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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Stress Tests Project Banks’ Gross Non-Performing Asset Ratio to Rise Marginally to 1.9% by March 2028 Under Baseline Scenario

• The Reserve Bank of India (RBI) released its Financial Stability Report (FSR), highlighting geopolitical fragmentation and the rapid growth of Artificial Intelligence (AI) as major emerging risks to the global economy and financial system.
• RBI Governor Sanjay Malhotra stated that the Indian economy remains resilient despite global uncertainties, supported by strong economic growth, low inflation, healthy financial institution balance sheets, and robust macroeconomic fundamentals.
• The Gross Non-Performing Asset (GNPA) ratio of Scheduled Commercial Banks (SCBs) declined to a multi-decade low of 1.8% in March 2026, reflecting significant improvement in banking sector asset quality.
• According to the RBI stress tests, the aggregate GNPA ratio of 46 major banks is projected to increase marginally to 1.9% by March 2028 under the baseline scenario.
• Under adverse stress scenarios, the aggregate GNPA ratio of major banks could rise to 3.8%–4.1% by March 2028, indicating the banking system's resilience even under severe stress conditions.
• The Financial Stability Report (FSR) noted that banks and Non-Banking Financial Companies (NBFCs) remain well-capitalised, profitable, and resilient, with adequate capital and liquidity buffers to absorb future financial shocks.
• Credit quality improved across all broad economic sectors, indicating strengthening financial stability in the Indian banking system.
• The Agriculture sector continued to record the highest GNPA ratio of 5.1%, despite improvements, and accounted for the largest share (37.2%) of SCBs' total GNPAs as of March 2026.

About FSR :

• The Financial Stability Report (FSR) is a comprehensive biannual publication released by the Reserve Bank of India (RBI) since 2010.
• The FSR evaluates the overall health, resilience, and potential risks of the Indian financial system by incorporating inputs from the Financial Stability and Development Council (FSDC) Sub-Committee.

Recent News :

• In July 2026, The Reserve Bank of India (RBI) has released draft directions to broaden participation in the Term Money Market by allowing All India Financial Institutions (AIFIs), eligible Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), and companies to participate.

Insurance Regulatory and Development Authority of India Approves Two New General Insurance Licences Following 100% Foreign Direct Investment Reforms

• The Insurance Regulatory and Development Authority of India (IRDAI) Chairman Ajay Seth announced that the IRDAI has approved two new general insurance licences following the Government of India's decision to allow 100% Foreign Direct Investment (FDI) in the insurance sector.
• The FDI limit in the insurance sector was increased from 74% to 100% under the automatic route in the Union Budget 2026–27, encouraging greater foreign investment.
• The enhanced 100% FDI policy has attracted strong interest from global insurance companies, enabling foreign promoters to hold full ownership in Indian insurance companies.
• IRDAI has already approved one proposal allowing a foreign promoter to significantly increase its stake in an Indian insurer, while another proposal is currently under regulatory examination.
• The increasing number of proposals reflects rising confidence of foreign investors in India's insurance sector.
• IRDAI announced that BIMA Sugam, India's unified digital insurance marketplace, is expected to be launched by the end of September 2026.
• In its initial phase, BIMA Sugam will offer motor insurance, health insurance, and term insurance products.
• BIMA Sugam aims to provide a single digital platform for comparing, purchasing, and servicing insurance policies at lower costs, making insurance more accessible to citizens.
• The platform supports the Government's vision of "Insurance for All by 2047" by promoting digital access and wider insurance penetration.
• IRDAI has also established a ₹50 crore Insurance Awareness Fund to enhance public awareness about insurance.
• The regulator emphasized that building public trust, along with awareness, is essential for achieving universal insurance coverage across India.

Recent News :

• In June 2026,Insurance Regulatory and Development Authority of India (IRDAI) constituted a 7-member Working Group on Artificial Intelligence (WG-AI) under the chairmanship of Sandeep K. Shukla, Director of IIIT Hyderabad, to guide adoption, governance, and oversight of AI technologies in the insurance sector.

About IRDAI:

• Headquarters (HQ): Hyderabad, Telangana, India
• Founded: 1999 

Bank of Baroda and Japan’s Mizuho Bank Forge Strategic Alliance to Strengthen Merger & Acquisition and Cross-Border Financing

• Bank of Baroda (BoB) and Japan's Mizuho Bank signed a strategic partnership agreement to strengthen cooperation in Merger & Acquisition (M&A) financing, structured lending, cross-border financing, and corporate & investment banking services.
• The partnership was announced in Mumbai on 30 June 2026, marking a significant step towards enhancing India–Japan banking collaboration.
• The collaboration combines Mizuho Bank's global network, cross-border expertise, and structured finance capabilities with Bank of Baroda's strong domestic presence and deep corporate relationships in India.
• Under the agreement, both banks will jointly originate, structure, co-underwrite, and syndicate acquisition financing for both domestic and cross-border M&A transactions.
• The partnership also includes knowledge-sharing and capacity-building initiatives in areas such as acquisition finance underwriting, transaction structuring, and inter-creditor arrangements.
• Mizuho Financial Group is one of Japan's largest financial institutions, with operations across multiple international markets.
• Mizuho Group has maintained its presence in India for around three decades and currently operates five branches along with a unit in Gujarat International Finance Tec-City (GIFT City).
• In December 2025, Mizuho Securities Co., Ltd., the securities arm of Mizuho Financial Group, announced an agreement to acquire a majority stake in Avendus Capital Private Limited, subject to regulatory approvals.

Recent News :

• In June 2026, Bank of Baroda (BOB) launched the bob Golden Goal Deposit Scheme, a 555-day retail term deposit scheme for deposits below ₹3 crore.

About Bank of Baroda (BoB) :

• Bank of Baroda (BoB) is an Indian Public Sector Bank (PSB) headquartered in Vadodara, Gujarat.
• MD & CEO : Dr. Debadatta Chand.

Securities and Exchange Board of India Sets Up Expert Working Group Led by Ananta Barua to Review Debenture Trustee Regulations

• The Securities and Exchange Board of India (SEBI) constituted an Expert Working Group (EWG) at New Delhi, Delhi to review the regulatory framework governing Debenture Trustees.
• The Expert Working Group (EWG) is chaired by Ananta Barua, Former SEBI Whole-Time Member (WTM), with Rajnish Kumar, Former Chairman of State Bank of India (SBI), serving as Co-Chairperson.
• The committee will comprehensively review the SEBI (Debenture Trustees) Regulations, 1993 in view of the evolving Indian debt market and increasing investor participation.
• The EWG will examine stakeholder representations, review net-worth norms, and recommend measures to simplify, rationalise, and strengthen the regulatory framework.
• The review aims to align regulations with evolving debt market developments, enhance investor protection, and strengthen the role, accountability, and functions of Debenture Trustees.
• SEBI stated that the review has become necessary due to major reforms such as the Insolvency and Bankruptcy Code (IBC), 2016 and the rapid growth of India’s corporate bond market.
• The Expert Working Group includes N. Ravi (Former CCIL Executive Vice President), Rahul Choudhary (Axis Trustee CEO), Pratapsingh Nathani (Beacon Trustee CEO), Ashish Pahariya (DSK Legal), Vinod Kothari (Partner), Ajit Nath Jha (SIDBI), Pranjal Sharma (The CFO Board), Mehul Pandya (CareEdge Ratings), Debashis Bandyopadhyay (SEBI Member Secretary), and a representative from the Finance Industry Development Council (FIDC).
• SEBI has invited public comments and stakeholder suggestions until 15 July 2026 on streamlining provisions, removing redundancies, updating regulations, strengthening trustee functions, and easing compliance.

Recent News :

• In June 2026, Securities and Exchange Board of India (SEBI) revised the trading framework for Exchange Traded Funds (ETFs) by introducing dynamic price bands, a new base price determination methodology, and a pre-open call auction mechanism.

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.

CGST Delhi South Marks GST Pakhwada 2026 with Taxpayer Outreach and Officer Felicitation

• CGST Delhi South Commissionerate observed GST Day 2026 under the theme “सुगम कर व्यवस्था, सशक्त राष्ट्र” (Simple Tax System, Strong Nation).
• The celebrations were organised as part of GST Pakhwada 2026, reaffirming the Commissionerate’s commitment to taxpayer facilitation and participative governance.
• Outreach programmes were conducted by divisions including Okhla, Connaught Place, and Vasant Kunj to engage taxpayers and tax professionals, promote GST awareness, address concerns, and encourage voluntary tax compliance.
• The Commissionerate organised ‘Samvad’, an Open Dialogue and Grievance-Redressal Session, chaired by the Commissioner, CGST Delhi South, with participation from Additional, Deputy, and Assistant Commissioners.
• The ‘Samvad’ session was attended by representatives from the Embassies of Iraq and Singapore, trade associations, and stakeholders from the hotel, aviation, transport, and construction sectors.
• During the programme, the Commissioner described taxpayers as partners in financial nation-building, while officers addressed the issues and suggestions raised by participants.
• As part of the GST Day 2026 celebrations, Certificates of Commendation were awarded to 20 officers across various ranks for their exemplary service, professionalism, and contribution to a transparent, robust, and citizen-centric tax administration.
• The CGST Delhi South Commissionerate resolved to continue such stakeholder engagement programmes regularly to further strengthen trust, collaboration, and effective tax administration.

Insurance Regulatory and Development Authority of India Grants Standalone Health Insurance Licence to Prudential HCL Health Insurance

• IRDAI (Insurance Regulatory and Development Authority of India) granted a Certificate of Registration to Prudential HCL Health Insurance Limited to operate as a Standalone Health Insurance (SAHI) Company in India.
• The approval was granted during the 136th Authority Meeting of IRDAI held on 29 June 2026.
• Prudential HCL Health Insurance Limited is a joint venture between the UK-based Prudential Group (70% stake) and India's HCL Group (30% stake).
• The company combines Prudential's global insurance expertise with HCL Group's domestic market presence to strengthen India's health insurance sector.
• With this approval, the total number of Standalone Health Insurance (SAHI) Companies operating in India has increased to 8.
• This is the third insurance licence granted by IRDAI during the calendar year 2026, reflecting the regulator's focus on expanding the insurance industry.
• The approval supports the Government's objective of increasing insurance penetration, enhancing consumer choice, and promoting greater competition in the health insurance market.
• The registration follows the Government of India's decision to allow 100% Foreign Direct Investment (FDI) in the insurance sector to attract global capital and expand insurance coverage.
• In March 2025, UK-based Prudential plc partnered with Vama Sundari Investments (the promoter company of HCL Group, Delhi) to establish a new standalone health insurance company in India.
• Prudential plc has also agreed to acquire a 75% stake in Bharti Life Insurance, while gradually reducing its stake in ICICI Prudential Life Insurance.
• Prudential plc has been a joint venture partner with ICICI Bank in ICICI Prudential Life Insurance since 2001, where it currently holds a 97% stake.
• Through its asset management business Eastspring Investments, Prudential plc also holds a 49% stake in ICICI Prudential Asset Management Company (AMC).

Punjab & Sind Bank Unveils Customer-Centric Digital Banking Initiatives on Its 119th Foundation Day

• Punjab & Sind Bank (PSB) celebrated its 119th Foundation Day by launching customer-centric digital banking initiatives, a new Vision & Mission Statement, and technology-driven banking solutions at New Delhi, Delhi.
• The event was attended by Debashish Prusty and Hari Har Mishra (Additional Secretaries, Department of Financial Services – DFS), Ashish Madhorao (Joint Secretary, DFS), and representatives from National Housing Bank (NHB), Industrial Finance Corporation of India (IFCI), Life Insurance Corporation (LIC), and Coal India Limited (CIL).
• PSB unveiled a new Vision & Mission Statement to reinforce its commitment to customer-centric banking, innovation, sustainable growth, and operational excellence.
• Navjyoti Mobile App, an in-house Human Resources (HR) application, was launched to streamline employee services, improve internal communication, and enhance workforce efficiency.
• PSB Bharat Connect Account, a specialised savings account for Central and State Government employees, was launched with customised banking benefits and digital banking services.
• The newly launched initiatives are aimed at accelerating digital transformation, enhancing customer convenience, strengthening employee services, promoting financial inclusion, and advancing PSB’s customer-centric and technology-driven banking strategy.

About Punjab & Sind Bank (PSB):

• Founded: 1908
• Headquarters: New Delhi, India
• Managing Director & CEO: Swarup Kumar Saha
• Tagline: "Where Service Is A Way of Life"

SBI Life and Indian Institute of Technology Bombay Join Hands to Establish AI & Cyber Innovation Hub for India’s Insurance Sector

• SBI Life Insurance Company Limited signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Bombay, Mumbai, Maharashtra, to establish the “Bharat AI & Cyber Innovation Hub for Insurance.”
• The Bharat AI & Cyber Innovation Hub for Insurance is a joint research and innovation centre aimed at developing indigenous AI-powered cyber defence systems and deep-technology solutions for the insurance sector.
• The MoU was signed by S.V. Kulkarni (Dean – Research & Development, IIT Bombay) and Vishal Bhati (Chief Information and Digital Officer, SBI Life Insurance).
• The innovation hub will undertake joint research in Artificial Intelligence (AI), Cyber Security, Quantum Technologies, and digital/next-generation insurance systems.
• The collaboration will focus on executive education, talent development, strategic consulting, innovation incubation, and collaborative research between academia and industry.
• The initiative aims to build India’s indigenous deep-technology cyber defence capabilities, reduce dependence on imported security frameworks, and strengthen the protection of customer data in the insurance sector.
• The project supports the vision of Atmanirbhar Bharat by enhancing India’s institutional capacity to tackle emerging digital threats in the financial and insurance sectors.
• SBI Life Insurance was established in 2000 and is a Mumbai-based joint venture (JV) between State Bank of India (SBI) and BNP Paribas Cardif, the insurance arm of France’s BNP Paribas.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025 Comes into Force from 1 July 2026

• The Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) Act, 2025 comes into force across India from 1 July 2026.
• The Act strengthens the rural employment framework by increasing the statutory wage employment guarantee from 100 days to 125 days for every eligible rural household.
• Ahead of the nationwide rollout, Union Minister for Agriculture and Farmers Welfare and Rural Development Shivraj Singh Chouhan stated that no eligible rural worker should remain without employment even for a single day.
• The Act aims to enhance livelihood security, create durable community assets, strengthen village economies, and promote sustainable rural development under the vision of Viksit Bharat @2047.
• Key features of the Act include:
• Increase in guaranteed wage employment from 100 days to 125 days.
• Greater focus on durable community asset creation.
• Priority to water conservation, natural resource management, agriculture, and allied activities.
• Strengthening of rural infrastructure and village development.
• Enhanced participation of Self-Help Groups to promote women's empowerment.
• Technology-enabled implementation for greater transparency and accountability.
• Increased convergence with other flagship rural development programmes.
• The Central Government has made an interim allocation of ₹95,692.31 crore to States and Union Territories for implementation.
• The allocation will support timely wage payments, continuation of ongoing works, smooth transition, and efficient implementation.
• Existing electronic Know Your Customer-verified job cards will remain valid until new Gramin Rozgar Guarantee Cards are issued, ensuring uninterrupted benefits.
• The national launch of the Mission will be held on 2 July 2026 at Mukkavaripalli Village, Obulavaripalle Mandal, Tirupati district, Andhra Pradesh.
• The launch will be attended by Union Minister for Agriculture and Farmers Welfare and Rural Development Shivraj Singh Chouhan, Chief Minister of Andhra Pradesh N. Chandrababu Naidu, Deputy Chief Minister of Andhra Pradesh Pawan Kalyan, Union Ministers of State, and other dignitaries.

India's Unemployment Rate Falls to Eight-Year Low of 3.1% in 2025: National Statistics Office

• India's unemployment rate declined to 3.1% in 2025, the lowest level in the last eight years, according to the National Statistics Office (NSO).
• The unemployment rate has steadily declined since 2017–18, reflecting improvements in employment generation, economic recovery, and labour market participation.
• The decline supports India's commitment to achieving full and productive employment by 2030 under the Sustainable Development Goals (SDGs).
• However, employment outcomes continue to vary across states and demographic groups, particularly among urban women.
• India's urban female unemployment rate declined from 10.8% in 2017–18 to 6.4% in 2025, though several states continue to record high female unemployment.
• States with the highest urban female unemployment (2025):
• Arunachal Pradesh: 18.4%
• Himachal Pradesh: 18.3%
• Bihar: 16.8%
• Nagaland: 15.7%
• Rajasthan: 14.6%
• Bihar recorded one of the sharpest increases in urban female unemployment, rising from 6.2% to 16.8%, despite a decline in its overall unemployment rate.
• Other states showing an increase include:
• Rajasthan: 9.9% → 14.6%
• Himachal Pradesh: 13.7% → 18.3%
• Jharkhand: Around 11.8% (almost unchanged)
• Assam: 11.4% → 10.4% (marginal improvement)
• States that recorded significant improvement include:
• Kerala: 27.5% → 6.7%
• Maharashtra: 11.5% → 3.8%
• Gujarat: 4.3% → 1.5%
• Odisha and Karnataka also reported notable improvements.
• Gujarat's urban female unemployment rate is now almost equal to its urban male unemployment rate.

Government Directs Meta to Pause WhatsApp Username Feature Rollout

• The Government of India has directed Meta to temporarily pause the rollout of the WhatsApp Username feature in India.
• The Centre has asked Meta to submit a detailed explanation within three days regarding the feature's functioning, privacy safeguards, security measures, and regulatory compliance.
• Until consultations are completed, Meta has been instructed not to introduce the feature in India.
• The proposed WhatsApp Username feature will allow users to connect without sharing their mobile phone numbers, using unique usernames instead.
• The feature aims to enhance user privacy, reduce the need to share personal phone numbers, and provide an alternative way to discover and contact users.
• The Government has sought clarification on:
• How the username feature will function.
• Privacy and security safeguards.
• Compliance with Indian laws and regulations.
• Measures to prevent impersonation, fraud, and cybercrime.
• Protection of users' personal data.
• The Government is examining the feature to ensure it does not compromise public safety, digital security, or legal compliance.
• The feature is currently under testing by Meta and has not been widely rolled out.

About Meta Platforms

• Founded: 2004
• Headquarters: Menlo Park, California, United States
• Chief Executive Officer (CEO): Mark Zuckerberg

RECENT NEWS

• The Reliance Industries Limited (RIL) and Meta Platforms have announced the strategic partnership to establish an AI-enabled hyperscale data centre in the  Jamnagar, Gujarat. It is the 168 MW facility and expected to be completed within two years. Also it will be the Meta’s first built to suit data centre in India. 

MECON Limited Granted Miniratna Category-I Status

• The Ministry of Steel has granted Miniratna Category-I status to MECON Limited, marking a significant milestone for one of India's leading engineering and consultancy Central Public Sector Enterprises (CPSEs).
• The recognition highlights MECON's consistent financial performance, including continuous profitability during the last three financial years and a net worth of ₹535.42 crore as on 31 March 2026.
• The Ministry of Steel approved the grant of Miniratna Category-I status on 1 July 2026.
• MECON Limited is a Schedule 'A' Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Steel.
• It was established in 1959 and is headquartered in Ranchi, Jharkhand.
• MECON is one of India's premier organisations in:
• Engineering
• Consultancy
• Project Management
• Contracting
• The company was initially established to support the development of India's steel industry and has since diversified into several strategic sectors.
• The Department of Public Enterprises (DPE) grants Miniratna status to eligible Central Public Sector Enterprises (CPSEs) based on their financial performance and operational efficiency.
• MECON fulfilled the eligibility criteria by:
• Reporting profits consistently during the last three financial years.
• Maintaining a positive net worth above the prescribed benchmark.
• Demonstrating financial stability and sustainable business growth.
• Miniratna Category-I status is awarded to financially strong Central Public Sector Enterprises (CPSEs) to provide greater operational and financial autonomy.
• The status enables public sector enterprises to compete more effectively in domestic and global markets.
• For more than six decades, MECON has contributed significantly to India's industrial and infrastructure development.
• MECON has provided technical expertise for numerous large-scale industrial projects across the country.

About MECON Limited

• Established: 1959
• Headquarters: Ranchi, Jharkhand
• Administrative Ministry: Ministry of Steel

About Jharkhand:

• Chief Minister: Hemant Soren
• Governor: Santosh Kumar Gangwar
• Capital: Ranchi
• National Parks: Betla National Park, Hazaribagh National Park
• Wildlife Sanctuaries: Dalma Wildlife Sanctuary, Hazaribagh Wildlife Sanctuary, Koderma Wildlife Sanctuary, Palamau Wildlife Sanctuary, Palkot Wildlife Sanctuary, Topchanchi Wildlife Sanctuary

RECENT NEWS

• Jharkhand’s four traditional products named Bhagaiya silk, Kuchai silk, Munda jewellery and Jharkhand bamboo craft received the prestigious GI-(Geographical Identification) tag. This recognition highlights the unique craftsmanship, traditional knowledge and cultural significance which associated with these products and opens the new avenues for the branding, exports and rural development. 

Akashvani Launches ‘Swar Prerna Veethika’ to Celebrate 90 Years of Public Service Broadcasting

• As Akashvani completes 90 years of public service broadcasting, it has launched Swar Prerna Veethika, a permanent photo gallery dedicated to India's legendary musicians.
• The initiative was inaugurated by Padma Vibhushan Pandit Hariprasad Chaurasia at the Akashvani Rang Bhavan Auditorium, New Delhi.
• The gallery celebrates Akashvani's contribution to preserving and promoting Indian music and forms part of its year-long 90th anniversary celebrations.
• The initiative also marks the beginning of preparations for the centenary of radio broadcasting in India in 2027.
• Swar Prerna Veethika is a specially curated photo gallery established to honour legendary musicians who have enriched India's musical heritage through their association with Akashvani.
• It pays tribute to artists who have been closely associated with the broadcaster and have received some of India's highest civilian honours.
• The gallery aims to inspire aspiring musicians, researchers, music enthusiasts, and future generations by preserving their legacy.
• During the inauguration, Pandit Hariprasad Chaurasia described the occasion as a "homecoming".
• He recalled that his musical journey began through Akashvani's Children's Programme and praised the broadcaster for nurturing generations of artists.
• He also described Akashvani as a family for musicians and appreciated its role in preserving India's cultural heritage.
• In the first phase, 20 legendary musicians have been honoured.

Bharat Ratna Awardees

• M. S. Subbulakshmi – Carnatic Vocal
• Pandit Ravi Shankar – Sitar
• Lata Mangeshkar – Playback Singing
• Ustad Bismillah Khan – Shehnai
• Pandit Bhimsen Joshi – Hindustani Classical Vocal
• Bhupen Hazarika – Folk Music

Padma Vibhushan Awardees

• Pandit Hariprasad Chaurasia – Bansuri
• Ustad Amjad Ali Khan – Sarod
• Ustad Allauddin Khan – Sarod

Other Eminent Padma Awardees

• Ustad Hafiz Ali Khan
• Pandit Birju Maharaj
• Ustad Ahmed Jan Thirakwa
• Pandit Krishnarao Shankar Pandit
• Vidushi Shanno Khurana
• Pandit Debu Chaudhuri
• Vidushi Sharan Rani Backliwal
• Ustad Sabri Khan
• Pandit Rajan Mishra
• Pandit Sajan Mishra
• Ustad Asad Ali Khan
• Ustad Mushtaq Husain Khan
• These artists represent diverse traditions, including Hindustani classical music, Carnatic music, Kathak, tabla, sarangi, rudra veena, sarod, sitar, and vocal music.
• For nearly 90 years, Akashvani has served as India's leading public service broadcaster, promoting classical, folk, devotional, and regional music.
• It has provided a prestigious platform for emerging artists and preserved invaluable recordings of legendary performances.
• Many renowned musicians began or strengthened their careers through Akashvani broadcasts.
• As part of its digital expansion, Akashvani now offers dedicated music channels:
• Raagam – A 24×7 channel devoted to Hindustani classical music.
• Aaradhana – A 24×7 devotional music channel featuring spiritual and devotional compositions.
• Both channels are available on:
• YouTube
• News on AIR App
• WAVES Over-the-Top (OTT) Platform

CURRENT AFFAIRS: AWARDS AND HONOURS

Sunil Bharti Mittal Receives 2026 US-India Strategic Partnership Forum Leadership Award

• Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, received the 2026 Leadership Award from the US-India Strategic Partnership Forum (USISPF).
• He was honoured for his outstanding contribution to strengthening economic and commercial ties between India and North America.
• The award was presented during the 9th US-India Strategic Partnership Forum (USISPF) Annual Leadership Summit held in Washington, D.C., United States.
• The summit brought together senior government officials, policymakers, business leaders, and industry representatives from India and the United States.
• The event also marked the growing India-United States commercial partnership ahead of the 250th Independence Day of the United States.
• The US-India Strategic Partnership Forum (USISPF) Leadership Award recognises individuals who have made exceptional contributions to strengthening economic, commercial, and strategic relations between India and the United States.
• US-India Strategic Partnership Forum (USISPF) recognised Sunil Bharti Mittal for transforming India's telecommunications sector through Bharti Enterprises.
• While accepting the award through a video message, Sunil Bharti Mittal congratulated the other award recipients:
• Christopher T. Calio, Chairman and Chief Executive Officer of RTX
• V. Prem Watsa, Chairman and Chief Executive Officer of Fairfax Financial Holdings
• The awards recognised distinguished global business leaders for their contribution to economic cooperation and innovation.

About US-India Strategic Partnership Forum (USISPF)

• Established: 2017
• Headquarters: Washington, D.C., United States

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Anupam Misra Assumes Charge as Chairman and Managing Director of Hindustan Copper Limited

• Anupam Misra assumed charge as the Chairman and Managing Director (CMD) of Hindustan Copper Limited (HCL).
• Anupam Misra succeeded Sanjiv Kumar Singh, who superannuated on 30 June 2026.
• He holds a Tech. (Hons.) in Civil Engineering from IIT Kharagpur, a PGDM from IIM Lucknow, and has completed Executive Programmes at IIM Ahmedabad and IIM Calcutta.
• Anupam Misra is a management professional with over 33 years of experience in marketing, international trade, and business development.
• He possesses extensive expertise in minerals, metals, chemicals, engineering goods, project business, and agro-commodities in a multi-commodity, multi-market B2B environment.
• Prior to joining HCL, he served as Director (Marketing) at Fertilisers and Chemicals Travancore Limited (FACT) from July 2020 to June 2026.
• During his tenure at FACT, he also held the additional charge of Chairman & Managing Director (CMD), demonstrating strong Board-level leadership, strategic vision, and commercial expertise.
• After assuming office, Anupam Misra reviewed HCL's operational and strategic priorities with the Functional Directors, and held discussions with Departmental Heads and Unit Heads on key operational issues, ongoing projects, and the Company's growth roadmap.

About Hindustan Copper Limited :

• Founded : 1967

About Ministry of Mines :

• Cabinet Minister : G. Kishan Reddy
• Minister of State : Satish Chandra Dubey

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Mediterranean Shipping Company Group to Acquire 49% Stake in Adani Vizhinjam Port for ₹13,220 Crore

• Switzerland-based Mediterranean Shipping Company (MSC) Group, the world's largest container shipping company, will acquire a 49% stake in Adani Vizhinjam Port Pvt. Ltd. (AVPPL) for US$1.397 billion (around ₹13,220 crore), subject to regulatory approvals.
• The investment will be made through Terminal Investment Ltd. (TiL), the port operating and investment arm of the MSC Group.
• The transaction values Adani Vizhinjam Port Pvt. Ltd. (AVPPL) at approximately US$2.85 billion (around ₹26,960 crore), making it one of the largest foreign investments in India's port sector.
• The deal is regarded as the largest foreign private investment in India's domestic port infrastructure.
• Adani Ports and Special Economic Zone Limited (APSEZ) and TiL have signed the agreement to strengthen Vizhinjam International Seaport as a major transshipment gateway in the Indian Ocean Region.
• Vizhinjam International Seaport, located in Kerala, is strategically situated just 10 nautical miles from the East–West international shipping route, providing a significant geographical advantage.
• The port was commissioned in December 2024 as India's first deep-draft mega transshipment port.
• The port currently has a handling capacity of 1.6 million TEUs, which is being expanded to 5.7 million TEUs by December 2028.
• TEU (Twenty-foot Equivalent Unit) is the standard unit used to measure container handling capacity.
• Vizhinjam Port has a natural draft of 18–20 metres, a 9-km breakwater, an 800-metre berth, 8 quay cranes, and 24 fully automated yard cranes.
• The port is India's first fully automated port, equipped with AI-enabled indigenous Vessel Traffic Management System (VTMS) for efficient and safe port operations.
• In its first year of operations, the port handled 3 million TEUs and 615 vessels, becoming the fastest Indian port to cross the 1 million TEU milestone.
• Within 18 months, Vizhinjam Port crossed 2 million TEUs and handled over 950 vessels.
• In June 2026, Vizhinjam International Seaport welcomed its 1,000th vessel, marking another operational milestone.
• The port has handled over 70 Ultra Large Container Vessels (ULCVs), the highest among Indian ports.
• It has also handled 283 vessels exceeding 300 metres in length and 98 vessels requiring drafts greater than 16 metres, demonstrating its capability to accommodate the world's largest container ships.

Competition Commission of India Clears Anantam Highways Trust’s Acquisition of Seven Special Purpose Vehicles and InvIT Unit Allotment to Build India Infrastructure Fund, Dilip Buildcon and DIPL

• The Competition Commission of India (CCI) approved the proposed combination involving the acquisition of seven Special Purpose Vehicles (SPVs) by Anantam Highways Trust (InvIT) and the issuance of InvIT units to Build India Infrastructure Fund (BIIF), Dilip Buildcon Limited (DBL), and DBL Infraventures Pvt. Ltd. (DIPL).
• The seven SPVs involved in the transaction are DAK Package I Expressway Pvt. Ltd., Bethamangala Expressway Pvt. Ltd., Katra Expressway Pvt. Ltd., Raipur-Visakhapatnam-CG-2 Highways Ltd., Bangarupalem Gudipala Highways Ltd., Poondiyankuppam Highways Ltd., and Mehgama-Hansdiha Highways Ltd.
• The proposed combination includes (a) acquisition of the shareholding of seven SPVs by Anantam Highways Trust (InvIT) and (b) issuance of InvIT units to BIIF, DBL, and DIPL.
• Anantam Highways Trust (InvIT) is a contributory, determinate, irrevocable trust established under the Indian Trusts Act and is registered with SEBI as an Infrastructure Investment Trust (InvIT) under the SEBI InvIT Regulations.
• Build India Infrastructure Fund (BIIF) is a Category II Alternative Investment Fund (AIF) that invests in debt, equity, equity-linked instruments, preference shares, and other permissible securities to generate capital appreciation and returns for its contributors.
• Dilip Buildcon Limited (DBL) is a publicly listed company with shares listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
• DBL operates as an Engineering, Procurement & Construction (EPC) and Operation & Maintenance (O&M) company, executing projects in roads, irrigation, mining, airports, specialized bridges, tunnels, and urban development across India.
• DBL Infraventures Pvt. Ltd. (DIPL) is a wholly-owned subsidiary of DBL, engaged in infrastructure construction including roads, culverts, dams, bridges, railways, tramways, and other government-contracted infrastructure projects.
• DBL and DIPL are part of the DBL Group, strengthening their presence in India's infrastructure development sector.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Directorate General of Civil Aviation Successfully Conducts India’s First Satellite-Based Landing System Approach on an IndiGo Airbus A320

• The Directorate General of Civil Aviation (DGCA) under the Ministry of Civil Aviation (MoCA) successfully conducted India’s first Satellite-Based Landing System (SLS) approach on a commercial jet aircraft using an IndiGo Airbus A320 at Maharana Pratap Airport, Udaipur, Rajasthan.
• The demonstration used GAGAN (GPS Aided GEO Augmented Navigation), India’s indigenous Satellite-Based Augmentation System (SBAS), marking a major milestone in satellite-guided precision landings in India.
• The approach was carried out using Localiser Performance with Vertical Guidance (LPV) technology, which provides both lateral (left-right) and vertical (up-down) guidance to the runway.
• LPV offers landing precision comparable to an Instrument Landing System (ILS) but does not require specialised ground-based equipment to be installed at the airport.
• At present, 23 LPV approaches have been published across India, and the number is expected to exceed 40 by the end of the year.
• GAGAN (GPS Aided GEO Augmented Navigation) was jointly developed by the Indian Space Research Organisation (ISRO) and the Airports Authority of India (AAI) for civil aviation.

About Directorate General of Civil Aviation :

• Headquarters : New Delhi, India
• Director General : Vir Vikram Yadav
• Union Minister of Minister of Civil Aviation : Kinjarapu Ram Mohan Naidu
• Minister of State : Murlidhar Mohol

CURRENT AFFAIRS: MOUS AND AGREEMENT

Ministry of Tourism Signs Memorandum of Understanding with Google India to Boost Digital Tourism Promotion

• The Ministry of Tourism signed a Memorandum of Understanding (MoU) with Google India Private Limited in New Delhi to enhance the digital visibility of India's tourism destinations.
• The MoU was signed in the presence of Union Minister of Tourism and Culture Gajendra Singh Shekhawat.
• The partnership aims to leverage Artificial Intelligence (AI), digital technologies, data-driven insights, and capacity building to attract more domestic and international tourists.
• The collaboration seeks to promote India's cultural, historical, spiritual, and natural attractions through Google's digital ecosystem.
• The MoU focuses on improving the online discoverability of tourism destinations and enhancing visitor engagement through innovative digital solutions.
• The partnership is non-commercial, non-binding, non-exclusive, and involves no financial commitment from either party.
• Key objectives of the collaboration include:
• Enhancing digital promotion of tourism destinations.
• Leveraging Artificial Intelligence (AI) for visitor engagement.
• Using data-driven insights to improve tourism campaigns.
• Sharing global travel trends and traveller behaviour analytics.
• Strengthening digital marketing capabilities.
• Building digital capacity among Ministry officials.
• Promoting the Incredible India campaign through digital platforms.
• The initiative will use technologies such as Artificial Intelligence (AI), virtual experiences, digital storytelling, and advanced online marketing to improve tourists' experience.
• The partnership supports the Government's vision of digital transformation, sustainable tourism development, and strengthening the Incredible India campaign.

CURRENT AFFAIRS : OBITUARIES

Padma Shri Awardee and Renowned Marathi Theatre Icon Vijaya Mehta Passed Away

• Vijaya Mehta, popularly known as “Bai,” passed away at the age of 92 in Mumbai, Maharashtra.

About Vijaya Mehta :

• She was born in 1934 in Vadodara,
• Vijaya Mehta was one of the founder-members of the Rangayan theatre group, along with Vijay Tendulkar, Arvind Deshpande, and Shreeram Lagoo, playing a pioneering role in the growth of experimental Marathi theatre.
• She authored the acclaimed autobiography Zimma: A Memoir, which chronicles her journey in theatre and cinema.
• Her notable honours include the Sangeet Natak Akademi Award (1975), National Film Award for Best Supporting Actress(1986), Sangeet Natak Akademi Tagore Ratna (2012), and the Best Actress Award at the Asia Pacific Film Festival in 1985.
• The Government of India (GoI) honoured Vijaya Mehta with the Padma Shri in 1987, India’s fourth-highest civilian award, for her outstanding contribution to Art (Theatre and Cinema).

CURRENT AFFAIRS: IMPORTANT DAYS

International Plastic Bag Free Day 2026 – 3 July

• International Plastic Bag Free Day is observed every year on 3 July to encourage people to reduce the use of single-use plastic bags and help eliminate plastic pollution.
• The day spreads awareness that a plastic bag-free world is possible by promoting sustainable and environmentally friendly alternatives.
• The initiative was established by the Bag Free World organisation, which launched campaigns promoting a plastic-free world.
• The first International Plastic Bag Free Day was observed on 3 July 2008, initiated by Rezero, a member of Zero Waste Europe.
• In 2015, the European Union adopted directives to reduce the consumption of single-use plastic bags.
• Bangladesh became the first country to ban thin single-use plastic bags.
• India has also imposed a nationwide ban on identified single-use plastic items to reduce plastic waste and protect the environment.
• The observance promotes sustainable living, responsible waste management, and the adoption of eco-friendly alternatives to plastic bags.

Daily CA One- Liner: July 3

• The Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) Act, 2025 comes into force across India from 1 July 2026.
• India's unemployment rate declined to 3.1% in 2025, the lowest level in the last eight years, according to the National Statistics Office (NSO).

• The Government of India has directed Meta to temporarily pause the rollout of the WhatsApp Username feature in India
• The Ministry of Steel has granted Miniratna Category-I status to MECON Limited, marking a significant milestone for one of India's leading engineering and consultancy Central Public Sector Enterprises
• As Akashvani completes 90 years of public service broadcasting, it has launched Swar Prerna Veethika, a permanent photo gallery dedicated to India's legendary musicians

• Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, received the 2026 Leadership Award from the US-India Strategic Partnership Forum (USISPF).

• The Ministry of Tourism signed a Memorandum of Understanding (MoU) with Google India Private Limited in New Delhi to enhance the digital visibility of India's tourism destinations
• International Plastic Bag Free Day is observed every year on 3 July to encourage people to reduce the use of single-use plastic bags and help eliminate plastic pollution.

• The Reserve Bank of India (RBI) released its Financial Stability Report (FSR), highlighting geopolitical fragmentation and the rapid growth of Artificial Intelligence (AI) as major emerging risks to the global economy and financial system.
• The Insurance Regulatory and Development Authority of India (IRDAI) Chairman Ajay Seth announced that the Insurance Regulatory and Development Authority of India (IRDAI) has approved two new general insurance licences following the Government of India's decision to allow 100% Foreign Direct Investment (FDI) in the insurance sector.
• Bank of Baroda (BoB) and Japan's Mizuho Bank signed a strategic partnership agreement to strengthen cooperation in Merger & Acquisition (M&A) financing, structured lending, cross-border financing, and corporate & investment banking services.
• The Securities and Exchange Board of India (SEBI) constituted an Expert Working Group (EWG) at New Delhi, Delhi to review the regulatory framework governing Debenture Trustees.
• CGST Delhi South Commissionerate observed GST Day 2026 under the theme “सुगम कर व्यवस्था, सशक्त राष्ट्र” (Simple Tax System, Strong Nation).
• IRDAI (Insurance Regulatory and Development Authority of India) granted a Certificate of Registration to Prudential HCL Health Insurance Limited to operate as a Standalone Health Insurance (SAHI) Company in India.
• Punjab & Sind Bank (PSB) celebrated its 119th Foundation Day by launching customer-centric digital banking initiatives, a new Vision & Mission Statement, and technology-driven banking solutions at New Delhi, Delhi.
• SBI Life Insurance Company Limited signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Bombay, Mumbai, Maharashtra, to establish the “Bharat AI & Cyber Innovation Hub for Insurance.”
• Anupam Misra assumed charge as the Chairman and Managing Director (CMD) of Hindustan Copper Limited (HCL).
• Switzerland-based Mediterranean Shipping Company (MSC) Group, the world's largest container shipping company, will acquire a 49% stake in Adani Vizhinjam Port Pvt. Ltd. (AVPPL) for US$1.397 billion (around ₹13,220 crore), subject to regulatory approvals.
• The Competition Commission of India (CCI) approved the proposed combination involving the acquisition of seven Special Purpose Vehicles (SPVs) by Anantam Highways Trust (InvIT) and the issuance of InvIT units to Build India Infrastructure Fund (BIIF), Dilip Buildcon Limited (DBL), and DBL Infraventures Pvt. Ltd. (DIPL).
• The Directorate General of Civil Aviation (DGCA) under the Ministry of Civil Aviation (MoCA) successfully conducted India’s first Satellite-Based Landing System (SLS) approach on a commercial jet aircraft using an IndiGo Airbus A320 at Maharana Pratap Airport, Udaipur, Rajasthan.
• Vijaya Mehta, popularly known as “Bai,” passed away at the age of 92 in Mumbai, Maharashtra.