Current Affairs: 23 August 2025
This comprehensive digest brings together the most important national, international, economic, defence, science, and sports updates from 23 August 2025. The details are curated to help competitive exam aspirants retain both factual precision and the broader context behind each development.
National Affairs
GST Rate Rationalisation Proposal Accepted: The Group of Ministers (GoM) on GST rate rationalisation, chaired by Bihar Deputy CM Samrat Choudhary, accepted the Centre’s proposal to move from the current four-slab GST structure (5%, 12%, 18%, 28%) to a simplified two-slab system of 5% for merit goods and 18% for standard items. Under the plan, 99% of goods currently taxed at 12% will shift to 5%, while 90% of those at 28% will move to 18%. This reform aims to simplify compliance, reduce classification disputes, and boost consumption by lowering rates on most goods.
Khelo India Water Sports Festival: Dal Lake in Srinagar hosted the first-ever Khelo India Water Sports Festival, featuring over 400 athletes from across India competing in Olympic-class events like rowing, canoeing, and kayaking, alongside demonstration sports such as water skiing, dragon boat racing, and shikara sprints. The event, organised by the Sports Authority of India and the J&K Sports Council, aimed to identify talent for future Olympics and promote J&K as a hub for water and winter sports.
Economic & Banking Updates
Advisory Board for Banking & Financial Frauds (ABBFF) Reconstituted: The ABBFF has been reformed for a two-year term starting 21 August 2025, chaired by former CVC Suresh N. Patel. It will examine the role of officials and whole-time directors of PSBs, insurance companies, and financial institutions in fraud cases involving ₹3 crore and above. The board will submit quarterly reports to the CVC and RBI, and members may be reappointed within a maximum tenure of 4 years or until the age of 70.
RBI Expands Capital Charge Framework for Counterparty Credit Risk: The RBI proposed widening the scope of capital charges for CCR to include derivatives in equity, precious metals (excluding gold), and other commodities, in addition to existing categories. This aims to strengthen risk management in banks and align with global Basel norms.
International Affairs
Iran’s “Sustainable Power 1404” Naval Drill: Iran’s regular navy conducted its first major drill since the June 2025 war with Israel, showcasing frigates IRIS Sabalan and IRIS Ganaveh firing Nasir and Qadir cruise missiles, supported by drones, coastal batteries, and electronic warfare units. The exercise demonstrated naval resilience after the conflict damaged much of Iran’s air defence and missile infrastructure.
State News
J&K Tourism Boost: The Khelo India Water Sports Festival is expected to significantly enhance tourism in Jammu & Kashmir by positioning Dal Lake as a premier destination for aquatic sports and cultural tourism.
Sports
Olympic Prospects in Water Sports: The participation of Olympians like Arjun Lal Jat at the Dal Lake festival has raised hopes for India’s medal prospects in rowing and canoeing at future Games.
Important Days
- International Day for the Remembrance of the Slave Trade and its Abolition – 23 August: Marks the 1791 uprising in Santo Domingo (now Haiti and the Dominican Republic) that played a crucial role in the abolition of the transatlantic slave trade.
Tip: For exam prep, connect GST reforms to indirect tax policy evolution, and link sports events like the Khelo India Water Sports Festival to government schemes promoting tourism and youth engagement.