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CURRENT AFFAIRS : BANKING & FINANCE

India and Japan Renew USD 75 Billion Bilateral Swap Arrangement

• The Reserve Bank of India (RBI) and Bank of Japan (BoJ), acting as agents of the Ministry of Finance, Japan, signed the Third Amendment and Restatement Agreement of the Bilateral Swap Arrangement (BSA).
• The renewed BSA became effective from 28 February 2026, with the facility size maintained at up to USD 75 billion.
• The BSA is a two-way currency swap framework, allowing both countries to exchange their local currencies for the US dollar.
• The arrangement aims to strengthen and complement existing financial safety nets and enhance bilateral financial cooperation.
• Both sides expressed confidence that the renewed pact will promote regional and global financial stability.
• The BSA between India and Japan was originally signed in October 2018, with the first restatement in 2022, and the 2026 amendment marking the third restatement.
• The RBI manages the Indian side of the agreement, while the BoJ executes it on behalf of Japan’s Ministry of Finance.

Employees' Provident Fund Organisation Retains 8.25% Interest Rate on EPF Deposits for 2025–26

• The Employees' Provident Fund Organisation (EPFO) approved an 8.25% interest rate on EPF deposits for 2025–26, retaining the same interest rate for the second consecutive year, ensuring stability of retirement savings returns.
• The decision was taken during the 239th meeting of the Central Board of Trustees (CBT) chaired by Mansukh Mandaviya, Union Labour Minister.

Key Highlights :

• EPF interest is calculated on a monthly running balance basis and is credited annually to members’ accounts.
• The CBT approved a one-time Amnesty Scheme to resolve compliance issues of income tax–recognised trusts under the EPF & MP Act, providing a six-month compliance window.
• The scheme provides a waiver of damages, interest, and penalties for eligible establishments and is expected to resolve 100+ litigation cases, while protecting workers’ statutory social security benefits.
• Under EPF rules, an EPF account is classified as inoperative if no contribution is received for 3 consecutive years after a member attains 55 years of age or from the date of retirement, whichever is later.
• The Board approved a pilot project for auto-initiation of claim settlement for inoperative EPFO accounts with unclaimed balances of ₹1,000 or less, improving member service efficiency.
• Based on pilot success, the facility will be extended to accounts with balances above ₹1,000 in later phases to strengthen member-centric digital reforms in EPFO.
• India has signed 22 Bilateral Social Security Agreements (SSAs) so far.
• For the first time, a Double Contributions Convention (DCC) agreement has been negotiated as part of the Comprehensive and Economic Trade Agreement (CETA) framework, reducing the dual social security contribution burden for international workers.

About EPFO:

• EPFO: Employees’ Provident Fund Organisation, India's largest retirement fund body.
• Under: Ministry of Labour & Employment, Government of India.
• Key Purpose: Manages Employees’ Provident Fund (EPF), Pension (EPS), and Insurance (EDLI) for salaried employees.
• CEO: Ramesh Krishnamurthi
• Headquarters: New Delhi

Securities and Exchange Board of India Imposes ₹10 Lakh Penalty on Coffee Day Over Financial Misstatements

• The Securities and Exchange Board of India (SEBI) imposed a ₹10 lakh penalty on Coffee Day Enterprises for financial misstatements in its financial reporting.
• Nine other individuals, including current and former directors and key managerial personnel (KMPs), were also penalised, with fines ranging from ₹1 lakh to ₹5 lakh
• SEBI found that Coffee Day Enterprises had understated reported losses by not accounting for interest expenses in its financial statements.
• The investigation covered financial statements from FY 2019–20 to FY 2023–24 and financial results from FY20 to Q2 FY25, indicating long-term financial reporting scrutiny.
• The company argued that it had disclosed non-compliance issues in its annual reports and quarterly results, but SEBI clarified that mere disclosure does not absolve companies from compliance violations.
• The case highlights corporate governance compliance, financial transparency requirements, and regulatory oversight in capital markets.
• V. G. Siddhartha is the founder of Café Coffee Day, an Indian multinational coffeehouse chain headquartered in Bengaluru, Karnataka.

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 Account Deficit Rises to 1.3% of GDP in Q3 FY26

• India’s Current Account Deficit (CAD) widened to $13.2 billion (1.3% of GDP) in Q3 FY2025–26, compared to $11.3 billion (1.1% of GDP) in Q3 FY25, mainly due to a widening merchandise trade deficit.
• The merchandise trade deficit expanded to $93.6 billion in Q3 FY26, compared to $79.3 billion in the same quarter last year, driven by higher imports compared to exports.
• Goods exports stood at $111.7 billion, while imports rose to $205.3 billion, indicating import-driven trade imbalance.
• Reserve Bank of India (RBI) released the data, showing macroeconomic external sector trends for October–December FY26.
• Remittances (Personal transfer receipts) increased to $36.9 billion, reflecting higher foreign income inflows from Indian workers abroad.
• Net services receipts rose to $57.5 billion from $51.2 billion, supported by growth in computer services exports and business services exports, strengthening India’s services trade surplus.
• Primary income outflows declined to $12.2 billion from $16.4 billion, mainly due to lower investment income payments
• On the financial account, Foreign Direct Investment (FDI) recorded a net outflow of $3.7 billion, higher than $2.8 billion in Q3 FY25.
• Foreign Portfolio Investment (FPI) recorded a marginal net outflow of $0.2 billion, significantly lower than $11.4 billion outflow in Q3 FY25, indicating stabilising portfolio investment flows.
• NRI deposits registered a net inflow of $5.1 billion, compared to $3.1 billion last year, showing stronger diaspora savings inflows.
• External Commercial Borrowings (ECB) recorded $3.3 billion net inflows, lower than $4.4 billion in Q3 FY25.
• Foreign exchange reserves declined by $24.4 billion (BoP basis) in Q3 FY26, compared to a $37.7 billion decline in the previous year, indicating relatively improved external stability.
• Overall, the data reflects India’s external sector pressures due to trade deficits, while services exports, remittances, and portfolio flows supported the balance of payments position.

Pine Labs to Launch Stablecoin-Backed Prepaid Card Across 9 Countries

• Pine Labs will launch a stablecoin-backed prepaid card across 9 countries in Middle East, Africa, and Southeast Asia by April 2026, marking the first such initiative by a listed Indian fintech company.
• The product will not be launched in India or China due to regulatory restrictions on virtual currency products.
• The prepaid card will be funded through users’ digital wallets holding stablecoins, enabling real-time conversion of stablecoins into local currencies at the point of sale (POS).
• Global payment companies like Stripe, PayPal, and Klarna are already using stablecoins for cross-border payments, showing growing global acceptance of digital assets.
• The market value of stablecoins has crossed $310 billion, led by US dollar-pegged stablecoins such as Tether and USDC, supporting international digital payment liquidity.
• Some Indian fintech and payment firms like PhonePe (Walmart-backed) and Paytm currently do not offer stablecoin-based services.
• China recently banned unauthorised offshore issuance of yuan-linked stablecoins and is tightening cryptocurrency regulations.
• Pine Labs provides merchant payment solutions, including POS payment terminals, and currently operates in 20+ countries, with international business contributing about 17% of revenue.
• The company reported 24% year-on-year revenue growth, reaching ₹7.44 billion (≈ $81.4 million) in the December quarter.
• Pine Labs also signed multi-year agreements with Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, and Indian Oil Corporation Limited to modernise digital payment systems at fuel retail networks.
• The company will deploy, manage, and maintain payment infrastructure at petrol pumps and merchant outlets across India.
• In November 2025, Pine Labs obtained Reserve Bank of India (RBI) licences to operate as a payment aggregator for offline, online, and cross-border transactions.
• This initiative strengthens India’s fintech innovation ecosystem and promotes stablecoin-based global digital payment adoption.

India INX Global Access Ties Up with HSBC IBU to Broaden Global Investment Access through GIFT City

• India INX Global Access IFSC Limited (India INX GA), a subsidiary of India International Exchange (India INX), entered into a strategic partnership with HSBC International Financial Services Centre Banking Unit (HSBC IBU) to expand structured access to global investment products for Indian investors through Gujarat International Finance Tec-City (GIFT City).
• The partnership operates under a referral model, enabling HSBC IBU clients to use the India INX GA platform for international portfolio diversification within a regulated framework.
• India INX GA is registered as a Global Access Provider (GAP) with the International Financial Services Centres Authority (IFSCA) to facilitate overseas investments through the International Financial Services Centre (IFSC).
• Eligible investors can invest in foreign equities, Exchange-Traded Funds (ETFs), and other permitted securities across 135+ exchanges in 33 countries.
• Investments are permitted under the Reserve Bank of India (RBI)’s Liberalised Remittance Scheme (LRS) limit of USD 250,000 per Financial Year (FY).
• The partnership strengthens the GIFT City ecosystem, complements the platform launched by NSE International Exchange (NSE IX), a subsidiary of National Stock Exchange of India (NSE), and enhances India’s capacity to provide compliant, transparent, and regulated global investment channels.

Central Board of Indirect Taxes and Customs Introduces Eligible Manufacturer Importers Scheme Under Union Budget 2026–27

• The Central Board of Indirect Taxes and Customs (CBIC) has introduced the Eligible Manufacturer Importers (EMI) scheme as announced in the Union Budget 2026–27.
• Under the EMI scheme, eligible importers can clear goods without immediate Customs duty payment and instead pay duties monthly under the Deferred Payment of Import Duty Rules, 2016, improving cash flow and working capital management.
• The scheme will be operational from 1 April 2026 to 31 March 2028, with applications open from 1 March 2026 on the AEO portal.
• Eligibility is based on compliance history, GST and Customs records, turnover, financial standing, and past performance; existing AEO-T1 entities, including MSMEs, can also apply.
• Approved EMIs are expected to upgrade to higher-tier AEO status (AEO-T2 or AEO-T3) during the scheme, gaining enhanced facilitation benefits, including faster clearances and priority treatment under Customs procedures.
• The scheme reduces upfront tax burdens, enhances ease of doing business, and strengthens domestic manufacturing and export-oriented growth.
• The EMI framework is a trust-based compliance measure, reflecting transparency, predictability, and trust in trade facilitation.
• The initiative is positioned as a time-bound reform aimed at boosting manufacturing competitiveness while safeguarding revenue interests.
• Current Chairman of CBIC : Vivek Chaturvedi.

Recent News :

• In Feb 2026, The Central Board of Indirect Taxes and Customs (CBIC) launched the upgraded SWIFT 2.0 platform, the revamped Atithi 2.0 app, and the Digital Travellers Guide during International Customs Day 2026 celebrations in New Delhi under the theme “Customs protecting society through vigilance and commitment”.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Prime Minister Narendra Modi Launches HPV Vaccination Programme and Inaugurates Major Projects; Dr Jitendra Singh Unveils Biotechnology Facilities

• Prime Minister Narendra Modi visited Rajasthan and Gujarat to launch a major healthcare initiative and inaugurate large-scale development and industrial projects.
• He launched the nationwide Human Papillomavirus Vaccination Programme at Kayad in Ajmer, Rajasthan, targeting 14-year-old girls across all States and Union Territories to prevent cervical cancer.
• The programme uses single-dose Gardasil 4 vaccine, which protects against Human Papillomavirus types 16 and 18 (high-risk cancer-causing types) and types 6 and 11.
• In Rajasthan, he inaugurated and laid the foundation stone of projects worth over Rs 16,680 crore, covering urban infrastructure, drinking water supply, roads, irrigation, energy and industrial development.
• In Gujarat, he inaugurated the Semiconductor Assembly, Testing, Marking and Packaging facility of Micron Technology at Sanand, set up with an investment of Rs 22,516 crore, boosting India’s semiconductor manufacturing ecosystem.
• Separately, Union Minister of State (Independent Charge) Jitendra Singh inaugurated the Central Facility for Recombinant Cells and Sensors at Rajiv Gandhi Centre for Biotechnology, Thiruvananthapuram, Kerala.
• The facility has been developed with an outlay of around Rs 60 crore by the Department of Biotechnology to promote drug discovery, medical genomics and agri-genomics research.
• He also laid the foundation stone for a current Good Manufacturing Practice facility at the same campus, to be implemented in two phases with a total outlay of Rs 80 crore.
• Additionally, he released the book “Quantum Physics: One Hundred Magical Years” authored by  V. P. N. Nampoori.
• These initiatives strengthen public health, semiconductor manufacturing, biotechnology research and scientific advancement in India, which are important from the examination perspective.

RECENT NEWS

• India and Israel have elevated their bilateral relationship to a “Special Strategic Partnership for Peace, Innovation and Prosperity’ during Prime Minister Narendra Modi’s state visit to Israel from February 25-26, 2026.

Bureau of Energy Efficiency Celebrates 25th Foundation Day in New Delhi

• The Bureau of Energy Efficiency celebrated its 25th Foundation Day at India Habitat Centre, marking a milestone in India’s energy conservation journey.
• Union Power Minister Manohar Lal Khattar unveiled the BEE@25 commemorative logo, launched the BEE Star Label Mobile Application, and introduced the Renewable Consumption Obligation Portal.
• India has achieved a 36 per cent reduction in emissions intensity of Gross Domestic Product from 2005 levels.
• India has reached 52 per cent non fossil fuel installed power capacity, achieving the target ahead of the 2030 timeline.
• Energy efficiency was highlighted as India’s “First Fuel”, reducing the need for additional electricity generation capacity.
• Major initiatives showcased included the Perform, Achieve and Trade Scheme, transition to the Carbon Credit Trading Scheme, Corporate Average Fuel Efficiency standards, Assistance in Deploying Energy Efficient Technologies in Industries and Establishments Scheme, Standards and Labelling Programme, and the Energy Conservation and Sustainable Building Code.
• The Renewable Consumption Obligation Portal aims to strengthen compliance, enhance transparency, and support data-driven implementation of renewable energy obligations.
• The BEE Star Label Mobile Application, developed in collaboration with CLASP, allows consumers to scan Quick Response codes on star labelled appliances to access energy performance details.

About BEE

• The Bureau of Energy Efficiency was established under the Energy Conservation Act, 2001 and functions under the Ministry of Power, coordinating national policies on energy conservation across industry, transport, buildings and appliances sectors.

Debrigarh Wildlife Sanctuary to Host Second Indian Bison Fest on 8 March 2026

• The second edition of the Indian Bison Fest will be held on 8 March 2026 at Zeropoint inside Debrigarh Wildlife Sanctuary in Sambalpur, Odisha
• The festival is organised by the Hirakud Wildlife Division to promote conservation of the Indian bison (gaur) and highlight the sanctuary as a key conservation hub.
• Latest census conducted in January 2026 recorded 848 gaurs, marking a net increase of 190 animals within one year.
• Around 235 juveniles below two years, accounting for nearly 30 per cent of the population, indicating strong breeding success and healthy herd dynamics.
• The two-day festival includes expert talks on gaur behaviour and habitat, wildlife film screening, and guided gaur safaris.
• Introduction of night camping and stargazing sessions, with constellations such as Saptarishi Mandal and Orion visible in the sanctuary landscape.
• Trekking and cruise ride planned on the second day, including a visit to Bat Island, home to over 1,000 fruit bats.
• Ongoing conservation measures include grassland restoration, wetland management, systematic population monitoring, and habitat improvement to maintain ecological balance.
• The Indian bison, scientifically known as Bos gaurus, is the largest bovine species in the world and is listed as Vulnerable on the International Union for Conservation of Nature Red List.
• Debrigarh Wildlife Sanctuary is emerging as a major gaur conservation landscape in eastern India and a secure breeding stronghold for long-term population sustainability.

RECENT NEWS

• The Odisha State Health Department has announced a strict ban on gutkha, pan masala, and all products containing tobacco or nicotine. This new notification aims to prevent misuse of these products and ensure public health safety.

Project HANUMAN Launched in Andhra Pradesh to Address Human–Wildlife Conflict

• Deputy Chief Minister of Andhra Pradesh Pawan Kalyan launched Project HANUMAN to tackle the rising incidents of human–wildlife conflict in the state.
• The initiative aims to reduce man–animal clashes, protect rural communities, and ensure the safety of wildlife, amid increasing cases of animals entering human settlements.
• Project HANUMAN focuses on vulnerable districts experiencing frequent wildlife intrusion and crop damage.
• Deployment of Rapid Response Teams for emergency handling of wildlife movement and conflict situations.
• Use of technology-based monitoring systems to track animal movement and strengthen early warning mechanisms.
• Improved coordination between Forest Department officials and local communities to ensure structured crisis response.
• Launch of awareness campaigns to discourage risky human activities near forest areas.
• The project addresses key causes of conflict such as urban expansion near forest zones, shrinking natural habitats, climate change impacts, and forest-edge agriculture dependence.
• Special focus on animals like elephants, leopards and wild boars, which frequently stray into villages in search of food and water.
• Measures include forest boundary strengthening, data-driven wildlife tracking, community safety training, and improved compensation and relief mechanisms.
• Project HANUMAN promotes ecological balance, protection of endangered species, reduction in retaliatory killings, and long-term coexistence strategies.

About Andhra Pradesh:

• Chief Minister: N. Chandrababu Naidu 
• Governor: S. Abdul Nazeer
• Capital: Amaravati
• National Parks: Sri Venkateswara National Park, Papikonda National Park
• Wildlife Sanctuaries: Coringa Wildlife Sanctuary, Pulicat Lake Bird Sanctuary, Kambalakonda Wildlife Sanctuary, Rollapadu Wildlife Sanctuary, Krishna Wildlife Sanctuary

India to Host Bharat Steel 2026 Summit in New Delhi from 16 April 2026

• India will host the Bharat Steel 2026 Summit in New Delhi from 16 April 2026 for two days, bringing together global leaders from steel, technology, mining and trading sectors to deliberate on the future of the next-generation steel ecosystem.
• The summit aims to build a next-generation steel ecosystem, strengthen collaboration between policymakers and industry leaders, promote sustainable and green steel production, expand India’s global steel footprint, and enhance technological innovation in manufacturing.
• The event will serve as a major policy–business dialogue platform, shaping the strategic direction of the steel sector while promoting sustainable industrial growth.
• During an interaction with ambassadors in New Delhi, Sudhakar Dalela, Secretary in the Ministry of External Affairs, described the summit as a global platform to showcase India’s steel capabilities, attract investment, and encourage international technology partnerships.
• India, being one of the world’s largest steel producers, views the summit as an opportunity to reinforce its ambition of becoming a global steel hub, while addressing growing infrastructure demand, urbanisation and manufacturing expansion.
• The summit will emphasise green steel initiatives, low-carbon production technologies, energy-efficient processes, responsible mining practices, digital transformation and resilient supply chains, aligning industrial expansion with sustainability objectives.

RECENT NEWS

• India is all set to host the first-ever Commonwealth Kho Kho Championship from March 9 to March 14, 2026. More than 24 countries from the Commonwealth are expected to take part in this historic event, marking a major milestone for the traditional Indian sport of Kho Kho. 

Haryana Budget 2026–27 Presented with ₹2.23 Lakh Crore Outlay

• Chief Minister and Finance Minister Nayab Singh Saini presented the Haryana Budget 2026–27 with a total outlay of ₹2,23,658 crore, marking a 10.28 percent increase over the revised estimate of ₹2,02,816 crore for 2025–26.
• The Budget projects a fiscal deficit of ₹40,293 crore, which is 2.65 percent of Gross State Domestic Product. Revenue deficit is estimated at 0.87 percent, effective revenue deficit at 0.41 percent, capital expenditure at 1.86 percent, and effective capital expenditure at 2.32 percent. The government reiterated its vision of making Haryana a trillion-dollar economy by 2047.
• An allocation of ₹474 crore has been made for the Haryana Artificial Intelligence Mission 2026, aimed at training 1 lakh youth in Artificial Intelligence, integrating Artificial Intelligence-based models into government departments, and strengthening digital governance.
• Under environmental initiatives, ₹5,715 crore has been allocated for the Water Secure Haryana Project, along with a mission to eliminate pollution along 313 kilometres of the Yamuna River. The Budget also proposes converting government buildings and registered cow shelters into solar-powered complexes.
• Women-centric measures include a ₹5 crore Workplace Safety Fund, Human Papillomavirus vaccination for 3 lakh girls aged 14 to 15 years, establishment of “Healthy Women Empowered Family” clinics in every district and subdivision hospital, and enhancement of employment subsidy for hiring local youth from ₹48,000 to ₹1 lakh per employee per year.
• For agriculture and farmer welfare, the Budget announces a ₹2,000 per acre bonus for pulses, oilseeds and cotton (excluding paddy), increase in indigenous cotton incentive from ₹3,000 to ₹4,000 per acre, ₹10,000 per acre annual grant for certified organic farmers, quality testing of 8 lakh tube wells over three years, strengthening of Farmer Producer Organisations and rural haat mandis, and higher compensation under the Horticulture Insurance Scheme.
• In the power sector, the government proposed creation of a third electricity distribution company named Haryana Agri Discom, which will serve 5,084 agricultural feeders and 7.12 lakh agricultural consumers, aiming to improve power supply efficiency.
• For industry and employment, the Budget provides a ₹500 crore empowerment fund for rejuvenation of old industrial areas, removal of block-based classification under the Make in Haryana policy, consideration of increasing minimum wages from ₹11,257 to ₹15,200 per month, and establishment of model examination centres in every assembly constituency, with the first centre in Kurukshetra targeted by 25 December 2026.

About Haryana:

• Chief Minister: Nayab Singh Saini 
• Governor: Ashim Kumar Ghosh
• Capital: Chandigarh
• National Parks: Sultanpur National Park, Kalesar National Park
• Wildlife Sanctuaries: Bhindawas Wildlife Sanctuary, Kalesar Wildlife Sanctuary, Nahar Wildlife Sanctuary

Central Warehousing Corporation Celebrates 70th Foundation Day; Reports Record Financial Performance

• The Central Warehousing Corporation celebrated its 70th Foundation Day at Bharat Mandapam, New Delhi.
• The event was inaugurated by Union Minister Pralhad Joshi, in the presence of Minister of State B. L. Verma and senior officials.
• The Union Minister praised the Central Warehousing Corporation for strengthening India’s food security and logistics system, and encouraged the organisation to aspire for Maharatna status in the future.
• A proposal was indicated to transform the Central Warehousing Corporation into a company with expanded operational scope, subject to approval at the highest level.
• The Central Warehousing Corporation, established in 1957, operates under the Ministry of Consumer Affairs, Food and Public Distribution as a Central Public Sector Enterprise.
• It provides scientific storage facilities for food grains and notified commodities, supports procurement operations, maintains buffer stocks, and has expanded into integrated logistics services, container freight stations, inland clearance depots and supply chain management.
• For Financial Year 2024–25, the corporation recorded its highest-ever turnover of ₹2,776.88 crore, compared to ₹2,303.81 crore in Financial Year 2023–24.
• Profit Before Tax reached ₹711.60 crore in Financial Year 2024–25, up from ₹590.36 crore in the previous financial year.
• A dividend of ₹160.10 crore has been proposed and paid, reflecting strong operational growth and financial performance over seven decades of service.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Iran–United States–Israel Conflict Disrupts Oil and Gas Flow Through Strait of Hormuz

• The Strait of Hormuz is a strategic maritime chokepoint carrying about one-fifth of global oil and LNG trade, and is currently facing disruption due to geopolitical tensions involving Iran, the United States, and Israel.
• Even without a formal blockade, shipping companies and insurance firms have suspended operations, leaving hundreds of oil tankers anchored, creating volatility and uncertainty in global energy markets.
• India is highly dependent on this route, with about 50% of its crude oil imports (5–2.7 million barrels per day) and around 60% of its LNG imports passing through the Strait of Hormuz, highlighting India’s energy security vulnerability.
• The Strait of Hormuz is a narrow maritime chokepoint, approximately 55–95 km wide, located between Iran (north) and Oman and the United Arab Emirates (south).
• It connects the Persian Gulf with the Gulf of Oman and the Arabian Sea, serving as the only sea exit route from the oil-rich Persian Gulf to the open ocean, making it a globally critical energy trade route.
• Any disruption in this strait can significantly impact global oil prices, international trade, and energy supply chains, especially affecting import-dependent economies like India.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

B.P. Singh Takes Over as Director General of Naval Armament

• B. P. Singh assumed charge as Director General of Naval Armament (DGONA) at Naval Headquarters, New Delhi.
• He belongs to the 1994 batch of the Indian Naval Armament Service (INAS) and succeeded Shri Divakar Jayant, who superannuated on 28 February 2026 after distinguished service.
• He has over 30 years of experience in the Naval Armament Organisation supporting Indian Navy operational capabilities.
• Prior to becoming DGONA, he served as Chief General Manager at Naval Armament Depot (NAD), Mumbai, where he handled operations, logistics management, and infrastructure development initiatives.
• He has served at multiple important establishments including NAD Visakhapatnam, NAD Mumbai, and NAD Trombay, contributing to armament logistics and operational support systems.
• He also served at the Directorate General of Naval Armament, Naval Headquarters, New Delhi, contributing to policy formulation and strategic planning in the defence armament sector.
• He was also Chief General Manager, NAD Aluva, where he improved operational efficiency and depot management practices.
• He has vast expertise in conventional ammunition management, guided weapon systems, procurement, storage, maintenance, safety management, logistics support, and life-cycle management of weapon systems.
• He is an alumnus of National Defence College (NDC-60) and has undergone advanced training in strategic studies and national security management, strengthening his defence leadership profile.

CURRENT AFFAIRS : DEFENCE NEWS

INS Sudarshini Makes Historic Arrival in Alexandria After Suez Transit

• INS Sudarshini arrived at the historic Alexandria as part of its transoceanic expedition Lokayan-26, marking an important milestone in maritime training and diplomacy.
• The vessel reached Alexandria after transiting north through the Suez Canal, a 193-km strategic maritime gateway connecting East and West global trade routes and serving as a major training experience for naval trainees.
• The visit reinforces the “Bridges of Friendship” initiative, promoting maritime diplomacy and cultural cooperation between India and Egypt.
• India and Egypt share centuries-old cultural, economic, and maritime relations, which have strengthened recently through defence cooperation, maritime security collaboration, and diplomatic engagement.
• During the port call, Egyptian Navy officials and Indian Embassy representatives received the ship, strengthening naval diplomacy and international maritime cooperation.
• The Commanding Officer of INS Sudarshini called on Rear Admiral Mahmoud Abdelsattar, Commander of Alexandria Naval Base, promoting professional naval engagement.
• The ship’s crew will participate in professional exchanges, community outreach programmes, and cultural activities to enhance interoperability, goodwill, and bilateral naval cooperation.
• The voyage of Lokayan-26 highlights India’s maritime training excellence, soft power diplomacy, and commitment to strengthening global maritime partnerships.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Scientists Find Evidence of Earth’s Earliest Animals in 541-Million-Year-Old Rocks

• Scientists discovered evidence of Earth’s earliest animals in Precambrian rocks that are more than 541 million years old, pushing back the timeline of complex life evolution on Earth.
• The study suggests that soft-bodied sea sponges were among the first animals in Earth’s oceans, existing before the Cambrian explosion, when major diversification of animal life occurred.
• The research was conducted by scientists from the Massachusetts Institute of Technology and published in the Proceedings of the National Academy of Sciences.
• Researchers detected chemical fossils called steranes, which are molecular biomarkers derived from sterols, essential components of eukaryotic cell membranes, indicating the presence of nucleus-bearing complex life forms.
• The rock samples were dated to around 541 million years ago, just before the Cambrian boundary, and indicate that early animals survived in low-oxygen ancient ocean environments.
• A major discovery was 30-carbon steranes, which are strongly associated with demosponges (modern sea sponges) and are not produced by bacteria or simple organisms, making them strong biological evidence.
• Scientists conducted laboratory simulations by applying heat and pressure to sterols from living sponges; the resulting sterane patterns matched ancient rock samples, providing three-layer scientific evidence (geological, biological, and experimental).
• The study suggests that animal evolution began much earlier than previously believed, pushing back origins into the Precambrian era.
• Early animals were likely soft-bodied and lacked hard skeletal structures, which explains their poor preservation in traditional fossil records.
• The research introduces chemical fossil analysis as a new method to study ancient biological evolution beyond traditional fossil studies.
• Overall, the discovery reshapes understanding of early animal evolution, showing that key animal traits developed hundreds of millions of years before the Cambrian diversification period.

CURRENT AFFAIRS: MOUS AND AGREEMENT

HCL Technologies and Indian Institute of Technology Kanpur Sign Memorandum of Understanding on Artificial Intelligence; Indian Institute of Technology Kharagpur Partners with Telecommunication Engineering Centre on Sixth Generation Technology

• HCL Technologies signed a Memorandum of Understanding with Indian Institute of Technology Kanpur, Uttar Pradesh, to convert Artificial Intelligence and intelligent systems research into enterprise-ready solutions for Global Capability Centers.
• The Memorandum of Understanding was signed during the GCC 4.0: Co-Creating India’s Innovation Powerhouse Summit held in Hyderabad, Telangana.
• The collaboration will focus on Artificial Intelligence, robotics, advanced engineering and next-generation technologies.
• It will combine HCL Technologies’ Global Capability Center solutions with the research and startup ecosystem of Indian Institute of Technology Kanpur, enabling researchers to work on real-world industry challenges with research funding and mentorship support.
• Separately, Indian Institute of Technology Kharagpur, West Bengal, signed a Memorandum of Understanding with the Telecommunication Engineering Centre, under the Department of Telecommunications, Ministry of Communications.
• The agreement aims to strengthen indigenous development of sixth generation telecommunications technology, Artificial Intelligence and next-generation telecom systems.
• Key focus areas include sixth generation architecture, satellite and Non-Terrestrial Networks, advanced antenna systems, Multiple Input Multiple Output technologies, Artificial Intelligence-enabled Electromagnetic Field monitoring and telecom standardisation.
• These collaborations are significant for promoting industry-academia partnership, indigenous innovation, and advancement in Artificial Intelligence and sixth generation communication technologies, important from examination perspective.

About TEC

• The Telecommunication Engineering Centre (TEC) is the technical arm of the Department of Telecommunications (DoT), Government of India. TEC formulates technical standards, specifications, and conformity assessment requirements for telecom equipment and networks in India, ensuring interoperability, quality, and alignment with global best practices. TEC represents India in international fora such as the ITU-T, ITU-R and coordinates National Working Groups for global standardization activities

About IIT Kharagpur

• The Indian Institute of Technology Kharagpur (IIT Kharagpur) is a premier institute of national importance with strong academic and research capabilities in advanced telecommunications, 5G/6G technologies, optical communications, artificial intelligence applications in telecom, and emerging ICT domains.

Nagaland Higher Education Department Signs Memorandum of Understanding with the India Meteorological Department for Weather Research

• The Department of Higher Education, Nagaland signed a Memorandum of Understanding with the India Meteorological Department under the Ministry of Earth Sciences in Kohima, Nagaland.
• The Memorandum of Understanding will remain valid for 20 years, establishing a long-term institutional partnership for academic collaboration, joint research, training and capacity building in meteorological and atmospheric sciences.
• Under the agreement, an X-band Polarimetric Doppler Weather Radar will be installed at Dimapur Government College, Oriental Colony, Dimapur, to strengthen local weather monitoring infrastructure.
• The radar will be installed under the Mission Mausam Scheme, launched in 2024 by the Government of India and implemented through the Ministry of Earth Sciences.
• The initiative aims to improve high-resolution weather forecasting, early warning systems and modernisation of meteorological infrastructure.
• The project will enhance understanding of state-specific weather hazards such as heavy rainfall and extreme weather events, thereby improving disaster preparedness and response in Nagaland.
• This collaboration is important for strengthening weather forecasting accuracy, atmospheric research and disaster resilience in the region.

International Solar Alliance and Indian Institute of Technology Delhi Sign Framework for Action to Boost Renewable Energy Cooperation

• The International Solar Alliance and Indian Institute of Technology Delhi formalised a Framework for Action in New Delhi to strengthen cooperation in renewable energy across International Solar Alliance Member Countries.
• The agreement was signed by Ashish Khanna, Director General of the International Solar Alliance, and Rangan Banerjee, Director of the Indian Institute of Technology Delhi.
• The Framework aims to enhance collaboration with the Department of Energy Science and Engineering at Indian Institute of Technology Delhi to build global clean energy capacity.
• Under previous cooperation, professionals from 18 developing countries in Africa and the Asia-Pacific were supported through the Master of Technology programme in Renewable Energy Technologies and Management.
• The collaboration focuses on capacity building through Solar Technology Application Resource-Centre trainer programmes and a one-year Post Graduate Diploma based on a Train-the-Trainers model.
• Under the academic component, programmes will expand beyond Master of Technology to include Master’s in Public Policy and Doctor of Philosophy in Solar Energy, in collaboration with Institut National de l’Énergie Solaire, France.
• The research component will promote solar energy research integrating Artificial Intelligence, Machine Learning and Blockchain technologies.
• The knowledge-sharing component includes joint workshops and outreach activities to strengthen global solar cooperation.
• The Framework for Action is significant for enhancing human resource development, academic exchange, research innovation and global solar capacity building, which is important for examination perspective.

India–Canada Joint Leaders Statement 2026 Resets Bilateral Ties

• Prime Minister Narendra Modi and Prime Minister Mark Carney issued a Joint Leaders Statement in March 2026 to reset bilateral relations, marking 79 years of diplomatic ties and adopting “Vasudhaiva Kutumbakam – One Earth, One Family, One Future” as the guiding vision.
• Launch of the India–Canada Strategic Energy Partnership covering clean energy, conventional energy, civil nuclear energy and critical minerals, along with relaunch of the Ministerial Energy Dialogue.
• Signing of a Canadian Dollar 2.6 billion uranium supply agreement between Cameco and India’s Department of Atomic Energy to strengthen civil nuclear energy capacity.
• Canada’s commitment to expand Liquefied Natural Gas production to 50 million tonnes annually by 2030 to boost long-term energy trade.
• Signing of a Critical Minerals Cooperation Memorandum of Understanding to support resilient supply chains under the Group of Seven Critical Minerals Action Plan.
• Conclusion of a Clean Energy Cooperation Memorandum of Understanding covering solar, wind, bioenergy and energy storage, with India welcoming Canada’s intent to join the International Solar Alliance.
• Formal launch of negotiations for a Comprehensive Economic Partnership Agreement, targeting Canadian Dollar 70 billion bilateral trade by 2030, with commitment to conclude negotiations by end of 2026 and reconstitution of the India–Canada Chief Executive Officer Forum.
• Memorandum of Understanding between All India Council for Technical Education and Mitacs for 300 Indian students annually, along with launch of a Joint Talent and Innovation Strategy.
• Expanded cooperation between Indian Space Research Organisation and Canadian Space Agency in space applications, Artificial Intelligence, smart grids and battery management systems.
• Institutionalisation of an India–Canada Defence Dialogue, strengthening maritime security, cybersecurity and Indo-Pacific cooperation, with India welcoming Canada’s interest in joining the Indian Ocean Rim Association as a Dialogue Partner.
• The 2026 Joint Statement represents a structured strategic reset aimed at long-term cooperation across energy, trade, technology, education and security sectors.

CURRENT AFFAIRS: SPORTS NEWS

Special Edition of ASMITA Women’s Sports League Announced in New Delhi

• Minister of State for Youth Affairs and Sports Raksha Nikhil Khadse announced a special edition of the ASMITA Women’s Sports League in New Delhi to mark International Women’s Day on 8 March 2026.
• ASMITA stands for Achieving Sports Milestone by Inspiring Women Through Action, and the league aims to provide a competitive platform for female athletes at the grassroots level across India.
• The initiative seeks to empower women athletes, promote grassroots sports participation, identify and nurture young talent, and strengthen sports culture nationwide, reflecting the government’s commitment to gender equality in sports.
• Competitions under ASMITA Women’s Sports League 2026 will be held in three age categories: Under 13 years, 13 to 18 years, and 18 years and above.
• Athletics events will include 100 metres, 200 metres and 400 metres races, designed to promote speed, endurance and competitive spirit among participants.
• The league aligns with the vision of Prime Minister Narendra Modi to build a strong sports ecosystem in India and expand access to structured competitive opportunities for young girls.
• The initiative aims to enhance confidence, leadership skills, physical and mental well-being, and create a pathway for girls to progress from school-level competitions to higher national platforms.

CURRENT AFFAIRS : OBITUARIES

Veteran Congress Leader, Ex-Union Minister K.P. Unnikrishnan, Passed Away

• K. P. Unnikrishnan, veteran politician and former Union Minister, passed away at the age of 90 in Kozhikode, Kerala.

About K. P. Unnikrishnan :

• He was born on 20 September 1936 in Koyilandy, Kozhikode, and remained a significant figure in Indian parliamentary politics for over three decades.
• Before entering politics, he began his professional career in journalism and was associated with Mathrubhumi, a leading Malayalam daily newspaper.
• He joined the Indian National Congress (INC) in the 1960s, marking the beginning of his active political career.
• In 1962, he became a member of the All India Congress Committee (AICC), strengthening his role within the party’s national structure.
• He served as a member of the Public Accounts Committee (PAC) from 1980 to 1982, contributing to parliamentary financial oversight.
• The Public Accounts Committee (PAC) examines the appropriation accounts of the Government of India and the reports of the Comptroller and Auditor General of India (CAG), ensuring accountability in public expenditure.

 Daily CA One- Liner: March 5^th

• Prime Minister Narendra Modi visited Rajasthan and Gujarat to launch a major healthcare initiative and inaugurate large-scale development and industrial projects
• The Bureau of Energy Efficiency celebrated its 25th Foundation Day at India Habitat Centre, marking a milestone in India’s energy conservation journey
• The second edition of the Indian Bison Fest will be held on 8 March 2026 at Zeropoint inside Debrigarh Wildlife Sanctuary in Sambalpur, Odisha
• Deputy Chief Minister of Andhra Pradesh Pawan Kalyan launched Project HANUMAN to tackle the rising incidents of human–wildlife conflict in the state
• India will host the Bharat Steel 2026 Summit in New Delhi from 16 April 2026 for two days, bringing together global leaders from steel, technology, mining and trading sectors to deliberate on the future of the next-generation steel ecosystem
• Chief Minister and Finance Minister Nayab Singh Saini presented the Haryana Budget 2026–27 with a total outlay of ₹2,23,658 crore, marking a 28 percent increase over the revised estimate of ₹2,02,816 crore for 2025–26
• The Central Warehousing Corporation celebrated its 70th Foundation Day at Bharat Mandapam, New Delhi
• HCL Technologies signed a Memorandum of Understanding with Indian Institute of Technology Kanpur, Uttar Pradesh, to convert Artificial Intelligence and intelligent systems research into enterprise-ready solutions for Global Capability Centers
• The Department of Higher Education, Nagaland signed a Memorandum of Understanding with the India Meteorological Department under the Ministry of Earth Sciences in Kohima, Nagaland
• The International Solar Alliance and Indian Institute of Technology Delhi formalised a Framework for Action in New Delhi to strengthen cooperation in renewable energy across International Solar Alliance Member Countries
• Prime Minister Narendra Modi and Prime Minister Mark Carney issued a Joint Leaders Statement in March 2026 to reset bilateral relations, marking 79 years of diplomatic ties and adopting “Vasudhaiva Kutumbakam – One Earth, One Family, One Future” as the guiding vision
• Minister of State for Youth Affairs and Sports Raksha Nikhil Khadse announced a special edition of the ASMITA Women’s Sports League in New Delhi to mark International Women’s Day on 8 March 2026.
• The Reserve Bank of India (RBI) and Bank of Japan (BoJ), acting as agents of the Ministry of Finance, Japan, signed the Third Amendment and Restatement Agreement of the Bilateral Swap Arrangement (BSA).
• The Employees' Provident Fund Organisation (EPFO) approved an 25% interest rate on EPF deposits for 2025–26, retaining the same interest rate for the second consecutive year, ensuring stability of retirement savings returns.
• The Securities and Exchange Board of India (SEBI) imposed a ₹10 lakh penalty on Coffee Day Enterprises for financial misstatements in its financial reporting.
• India’s Current Account Deficit (CAD) widened to $13.2 billion (3% of GDP) in Q3 FY2025–26, compared to $11.3 billion (1.1% of GDP) in Q3 FY25, mainly due to a widening merchandise trade deficit.
• Pine Labs will launch a stablecoin-backed prepaid card across 9 countries in Middle East, Africa, and Southeast Asia by April 2026, marking the first such initiative by a listed Indian fintech company.
• India INX Global Access IFSC Limited (India INX GA), a subsidiary of India International Exchange (India INX), entered into a strategic partnership with HSBC International Financial Services Centre Banking Unit (HSBC IBU) to expand structured access to global investment products for Indian investors through Gujarat International Finance Tec-City (GIFT City).
• The Central Board of Indirect Taxes and Customs (CBIC) has introduced the Eligible Manufacturer Importers (EMI) scheme as announced in the Union Budget 2026–27.
• The Strait of Hormuz is a strategic maritime chokepoint carrying about one-fifth of global oil and LNG trade, and is currently facing disruption due to geopolitical tensions involving Iran, the United States, and Israel.
• B. P. Singh assumed charge as Director General of Naval Armament (DGONA) at Naval Headquarters, New Delhi.
• INS Sudarshini arrived at the historic Alexandria as part of its transoceanic expedition Lokayan-26, marking an important milestone in maritime training and diplomacy.
• Scientists discovered evidence of Earth’s earliest animals in Precambrian rocks that are more than 541 million years old, pushing back the timeline of complex life evolution on Earth.
• K. P. Unnikrishnan, veteran politician and former Union Minister, passed away at the age of 90 in Kozhikode, Kerala.