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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Penalises Five Star Business Finance, Can Fin Homes, and Pahal Financial Services for Know Your Customer and Fair Practices Code Violations

• The Reserve Bank of India (RBI) imposed monetary penalties on Five Star Business Finance Limited, Can Fin Homes Limited, and Pahal Financial Services Private Limited for violating Know Your Customer (KYC) Directions and the Fair Practices Code.
• Five Star Business Finance Limited was penalised ₹6.20 lakh by the RBI.
• Can Fin Homes Limited was penalised ₹2.70 lakh by the RBI.
• Pahal Financial Services Private Limited was penalised ₹3.10 lakh by the RBI.
• Five Star Business Finance Limited was penalised for failing to implement robust software to identify and report suspicious transactions.
• Five Star Business Finance Limited also failed to disclose the risk gradation methodology and the rationale for charging different interest rates to borrowers.
• Can Fin Homes Limited was fined for not clearly disclosing the bifurcation of principal and interest components in loan instalments collected from borrowers.
• Can Fin Homes Limited violated the Fair Practices Code by failing to provide transparent loan repayment details.
• Pahal Financial Services Private Limited was penalised for not implementing a robust software system for effective identification and reporting of suspicious transactions under the RBI's KYC Directions.
• The penalties were imposed following statutory inspections based on the companies' financial position as of 31 March 2025.
• The RBI's action was based on supervisory findings, show-cause notices, and personal hearings conducted with the concerned entities.
• The penalties were imposed under the Reserve Bank of India Act, 1934 and the National Housing Bank Act, 1987, depending on the nature of the regulatory violations.

Recent News :

• In June 2026, The Reserve Bank of India (RBI) imposed a Monetary Penalty of ₹3.90 Lakh on IIFL Samasta Finance Limited for violations of Know Your Customer (KYC) Directions and Fraud Risk Management in NBFCs Directions.

About RBI :

• Established: 1 April 1935 under the Reserve Bank of India Act, 1934, and serves as India’s central bank.
• Nationalised: 1 January 1949
• Headquarters: Mumbai, Maharashtra
• Governor: Sanjay Malhotra (26th Governor)
• Deputy Governors: Rohit Jain, Shirish Chandra Murmu, Swaminathan Janakiraman, Poonam Gupta
• Wholly Owned by RBI:
• BRBNMPL – Bharatiya Reserve Bank Note Mudran Private Limited
• DICGC – Deposit Insurance and Credit Guarantee Corporation
• ReBIT – Reserve Bank Information Technology Private Limited
• RBIH – Reserve Bank Innovation Hub
• Promoted by RBI (Now Government-owned):
• NABARD – National Bank for Agriculture and Rural Development
• NHB – National Housing Bank

India’s External Debt Reaches US$ 762.8 Billion at End-March 2026

• India's external debt increased to US$ 762.8 billion as of 31 March 2026, registering an increase of US$ 26.3 billion over the previous year.
• The external debt-to-GDP ratio rose from 19.8% (March 2025) to 20.8% (March 2026).
• The share of short-term external debt increased to 19.6% of total external debt.
• The ratio of short-term external debt to foreign exchange reserves increased to 21.6%, indicating higher short-term repayment obligations.
• US dollar-denominated debt remained the largest component of India's external debt, accounting for 55.5% of the total.
• The currency-wise composition of India's external debt was: US Dollar – 55.5%, Indian Rupee – 29.4%, Japanese Yen – 6.4%, Special Drawing Rights (SDR) – 4.3%, and Euro – 3.7%.
• Non-financial corporations held the largest share of India's external debt at 36.4%.
• Deposit-taking corporations accounted for 26.5%, followed by the General Government (22.0%) and Other Financial Corporations (10.2%) of total external debt.
• Loans remained the largest component of India's external debt with a 34.7% share.
• Other major components of external debt included Currency and Deposits (22.3%), Trade Credit and Advances (19.0%), and Debt Securities (16.1%).

Reserve Bank of India Penalises Repco Home Finance and True Credits for Regulatory Compliance Violations

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹70,000 on Repco Home Finance Limited for violating the Fair Practice Code.
• The RBI also imposed a monetary penalty of ₹3.10 lakh on True Credits Private Limited for non-compliance with Know Your Customer (KYC) Directions.
• Repco Home Finance Limited failed to disclose its risk gradation methodology and the rationale for charging different interest rates to different categories of borrowers in application forms and sanction letters.
• True Credits Private Limited failed to conduct Enhanced Due Diligence (EDD) for certain customers onboarded through non-face-to-face modes, violating the RBI's KYC Directions.
• The penalties were imposed after statutory inspections based on the companies' financial position as of 31 March 2025.
• The RBI initiated the action after issuing show-cause notices and providing personal hearings to the concerned companies.
• The penalty on Repco Home Finance Limited was imposed under Section 52A of the National Housing Bank Act, 1987.
• The penalty on True Credits Private Limited was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.
• The RBI clarified that these penalties relate only to deficiencies in regulatory compliance.
• The RBI further clarified that the penalties do not affect the validity of transactions or agreements entered into by the companies with their customers.

Reserve Bank of India Releases ₹3.19 Lakh Crore State Market Borrowing Calendar for July–September 2026 Quarter

• The Reserve Bank of India (RBI) expanded the Benchmark Issuance Strategy (BIS) from 9 States to 18 States and the Union Territory of Delhi from Q2 of FY 2026–27.
• The expansion of the Benchmark Issuance Strategy (BIS) aims to enhance transparency, improve price discovery, and provide greater clarity to investors in State Government Securities (SGSs).
• Under the Benchmark Issuance Strategy (BIS), State Development Loans (SDLs) are issued in pre-announced benchmark maturity buckets through a fixed issuance calendar.
• The BIS framework helps create more liquid, predictable, and efficient bond markets for State Development Loans (SDLs).
• The total market borrowing by States and Union Territories (UTs) for the July–September 2026 quarter is estimated at ₹3,18,816 crore.
• The RBI will conduct State Development Loan (SDL) auctions in a non-disruptive manner, considering market conditions and borrowing requirements.
• The RBI also released the Treasury Bills (T-Bills) Issuance Calendar for the July–September 2026 quarter.
• The RBI plans to raise ₹3,36,000 crore through weekly auctions of 91-day, 182-day, and 364-day Treasury Bills (T-Bills).
• The Treasury Bills (T-Bills) are issued in three maturities: 91-day, 182-day, and 364-day.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Delhi Government Approves ₹8,300 Crore ‘Clean Air, Healthy Delhi’ Project

• The Delhi Government approved the ₹8,300 crore ‘Clean Air, Healthy Delhi’ Project to combat air pollution and improve environmental quality in the national capital.
• The seven-year project will be implemented from September 2026 to August 2033 and aims to accelerate Delhi's air pollution mitigation plan in line with the National Clean Air Programme (NCAP).
• The project will be supported by the World Bank and other multilateral institutions, with 65% of the funding provided by the World Bank and the remaining 35% contributed by the Delhi Government.
• Chief Minister Rekha Gupta announced that the project will be implemented across all districts of Delhi, with a stakeholder workshop scheduled for 10 July 2026 to finalise the implementation roadmap.
• The initiative will focus on major pollution sources, including transport, road dust, construction and demolition (C&D) waste, solid waste management, industries, green spaces, and water pollution.
• A Project Management Unit (PMU) will be established to oversee implementation and strengthen air quality management across the city.
• The project also includes the development of advanced air quality monitoring systems, enhanced data analytics, and an Integrated Command and Control Centre (ICCC)-based monitoring framework.
• Other measures include improved coordination among departments, collaboration with Indo-Gangetic Plain States, promotion of scientific planning, public awareness, capacity building, and adoption of new technologies.
• To reduce emissions, the project will promote the phasing out of old polluting vehicles, expansion of electric vehicles (EVs), strengthening of public transport, and the development of an advanced Pollution Under Control (PUC) monitoring system for vehicle emissions.

About National Clean Air Programme (NCAP)

• Launched: 2019
• Ministry: Ministry of Environment, Forest and Climate Change (MoEFCC)
• Objective: To reduce air pollution by implementing city-specific action plans and strengthening air quality monitoring and management across India.

About Delhi (National Capital Territory):

• Chief Minister: Rekha Gupta
• Lieutenant Governor: Taranjit Singh Sandhu
• Capital: New Delhi
• National Parks: None
• Wildlife Sanctuaries: Asola Bhatti (Indira Priyadarshini) Wildlife Sanctuary

RECENT NEWS

• Delhi approved the Delhi Electric Vehicle (EV) Policy 2.0, and it will be effective from July 1, 2026, to March 31, 2030. This policy primarily aims to accelerate the electric vehicle adoption via the subsidies, tax exemptions, scrappage incentives and the phased transition away from the petrol and CNG vehicles.

Uttar Pradesh Cabinet Approves Renaming of Jalalabad as Parashurampuri

• The Uttar Pradesh Cabinet, chaired by Chief Minister Yogi Adityanath, approved the proposal to rename Jalalabad town in Shahjahanpur district as Parashurampuri.
• The decision was taken after the Central Government conveyed no objection to the proposal, paving the way for the state government's approval.
• Following the Cabinet's decision, the concerned departments will complete the required administrative and legal formalities to officially implement the new name.
• According to the state government, the renaming was based on the demand of local residents to reflect the town's historical, cultural, and religious significance.
• The government stated that Jalalabad is traditionally regarded as the birthplace of Lord Parashurama, and the new name Parashurampuri recognises this historical and religious association.
• The town was named Jalalabad during the Mughal period, reportedly after Jalal-ud-din Muhammad Akbar.
• Uttar Pradesh Finance Minister Suresh Kumar Khanna announced that the Cabinet approved the proposal after receiving the Centre's clearance.

About Uttar Pradesh:

• Chief Minister: Yogi Adityanath
• Governor: Anandiben Patel
• Capital: Lucknow
• National Parks: Dudhwa National Park
• Wildlife Sanctuaries: Katarniaghat Wildlife Sanctuary, Kishanpur Wildlife Sanctuary, Hastinapur Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, Kaimur Wildlife Sanctuary, Bakhira Wildlife Sanctuary, Nawabganj Bird Sanctuary, Okhla Bird Sanctuary

RECENT NEWS

• The Invest India and Invest UP have entered into the strategic partnership to attract the greater Foreign Direct Investment (FDI) and accelerate industrial development in the State of Uttar Pradesh. This collaboration was formalized during the high-level meeting in Lucknow which was attended by the senior officials from both organizations. 

West Bengal Approves Implementation of Pradhan Mantri Cha Shramik Protsahan Yojana with ₹313.3 Crore Package

• The West Bengal Government approved the implementation strategy of the Pradhan Mantri Cha Shramik Protsahan Yojana (PMCSPY) to improve the socio-economic conditions of tea garden workers in North Bengal.
• The state-level committee approved a special assistance package of ₹313.3 crore, which is expected to benefit over 3 lakh tea plantation workers and their families.
• The scheme aims to enhance education, healthcare, worker welfare infrastructure, and essential public services for tea garden workers.
• The ₹313.3 crore package has been allocated under three major components:
• ₹177 crore for Cha Shramik Shiksha Yojana (CSSY) to upgrade educational infrastructure and improve access to quality education.
• ₹72 crore for Cha Shramik Swasthya Suraksha Yojana (CSSSY) to strengthen healthcare facilities and medical infrastructure.
• ₹63 crore for Cha Shramik Ashray Yojana (CSAY) to construct 321 rest sheds, including 88 in hilly areas and 233 in the North Bengal plains.
• The scheme will primarily cover tea gardens in the North Bengal plains and hilly regions, where the tea industry is a major source of livelihood.
• The North Bengal Development Department (NBDD) has been designated as the implementing agency and will coordinate with the Health Department, Paschim Banga Samagra Shiksha Mission, and district administrations for effective implementation.

About Pradhan Mantri Cha Shramik Protsahan Yojana (PMCSPY)

• Launched By: Government of India
• Objective: To improve the social and economic well-being of tea garden workers through better education, healthcare, welfare infrastructure, and essential public services.
• Target Beneficiaries: Tea plantation workers and their families.
• Focus Area: Tea-growing regions, particularly North Bengal in West Bengal.

About West Bengal:

• Chief Minister: Suvendu Adhikari
• Governor: N. Ravi
• Capital: Kolkata
• National Parks: Sundarbans National Park, Jaldapara National Park, Gorumara National Park, Singalila National Park, Neora Valley National Park, Buxa National Park
• Wildlife Sanctuaries: Senchal Wildlife Sanctuary, Buxa Wildlife Sanctuary, Raiganj Wildlife Sanctuary, Ballavpur Wildlife Sanctuary, Chintamani Kar Bird Sanctuary, Lothian Island Wildlife Sanctuary, West Sundarban Wildlife Sanctuary

RECENT NEWS

• The sate of West Bengal set to become the 36th State/Union Territory t implement the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) and it marks the significant milestone in country’ journey towards the universal health coverage.

Sirsa Kinnow Becomes Haryana's First Fruit to Receive Geographical Indication (GI) Tag

• Sirsa Kinnow became the first fruit from Haryana to receive the Geographical Indication (GI) tag, recognising its unique quality and geographical origin.
• The Geographical Indications Registry, Chennai granted the GI registration to the Kharisuverian Farmer Producer Company, Sirsa.
• The GI application was filed on 16 June 2023, and the registration certificate was issued on 28 March 2026.
• The GI tag recognises the distinctive taste, quality, and characteristics of Sirsa Kinnow, which are attributed to the region's favourable climatic and geographical conditions.
• Sirsa Kinnow is known for its sweet taste, high juice content, large fruit size, and attractive colour, making it one of the premium kinnow varieties in India.
• The GI certification is expected to enhance the commercial value of Sirsa Kinnow, prevent counterfeiting, strengthen its brand identity, and improve farmers' income through better domestic and export market opportunities.
• Along with the GI registration, Sirsa Kinnow also received an official emblem featuring an orange kinnow, a green leaf, and the words "Sirsa Kinnow", helping establish a distinct market identity.

About Geographical Indication (GI) Tag

• A Geographical Indication (GI) Tag is an Intellectual Property Right (IPR) granted to products that possess specific qualities, reputation, or characteristics attributable to their geographical origin.
• In India, GI tags are governed under the Geographical Indications of Goods (Registration and Protection) Act, 1999.
• GI Registry: Chennai, Tamil Nadu
• Benefits: Provides legal protection, prevents unauthorised use, preserves traditional heritage, enhances market value, and promotes exports.

Uttar Pradesh Cabinet Approves Uttar Pradesh Data Centre Policy 2026

• The Uttar Pradesh Cabinet, chaired by Chief Minister Yogi Adityanath, approved the Uttar Pradesh Data Centre Policy 2026 to establish the state as a leading hub for green and Artificial Intelligence (AI)-enabled data centres.
• The policy aims to attract investments of over ₹2 lakh crore and expand the state's data centre capacity to 2 GW.
• It replaces the Uttar Pradesh Data Centre Policy 2021, which expired in January 2026, with a renewed framework for advanced data centre infrastructure.
• The policy promotes the development of AI-ready, energy-efficient, and environmentally sustainable data centres.
• It provides special incentives for GPU-based technologies to support Artificial Intelligence (AI) and high-performance computing.
• Additional subsidies will be offered for projects established in Bundelkhand and Purvanchal to encourage balanced regional development.
• The policy also supports the establishment of Tier III and Tier IV data centres across the state.
• It is expected to generate around 50,000 jobs during the construction phase and nearly 7,500 jobs in operations and maintenance.
• The initiative is expected to strengthen sectors such as Information Technology (IT), Information Technology-enabled Services (ITeS), cloud computing, fintech, e-commerce, digital governance, and e-health.

Gujarat to Construct Its First Two Air-Filled Rubber Dams Using South Korean Technology

• Gujarat is developing its first two air-filled rubber dams using advanced technology from South Korea to strengthen water resource management and modernise irrigation infrastructure.
• The two dams are being constructed on the Heran River at Rajvasana in Chhota Udepur district and on the Ambika River at Pathakwadi in Tapi district.
• The projects aim to improve irrigation facilities, enhance groundwater recharge, increase water storage capacity, and mitigate floods, benefiting thousands of farmers across the state.
• The Rajvasana Rubber Dam is being constructed at a cost of ₹82.97 crore, is 75% complete (as of 6 July 2026), is expected to be commissioned by September 2027, and will provide irrigation to over 3,420 hectares of agricultural land.
• The Pathakwadi Rubber Dam is being developed at a cost of ₹79.13 crore, is nearly 90% complete, and will provide assured irrigation to around 650 hectares of agricultural land.
• The two projects involve a combined investment of over ₹162 crore and mark Gujarat's first use of air-filled rubber dam technology.
• The dams will use engineered rubber bladders imported from South Korea, with a thickness of 18–32 mm, an estimated service life of around 30 years, and resistance to high temperatures, weathering, and hydraulic pressure.
• Unlike conventional concrete dams, inflatable rubber dams can be inflated with air or water to store water and deflated during floods to safely discharge excess water downstream.
• Both projects will be equipped with Supervisory Control and Data Acquisition (SCADA) systems for real-time monitoring of river conditions and automatic inflation and deflation of the rubber bladders.

About Gujarat:

• Chief Minister: Bhupendra Patel
• Governor: Acharya Dev Vrat
• Capital: Gandhinagar
• National Parks: Gir, Blackbuck, Gulf of Kutch (Marine), Vansda National Parks
• Wildlife Sanctuaries: Nal Sarovar Bird, Wild Ass, Kutch Desert, Barda, Purna Wildlife Sanctuaries

Ministry of Cooperation Celebrates Fifth Foundation Day; Announces Cooperative Life Insurance Company and Expansion of Bharat Taxi

• The Ministry of Cooperation celebrated its Fifth Foundation Day with major announcements to strengthen the cooperative movement in India.
• Union Minister for Cooperation Amit Shah announced the establishment of a Cooperative Life Insurance Company to enhance the cooperative sector's presence in the life insurance industry.
• The proposed Cooperative Life Insurance Company aims to strengthen the cooperative movement, promote financial inclusion, and provide wider access to life insurance products.
• Amit Shah stated that Indian Farmers Fertiliser Cooperative Limited (IFFCO)-TOKIO General Insurance Company Limited is already operating in the insurance sector and that India currently has 26 life insurance companies.
• The Minister also announced that Bharat Taxi, a cooperatively-owned ride-hailing platform, will be expanded to 500 cities across India within the next two years.
• Bharat Taxi currently has over 6.37 lakh registered drivers and 35.77 lakh customers on its platform.
• At present, the service operates in Delhi-National Capital Region (Delhi-NCR), Gujarat, Lucknow, Chandigarh, Mumbai, Jaipur, and Kanpur, and will soon expand to Ranchi, Patna, Guwahati, Bhopal, Kolkata, Indore, and Nagpur.
• Other key announcements included the promotion of organic farming and encouraging entrepreneurship through Primary Agricultural Credit Societies (PACS).

About Ministry of Cooperation:

• Cabinet Minister: Amit Shah
• Constituency: Gandhinagar, Gujarat
• Ministers of State (MoS): Krishan Pal, Murlidhar Mohol

CURRENT AFFAIRS: AWARDS AND HONOURS

Prime Minister Narendra Modi Conferred Indonesia's Highest Civilian Award 'Bintang Adipurna'

• Prime Minister Narendra Modi was conferred the 'Bintang Adipurna', the highest civilian award of Indonesia, by President Prabowo Subianto during his official visit to Jakarta, Indonesia.
• The award recognises Prime Minister Modi's outstanding contribution to strengthening India–Indonesia bilateral relations and promoting international cooperation.
• The honour was presented at Istana Merdeka (Presidential Palace) in Jakarta.
• Bintang Adipurna is Indonesia's highest non-military civilian honour, awarded to individuals for their exceptional contribution to strengthening relations with Indonesia, promoting friendship, and enhancing international cooperation.
• Accepting the award, Prime Minister Narendra Modi dedicated the honour to the 1.4 billion people of India and thanked the Government and people of Indonesia for the recognition and warm hospitality.
• India and Indonesia continue to strengthen their Comprehensive Strategic Partnership through cooperation in trade and investment, digital payments, critical minerals, maritime security, and cultural exchanges.
• The two countries are also exploring collaboration on Unified Payments Interface (UPI) integration and critical minerals to support digital connectivity and clean energy initiatives.

About Indonesia

• Capital: Jakarta
• President: Prabowo Subianto
• Currency: Indonesian Rupiah (IDR)

CURRENT AFFAIRS: RANKING AND REPORTS

India Ranks 94th in United Nations Sustainable Development Goals (SDG) Index 2026

• India ranked 94th among 167 countries in the United Nations Sustainable Development Goals (SDG) Index 2026, achieving its highest-ever ranking with an overall score of 68.3 out of 100.
• The Sustainable Development Report 2026 was released by the United Nations Sustainable Development Solutions Network (SDSN).
• Since the adoption of the Sustainable Development Goals (SDGs) in 2015, India has improved its ranking by 18 places, rising from 112th to 94th, making it one of the fastest-improving major economies.
• However, India continues to rank behind Bhutan, Maldives, Nepal, and Sri Lanka in South Asia.
• Globally, none of the 17 Sustainable Development Goals (SDGs) are on track to be achieved by 2030. Only 16.5% of individual SDG targets are progressing on track, while nearly half are making limited progress and 15% have regressed since 2015.

• Barbados ranked first globally in its commitment to United Nations (UN)-based multilateralism, while the United States of America (USA) ranked last.
• According to the report, 33.3% of India's Sustainable Development Goal (SDG) targets are on track to be achieved by 2030, 42.7% are making limited progress, and 24% have deteriorated.
• Sustainable Development Goal 2 (Zero Hunger) remains India's most significant challenge, with child wasting at 19%, child stunting at 29.3%, and undernourishment at 12%.
• India faces major challenges in Sustainable Development Goal 2 (Zero Hunger), Sustainable Development Goal 3 (Good Health and Well-being), Sustainable Development Goal 5 (Gender Equality), Sustainable Development Goal 11 (Sustainable Cities and Communities), Sustainable Development Goal 14 (Life Below Water), Sustainable Development Goal 15 (Life on Land), and Sustainable Development Goal 16 (Peace, Justice and Strong Institutions).
• Under Sustainable Development Goal 16 (Peace, Justice and Strong Institutions), India's Press Freedom Index score declined from 59.51 (2015) to 31.96 (2026).
• The report also noted deterioration in Sustainable Development Goal 12 (Responsible Consumption and Production) and Sustainable Development Goal 13 (Climate Action) due to rising carbon dioxide (CO₂) emissions, with per capita CO₂ emissions reaching 2.21 tonnes.
• India recorded notable progress in Sustainable Development Goal 7 (Affordable and Clean Energy) through expanded electricity access and Sustainable Development Goal 9 (Industry, Innovation and Infrastructure) through increased mobile broadband and internet usage.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

State Bank of India Acquires National Housing Bank’s 10% Stake in RMBS Development Company Limited.

• State Bank of India (SBI), India’s largest and oldest Public Sector Bank (PSB), acquired the National Housing Bank’s (NHB’s) 10% stake in RMBS Development Company Limited (RDCL).
• RDCL is a Middle-Layer Non-Banking Financial Company (NBFC) focused on developing the Residential Mortgage-Backed Securities (RMBS) market in India.
• Following the acquisition, NHB’s shareholding in RDCL declined from 39% to 29%.
• The acquisition is expected to strengthen RDCL’s role in developing a deeper secondary mortgage market in India.
• RDCL enables banks and non-bank lenders to pool housing loans, convert them into tradable securities, unlock capital, improve liquidity, and support fresh housing lending.

About RDCL :

• RMBS Development Company Limited (RDCL) was established in 2024.
• RDCL was incorporated with a paid-up capital of ₹500 crore.
• Life Insurance Corporation of India (LIC) holds a 10% stake in RDCL.
• HDFC Bank, ICICI Bank, and Bajaj Finance each hold a 7% stake in RDCL.
• Aditya Birla Housing Finance, Tata Capital Housing Finance, Truhome Finance, Grihum Housing Finance, Hero Housing Finance, and IIFL Home Finance each hold a 5% stake in RDCL.

About National Housing Bank (NHB) :

• Founded : 9 July 1988
• Headquarters : New Delhi, India
• Managing Director : Sanjay Shukla
• Chairman : Prabhanjan Mohapatra
• National Housing Bank (NHB) is the apex housing finance institution in India and plays a key role in promoting the housing finance ecosystem.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy to Induct INS Mahendragiri, Sixth Indigenous Project 17A Stealth Frigate

• The Indian Navy (IN) is set to commission its sixth Project 17A indigenous stealth frigate, INS Mahendragiri (F38), at Visakhapatnam, Andhra Pradesh, on 11 July 2026.
• INS Mahendragiri is named after the Mahendragiri mountain range in the Eastern Ghats and is the first Indian Naval warship to bear this name.
• INS Mahendragiri has been designed in-house by the Indian Navy’s Warship Design Bureau (WDB).
• The frigate has been constructed by Mazagon Dock Shipbuilders Limited (MDL), Mumbai.
• Project 17A is India’s programme for building advanced indigenous stealth frigates with enhanced combat capabilities.
• INS Mahendragiri incorporates advanced stealth features, enhanced survivability, reduced radar signature, and a high degree of automation.
• The warship is powered by a Combined Diesel or Gas (CODOG) propulsion system, enabling high-speed operations with long endurance.
• INS Mahendragiri contains over 75% indigenous content, reflecting the Aatmanirbhar Bharat Initiative.
• The construction of INS Mahendragiri involved a large network of Indian industries, including numerous Micro, Small and Medium Enterprises (MSMEs).
• The frigate is equipped with surface-to-surface missile systems, surface-to-air missile systems, electronic warfare systems, anti-submarine warfare (ASW) systems, and an Integrated Combat Management System (CMS).
• INS Mahendragiri is capable of conducting anti-air, anti-surface, and anti-submarine warfare operations.
• The frigate can also undertake Maritime Security, Power Projection, Humanitarian Assistance and Disaster Relief (HADR), Search and Rescue (SAR), and sustained maritime presence missions.
• The commissioning of INS Mahendragiri marks another major milestone in the successful implementation of the Project 17A warship-building programme.
• The induction of successive Project 17A frigates is strengthening the combat capability of the Indian Navy and reinforcing India’s indigenous warship-building capacity.
• INS Mahendragiri will support India’s role as the Preferred Security Partner in the Indian Ocean Region (IOR) and contribute to a secure, stable, and prosperous Indo-Pacific.
• The official motto of INS Mahendragiri is “Mighty – Majestic – Matchless.”

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation Successfully Tests SOLVE Launch Vehicle for Gaganyaan Crew Module Parachute System at Sriharikota

• The Indian Space Research Organisation (ISRO) successfully conducted the first static ground test of the Sub-Orbital Launch Vehicle for Experiments (SOLVE).
• The test was conducted at the Static Test Facility of the Satish Dhawan Space Centre (SDSC), Sriharikota, Andhra Pradesh.

Key Highlights :

• SOLVE is a solid-propellant, sub-orbital launch vehicle developed as a dedicated test platform for the Gaganyaan Mission.
• The test successfully validated the solid motor for the Integrated Parachute Test (IPT) of the Gaganyaan Crew Module.
• SOLVE is designed to simulate the Crew Module's deceleration at an altitude of 10 km to 17 km before human spaceflight.
• The primary objective of SOLVE is to test the Crew Module’s deceleration system, parachute deployment, and safe recovery under realistic mission conditions.
• During SOLVE missions, the Crew Module will separate from the launch vehicle at an altitude of 10–17 km and deploy a sequence of 10 parachutes before sea splashdown.
• SOLVE is derived from the Polar Satellite Launch Vehicle (PSLV) Strap-on Motor.
• It uses a slow-burning solid propellant for controlled flight operations.
• The vehicle is equipped with a straight nozzle and Secondary Injection Thrust Vector Control (SITVC) for precise flight control.
• The 10-stage parachute deployment system ensures the safe descent and recovery of the Crew Module.
• SOLVE provides a cost-effective and flexible platform for repeated validation of critical crew safety technologies.
• The platform helps reduce technical risks by identifying and resolving issues before India's human spaceflight missions.
• SOLVE significantly strengthens India's human-rated spaceflight capabilities and crew safety systems for the Gaganyaan Mission.
• Gaganyaan is India's first human spaceflight mission, aimed at sending three astronauts into a 400-km Low Earth Orbit (LEO) for about three days before safely returning them to Earth.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka
• Chairman: V. Narayanan

Indiahandmade: A Digital Marketplace for India's Traditional Crafts

• Indiahandmade is a dedicated digital marketplace for handloom and handicraft products, launched in 2023 under the Digital India Initiative.
• The platform was developed by the Digital India Corporation (DIC) under the Ministry of Textiles to promote India's traditional handloom and handicraft sector through digital commerce.

Key Highlights :

• India is home to an estimated 66 lakh handloom and handicraft artisans, making the sector a major source of employment, inclusive livelihoods, and cultural heritage.
• Women account for 71% of handloom weavers and 64% of total artisans (as of August 2025), highlighting the sector's role in women empowerment and rural employment.
• Indiahandmade enables artisans and weavers to sell handmade products online, providing them with direct market access without relying heavily on intermediaries.
• The platform directly connects buyers and artisans, ensuring fair compensation, better price realization, and improved income opportunities for craft communities.
• Indiahandmade provides digital tools, greater product visibility, and online market access, empowering artisans to participate effectively in the digital economy.
• The platform supports financial empowerment, social empowerment, and preservation of India's traditional crafts and cultural heritage.
• Indiahandmade offers a specialized marketplace featuring apparel, home décor, furnishings, paintings, furniture, religious items, stationery, musical instruments, jewellery, bags, and footwear.
• The portal prominently showcases Geographical Indication (GI)-tagged products and One District One Product (ODOP) items, promoting India's unique regional crafts.
• GI-tagged products available on the platform include Aipan Art, Pure Pashmina Shawls, Dokra Décor, and Mundu Products.
• ODOP (One District One Product) promotes one unique product from each district, and the platform features products such as Tangail Sarees, Banarasi Silk, Ikat, Tussar Silk Sarees, Chanderi Silk, and Terracotta Products.
• The platform enhances buyer confidence through free shipping, purchase protection, secure payment systems, buyer support, and competitive pricing.
• Indiahandmade offers a simple and guided onboarding process for artisans, weavers, and producer organizations to join the digital marketplace.
• Sellers without GST registration can also register using an Enrolment ID, but they are permitted to sell only within their respective state, making the platform more inclusive for small and first-time sellers.
• The platform showcases successful artisan enterprises such as Santarms, Dastkar Craft, and Villages Craft, demonstrating how traditional craftsmanship is reaching wider markets through digital commerce.
• Santarms offers wooden décor, scented candles, terracotta diyas, marble idols, and handloom sarees, blending tradition with modern lifestyles.
• Dastkar Craft represents over 500 artisans, producing high-quality cane and bamboo handicrafts for domestic and export markets.

Central Council for Research in Ayurvedic Sciences Unveils Three Key Initiatives to Advance Ayurveda Research and Digital Transformation

• Vaidya Rajesh Kotecha, Secretary, Ministry of AYUSH, chaired the 5th Executive Committee (EC) Meeting of the Central Council for Research in Ayurvedic Sciences (CCRAS) in New Delhi, Delhi.
• CCRAS is the apex research body under the Ministry of AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha, Sowa-Rigpa and Homeopathy).
• The meeting aimed to strengthen evidence-based Ayurveda research, education, scientific communication, and digital governance.
• The meeting was attended by Hoveyda Abbas (Additional Secretary & Financial Adviser, Ministry of AYUSH), Satyajit Paul (Senior Statistical Adviser), N. Srikanth (Deputy Director General, CCRAS), Deepak Kochhar (Deputy Director–Administration, CCRAS), and other Executive Committee members.
• Three major initiatives were launched during the meeting: Research Methodology Textbook, CCRAS PRAYATNA 2026–27, and the CCRAS Digital Ecosystem Dashboard.
• The Research Methodology Textbook was developed under the Ayurved Prabodhini Granthamala series.
• The textbook was authored by 50 research scientists and faculty members and prepared according to the Outcome-Based Dynamic Curriculum prescribed by the National Commission for Indian System of Medicine (NCISM).
• The textbook aims to strengthen research methodology, scientific thinking, and evidence-based research competencies among MD, MS, and Ph.D. AYUSH scholars.
• CCRAS PRAYATNA 2026–27 was launched through an Expression of Interest (EoI) along with its official poster.
• CCRAS PRAYATNA is the flagship initiative of CCRAS to promote scientific writing and publication skills among postgraduate and Ph.D. scholars in Ayurveda through structured institution-based workshops.
• The CCRAS Digital Ecosystem Dashboard was launched as an integrated digital platform to improve accessibility, transparency, public outreach, and dissemination of research outputs and institutional resources.
• The Digital Ecosystem Dashboard is available at ccras.org.in.

CURRENT AFFAIRS : SUMMITS & CONFERENCES

Jaipur Hosts the 29th National Conference on e-Governance

• The 29th National Conference on e-Governance (NCeG 2026) was jointly organised by the Department of Administrative Reforms and Public Grievances (DARPG), Ministry of Electronics and Information Technology (MeitY), and the Government of Rajasthan at the Rajasthan International Centre, Jaipur, Rajasthan.
• The conference was held on 1–2 July 2026.
• Rajasthan Chief Minister Bhajan Lal Sharma inaugurated the 29th National Conference on e-Governance (NCeG 2026).
• The theme of NCeG 2026 was “Viksit Bharat 2047: AI-enabled, Data-driven & Secure Digital Governance.”
• The National Awards for e-Governance 2026 were presented during the conference.
• A total of 17 awards were conferred across 7 categories.
• The awards included 10 Gold Awards carrying ₹10 lakh each, 6 Silver Awards carrying ₹5 lakh each, and 1 Jury Award.
• The conference concluded with the adoption of the Jaipur Declaration on e-Governance 2026.
• The Jaipur Declaration on e-Governance 2026 provides a roadmap for strengthening AI-enabled, data-driven, and secure digital governance across India.

About Ministry of Personnel, Public Grievances & Pensions :

• Cabinet Minister : Narendra Modi
• Minister of State : Jitendra Singh

CURRENT AFFAIRS : OBITUARIES

Padma Awardee and Legendary Pandavani Artist Teejan Bai Passed Away at 70

• Renowned Pandavani singer and Padma awardee Teejan Bai passed away at the age of 70 in Raipur, Chhattisgarh.

About Teejan Bai :

• Teejan Bai was born on 8 August 1956 in Ganiyari village, Durg district, Chhattisgarh.
• She dedicated her life to transforming Pandavani, a traditional folk storytelling art, into an internationally acclaimed art form.
• Teejan Bai was widely recognised for her powerful voice, commanding stage presence, expressive performance style, and tambura rhythm.
• She performed in over 1,000 shows across India and internationally.
• Her international performances included countries such as the United States of America (USA), United Kingdom (UK), France, Japan, Russia, Australia, and Germany.
• Through her performances, Teejan Bai played a significant role in popularising Chhattisgarh’s cultural heritage across the world.

Awards & Honors :

• The Government of India (GoI) honoured Teejan Bai with the Padma Shri (1988).
• She was awarded the Padma Bhushan (2003) for her outstanding contribution to the field of Art.
• Teejan Bai received the Padma Vibhushan (2019), India’s second-highest civilian award, for her exceptional contribution to Indian folk art.
• She was conferred the prestigious Sangeet Natak Akademi Award in 1995.
• She received the Shreshth Kala Acharya recognition in 1994.
• Teejan Bai was honoured with the S. Subbulakshmi Centenary Award in 2016.
• She was awarded Japan’s Fukuoka Prize in 2018 for promoting traditional arts and culture.
• Bilaspur University, Chhattisgarh, conferred upon Teejan Bai the Honorary Doctor of Letters (D.Litt.)

Daily CA One- Liner: July 8

• The Delhi Government approved the ₹8,300 crore ‘Clean Air, Healthy Delhi’ Project to combat air pollution and improve environmental quality in the national capital.
• The Uttar Pradesh Cabinet, chaired by Chief Minister Yogi Adityanath, approved the proposal to rename Jalalabad town in Shahjahanpur district as Parashurampuri
• The West Bengal Government approved the implementation strategy of the Pradhan Mantri Cha Shramik Protsahan Yojana (PMCSPY) to improve the socio-economic conditions of tea garden workers in North Bengal
• The Reserve Bank of India (RBI) imposed monetary penalties on Five Star Business Finance Limited, Can Fin Homes Limited, and Pahal Financial Services Private Limited for violating Know Your Customer (KYC) Directions and the Fair Practices Code.
• India's external debt increased to US$ 762.8 billion as of 31 March 2026, registering an increase of US$ 26.3 billion over the previous year.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹70,000 on Repco Home Finance Limited for violating the Fair Practice Code.
• The Reserve Bank of India (RBI) expanded the Benchmark Issuance Strategy (BIS) from 9 States to 18 States and the Union Territory of Delhi from Q2 of FY 2026–27.
• State Bank of India (SBI), India’s largest and oldest Public Sector Bank (PSB), acquired the National Housing Bank’s (NHB’s) 10% stake in RMBS Development Company Limited (RDCL).
• The Indian Navy (IN) is set to commission its sixth Project 17A indigenous stealth frigate, INS Mahendragiri (F38), at Visakhapatnam, Andhra Pradesh, on 11 July 2026.
• The Indian Space Research Organisation (ISRO) successfully conducted the first static ground test of the Sub-Orbital Launch Vehicle for Experiments (SOLVE).
• Indiahandmade is a dedicated digital marketplace for handloom and handicraft products, launched in 2023 under the Digital India Initiative.
• Vaidya Rajesh Kotecha, Secretary, Ministry of AYUSH, chaired the 5th Executive Committee (EC) Meeting of the Central Council for Research in Ayurvedic Sciences (CCRAS) in New Delhi, Delhi.
• The 29th National Conference on e-Governance (NCeG 2026) was jointly organised by the Department of Administrative Reforms and Public Grievances (DARPG), Ministry of Electronics and Information Technology (MeitY), and the Government of Rajasthan at the Rajasthan International Centre, Jaipur, Rajasthan.
• Renowned Pandavani singer and Padma awardee Teejan Bai passed away at the age of 70 in Raipur, Chhattisgarh.
• Sirsa Kinnow became the first fruit from Haryana to receive the Geographical Indication (GI) tag, recognising its unique quality and geographical origin
• The Uttar Pradesh Cabinet, chaired by Chief Minister Yogi Adityanath, approved the Uttar Pradesh Data Centre Policy 2026 to establish the state as a leading hub for green and Artificial Intelligence (AI)-enabled data centres
• Gujarat is developing its first two air-filled rubber dams using advanced technology from South Korea to strengthen water resource management and modernise irrigation infrastructure
• The Ministry of Cooperation celebrated its Fifth Foundation Day with major announcements to strengthen the cooperative movement in India
• Prime Minister Narendra Modi was conferred the 'Bintang Adipurna', the highest civilian award of Indonesia, by President Prabowo Subianto during his official visit to Jakarta, Indonesia
• India ranked 94th among 167 countries in the United Nations Sustainable Development Goals (SDG) Index 2026, achieving its highest-ever ranking with an overall score of 3 out of 100