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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Releases 46th Half-Yearly Report on Management of Foreign Exchange Reserves (Oct 2025–Mar 2026)

• The Reserve Bank of India (RBI) has released the 46th Half-Yearly Report on Management of Foreign Exchange Reserves for the period October 2025 to March 2026.
• During this period, India’s foreign exchange reserves declined from USD 700.09 billion to USD 691.11 billion.
• The RBI publishes these reports twice a year, based on positions as of end-March and end-September.
• India’s foreign exchange reserves are held in multiple currencies, including the US Dollar, Euro, Pound Sterling, and Japanese Yen, but are reported in US Dollar terms.
• The Foreign Currency Assets (FCA) form a major component of reserves and are maintained as a multi-currency portfolio comprising global currencies and valued in USD terms.
• As of end-March 2026, RBI held 880.52 metric tonnes of gold, including 680.05 tonnes domestically stored.
• Additionally, 197.67 tonnes of gold were kept in custody with the Bank of England and the Bank for International Settlements (BIS), while 2.80 tonnes were held as gold deposits.
• The share of gold in total foreign exchange reserves increased from 13.92% (end-September 2025) to 16.70% (end-March 2026).
• RBI is authorised to invest up to USD 5 billion in bonds issued by the India Infrastructure Finance Company (UK) Limited.
• As of end-March 2026, investments in these bonds stood at USD 400 million.

Reserve Bank of India Issues Reporting Instructions for Authorised Dealer Category–I Banks to Enhance Forex Transparency

• The Reserve Bank of India (RBI) has directed banks to report all Over-the-Counter (OTC) foreign exchange derivative contracts involving the Indian Rupee (INR) to the Clearing Corporation of India Limited (CCIL).
• The directive aims to enhance transparency in the foreign exchange market.
• It applies to global transactions undertaken by related parties, including offshore entities of Authorised Dealer (AD) Category-I banks.
• Both deliverable and non-deliverable INR derivative contracts must be reported.
• From 01 July 2027, banks must report all foreign exchange derivative contracts involving INR undertaken by their parent entities, including branches of the parent.
• From the same date, banks must report at least 70% of transactions of other related parties.
• From 01 January 2028, the reporting requirement increases to 80% coverage.
• From 01 July 2028, banks must achieve 100% reporting of all such transactions by related parties.
• The RBI had earlier issued draft directions on Reporting Instructions for AD Category-I Banks on 16 February 2026 for stakeholder feedback.
• The final framework mandates reporting of INR-related forex derivatives to the Trade Repository of CCIL.

Reserve Bank of India Exempts Small Non-Banking Financial Companies from Registration Norms Under New Framework Effective July 1, 2026

• The Reserve Bank of India (RBI) has issued final guidelines titled RBI (NBFC – Registration, Exemptions and Framework for Scale Based Regulation) Amendment Directions, 2026 for certain Non-Banking Financial Companies (NBFCs).
• The new regulations will come into effect from 01 July 2026.
• The framework applies to NBFCs not availing public funds and not having customer interface, with an asset size below ₹1,000 crore.
• Such entities will be classified as ‘Unregistered Type I NBFCs’, while all other NBFCs will be categorised as ‘Type II NBFCs’.
• These eligible NBFCs will be exempted from RBI registration and reserve fund requirements.
• RBI has introduced a one-time deregistration window for eligible NBFCs, valid until 31 December 2026, providing a structured exit mechanism from regulatory oversight.
• This marks the first-ever introduction of a formal exit route under the NBFC regulatory framework.
• The RBI has also allowed suo motu loan resolution for borrowers affected by natural calamities based on recommendations of the State Level Bankers’ Committee (SLBC).
• Under the revised norms, lenders can implement relief measures without waiting for individual borrower requests in disaster-affected regions.
• Banks may provide fee waivers and reduction of charges in notified calamity-affected areas for up to one year at their discretion.
• The revised rules aim to enhance financial flexibility, disaster relief support, and regulatory simplification in the NBFC sector.

Reserve Bank of India Clarifies Credit Card Accounts to Be Reported as ‘Past Due’ Only After 3-Day Delay

• The Reserve Bank of India (RBI) has introduced a 3-day grace period for credit card payments under its updated regulatory framework.
• A credit card account will be marked as “past due” only after 3 days from the due date, instead of being classified immediately.
• Banks can impose late payment charges and report to credit bureaus only after the 3-day grace period.
• The new rule will come into effect from 01 April 2027.
• Under the revised norms, late fees and penalties will be levied only on the outstanding amount, not on the total billed amount.
• However, the “days past due” will still be counted from the original due date, even during the grace period.
• The changes are part of the RBI (Credit Cards and Debit Cards: Issuance and Conduct Directions, 2026).
• The regulation aims to standardise reporting and penalty practices across credit card issuers.
• It provides a limited relief window of 3 days, ensuring no immediate penalty or credit reporting impact if payment is made within this period.
• Interest charges and billing cycles remain unchanged, and delays beyond the due date are still recorded internally.
• The reform ensures fairer and more proportionate penalty calculation based on outstanding dues.
• The RBI move addresses inconsistencies in late payment reporting and fee structures across different banks and card issuers.

Securities and Exchange Board of India Launches PaRRVA Framework to Enhance Transparency and Investor Protection

• The Securities and Exchange Board of India (SEBI) has operationalised the Past Risk and Return Verification Agency (PaRRVA) framework to improve transparency in performance claims made by market intermediaries.

Key Highlights :

• The PaRRVA framework aims to strengthen investor protection and market transparency in India’s financial ecosystem.
• Under the framework, CARE Ratings Limited has been recognised as the PaRRVA agency responsible for validation of performance data.
• The National Stock Exchange of India (NSE) will function as the PaRRVA Data Centre (PDC) as per SEBI’s regulatory framework issued on 04 April 2025.
• The pilot phase of PaRRVA was launched on 08 December 2025 and tested its operational structure.
• After successful completion of the pilot phase, PaRRVA will begin full-scale operations from 04 May 2026.
• PaRRVA is India’s first system to independently validate risk and return performance claims of regulated intermediaries and unregistered finfluencers.
• The framework enables investment advisers, research analysts, and algorithmic trading service providers to showcase verified performance data.
• It ensures that investors have access to authentic and reliable performance information, improving informed investment decision-making.
• Regulated entities will be allowed to use PaRRVA-verified performance in advertisements, in compliance with SEBI regulations.

Recent News :

• In April 2026, The Securities and Exchange Board of India (SEBI) amended the Alternative Investment Fund (AIF) regulations to promote social impact investing in India.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Tuhin Kanta Pandey
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Prime Minister Narendra Modi Visits Uttar Pradesh and Launches Development Projects Worth ₹6,350 Crore

• Prime Minister Narendra Modi visited Uttar Pradesh covering Varanasi and Hardoi, focusing on women empowerment and infrastructure development.
• He attended a Mahila Sammelan in Varanasi with large participation of women and offered prayers at the Kashi Vishwanath Temple.
• Development projects worth around ₹6,350 crore were inaugurated and foundation stones laid during the visit.
• This includes over 48 completed projects worth more than ₹1,050 crore and 112 projects worth over ₹5,300 crore.
• The initiatives cover sectors such as healthcare, tourism, railways, infrastructure, and connectivity.
• The Ganga Expressway was inaugurated in Hardoi, marking a major step in world-class infrastructure development.
• The expressway is a 594 kilometre long six-lane (expandable to eight lanes) greenfield access-controlled corridor built at a cost of ₹36,230 crore.
• It connects 12 districts from Meerut to Prayagraj, integrating western, central, and eastern Uttar Pradesh and enhancing logistics and connectivity.

RECENT NEWS

• Honorable Minister of Environment Bhupender Yadav have announced the inclusion of Shekha Jheel Bird Sanctuary in Uttar Pradesh as the country’s 99th Ramsar site on April 22nd 2026. It is located in Aligarh and this recognition highlights the India’s growing commitment to protect the wetlands and biodiversity. 

About Uttar Pradesh:

• Chief Minister: Yogi Adityanath
• Governor: Anandiben Patel
• Capital: Lucknow
• National Parks: Dudhwa National Park
• Wildlife Sanctuaries: Katarniaghat Wildlife Sanctuary, Kaimoor Wildlife Sanctuary, Nawabganj Bird Sanctuary (Shahid Chandra Shekhar Azad Bird Sanctuary), Hastinapur Wildlife Sanctuary, Sur Sarovar Bird Sanctuary, Chandraprabha Wildlife Sanctuary, Mahavir Swami Wildlife Sanctuary, Ranipur Wildlife

National Rifle Association of India Marks 75th Anniversary with New Initiatives

• Union Minister of Youth Affairs and Sports Mansukh Mandaviya attended the 75th anniversary celebrations of the National Rifle Association of India (NRAI) held at Dr Karni Singh Shooting Range Finals Hall, New Delhi.
• A commemorative logo was unveiled to mark 75 years of Indian shooting, symbolising excellence, discipline, and achievements in the sport.
• The My National Rifle Association of India Athlete Application was launched as a digital platform, making the federation India’s first fully digitised sports body.
• The application aims to enhance athlete management, performance tracking, and digital integration.
• The association announced a grassroots initiative to introduce 7.5 lakh school and college students to shooting before the 2028 Olympic Games.
• The programme will provide a hands-on “10-shot experience”, promoting sports participation and talent identification at the grassroots level.

About NRAI

• President: Raninder Singh
• Founded: 1951
• Headquarters: New Delhi

Government Notifies Citizenship Amendment Rules 2026 with Changes for Overseas Citizen of India Cardholders

• The Government of India, through the Ministry of Home Affairs, notified the Citizenship Amendment Rules 2026, modifying the Citizenship Rules 2009 to make processes more streamlined, digital, and efficient.
• A key clarification states that a minor child cannot hold both an Indian passport and a foreign passport simultaneously, reinforcing citizenship norms.
• All applications related to Overseas Citizen of India registration and renunciation will now be submitted online, eliminating manual paperwork.
• The rules introduce electronic Overseas Citizen of India registration, allowing issuance of either a physical card or digital registration.
• The requirement of submitting documents in duplicate has been removed, simplifying the application process.
• Individuals seeking to renounce Overseas Citizen of India status must submit an online declaration and surrender their original card to the nearest Indian Mission, Post, or Foreigners Regional Registration Officer.
• The new system ensures proper documentation and prevents misuse of Overseas Citizen of India status.
• Applicants opting for the Fast Track Immigration Program must provide consent for biometric data collection, enabling faster and secure immigration processing at entry points.

RECENT NEWS

• To strengthen the internal security of the India the induction of the advanced satellite imaging system called Prajna’ was developed. It is developed by the Defence Research and Development Organization (DRDO) and this system has been handed over to the Ministry of Home Affairs (MHA).

India Chairs Brazil Russia India China South Africa Middle East and North Africa Meeting 2026 in New Delhi

• Dr Neena Malhotra, Secretary South, Ministry of External Affairs, chaired the Brazil Russia India China South Africa (BRICS) Deputy Foreign Ministers and Special Envoys for the Middle East and North Africa meeting in New Delhi under India’s chairship.
• The meeting witnessed participation from Brazil, Russia, India, China, and South Africa, focusing on regional stability, humanitarian crises, and the West Asia conflict.
• Members expressed concern over the situation in Palestine and Gaza, including humanitarian assistance and the role of the United Nations Relief and Works Agency for Palestine Refugees in the Near East.
• The group reiterated zero tolerance for terrorism, welcomed the Lebanon ceasefire, and condemned attacks on the United Nations Interim Force in Lebanon.
• Discussions covered post-conflict reconstruction in Syria, political settlement in Yemen, stability in Iraq, political process in Libya, and humanitarian crisis in Sudan.
• The meeting emphasised the importance of multilateral cooperation and diplomatic engagement in addressing regional challenges.
• It concluded with agreement to hold the next meeting under China’s chairship in 2027.

RECENT NEWS

• India has officially joined the BRICS Centre for Industrial Competencies (BCIC), marking a significant milestone in the nation’s commitment to advancing industrial capabilities and supporting its manufacturing and MSME sectors. 

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Rohit Jain Appointed as Deputy Governor of Reserve Bank of India

• The Government of India has appointed Rohit Jain as the Deputy Governor of the Reserve Bank of India (RBI) through a notification dated 02 May 2026.
• The appointment has been made under the provisions of the Reserve Bank of India Act, 1934 (Section 8).
• Rohit Jain is currently serving as an Executive Director at the Reserve Bank of India.
• His appointment as Deputy Governor of RBI will be effective from 03 May 2026 for a tenure of three years or until further orders, whichever is earlier.
• He will succeed T. Rabi Sankar, the former Deputy Governor of RBI, who retired recently.
• The portfolio allocation for Rohit Jain as Deputy Governor is yet to be announced.

Shri Anugraha Narayana Das Assumes Charge as Controller General of Defence Accounts

• Shri Anugraha Narayana Das, a 1991-batch officer of the Indian Defence Accounts Service (IDAS), has assumed charge as the Controller General of Defence Accounts (CGDA) with effect from 1 May 2026.
• He brings over three decades of experience in defence, financial management and public service.
• During his career, he has led key initiatives in procurement policy, audit and oversight mechanisms, budgeting, and expenditure monitoring.
• He has undergone advanced training from premier global institutions including IIM Bengaluru and Duke University.
• He has served in important roles across the Ministry of Defence, Service Headquarters, and field formations.
• His key appointments include Director in the Ministry of Water Resources.
• He also served as Additional Financial Adviser and Joint Secretary in the Ministry of Defence.
• He held the position of Principal Integrated Financial Adviser in Army Headquarters.
• He also served as Special Controller General of Defence Accounts at CGDA Headquarters.

Justice (Retd.) Anupinder Singh Grewal Appointed as President of the National Company Law Tribunal

• Justice (Retd.) Anupinder Singh Grewal, former judge of the Punjab and Haryana High Court (HC), has been appointed as the President of the National Company Law Tribunal (NCLT).
• The appointment has been approved by the Appointments Committee of the Cabinet (ACC) for a term of five years or until the age of 67 years, whichever is earlier.
• He succeeded Bachu Venkat Balaram Das, who was serving as the acting President of NCLT.
• This is the first time a former senior High Court judge has been appointed as the President of NCLT, a post traditionally held by a former Chief Justice of a High Court.
• Justice Grewal has over 30 years of legal and judicial experience, beginning his legal practice at the Punjab and Haryana High Court in 1992.
• He was appointed as an Additional Judge of Punjab and Haryana HC on 25 September 2014.
• He was later transferred to the Rajasthan High Court on 19 December 2014, where he became a Permanent Judge on 20 May 2016.
• He subsequently returned to the Punjab and Haryana High Court on 5 October 2016.
• He has handled a wide range of cases including civil, constitutional, criminal, service, land acquisition matters, writ petitions, arbitration cases, and public interest litigations (PILs).
• He has extensive experience of over 19 years in handling complex legal disputes and governance-related cases.

About NCLT :

• The National Company Law Tribunal (NCLT) is a key adjudicating body under the Insolvency and Bankruptcy Code (IBC), 2016.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Contingent Leaves for India–Cambodia Bilateral Military Exercise CINBAX-II 2026

• The Indian Army contingent has departed for the 2nd edition of India–Cambodia Bilateral Military Exercise CINBAX-II 2026, a joint India–Cambodia Army Exercise.

Key Highlights :

• The exercise will be conducted from 04 to 17 May 2026 at the Techo Sen Phnom Thom Mreas Prov Royal Cambodian Air Force Training Centre (Camp Basil), Kampong Speu Province, Cambodia.
• The exercise is part of India’s ongoing Defence Cooperation with friendly foreign countries amid evolving global security challenges.
• CINBAX-II 2026 is conducted under the framework of Chapter VII of the United Nations (UN) Mandate, focusing on company-level joint training in a sub-conventional operational environment.
• The Indian Army contingent consists of 120 personnel, mainly from a battalion of the Maratha Light Infantry Regiment.
• The Cambodian Army contingent comprises 160 personnel from the Royal Cambodian Army.
• The exercise is aligned with Counter-Terrorism (CT) operations relevant to UN peacekeeping missions.
• It includes practical discussions, tactical drills, and a comprehensive validation exercise to enhance operational readiness.
• Special training activities include Drone operations, Mortar firing, and Sniper tactics.
• The primary objective is to strengthen interoperability, coordination, and operational synergy between the two armed forces.
• The exercise aims to improve joint response capabilities in semi-urban counter-terrorism operations.
• It also facilitates the exchange of best practices and operational experiences gained from operations against hostile forces.
• The exercise showcases both nations’ commitment to global peace and stability.
• CINBAX-II 2026 reflects the growing India–Cambodia defence cooperation and strengthens bilateral military relations.
• It enhances mutual understanding and cooperation in addressing regional security challenges.
• The first edition of CINBAX standing for Cambodia-India Bilateral Army Exercises, was held in December 2024 in Pune,Maharashtra,India.

About CAMBODIA :

• Prime Minister : Hun Manet
• Capital : Phnom Penh
• Currency : Riel

Defence Research and Development Organisation and Indian Navy Achieve First-Ever Salvo Launch of Naval Anti-Ship Missile–Short Range

• The Defence Research and Development Organisation (DRDO) in collaboration with the Indian Navy (IN) successfully conducted the maiden salvo launch of the Naval Anti-Ship Missile–Short Range (NASM-SR).
• The test was carried out from a naval helicopter platform off the coast of the Bay of Bengal in Odisha.
• During the trial, two missiles were launched in quick succession from the same helicopter, marking the first-ever salvo launch of an advanced air-launched anti-ship missile system.
• The missiles successfully demonstrated waterline hit capability, enhancing their effectiveness against enemy ships.
• All test objectives were successfully achieved, with tracking carried out using radar, electro-optical systems, and telemetry at the Integrated Test Range (ITR), Chandipur.
• The test was witnessed by senior DRDO scientists, representatives from the Indian Navy and Indian Air Force (IAF), and Development-cum-Production Partners (DcPP).
• The NASM-SR missile uses a solid propulsion booster and long-burn sustainer for improved performance.
• It is equipped with advanced technologies such as indigenous seeker, integrated avionics module, and fibre-optic gyroscope-based Inertial Navigation System (INS).
• The missile also features advanced navigation and guidance systems, radio-altimeter, high-bandwidth two-way data link, and jet-vane control system.
• The system has been developed by Research Centre Imarat (RCI), Hyderabad, in collaboration with other DRDO labs including Defence Research & Development Laboratory, Hyderabad; High Energy Materials Research Laboratory, Pune; Terminal Ballistics Research Laboratory, Chandigarh & ITR Chandipur.
• The missile production is being undertaken by Development-cum-Production Partners (DcPP) with support from Indian industries and start-ups.

Recent News :

• In April 2026, Defence Research and Development Organisation (DRDO) unveiled Advanced Armoured Platforms (Tracked and Wheeled), at its laboratory in Ahilyanagar,Maharashtra .

About DRDO:

• Founded: 1958
• Headquarters: New Delhi, India
• Parent Ministry: Ministry of Defence, Government of India
• Chairman: Dr. Samir V. Kamat

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Inauguration of Coastal Atmospheric Research Testbed (C-ART) Open-Field Observatory at Andhra University, Visakhapatnam

• The Indian Institute of Tropical Meteorology (IITM), an autonomous institute under the Ministry of Earth Sciences (MoES), Government of India, has established a Coastal Atmospheric Research Testbed (C-ART) at Andhra University (AU), Visakhapatnam.
• Andhra University has provided land on its campus for an open-field meteorological observatory to enable continuous atmospheric observations and research collaboration.

Key Highlights :

• The Open-Field Observatory of C-ART was inaugurated on 1 May 2026 by M. Ravichandran, Secretary, MoES, in the presence of Prof. G. P. Raja Sekhar (Vice Chancellor, AU) and Dr. Suryachandra Rao (Director, IITM).
• The initiative is part of the Mission Mausam programme of MoES, aimed at strengthening weather observation networks and improving model prediction systems.
• A brochure on the Coastal Atmospheric Research Testbed was released highlighting research objectives, implementation strategy, institutional collaboration, advanced meteorological instruments, and regional impact.
• A short film on the C-ART project in Visakhapatnam was also released during the event.
• The Vice Chancellor of AU highlighted the importance of AU–IITM collaboration in establishing the advanced meteorological research facility.
• The facility marks a key milestone in long-term scientific collaboration between IITM and Andhra University.
• The Secretary of MoES emphasized strengthening observational capability (spatial and temporal) under Mission Mausam to improve severe weather monitoring and forecasting accuracy.
• He encouraged stronger collaboration between MoES institutes and state universities for advanced research.
• As part of the inaugural observations, a meteorological balloon was launched by dignitaries including MoES Secretary, AU VC, and IITM Director.
• Installed instruments include impact disdrometer, 2D video disdrometer (2DVD), 3D-printed Automatic Weather Station (3D-PAWS), conventional AWS, and eddy covariance tower.
• These instruments recorded data from the first thundershower in Visakhapatnam, enabling high-resolution atmospheric monitoring.
• The system helps study drop size distribution, rain microphysics, turbulence fluxes, and wind dynamics, improving numerical weather prediction models.

Ministry of Electronics and Information Technology Launches Indigenous Silicon Photonics Solutions at CoE-CPPICS, IIT Madras, Chennai

• The Ministry of Electronics and Information Technology (MeitY) has launched two indigenously developed Silicon Photonics technology solutions at the Centre of Excellence for Programmable Photonic Integrated Circuits and Systems (CoE-CPPICS), IIT Madras, Chennai, Tamil Nadu.
• The two solutions are the Silicon Photonics Process Design Kit (PDK) and the Universal Programmable Photonic Integrated Circuit (PPIC) Test Engine.
• The Silicon Photonics PDK provides 50+ verified components for designing Photonic Integrated Circuits (PICs) within India.
• It reduces dependence on foreign design libraries and supports indigenous chip development across startups, industry, defence, academia, and India’s semiconductor ecosystem.
• The Universal PPIC Test Engine is an automated platform for testing, characterisation, and validation of photonic and optoelectronic modules.
• It eliminates reliance on overseas testing facilities and helps in faster chip development, cost reduction, and reduced project delays.
• The system enables scalable validation of advanced photonic technologies, strengthening India’s semiconductor and photonics ecosystem.
• The initiative involves international and domestic collaboration including SilTerra (Malaysia) for fabrication, izmo Microsystems (Bengaluru, Karnataka) for packaging, and IIT Madras as the R&D hub.

Oil and Natural Gas Corporation Limited Clears Joint Venture with Mangalore Refinery and Petrochemicals Limited and ONGC Petro additions Limited to Streamline Petrochemical Marketing Operations

• Oil and Natural Gas Corporation Limited (ONGC), under the Ministry of Petroleum and Natural Gas (MoPNG), has approved the formation of a Joint Venture (JV) for integrated petrochemicals marketing and trading.
• The JV will be formed with ONGC’s subsidiaries Mangalore Refinery and Petrochemicals Limited (MRPL) and ONGC Petro additions Limited (OPaL).
• The proposal is subject to approval from the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance (MoF).
• The shareholding structure of the JV includes ONGC (50% – ₹25 crore), MRPL (25% – ₹12.5 crore), and OPaL (25% – to be confirmed).
• The JV aims to create a unified group-level platform for petrochemical marketing operations across ONGC group companies.
• It will enable operational integration, improving efficiency, supply chain optimisation, and cost reduction through economies of scale.
• The initiative is expected to enhance profit margins through better pricing strategies, grade optimisation, and improved revenue realisation.
• The JV will focus on specialty petrochemical products and expansion of third-party sales.
• It will support import substitution, strengthen domestic petrochemical capacity, and align with the vision of Aatmanirbhar Bharat.
• The move will position ONGC as a more integrated energy major, enhancing its role in the petrochemical value chain.

CURRENT AFFAIRS : OBITUARIES

Renowned Indian Golfer Vijay Kumar Passed Away

• Former Indian golfer Vijay Kumar passed away at the age of 57 in Lucknow, Uttar Pradesh (UP).
• He was born in 1968 in Martinpurwa, Lucknow, and rose from humble beginnings in the sport.
• He began his career as a caddie and initially played using makeshift clubs made from tree branches, before turning professional in 1988.
• Vijay Kumar achieved domestic dominance, becoming a four-time Order of Merit champion (1995–96, 1997–2000).
• He was a leading figure in Indian golf from the mid-1990s to early 2000s, winning nearly 100 titles.
• He represented India internationally at the Alfred Dunhill Cup (1999) held at Andrews, Scotland.
• His major career highlight was winning the Indian Open in 2002 at Delhi Golf Club, and he later finished runner-up in 2006.

CURRENT AFFAIRS: IMPORTANT DAYS

World Laughter Day 2026 Observed on May 3

• World Laughter Day 2026 is observed on May 3, 2026, as it falls on the first Sunday of May every year.
• The day was established in 1998 by Dr Madan Kataria, founder of the Laughter Yoga Movement.
• The theme for 2026 is “World Peace Through Laughter”, focusing on the role of laughter in reducing stress, improving immunity, and promoting peace.
• The first celebration of World Laughter Day was held on May 10, 1998.
• The day aims to spread awareness about the health benefits of laughter, including mental well-being, stress relief, and improved physical health.
• Laughter Yoga combines laughter exercises with breathing techniques, enhancing overall wellness.
• Initially celebrated in India, the observance has now spread to countries across the world.
• The day promotes a healthy and positive lifestyle, encouraging people to adopt happiness and emotional well-being practices.

Coal Miners Day Observed on May 4

• Coal Miners Day is observed every year on May 4 to recognise the contribution of coal miners to the economy and energy sector.
• Coal is a major fossil fuel rich in carbon and remains a key source of energy for power generation and industrial use.
• Coal mining refers to the extraction of coal from the earth, which plays a crucial role in energy production and industrial development.
• In India, coal mining began in 1774 at the Raniganj Coalfield located on the Damodar River.
• The importance of coal increased significantly during the Industrial Revolution between 1760 and 1840, when it was widely used for heating and industrial purposes.
• Major coal-producing states in India include Odisha, Jharkhand, Chhattisgarh, and West Bengal.
• Coal miners often face occupational hazards such as lung diseases and respiratory issues due to coal dust and pollution exposure.
• The day highlights the need for improved safety measures, better working conditions, and welfare of miners.

World Press Freedom Day Observed on May 3

• World Press Freedom Day is observed every year on May 3 to promote the importance of press freedom and independent media.
• The day was proclaimed by the United Nations General Assembly in December 1993, following a recommendation by the United Nations Educational Scientific and Cultural Organization General Conference.
• The theme for 2026 is “Shaping a Future of Peace”.
• The day serves as a reminder to governments to uphold their commitment to freedom of expression and media independence.
• It highlights the need to protect journalists and media professionals from threats and violence.
• The observance provides an opportunity for reflection on issues related to press freedom and ethical journalism.
• It also recognises the role of free and responsible media in strengthening democracy, transparency, and peace.

Daily CA One- Liner: May 3^rd & 4^th

• Prime Minister Narendra Modi visited Uttar Pradesh covering Varanasi and Hardoi, focusing on women empowerment and infrastructure development
• Union Minister of Youth Affairs and Sports Mansukh Mandaviya attended the 75th anniversary celebrations of the National Rifle Association of India (NRAI) held at Dr Karni Singh Shooting Range Finals Hall, New Delhi
• The Government of India, through the Ministry of Home Affairs, notified the Citizenship Amendment Rules 2026, modifying the Citizenship Rules 2009 to make processes more streamlined, digital, and efficient.
• Dr Neena Malhotra, Secretary South, Ministry of External Affairs, chaired the Brazil Russia India China South Africa (BRICS) Deputy Foreign Ministers and Special Envoys for the Middle East and North Africa meeting in New Delhi under India’s chairship

• The Reserve Bank of India (RBI) has released the 46th Half-Yearly Report on Management of Foreign Exchange Reserves for the period October 2025 to March 2026.
• The Reserve Bank of India (RBI) has directed banks to report all Over-the-Counter (OTC) foreign exchange derivative contracts involving the Indian Rupee (INR) to the Clearing Corporation of India Limited (CCIL).
• The Reserve Bank of India (RBI) has issued final guidelines titled RBI (NBFC – Registration, Exemptions and Framework for Scale Based Regulation) Amendment Directions, 2026 for certain Non-Banking Financial Companies (NBFCs).
• The Reserve Bank of India (RBI) has introduced a 3-day grace period for credit card payments under its updated regulatory framework.
• The Securities and Exchange Board of India (SEBI) has operationalised the Past Risk and Return Verification Agency (PaRRVA) framework to improve transparency in performance claims made by market intermediaries.
• The Government of India has appointed Rohit Jain as the Deputy Governor of the Reserve Bank of India (RBI) through a notification dated 02 May 2026.
• Shri Anugraha Narayana Das, a 1991-batch officer of the Indian Defence Accounts Service (IDAS), has assumed charge as the Controller General of Defence Accounts (CGDA) with effect from 1 May 2026.
• Justice (Retd.) Anupinder Singh Grewal, former judge of the Punjab and Haryana High Court (HC), has been appointed as the President of the National Company Law Tribunal (NCLT).
• The Indian Army contingent has departed for the 2nd edition of India–Cambodia Bilateral Military Exercise CINBAX-II 2026, a joint India–Cambodia Army Exercise.
• The Defence Research and Development Organisation (DRDO) in collaboration with the Indian Navy (IN) successfully conducted the maiden salvo launch of the Naval Anti-Ship Missile–Short Range (NASM-SR).
• The Indian Institute of Tropical Meteorology (IITM), an autonomous institute under the Ministry of Earth Sciences (MoES), Government of India, has established a Coastal Atmospheric Research Testbed (C-ART) at Andhra University (AU), Visakhapatnam.
• The Ministry of Electronics and Information Technology (MeitY) has launched two indigenously developed Silicon Photonics technology solutions at the Centre of Excellence for Programmable Photonic Integrated Circuits and Systems (CoE-CPPICS), IIT Madras, Chennai, Tamil Nadu.
• Oil and Natural Gas Corporation Limited (ONGC), under the Ministry of Petroleum and Natural Gas (MoPNG), has approved the formation of a Joint Venture (JV) for integrated petrochemicals marketing and trading.
• Former Indian golfer Vijay Kumar passed away at the age of 57 in Lucknow, Uttar Pradesh (UP).
• World Laughter Day 2026 is observed on May 3, 2026, as it falls on the first Sunday of May every year.

• Coal Miners Day is observed every year on May 4 to recognise the contribution of coal miners to the economy and energy sector

• World Press Freedom Day is observed every year on May 3 to promote the importance of press freedom and independent media.