Daily Current Affairs 1st May 2025

Daily Current Affairs 1st May 2025

HDFC Bank becomes third Indian company to achieve Rs 15 lakh crore market cap

• HDFC Bank has become the third Indian company to achieve a market capitalization of Rs 15 lakh crore, following Reliance Industries and Tata Consultancy Services.
• This milestone was achieved after the bank’s shares rose post-March quarter results.
• HDFC Bank reported a 6.6% increase in standalone profit at Rs 17,616 crore in the fourth quarter of 2024-25.
• The bank’s total income increased to Rs 89,488 crore during the quarter under review.

RBI ask banks to ensure ATMs dispense Rs 100, Rs 200 notes

• The Reserve Bank of India (RBI) has directed banks and White Label ATM Operators to ensure that ATMs dispense Rs 100 and Rs 200 denomination notes regularly.
• This decision aims to improve public access to these frequently used denominations of bank notes.
• According to the circular, by September 30, 2025, 75 per cent of all ATMs (Automated Teller Machines) shall dispense either Rs 100 or Rs 200 denomination banknotes from at least one cassette.

RBI cancels licence of Imperial Urban Co-op Bank

• The Reserve Bank of India (RBI) has cancelled the licence of Imperial Urban Co-operative Bank due to inadequate capital and earning prospects.
• This decision is considered prejudicial to the interests of depositors, as the bank would be unable to pay its present depositors in full.
• The RBI has requested the Registrar of Cooperative Societies to issue an order for winding up the bank and appoint a liquidator.
• According to the RBI, 97.79% of depositors are eligible to receive full deposit insurance claim amounts up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

RBI extends deadline for BIS-compliant note sorting machines to November

• The Reserve Bank of India (RBI) has extended the deadline for banks to deploy only BIS-certified note sorting machines (NSMs) by six months, to November 1, 2025.
• The move aims to strengthen the banknote sorting architecture across the country by ensuring that NSMs can detect authenticity and fitness of banknotes.
• The RBI had initially directed banks to use only BIS-certified NSMs from May 1, 2025, but has now extended the timeline to allow for further implementation.
• This change is expected to improve the overall efficiency and security of banknote processing in India

RBI imposes monetary penalties on Indian Bank and Indian Overseas Bank

• The RBI has imposed monetary penalties on three entities: Indian Bank (₹1.60 crore), Indian Overseas Bank (₹63.60 lakh), and Mahindra & Mahindra Financial Services Ltd (₹71.30 lakh).
• The penalties were imposed for non-compliance with various regulatory directions, including failing to benchmark interest rates, obtaining collateral security in violation of norms, and failing to disclose processing fees.
• The RBI stated that the penalties were imposed to ensure adherence to regulatory norms and to protect the interests of depositors and borrowers.
• The penalties are part of the RBI’s efforts to maintain financial stability and discipline in the banking sector.

THE Asia University Rankings 2025: IISc tops in India, Anna University second; Shoolini University ranked top private institution

• The Times Higher Education Asia University Rankings 2025 have been released, showcasing India’s growing academic standing.
• The Indian Institute of Science (IISc) tops the rankings in India, while Shoolini University is ranked as the country’s highest private university for the second consecutive year.
• India has 20 institutions ranked among Asia’s top 250, with a strong showing in research quality, industry engagement, international outlook, teaching, and research environment.
• The rankings highlight the evolving academic landscape in India, with both public and private institutions aligning with global standards in research, innovation, and academic excellence.

Maharashtra Governor Presents ‘Yashraj Bharti Samman’ Awards 

• The Maharashtra Governor, CP Radhakrishnan, presented the third ‘Yashraj Bharti Samman’ awards to three grassroots-level service organizations for their contributions to healthcare, education, and governance.
• The recipients include Jan Swasthya Sahayog from Chhattisgarh, the Pratham Education Foundation, and the Services Plus platform developed by the National Informatics Centre.
• Governor Radhakrishnan emphasized the need for improving the quality of education and healthcare services in the state, particularly in tribal regions.
• Awards Recipients: The three organizations recognized with the ‘Yashraj Bharti Samman’ awards are:
• Governor’s Address: During the ceremony, Governor Radhakrishnan highlighted the need for improving the quality of education in the state, despite the presence of a large number of schools. He emphasized that this is a shared responsibility among all stakeholders, including the government, educational institutions, and parents.
• Healthcare in Tribal Regions: The Governor also stressed the importance of having dedicated medical professionals and specialists to deliver advanced healthcare services in tribal regions. He noted that this can significantly enhance the quality of life for people living in these areas.
• The Yashraj Bharti Samman award is a recognition of grassroots-level service organizations that have made significant contributions to the fields of healthcare, education, and governance. The award is presented by the Maharashtra Governor to organizations that have demonstrated exceptional dedication and commitment to improving the lives of people in rural and disadvantaged areas.
• The award is likely named after Yashraj Bharti, although I couldn’t find any specific information on who Yashraj Bharti is or the background behind the award’s name. The award’s purpose is to acknowledge and celebrate the efforts of organizations that are working towards creating a positive impact in their communities.

Nipun Aggarwal Appointed as Chairman of Air India Express 

• Nipun Aggarwal has been appointed as the new Chairman of Air India Express, replacing Campbell Wilson.
• Aggarwal has been serving as Air India’s Chief Commercial Officer since April 2022 and brings experience from various roles in the aviation and finance sectors.
• The appointment comes as Air India continues its restructuring process after the Tata Group took control two years ago, with plans to optimize its fleet, network, and assets.

Indian GM Humpy Koneru has won the 2025 Pune FIDE Women’s Grand Prix

• Indian GM Humpy Koneru has won the 2025 Pune FIDE Women’s Grand Prix after beating Nurgyul Salimova in the final round, finishing with an unbeaten 7/9 score.
• Zhu Jiner came close to winning but missed out on first place on tiebreaks, still earning the same €15,500 and 117.5 points as Humpy.
• The victory moves Humpy up to second on the overall Grand Prix standings, but her spot in the 2026 FIDE Women’s Candidates Tournament is precarious, with other players still in contention.