National Affairs

1. PM Narendra Modi’s Official Visit to Karnataka and Goa

Prime Minister Narendra Modi concluded a high-profile tour of Karnataka and Goa, highlighting cultural heritage and major landmark unveilings.

Karnataka Highlights (Udupi)

• Laksha Gita Programme: The PM participated in the Laksha Kantha Gita Parayana event at the 800-year-old Sri Krishna Matha, originally established by Sri Madhvacharya (founder of the Dvaita school of Vedanta philosophy).
• Inaugurations: He dedicated the Suvarna Teertha Mantapa in front of the Krishna sanctum and unveiled the Kanaka Kavacha (golden cover) for the historic Kanakana Kindi window.

Goa Highlights (Canacona)

• Sardha Panchashatamanotsava: Attended the 550th-year celebration of the Sri Samsthan Gokarn Partagali Jeevottam Math, one of India’s oldest monastic institutions.
• World's Tallest Lord Ram Statue: Unveiled a 77-foot bronze statue of Lord Ram, sculpted by the legendary artisan Ram Sutar.
• Commemoration: Released a special ₹550 commemorative coin and postal stamp to mark the event.

2. Government Approves ‘Tex-RAMPS’ Scheme for Textile Innovation

The Government of India has greenlit the Textiles Focused Research, Assessment, Monitoring, Planning and Start-up (Tex-RAMPS) Scheme to bolster the industry's global competitiveness.

• Classification: Central Sector Scheme (CSS), 100% funded by the Ministry of Textiles.
• Financial Outlay: ₹305 crore allocated spanning from FY2025-26 to FY2030-31 (aligned with the Finance Commission cycle).
• Core Objective: Future-proofing the textiles and apparel ecosystem by plugging infrastructure gaps, upgrading data systems, and driving startup innovation.

3. India & USA Sign ₹7,995 Crore Naval Helicopter Support Deal

The Ministry of Defence (MoD) has finalized a five-year contract via the U.S. Foreign Military Sales (FMS) program for the maintenance and fleet support of the Indian Navy's 24 MH-60R Seahawk helicopters.

• Deal Metrics: Valued at approximately ₹7,995 crore.
• Scope: Provisions for component repairs, technical assistance, training, and specialized spares.
• Aatmanirbhar Push: Critical intermediate-level component repair and periodic maintenance facilities will be established directly in India, boosting domestic MSMEs and reducing reliance on foreign repair centers.

About the MH-60R Seahawk: Manufactured by Sikorsky Aircraft Corporation (a Lockheed Martin company), it serves as the Indian Navy’s primary anti-submarine (ASW) and anti-surface warfare asset.

Banking & Finance

4. CBDT Rolls Out Phase 2 of the NUDGE Campaign

The Central Board of Direct Taxes (CBDT) has initiated the second phase of its Non-Intrusive Usage of Data to Guide and Enable (NUDGE) campaign to enforce compliance regarding undisclosed foreign assets.

• The Mechanism: Targeted SMS and email alerts will go out to taxpayers identified via Automatic Exchange of Information (AEOI) data analysis for FY2024-25.
• Action Window: Individuals flagged must review and file revised Income Tax Returns (ITRs) for AY2025-26 by December 31, 2025, utilizing Schedule FA (Foreign Assets) and Schedule FSI (Foreign-Source Income).
• Administrative Philosophy: Governed by the PRUDENT approach (Professionalism, Responsibility, Understanding, Dedication, Effective enforcement, Non-intrusive administration, and Technology-based compliance).
• Non-Compliance Penalty: Failure to disclose carries a flat ₹10 lakh penalty under the Black Money Act, 2015, alongside a basic 30% tax rate and a penalty of up to 300% of the tax payable.

5. NBBL Launches “Banking Connect” Platform for Seamless Net Banking

NPCI Bharat BillPay Limited (NBBL), a subsidiary of the National Payments Corporation of India, introduced “Banking Connect” at the Global Fintech Festival.

• Key Feature: Offers an interoperable single integration path linking major banking entities (HDFC, SBI, ICICI, YES Bank) directly with leading payment aggregators (PayU, Razorpay, Pine Labs).
• User Upgrades: Minimizes drop-offs via a mobile-first UI featuring biometric and QR-code authentication, moving completely away from traditional username/password redirects.
• Settlement Power: Offers same-day merchant settlements (8 daily settlement cycles), giving the RBI real-time visibility into transaction pipelines.

6. RBI Slabs Financial Penalties on HDFC Bank & Manna Krishna Investments

The Reserve Bank of India (RBI) has penalized two financial institutions under the provisions of the Banking Regulation Act, 1949.

• HDFC Bank: Penalized ₹91 lakh following lapses caught during the Statutory Inspection for Supervisory Evaluation (ISE) regarding KYC anomalies, interest-rate benchmark handling errors, and outsourcing non-compliance.
• Mannakrishna Investments Pvt. Ltd.: Hit with a ₹3.10 lakh penalty for failing to take mandatory prior regulatory clearance before reshaping its board composition, breaching the NBFC-Scale Based Regulation Directions, 2023.

International & Regional Developments

7. UN World Urbanization Prospects 2025: Megacity Rankings Released

The Population Division of the United Nations Department of Economic and Social Affairs (UNDESA) published the 22nd edition of the World Urbanization Prospects 2025.

• The Megacity Surge: Megacities (cities with population figures over 10 million) jumped from 8 in 1975 to 33 in 2025. 45% of the world's 8.2 billion population now resides in urban pockets.
• Top Global Rankings:

8. ADB Approves USD 475.8 Million Development Loans for Northeast India

The Asian Development Bank (ADB) sanctioned a dual financial package to scale up primary health infrastructure and ecological development in the North-East.

• Assam Tertiary Healthcare Project ($398.8 Million): Geared towards upgrading Gauhati Medical College & Hospital (GMCH) into a premium super-specialty center alongside improvements to Assam Medical College (Dibrugarh) and Silchar Medical College. Focuses on climate-resilient construction, smart classrooms, and gender-responsive care layouts.
• Meghalaya Ecotourism Project ($77 Million): Backing the state's Vision 2032 framework. Funds will go toward restoring 25,000 hectares of community forests (using performance-based payment plans) and creating agricultural value chains for local indigenous cooperatives. Includes an additional $1 million technical grant.

Science, Technology & Environment

9. 13 New Amphibian Species Discovered in Northeast India

A team of research scientists from the Wildlife Institute of India (WII), Dehradun, achieved India’s largest single vertebrate species discovery in over a decade.

• The Discovery: Identified 13 new species of bush frogs (genus Raorchestes) inside the Eastern Himalayas and Indo-Burma biodiversity zones.
• State-wise breakdown:
  • Arunachal Pradesh (6 species): R. orientalis, R. eaglenestensis, R. magnus, R. nasuta, R. dibangensis, R. arunachalensis.
  • Meghalaya (3 species): R. mawsynramensis, R. boulengeri, R. narpuhensis.
  • Assam, Mizoram, Nagaland, Manipur (1 species each): R. barakensis, R. lawngtalaiensis, R. khonoma, R. monolithus respectively.

10. Russia’s Soyuz MS-28 Mission Launches Crew to the ISS

The Russian Soyuz 2.1a booster rocket lifted off successfully from the Baikonur Cosmodrome in Kazakhstan, sending three crew members to the International Space Station (ISS).

• Expedition 73 Crew: Roscosmos cosmonauts Sergey Kud-Sverchkov and Sergei Mikaev, alongside NASA astronaut Chris Williams.
• Mission Scope: An 8-month deployment executing over 40 distinct scientific experiments and two scheduled spacewalks.

Quick Exam Pointers & Corporate Moves

• GI Tags Awarded: Arunachal Pradesh's traditional handcrafted tribal blade ‘Dao’ and high-altitude highland yak milk cheese ‘Yak Churpi’ officially received the Geographical Indication (GI) tag.
• Green Real Estate Financing: Tata Realty & Infrastructure Ltd (TRIL) secured a landmark ₹1,280 crore green loan from DBS Bank India to construct Intellion Park, a 2.1 million sq ft sustainable Grade-A office space ecosystem in Gurugram, Haryana.
• Macroeconomic Forecast: Credit rating agency Moody's Ratings projected India to lead emerging market growth with a 7% GDP growth rate in 2025 and 6.4% in 2026.
• Brand Ambassador: Global logistics giant DP World signed rising Indian cricketer Abhishek Sharma as its official brand ambassador, joining Sachin Tendulkar and Tommy Fleetwood.
• WPL Hydration Partner: Bisleri International signed a two-year contract to become the Official Beverage Partner for the TATA Women’s Premier League (WPL) starting with the 2026 edition.
• International Remembrance Day: The UN observed the Day of Remembrance for All Victims of Chemical Warfare on November 30 to support the disarmament mandates of the Organisation for the Prohibition of Chemical Weapons (OPCW).