04th March 2025 Current Affairs | Daily GK Update & Top News for Exams

National News

IRCTC, IRFC Upgraded to Navratna: All Listed Railway PSUs Now Navratnas

The Indian government has granted Navratna PSU status to Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC) on March 4, 2025, enhancing their financial and operational autonomy. With this, all seven listed railway PSUs now hold Navratna status, reflecting the government’s push for efficiency and profitability in railway enterprises. The seven Navratna railway PSUs include Container Corporation of India (Concor) (first to attain status in July 2014), Rail Vikas Nigam Limited (RVNL), IRCON International, RITES Limited, RailTel Corporation, IRCTC, and IRFC.

Madhya Pradesh Government to Provide Permanent Power Connections to Farmers for Just Rs 5

In a major step to support the agricultural community in Madhya Pradesh, Chief Minister Mohan Yadav announced on Sunday, March 3, 2025, that farmers across the state will soon receive permanent power connections for a nominal fee of just Rs 5. This initiative aims to provide affordable electricity access to farmers who do not yet have a permanent connection, thereby easing their financial burden and improving agricultural productivity.

India’s First World Peace Center Inaugurated in Gurugram

India has taken a significant step towards global peace and harmony with the inauguration of the country’s first World Peace Center in Gurugram, Haryana. The center, established by Ahimsa Vishwa Bharti under the guidance of Jain Acharya Lokesh, aims to promote non-violence, spiritual awareness, human values, and universal brotherhood.

International News

Yamandú Orsi Sworn in as Uruguay’s President

Yamandú Orsi was sworn in as Uruguay’s President on March 1, 2025, bringing the leftist Broad Front coalition back to power after five years of conservative rule. A former history teacher and mayor, Orsi has pledged to strengthen the social safety net while tackling economic stagnation. His leadership faces challenges in balancing leftist demands with economic growth and investor confidence, as well as managing labor disputes, fiscal constraints, and international expectations.

Trump’s Imposed Tariffs on Canada, Mexico, and China

The Trump administration has imposed sweeping tariffs on Canada, Mexico, and China, effective March 4, 2025, significantly impacting trade relations, supply chains, and key industries. These tariffs, raising import duties to historic levels, aim to boost domestic manufacturing and reduce trade imbalances but have faced strong opposition from trading partners and business groups, warning of higher consumer costs and economic instability.

State News

Bihar Budget 2025-26: Key Highlights

The Nitish Kumar-led NDA government in Bihar presented a ₹3,16,895 crore Budget for FY 2025-26 on March 3, 2025, reflecting a ₹38,169 crore increase from the previous year. Education (₹60,954 crore) received the highest allocation, followed by health (₹20,335 crore), rural development (₹16,193 crore), and energy (₹13,483 crore). The Budget prioritizes women’s empowerment, employment generation, and welfare schemes, with ₹13,368 crore for OBC, EBC, SC, ST, and minority welfare and ₹19,648 crore for SC/ST communities. It maintains fiscal discipline within FRBM limits while supporting the Saat Nischay-II (₹5,972 crore) initiative for a self-reliant Bihar.

Appointment News

Levi’s Appoints Diljit Dosanjh as Global Ambassador

Levi’s has appointed Diljit Dosanjh as its global ambassador, making him the first Punjabi artist to join the brand’s creative community. This collaboration highlights the fusion of music, fashion, and culture, enhancing Levi’s brand identity in India and globally.

Ajay Seth Takes Additional Charge as Revenue Secretary

In a significant administrative development, Ajay Seth, the Economic Affairs Secretary, has been assigned the additional charge of Secretary, Department of Revenue. This decision was announced by the Personnel Ministry on March 1, 2025. The appointment was necessitated following the transition of Tuhin Kanta Pandey, the former Revenue Secretary, to his new role as the Chairman of the Securities and Exchange Board of India (SEBI).

Dr. Mayank Sharma Assumes Office as Controller General of Defence Accounts (CGDA)

Dr. Mayank Sharma took charge as the Controller General of Defence Accounts (CGDA), marking a significant milestone in the administration of India’s defence financial management. A distinguished 1989-batch officer of the Indian Defence Accounts Service (IDAS), Dr. Sharma has dedicated over three decades to serving the Government of India in various key roles.

Banking News

RBI Fines HSBC, IIFL Samasta for Compliance Lapses

The Reserve Bank of India (RBI) imposed monetary penalties on HSBC (₹66.6 lakh) and IIFL Samasta Finance (₹33.1 lakh) for regulatory violations. HSBC was penalized for breaches in KYC norms, unhedged foreign currency exposure reporting, and deposit interest rate rules, including outsourcing AML alert handling and opening savings accounts for ineligible entities. IIFL Samasta Finance was fined for charging interest before loan disbursement, NPA misclassification, and customer identification failures. Additionally, three Maharashtra cooperative banks faced penalties for non-compliance. RBI emphasized that the penalties were for regulatory deficiencies, not customer transactions.

RBI’s ‘Regulations at a Glance’: Key Insights for Cooperative Banks

The RBI released the “Regulations at a Glance” handbook, compiled by the Department of Regulation (DoR), summarizing key regulatory guidelines for cooperative banks in a tabular format for easy reference. For licensing, Urban Cooperative Banks (UCBs) require a minimum capital/net worth of ₹12.5 lakh – ₹4 crore, but new applications have been halted since 2004. Rural Cooperative Banks (StCBs & CCBs) require NABARD’s recommendation and RBI’s approval. For branch licensing, FSWM UCBs can open branches via the Automatic Route (up to 10%) or Approval Route (Annual Business Plan submission). State Cooperative Banks (StCBs) & District Central Cooperative Banks (DCCBs) need NABARD & RBI approval, with criteria like CRAR ≥ 9%, NNPA ≤ 5%, profitability, and compliance history.

Economy News

Crisil Forecasts India’s GDP Growth at 6.5% for FY26, Predicts Repo Rate Cut

Crisil has projected India’s GDP growth to remain steady at 6.5% in FY26, close to the pre-pandemic average of 6.6% (FY11-FY20). Despite being lower than the 9.2% growth in the previous fiscal year, India is expected to retain its position as the fastest-growing major economy. Crisil also anticipates that the RBI’s Monetary Policy Committee (MPC) may cut the repo rate by 50-75 basis points to support economic growth.

Ranks and Reports News

Forbes India Leadership Awards 2025: Honoring Excellence and Innovation

The Forbes India Leadership Awards (FILA) 2025 concluded in a spectacular ceremony at the Jio World Convention Centre, Mumbai, celebrating the visionaries and change-makers of India’s corporate and entrepreneurial landscape. This prestigious event recognized outstanding contributions in business, innovation, and leadership that have shaped the country’s economic and social fabric.

Final Set of Awards: Celebrating Leadership Across Sectors

Sports News

Vidarbha Clinch Their Third Ranji Trophy Title in Seven Seasons

Vidarbha were crowned Ranji Trophy champions for the third time in seven seasons after a dominant performance in the 2024-25 edition final against Kerala in Nagpur. Led by Akshay Wadkar, the team completed the formality on Sunday, March 2, after the big final at Vidarbha Cricket Association Stadium ended in a draw, securing victory based on their first-innings lead.

Gulmarg Gears Up for Khelo India Winter Games 2025 After Heavy Snowfall

The famous ski resort of Gulmarg, located in Jammu and Kashmir, is all set to host the Khelo India Winter Games (KIWG) 2025 from March 9 to 12. The much-awaited event was earlier scheduled from February 22 to 25, but due to a lack of snow, it had to be postponed. With fresh moderate to heavy snowfall in the region, the sports council has confirmed that Gulmarg is now ready to host the competition.

Brandon Holt Clinches the 2025 Bengaluru Open ATP 125 Challenger Title

The 2025 Bengaluru Open ATP 125 Challenger witnessed an intense competition among top tennis players, culminating in an electrifying final match. Brandon Holt of the United States emerged victorious, defeating Shintaro Mochizuki of Japan to claim the singles title at the KSLTA Tennis Stadium, Bengaluru on March 2, 2025. The tournament, part of the ATP Challenger Tour, carried a prize pool of $200,000 and was played on hard courts.

Obituaries News

Oldest Test Cricketer Passes Away at 98 in South Africa

Ron Draper, the oldest living Test cricketer, passed away at 98 years and 63 days on February 25, 2025, in Gqeberha. A top-order batsman and occasional wicketkeeper, he played two Tests for South Africa against Australia in 1950. Draper had an impressive first-class career, averaging 41.64, and was the first player to score two centuries in a Currie Cup match. His death was confirmed on February 28, 2025, by his son-in-law Neil Thomson. Following his passing, Neil Harvey (Australia, 96) is now the oldest living Test cricketer.

Padmakar Shivalkar: The Unsung Hero of Indian Cricket Passes Away at 84

Indian cricket has lost one of its finest left-arm spinners, Padmakar Shivalkar, who passed away in Mumbai at the age of 84. A stalwart of Mumbai cricket, Shivalkar was an exceptional bowler whose contributions to the domestic cricket scene remain legendary. Despite his immense talent, he never got the opportunity to represent India at the international level due to the presence of Bishan Singh Bedi, who was the incumbent left-arm spinner at the time. His demise follows closely on the heels of former Mumbai captain Milind Rege’s death, leaving the cricket fraternity in mourning.

Important Days

National Defense Day, Date, Significance, Objective

National Defence Day is observed on March 3rd annually in India to honor the bravery and sacrifices of the Indian Army, Navy, and Air Force in safeguarding the nation’s sovereignty and security. The 87th anniversary was marked in 2025. The day features official ceremonies, including parades, flag-hoisting, wreath-laying at war memorials, and military exhibitions showcasing the armed forces’ capabilities. The 2023 theme was not announced yet, but the objective remains to recognize the dedication of the armed forces in protecting India from external and internal threats.

World Hearing Day 2025, Date, Theme, History

World Hearing Day, observed annually on March 3, aims to raise awareness about hearing loss and promote ear and hearing care. Organized by the World Health Organization (WHO), it highlights a specific theme each year to encourage proactive action. The 2025 theme, “Changing mindsets: Empower yourself to make ear and hearing care a reality for all!”, builds on 2024’s focus on shifting attitudes and emphasizes personal responsibility in hearing health.