Current Affairs One - Liner : 27th February 2025

National:

• The SWAYATT initiative on Government e-Marketplace (GeM) celebrated its 6th anniversary on February 19, 2025. Launched in 2019, it aims to boost the participation of women-led enterprises, startups, and youth in public procurement. The initiative focuses on training and onboarding last-mile sellers, promoting women entrepreneurship, and supporting small-scale businesses.

• IIT Madras unveiled India's first hyperloop test track on February 24, 2025. The 422-meter-long track was developed with support from the Ministry of Railways. It aims to revolutionize India's transportation with speeds exceeding 1,000 km/h.
• On February 23, 2025, EDF India Private Limited, a subsidiary of Électricité de France SA (EDF), partnered with Coal India Limited (CIL) and NTPC Limited. They signed non-binding Term Sheets during Elecrama 2025 in New Delhi to establish 50:50 Joint Venture Companies (JVCs) for developing, owning, operating, and maintaining Pumped Storage Projects (PSPs), hydropower projects, and renewable energy (RE) opportunities.
• On February 24, 2025, MUFG Bank Limited, Japan’s premier financial institution, achieved a groundbreaking milestone by completing its first fully-digital trade finance transaction from its GIFT City branch in Gujarat, India. Partnering with Tata International Limited (TIL), the global trading arm of the Tata Group, MUFG processed a $15 million Letter of Credit (LC) in just three hours using the Xalts blockchain-based Contour Network Hub.
• The Central government opposed a petition in the Supreme Court seeking a lifetime ban on convicted lawmakers on February 26, 2025. The government argued that such disqualification falls within Parliament's purview and must be proportionate. Current law disqualifies convicted individuals for six years post-conviction or imprisonment.
• The US announced a Gold Card investor visa program for wealthy immigrants on February 27, 2025. This program provides a pathway to US residency and citizenship for a $5 million investment. Unlike the EB-5 visa, it doesn't require job creation or investment in American businesses.
• The Indian government announced plans to establish a National Green Financing Institution on February 25, 2025. This institution aims to support India's net-zero target by 2070 by aggregating green capital and reducing capital costs.

International:

• Denmark launched the Green Transition Alliance India (GTAI) on February 25, 2025, to enhance sustainable energy collaboration with India. Organized by the Danish Embassy and Consulate General, the initiative aims to promote global carbon neutrality. Key Danish companies, including Grundfos and Maersk, are involved.

Banking:

• HDFC Bank launched the Anmol Salary Account on February 12, 2025, designed specifically for Public Sector Undertaking (PSU) employees. It offers up to ₹25,000 cyber fraud cover, zero-balance family accounts, comprehensive health insurance, free locker access, and a platinum debit card.
• Gujarat International Finance Tec-City Company Limited (GIFTCL) partnered with Zaggle Prepaid Ocean Services Limited (ZPOSL) on February 25, 2025, to launch a Prepaid Citizen Card and Visitor Management System (VMS). This initiative aims to enhance security, streamline access, and provide a seamless experience for residents, employees, and visitors within GIFT City.
• On February 21, 2025, Axis Bank hosted the 9th edition of its Evolve seminar in Bangalore, focusing on empowering MSMEs. The event, themed "Future-Proofing MSMEs for the New-Age Business," highlighted Axis Bank's commitment to providing tools, insights, and strategies for MSMEs. With a 30% CAGR in MSME lending since 2020 and an 8.6% market share, Axis Bank is a crucial partner for India's MSMEs, which drive nearly a third of the GDP and employ millions.
• Digit Insurance, in partnership with KM Dastur Reinsurance Brokers (KMD), has launched India's first AQI-based parametric insurance policy. This innovative policy aims to financially support 6,200 migrant construction workers in the Delhi NCR region, who are affected by construction bans due to high pollution levels. The policy triggers compensation of up to ₹6,000 if the Air Quality Index (AQI) exceeds 400 beyond two strikes.
• India led global IPO activity in 2024, raising over $19 billion through 268 IPOs. This accounted for 23% of all public issues worldwide. One of the largest offerings was Hyundai Motors' ₹27,870-crore IPO, becoming India's largest IPO and the world's second-largest in 2024.
• The Reserve Bank of India (RBI) has allowed depositors of New India Cooperative Bank to withdraw up to Rs 25,000 from their accounts, effective February 27, 2025. This decision follows earlier restrictions due to supervisory concerns. Over 50% of depositors will now be able to withdraw their entire balances.

MoUs:

• The Department for Promotion of Industry and Internal Trade (DPIIT) signed an MoU with Paytm on February 26, 2025, in New Delhi. This collaboration aims to foster innovation and accelerate the growth of manufacturing and fintech startups in India.
• Punjab National Bank (PNB) signed an MoU with the Indo-Tibetan Border Police (ITBP) on February 11, 2025, at ITBP Headquarters, New Delhi. This partnership provides financial benefits and insurance coverage to ITBP personnel and their families, including ₹100 lakh Personal Accidental Insurance and ₹150 lakh Air Accidental Insurance.

Defence:

• The DRDO and Indian Navy successfully conducted flight trials of the Naval Anti-Ship Missile (NASM-SR) on February 25, 2025. Launched from a Sea King helicopter, the missile hit a target in sea-skimming mode. It features Man-in-Loop capability for in-flight retargeting and an indigenous Imaging Infra-Red Seeker for terminal guidance.

Important Days:

• World NGO Day 2025, held on February 27, adopts the theme "Building a Sustainable Future: NGOs as Pillars of Resilience and Innovation." It celebrates NGOs’ resilience in tackling global crises like climate change and inequality. Observed since 2010 and recognized by the UN in 2014, it honors their innovative contributions. In India and beyond, NGOs are lauded as key drivers of sustainable change.

Appointments:

• On February 25, 2025, N Chandrasekaran, Tata Sons Chairman, was appointed Chairman of the Ratan Tata Endowment Foundation (RTEF), fulfilling Ratan Tata’s wish. Established in 2022 as a Section 8 company, RTEF inherits Tata’s ₹10,000 crore estate for innovative philanthropy.

Questions:

Q.1 Who was appointed as the Chairman of the Ratan Tata Endowment Foundation (RTEF) in February 2025?
a) Mukesh Ambani
b) Ratan Tata
c) N Chandrasekaran
d) Sundar Pichai

Answer: c) N Chandrasekaran, Chairman of Tata Sons, was appointed as the Chairman of RTEF, a Section 8 company managing Tata’s ₹10,000 crore philanthropic estate.

Q.2 Which country launched the Green Transition Alliance India (GTAI) in 2025 to enhance sustainable energy collaboration with India?
a) Germany
b) Denmark
c) France
d) Japan

Answer: b) Denmark launched GTAI on February 25, 2025, as an initiative to strengthen cooperation on carbon neutrality and sustainable energy.