June 1 and 2 2025 current affairs

June 1 and 2 2025 current affairs

Welcome to Exam Empire’s detailed June 1 and 2 2025 current affairs update. This comprehensive post brings you the latest and most important current affairs of June 1 and 2, 2025, designed specifically for competitive exam aspirants. Stay ahead by reviewing the essential June 1 and 2 current affairs 2025 covering national, international, economic, environmental, health, and scientific news.

Dive into this June 1 and 2, 2025 news updates summary to boost your exam preparation with accurate and timely information. Bookmark Exam Empire to never miss crucial June 1 and 2 2025 current affairs insights.

For economic updates, refer to the official Reserve Bank of India (RBI) reports. To keep track of government policies and press releases, visit the Press Information Bureau (PIB). For global news coverage relevant to current affairs, reliable sources such as BBC News and The Hindu provide timely and accurate information.

Prepare effectively for your exams by reviewing the key highlights and analysis featured in this June 1 and 2 2025 current affairs update. Bookmark Exam Empire for your daily source of relevant and timely current affairs updates, including those from June 1 and 2 2025.

Banking and Finance

Japan Loses Title as World’s Largest Creditor (2024)

• Japan lost its 34-year position as the world’s largest creditor nation to Germany in 2024.
• Japan’s net external assets: ¥533.05 trillion (~$3.7 trillion) (13% increase from 2023).
• Germany’s net external assets: ¥569.7 trillion, topping the list due to a €248.7 billion current account surplus.
• China ranked third with ¥516.3 trillion net assets.
• Japan held the top spot since 1991.
• Japan’s current account surplus: ¥29.4 trillion (~€180 billion).
• Net foreign assets = overseas assets minus foreign-owned domestic assets, adjusted for currency fluctuations.
• Germany’s rise credited to strong trade surplus and current account performance.
• Japan’s long-term borrowing costs rose to highest levels in decades, impacting debt management.

Unified Payments Interface (UPI) Share in India’s Digital Transactions (FY25)

• UPI’s share in India’s real-time digital payment volume increased to 83.4% in FY25 from 79.4% in FY24.
• Total UPI transactions reached 185.86 billion, marking a 41.7% growth from 131.1 billion in FY24.
• Credit card transactions rose to 4.7 billion in FY25 from 3.5 billion in FY24.
• Debit card transactions declined by 29.5%, falling to 1.6 billion from 2.2 billion.
• Overall digital payments (including cards and prepaid instruments) grew 34.5% to 222.6 billion transactions in FY25.
• The Reserve Bank of India (RBI) plans a ‘Survey on Usage of Digital Payments’ to understand user behavior and challenges.
• RBI is strengthening the Digital Payments Intelligence Platform (DPIP) to protect users from digital payment fraud.
• RBI Innovation Hub (RBIH) is developing a DPIP prototype with 5 to 10 banks.
• RBI is working on regulatory policies to address cross-border payment processing challenges.
• RBI granted final authorizations in FY25 to:
  • 26 online Payment Aggregators (PAs)
  • 5 Payment Aggregators – Cross Border (PA-CB)
  • 11 non-bank Prepaid Payment Instrument (PPI) issuers
  • 1 Trade Receivables and Discounting System (TReDS) platform
• RBI conducted on-site inspections of 84 payment system operators in FY25.
• NPCI International Payments Ltd (NIPL) is expanding UPI internationalization with acceptance started in countries like France, Nepal, Bhutan, Singapore, Sri Lanka, Mauritius, and UAE.
• More international partnerships for UPI acceptance are expected in FY26.

RBI to Develop Cash Flow Analysis System for Scheduled Commercial Banks

• RBI plans to strengthen liquidity stress tests for Scheduled Commercial Banks (SCBs) by developing a cash flow analysis system.
• The system will evaluate banks’ liquidity under extreme but plausible scenarios, ensuring they can meet obligations during crises.
• Provides a forward-looking assessment of banks’ liquidity stability in adverse conditions.
• Stress testing helps identify vulnerabilities, maintain adequate liquidity buffers, protect depositors, and prevent systemic risks.
• RBI will develop an in-house liquidity stress test framework for Non-Banking Financial Companies (NBFCs).
• Plans to extend stress testing to rural cooperative banks and mid-sized urban cooperative banks (UCBs).
• RBI will assess climate transition risks impacting banks’ balance sheets, focusing on exposure to carbon-intensive sectors.
• Development of a ‘Growth-at-Risk’ model linking macrofinancial conditions to future economic growth vulnerabilities.
• RBI will create a framework for liquidity risk stress testing of market portfolios using scenarios based on historical market liquidity stress events.
• Considering issuance of prudential guidelines on climate risk, including:
• Final guidelines on disclosure of climate-related financial risks.
• Guidance on climate scenario analysis and stress testing.

RBI’s Gains from Forex Transactions Rise 33% to ₹1.11 Lakh Crore in FY25

• RBI’s gains from foreign exchange transactions surged 33% to ₹1.11 lakh crore (~$13 billion) in FY25.
• Total net income increased 27.5% to ₹2.69 lakh crore compared to FY24.
• Interest income from foreign securities rose sharply to ₹97,007 crore from ₹65,328 crore.
• RBI’s balance sheet grew 8.2% to ₹76.25 lakh crore, driven by foreign & domestic investments and loans.
• Income breakdown:
  • 41.3% from foreign exchange transactions
  • 27.3% from interest on foreign securities
  • 17.7% from domestic investments
• Domestic assets accounted for 23.28% of total assets, foreign currency assets 76.69%.
• RBI transferred ₹44,861.70 crore to its Contingency Fund.
• Expected moderate forex income in FY26 due to positive balance of payments.
• Dividend of ₹2.11 lakh crore approved to the government for FY24; could have been ₹3.5 lakh crore without excess provisioning.
• RBI raised contingency risk buffer to 6.5%, citing stronger financials.
• Total expenditure rose to ₹76,199.17 crore due to higher internal and agency charges.
• Major expenses include printing notes, managing public debt, commissions to primary dealers, and market operations.

Fintech Unicorn Razorpay Shifts Parent Company from US to India Ahead of IPO by End of CY2026

• Razorpay relocated its parent company from the US to India, preparing for an IPO by December 2026.
• Tax liability of ~$150 million (₹1,275 crore) to be paid from internal cash reserves, less than earlier reports.
• IPO targeted by end of CY2026.
• In FY24, Razorpay awarded ESOPs worth ₹1 lakh to every employee celebrating its 10th anniversary.
• FY24 revenue stood at ₹2,501 crore.
• Total equity funding raised so far: $742 million.
• Similar fintech reverse flips:
  • PhonePe shifted from Singapore to India in 2022; investors paid ₹8,000 crore in taxes.
  • Groww moved from Delaware to Bengaluru in FY24; paid ₹1,340 crore taxes.
  • Zepto completed reverse merger from Singapore to India earlier this year.

ICAI Launches Investigation into IndusInd Bank’s Forex Derivatives Irregularities

• ICAI’s Financial Reporting Review Board (FRRB) initiated probe into forex derivatives accounting discrepancies at IndusInd Bank (IBL) for FY 2023-24 and 2024-25.
• Internal review disclosed on March 10, 2025 revealed issues in “Other Asset and Other Liability accounts” of derivative portfolio.
• Estimated impact: ~2.35% of net worth (~₹1,530 crore based on ₹65,000+ crore net worth).
• External agency appointed by IBL for independent review and validation.
• ICAI FRRB established in 2002 to enhance financial reporting and audit quality via a 3-tier review.
• SEBI barred former CEO Sumant Kathpalia and 4 others for insider trading related to these discrepancies.
• Insider knowledge existed 15 months before public disclosure.
• SEBI imposed ₹19.78 crore penalty on 5 individuals, reflecting gains avoided from illegal share sales.
• ICAI’s review expected to complete within 6 months.

Reserve Bank of India Approves PayPal and Worldline as Cross-Border Payment Aggregators

• RBI granted in-principle approval to PayPal Payments and Worldline ePayments India as cross-border payment aggregators.
• Approval advances India’s digital payments ecosystem by facilitating import and export online transactions.
• Replaces older OPGSP licensing regime with updated framework requiring separate approvals for cross-border services.
• Enables PayPal and Worldline to act as digital intermediaries for international payments, benefiting exporters, importers, and global businesses.
• Key benefits include:
  • Streamlined cross-border payments
  • Compliance with RBI regulations
  • Simplified foreign exchange processes
  • Enhanced due diligence
  • Timely settlements of global transactions
• Worldline ePayments India already licensed for domestic payment aggregation and Bharat Bill Payment Operating Unit.

Bank of Baroda Opens Its First Phygital Branch in Kolkata

• BoB inaugurated its first Phygital Branch at NSB Airport Branch, Netaji Subhas Chandra Bose International Airport, Kolkata.
• Phygital branch integrates self-service and assisted service models to enhance customer experience.
• Bank of Baroda now has seven phygital branches across India.
• Key features of phygital branches:
  • Self-Service Kiosks: Interactive touch screens/tablets for PAN updation, account statements, TDS certificates, nominee updation.
  • Video Contact Centre: Video calls for non-personalized, non-financial services like loan enquiries, savings accounts, term deposits, car loans.
  • Universal Service Desks: One-stop solution for in-person banking services.
• e-Lobby at Kestopur also inaugurated alongside the phygital branch.
• Inaugurated by: Shri Debadatta Chand (MD & CEO), Shri Sanjay Tiwary (General Manager & Zonal Head – Kolkata Zone), Shri Sandeep Kumar (Regional Head).
• Kolkata Zone Details:
  • 4 Regional Offices
  • 258 branches (33% in rural and semi-urban areas)

SBI Research Report Projects Net Financial Savings to Reach ₹22 Lakh Crore in FY25

• Net financial savings of Indian households expected to reach ₹22 lakh crore in FY 2024-25, which is 6.5% of Gross National Disposable Income (GNDI).
• Savings trend: 5.1% of GNDI in FY 2023-24, up from 4.9% in FY 2022-23.
• Importance: Growing savings pool crucial for funding government and corporate deficits, maintaining macroeconomic stability.
• RBI’s role in the economy:
  • RBI’s balance sheet expanded by 8.19% in FY 2024-25, lower than nominal GDP growth of 9.9%.
  • RBI transferred ₹2.69 lakh crore surplus to the government, increasing fiscal space.
• Fraud cases in the financial system:
  • Number of fraud cases declined, but amount involved tripled to ₹36,014 crore.
  • Card and internet fraud cases dropped from 29,802 in 2023-24 to 13,516 in 2024-25.
• Conclusion: India’s financial system remains resilient and is undergoing transformation.

NATIONAL

Union Minister Dr. Mansukh Mandaviya to Felicitate Chandigarh’s National and International Athletes

• Union Minister Dr. Mansukh Mandaviya and Chandigarh Administrator Gulab Chand Kataria will felicitate top-performing athletes from Chandigarh.
• The event will be held at Post Graduate College for Girls, Sector 42, Chandigarh.
• 8 international and 479 national-level athletes will be honoured, representing 28 different sports disciplines.
• Athletes will receive ₹5.67 crore in cash awards and ₹1.32 crore in scholarships.
• Newly inaugurated sports facilities include:
  • Billiards and Snooker Hall at Sector 42 Sports Complex
  • Chess Centres at Sector 39 and Sector 8 Sports Complexes
• The initiative showcases the government’s commitment to sports development and athlete recognition in Chandigarh.

PM Modi Inaugurates Satna and Datia Airports to Boost Regional Connectivity

• Occasion: PM Narendra Modi virtually inaugurated Satna and Datia Airports in Madhya Pradesh.
• Part of: UDAN scheme to improve regional air connectivity in Bundelkhand and Baghelkhand.
• Satna Airport Highlights:
  • Developed by Airports Authority of India (AAI) at a cost of ₹36.96 crore.
  • 768 sq. m terminal with capacity for 50 peak-hour passengers, 2.5 lakh annually.
  • Supports Dornier-228 aircraft with modern ATC tower, fire station, and eco-friendly features (LEDs, solar lights, water reuse).
• Datia Airport Highlights:
  • Upgraded at a cost of ₹60.63 crore to connect Datia town (home to Peetambara Peeth, Datia Palace).
  • 768 sq. m terminal with 150 peak-hour passenger capacity, 2.5 lakh annually.
  • Ready for ATR-72; plans for A-320. Includes runway, apron, ATC tower, and green features like rainwater harvesting and energy-saving lights.
• Dignitaries Present: Union Minister Ram Mohan Naidu (Datia), MoS Murlidhar Mohol (Satna), MP Governor Mangubhai Patel, CM Mohan Yadav, and Deputy CMs.
• Expected Benefits: Boosts tourism, employment, and industries; improves access to healthcare, education, and markets.

IATA Holds AGM and World Air Transport Summit in New Delhi

• Event: IATA’s 81st Annual General Meeting (AGM) and World Air Transport Summit (WATS).
• Dates: 1–3 June 2025, held in New Delhi — first time in India after 42 years (since 1983).
• Keynote Speaker: Prime Minister Narendra Modi on 2 June 2025.
• Host Airline: IndiGo.
• Participants: Over 1,700 global attendees including airline leaders, government officials, and media.
• IATA Scope: Represents 350 airlines carrying over 80% of global air traffic.
• India’s Aviation Impact:
  • Direct employment: 3.7 lakh people.
  • GDP contribution: USD 5.6 billion directly; USD 53.6 billion (1.5% of GDP) with total impact.
• Summit Focus Areas:
  • Airline industry financial outlook
  • India’s strategic aviation growth
  • Financing aviation net zero goals
  • Energy security and Sustainable Aviation Fuel (SAF)
• Indian Airlines in IATA: Air India, IndiGo, and SpiceJet are active members, highlighting India’s global aviation role.

AWARDS AND HONOURS

Serena Williams Honored with Princess of Asturias Award for Sports 2025

• American tennis legend Serena Williams awarded Spain’s highest sports honor.
• Achievements: 73 career titles, 23 Grand Slam singles, and 4 Olympic gold medals.
• 2024 Paris Olympics: Carried the Olympic torch with icons like Nadal and Comaneci.
• Advocacy: Known for promoting gender equality and social justice.
• Philanthropy: Supports education and violence victims via her foundations.
• UNICEF Role: Goodwill Ambassador for Education since 2011.
• Retired: Stepped away from tennis in 2022; trained by her father since age 5.

APPOINTMENTS & RESIGNATIONS

Debashis Chatterjee Steps Down; Venu Lambu Appointed CEO & MD of LTIMindtree

• Outgoing CEO: Debashis Chatterjee retires from LTIMindtree effective May 30, 2025.
• Incoming CEO: Venu Lambu assumes charge from May 31, 2025.
• Experience: 30+ years in tech; previously CEO of Randstad Digital and earlier with LTIMindtree.
• Background: Chatterjee led Mindtree since 2019 and continued after the merger in 2022.

Centre Appoints 3 New Judges to Supreme Court

• Date: Appointments approved on May 29, 2025; SC now has full strength of 34 judges.
• New Judges:
  • Justice N.V. Anjaria – Chief Justice, Karnataka High Court
  • Justice Vijay Bishnoi – Chief Justice, Gauhati High Court
  • Justice Atul S. Chandurkar – Judge, Bombay High Court
• Swearing-in: Expected on May 30, 2025, by CJI B.R. Gavai.
• Process: Based on SC Collegium recommendations.

India and Brazil Reaffirm Strategic Ties at Shangri-La Dialogue 2025

• Leaders: General Anil Chauhan (India) and Admiral Aguiar Freire (Brazil).
• Event: Shangri-La Dialogue 2025, focused on Indo-Pacific collaboration.
• Key Topics: Maritime security, sustainable development, rules-based global order.
• Outcome: Strengthened defence and diplomatic cooperation; shared commitment to open Indo-Pacific.

MOUS AND AGREEMENT

India and Brazil Reaffirm Strategic Ties at Shangri-La Dialogue 2025

• India and Brazil strengthened bilateral ties at the Shangri-La Dialogue 2025.
• Leaders: General Anil Chauhan (India) and Admiral Aguiar Freire (Brazil) led the discussions.
• Commitment: Both nations emphasized support for a free, open, and inclusive Indo-Pacific.
• Core Focus Areas:
  • Rules-based international order rooted in mutual respect
  • Regional security and maritime navigation freedom
  • Sustainable development in the Indo-Pacific
• Outcome: Boosted multilateral collaboration and reaffirmed shared strategic values.

SPORTS NEWS

India Secures Second Spot at Asian Athletics Championships 2025

• India won 24 medals: 8 Gold, 10 Silver, 6 Bronze, finishing 2nd in Gumi, South Korea.
• National Records: Set by Animesh Kujur and Parul Chaudhary.
• Final Day Medals:
  • Silver:
    • Women’s 4×100m Relay: Srabani Nanda, Abhinaya Rajarajan, Sneha SS, Nithya Gandhe
    • Parul Chaudhary – Women’s 5000m
    • Sachin Yadav – Men’s Javelin Throw
  • Bronze:
    • Pooja – Women’s 800m
    • Animesh Kujur – Men’s 200m
    • Vithya Ramraj – Women’s 400m Hurdles

Mona Agarwal Wins Silver at 2025 Para Shooting World Cup

• Won silver in 10m Air Pistol SH1 event in Changwon, South Korea with a score of 246.6.
• 2024 Paralympic bronze medallist continues stellar form.
• Avani Lekhara finished 4th; R.S. Unhalkar placed 7th.

India Bags 12 Medals at Ulaanbaatar Open 2025

• Total medals: 5 Gold, 3 Silver, 4 Bronze in Mongolia.
• Gold Winners:
  • Antim Panghal – Women’s 53kg
  • Neha Sangwan – Women’s 57kg
  • Muskan – Women’s 59kg
  • Harshita – Women’s 72kg
• Other Medals:
  • Suraj – Silver (Men’s Greco-Roman 60kg)
  • Neelam – Bronze (Women’s 50kg Freestyle)

Mary Earps Retires from International Football Ahead of Euro 2025

• England goalkeeper retires with 53 international caps.
• Key player in Euro 2022 victory and 2023 World Cup final run.
• Leaves behind a legacy of leadership and excellence.

Neeraj Chopra Becomes Brand Ambassador for Audi India

• JSW Sports facilitated the collaboration between Chopra and Audi India.
• Chopra joins as the face of Audi, reflecting excellence, performance, and innovation.
• Chopra’s achievements since Tokyo 2020 align with Audi’s progressive image.
• Quotes:
  • Balbir Singh Dhillon (Audi India): Chopra is a “natural extension” of the brand.
  • Karan Yadav (JSW Sports): It’s a landmark deal for Indian sport and business.

IMPORTANT DAYS

World Milk Day 2025 – June 1

• Observed globally every year on June 1 to celebrate the dairy industry and recognize milk as a globally important food.
• 2025 Theme: “Let’s Celebrate the Power of Dairy”
• History:
  • 9000–7000 B.C.: First human consumption of milk after animal domestication.
  • 1300 A.D.: Mongolians develop dried horse milk paste for travel.
  • 1600s: Ice cream invented.
  • 1840: Railways enabled milk transport to urban areas in England.
  • 2001: FAO of the UN officially began coordinating World Milk Day.
  • 2016: Countries like China, Russia, and the EU became milk self-sufficient.

Global Parents Day 2025 – June 1

• Observed globally on June 1 to honour the contributions of parents worldwide.
• 2025 Theme: “Raising Parents” – highlights parenting as a learned and evolving skill.
• History:
  • 1987: Launch of Parenting magazine in the U.S.
  • 1993: UN General Assembly declared May 15 as International Day of Families.
  • 1994: UN declared 1994 as the International Year of the Family.
  • 1994: U.S. Congress introduced National Parents’ Day (fourth Sunday of July).
  • 2012: UN proclaimed June 1 as Global Parents Day.

International Sex Workers Day 2025 – June 2

• Observed annually on June 2 to highlight the struggles and rights of sex workers worldwide.
• Also known as International Whore’s Day, observed by global sex worker groups.
• History:
  • 1975: 100 sex workers occupied Lyon’s Saint-Nizier Church in France, protesting exploitation.
  • The protest led to a nationwide strike and sparked the sex workers’ rights movement in Europe.
  • Since 1975, June 2 has been observed to commemorate their bravery and the movement’s birth.

Telangana Formation Day 2025 – June 2

• Celebrated every year on June 2 to mark the formation of the state of Telangana.
• On this day in 2014, Telangana was officially carved out of Andhra Pradesh.
• History:
  • 1956: Telangana merged with Andhra Pradesh for linguistic unity.
  • 1969: Telangana movement began demanding a separate state.
  • 2014: Telangana Bill was passed; 10 districts in northwestern Andhra Pradesh formed Telangana.