What is the total value of Indian funds in Swiss banks in 2024?

As per the Swiss National Bank (SNB), Indian funds in Swiss banks reached CHF 3.5 billion in 2024, approximately ₹37,600 crore.

Daily Current Affairs 21st June 2025, Important News Headlines (Daily GK Update) |

National News

UPSC Launches ‘Pratibha Setu’ to Connect Top Candidates with Private Employers

The Union Public Service Commission (UPSC) has launched “Pratibha Setu”, a revamped platform that allows employers to access details of non-recommended candidates who cleared all stages of UPSC exams but were not on the final merit list.
This move provides career alternatives to top-tier aspirants and strengthens the interface between
government-selected talent and private sector demand. With secure login access for verified recruiters and opt-in participation from candidates, Pratibha Setu represents a forward-looking employment reform initiative.

India Moves to ‘One Nation, One Time’: IST to Become Mandatory

The Government of India is set to notify the Legal Metrology (Indian Standard Time) Rules, 2025, mandating the use of Indian Standard Time (IST) across all legal, commercial, and digital activities.
This initiative, backed by the Department of Consumer Affairs, CSIR-NPL, and ISRO, aims to enhance digital security, traceability, and operational efficiency by eliminating reliance on foreign time sources.
It includes setting up five Regional Reference Standard Laboratories (RRSLs) with atomic clocks and secure synchronization protocols.
The move is a major leap towards One Nation, One Time, securing national digital infrastructure under a trusted, standardized ecosystem.

MDNIY Launches ‘Yoga Bandhan’ to Strengthen Global Unity Before IDY 2025

In a major step towards uniting the world through the ancient practice of yoga, the Morarji Desai National Institute of Yoga (MDNIY) launched ‘Yoga Bandhan’, a flagship international program under the Ministry of Ayush.
As a Signature Event leading up to the International Day of Yoga (IDY) 2025, the initiative brought together yoga ambassadors from 15 countries to strengthen global partnerships in yoga education, diplomacy, and wellness, reflecting India’s continued leadership in promoting cultural unity and holistic health worldwide.

PM Modi Launches ₹18,600 Crore Projects in Odisha, Unveils Vision 2047 Plan

During his visit to Bhubaneswar on June 20, 2025, Prime Minister Narendra Modi inaugurated ₹18,600 crore worth of development projects, flagged off new rail and bus services, and launched the Odisha Vision Document, aiming for a $1.5 trillion economy by 2047.
Emphasizing cultural revival, women empowerment, and infrastructure growth, the PM also rolled out the Baraputra Aitihya Gram Yojana and felicitated Lakhpati Didis under the SHG initiative.
The event signaled the government’s commitment to holistic, inclusive progress in Odisha.

Centre Launches Gender Budgeting Knowledge Hub to Empower Inclusive Governance

The Ministry of Women and Child Development, under Annpurna Devi, launched the Gender Budgeting Knowledge Hub on June 20, 2025, during a national consultation in New Delhi.
The platform will act as a digital repository for gender budgeting resources, aiding ministries, states, and policymakers in integrating gender equality in planning and budgeting.
The Centre’s allocation for FY 2025–26 stands at ₹4.49 lakh crore, a 4.5x increase from 2014–15. The consultation reviewed 20 years of gender budgeting in India and proposed training manuals and sector-specific strategies to further strengthen inclusive fiscal governance.

Yoga Sangam 2025: India Gears Up for a Historic International Day of Yoga

Yoga Sangam 2025, an initiative by the Ministry of Ayush, marks a transformative celebration of the 11th International Day of Yoga (IDY) with the theme “Unity Through Breath”.
This nationwide event will mobilize participation at over one lakh locations, including schools, offices, villages, and metros, symbolizing a collective movement for health and harmony.
Emphasizing synchronized breathing and community connection, it redefines yoga as both a wellness practice and a national unifier.

State News

Uttar Pradesh Tops Digital Procurement with ₹65,227 Cr Orders on GeM

Uttar Pradesh has topped the nation in digital public procurement, registering a cumulative ₹65,227.68 crore worth of orders on the Government e-Marketplace (GeM) between FY 2020 and FY 2025.
In FY 2024–25 alone, the state processed 72 lakh orders worth ₹5.43 lakh crore, showcasing its commitment to e-governance, transparency, and efficient public service delivery.
The November 2024 reforms, aligning with GFR 2017, enabled 100% GeM adoption, setting an example for other states under the Digital India initiative.

Karnataka Hikes Housing Quota for Minorities from 10% to 15%

The Karnataka Cabinet has approved a 15% housing reservation for religious minorities, increasing it from the earlier 10%, as part of state housing schemes.
Chief Minister Siddaramaiah and DCM DK Shivakumar defended the move as a social welfare measure aimed at addressing minority housing shortages and reducing the number of vacant homes.
However, the BJP criticized the decision as vote-bank politics and termed it unconstitutional.
The Cabinet also made decisions regarding mango farmer compensation, scheduling a cabinet meet at Nandi Hills, and declaring Apsarakonda-Mughali a new marine wildlife sanctuary.

Banking News

PNB Supports Martyrs’ Families with ₹17 Crore Aid Under Rakshak Plus Scheme

Punjab National Bank (PNB) has disbursed ₹17.02 crore to the families of 26 defence and paramilitary martyrs under its Rakshak Plus Scheme, as of June 11, 2025.
The scheme, designed for uniformed personnel, provides comprehensive insurance benefits, including ₹1 crore accidental cover and ₹1.5 crore air accident cover, along with support for partial disabilities.
PNB’s initiative aims to honour the sacrifices of Indian soldiers by ensuring their families are not left without support. It reaffirms the bank’s role in nation-building, standing in solidarity with the armed forces.

Indian Funds in Swiss Banks Triple in 2024, Driven by Financial Institutions

India’s financial presence in Swiss banks has sharply increased in 2024, with total holdings reaching CHF 3.5 billion (₹37,600 crore) — a threefold jump over the previous year.
The surge is largely driven by institutional investments, while personal deposits remain a minor share.
Despite regular tax data exchange between India and Switzerland, the issue of black money remains under scrutiny.
India also improved its global rank among foreign clients of Swiss banks, moving from 67th to 48th in just one year.

RBI Revises Priority Sector Lending Norms for Small Finance Banks from FY 2025-26

The Reserve Bank of India (RBI) has revised Priority Sector Lending (PSL) norms for Small Finance Banks (SFBs), effective from FY 2025–26, reducing the overall PSL target from 75% to 60% of Adjusted Net Bank Credit (ANBC) or Credit Equivalent of Off-Balance Sheet Exposures (CEOBE), whichever is higher.
Of this, 40% must still go to specified PSL sub-sectors (e.g., agriculture, MSMEs, education), while the remaining 20% can be flexibly allocated to any PSL sub-sectors where the SFB has a competitive advantage.
This move, under Section 22(1) of the Banking Regulation Act, 1949, aims to enhance credit efficiency, reduce risk, and maintain focus on financial inclusion, while offering SFBs more strategic lending flexibility.

India’s House Price Index Rises 3.1% in Q4 FY25: RBI

RBI Revises Priority Sector Lending Norms for Small Finance Banks from FY 2025-26

The Reserve Bank of India (RBI) reported a 3.1% year-on-year rise in the All-India House Price Index (HPI) for Q4 FY2024–25, matching the previous quarter’s growth but slightly lower than 4.1% in the same period last year.
Based on property registration data from 10 major cities, the index reflects authentic urban housing trends. Quarter-on-quarter, national house prices increased by 0.9%, with Bengaluru, Jaipur, Kolkata, and Chennai leading due to strong demand and urban development.
Kolkata saw the highest annual rise at 8.8%, while Kochi was the only city with a price decline (-2.3%).

RBI Imposes ₹29.6 Lakh Penalty on Fino Payments Bank for Regulatory Lapses

RBI Imposes ₹29.6 Lakh Penalty on Fino Payments Bank for Regulatory Lapses

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹29.6 lakh on Fino Payments Bank Limited for non-compliance with the Licensing Guidelines for Payments Banks.
The violation was uncovered during the Statutory Inspection for Supervisory Evaluation (ISE 2024), assessing operations as of March 31, 2024. The breach involved exceeding the end-of-day balance limits in customer accounts, which is against the RBI’s prescribed norms for Payments Banks designed to limit systemic risk
This action underscores the RBI’s commitment to regulatory enforcement and financial discipline.

Economy News

GST Evasion Detection Hits ₹2.23 Trillion in FY25

At the CBIC Conclave 2025, India recorded its highest-ever GST evasion figure of ₹2.23 trillion for FY25, a 10% rise from the previous year.
FM Nirmala Sitharaman called for immediate structural improvements including speedier probes, simplified registrations, and robust taxpayer awareness.
With improvements in audit coverage, grievance redressal, and refund efficiency, CBIC is pushing towards a more tech-driven and responsive indirect tax system.

India’s Core Sector Growth Slows to 0.7% in May 2025: 9-Month Low

India’s core sector growth plunged to 0.7% in May 2025, a nine-month low, dragged down by a sharp fall in output from the crude oil, gas, fertiliser, and electricity sectors.
The Index of Eight Core Industries, which forms a vital component of the Index of Industrial Production (IIP), reflected two consecutive months of weakening momentum.
While the cement (+9.2%) and steel (+6.7%) sectors showed strength, the overall slowdown highlights the need for targeted policy support in energy and infrastructure.

India Ranks 13th Globally in Investment Curiosity

India has secured the 13th spot globally in terms of online investment curiosity, according to a recent study by BrokerChooser.
The country logged 2,629 monthly searches per million people, showing strong interest in stocks, followed by crypto and forex.
While India still trails nations like Australia, Singapore, and Kenya, the findings reflect a rapid shift in investment behavior, especially among tech-savvy youth. The rise of mobile trading apps, SIPs, and digital financial influencers is redefining how Indians engage with the market.
The report emphasizes the need for greater financial literacy and confidence-building to harness the full potential of this growing interest.

Business News

NPCI Launches New API to Streamline PAN-Bank Account Validation on Income Tax Portal

NPCI’s New Real-Time PAN-Bank Account Validation API aims to enhance accuracy and efficiency in tax-related processes by enabling instant verification of PAN, bank account status, and account holder identity via a secure API interface.
Integrated with Core Banking Systems (CBS), this facility ensures real-time validation on the Income Tax e-filing portal, reducing delays and manual errors.
Though targeted at government departments, taxpayers benefit from faster PAN-bank linking, improved refund processing, and greater data security, marking a major step toward streamlined digital governance.

Appointments News

Professor Suman Chakraborty Appointed Director of IIT Kharagpur

Professor Suman Chakraborty has been appointed as the Director of IIT Kharagpur, effective June 19, 2025. A distinguished academic and J.C. Bose National Fellow, he is celebrated for pioneering affordable diagnostic technologies like Covirap and HemoQR.
With a career rooted in innovation and global academic engagement, Prof. Chakraborty’s directorship is set to enhance IIT Kharagpur’s research excellence, technological outreach, and global reputation.

Awards News

Indian Animated Film Desi Oon Wins Jury Award at Annecy 2025

Indian animation film Desi Oon, directed by Suresh Eriyat, won the Jury Prize at the Annecy International Animation Festival 2025, one of the most respected awards in global animation.
Rooted in Indian culture, the film also won at the WAVES Awards of Excellence, was a standout in the Create in India Challenge, and earned a place in MoMA’s archive.
It has been shortlisted for Cannes Lions, recognized at the AICP Show, and earned accolades like the D&AD Wooden Pencil and Good Ads Matter Golds.
Government leaders and animation bodies hailed the film as a milestone in India’s journey to becoming a global AVGC-XR powerhouse.

Sports News

Neeraj Chopra Wins Paris Diamond League 2025 with Massive 88.16m Throw

Neeraj Chopra clinched the 2025 Paris Diamond League title with a phenomenal 88.16m throw, defeating strong rivals like Julian Weber and Luiz Da Silva.
This marked his first Diamond League win in two years and a triumphant return to the Paris leg after eight years. The win strengthens his position in the international circuit and builds momentum for upcoming events like the Zurich finals.

Science & Technology News

US FDA Approves Breakthrough HIV Prevention Shot Taken Twice a Year

The US FDA has approved Lenacapavir (Yeztugo), a twice-yearly injectable drug for HIV prevention, showing 99.9% efficacy in Phase 3 trials.
This breakthrough offers a low-maintenance, long-acting alternative to current PrEP options, with potential to boost global compliance and reduce stigma.
Though not widely used in India due to high costs and absence in national HIV programmes, experts say the drug could transform global public health outcomes if supported by WHO and donor agencies.

HAL Wins ₹511 Crore Deal to Manufacture and Commercialize SSLV Launches

In a move set to accelerate India’s entry into the commercial space launch market, HAL has secured a ₹511 crore deal to manufacture and operate SSLVs under ISRO’s technology transfer programme.
The process will include two years of support and training, after which HAL will independently handle SSLV production.
This milestone reflects India’s strategic intent to empower its public sector units in space commercialisation, foster private collaboration, and position the country as a global launch service provider for small satellites.

Obituaries News

Padma Shri Awardee ‘Aranya Rishi’ Maruti Chitampalli Passes Away at 93

Maruti Chitampalli, the 93-year-old Padma Shri awardee and legendary environmentalist, passed away in Solapur due to age-related ailments.
Fondly called ‘Aranya Rishi’, he spent 36 years in the Forest Department, travelling over 5 lakh kilometres to document wildlife, engage with tribal communities, and author iconic ecological works like ‘Pakshikosha’, ‘Pashukosha’, and ‘Matsyakosha’.
Fluent in 13 languages, Chitampalli helped bridge traditional ecological knowledge and formal science.
His death is being mourned widely by political leaders and the environmental community as a major loss to India’s ecological and literary heritage.