Daily Current Affairs – 11-07-2025
Economy News
International Monetary Fund Praises India’s UPI Payment System
The International Monetary Fund (IMF) has praised India for having the fastest UPI payment system, a feature unparalleled by any other country in the world.
In a research note published by the IMF titled “Growth of Digital Payment Systems in Retail,” the following was stated:
Since its introduction in India in 2016, the UPI payment system has witnessed very rapid growth. Cash transactions have decreased. More than 180 crore (1.8 billion) transactions take place in India per month through this system.
Through this, India possesses a payment system with a speed unmatched by any other country in the world.
As this digital payment method facilitates transactions from small to large amounts, people’s use of ATMs has reduced. It was also noted that since even small traders in small villages accept UPI payments, banking services have been significantly expanded.
Approval for IOB to Raise ₹4,000 Crore
Shareholders of the public sector Indian Overseas Bank (IOB) have given their approval for the bank to raise capital of ₹4,000 crore.
A statement released by the bank regarding this matter stated the following: Shareholders have approved the bank to raise an additional capital of ₹4,000 crore. This decision was taken at the bank’s 25th Annual General Meeting.
The statement mentioned that permission has been granted to raise this capital through various methods, including Qualified Institutional Placement (QIP), a rights issue offering additional shares to existing shareholders at a preferential price, and employee stock plans.
Short Facts about IOB:
Foundation: Indian Overseas Bank was founded on February 10, 1937, by Shri. M. Ct. M. Chidambaram Chettyar. Headquarters: It is a public sector bank headquartered in Chennai, Tamil Nadu. Nationalization: IOB was one of the 14 major banks that were nationalized by the Government of India in 1969. MD & CEO: Shri Ajay Kumar Srivastava
National News
Is Aadhaar, Ration Card Proof of Citizenship? Supreme Court Recommends to Election Commission
The Supreme Court has recommended that during the special revision of the voter list in Bihar, documents such as Aadhaar, ration cards, and voter ID cards should be accepted to verify the citizenship of voters.
With assembly elections due in Bihar at the end of this year, the Election Commission is carrying out a special revision of the state’s voter list. The EC had announced that voters included in the list published on January 1, 2003, do not need to submit any proof. However, voters not on that list must submit additional documents like birth certificates or passport copies to prove their citizenship. The opposition parties strongly objected, alleging that this unilateral order by the EC is an attempt to disenfranchise lakhs of voters and disrupt free and fair elections.
Important Points: CJI of India: B. R. Gavai Chief Election Commissioner of India: Gyanesh Kumar CM of Bihar: Nitish Kumar