Daily Current Affairs 14th August 2025, Important News Headlines (Daily GK Update)

National News

Union Minister Launches ‘Bharat Steel’ Logo, Brochure & Website

• Union Minister of Steel and Heavy Industries, H.D. Kumaraswamy, has launched the logo, brochure, and website of ‘Bharat Steel’, the Ministry’s flagship international steel conference-cum-exhibition, at Vigyan Bhawan, New Delhi.
• Scheduled for April 16–17, 2026, at Bharat Mandapam, the event aims to promote sustainable steelmaking, attract global stakeholders, and position India as a steel innovation and investment hub.
• It will feature sectoral roundtables, CEOs’ conferences, technology showcases, and buyer-seller meets, uniting the primary and secondary steel sectors.

India Achieves 100 GW Solar PV Manufacturing Milestone Under ALMM

• India has reached a historic milestone of 100 GW solar PV module manufacturing capacity under the Approved List of Models and Manufacturers (ALMM), a massive increase from just 2.3 GW in 2014.
• Union Minister Pralhad Joshi credited this growth to the leadership of PM Narendra Modi and initiatives like the Production Linked Incentive (PLI) Scheme, which have driven a strong, self-reliant solar manufacturing ecosystem aligned with the Atmanirbhar Bharat vision and the target of 500 GW non-fossil capacity by 2030.

International News

India and Singapore Reinforce Strategic Partnership at 3rd Ministerial Roundtable in New Delhi

• India and Singapore held the 3rd India-Singapore Ministerial Roundtable (ISMR) in New Delhi, led by senior ministers including Finance Minister Nirmala Sitharaman and Singapore’s Deputy PM Gan Kim Yong, to deepen their Comprehensive Strategic Partnership.
• The discussions focused on six key pillars: Digitalization, Skill Development, Sustainability, Healthcare, Advanced Manufacturing, and Connectivity.
• Emphasizing synergy between government and industry, the Roundtable also engaged with the India-Singapore Business Roundtable (ISBR) to explore next-phase opportunities in trade, investment, and regional cooperation in line with India’s Act East and Indo-Pacific Vision.

US National Debt Hits Record $37 Trillion Amid Rising Government Spending

• The U.S. national debt has surged past a historic $37 trillion, reaching this milestone years earlier than expected, driven by pandemic-related borrowing and recent government spending.
• The Treasury Department’s latest report highlights the growing fiscal burden on taxpayers.
• Earlier this year, former President Donald Trump signed a Republican tax cut and spending bill projected to add $4.1 trillion to the debt over the next decade, according to the Congressional Budget Office.

Banking News

RBI Greenlights Investment of SRVA Surplus Balances in Government Securities

• The Reserve Bank of India (RBI) has allowed foreign entities holding Special Rupee Vostro Accounts (SRVAs) to invest their surplus rupee balances in central government securities, including treasury bills.
• This move, part of the updated Master Direction on Non-resident Investment in Debt Instruments, enables unused rupee funds from international trade settlements to be directed into secure Indian debt instruments, enhancing investment flexibility for non-residents.

Government Appoints Merchant Bankers & Legal Advisors for Minority Stake Sales in LIC and PSBs

• The Department of Investment and Public Asset Management (DIPAM) has appointed merchant bankers and legal advisers for three years to manage minority stake sales in LIC, public sector banks (PSBs), and insurance firms at suitable times.
• This move supports the government’s aim to meet SEBI’s minimum public shareholding (MPS) norm of 10%, especially for LIC, which currently has only 3.5% public float.
• The Centre may sell small stakes in LIC and up to five PSBs, and plans to make LIC eligible for benchmark indices by increasing its public float, boosting long-term investment potential.

PSU Banks Write Off Rs 5.82 Lakh Crore in Bad Loans (FY21–FY25) Amid Ongoing Recovery Efforts

• Public sector banks (PSBs) have written off over ₹5.82 lakh crore in bad loans over the past five financial years, with ₹91,260 crore written off in 2024–25 alone, according to Minister of State for Finance Pankaj Chaudhary.
• Despite these write-offs, around ₹1.65 lakh crore has been recovered, amounting to only 28% of the total.
• These write-offs, done as per RBI guidelines, do not waive borrower liabilities, and recovery efforts through legal channels like DRTs, civil courts, and NCLT continue actively.

Bank of Baroda Introduces Global UPI Services via bob इ Pay App

• Bank of Baroda has launched global UPI features on its bob इ Pay app, enabling cross-border payments for Indian and NRI customers.
• Key features include UPI Global Acceptance in eight countries (Mauritius, Singapore, UAE, USA, France, Sri Lanka, Nepal, Bhutan), real-time inward remittances from Singapore, and UPI access for NRIs with NRE/NRO accounts.
• The app supports seamless international digital transactions with a limit of ₹1,00,000 per transaction, enhancing convenience and flexibility for users worldwide.

ICICI Bank Reduces Minimum Balance Requirement After Public Outrage

• ICICI Bank has reduced its minimum average balance (MAB) requirement for new savings accounts in urban areas from Rs 50,000 to Rs 15,000 following strong customer backlash.
• In semi-urban areas, the MAB was cut from Rs 25,000 to Rs 7,500, while for existing customers in rural and semi-urban regions, it remains Rs 5,000.
• This revision comes shortly after ICICI initially raised the MAB sharply, contrasting with other banks like SBI, which scrapped minimum balance rules, and many others maintaining lower thresholds between Rs 2,000 and Rs 10,000.

Economy News

India Poised to Become the World’s Most Sought-After Consumer Market: Morgan Stanley

• India is poised to become the world’s most sought-after consumer market, according to Morgan Stanley, driven by a major energy transition, rising credit-to-GDP ratio, and increased manufacturing share in GDP.
• Key factors include lower oil intensity, growing exports (especially services), fiscal consolidation, and declining inflation volatility, all contributing to macro stability, lower real interest rates, and a shift in household investments toward equities.
• Catalysts for further growth include a potential US trade deal, capex boosts, loan acceleration, and improving trade with China.

Business News

JioFinance App’s New Tax Filing Module: Affordable, Smart, and TaxBuddy-Powered

• Jio Financial Services (JFSL) has launched a paid tax planning and filing feature on its JioFinance app, developed in partnership with TaxBuddy.
• The module offers both self-service (starting at ₹24) and expert-assisted (from ₹999) tax filing options, aiming to simplify ITR filing and improve deduction accuracy.
• Key tools include a tax planner for projecting and reducing future liabilities, regime comparisons, and guidance on deductions under sections like 80C and 80D, helping users save money and avoid dependence on costly intermediaries.

Agreements News

GIFT City and GTU Collaborate to Advance IFSC Education and Fintech Innovation

• GIFT City and Gujarat Technological University (GTU) have partnered to enhance IFSC education, fintech innovation, and research by developing specialized courses and establishing a centre of excellence.
• This collaboration aims to create a skilled workforce, boost financial technology advancements, and strengthen India’s position in the global financial ecosystem, reinforcing Gujarat’s role as a key financial hub.

Appointments News

Rajiv Pratap Rudy Retains Post CCI General Secretary of Constitution Club of India

• Rajiv Pratap Rudy retained his post as General Secretary (Administration) of the Constitution Club of India (CCI), defeating fellow BJP leader Sanjeev Kumar Balyan by 102 votes in a fiercely contested “BJP vs BJP” battle influenced by caste and regional dynamics.
• Rudy secured broad cross-party support, including from opposition parties, and has held the position for 25 years, underscoring his strong influence within the Club, a key platform for parliamentarians near Parliament House.

Ravi Narayanan Appointed CEO of SMFG India Credit Amid Strategic Leadership Overhaul

• Ravi Narayanan’s appointment as CEO of SMFG India Credit is a strategic milestone, marking the first major leadership change post-SMFG’s full acquisition of Fullerton India Credit.
• As an outsider to Fullerton, his entry symbolizes a new era of SMFG-led direction in India’s NBFC landscape.

Defense News

Gallantry Awards for Operation Sindoor to be Announced on 79th Independence Day

• Gallantry awards will be announced on Independence Day for defence personnel who showed exceptional courage during Operation Sindoor, marking the operation’s success as a key highlight of this year’s celebrations themed around the “continuing rise of a prosperous, secure and bold Naya Bharat.”
• Defence awardees will be seated at the Red Fort during Prime Minister Narendra Modi’s address, which will spotlight the operation’s achievements.

Sports News

India Officially Bids to Host 2030 Commonwealth Games: IOA Approval Confirmed

• The Indian Olympic Association (IOA) has officially approved India’s bid to host the 2030 Commonwealth Games during its Special General Meeting in Delhi. India will submit its final proposal before the August 31 deadline.
• If successful, this will mark 20 years since India last hosted the Games in New Delhi in 2010, the country’s first and only time hosting the prestigious event.

Namrata Batra Makes History, Reaches Wushu 52 kg Final at 2025 World Games

• India’s Namrata Batra has made history by reaching the women’s 52 kg Wushu final at the 2025 World Games in Chengdu, China.
• By defeating Philippines’ Krizan Faith Collado 2-0, she secured India’s first-ever World Games medal in Wushu, guaranteeing at least a silver medal.
• Namrata will now face Mengyue Chen of China in the final on Tuesday, battling for gold. Additionally, Rishabh Yadav earned India’s first individual medal at the Games with a bronze in men’s compound archery.

Obituaries News

Vece Paes, Olympic Hockey Medallist and Sports Administrator, Passes Away at 80

Current Affairs Today | 14 August Current Affairs 2025 | Daily Current Affairs By Ashish Gautam