025. ♦ He chose the paple name Leo XIV following his election. ♦ He is elected the first American pope in history, succeeding Pope Francis. Now he is leader of the world's 1.4 billion Catholics. ♦ Robert was born in Chicago in 1955 to parents of Spanish and Franco-Italian descent, Leo served as an altar boy and was ordained in 1982.

Current Affairs

International Monetary Fund (IMF)

♦ According to the latest World Economic Outlook released by the International Monetary Fund (IMF). ♦ India will become the world’s fourth-largest economy in 2025, overtaking Japan. ♦ The report estimates India’s nominal GDP will reach 4,187.02 billion dollars next year (2026), marginally ahead of Japan’s 4,186.43 billion dollars. ♦ The IMF forecasts that India will continue to be the fastest-growing major economy, maintaining a growth rate above 6 percent over the next two years. ♦ In contrast, Japan is expected to see muted growth of just 0.6 percent in both 2025 and 2026, as the global trade slowdown weighs on its export-driven economy. ♦ India’s strong economic momentum is likely to propel it further up the global rankings. ♦ By 2028, the country’s GDP is projected to rise to 5,584.48 billion dollars, placing it ahead of Germany and making it the third-largest economy globally.