Current Affairs - June 3, 2025 Current Affairs

The DHRUVA policy, introduced by the Department of Posts, aims to create a standardized Digital Address Infrastructure using geo-coded data to enhance service delivery across India. DHRUVA, which stands for Digital Hub for Reference and Unique Virtual Address, is designed to overcome inconsistencies in traditional address formats and improve the efficiency of public and private sector services. By adopting an Address-as-a-Service (AaaS) model, it ensures user privacy, interoperability, and inclusive access. The initiative positions address data as a core component of India’s Digital Public Infrastructure, aligning it with key systems like Aadhaar and UPI to support governance, logistics, and financial inclusion.

In May 2025, India’s gross GST collections reached ₹2.01 lakh crore, marking a significant year-on-year increase. This figure represents a 16.4% rise over the ₹1.72 lakh crore collected in May 2024. The consistent rise in collections, with May being the second consecutive month to surpass the ₹2 lakh crore mark, reflects improved economic activity and compliance under the GST regime. The 16% figure underscores the substantial year-over-year growth and points to strengthening revenue mobilization by the government, which is vital for public spending and economic stability.

Canara Bank has become the first major public sector bank in India to eliminate the minimum balance requirement across all types of savings bank accounts, including regular, salary, and NRI accounts. This reform means customers will no longer face penalties for failing to maintain an Average Monthly Balance (AMB), a practice that previously discouraged low-income and rural populations from accessing formal banking services. The move is aimed at boosting financial inclusion and simplifying banking access for a broader demographic, including students, salaried workers, and rural communities. It reflects Canara Bank's commitment to customer convenience and inclusive financial practices.

Stefan Schaffer has been appointed as the Chief Executive Officer of Deutsche Bank’s India-based Global Capability Centre (GCC) as of June 2, 2025. In addition to this role, he will serve as the Global CIO for Corporate Functions and Head of Global Technology Centres. With prior experience leading the Bucharest Technology Center and the Shared Applications and Services vertical, Schaffer brings a strategic focus on reusability, simplification, and innovation. His leadership marks Deutsche Bank’s continued emphasis on India’s role in global operations, where over 20,000 employees contribute across cities like Mumbai, Pune, Bengaluru, and Jaipur.

The State Bank of India (SBI), through its latest economic research report, projected that India’s household net financial savings could reach ₹22 lakh crore in FY2024–25, amounting to 6.5% of the Gross National Disposable Income (GNDI). This projection marks a significant rise from previous years and reflects growing economic confidence and household financial stability post-pandemic. The SBI report not only highlights this surge in savings but also analyzes broader financial trends including the Reserve Bank of India's record ₹2.69 lakh crore surplus transfer, an 8.19% increase in its balance sheet, and a notable shift in fraud patterns in the financial sector.

The Minister of State for Defence, Sanjay Seth, announced at a conference in Bhopal that the National Cadet Corps (NCC) would undergo a major expansion by adding 3 lakh cadets. This move is part of a broader initiative to increase the total strength of NCC cadets across India to between 17 and 20 lakh, in line with the Prime Minister’s vision. The NCC, headquartered in New Delhi, plays a crucial role in fostering discipline, patriotism, and leadership among youth. The announcement made in Bhopal underlines the city’s importance in national defence-related developments and strategic youth engagement.

Karol Nawrocki emerged victorious in Poland's presidential runoff election as an independent candidate supported by the opposition Law and Justice party. He triumphed over Rafal Trzaskowski, the Mayor of Warsaw and candidate from the ruling Civic Coalition, who secured just over 49 per cent of the vote. Born in 1983 in Gdansk, Nawrocki is poised to take over the presidency from Andrzej Duda. His election marks a significant political development in Poland and indicates a shift in public sentiment toward the opposition-backed candidate amid evolving national and regional dynamics.

World Bicycle Day is celebrated annually on June 3. The United Nations General Assembly established this day in 2018 to acknowledge the versatility, longevity, and environmental benefits of the bicycle as a means of transportation. It highlights the importance of cycling as a simple, affordable, and sustainable mode of travel that contributes to health and reduces carbon emissions. Observing World Bicycle Day aims to encourage governments and individuals alike to incorporate cycling into everyday life to support sustainable development and public health.

In 2024, Germany surpassed Japan to become the world’s largest creditor nation, ending Japan’s 34-year dominance in this category. The shift was primarily driven by Germany's rising current account surplus—reaching €240 billion—and favourable currency movements, particularly the appreciation of the euro against the Japanese yen. These factors increased the value of Germany’s foreign assets relative to Japan’s. Although Japan achieved a record net asset value, Germany’s higher growth and asset valuation led to a total of ¥569 trillion ($3.9 trillion), surpassing Japan’s ¥533 trillion ($3.7 trillion). This development reflects evolving global trade balances and investment flows.

S. Padmanabhan, a distinguished Tata Group veteran and an alumnus of IIM Bangalore (PGP 1982), has been appointed as the Chairman of Tata Chemicals effective May 30, 2025. His appointment marks a significant moment in Tata Chemicals' leadership journey, highlighting the Tata Group's tradition of nurturing internal talent. Padmanabhan has held key roles at TCS, Tata Power, and Tata Chemicals over a career spanning four decades. Recognized for his operational acumen and strategic leadership, his new role comes at a critical time as Tata Chemicals expands its global presence and focuses on sustainability and speciality chemicals.