₹2,000 Crore Grant to NCDC Approved to Boost Cooperatives

ByAjay Gulia 01/08/202501/08/2025

On July 31, 2025, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved a ₹2,000 crore grant-in-aid to the National Cooperative Development Corporation (NCDC) under a Central Sector Scheme.

The grant will be disbursed over four years (FY 2025–26 to FY 2028–29) at ₹500 crore annually.

This financial support will empower NCDC to mobilize ₹20,000 crore from the open market, which will be extended as loans to cooperative societies.

Ajay Gulia

"Ajay Kumar Gulia is the lead editor at gknow.in. With a deep background in competitive exam coaching, he has helped thousands of students stay updated with daily current affairs. He meticulously vets every MCQ to ensure it meets the standards of UPSC and SSC boards."

India Successfully Tests VLSRSAM Missile!
On 27 March 2025, the Defence Research and Development Organisation (DRDO) and the Indian Navy successfully tested the Vertically-Launched Short-Range Surface-to-Air Missile (VLSRSAM). The test was conducted from the Integrated Test Range (ITR) in Chandipur, Odisha.
✅ The missile was launched from a land-based vertical launcher. ✅ It targeted a high-speed aerial object at a low altitude. ✅ The test confirmed the missile’s capability to operate near boundaries at low altitudes.
During the test, the missile demonstrated excellent agility, reliability, and pinpoint accuracy. It used an indigenous Radio Frequency seeker and was supported by a Multi-Function Radar and a Weapon Control System. The entire system worked as expected.
🗣 Defence Minister Rajnath Singh congratulated DRDO, the Indian Navy, and the defence industry for this achievement. He praised the missile as a force multiplier and a testament to India’s strong defence development capabilities.
Shri Amarnath Ji Yatra 2025: Pratham Puja Performed, Yatra Begins 3rd July
On 11 June 2025, Jammu and Kashmir Lieutenant Governor Manoj Sinha performed the Pratham Puja at the Holy Cave, marking the ceremonial start of the Shri Amarnath Ji Yatra. He encouraged devotees to visit in large numbers and prayed for the progress of J&K and the nation. He highlighted improved pilgrim facilities and foolproof security by Police, Army, CRPF, and CAPFs.
The Yatra will begin on 3rd July 2025 via both Pahalgam (Anantnag) and Baltal (Ganderbal) routes and will conclude on 9th August (Raksha Bandhan).
The LG also inspected the Baltal Base Camp Hospital and instructed for 24/7 medical readiness, availability of staff, equipment, oxygen, and medicines for the safety of pilgrims.
ATM Withdrawals to Cost More Starting May 1, 2025
The Reserve Bank of India (RBI) has raised interchange fees, making ATM transactions more expensive across the country from May 1,2025.
Key points:
👉 Financial transactions beyond the free limit will now cost Rs 19 per transaction, up from Rs 17.
👉 Non-financial services like balance inquiries will cost Rs 7 per transaction, a Rs 1 hike.
This move comes after requests from white-label ATM operators citing rising operational costs. Smaller banks, reliant on larger institutions for ATM infrastructure, are expected to feel the pinch.
📉 The Shift to Digital:
ATMs, once the backbone of banking convenience, face challenges as digital wallets and UPI take center stage. Digital transactions in India have skyrocketed, growing from Rs 952 lakh crore in FY14 to Rs 3,658 lakh crore in FY23.
💡 What This Means for You:
Prepare for higher costs if you rely on ATMs for cash withdrawals. This may encourage further adoption of cashless alternatives, aligning with India’s growing digital economy. 🚀
Mark Carney to Become Canada’s New Prime Minister
Mark Carney has been elected as the new leader of Canada’s Liberal Party and will soon be sworn in as Prime Minister, replacing Justin Trudeau, who resigned in January.
Carney, 59, previously served as Governor of the Bank of Canada and later made history in 2013 as the first non-citizen to lead the Bank of England. His leadership comes at a crucial time, as Canada faces trade tensions and annexation threats from US President Donald Trump. In his acceptance speech, Carney warned of “dark days” and pledged to maintain retaliatory tariffs on US goods until mutual respect is restored.
Jafar Panahi Wins Palme d’Or at 78th Cannes Film Festival
Iranian filmmaker Jafar Panahi won the Palme d’Or at the 78th Cannes Film Festival on 15 May 2025 for his film It Was Just an Accident. The festival featured 22 films in its main competition. Panahi, known for his criticism of the Iranian government, received a standing ovation and emphasized freedom of expression in Iran during his speech. Japanese director Hayakawa Chie’s film Renoir was nominated but did not win. Cannes is one of the world’s top film festivals, along with Venice and Berlin.
India Approves Purchase of 26 Rafale Jets for Navy
On April 9, 2025, India approved the acquisition of 26 Rafale fighter jets from France to strengthen its naval capabilities amid growing Chinese presence in the Indian Ocean. The deal, estimated at ₹630 billion (approx. $7 billion), includes 22 single-seater and 4 twin-seater jets from Dassault Aviation.
Approved by the Cabinet Committee on Security chaired by Prime Minister Narendra Modi, the agreement is expected to be signed soon, with France’s defence minister likely to visit India beforehand. This move aligns with India’s goals to modernize its military, reduce dependence on Soviet-origin systems, and bolster defence ties with France, its second-largest arms supplier.