Daily Current Affairs 20th May 2025

Daily Current Affairs 20th May 2025

Appointment

1. IB Chief Tapan Kumar Deka Gets One-Year Extension

Tapan Kumar Deka, a senior counter-terrorism expert, has been granted a one-year extension as the Director of the Intelligence Bureau (IB), extending his term until June 2026. This is his second extension since he first took charge of the IB in June 2022.

• The extension was approved by the Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi.
• The decision comes at a crucial time, following India’s military strike on terror infrastructure in Pakistan and Pakistan-Occupied Kashmir on May 7, carried out in response to last month’s Pahalgam terrorist attack.

About Tapan Kumar Deka

• Tapan Kumar Deka, 62, is a 1988-batch Indian Police Service (IPS) officer from the Himachal Pradesh cadre.

• He was initially appointed as IB chief for a two-year term, which was extended by one year in 2023.

• Known in intelligence and political circles as a reliable crisis manager, Deka has vast experience in handling sensitive operations, especially in Jammu and Kashmir and the Northeast.

• He led the operations wing of the IB for over two decades before becoming its chief.

• He also played a key role in the counter-terror response during the 2008 Mumbai terror attacks (26/11).

2. Justice K. Somashekar appointed as Chief Justice of Manipur High Court

Justice Kempaiah Somashekar from the Karnataka High Court has been appointed as the new Chief Justice of the Manipur High Court.

• The current Chief Justice of the Manipur High Court, Justice D Krishnakumar, will retire on May 21.

The Central government announced this today, following a recommendation made by the Supreme Court Collegium on May 15.

• The official notification stated that the President of India has approved Justice Somashekar’s appointment under Article 217(1) of the Constitution.
• He will take charge as Chief Justice from the day he assumes office.

About Justice K. Somashekar

• Justice Somashekar began his career as a District and Sessions Judge on June 17, 1998.
• He was appointed as an additional judge of the Karnataka High Court on November 14, 2016, and became a permanent judge on November 3, 2018.

 3. Ashoka University Professor Sent to 14-Day Judicial Custody Over Operation Sindoor Post

Professor Ali Khan Mahmudabad from Ashoka University has been sent to 14 days in judicial custody following a controversial social media post related to Operation Sindoor—India’s military operation in Pakistan after the Pahalgam terror attack.

• Professor Mahmudabad, who leads the Political Science Department at Ashoka University, was arrested on Sunday.
• His social media post was seen by some as critical of the Indian armed forces and disrespectful towards Colonel Sofia Qureshi and Wing Commander Vyomika Singh—the two women officers who represented the armed forces in media briefings about the operation.

In his post, Mahmudabad referred to these media briefings as “optics” and “hypocrisy.” He added that while showcasing women officers is important, it should also lead to real change on the ground.

• He has challenged his arrest in the Supreme Court, which is expected to hear the case on Wednesday.

 News Related to RBI

4. RBI grants “in-principle” approval to Emirates NBD Bank PJSC to set up WOS in India

The Reserve Bank of India (RBI) has granted Emirates NBD Bank PJSC “in-principle” approval to establish a Wholly Owned Subsidiary (WOS) in India.

• Emirates NBD will be the third foreign bank to enter India via the WOS route, following SBM Bank and DBS Bank.
• SBM Bank was licensed on December 6, 2017, and DBS Bank was licensed on October 4, 2018; both commenced operations in WOS mode in late 2018 and early 2019.
• Emirates NBD currently operates in India through branches in Chennai, Gurugram, and Mumbai.
• The WOS will be treated equally with foreign bank branches for expansion purposes in India.
• The RBI’s policy allows foreign banks to establish WOS only in the private sector initially, with potential for phased acquisitions in banks undergoing restructuring.
• The final banking license for the WOS will be issued under Section 22(1) of the Banking Regulation Act, 1949, once Emirates NBD fulfills all regulatory requirements stipulated by the RBI.

Regulatory Framework:

• The Reserve Bank of India (RBI) mandates that any foreign bank intending to establish a Wholly Owned Subsidiary (WOS) in India must have a minimum paid-up voting equity capital of ₹5 billion (₹500 crore).
• Additionally, the WOS is required to maintain a minimum capital adequacy ratio of 10% for the first three years of operation, in line with Basel III norms.

Summary:

• Approval Framework: Scheme for Setting up of WOS by Foreign Banks in India
• Final License Issuance: Section 22(1) of the Banking Regulation Act, 1949.

About Emirates NBD Bank PJSC:

• Emirates NBD Bank PJSC is a leading banking group headquartered in Dubai, United Arab Emirates.
• Established in 2007 through the merger of Emirates Bank International (EBI) and the National Bank of Dubai (NBD), it is one of the largest banking groups in the Middle East and North Africa (MENA) region.

Key Facts:

• Headquarters: Deira, Dubai, UAE
• Ownership: Majority-owned by the Investment Corporation of Dubai, the investment arm of the Dubai Government
• Global Presence: Operations in 13 countries, including the UAE, India, Egypt, Türkiye, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

5. RBI revises rules for investment in Alternative Investment Funds

The Reserve Bank of India (RBI) has proposed new draft guidelines to ease investment norms for regulated entities (REs)—including banks and non-banking financial companies (NBFCs)—in Alternative Investment Funds (AIFs).

• This move aims to balance financial discipline with capital formation needs, following earlier restrictions imposed to curb risks like loan evergreening.
• Investment Caps: A single RE’s investment in any AIF scheme is proposed to be capped at 10% of the scheme’s corpus, while the collective investment by all REs in a scheme would be limited to 15%.
• Unrestricted Investments: Investments up to 5% of an AIF’s corpus by an RE would be allowed without any restrictions.
• Provisioning Requirements: If an RE’s investment exceeds 5% and the AIF has downstream debt exposure to a borrower linked to the RE (excluding equity shares and certain convertible instruments), the RE must make a 100% provision for its proportionate exposure.

Note:

• In December 2023, the RBI had barred REs from investing in AIFs that had investments in existing and recent borrowers, aiming to prevent practices like loan evergreening.

About AIF:

• Alternative Investment Funds (AIFs) are privately pooled investment vehicles that collect funds from investors—Indian or foreign—for investing in accordance with a defined investment policy for the benefit of their investors.
• They are regulated by SEBI under the SEBI (Alternative Investment Funds) Regulations, 2012.

Banking Current Affairs

6. IndusInd Bank signs pact with AIC STPINEXT to support startups, MSMEs

IndusInd Bank has partnered with AIC STPINEXT to support early-stage startups and MSMEs.

• AIC STPINEXT is affiliated with Software Technology Parks of India under the Ministry of Electronics and Information Technology.
• The collaboration includes tailored banking solutions for startups associated with STPI/STPINEXT.
• IndusInd Bank will provide a specialized Current Account product with no quarterly average balance requirement.
• Additional support includes expert guidance and workshops on financial management topics such as banking basics, equity infusion, and ESOPs.
• The bank will also offer payroll and attendance management services to startups at no cost.

IndusInd bank Hq: Mumbai, Maharashtra, India

7. IOB Collaborates with IIBF to Train Staff on MSME Credit Needs

Indian Overseas Bank (IOB) signed a Memorandum of Understanding (MoU) with the Indian Institute of Banking & Finance (IIBF).

• The collaboration aims to enhance bank employees’ understanding of micro, small, and medium enterprises (MSMEs) and improve their response to MSME credit needs.
• The MoU was signed in Chennai by IOB’s Managing Director and CEO Ajay Kumar Srivastava, with IOB’s General Manager (HR) Dillip Kumar Barik and IIBF’s Director (Academics) Dr. K Gangadharan overseeing the official execution.
• The initiative will provide targeted training through an online learning module and certification course designed for IOB’s workforce.
• This initiative aligns with a growing trend among public sector banks to invest in training for MSMEs and aims to support national economic goals such as inclusive credit delivery.

About IOB:

• Headquarters: Chennai
• MD and CEO: Ajay Kumar Shrivastav

About Indian Institute of Banking & Finance (IIBF):

• Headquarters: Mumbai, India

 National Affairs

8. Indian Coast Guard’s ‘Operation Olivia’ protects 6.98 lakh Olive ridley turtles in Odisha

The Indian Coast Guard (ICG) launched Operation Olivia in Odisha to protect Olive Ridley turtles.

• The operation successfully safeguarded a record 6.98 lakh (698,000) Olive Ridley turtles during their nesting at the Rushikulya river mouth in February 2025.
• Operation Olivia runs annually from November to May, focusing on safe nesting grounds at Gahirmatha Beach and surrounding areas.
• Over eight lakh (800,000) turtles arrive each year for nesting in these regions.
• The ICG has conducted more than 5,387 surface patrol sorties and 1,768 aerial surveillance missions to protect the turtles.

9. GeM Celebrates 8th Incorporation Day

Government e Marketplace (GeM), India’s national public procurement portal, marked its 8th Incorporation Day with a reaffirmation of its transformative impact on inclusive economic growth and digital governance.

• GeM introduced GeMAI, a generative AI-powered chatbot designed to assist users in both voice and text formats across 10 Indian languages.
• This innovation aims to enhance user support and streamline procurement processes.
• GeM has significantly expanded its user base, now comprising over 1.64 lakh primary buyers and 4.2 lakh active sellers. The platform offers more than 10,000 product categories and over 330 services.

To encourage participation from small sellers, GeM has implemented several cost-saving measures:

• 97% of transactions are now free from transaction charges.
• Transaction fees have been reduced by up to 96%, capped at ₹3 lakh for orders exceeding ₹10 crore, down from ₹72.5 lakh.
• For sellers with an annual turnover below ₹1 crore, the caution money deposit has been cut by 60%, with full exemptions granted to select groups.

GeM has played a pivotal role in major procurement projects, including:

• ₹5,000 crore worth of equipment for the Akash Missile System.
• ₹5,085 crore in vaccine procurement.
• Services such as drone-as-a-service for AIIMS, GIS and insurance for over 1.3 crore lives, and wet leasing of chartered flights and CT scanners.

CEO of GeM : Mihir Kumar

10. Om Birla inaugurates third Divyansh Centre in Rajasthan to aid differently-abled persons

Lok Sabha Speaker Om Birla inaugurated the Pradhan Mantri Divyasha Kendra (PMDK) in Kota, Rajasthan.

• The event included the distribution of assistive devices to differently abled beneficiaries, enhancing their mobility and self-reliance.
• Birla emphasized that the initiative aims at empowerment and dignity for persons with disabilities.
• Beneficiaries expressed their gratitude, highlighting the life-changing impact of the assistive devices.
• The PMDK initiative is managed by the Artificial Limbs Manufacturing Corporation of India (ALIMCO), under the Ministry of Social Justice and Empowerment.
• Currently, there are 45 PMDKs operational, with a goal of establishing 100 centres by June.
• The Kota centre specifically caters to visually impaired individuals and offers a variety of services, including prosthetics, orthotics, Braille appliances, and mobility aids.
• The centre also focuses on skill development and vocational training to promote employment and entrepreneurship among beneficiaries.

11. Supreme Court Orders Equal Pension for All Retired High Court Judges

The Supreme Court of India ruled that all retired High Court judges, regardless of their appointment status or date, are entitled to full and equal pensions.

• The judgment emphasizes the importance of uniform post-retirement benefits for maintaining the dignity of judicial office.
• Chief Justice BR Gavai stated that the principle of ‘One Rank, One Pension’ applies to the judiciary, advocating for no discrimination between different categories of judges.
• The ruling extends the same pension benefits to judges of the National Green Tribunal (NGT) and all district judges.
• The court directed the central government to provide annual pensions of Rs 15 lakh for retired Chief Justices of High Courts and Rs 13.5 lakh for retired High Court judges.
• Legal experts view the decision as a progressive affirmation of constitutional equality and a step towards protecting the independence of the judiciary.

Sports News

12. First Khelo India Beach Games (KIBG) inaugurated in Diu, Dadra and Nagar Haveli and Daman & Diu

Prime Minister Narendra Modi emphasized the transformative power of sports during the Khelo India Beach Games, calling it a significant moment in India’s sporting history.

• The Games were inaugurated in Diu, Dadra and Nagar Haveli and Daman & Diu, with over 1,350 athletes from more than 30 states and Union Territories participating.
• The Beach Games, occurring for the first time under the Khelo India initiative, feature six medal sports: soccer, volleyball, sepaktakraw, kabaddi, pencaksilat, and open water swimming, along with two non-medal demonstration sports: mallakhamb and tug-of-war.
• Modi described Diu as a fitting venue due to its sun, sand, and water, enhancing the excitement of athletic competition and celebrating India’s coastal heritage.
• The Khelo India Beach Games are part of a broader mission to enhance sports culture and fitness awareness in India, with events taking place from May 19 to May 24, 2025.

13. Carlos Alcaraz Creates History by Winning Italian Open Final

 Carlos Alcaraz defeated Jannik Sinner 7-6, 6-1 to win the Italian Open, a Masters 1000 tournament.

• The victory broke Sinner’s 26-match winning streak.
• Both Alcaraz and Sinner have won 19 tour-level titles, joining a list of most titles among players born in the 2000s.

 

At 22 years and two days, Alcaraz became the fifth youngest player in the Open Era to win over 10 ATP titles on clay.

• He is also the fifth player since 1990 to win titles at three separate ATP Masters events on clay.
• Alcaraz is now considered one of the favorites for the upcoming French Open after his strong performance in the clay-court season.
• He started the season with a win at the Monte Carlo Masters, followed by a runner-up finish in Barcelona, and then his victory in Rome.
• Alcaraz expressed happiness about his first title in Rome and emphasized the importance of winning finals.