Banking & Financial Awareness GK Digest : February 2025

NPCI Implements New Rules for UPI Transaction ID from February 1, 2025

Current Context: Starting February 1, 2025, the National Payments Corporation of India (NPCI) implemented new rules for UPI transaction IDs.

Here’s a breakdown of the key points:

• Alphanumeric IDs: Transaction IDs must now be strictly alphanumeric (i.e., only letters and numbers). Special characters like @, #, and ! are no longer allowed.
• Enhanced Security: This change aims to enhance security by reducing potential vulnerabilities associated with special characters.
• Improved Compliance: The new rules ensure better compliance with international standards and regulatory requirements.
• Uniformity: Standardizing transaction IDs will simplify processes for both users and financial institutions.

CRISIL: India’s GDP to grow at 6.5% in FY26; CAD widen to 1.3%

Current Context: The report is titled "India’s Economic Outlook for FY26" by Credit Rating Information Services of India Limited. It was released on February 3, 2025.

Key Points

• India's GDP is projected to grow at 6.5% in FY26, supported by lower inflation and expected rate cuts by the RBI.
• The current account deficit (CAD) is expected to widen from 1.0% of GDP in FY25 to 1.3% in FY26 due to export headwinds from U.S. trade policies.
• Consumer Price Index (CPI) inflation is projected to ease from 4.7% in FY25 to 4.4% in FY26.
• The fiscal deficit is expected to decline from 5.6% of GDP in FY24 to 4.4% in FY26.

Forbes Top 10 Most Powerful Countries in The World 2025

Current Context: Forbes Top 10 Most Powerful Countries in The World 2025 released by: Forbes in association with US News & World Report released on February 3, 2025.

Here are the important highlights:

• Key Parameters for Rankings: Leadership, Economic Influence, Political Influence, Strong International Alliances, Military Strength
• Top 10 Countries:
• United States: Topped the list with a GDP of $30.34 trillion, strong leadership, economic, political influence, international alliances, and military strength.
• China: Secured the second spot with a growing economic and military presence.
• Russia: Known for its military strength and political influence, holding the third position.
• Germany
• United Kingdom
• United Kingdom
• France
• Japan
• Saudi Arabia
• Brazil
• India: Secured the 12th spot, with a GDP estimated at $4.27 trillion, strong economic growth, and increasing global influence.

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