National News
Centre Notifies Guidelines to Boost Electric Car Manufacturing in India
- The Government of India has launched the SPMEPCI scheme to accelerate the growth of the domestic electric vehicle industry by offering import duty concessions and supporting local manufacturing.
- By allowing brownfield investments and capping imports with rollover provisions, the government aims to attract major global players and bolster India’s clean mobility agenda.
- However, Union Minister H.D. Kumaraswamy confirmed that Tesla is not planning to manufacture cars in India, underlining the challenge of securing foreign investment in the EV space.
- The scheme reflects India’s commitment to becoming a global EV hub while balancing domestic industry interests.
Retired Govt NPS Subscribers Eligible for UPS Benefits by June 30, 2025
- The Government of India has permitted Central Government employees who retired under the National Pension System (NPS) with a minimum of 10 years of service to claim additional pension benefits under the Unified Pension Scheme (UPS).
- The scheme, introduced in January 2025, offers a 50% assured pension, a lump sum payout, and monthly top-ups to bridge the gap between UPS and NPS returns.
- The last date to apply is June 30, 2025. This move benefits nearly 23 lakh employees and enhances social security for NPS retirees.
India Launches DHRUVA Policy for Digital Address Infrastructure
- The DHRUVA policy, launched by India’s Department of Posts, introduces a nationwide, geo-coded digital address system designed to modernize how address data is used, stored, and shared.
- Recognising address information as foundational public infrastructure, DHRUVA ensures secure, standardised, and consent-based address management.
- It leverages the Address-as-a-Service (AaaS) model to benefit sectors ranging from governance to logistics.
- By integrating this digital approach, India strengthens its digital public infrastructure to support inclusive growth, user privacy, and service innovation.
State News
Telangana Notifies Kumram Bheem Conservation Reserve to Boost Tiger Corridor
- The Telangana government has declared the Kumram Bheem Conservation Reserve to legally protect a tiger corridor linking Kawal Tiger Reserve with major sanctuaries in Maharashtra and Chhattisgarh.
- Spread over 1,493 sq. km, it supports a range of carnivores, diverse prey species, and over 240 bird species.
- The area has recorded 45+ unique tigers over a decade. The notification was issued under Section 36(A) of the Wildlife Protection Act, 1972, and a multi-stakeholder management committee will oversee its protection.
International News
Annalena Baerbock Elected President of 80th UN General Assembly Session
- Annalena Baerbock was elected President of the 80th United Nations General Assembly on June 2, 2025, securing 167 votes.
- A former German Foreign Minister, Baerbock is the first woman from the Western European group and the fifth overall woman to hold the prestigious post.
- She assumes leadership at a time of global turbulence, pledging to act as an “honest broker” and focus on UN efficiency, the 2030 Agenda, and inclusivity.
- Her presidency aligns with efforts to uphold the UNGA’s role in crises where the Security Council remains deadlocked, empowered further by the 2022 Veto Initiative.
Germany Becomes the World’s Top Creditor, Overtaking Japan After 34 Years
- In 2024, Germany surpassed Japan to become the world’s largest creditor, ending Japan’s 34-year dominance.
- Despite Japan reaching record external assets, Germany’s trade surplus, stronger euro, and investment strategies gave it the edge.
- Japan’s ageing population, cautious foreign investments, and a weak yen contributed to its fall. However, wage growth, the NISA scheme, and slow rate hikes might help Japan regain ground in the future.
Banking News
RBI to Strengthen Bank Liquidity Stress Tests with New Cash Flow Analysis Framework
- The RBI’s enhanced liquidity stress testing framework marks a significant step toward improving the financial system’s capacity to absorb shocks.
- By including NBFCs, UCBs, and even its own portfolio in stress test models, and integrating climate transition risk, the central bank aims to foster a resilient, transparent, and future-ready financial ecosystem.
- The introduction of a Growth-at-Risk model will further align monetary policy with potential macroeconomic vulnerabilities.
RBI to Review Monetary Policy Framework Amid Changing Inflation Dynamics
- The Reserve Bank of India is set to review its inflation targeting framework and reassess the required liquidity levels in FY26.
- With growing concerns over the volatility of food prices, discussions are gaining momentum around using core inflation as a more stable benchmark for monetary policy.
- Simultaneously, the RBI plans to fine-tune liquidity management to maintain a surplus of around 1% of NDTL, ensuring smoother policy transmission.
- The shift underlines the central bank’s commitment to financial stability, price control, and growth facilitation through a robust policy framework.
RBI Grants In-Principle Approval to PayPal and Worldline for Cross-Border Payment Aggregation
- The Reserve Bank of India (RBI) has granted in-principle approval to PayPal Payments and Worldline ePayments India to operate as cross-border payment aggregators (PAs).
- This move follows an RBI directive from October 2024 requiring such firms to secure independent authorization instead of operating under the old OPGSP model.
- The step is expected to significantly benefit India’s freelancers, SMEs, and exporters, strengthening India’s digital economy and its participation in global trade.
Canara Bank Removes Minimum Balance Rule for All SB Accounts
- Canara Bank has removed the Average Monthly Balance requirement for all savings bank accounts, including salary and NRI types, eliminating related penalties. This step, aimed at financial inclusion, will benefit a wide range of customers.
- Established in 1906, Canara Bank now has over 9,800 branches, including a strong rural footprint and global presence.
Economy News
SBI Projects Household Net Financial Savings to Reach ₹22 Lakh Crore in FY25
- The SBI Economic Research Report forecasts a rise in household net financial savings to ₹22 lakh crore in FY25, making up 6.5% of GNDI—a sign of economic strengthening.
- It also highlights the RBI’s record surplus transfer of ₹2.69 lakh crore and the resilience of India’s financial system despite challenges like rising fraud amounts.
- The report paints a picture of robust financial fundamentals and transformative shifts in savings, governance, and institutional efficiency.
RBI’s Balance Sheet Grows 8.2% to ₹76.25 Lakh Crore in FY25: Key Highlights
- In its Annual Report for 2024–25, the RBI announced a substantial 8.2% increase in its balance sheet, touching ₹76.25 lakh crore.
- A record surplus transfer of ₹2.68 lakh crore to the central government was driven by 33% growth in forex gains, 52% increase in gold reserves, and a jump in e-rupee circulation.
- The RBI expects macroeconomic stability to persist, despite external geopolitical and trade policy challenges. Meanwhile, currency printing costs rose by 25% and counterfeit detection trends showed a rise in ₹500 and ₹200 notes.
RBI Update: Only 1.74% of ₹2,000 Notes Remain in Circulation
- The Reserve Bank of India (RBI) has successfully facilitated the withdrawal of ₹2,000 notes, with 98.26% returned by May 31, 2025.
- Introduced during the 2016 demonetisation, these high-value notes are being phased out under the Clean Note Policy due to low usage and aging currency stock. The notes can still be exchanged or deposited through RBI offices and India Post.
- This step is seen as a major move towards efficient currency management and reducing unaccounted cash holdings.
Appointments News
Deutsche Bank Appoints Stefan Schaffer as CEO of India GCC
- Deutsche Bank has appointed Stefan Schaffer as the CEO of Deutsche India’s Global Capability Centre (GCC), alongside roles as Global CIO for Corporate Functions and Head of Global Technology Centres.
- This appointment reinforces Deutsche Bank’s commitment to technological innovation, standardisation, and its India operations, which currently support global functions across finance, technology, risk, and operations with a 20,000-strong workforce.
- Schaffer’s leadership experience in Bucharest and shared applications underscores the bank’s drive toward a digitally unified global enterprise.
Sports News
Glenn Maxwell Bids Farewell to ODI Cricket After 13-Year Career
- Glenn Maxwell, one of Australia’s most explosive ODI batters, has announced his retirement from One Day Internationals after the 2025 Champions Trophy.
- The 36-year-old, known for his unmatched strike rate of 126.70, cited fitness challenges, team responsibilities, and future planning for younger players as his main reasons.
- Maxwell, a two-time ODI World Cup winner, will continue to represent Australia in T20s. His exit marks the end of a power-hitting era in Australian cricket.
Heinrich Klaasen Announces Retirement from International Cricket
- Heinrich Klaasen, a seasoned wicketkeeper-batter for South Africa, has retired from international cricket, concluding a 7-year stint that saw him excel in both ODIs and T20Is.
- Klaasen made his decision following the Champions Trophy 2025, where South Africa exited in the semifinals. Renowned for his aggressive batting, he finishes with over 3000 runs in white-ball formats, including a career-best 174 vs Australia.
- The 33-year-old cited personal priorities and gratitude for his international journey, earning tributes from Cricket South Africa for his contributions as a match-winner.
Important Days News
World Bicycle Day 2025: Honoring the Humble Two-Wheeler
- World Bicycle Day 2025, celebrated globally on June 3, highlights the bicycle as a sustainable, accessible, and health-promoting mode of transportation.
- Initiated in 2018 after the efforts of Prof. Leszek Sibilski, the day draws attention to both the personal and societal benefits of cycling.
- From reducing pollution and improving health to supporting low-income groups, cycling plays a key role in addressing today’s global challenges. As cities face rising pollution and sedentary lifestyles, bicycles offer a simple yet powerful solution for a better future.
Obituaries News
Étienne-Émile Baulieu, Pioneer of the Abortion Pill, Passes Away at 98
- Étienne-Émile Baulieu, a French biochemist and pioneer of the abortion pill RU-486 (mifepristone), passed away at 98.
- Known for his work on steroid hormones like DHEA and progesterone, Baulieu also championed reproductive rights and later focused on aging research.
- Despite controversy, his invention enabled safe, non-surgical abortions and influenced global health policy, earning him recognition as a scientific visionary and humanitarian.
Tamil Director Vikram Sugumaran Passes Away at 47
- Tamil filmmaker Vikram Sugumaran died at age 47 due to a cardiac arrest while traveling from Madurai to Chennai.
- Known for directing Madha Yaanai Koottam and contributing to Aadukalam, he had recently completed Raavana Kottam and was working on Therum Porum.
- He began his career under Balu Mahendra and was admired for his realistic rural dramas. His death has triggered an outpouring of grief in the Tamil film industry.
Miscellaneous News
Elon Musk Launches XChat: A Bold Challenge to WhatsApp and Telegram
- Elon Musk’s X has introduced XChat, a secure, cross-platform messaging app currently in beta for paid subscribers.
- Equipped with Bitcoin-like encryption, disappearing messages, and audio/video calling, the app represents Musk’s push to rival platforms like WhatsApp, Telegram, and WeChat.
- It reflects his broader vision to turn X into a super app with integrated services, potentially including AI-powered tools like Grok AI in the future.
Current Affairs Today | 3 June Current Affairs 2025 | Daily Current Affairs By Ashish Gautam
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