Daily Current Affairs- 24th July 2025

Daily Current Affairs- 24th July 2025

‘Samudra Prachet’: The Game-Changing Pollution Control Vessel!

In the News: The Indian Coast Guard (ICG) launched Samudra Prachet, the second and final indigenous Pollution Control Vessel (PCV) constructed under the current programme by Goa Shipyard Limited (GSL) at Vasco–da–Gama, Goa.

Key Points

• Vessel Launch: ‘Samudra Prachet’ was ceremonially launched on July 23, 2025, marking the final vessel in the two‑ship programme, under India’s push for Aatmanirbhar Bharat. GSL built it entirely in‑house with over 72% indigenous content.
• Specifications & Crew: The vessel measures 5 metres in length and 16.5 metres in breadth, with a displacement of 4,170 tonnes. It will be operated by a crew of 14 officers and 115 sailors.
• Pollution‑Response Capabilities: Equipped with two side‑sweeping arms for oil spill collection while underway, plus advanced radar systems to detect oil slicks in India’s Exclusive Economic Zone. It is capable of handling oil across the entire viscosity spectrum, pumping in contaminated water, analysing and separating pollutants, and storing recovered oil in dedicated onboard tanks.
• Strategic Importance: The launch reinforces India's self‑reliance in the defence sector and boosts environmental resilience and maritime governance. It supports coastal ecological protection and underlines India’s ability to safeguard marine biodiversity.
• Economic & Industrial Impact: The project has stimulated employment and skill development within the maritime and defence ecosystems, benefiting local industries and MSMEs engaged by GSL in Goa. 

Bharat NCX 2025

In the News: The National Cybersecurity Exercise—Bharat NCX 2025—was officially inaugurated by Deputy National Security Advisor T. V. Ravichandran, in the presence of Prof. (Dr.) Bimal N. Patel, Vice Chancellor of Rashtriya Raksha University (RRU). The initiative, organised by the National Security Council Secretariat (NSCS) in collaboration with RRU under the theme “Enhancing the Operational Preparedness of Indian Cyberspace,” aims to strengthen India’s cyber-defence posture through realistic and large-scale simulations.

Key Points:

• Launch Event & Stakeholders: The exercise was inaugurated by Deputy NSA T. V. Ravichandran at RRU, in collaboration with NSCS, drawing participation from cybersecurity professionals, policymakers, defence personnel, and industry leaders.
• Theme & Timeline: The two-week event (July 21 – August 1, 2025) was conducted under the theme “Enhancing the Operational Preparedness of Indian Cyberspace”, tackling evolving cyber threats through simulated exercises.
• Simulated Threat Scenarios: Participants engaged in live-fire cyber simulations encompassing attacks on critical infrastructure, deepfakes, API vulnerabilities, autonomous malware, and OT/IT hybrid scenarios.
• Expert and Leadership Engagement: The event included a Strategic Decision-Making Exercise (STRATEX) for senior leaders, a CISO Conclave for cybersecurity officers across sectors, and a Cybersecurity Startup Exhibition showcasing Indian innovations.
• Cyber‑AI Nexus & National Security: Speakers highlighted the growing intertwining of cyber and AI capabilities in national defence, underscoring the role of digital infrastructure in public safety, economic stability, and citizen trust.
• Debrief and Forward Strategy: The exercise concluded with a comprehensive debrief to consolidate learnings, refine national strategies, and reinforce collective resilience against adaptive cyber threats. 

Unified Payments Interface

In the News: The International Monetary Fund (IMF), in its Fintech Note titled "Growing Retail Digital Payments: The Value of Interoperability,” highlighted the transformative role of India’s Unified Payments Interface (UPI) in accelerating retail digital payments and reducing dependence on cash and cards.

Key Points:

• Origins and Scale: Launched in April 2016 by NPCI under the Immediate Payment Service, UPI has evolved into the world’s largest fast‑payments platform by volume.
• Monthly Transactions: UPI now handles over 18 billion transactions per month, processing approximately ₹24 lakh crore in June 2025 alone, according to IMF analysis.
• Interoperability Boost: IMF data show that interoperability—allowing UPI users across different apps to transact seamlessly—has been a major driver of growth. Most UPI transactions occur across different app providers, highlighting its interoperable architecture.
• Impact on Cash Usage: The IMF noted a clear decline in proxies for cash use, such as ATM withdrawals, as digital payments grew. UPI’s surge has catalyzed India’s shift toward a less‑cash economy.
• Global Leadership: India now leads the world in real‑time payment speed and adoption. UPI accounts for approximately 85% of India’s retail digital payment volume and contributes to nearly 50% of global digital real‑time payments.
• International Integration: UPI is expanding beyond India. Initiatives like PayPal World will link UPI with international platforms, extending interoperability globally and enhancing UPI’s global footprint.  

SBI Adjudged World’s Best Consumer Bank 2025 by Global Finance Magazine

In the News: The State Bank of India (SBI) was recognised as the World’s Best Consumer Bank for 2025 by Global Finance magazine. The award was based on an in-depth evaluation through editorial analysis and consultation with international banking experts .

Key Points:

• Award Recognition: SBI earned this global accolade following comprehensive research and insights from corporate finance executives, analysts, and bankers across the world .
• Customer-Centric Strategy: The bank’s focus on simplifying onboarding, vernacular voice banking, 24/7 digital support, and AI-driven personalised and omni-channel service models were critical in winning this honour, especially for rural and semi‑urban customer segments .
• Milestone Event: The award is scheduled to be presented to SBI Chairman S. Setty on October 18, 2025, at the World’s Best Bank Awards Ceremony during the IMF/World Bank meetings in Washington, D.C.
• Global Benchmark: Global Finance Magazine, renowned for its authority among financial and corporate leaders across 193 countries, chose SBI from among top-tier banks across 150+ countries and 11 world regions .
• Scale & Reach: SBI serves over 520 million customers across its vast network and has been a prominent driver of financial inclusion, offering accessible services to diverse population segments. 

The Reserve Bank of India’s Financial Inclusion Index (FI-Index)

In the News: The Reserve Bank of India’s Financial Inclusion Index (FI‑Index) rose to 67 in March 2025, up from 64.2 in March 2024, driven by improved access, usage, and quality in financial services.

Key Points:

• FI‑Index Growth: The index climbed from 64.2 in March 2024 to 67.0 in March 2025, marking a 3% annual increase.
• Drivers of Improvement: Growth was observed across all three parameters—Access (35%), Usage (45%), and Quality (20%), with Usage and Quality contributing most to the rise. 
• Comprehensive Coverage: The FI‑Index encompasses banking, investments, insurance, postal, and pension services, developed in consultation with government and regulators.
• Quality Parameter Unique: This includes measures of financial literacy, consumer protection, and service equity—making it distinct from many other indices.
• Index Scale & Publication: It is published annually in July, with scores ranging from 0 (complete exclusion) to 100 (full inclusion) and has no base year, thus tracking cumulative progress.