Daily & Latest Current Affairs in 2025

Correct Answer :   5th to 7th of September 2023

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The 43rd Association of Southeast Asian Nations (ASEAN) summit in Jakarta will be held from 5th to 7th of September 2023.

* The meeting comes amid heightened tensions in the South China Sea, after China released a new map laying claims over large swathes disputed by some ASEAN members, triggering protests by these states.

* Singapore Prime Minister Lee Hsien Loong will lead a delegation to the summit where the bloc’s leaders will discuss the crisis in Myanmar, among other issues. Singapore’s Prime Minister’s Office said in a statement 4th Sep 2023 that ASEAN leaders will discuss ways to ensure the bloc’s continued relevance and centrality in the evolving regional architecture. 

* The leaders will also discuss strengthening ASEAN integration and expanding collaboration in key areas such as the digital and green economies..

Source : AIR

Correct Answer :   New Delhi

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The 2nd Edition of Naval Commanders' Conference, 2023 will be held in New Delhi on 4th September 2023.

* The conference is the apex-level biannual event facilitating interaction between the Naval Commanders for deliberation and formulation of important policy decisions.

* During the three-day Conference, being conducted in a Hybrid format, the senior leadership of the Indian Navy will review major operational, materiel, logistics, training, and administrative activities undertaken during the previous six months.

* The Conference will provide an opportunity for institutionalised interaction of Naval Commanders with senior Government officials to take ahead several inter-ministerial initiatives toward the development of a safe and secure maritime environment.

* The Commanders will also review the ongoing Naval projects with a focus on enhancing indigenisation through Make in India in consonance with the vision of achieving self-reliance by 2047..

Source : AIR

Correct Answer :   38%

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The commercial real estate segment increased 38% in July 2023 from a year earlier, the Reserve Bank of India’s latest sectoral credit data showed.

* Outstanding loans in the segment climbed to Rs 4.07 lakh crore as of July 28 compared with Rs 2.94 lakh crore on July 29 last year (2022). Comparatively, loan growth was 3.6 percent in the period from July 30, 2021, to July 29, 2022.

* In the housing segment, outstanding bank loans jumped 37 percent to Rs 24.3 lakh crore at the end of July from Rs 17.7 lakh crore a year earlier.

* Rising demand for commercial property in tier 1 and tier 2 cities after the pandemic has fuelled demand for loans, bank executives and experts said.

* “We have seen growth across projects and around 7 percent of our total book, approximately Rs 4,700 crore, is in the housing and real estate segment,” said Sanjay Agarwal, managing director of AU Small Finance Bank.

* Pankaj Kapoor, founder of Liases Foras Real Estate Rating and Research, said lenders are slowly shedding the cautious approach adopted after the IL&FS crisis of 2018 when defaults by the company caused a liquidity crisis.

* “Lenders like banks are becoming aggressive in lending to the commercial real estate sector. They see massive scope of growth,” Kapoor said.

Housing loans :
 
* Additionally, some banks worked on deals and projects in the commercial segment. In February, IndusInd Bank invested Rs 140 crore in Sushma Group’s commercial projects in Chandigarh. The Sushma Group also raised Rs 50 crore from the State Bank of India in August 2022.

* In January, Bank of Baroda took part-possession of Nirmal Lifestyle Mall in Mumbai.

* HDFC Bank, the country’s largest private sector bank, has the largest housing loan portfolio with assets of about Rs 7 lakh crore. SBI had a portfolio of Rs 6.5 lakh crore.

* SBI’s housing loan portfolio grew 14 percent in the April-June quarter. ICICI Bank recorded a YoY growth of 16 percent, with its total portfolio at Rs 3.55 lakh crore. Punjab National Bank’s housing portfolio jumped 12 percent to Rs 83,893 crore in the April-June quarter.

* India’s real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5 percent to the GDP from an existing share of 7.3 percent, according to a report by Knight Frank and National Real Estate Development Council in August..


Source : Money Control

Correct Answer :   1 September 2023

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Kotak Mahindra Bank share price gained a percent on Monday (4th Sep 2023) after Uday Kotak resigned from MD & CEO position of the bank, effective September 1, 2023, four months ahead of schedule.

He will continue to serve as a non-executive director of the bank. Kotak Mahindra Bank shares gained as much as 1% to ₹1,789.05 apiece on the BSE.

On 1 September 2023, Kotak announced to step down as managing director and chief executive officer of the bank and the baton was passed to Dipak Gupta, the Joint Managing Director at Kotak Mahindra Bank.

Gupta will carry out the duties of the MD and CEO until 31 December, which is subject to the approval of the RBI and the members of the bank.

 Kotak, a founding member of the bank, has been part of the institution for the past 38 years.

Under Kotak’s leadership, the bank has become the fourth-largest private bank and has established a prominent presence across the financial services spectrum, including asset management, broking, investment banking, life insurance, etc.

Analysts believe a smooth takeover under the new leadership would be a key aspect to watch out for.

 The bank has already submitted two names for the CEO role to the RBI and is waiting for the regulator’s approval. As per media reports, two senior management team members and whole-time directors, KVS Manian and Shanti Ekambaram, are the contenders for the top job.

Brokerage firm Motilal Oswal Financial Services noted that Kotak Mahindra Bank delivered steady performance over the years, with its RoE gradually improving to over 14%..

Source : Mint

Correct Answer :   September 3

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World Skyscraper Day is celebrated on September 3 annually, as it falls on the birthday of architect Louis H. Sullivan.

He is fondly known as The Father of Skyscrapers and is widely believed to have designed the first ones.

Theme : The theme of National Skyscraper Day 2023 is Go on and try to tear me down I will be rising from the ground.

This day is our golden opportunity to appreciate these architectural marvels and feats of engineering.

Hosting a skyscraper is really a mark of your city's economic prowess, and cities with more skyscrapers tend to see more business activity than cities with lower rooftops.

India’s 'Financial Capital' ranks 17th in the world and 14th in Asia with approximately 100 structures, towering above 150m. Further, a study by CBRE South Asia reveals that a whopping 89% of tall buildings in India are residential, while just 6% serve as office spaces.

Correct Answer :   PhonePe

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PhonePe announced its foray into stock broking business with the launch of a new mobile application called ‘Share(dot)Market’, under its subsidiary PhonePe Wealth Broking.

The announcement by the leading digital payment platform marks the completion of offerings in its financial services bouquet, said Sameer Nigam, the CEO and Co-Founder of the company.

According to PhonePe, the Share(dot)Market app elevates the discount broking by providing market intelligence and quantitative research-based WealthBaskets, a scalable technology platform. It will be available as a mobile app and a dedicated web platform, enabling retail investors to buy stocks, engage in intra day trades, buy curated WealthBaskets and mutual funds.

In 2022, PhonePe acquired two wealthtech platforms, WealthDesk and OpenQ, valued together at $70 million. This acquisition was part of PhonePe's ongoing expansion into financial services beyond payments.

Share(dot)Market app will provide a wide spectrum of investment products, including stocks (intraday and delivery), mutual funds, exchange-traded funds (ETFs).

WealthBaskets are curated collections of stocks/investment products by SEBI registered intermediaries that align with specific themes, sectors, or market trends enabling active equity portfolio building with great convenience, and are available at low costs.

The platform will also host a dedicated markets section to track the stock market, indices, stocks, and sectors with an intuitive watchlist tracker. PhonePe users can install the app as well access the web platform by using their PhonePe-linked mobile numbers. Once they login, they can complete the KYC process to activate their broking and demat accounts.

Earlier this year (2023), global private equity firm General Atlantic announced that it had injected an additional $100 million ( ₹820 crore) into PhonePe, the digital payments company owned by Walmart Inc.

General Atlantic has allocated the capital to India’s largest fintech startup in terms of UPI transactions, maintaining the same valuation as the previous transaction..

Source : Mint

Correct Answer :   Amazon

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Amit Agarwal, Senior Vice President (SVP) of India and Emerging Markets, Amazon said that the company has also partnered with the Indian Railways for a dedicated freight corridor that will help it expedite deliveries for its seller partners.

Amit Agarwal, Senior Vice President (SVP) of India and Emerging Markets, Amazon made four key announcements on behalf of the global e-commerce giant mostly centred around product deliveries.

Speaking at the fourth edition of Amazon Smbhav, Agarwal said that Amazon had signed a Memorandum of Understanding (MoU) with the Indian postal service and has also partnered with the Indian Railways for a dedicated freight corridor that will help Amazon expedite deliveries for its seller partners.

Smbhav, which is a corruption of the word Sambhav in Hindi, is Amazon's event that is focused on enlightening Micro, Small and Medium Enterprises (MSMEs) about the opportunities that technology makes possible.

“We have been partners with the Indian postal service for a while. This will create the first-of-its-kind, seamless, integrated cross-border logistics solution. Now, the idea of somebody sitting in the corner of the country (India) can ship products to customers in New York just becomes more real,” Agarwal said at the company event in New Delhi.

Even Amazon’s partnership with the Indian Railways for a dedicated freight corridor is the first of its kind for any e-commerce company, as per Agarwal.

In its third announcement, Amazon launched a product called multi-channel fulfilment. The product will help D2C companies and other small businesses to use the Amazon infrastructure and run operations even if they’re not registered with the e-commerce company.


Generative AI

Jumping on the generative AI bandwagon, Amazon also announced Sahay which will help even small businesses in India to leverage the power of generative AI.

“It's a great way for sellers to ask questions. Whether they want to register, list items, get help, expand sales and be more successful, Sahay will help. I'm very excited to bring the power of generative AI to Indian small and medium businesses starting now and that should be pervasive going forward as well,” Amazon’s Agarwal said...

Source : Money Control

Correct Answer :   Mansukh Mandaviya

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Union Health Minister Mansukh Mandaviya inaugurated the Amrita Patel Centre of Public Health in Anand in Gujarat on 2nd September 2023.

Addressing on the occasion, Mr Mandaviya said, India is leading the world in the health sector today. The Government is stressing holistic health with an aim to strengthen the health infrastructure in the country.

He said during the past nine years, there has been a significant increase in MBBS seats and the number of medical colleges in the country. He noted, the Government is making wide efforts to provide affordable and accessible healthcare for all.

Mr Mandaviya who is on a visit to Gujarat, will attend several programmes in Surat later in the day..

Source : AIR

Correct Answer :   Indian Navy

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Titagarh Rail Systems Limited’s shares were up by 0.84% after the company launched its first Diving Support Craft (DSC) from its shipyard in Titagarh, West Bengal.

This follows a contract awarded by the Indian Navy to TRSL in February 2021 for the construction of five Diving Support craft.

The DSC, equipped with diving apparatus and tools, represents a significant advancement in diving support technology, enabling it to operate effectively in various undersea environments.

This craft will play a vital role within the Indian Navy’s Southern Naval Command Clearance Diving Teams (CCDT), offering essential support during underwater repair, maintenance, and salvage operations within designated harbours.

The project aligns seamlessly with the Government of India’s ‘Make in India’ initiative, as TRSL has sourced all main and auxiliary machinery from indigenous manufacturers. Under the contract terms, TRSL is committed to delivering five Diving Support Crafts.

The shares were up by 0.84% to ₹816.20 at 12.19 pm on the BSE..

Source : The Hindu Businessline

Correct Answer :   Tata SIA

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The Competition Commission of India (CCI) on Friday (1st September 2023) approved the merger of Tata SIA Airlines into Air India, subject to certain conditions.

The long pending merger of fully owned Tata airline Air India and sister airline Vistara, came through weeks after the watchdog raised concerns about market power.

The CCI was scrutinising the planned merger of Air India, which Tata Group took over last year (2022), with Vistara, a 51: 49 joint venture between Tata and Singapore Airlines.

The merged airline may pose a challenge to local rival and market leader, IndiGo. The said consolidation will make Air India, India’s leading domestic and international carrier with a combined fleet of 218 aircraft, making it India’s largest international carrier and second largest domestic carrier, the airline said in an announcement relating to the merger.

"As part of the merger transaction, SIA shall also invest Rs 2,059 crore in Air India. Post the consolidation, SIA shall hold 25.1% shareholding in Air India," the Tata group said during the merger announcement.

The deal is part of Tata Sons chairman N Chandrasekaran’s effort to simplify the conglomerate’s businesses and make them more efficient.

CCI had not given expideted approval to the merger and had instead asked both the companies to clarify how it will not hurt competition on domestic and international routes...

Source : Economic Times