Staying abreast of current affairs is not just a necessity but a cornerstone for success in competitive exams like UPSC, SSC, and Banking exams. For students and teachers alike, understanding the pulse of the nation and the world can make all the difference.

Focusing on the specific date’s news, such as today’s events on 1 February 2025 Current Affairs, ensures that your preparation is both relevant and timely. Whether it’s politics, economics, technology, or international relations, today’s events shape tomorrow’s questions. From groundbreaking policies unveiled in the Union Budget to significant international developments, this article delves into the most significant happenings that will aid your exam preparation and keep you ahead of the curve.

Summary of Key Events [1 February 2025 Current Affairs]

1. RBI Tightens Monetary Penalty Norms: The Reserve Bank of India has introduced stricter guidelines for imposing penalties under the Payment and Settlement Systems Act, 2007.
2. IRDAI Caps Health Premium Hikes for Seniors: The Insurance Regulatory and Development Authority of India restricts annual health insurance premium increases for senior citizens to 10%.
3. GeM Sahay 2.0 Launches with 121 Finance: Government-e-Marketplace welcomes 121 Finance as its first lender under the Open Credit Enablement Network framework.
4. Paytm Introduces ‘Receive Money QR Widget’ for Android: Expanding seamless payment collection with a new feature for Android users.
5. Article 224A Appointment Guidelines Updated: Supreme Court clarifies the appointment of ad hoc judges in High Courts.
6. Ministry of Rural Development Approves PM-JANMAN Roads in Maharashtra: Sanctions 27 roads to boost rural connectivity.
7. Two-Day National Conference on Labour Welfare Concludes: Chaired by Dr. Mansukh Mandaviya, focusing on social security for workers.
8. Release of “Indian Renaissance: The Modi Decade”: Union Home Minister Amit Shah launches the book in New Delhi.
9. Coal India Limited Sponsors Ranchi Marathon 2025: Continued support for promoting athletic excellence in Jharkhand.
10. MoSPI Signs MoU with IIIT-Delhi: Partnership under the Data Innovation Lab Initiative to modernize the National Statistical System.
11. Bajaj Finserv Appoints New CFO: Ramandeep Singh Sahni takes over as Chief Financial Officer from February 1, 2025.
12. Mahindra Finance Announces CFO Appointment: Pradeep Kumar Agrawal named as new Chief Financial Officer effective March 5, 2025.
13. Rajesh Nirwan Appointed as Director General at BCAS: Senior IPS officer takes charge following ACC approval.
14. Vice Admiral Rajaram Swaminathan Assumes New Role: Becomes Controller of Warship Production & Acquisition.
15. Obituary: Greg Bell, Oldest Living Olympic Gold Medalist, Passes Away: Renowned athlete dies at 94.
16. Union Budget 2025-26 Highlights: Comprehensive policy changes across agriculture, healthcare, technology, and infrastructure with a ₹1.5 lakh crore funding package.
17. Tax Reforms Introduced in Budget 2025: Revised income tax slabs and exemption limits to benefit the middle class.
18. MSME Sector Receives Major Boost: Enhanced credit limits and customized credit cards for micro enterprises.
19. Education Sector Expansion: Introduction of 10,000 new medical seats and 50,000 Atal Tinkering Labs in government schools.
20. Nuclear Energy Mission Announced: ₹20,000 crore allocation for Small Modular Reactors (SMRs) to achieve 100 GW nuclear energy by 2047.

In-Depth Analysis of Key Events

RBI Tightens Monetary Penalty Norms

The Reserve Bank of India (RBI) has recently introduced stricter norms for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act, 2007. This move aims to rationalize and consolidate enforcement actions against payment system operators and banks, ensuring that only material contraventions are penalized. The framework allows the RBI to impose penalties of up to ₹10 lakh or twice the amount involved in the contravention, whichever is higher. For continuing offences, an additional penalty of ₹25,000 per day can be levied after the first day. Moreover, entities can apply for compounding, which may reduce the compounding amount by 25%, with a possible increase of 50% for repeated contraventions.

“This stringent approach underscores the RBI’s commitment to maintaining robust economic fundamentals while addressing external risks that could affect investment and output,” said a senior RBI official.

IRDAI Caps Health Premium Hikes for Seniors

The Insurance Regulatory and Development Authority of India (IRDAI) has taken a significant step to protect senior citizens by restricting annual health insurance premium increases to a maximum of 10% without prior approval. This regulation ensures that seniors, who are often more vulnerable to health issues, are not disproportionately burdened by rising medical costs. Additionally, insurers are now required to seek regulator approval before discontinuing health policies for senior citizens, promoting transparency and fairness in the insurance sector.

Furthermore, the IRDAI has urged insurers to standardize hospital empanelment and negotiate package rates similar to the government’s PM Jan Arogya Yojana (PMJAY), aiming to control healthcare costs and make health insurance more affordable and reliable for the elderly population.

GeM Sahay 2.0 Launches with 121 Finance

Government-e-Marketplace (GeM) has welcomed 121 Finance as its first lender under the Open Credit Enablement Network (OCEN) framework, launching GeM Sahay 2.0. This enhanced version of GeM Sahay is a mobile-based lending platform integrated with the GeM portal, designed to provide quick, collateral-free loans to sellers upon accepting government orders. With loan amounts potentially reaching up to ₹10 lakh, this initiative aims to promote financial inclusion and streamline access to credit for MSMEs.

121 Finance, an RBI-registered NBFC-Factor, specializes in solving B2B trade credit challenges and offers digital-first financial products like Factoring Finance, Purchase Finance, and Channel Finance, thereby empowering small businesses to access seamless trade credit.

Paytm Introduces ‘Receive Money QR Widget’ for Android

In a bid to enhance user experience and streamline payment collections, Paytm has launched the ‘Receive Money QR Widget’ for Android users. This innovative feature allows users to collect payments instantly directly from their smartphone’s home screen, benefiting influencers, shopkeepers, freelancers, delivery partners, and small businesses. Originally introduced for iOS users, the positive response led to its extension to Android, making it accessible to a broader audience.

The widget includes a distinct coin-drop sound for real-time payment notifications, ensuring that users are instantly aware of incoming transactions. This launch not only simplifies payment processes but also reinforces Paytm’s commitment to continuous innovation based on user needs, offering greater convenience and confidence in mobile payments.

Article 224A Appointment Guidelines Updated

The Supreme Court has provided clarifications regarding the appointment of ad hoc judges in High Courts under Article 224A of the Indian Constitution. Previously, the appointment was limited to cases where judicial vacancies exceeded 20%, but the latest judgment allows High Courts to appoint ad hoc judges even if vacancies are below this threshold, provided the number does not exceed 10% of the sanctioned strength.

Additionally, ad hoc judges must now sit in benches presided over by sitting High Court judges, ensuring judicial expertise and balanced decision-making. The Memorandum of Procedure (MoP) for appointments has also been updated to ensure systematic and transparent processes, reinforcing judicial integrity and procedural clarity.

Ministry of Rural Development Approves PM-JANMAN Roads in Maharashtra

In a significant move to enhance rural connectivity and spur economic growth, the Ministry of Rural Development (MoRD) has sanctioned the construction of 27 roads spanning 50.13 km under the Connectivity Component of PM-JANMAN in Maharashtra. This initiative involves an investment of ₹50.35 crore and targets Particularly Vulnerable Tribal Groups (PVTGs) in the state.

The projects aim to provide all-weather road connectivity to 27 PVTG habitations, bridging the rural-urban gap and facilitating easier access to essential services like healthcare and education. By improving transportation infrastructure, the initiative is expected to boost local economies, create employment opportunities, and enhance the overall living standards of the targeted communities.

Two-Day National Conference on Labour Welfare Concludes

A two-day national conference, chaired by Dr. Mansukh Mandaviya, Union Minister for Labour & Employment, concluded with pivotal discussions on social security and labour welfare for both organized and unorganized sector workers. The workshop brought together Labour Ministers, Labour Secretaries of States/UTs, and other senior officials to design targeted action items for improving workers’ welfare.

Key focus areas included creating sustainable social security models for gig and platform workers, enhancing the eShram portal to register over 30 crore unorganized workers, and transitioning to an inspector-cum-facilitator model to reduce compliance burdens and ensure decent working conditions. Three committees were also formed to develop a comprehensive social security coverage model, with findings expected in March 2025.

Release of “Indian Renaissance: The Modi Decade”

Union Home Minister Amit Shah officially released the book “Indian Renaissance: The Modi Decade” in New Delhi, marking a significant addition to literature on contemporary Indian politics. The book, edited by Aishwarya Pandit, provides an in-depth analysis of the transformative changes India has undergone under Prime Minister Narendra Modi’s leadership since 2014.

Shah highlighted the stabilization of the Indian government after three decades of instability, India’s advancements in managing the COVID-19 crisis, and the country’s strides towards becoming a fully developed nation by 2047. The release event, attended by Shri Manohar Lal and Shri Kartikeya Sharma, underscored Modi’s impact on India’s socio-economic landscape and his role in elevating India’s global standing.

Coal India Limited Sponsors Ranchi Marathon 2025

Coal India Limited (CIL) continues its commitment to social responsibility by sponsoring the Coal India Ranchi Marathon 2025 in Jharkhand. Scheduled for 9th February 2025, this marks the third consecutive year of CIL’s involvement in promoting athletic excellence and nation-building through sports.

With a sponsorship of ₹1 Crore from the Coal India Sports Promotion Association (CISPA) fund, the marathon features various categories including Full Marathon, Half Marathon, 10 Km Run, and 5 Km Run, open to male and female runners from across the country. Central Coalfields Limited (CCL), a subsidiary of CIL, is responsible for conducting the event, which aims to inspire a culture of health and wellness while reinforcing CIL’s dedication to contributing beyond energy production.

MoSPI Signs MoU with IIIT-Delhi

The Ministry of Statistics and Programme Implementation (MoSPI) has signed a Memorandum of Understanding (MoU) with the Indraprastha Institute of Information Technology (IIIT-Delhi) under the Data Innovation Lab Initiative. Launched in July 2024, the Data Innovation Lab aims to modernize the National Statistical System by incorporating emerging technologies like Artificial Intelligence, Machine Learning, and Big Data Analytics.

This collaboration seeks to bridge the gap between academia and official statistics, leveraging IIIT-Delhi’s technical expertise to develop new methodologies in statistical analysis. The partnership is poised to enhance MoSPI’s functioning and improve the overall statistical ecosystem in India, fostering innovation and research-driven solutions.

Bajaj Finserv Appoints New CFO

Bajaj Finserv has strengthened its leadership team by appointing Ramandeep Singh Sahni as the new Chief Financial Officer (CFO) and Whole-Time Key Managerial Personnel, effective from 1st February 2025. Sahni succeeds Sreenivasan, who steps down as CFO but remains as President (Insurance and Special Projects).

With over 25 years of experience in life and general insurance, Big 4 consulting, and independently run businesses, Sahni brings a wealth of expertise to his new role. A Chartered Accountant and Certified Information Systems Auditor (CISA), Sahni previously served as CFO for Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance, showcasing his proficiency in financial management and strategic planning.

Mahindra Finance Announces CFO Appointment

Mahindra & Mahindra Financial Services has appointed Pradeep Kumar Agrawal as its new Chief Financial Officer (CFO) effective from 5th March 2025. Agrawal fills a four-month vacancy following the resignation of Vivek Karve in October 2024.

With over 28 years of experience in financial operations, Agrawal has held leadership roles at the Aditya Birla Group and Bharat Petroleum. A Chartered Financial Analyst (CFA), Chartered Accountant (CA), Company Secretary (CS), and Cost & Works Accountant (CWA), his comprehensive qualifications and extensive background in finance make him a valuable addition to Mahindra Finance’s leadership team.

Rajesh Nirwan Appointed as Director General at BCAS

The Appointments Committee of the Cabinet (ACC) has approved the appointment of Rajesh Nirwan, an IPS officer from the Rajasthan cadre, as the Director General of the Bureau of Civil Aviation Security (BCAS). Effective from the date he assumes charge, Nirwan brings extensive experience and expertise to his new role, overseeing the security of civil aviation operations across India.

The BCAS, operating under the Ministry of Civil Aviation, is responsible for ensuring the safety and security of all aspects of civil aviation, a critical function given the increasing complexities in global air travel.

Vice Admiral Rajaram Swaminathan Assumes New Role

Vice Admiral Rajaram Swaminathan, AVSM, NM, has assumed charge as the Controller of Warship Production & Acquisition on 30th January 2025. Succeeding Vice Admiral B. Sivakumar, Swaminathan brings over 37 years of service in the Indian Navy, including pivotal roles in the acquisition of the aircraft carrier Vikramaditya.

A post-graduate from IIT Kharagpur, his leadership has been instrumental in significant naval projects and operations. His appointment underscores the Ministry of Defence’s focus on enhancing naval capabilities and ensuring robust warship production and acquisition processes.

Obituary: Greg Bell, Oldest Living Olympic Gold Medalist, Passes Away

Greg Bell, the 1956 Olympic long jump gold medalist, passed away on 25th January at the age of 94. Bell was the oldest living U.S. track and field Olympic gold medalist at the time of his death. Born in Terre Haute, Indiana, Bell overcame extreme poverty to achieve athletic excellence.

His career highlights include winning three AAU national titles and setting an Olympic record at the 1956 Melbourne Olympics. Beyond athletics, Bell was also a dentist, carpenter, artist, and poet, leaving behind a rich legacy of diverse talents and contributions.

Union Budget 2025-26 Highlights

The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman on 1st February, encompasses a wide array of policy changes across agriculture, healthcare, technology, and infrastructure sectors with a substantial funding package of ₹1.5 lakh crore. Key highlights include:

Tax Reforms Introduced in Budget 2025

The Union Budget 2025-26 introduces significant tax reforms aimed at providing relief to the middle class and enhancing economic growth. The revised income tax slabs are as follows:

Additionally, the rebate for resident individuals under the new regime ensures that those earning up to ₹12 lakh do not have to pay any income tax, significantly easing the financial burden on the middle class.

“These tax reforms are expected to cost the exchequer ₹1 lakh crore in direct tax revenue and ₹2,600 crore in indirect taxes but are anticipated to boost consumption and savings, thereby stimulating economic activity,” explained the Finance Minister.

MSME Sector Receives Major Boost

The MSME sector is poised for substantial growth with the introduction of customized credit solutions and enhanced financial support. The budget introduces Customized Credit Cards with a ₹5 lakh limit for micro enterprises registered on the Udyam portal, facilitating easier access to credit. Additionally, MSME term loans up to ₹20 crore will be available, encouraging small businesses to expand and innovate.

These measures are designed to address the financial challenges faced by MSMEs, fostering a conducive environment for entrepreneurship and economic growth. The Deep Tech Fund of Funds with a ₹10,000 crore allocation supports advanced startups in AI, biotech, and space technology, further strengthening the MSME ecosystem.

Education Sector Expansion

In a significant push towards expanding education infrastructure, the Union Budget 2025-26 allocates funds for 10,000 additional medical seats and 50,000 Atal Tinkering Labs in government schools. The medical education expansion aims to create 75,000 medical seats over five years, addressing the shortage of healthcare professionals in the country.

The Atal Tinkering Labs initiative seeks to cultivate a spirit of curiosity and innovation among young minds by fostering STEM learning in schools. These investments underscore the government’s commitment to enhancing education quality and accessibility.

Nuclear Energy Mission Announced

The Union Budget places a strong emphasis on expanding India’s nuclear energy capacity through the Nuclear Energy Mission, allocating ₹20,000 crore for the research and development of Small Modular Reactors (SMRs). This initiative is a pivotal component of India’s goal to achieve 100 GW of nuclear energy by 2047, contributing to the country’s energy security and reducing dependence on fossil fuels.

The mission includes the operationalization of at least five indigenously developed SMRs by 2033, showcasing India’s advancements in nuclear technology and commitment to sustainable energy solutions.

Digital Transformation Initiatives

The budget introduces several digital transformation initiatives aimed at modernizing various sectors. BharatTradeNet (BTN) is set to revolutionize international trade by providing a seamless digital platform for trade documentation and financing. Additionally, the National Geospatial Mission seeks to modernize land records, urban planning, and infrastructure design using advanced technologies like GIS and remote sensing.

These initiatives are expected to enhance efficiency, reduce bureaucratic delays, and promote transparency in governmental and economic activities.

Healthcare Reforms and Investments

Healthcare receives substantial attention in the Union Budget 2025-26 with the introduction of 10,000 new medical seats and the establishment of 75,000 medical seats over five years. Furthermore, the budget allocates funds for Day Care Cancer Centres to be established in all district hospitals, ensuring accessible and quality cancer treatment across the country.

These measures aim to address the growing healthcare needs of India’s population, improve medical infrastructure, and enhance the availability of skilled healthcare professionals.

Infrastructure Development

Infrastructure development remains a key focus area, with the budget allocating ₹1.5 lakh crore for infrastructure projects. This includes investments in roads, railways, ports, and urban development projects. The Jal Jeevan Mission has been extended until 2028 to achieve 100% rural tap water connectivity, ensuring clean and safe drinking water for all.

Additionally, the Urban Challenge Fund of ₹1 lakh crore aims to transform cities into growth hubs, promote smart city initiatives, and enhance urban infrastructure.

Agricultural Initiatives

Agriculture is a pivotal sector addressed in the Union Budget 2025-26 with several key initiatives. The Prime Minister Dhan-Dhaanya Krishi Yojana focuses on developing 100 agricultural districts, benefiting 1.7 crore farmers by enhancing productivity, irrigation, storage, and credit access.

The Mission for Aatmanirbharta in Pulses aims to make India self-sufficient in Tur, Urad, and Masoor dal over six years, reducing import dependency and ensuring food security. Additionally, the National Mission on High-Yielding Seeds seeks to improve crop resilience and productivity through research and the introduction of climate-resilient varieties.

Financial Sector Reforms

The budget introduces significant reforms in the financial sector to enhance transparency, reduce compliance burdens, and promote financial inclusion. The FDI limit for the insurance sector has been raised from 74% to 100%, allowing full foreign investment and promoting competition and innovation within the sector.

Additionally, the Credit Enhancement Facility by NaBFID aims to support financial institutions in providing credit to underserved segments, fostering economic growth and stability.

Environmental and Renewable Energy Initiatives

Environmental sustainability and renewable energy are integral components of the Union Budget 2025-26. The budget provides incentives for the production of solar PV cells, EV batteries, electrolyzers, and wind turbines, encouraging green manufacturing and reducing carbon footprints.

Furthermore, the Power Sector Reforms allocate additional borrowing for states to upgrade electricity distribution infrastructure, enhancing energy efficiency and reliability.

Export and Trade Promotion

Promoting exports and enhancing trade relations are key objectives outlined in the budget. The introduction of BharatTradeNet (BTN) aims to streamline trade documentation and financing, facilitating smoother international transactions for MSMEs.

The Export Promotion Mission sets sectoral and ministerial targets to boost export growth, integrate Indian MSMEs into global supply chains, and ease trade barriers through the National Framework for Global Capability Centres.

Social Welfare Programs

The Union Budget 2025-26 emphasizes social welfare with initiatives aimed at supporting vulnerable populations. The Jan Vishwas Bill 2.0 seeks to decriminalize 100 provisions, easing legal burdens and promoting social justice.

Additionally, the SWAMIH Fund allocates resources for the completion of 1 lakh housing units, addressing the housing needs of low-income groups and enhancing living standards.

Technology and Innovation

Innovation and technological advancement are at the forefront of the Union Budget 2025-26. The Centre of Excellence in Artificial Intelligence for Education is allocated ₹500 crore to drive AI-driven research and applications in the education sector.

The Gyan Bharatam Mission focuses on the survey, digitization, and conservation of over 1 crore ancient manuscripts, preserving India’s rich cultural heritage through technology.

Defense and Cybersecurity

The budget outlines significant investments in defense modernization and cybersecurity. Funding is allocated for the development of next-generation weapon systems, AI-driven defense technologies, and advanced surveillance equipment, ensuring robust national security.

Additionally, the National Cybersecurity Mission Expansion aims to strengthen cybersecurity frameworks, protect critical infrastructure, and develop a skilled cybersecurity workforce.

State-Specific Allocations

Various states have received targeted allocations to address their unique developmental needs. For instance, Bihar benefits from the establishment of a Makhana Board and the construction of greenfield airports to supplement Patna and Bihta airports. Maharashtra receives investments for urban transformation projects under the Urban Challenge Fund and support for nuclear energy projects. These state-specific initiatives ensure balanced regional development and address local challenges effectively.

Fiscal and Monetary Policies

The Union Budget 2025-26 outlines a revised fiscal deficit estimate of 4.8% of GDP, signifying a disciplined approach to public spending. The budget emphasizes capital expenditure at ₹10.18 lakh crore and gross market borrowings at ₹14.82 lakh crore, balancing investment in growth sectors with fiscal prudence.

The Digitalization of Tax Frameworks aims to streamline tax compliance, reduce the compliance burden for small charitable trusts, and enhance transparency in financial transactions.

Manufacturing and Industrial Growth

The budget introduces the National Manufacturing Mission, aimed at boosting MSMEs and promoting the ‘Make in India’ initiative through policy support and incentives. The Deep Tech Fund of Funds with a ₹10,000 crore allocation supports advanced startups in AI, biotech, and space technology, fostering innovation and competitiveness in the manufacturing sector.

Education and Skill Development

Investment in education and skill development is a priority, with initiatives such as 50,000 Atal Tinkering Labs in government schools to promote STEM learning. The budget also allocates funds for National Centres of Excellence for Skilling, encouraging industry collaboration and advanced manufacturing training.

FAQs [1 February 2025 Current Affairs]

1. Why are current affairs important for competitive exams?

Current affairs provide the latest information on national and international events, which are frequently included in competitive exams. Being updated helps in scoring better and understanding real-world applications of theoretical knowledge.

2. How can I effectively prepare for daily current affairs?

Consistently reading daily current affairs from reliable sources, summarizing key events, and regularly revising and testing your knowledge through quizzes can enhance preparation.

3. What are the best resources for daily current affairs?

Top resources include newspapers like The Hindu, Indian Express, Times of India, online platforms like 99Notes, and dedicated current affairs websites offering daily updates and quizzes.

4. How much time should I dedicate to current affairs each day?

Allocating at least 1-2 hours daily to read, summarize, and revise current affairs is recommended to stay updated without feeling overwhelmed.

5. Can mobile apps help in current affairs preparation?

Yes, mobile apps offering daily updates, quizzes, and notifications can be highly beneficial. For instance, platforms like Paytm’s ‘Receive Money QR Widget’ for Android users exemplify the integration of technology in daily activities.

6. Are current affairs included in all competitive exams?

While most competitive exams include current affairs, the weightage and focus areas may vary. Exams like UPSC, SSC, Banking, and others emphasize both national and international events.

7. How can I integrate Budget-related current affairs into my study routine?

Focus on understanding the key highlights of the Union Budget, summarize the major announcements, and relate them to broader economic and social contexts. Regularly review Budget summaries and incorporate them into practice quizzes.

Key Takeaways [1 February 2025 Current Affairs]

• Stay Consistent: Regularly update your current affairs knowledge through daily readings and reviews.
• Diverse Topics: Cover a wide range of subjects including politics, economics, technology, and international relations to ensure comprehensive preparation.
• Use Reliable Sources: Rely on reputable sources like official government releases, leading newspapers, and trusted online platforms.
• Active Revision: Engage in active revision techniques, such as summarizing key points and taking quizzes, to reinforce your learning.
• Integrate Technology: Utilize apps and digital tools to streamline your current affairs study process and make it more interactive.
• Understand Budget Impacts: Grasp the implications of Budget announcements on various sectors to answer related exam questions effectively.

Call to Action

Embrace the habit of staying updated with daily current affairs to enhance your competitive exam preparation. Make use of the resources and strategies outlined above, and commit to a disciplined study routine. For more detailed insights and practice quizzes, explore our Daily Current Affairs PDF and Weekly Current Affairs News resources. Remember, consistent effort today paves the way for success tomorrow!