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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India imposes ₹95.4 lakh penalty on Union Bank of India for lapses in customer protection and Income Recognition, Asset Classification and Provisioning compliance

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹95.40 lakh on Union Bank of India for regulatory non-compliance.
• The violations were related to RBI directions on “Limiting Liability of Customers in Unauthorised Electronic Banking Transactions” and “Automation of Income Recognition, Asset Classification and Provisioning (IRACP)”.
• The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
• The first violation was the failure to credit (shadow reversal) the amount of unauthorised electronic transactions within 10 working days of customer notification.
• The second violation was the non-availability of 24×7 facility through multiple channels for reporting unauthorised electronic transactions, violating customer protection guidelines.
• The third violation involved manual intervention in system-based asset classification in certain Kisan Credit Card (KCC) accounts, violating IRACP norms.
• These lapses highlight the importance of strict compliance with RBI digital banking security and asset classification frameworks.

About Union Bank of India (UBI):

• Founded Year: 1919
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Asheesh Pandey
• Slogan: "Good People to Bank With"

Government initiatives boost Kisan Credit Card system to improve farmers’ credit access and promote digital financial inclusion

• The Government of India is actively promoting financial inclusion for farmers through expanded access to the Kisan Credit Card (KCC) scheme and its digital issuance across States and Union Territories.

Key Highlights :

• The Reserve Bank of India (RBI) Priority Sector Lending (PSL) guidelines mandate banks to allocate at least 18% of Adjusted Net Bank Credit (ANBC) or Credit Equivalent of Off-Balance Sheet Exposures (CEOBSE) to agriculture sector lending.
• Under PSL norms, a sub-target of 10% is fixed for Small and Marginal Farmers (SMFs) to ensure equitable credit distribution.
• The PSL framework also includes incentive and dis-incentive mechanisms for districts to promote balanced agricultural credit flow.
• Since 2019, KCC has been extended to cover animal husbandry, dairying, and fisheries, expanding credit access to allied agricultural activities.
• Under the Modified Interest Subvention Scheme (MISS), farmers receive short-term agricultural loans at 7% interest via KCC, and prompt repayment reduces the effective rate to 4% through a 3% incentive.
• The limit for collateral-free short-term agricultural loans has been increased from ₹1.60 lakh to ₹2.00 lakh per borrower (w.e.f. 01 January 2025), benefiting small and marginal farmers (over 86% of farmers).
• This enhancement improves credit access, reduces borrowing cost, and removes collateral requirements for eligible farmers.
• Awareness about the KCC scheme is promoted through financial literacy camps (FLCs), Centre for Financial Literacy (CFL), RBI, NABARD, and government-led programmes.
• The Reserve Bank of India (RBI) also conducts Financial Literacy Week (FLW) annually to promote financial education across India.
• The KCC scheme provides features such as ATM-enabled debit cards, one-time documentation, flexible withdrawals, and in-built credit limit escalation.
• The Jan Samarth portal is a one-stop digital platform for accessing government-sponsored loans and subsidy schemes, including KCC.
• The e-KCC portal by NABARD and digital platforms of banks enable end-to-end digital loan processing, reducing physical documentation and branch visits.
• Many banks have developed mobile apps and online platforms for paperless and faster loan approval systems.
• The Government and RBI have strengthened customer service, grievance redressal, and whistle-blower protection mechanisms in the banking sector.
• Banks must comply with the Reserve Bank – Integrated Ombudsman Scheme, 2021 (updated to 2026, effective from 01 July 2026) for customer grievance redressal.
• Citizens can lodge complaints through the Centralized Public Grievance Redressal and Monitoring System (CPGRAM)
• As per RBI’s Lead Bank Scheme (01 April 2025), the Lead District Manager (LDM) conducts quarterly public meetings for grievance resolution.
• Grievances are also reviewed in Block Level Bankers’ Committee (BLBC) and District Consultative Committee (DCC)
• Some states, such as Madhya Pradesh, also use the CM Helpline and Jan Sunwai portal for KCC-related grievances.
• Banks maintain internal whistle-blower mechanisms in line with CVC guidelines, Companies Act, and RBI regulations to ensure transparency and accountability.

JanSamarth portal processes 41 lakh+ applications worth ₹1.06 lakh crore; banks grant digital approvals to 35.07 lakh beneficiaries worth ₹84,365 crore

• The JanSamarth Portal was launched by Narendra Modi on 6 June 2022 with the objective of expanding the reach of Government-sponsored schemes and streamlining credit delivery processes.

Key Highlights :

• The portal integrates 15 credit-linked Central Government Schemes across sectors like agriculture, renewable energy, business, livelihood, and housing on a single digital platform.
• It connects beneficiaries, financial institutions, Central/State Governments, and nodal agencies, promoting inclusive development and ease of doing business.
• As of 20 March 2026, about 254 lenders including 12 Public Sector Banks, 20 Private Sector Banks, 28 RRBs, 173 DCCBs, 15 NBFCs, and 6 Small Finance Banks have been onboarded.
• Since launch, about 41.14 lakh applications worth ₹1,06,306 crore have been processed, with 35.07 lakh beneficiaries receiving approvals worth ₹84,365.55 crore.
• The portal acts as a digital marketplace with a user-friendly interface, enabling end-to-end online loan application and disbursement.
• It provides a single-window facility for applying to multiple credit-linked schemes with 24×7 accessibility.
• The system performs eligibility checks, in-principle sanction, and forwards applications to selected bank branches.
• It offers real-time tracking of applications, eliminating the need for multiple physical visits to banks.
• The portal integrates with databases such as Central Board of Direct Taxes (CBDT), Goods and Services Tax (GST), UDYAM, National E-Governance Services Ltd. (NeSL), Unique Identification Authority of India (UIDAI), CIBIL, AgriStack, Kisan Rin Portal, Startup Portal of DPIIT, LOKoS, e-Pehchan etc. for faster and digital verification-based processing.
• The core objective is to promote inclusive growth and sectoral development through simple, transparent, and digital processes.
• The portal uses advanced analytics and auto-recommendation systems to match applicants with the most suitable schemes based on eligibility and requirements.
• The application process includes eligibility check, online application submission, lender selection with digital approval, and real-time status tracking.
• The portal is accessible in 8 languages and supports assisted mode through Business Correspondents (BCs), improving financial inclusion.
• It is available via website and mobile applications (Android and iOS), along with a separate app for real-time reports.
• The portal has a dedicated grievance redressal mechanism, ensuring timely resolution and tracking of complaints.
• Key schemes available include Kisan Credit Card (KCC), Pradhan Mantri Mudra Yojana (PMMY), PM SVANidhi,Prime Minister’s Employment Generation Programme (PMEGP), Agriculture Infrastructure Fund (AIF),Agri Clinics and Agri Business Centres Scheme (ACABC), Loan for Startups, Weaver Mudra Scheme, Rooftop Solar Financing, and National Action for Mechanized Sanitation Ecosystem (NAMASTE) Scheme, among others.
• The portal ensures end-to-end digital coverage of loan processes, enhancing efficiency, transparency, and accessibility in credit delivery.

About Ministry of Finance:

• Cabinet Minister: Smt. Nirmala Sitharaman
• Minister of State (MoS): Shri Pankaj Chaudhary

Reserve Bank of India Releases Payments Vision 2028 to Boost India’s Digital Payment Ecosystem

• The Reserve Bank of India (RBI) has unveiled its ‘Payments Vision 2028’, titled ‘Shaping India’s Payment Frontier’, aimed at strengthening and expanding India’s rapidly growing digital payments ecosystem.

Key Highlights :

• The RBI has been periodically issuing the Payments Vision framework since 2001, and the latest 2028 vision provides a 3-year roadmap up to December 2028 for improving India’s payment infrastructure and digital economy.
• The vision focuses on user empowerment, fraud prevention, cross-border payment efficiency, and ease of doing business, while strengthening trust, operational resilience, and global competitiveness of India’s payment systems.
• It contains 15 key initiatives designed to modernize and secure India’s digital payment ecosystem and support the country’s position as a global leader in real-time digital transactions.
• A key proposal is the switch on/off facility for digital payments, enabling users to control transactions and strengthen fraud prevention and security mechanisms.
• RBI has introduced a Shared Responsibility Framework (SRF) to define fraud liability sharing between issuing and beneficiary institutions, enhancing consumer protection and confidence.
• The vision includes an improved cross-border (CB) payment framework with a single-window authorization system, aimed at making international payments faster, cheaper, and more efficient under Payment and Settlement Systems Act and FEMA regulations.
• The RBI also aims to strengthen bank account portability through the proposed Payments Switching Service (PaSS), enabling seamless transfer of standing instructions, EMIs, salaries, utility payments, and investment mandates.
• The need for account portability arises due to “sticky accounts,” where customers remain with one bank because of multiple linked transactions such as salary credits, EMIs, and bill payments.
• The PaSS system will centralize all payment mandates, allowing customers to easily manage and transfer them when switching banks, improving customer convenience and financial flexibility.
• The RBI is also focusing on Trade Receivables Discounting System (TReDS) interoperability, which will improve invoice financing efficiency and support liquidity for MSMEs.
• A major focus area is enhancing cross-border payment systems, making them faster, cheaper, and more accessible while integrating India’s systems with global frameworks such as those promoted by the G20.
• The vision also supports alignment of India’s payment systems with global standards and explores integration with digital currencies and international payment networks.
• Overall, the Payments Vision 2028 marks a shift from expansion to improving the quality, usability, security, and global integration of India’s payment ecosystem, strengthening its role as a global leader in digital financial infrastructure.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

India Pharma 2026 to be Held in New Delhi on 13–14 April 2026 to Promote Pharmaceutical Innovation and Global Partnerships

• The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India, in association with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indian Pharmaceutical Alliance (IPA), is set to organize the 9th Edition of India Pharma 2026 on April 13-14, 2026 at Federation House, New Delhi.
• The conference will serve as a strategic platform to accelerate the sector’s transition from a volume-driven industry to a value- and innovation-led global powerhouse.
• India Pharma 2026 aims to accelerate India’s progress in the global pharmaceutical ecosystem by promoting innovation, collaboration, and future growth opportunities among policymakers, researchers, and industry leaders.
• The central theme of the conference is “Discover in India: Leapfrogging Life-Sciences Innovation”, reflecting India’s shift towards high-value research, advanced drug development, and cutting-edge healthcare solutions.
• India has established itself as the “Pharmacy of the World” by supplying affordable medicines to more than 200 countries, and India Pharma 2026 aims to further strengthen this global role through innovation and international partnerships.
• India Pharma 2026 will also showcase India’s growing investments in biotechnology, biosimilars, precision medicine, and life sciences research, strengthening its position in the global healthcare sector.
• The Department of Pharmaceuticals is playing a key role in promoting policy reforms, infrastructure development, and innovation in the pharmaceutical and medical technology sectors, and the initiative aligns with the Government of India’s vision of Atmanirbhar Bharat for strengthening self-reliance and long-term sectoral development.

About FICCI

• Founder: Ghanshyam Das Birla
• Headquarters: New Delhi
• Director General: Jyoti Vij
• Founded: 1927

Census 2027 Phase 1 to Begin from 1 April 2026 as India’s First Fully Digital Census Exercise

• India will begin Phase 1 of Census 2027 from 1 April 2026, marking the first fully digital Census in the country’s history.
• Census 2027 will be the 16th Census since the beginning of Census operations in India and the 8th Census after Independence.
• The announcement regarding the rollout of Phase 1 was made by Mritunjay Kumar Narayan.
• The Census will adopt a digital-first approach, with mobile applications for enumerators and an online Self-Enumeration portal available in multiple languages, aiming to improve accuracy, transparency, and efficiency in data collection.
• Phase 1, known as the House Listing and Housing Census, will be conducted from April to September 2026 across all States and Union Territories of India.
• Phase 1 will collect information related to:
• housing conditions and structure
• household amenities such as water, electricity, and sanitation
• ownership of assets and household living standards
• A major feature of Census 2027 is the introduction of Self-Enumeration, which allows citizens to submit their data online before the enumerator’s household visit.
• The enumeration process will follow a structured hybrid timeline consisting of:
• 15 days of Self-Enumeration
• followed by 30 days of door-to-door enumeration
• All States and Union Territories will complete the House Listing and Housing Census within the overall timeline of 1 April to 30 September 2026, ensuring efficient resource deployment and smooth nationwide implementation.
• Phase 2, known as the Population Enumeration, will be conducted in February 2027 and will collect detailed individual-level demographic and socio-economic data.

Insolvency and Bankruptcy Code Amendment Bill 2026 Passed by Lok Sabha to Strengthen Insolvency Resolution Framework

• The Insolvency and Bankruptcy Code Amendment Bill 2026 was passed by the Lok Sabha to strengthen India’s financial system by improving the speed and efficiency of insolvency resolution processes and enhancing creditor confidence.
• While introducing the Bill, Union Minister of Finance Nirmala Sitharaman stated that the Insolvency and Bankruptcy Code 2016 has already helped resolve over 1,376 companies, leading to recoveries of about ₹4.11 lakh crore.
• The amendment aims to address delays in insolvency proceedings, improve procedural efficiency, and introduce structural reforms to streamline insolvency processes, especially in the banking sector.
• A key provision of the amendment mandates admission of insolvency applications within 14 days once a default is established, which is expected to significantly reduce delays in case initiation.
• The amendment introduces a creditor-driven insolvency framework, giving greater control to creditors while maintaining a balance between creditor rights and debtor protections.
• The revised framework includes out-of-court settlement mechanisms, the debtor-in-possession model, and the creditor-in-control approach, which are expected to make the insolvency process less litigation-intensive, faster, and more business-friendly.
• The amendment focuses on improving speed, transparency, and accountability by tightening timelines, preventing misuse of insolvency proceedings, and streamlining procedures to reduce legal bottlenecks.
• For the first time, the amendment introduces enabling provisions for group insolvency and cross-border insolvency, allowing:
• coordinated resolution of group companies
• efficient handling of companies operating in multiple countries
• alignment of India’s insolvency framework with international standards
• These provisions are particularly important in a globalised business environment, where companies frequently operate across jurisdictions.
• The amendment is expected to further strengthen the banking sector by improving Non-Performing Assets recovery and reinforcing credit discipline among borrowers.
• According to the Government of India, more than half of the Non-Performing Assets have already been addressed through the insolvency resolution mechanism under the Insolvency and Bankruptcy Code framework.
• The amendment is expected to improve recovery rates for banks, enhance credit ratings of companies, and further strengthen the overall financial ecosystem.
• The Government has clarified that workmen dues will continue to remain a priority under the Insolvency and Bankruptcy Code framework, ensuring protection of employees’ interests during restructuring or liquidation proceedings.
• The Insolvency and Bankruptcy Code 2016 is India’s primary legislation for time-bound resolution of insolvency involving companies, individuals, and partnership firms, and its introduction significantly improved the speed of insolvency resolution, strengthened banking sector stability, and helped reduce the burden of Non-Performing Assets in India.

Prime Minister Narendra Modi Inaugurated Samrat Samprati Museum in Gandhinagar on Mahavir Jayanti 2026

• Prime Minister Shri Narendra Modi inaugurated the Samrat Samprati Museum at Shri Mahavir Jain Aradhana Kendra in Koba, Gandhinagar during his visit to Gujarat.
• The inauguration coincided with the auspicious occasion of Mahavir Jayanti and marked a significant step towards preserving India’s rich Jain heritage and cultural legacy.
• The Samrat Samprati Museum serves as a comprehensive repository of Jain culture and traditions and is named after Samprati, a ruler known for spreading Jainism and promoting the principle of non-violence across his empire.
• The museum houses nearly 2,000 rare artefacts, including stone idols, ancient manuscripts, miniature paintings, coins, silver chariots, and traditional artefacts, which reflect the spiritual richness and artistic mastery of Jain traditions.
• The museum uses modern audio-visual technology to enhance the educational and cultural experience of visitors and to present Jain philosophy and history in an interactive manner.
• The museum has been divided into seven galleries, and each gallery presents different aspects of Jainism and Indian civilisation, including illustrated manuscripts depicting Jain teachings, stone and metal idols representing Tirthankaras, miniature paintings, coins, silver chariots, and traditional artefacts reflecting centuries-old craftsmanship.
• The structured layout of the museum enables visitors to understand the chronological development and spread of Jainism across India from its origin to its wider influence.
• Samprati, who ruled during 224–215 BCE, is regarded as one of the greatest patrons of Jainism and is often compared with his grandfather Ashoka for spreading religious values, although Samprati focused specifically on promoting Jain teachings.
• The contributions of Samprati included the construction of several Jain temples across India, support to Jain monks, promotion of the message of Ahimsa (non-violence), and encouragement of ethical governance based on non-violence, and the museum named after him symbolises his enduring legacy in promoting Jain values and culture.

RECENT NEWS

• The Gujarat state government has created history after passing the Uniform Civil Code (UCC) Bill 2026 in the State Assembly on March 24 2026. It was tabled by Chief Minister Bhupendra Patel and the Bill proposes the common legal framework for marriage, divorce, succession and live-in relationships across all religions. 

About Gujarat:

• Chief Minister: Bhupendra Patel
• Governor: Acharya Devvrat
• Capital: Gandhinagar
• National Parks: Gir National Park, Blackbuck National Park, Vansda National Park, Marine National Park
• Wildlife Sanctuaries: Nal Sarovar Bird Sanctuary, Velavadar Blackbuck Sanctuary, Kutch Desert Wildlife Sanctuary, Barda Wildlife Sanctuary, Purna Wildlife Sanctuary

Solid Waste Management Rules 2026 Notified by Ministry of Environment Forest and Climate Change Effective from 1 April 2026

• Ministry of Environment, Forest and Climate Change notified the Solid Waste Management Rules 2026 on 27 January 2026, which came into effect from 1 April 2026 across India.
• The new rules replace the Solid Waste Management Rules 2016 framework.
• The rules focus on improved waste segregation, digital monitoring, and promotion of the circular economy approach.
• The framework places stronger responsibility on waste generators, industries, and local authorities for safe disposal of waste and environmental protection.
• The rules introduce a more structured and accountable system for solid waste management across India to improve efficiency and reduce environmental impact.
• A major reform under the rules is mandatory four-stream waste segregation at source for all households and institutions into:
• Wet waste (biodegradable)
• Dry waste (recyclable)
• Sanitary waste
• Special care waste
• This step is expected to improve recycling efficiency and reduce landfill burden.
• The rules emphasise the circular economy approach, encouraging waste to be reused, recycled, and repurposed instead of being discarded.
• A key feature is the introduction of Extended Bulk Waste Generator Responsibility (EBWGR) under which bulk waste generators such as large institutions, hotels, and residential complexes must:
• Ensure proper collection and segregation of waste
• Manage transportation and processing
• Follow environmentally sound disposal practices
• The government introduced a centralised online tracking system for monitoring all stages of waste management including collection, transportation, processing, and disposal through real-time digital tracking.
• This system will help authorities to identify gaps, improve compliance, and ensure timely reporting.
• The rules also strengthen the role of industries such as cement plants and waste-to-energy units by mandating increased use of Refuse Derived Fuel (RDF):
• Current substitution rate: 5%
• Target over the next six years: 15%
• This measure will help reduce dependence on fossil fuels and promote sustainable energy alternatives.
• The rules clearly define responsibilities for urban local bodies, rural local bodies, State Governments, Union Territory Governments, and Central Ministries.
• They also introduce graded criteria for faster land allocation for waste processing facilities, ensuring quicker infrastructure development across India.

RECENT NEWS

• The National Productivity Council (NPC) has signed an agreement with the Ministry of Environment, Forest and Climate Change (MoEF&CC) to act as the Environment Audit Designated Agency (EADA). This was signed under the Environment Audit Rules of 2025.

World Buddhist Peace Conference 2026 Held in Hyderabad and Buddhavanam, Telangana from 27 to 29 March

• The inaugural edition of the World Buddhist Peace Conference 2026 was held from 27 to 29 March 2026 across Hyderabad and Buddhavanam at Nagarjunasagar in Telangana.
• The conference was organised by Buddhavanam, a unit of the Telangana Tourism Development Corporation, Government of Telangana, in association with Vietnam Buddhist Sangha.
• A major highlight of the conference was the unveiling and adoption of the Telangana Peace Declaration, which emphasises inner transformation and ethical values as the foundation for global harmony and peace.
• The Government of Telangana announced that Buddhavanam, spread across 274 acres, will be developed as a global World Peace Centre.
• During the conference, Jupally Krishna Rao, Tourism and Culture Minister of Telangana, was honoured with the ‘Grand Prize for Contribution to World Peace’.

RECENT NEWS

• The Telangana State government has unveiled the major welfare push in the Telangana Budget of 2026. Deputy Chief Minister Mallu Bhatti Vikramarka presented it in state Assembly. Also announced the launch of the Indiramma Family Life Insurance Scheme and a new cashless health scheme for the people. 

About Telangana:

• Capital: Hyderabad
• Governor: Shiv Pratap Shukla
• Chief Minister: Anumula Revanth Reddy
• National Parks: Kasu Brahmananda Reddy National Park, Mrugavani National Park, Mahavir Harina Vanasthali National Park
• Wildlife Sanctuaries: Kawal Wildlife Sanctuary, Pocharam Wildlife Sanctuary, Manjira Wildlife Sanctuary

Ministry of Environment, Forest and Climate Change Marked 20 Years of Earth Hour with Awareness Activities in Madhya Pradesh

• The Ministry of Environment, Forest and Climate Change in collaboration with World Wide Fund for Nature-India organised awareness and outreach activities in Gwalior to mark 20 years of Earth Hour.
• The initiative included a nationwide call to “Give an Hour for Earth” to promote environmental awareness and sustainable lifestyles.
• The activities were conducted under the Environmental Information, Awareness, Capacity Building and Livelihood Programme (EIACP) with support from WWF-India.
• The programme was attended by officials from the Ministry of Environment, Forest and Climate Change.
• Awareness drives and exhibitions promoting sustainable lifestyles and environmental responsibility were organised at:
• The Scindia School
• Indian Institute of Tourism and Travel Management
• Trainees of the Green Skill Development Programme participated in the activities.
• Participants belonged to more than 15 States and Union Territories across India.
• The trainees included those enrolled in the “Nature Conservator cum Eco-Tourism Guide” course under the Green Skill Development Programme.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United Nations Educational, Scientific and Cultural Organization  releases Global Education Monitoring Report 2026 titled “Access and Equity: Countdown to 2030,” highlighting key global challenges in education.

• The United Nations Educational, Scientific and Cultural Organization (UNESCO) released the Global Education Monitoring (GEM) Report 2026 – “Access and Equity: Countdown to 2030”, highlighting global education challenges.
• The report reveals that 1 in 6 school-age children worldwide are out of education, and only 2 in 3 students complete secondary schooling
• In 2024, approximately 273 million children, adolescents, and youth were out of school worldwide, excluding an additional 13 million children in conflict-affected countries.
• The GEM Report 2026 assesses global progress toward achieving Sustainable Development Goal 4 (SDG 4), focusing on equitable and inclusive education by 2030.
  • It highlights that West Asia faces severe educational disruption due to conflicts, leading to widespread school closures and exclusion of millions of children from education.
• Global school enrolment reached 4 billion in 2024, increasing by 327 million (30%) since 2000, showing long-term expansion in education access.
• Enrolment growth includes a 45% increase in pre-primary education and a 161% rise in post-secondary education, with around 25 children entering school every minute
• Completion rates have improved significantly:
• Primary education: 77% → 88%
• Lower secondary: 60% → 78%
• Upper secondary: 37% → 61%
• Despite progress, only two-thirds of students complete schooling, and universal completion (95%) may not be achieved until 2105.
• The report underscores the need for accelerated global efforts to ensure inclusive, equitable, and quality education for all by 2030 under SDG 4.

About United Nations Educational, Scientific and Cultural Organization:

• Formation: 16 November 1945
• Headquarters: Paris, France
• Director-General: Khaled El-Enany
• Parent organization: United Nations Economic and Social Council

CURRENT AFFAIRS : DEFENCE NEWS

Defence Acquisition Council approves ₹2.38 lakh crore proposals to boost military capabilities

• The Defence Acquisition Council (DAC) chaired by Rajnath Singh granted Acceptance of Necessity (AoN) for proposals worth ₹2.38 lakh crore.

Key Highlights :

• For the Indian Army, approvals were given for the Air Defence Tracked System, Armoured Piercing Tank Ammunition, High Capacity Radio Relay, Dhanush Gun System, and Runway Independent Aerial Surveillance System.
• The Air Defence Tracked System will provide real-time air defence control and reporting capability, enhancing operational awareness.
• The High Capacity Radio Relay will ensure reliable and fail-proof communication systems for the Army.
• The Dhanush Gun System will improve long-range artillery capability with enhanced lethality and accuracy across all terrains.
• The Runway Independent Aerial Surveillance System will strengthen surveillance capabilities of Army units.
• The Armoured Piercing Tank Ammunition will enhance the lethality of anti-tank operations.
• For the Indian Air Force, approvals were granted for Medium Transport Aircraft, S-400 Long Range Surface-to-Air Missile System, Remotely Piloted Strike Aircraft, and overhaul of Su-30 aero engine aggregates.
• The Medium Transport Aircraft will replace AN-32 and IL-76 fleets, meeting strategic, tactical, and operational airlift
• The S-400 Long Range Surface-to-Air Missile System will counter enemy long-range air threats targeting vital areas.
• The Remotely Piloted Strike Aircraft will enable offensive counter operations, coordinated air operations, and stealth Intelligence, Surveillance, and Reconnaissance (ISR).
• The overhaul of Su-30 aero engines will increase aircraft service life and ensure operational readiness.
• For the Indian Coast Guard, AoN was granted for Heavy Duty Air Cushion Vehicles.
• These vehicles will support high-speed coastal patrolling, reconnaissance, search and rescue, assistance to ships, and logistics operations.
• In FY 2025–26, the DAC accorded AoN for 55 proposals worth ₹6.73 lakh crore.
• Additionally, capital procurement contracts for 503 proposals worth ₹2.28 lakh crore were signed in the current financial year.
• Both the total AoN approvals and capital contracts signed are the highest ever in any financial year, reflecting significant growth in defence procurement and modernization efforts.

Indigenously built stealth frigate ‘Dunagiri’ handed over to Indian Navy, strengthening Aatmanirbhar warship construction

• INS Dunagiri (Yard 3023), the fifth ship of Nilgiri Class (Project 17A), was delivered to the Indian Navy at GRSE, Kolkata.
• It is the second Project 17A frigate built at Garden Reach Shipbuilding and Engineers Ltd (GRSE), marking a milestone in self-reliance (Aatmanirbharta) in warship construction.
• Project 17A frigates are advanced multi-mission warships designed to address current and future maritime security challenges.
• The new Dunagiri is a reincarnation of the earlier INS Dunagiri (Leander-class frigate), which served from 05 May 1977 to 10 October 2010 (33 years of service).
• The ship represents a quantum leap in naval design, stealth, firepower, automation, and survivability.
• It was designed by the Warship Design Bureau (WDB) and overseen by the Warship Overseeing Team (Kolkata), reflecting indigenous design excellence.
• The frigate is built using the Integrated Construction philosophy, ensuring timely delivery and efficiency.
• Project 17A ships are equipped with advanced weapons and sensors, superior to the earlier P17 (Shivalik-class) frigates.
• The propulsion system is based on Combined Diesel or Gas (CODOG) configuration with Controllable Pitch Propellers (CPP) and an Integrated Platform Management System (IPMS).
• The weapon suite includes BrahMos Surface-to-Surface Missiles (SSM), MFSTAR radar, MRSAM air defence system, 76 mm Super Rapid Gun Mount (SRGM), and close-in weapon systems (30 mm and 12.7 mm) along with torpedoes and rockets for anti-submarine warfare.
• Dunagiri is the fifth P17A ship delivered in the last 16 months, indicating accelerated naval shipbuilding capability.
• The construction time was reduced to 80 months, compared to 93 months for the first ship (Nilgiri), showing improved efficiency and learning curve benefits.
• The project demonstrates India’s growing shipbuilding, engineering, and defence manufacturing capabilities.
• With an indigenisation content of 75%, the project involved over 200 MSMEs, promoting domestic industry participation.
• The project generated employment for around 4,000 personnel directly and over 10,000 indirectly, boosting the defence industrial ecosystem.

Fourth Anti-Submarine Warfare Shallow Water Craft ‘Agray’ built by Garden Reach Shipbuilders and Engineers Kolkata delivered to Indian Navy

• INS Agray, the fourth of eight Anti-Submarine Warfare Shallow Water Craft (ASW SWC), was delivered to the Indian Navy at Kolkata.
• The ship is indigenously designed and built by Garden Reach Shipbuilders and Engineers (GRSE), Kolkata, highlighting self-reliance in defence shipbuilding.
• The ASW SWC ships are constructed as per the Classification Rules of the Indian Register of Shipping (IRS), ensuring high-quality standards and compliance.
• The vessels are approximately 77 metres in length and are the largest Indian naval warships powered by waterjet propulsion systems.
• INS Agray is equipped with advanced systems such as Lightweight Torpedoes, Indigenous Rocket Launchers, and Shallow Water SONAR for effective detection and engagement of underwater threats.
• The induction of the ship enhances the Indian Navy’s anti-submarine warfare (ASW), mine warfare, and coastal surveillance
• The ship is a reincarnation of the earlier INS Agray (1241 PE Class Patrol Vessel), which was decommissioned in 2017, continuing the naval legacy tradition.
• The project has an indigenous content of over 80%, supporting the Government’s vision of Aatmanirbhar Bharat (self-reliance in defence production).
• The delivery of INS Agray reflects the growing strength of India’s domestic defence manufacturing ecosystem and efforts to reduce dependency on imports.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indigenous bio-bitumen technology converting crop residue can save ₹40,000 crore annual import bill: Dr. Jitendra Singh

• The Government of India has highlighted that crop waste converted into bio-bitumen can save around ₹40,000 crore in annual import costs, significantly reducing bitumen import dependency.
• The bio-bitumen technology has been developed indigenously by CSIR–Central Road Research Institute (CRRI, New Delhi) and CSIR–Indian Institute of Petroleum (IIP, Dehradun).
• The initiative was showcased at a Technology Transfer event organised by the Council of Scientific and Industrial Research (CSIR) for large-scale industry adoption of “Bio-Bitumen from Lignocellulosic Biomass”
• India generates nearly 600 million tonnes of crop residue annually, much of which is burnt causing severe air pollution and stubble burning
• India consumes about 88 lakh tonnes of bitumen annually, of which 50–58% is imported, costing around ₹25,000–30,000 crore per year.
• The technology converts agricultural waste (rice straw, wheat straw, crop residues) into a valuable road construction material, supporting the concept of “Waste to Wealth”.
• The process uses a thermochemical (pyrolysis) method to produce renewable bio-binder (bio-bitumen) from biomass.
• The bio-bitumen can replace up to 30% of conventional bitumen without affecting performance and durability of roads.
• The innovation helps in reducing import dependence, lowering pollution, increasing farmers’ income, and promoting circular economy.
• It aligns with the vision of Narendra Modi for Atmanirbhar Bharat, self-reliance, and sustainable infrastructure development.
• The initiative supports India’s Net Zero commitments and promotes low-carbon, eco-friendly road construction
• It demonstrates inter-ministerial and industry collaboration, strengthening public-private partnerships and innovation ecosystems.
• The technology also enables farmers to earn additional income by selling crop residue instead of burning it, helping to tackle stubble burning pollution.
• CSIR has confirmed that industry adoption, field trials, and large-scale production are already underway, with focus on standardisation and nationwide rollout.
• The initiative positions India towards green infrastructure, sustainable development, and Viksit Bharat 2047

CURRENT AFFAIRS: MOUS AND AGREEMENT

Andhra Pradesh Science City Signed Memorandum of Understanding with Council of Scientific and Industrial Research National Institute of Science Communication and Policy Research

• Andhra Pradesh Science City signed a Memorandum of Understanding (MoU) with CSIR-National Institute of Science Communication and Policy Research to promote science awareness, Science Technology Engineering Mathematics education, and policy research across India.
• The collaboration aims to build a culture of scientific thinking and strengthen evidence-based policymaking in the country.
• The MoU focuses on enhancing collaboration in science and innovation, particularly in Science Technology and Innovation policy research and science popularisation activities.
• The primary objective of the agreement is to promote evidence-based policymaking, which plays an important role in shaping effective governance and development strategies.
• The MoU is non-financial in nature, will remain valid for five years, and includes a provision for extension based on mutual agreement between both institutions.
• One of the core objectives of the partnership is to strengthen science communication and increase public awareness about scientific developments, which is essential for informed decision-making in a rapidly evolving world.
• Through this collaboration, both institutions will work towards:
• Promoting scientific temper among citizens
• Encouraging Science Technology Engineering Mathematics education
• Making complex scientific concepts understandable for the general public
• Andhra Pradesh Science City, headquartered in Amaravati, has been promoting innovation, Science Technology Engineering Mathematics learning, and scientific curiosity since its establishment in 2016.
• CSIR-National Institute of Science Communication and Policy Research was established in 2021 under the Council of Scientific and Industrial Research and focuses on science communication, research, and policy studies.
• The collaboration between both institutions is expected to bridge the gap between scientific research and policymaking and strengthen science popularisation efforts in India.
• Science popularisation refers to the process of making scientific knowledge accessible and understandable to the general public through activities such as science exhibitions, workshops, publications, and digital outreach, and institutions like Andhra Pradesh Science City and CSIR-National Institute of Science Communication and Policy Research play an important role in bridging the gap between scientists and society.

Central Council for Research in Ayurvedic Sciences Partnered with Anuvadini Artificial Intelligence to Translate Ayurveda Research into 13 Languages

• The Central Council for Research in Ayurvedic Sciences (CCRAS) under Ayush Ministry signed a memorandum of understanding with Anuvadini AI, a platform designed by the All India Council for Technical Education (AICTE) under the Ministry of Education.
• The initiative focuses on bridging linguistic gaps, promoting evidence-based Ayurveda, and ensuring authentic healthcare knowledge reaches people across all regions.
• The collaboration marks a significant convergence of technology and traditional medicine, enabling the translation of complex scientific Ayurveda research into easily understandable regional languages for the general public.
• A Memorandum of Understanding (MoU) was signed under the guidance of the Ministry of AYUSH, highlighting the government’s commitment to accessible and evidence-based healthcare systems.
• Artificial Intelligence-based translation through Anuvadini AI will:
• Translate CCRAS research publications and educational materials into 13 regional languages including Hindi
• Make scientific Ayurveda knowledge more inclusive and widely accessible
• Help reduce misinformation related to traditional medicine
• Central Council for Research in Ayurvedic Sciences operates through a network of 30 institutes across 25 States, producing extensive research in Ayurveda.
• At present, most research publications, including the CCRAS Bulletin, are primarily available in English, creating a gap between research and public understanding.
• With Artificial Intelligence-powered translation, research findings will reach grassroots communities, improving awareness and adoption of scientific Ayurveda practices.
• Ayurveda is one of the oldest healing systems in the world, originating in India over 3,000 years ago, and focuses on balancing body, mind, and spirit for overall well-being.
• Central Council for Research in Ayurvedic Sciences plays a key role in conducting scientific research in Ayurveda and validating traditional practices through modern scientific methods.

Tech Mahindra Signed Memorandum of Understanding with Indian Institute of Technology Bombay to Develop Three Dimensional Digital Twin of Gymkhana Building

• Tech Mahindra signed a Memorandum of Understanding (MoU) with Indian Institute of Technology Bombay to develop a Three Dimensional Digital Twin of the Gymkhana building.
• The collaboration aims to create a comprehensive digital replica of the facility to showcase the role of immersive digital technologies in enabling smart infrastructure and campus innovation.
• The project will leverage:
• Advanced Three Dimensional modeling and rendering technologies
• Digital Twin frameworks
• Building Information Modeling integration
• Spatial data integration
• Cloud-based visualization platforms
• It will result in an immersive web-based interface of the Gymkhana building.
• The Digital Twin solution will enable:
• Enhanced visualization of infrastructure assets
• Foundation for real-time monitoring and tracking
• Predictive maintenance and simulation capabilities
• Support for smart campus initiatives
• It will also allow integration of:
• Internet of Things devices
• Advanced analytics for operational optimisation
• Automated decision-making and resource allocation
• According to Birendra Sen, President – Business Process Services, Tech Mahindra:
• Digital replicas enable real-time data-driven insights
• Help overcome planning and monitoring challenges
• The collaboration combines academic research with enterprise technology to build a scalable Digital Twin model
• The initiative demonstrates:
• Application of Digital Twin technology in academic environments
• Expansion of immersive technologies beyond industrial use cases
• Creation of a benchmark model for smart campuses and public infrastructure
• According to RAAJ Ramsankaran, Professor at IIT Bombay:
• The MoU strengthens industry–academia collaboration
• Provides a platform for practical learning in infrastructure planning and smart campus development
• Enhances applied research and experiential learning opportunities

About Indian Institute of Technology Bombay:

• Established in 1958
• A premier public research university in Mumbai
• Known for academic excellence and innovation
• Focuses on research in Artificial Intelligence, Machine Learning and climate technologies

About Tech Mahindra:

• Provides technology consulting and digital solutions globally
• Offers services including Information Technology, Business Process Services, Engineering, Artificial Intelligence, Analytics, and Cloud Infrastructure
• Awarded the Terra Carta Seal for sustainability leadership
• Part of the Mahindra Group, established in 1945

CURRENT AFFAIRS: SPORTS NEWS

Formula One Japanese Grand Prix 2026 – Andrea Kimi Antonelli Became Youngest Driver to Lead Formula One World Championship

• 19-year-old Andrea Kimi Antonelli of Mercedes-AMG Petronas Formula One Team won the 40th edition of the Japanese Grand Prix 2026 held at Suzuka Circuit in Japan.
• With this victory, he became the youngest driver ever to lead the Formula One World Championship, surpassing the record of Lewis Hamilton.
• Oscar Piastri of McLaren (Australia) secured second place with 18 points.
• Charles Leclerc of Ferrari (Monaco) finished third with 15 points.
• George Russell of Mercedes secured fourth place.
• Lando Norris of McLaren finished in fifth place.
• Andrea Kimi Antonelli registered back-to-back victories in China and Japan, becoming the youngest championship leader in Formula One history.
• The Japanese Grand Prix:
• Is a Formula One motor racing event held in Japan
• Traditionally conducted at the Suzuka Circuit
• First held in 1963
• Known for its challenging circuit layout and passionate motorsport fans
• The next race in the Formula One calendar is the Miami Grand Prix 2026 scheduled in May 2026, after cancellations of races in Bahrain and Saudi Arabia.

CURRENT AFFAIRS : OBITUARIES

Padma Bhushan awardee and former Chairman of Raymond Limited Dr. Vijaypat Lala Kailashpat Singhania passed away

• Padma Bhushan awardee Dr. Vijaypat Lala Kailashpat Singhania, former Chairman of Raymond Limited, passed away at the age of 87 in Mumbai, Maharashtra.
• He was born on October 4, 1938, in Kanpur, Uttar Pradesh (UP).
• He was widely recognised for his contributions to the textile industry and for setting multiple records in aviation.
• He served as Chairman of Raymond Limited for nearly two decades until 2000 and later transferred his entire 37% stake in the company to his son Gautam Singhania.
• He was appointed Honorary Air Commodore by the Indian Air Force (IAF) in 1994 and served as the Sheriff of Mumbai in 2006.
• In 1988, he gained global recognition by solo flying a microlight aircraft from London (UK) to Ahmedabad (Gujarat), covering over 9,000 kilometres.
• He held a world record for the highest altitude achieved in hot air ballooning, reaching 69,852 feet in 2005 at the age of 67.
• He was appointed Chairman of the Governing Council of IIM Ahmedabad (IIM-A) in March 2007 and served until 2012.
• He authored an autobiography titled “An Angel in the Cockpit” (2005), documenting his microlight aviation journey.

Awards & Honors :

• He received the Tenzing Norgay National Adventure Award (TNNAA) in 2001.
• He was awarded the Padma Bhushan in 2006, India’s 3rd highest civilian honour, in the field of Sports.

CURRENT AFFAIRS: IMPORTANT DAYS

Utkal Diwas Odisha Foundation Day Observed on 1 April to Commemorate Formation of Odisha as a Separate Province in 1936

• Utkal Diwas, also known as Odisha Foundation Day, is observed every year on 1 April across Odisha to commemorate the formation of Odisha as a separate province on 1 April 1936 after a long struggle for linguistic and administrative recognition.
• The day marks the creation of Odisha as an independent province during British rule, when it was separated from the Bengal Presidency, which earlier included present-day Bihar, West Bengal, and Odisha.
• Historically, the region of Odisha formed a major part of the ancient Kalinga and gained prominence after the famous Kalinga War fought in 260 BC by Ashoka, which later influenced his transformation towards peace and Buddhism.
• After the ancient period, the region came under the control of the Mughals, and later the British East India Company took administrative control in 1803, reorganising the region into different administrative units.
• During British administration, the western and northern districts of Odisha were merged with Bengal, while the coastal region became part of Bihar and Odisha Province, then known as Orissa.
• Following decades of sustained efforts by eminent leaders of Odisha for a separate linguistic province, Orissa Province was officially created on 1 April 1936.
• Earlier, in 1912, the province of Bihar and Orissa had been formed by separating it from the Bengal Presidency before the final creation of separate Odisha Province in 1936.
• Later, the name of the state was officially changed from Orissa to Odisha to reflect its linguistic and cultural identity more accurately.

United Nations International Day of Zero Waste 2026 Observed on 30 March

• The United Nations International Day of Zero Waste 2026, also known as Zero Waste Day, was observed globally on 30 March 2026.
• The day is observed to promote sustainable waste management practices and responsible consumption globally.
• The theme for 2026 is “Food Waste.”
• On 14 December 2022, the United Nations General Assembly adopted Resolution A/RES/77/161 titled “Promoting zero waste initiatives to advance the 2030 Agenda for Sustainable Development.”
• The first International Day of Zero Waste was observed on 30 March 2023.
• The observance of the day is jointly facilitated by:
• United Nations Environment Programme
• United Nations Human Settlements Programme

Daily CA One- Liner: April 1^st

• The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India, in association with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indian Pharmaceutical Alliance (IPA), is set to organize the 9th Edition of India Pharma 2026 on April 13-14, 2026 at Federation House, New Delhi
• India will begin Phase 1 of Census 2027 from 1 April 2026, marking the first fully digital Census in the country’s history
• The Insolvency and Bankruptcy Code Amendment Bill 2026 was passed by the Lok Sabha to strengthen India’s financial system by improving the speed and efficiency of insolvency resolution processes and enhancing creditor confidence
• Prime Minister Shri Narendra Modi inaugurated the Samrat Samprati Museum at Shri Mahavir Jain Aradhana Kendra in Koba, Gandhinagar during his visit to Gujarat
• Ministry of Environment, Forest and Climate Change notified the Solid Waste Management Rules 2026 on 27 January 2026, which came into effect from 1 April 2026 across India
• The Ministry of Environment, Forest and Climate Change in collaboration with World Wide Fund for Nature-India organised awareness and outreach activities in Gwalior to mark 20 years of Earth Hour
• Andhra Pradesh Science City signed a Memorandum of Understanding (MoU) with CSIR-National Institute of Science Communication and Policy Research to promote science awareness, Science Technology Engineering Mathematics education, and policy research across India
• The Central Council for Research in Ayurvedic Sciences (CCRAS) under Ayush Ministry signed a memorandum of understanding with Anuvadini AI, a platform designed by the All India Council for Technical Education (AICTE) under the Ministry of Education.
• Tech Mahindra signed a Memorandum of Understanding (MoU) with Indian Institute of Technology Bombay to develop a Three Dimensional Digital Twin of the Gymkhana building
• 19-year-old Andrea Kimi Antonelli of Mercedes-AMG Petronas Formula One Team won the 40th edition of the Japanese Grand Prix 2026 held at Suzuka Circuit in Japan
• Utkal Diwas, also known as Odisha Foundation Day, is observed every year on 1 April across Odisha to commemorate the formation of Odisha as a separate province on 1 April 1936 after a long struggle for linguistic and administrative recognition
• The United Nations International Day of Zero Waste 2026, also known as Zero Waste Day, was observed globally on 30 March 2026.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹95.40 lakh on Union Bank of India for regulatory non-compliance.
• The Government of India is actively promoting financial inclusion for farmers through expanded access to the Kisan Credit Card (KCC) scheme and its digital issuance across States and Union Territories.
• The JanSamarth Portal was launched by Narendra Modi on 6 June 2022 with the objective of expanding the reach of Government-sponsored schemes and streamlining credit delivery processes.
• The Reserve Bank of India (RBI) has unveiled its ‘Payments Vision 2028’, titled ‘Shaping India’s Payment Frontier’, aimed at strengthening and expanding India’s rapidly growing digital payments ecosystem.
• The United Nations Educational, Scientific and Cultural Organization (UNESCO) released the Global Education Monitoring (GEM) Report 2026 – “Access and Equity: Countdown to 2030”, highlighting global education challenges.
• The Defence Acquisition Council (DAC) chaired by Rajnath Singh granted Acceptance of Necessity (AoN) for proposals worth ₹2.38 lakh crore.
• INS Dunagiri (Yard 3023), the fifth ship of Nilgiri Class (Project 17A), was delivered to the Indian Navy at GRSE, Kolkata.
• INS Agray, the fourth of eight Anti-Submarine Warfare Shallow Water Craft (ASW SWC), was delivered to the Indian Navy at Kolkata.
• The Government of India has highlighted that crop waste converted into bio-bitumen can save around ₹40,000 crore in annual import costs, significantly reducing bitumen import dependency.
• The inaugural World Buddhist Peace Conference 2026 was held from 27–29 March 2026 across Hyderabad and Buddhavanam at Nagarjunasagar.
• Padma Bhushan awardee Dr. Vijaypat Lala Kailashpat Singhania, former Chairman of Raymond Limited, passed away at the age of 87 in Mumbai, Maharashtra.