To mark the International Year of Cooperatives, the Unique Identification Authority of India (UIDAI) has rolled out a new framework to onboard Cooperative Banks and enable them to deliver Aadhaar-based authentication services, giving a strong push to last-mile banking and digital inclusion.
The framework has been developed in close consultation with the Ministry of Cooperation, NABARD, NPCI and cooperative banks. It will cover all 34 State Cooperative Banks (SCBs) and 352 District Central Cooperative Banks (DCCBs) across the country.
Under the new system, the process of adopting Aadhaar services has been made simpler and cost-effective.
Only the State Cooperative Banks will be registered with UIDAI as Authentication User Agencies (AUA) and eKYC User Agencies (KUA). The DCCBs can seamlessly use the Aadhaar authentication application and IT infrastructure of their respective SCBs. This eliminates the need for DCCBs to develop or maintain separate IT systems, saving costs and ensuring smoother operations.
Additionally, the framework empowers cooperative banks to extend services like the Aadhaar Enabled Payment System (AePS) and the Aadhaar Payment Bridge, further strengthening digital transactions and advancing financial inclusion in the cooperative sector.
The Union Cabinet approved the continuation of the universal supply of fortified rice under all government schemes until December 2028, with 100% funding (Rs 17,082 Cr) by the Government of India.
As per Department of Food and Public Distribution, the Anemia Mukt Bharat [AMB] initiative was launched in 2018 by Ministry of Health & Family Welfare emphasizing fortified foods. A pilot program for rice fortification began in 2019, targeting the significant portion of the population that consumes rice.
The Monsoon Session, 2025 of Parliament which commenced on Monday, the 21st of July, 2025 has been adjourned sine die on the 21st of August, 2025. The Session provided 21 sittings spreading over 32 days.
During the Session, 14 Bills were introduced in Lok Sabha. 12 Bills were passed by Lok Sabha and 15 Bills were passed by Rajya Sabha and a total of 15 Bills were passed by both the Houses of Parliament. Also, one Bill was withdrawn in Lok Sabha.
India's economic growth is expected to be lower at 6.3 per cent this fiscal compared to the RBI's projection of 6.5 per cent, a SBI Research Report said.
The report pegged the first quarter GDP estimate at around 6.8-7 per cent, mainly due to muted private capex.
India's economy is likely to grow at 6.3-6.8 per cent in 2025-26 on the back of strong macroeconomic fundamentals, though strategic and prudent policy management will be required to navigate global headwinds, as per the latest Economic Survey.
The country witnessed a muted growth at 6.5 per cent in 2024-25 (April 2024 to March 2025), down from 9.2 per cent in the PY.
Sharing the quarterly growth estimates, the report said the Indian economy is expected to grow at 6.5 per cent in the second quarter and at a lower rate of 6.3 per cent in the next quarter.
In the fourth quarter of the current financial year, the GDP growth will be lowest at 6.1 per cent, it added.
The Reserve Bank of India (RBI) has proposed to expand the ambit of capital charge applicable to banks for counterparty credit risks (CCR) to cover derivatives in equity, precious metals, except gold and other commodities. It has also specified the credit conversion factor to make capital provision for dealing with such derivatives.
At present, norms about capital charge for CCR deal with interest rate contracts, exchange rate contracts and derivatives.
The revision pertaining to CCR is proposed to largely align with the Basel Committee on Banking Supervision (BCBS) guidelines, reflecting the development and depth of the respective market segments. The norms were last revised in August 2008.
The RBI said that banks acting as clearing members of stock exchanges, recognised by Securities and Exchange Board of India (Sebi), in the equity derivatives and commodity derivatives segments are required to maintain capital charge for CCR.
The Employees’ State Insurance Corporation (ESIC) has said that Aadhaar authentication is not mandatory for workers to avail of benefits under the Employees’ State Insurance (ESI) scheme. A notification by the Labour Ministry said no beneficiary will be denied health care or cash benefits for not completing Aadhaar verification.
The ESI scheme primarily covers organised sector employees earning up to Rs 21,000 a month, providing them and their families with medical care, maternity benefits, and income support during illness or job loss.”
SBI Mutual Fund, India’s largest fund house, launched SBI Dynamic Asset Allocation Active Fund of Fund (FoF), an open-ended scheme designed to give investors access to a diversified mix of actively managed equity and debt funds under a single umbrella.
The New Fund Offer (NFO) opens on August 25, 2025, and will remain open until September 8, 2025.
The scheme aims to generate long-term capital appreciation by dynamically shifting allocations between equity and debt-oriented mutual fund schemes, based on market conditions. This flexibility is meant to help investors balance risk and return, especially in volatile markets.
Equity allocation: 35% to 65%
Debt allocation: 0% to 65%
Money market instruments: up to 5%
The fund will primarily invest in units of SBI Mutual Fund’s existing schemes, while also having the flexibility to invest in other mutual fund schemes.
Minimum Investment:
Initial: ₹5,000 (and in multiples of Re.1 thereafter)
Additional Purchase: ₹1,000 (and in multiples of Re.1 thereafter)
Available via SIP (daily, weekly, monthly, quarterly, semi-annual, annual)
Gujarat is set to host seven international sporting events in Ahmedabad over five years, with three major competitions scheduled for 2025 alone, according to a government press statement released.
The Commonwealth Weightlifting Championship 2025 will be held at the newly built Naranpura Sports Complex from August 24 to 30, with 350 players from 29 countries participating.
The Asian Aquatics Championship 2025 follows in September-October, featuring swimmers from China, Japan, and Korea.
India serves as one of seven host countries for the Asian Football Confederation Under-17 Asian Cup Saudi Arabia 2026 Qualifiers from November 22 to 30.
SMFG India Credit (SMICC), a non-banking financial company (NBFC) with an AUM of more than ₹60,000 crore and a customer base of over 30 lakh has appointed Ravi Narayanan as its new CEO, effective August 28, 2025.
He has served on the board of Axis Securities and Axis Mutual Fund.
Having served in senior leadership capacities at Axis Bank and HDFC Bank, Mr. Narayanan brings over three decades of experience in retail and branch distribution.
Rajeev Kannan, Chairman- SMFG India Credit.
The Miss Universe India 2025 winner is Manika Vishwakarma from Rajasthan. She won the coveted crown on August 18. Meanwhile, Tanya Sharma from Uttar Pradesh is the first runner-up, Mehak Dhingra from Haryana is the second runner-up, and Amishi Kaushik is the third runner-up.
The grand ceremony saw Miss Universe India 2024 Rhea Singha crown her successor. Manika will now represent India at the 74th Miss Universe pageant in Thailand this November 2025.
Punjab National Bank (PNB) has signed a memorandum of understanding (MoU) with the Central Reserve Police Force (CRPF), the bank said in a press release. Under this MoU, PNB will provide a range of services, including enhanced insurance coverage and other benefits, to all serving personnel and pensioners of the CRPF through its flagship scheme, “PNB Rakshak Plus".
The addendum to the existing MoU was exchanged at the CRPF Directorate General office in CGO Complex, Lodhi Road, New Delhi. The MoU was formally signed by Binay Kumar Gupta, Chief General Manager, PNB, and Zaki Ahmad, IPS, Inspector General of Police (ADM), CRPF, in the presence of senior officials from both the Bank and the CRPF.
Along with the personnel and pensioners, several benefits under the Rakshak Plus scheme will also be available to the dependents and families of Rakshak account holders.
The bank reaffirmed its dedication to supporting the Central Armed Police Forces.
In its resolution 72/165 (2017), the General Assembly, established the International Day of Remembrance of and Tribute to the Victims of Terrorism to be commemorated annually on 21 August, in order to honour and support the victims and survivors of terrorism and to promote and protect the full enjoyment of their human rights and fundamental freedoms.
In April 2020, mandated by General Assembly resolution 73/305, the United Nations Secretary-General António Guterres published his report on the ‘Progress of the UN system to support Member States in assisting victims of terrorism’ (A/74/790), which calls for the 'enhancement of international cooperation to assist victims of terrorism'.
The General Assembly, in its resolution A/RES/73/296, designated 22 August as the International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief recognizing the importance of providing victims of acts of violence based on religion or belief and members of their families with appropriate support and assistance in accordance with applicable law.
Freedom of religion or belief, freedom of opinion and expression, the right to peaceful assembly and the right to freedom of association are interdependent, interrelated and mutually reinforcing. They are enshrined in articles 18, 19 and 20 of the Universal Declaration of Human Rights.
