Daily Current Affairs- 2nd March 2025

Daily Current Affairs 2nd March 2025

INTERNATIONAL

India and Japan renew $75 billion bilateral currency swap agreement

• India and Japan have renewed the $75 billion bilateral currencies swap agreement, The Bilateral Swap Arrangement (BSA) is a two-way arrangement where both authorities can swap their local currencies in exchange for the US dollar.
• The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Reserve Bank of India signed the Second Amendment and Restatement Agreement of the BSA.

 TCS extends partnership with Norway's DNB Bank ASA for five years

• IT services major Tata Consultancy Services (TCS) announced that its partnership with DNB Bank ASA, Norway’s largest financial services group, has been extended for an additional five years.
• Under the renewed partnership, TCS will continue as DNB's strategic partner, supporting the bank’s digital modernisation journey while enhancing cost-efficiency targets

 OBITUARY

Russian Chess Grandmaster Boris Spassky Passes Away

• Russian chess grandmaster Boris Spassky, the 10th World Chess Champion, has passed away at the age of 88, Spassky, a legendary figure in the chess world, was renowned for his strategic brilliance, sportsmanship, and deep understanding of the game. His contributions to chess, both as a competitor and an ambassador have left an indelible mark on the sport. 

APPOINTMENTS & RESIGNATIONS

Economic affairs secretary Ajay Seth gets additional charge of revenue dept

• Economic affairs secretary Ajay Seth has been given additional charge of the post of secretary, Department of Revenue. The vacancy was necessitated following the appointment of revenue secretary Tuhin Kanta Pandey as the chairman of the Securities and Exchange Board of India (Sebi) on February 27. 

Dr Mayank Sharma takes charge as Controller General of Defence Accounts

• Dr Mayank Sharma assumed the office of Controller General of Defence Accounts (CGDA) on March 01, 2025. He is a 1989-batch officer of the Indian Defence Accounts Service (IDAS) and has had a distinguished career in the government spanning more than three decades.   

AWARDS & RECOGNITION

ICC chairman Jay Shah was conferred with the Icon of Excellence award at FILA 2025

• Jay Shah, chairman of the International Cricket Council (ICC), has been honoured with the prestigious Icon of Excellence award at the 14th edition of the Forbes India Leadership Awards (FILA 2025). This award recognises his exceptional contributions to cricket administration and his role in driving innovation and inclusivity in the sport. Under his leadership, cricket has witnessed a remarkable transformation, making the game more accessible and globally competitive. 

BANKING AND ECONOMY

RBI imposes a penalty on HSBC and IIFL Samasta Finance

• The Reserve Bank of India (RBI) imposed a penalty of Rs 66.60 lakh and Rs 33.10 lakh on The Hong Kong and Shanghai Banking Corporation Limited (HSBC) and IIFL Samasta Finance, respectively, for violating norms.
• Concerning HSBC’s financial position as of March 31, 2023, RBI found that the bank had outsourced the disposal or closure of anti-money laundering (AML) alerts to a group company, failed to report unhedged foreign currency exposures of certain borrowers to credit information companies (CICs), and opened savings deposit accounts in the name of certain ineligible entities. 

SEBI Launches a Centralised Database for Corporate Bonds

• The Securities and Exchange Board of India (SEBI) has introduced a centralised database portal named Bond Central to enhance transparency and streamline access to corporate bond-related information. This initiative aims to create a single, authentic source of information on corporate bonds issued in India, benefiting investors and other market participants.