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It’s February 24. Today, we’re covering the RBI’s currency swap to address the liquidity crisis, the impact of air pollution on insurance premiums, Virat Kohli’s records, and more.

MUST KNOW

RBI to Inject $10 Billion to Tackle Liquidity Crunch

The Reserve Bank of India (RBI) will conduct a $10 billion dollar/rupee swap auction on February 28 to address a severe liquidity crunch in the banking system. This three-year swap will allow banks to sell dollars to the RBI now and repurchase them later, injecting much-needed rupee liquidity into the market.

The Indian banking system has faced its worst liquidity shortage in over a decade, with deficits peaking at ₹3.15 lakh crore on January 23—its lowest level in nearly 15 years. Analysts believe the move will help stabilize the rupee while easing funding pressures for banks.

This marks the RBI’s second swap in a month, following a $5.1 billion infusion through a six-month swap on January 31.

Telangana Tunnel Collapse: Rescue Efforts Face Major Challenges

At least eight workers are feared trapped after a section of the Srisailam Left Bank Canal (SLBC) tunnel collapsed near Domalapenta in Telangana. Rescue efforts are being hampered by waterlogging, as the tunnel—built to carry Krishna River water—remains filled with debris and water. Rescuers were still 150 meters from the collapse site as of Sunday night.

Six members of the team behind the successful November 2023 Silkyara tunnel rescue in Uttarakhand have joined the Army, national and state disaster response forces, and local agencies. Telangana Minister J Krishna Rao expressed concern over the workers’ survival chances, calling the situation “not that good.”

Myawaddy Scam Valley: 2,000 Indians in Cybercrime Rings

Nearly 2,000 Indians are involved in cybercrime operations in Myanmar’s Myawaddy region, a militia-controlled hub for online scams. Many were lured by fake job offers and are now forced to carry out online fraud targeting victims in India and the US. While over 600 Indians have been rescued since June 2022, officials warn the true scale is likely much larger.

India’s embassy is working on evacuations but has made it clear that those participating willingly will be treated as criminals, not victims. Meanwhile, Myanmar has intensified its crackdown on scam centers in Myawaddy, detaining 1,030 illegal entrants from various countries between January 30 and February 16.

GOOD TO KNOW

Policy & Governance

> PM Modi Gets Another Principal Secretary – Former RBI Governor Shaktikanta Das has been appointed as Principal Secretary II to Prime Minister Narendra Modi. Serving as RBI Governor from 2018 to 2023, his appointment is seen as a move to strengthen the Prime Minister’s Office with financial management expertise amid the current global geo-economic uncertainties.

> UK-India Trade Talks Restart – The UK has relaunched negotiations with India for a multibillion-pound free trade deal, aiming to boost its slowing economy. Talks had stalled in March 2024, but with India’s rapid growth and a projected 95 million-strong middle class by 2035, both sides see renewed potential.

Business

> Zomato & Jio Financial to Join Nifty 50 – Zomato and Jio Financial Services will be added to India’s Nifty 50 Index on March 28, marking a significant milestone for new-age tech stocks. They’ll replace Britannia Industries and Bharat Petroleum.

> Blume’s Back with its Indus Valley Report – Blume Venture Capital’s Indus Valley Report 2025 provides an in-depth analysis of India’s startup ecosystem. Key takeaways include India’s growth in GDP and per capita income, shifting labor dynamics, evolving consumption patterns, and the nation’s struggles in manufacturing.

> Adani Bets Big on Kerala – The Adani Group has announced plans to invest Rs 30,000 crore in Kerala over the next five years, focusing on the state’s port and airport infrastructure. Key investments include Rs 5,500 crore to expand Thiruvananthapuram airport and Rs 20,000 crore to develop the Vizhinjam port into one of the largest transshipment hubs globally.

> The Whole Truth Raises $15M in Series C Funding – Mumbai-based healthy food brand The Whole Truth has raised $15 million in Series C funding. The company, known for its clean-label products like protein bars and peanut butter, saw its revenue more than double in FY24 to nearly Rs 71 crore.

Tech, Media & Telecom

> Meta Doubles Down on India – Despite recent layoffs affecting 5% of its global workforce, Meta is expanding its presence in India. The company plans to open a new office in Bengaluru, focusing on engineering and AI roles. Meta is currently hiring for 41 positions, including an engineering director to lead its India-based team.

> Drones Mapping Landholdings in Rural India – By January 2025, over 3 lakh villages across 31 states and union territories had been digitally mapped under the Svamitva Scheme. Launched in April 2020, the scheme uses drones to map landholdings in rural areas, addressing the lack of property ownership records for homes in these regions. Svamitva stands for Survey of Villages and Mapping with Improvised Technology in Village Areas.

Healthcare

> Air Pollution May Drive Up Health Insurance Premiums – Insurers are considering raising health insurance premiums by 10-15% for New Delhi residents following record-breaking pollution levels in the capital in 2024. If approved, this would be the first time air pollution is directly factored into premium calculations in India.

> KKR Acquires Controlling Stake in Cancer Hospital Chain – Private equity firm KKR has acquired a controlling stake in Healthcare Global Enterprises (HCG) for $400 million. HCG is one of India’s largest oncology hospital chains, operating 25 centers across 19 cities with 2,500 beds. KKR is set to hold an equity stake ranging from 54% to 77% following the transaction.

> India Bans Export of Unapproved Opioid Drugs – India’s Health Ministry has banned the export of unapproved drug combinations containing tapentadol and carisoprodol after a BBC investigation revealed their illegal sale in West Africa. Mumbai-based Aveo Pharmaceuticals was found exporting the addictive mix to countries like Ghana, Nigeria, and Côte d'Ivoire, fueling a public health crisis.

Etcetera

> Kohli Shows Who’s King – Virat Kohli became the fastest player to score 14,000 runs in One Day Internationals (ODIs) in 287 innings, surpassing Sachin Tendulkar's 350 innings. The former Indian captain also notched his 82nd century in India’s win over Pakistan in the ICC Champions Trophy 2025. With 27,503 career runs, Kohli moved past Ricky Ponting to become the third-highest run scorer in international cricket, behind Tendulkar (34,357 runs) and Kumar Sangakkara (28,016 runs).

> 1,500-Year-Old Buddhist Relics Discovered in Odisha’s Ratnagiri – A 1.4-meter-tall Buddha head, along with ancient tablets and stupas, some dating back over 1,500 years, has been uncovered in Odisha’s Ratnagiri. This discovery has shed light on the village's historical significance as a major center of Tantric Buddhism, drawing scholars from across the globe, including Egypt, to study the findings.

WORTH A LOOK

Here’s an insightful BBC article about Tulsi, a village in Chhattisgarh, which has become India's YouTube capital. Of the 4,000 residents, more than 1,000 work on YouTube in some capacity.

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