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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Updates 17 Non-Banking Financial Companies in Upper Layer List for 2026–27 Under Scale-Based Regulation Framework

• The Reserve Bank of India (RBI) identified 17 Non-Banking Financial Companies (NBFCs) as NBFC-Upper Layer (NBFC-UL) for 2026–27 under its Scale-Based Regulation (SBR) framework, based on their financial position as of 31 March 2026.
• The NBFC-UL category consists of large and systemically important NBFCs that require enhanced regulatory oversight, stricter governance standards, stronger risk management and bank-like supervision.
• Under the 2026–27 criteria, a standalone NBFC with an asset size of ₹1 lakh crore or more qualifies for inclusion in the Upper Layer, while eligible public-sector financial institutions crossing this threshold are also included.

Key Highlights :

• The Scale-Based Regulation (SBR) framework classifies NBFCs into four layers: Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL).
• NBFC-BL represents smaller NBFCs subject to basic regulatory requirements, while NBFC-ML covers larger and significant NBFCs requiring a higher level of regulation.
• NBFC-UL covers systemically important NBFCs requiring bank-like regulatory standards, whereas NBFC-TL is reserved for NBFCs posing exceptional systemic risks.
• The 17 NBFCs identified in the 2026–27 NBFC-UL list include REC Limited, Power Finance Corporation (PFC), Indian Railway Finance Corporation (IRFC), Bajaj Finance, Shriram Finance, LIC Housing Finance, Tata Capital, Tata Sons, Muthoot Finance, Aditya Birla Capital, HUDCO, Mahindra & Mahindra Financial Services, L&T Finance, Bajaj Housing Finance, HDB Financial Services and Piramal Finance, with the RBI list comprising 17 entities.
• Four government-owned NBFCs in the Upper Layer are REC Limited, Power Finance Corporation (PFC), Indian Railway Finance Corporation (IRFC) and Housing and Urban Development Corporation (HUDCO), reflecting their large asset size and systemic importance.
• Once an NBFC is classified as NBFC-UL, it remains subject to enhanced regulatory requirements for at least five years, even if its asset size subsequently falls below the eligibility threshold.
• PNB Housing Finance and Sammaan Capital will continue to be subject to the Upper Layer regulatory framework despite being excluded from the latest 2026–27 list because of the five-year continuation requirement.
• Tata Sons has been retained in the NBFC-UL list for 2026–27 despite its application for de-registration as an NBFC being under consideration by the RBI.
• If Tata Sons’ de-registration application is approved, it may avoid the regulatory consequences applicable to an NBFC-UL; if rejected, it will have to comply with enhanced prudential regulations and applicable listing requirements.
• NBFCs classified as Upper Layer entities are subject to stricter capital adequacy requirements, including higher Capital Adequacy Ratio (CAR) and mandatory Common Equity Tier-1 (CET-1) capital norms.
• NBFC-UL entities must maintain stronger corporate governance, including mandatory board committees, enhanced board oversight, stronger risk management and improved audit procedures.
• NBFC-UL entities are also subject to higher provisioning requirements, risk-based compensation policies, greater regulatory disclosures and enhanced transparency.
• Private NBFC-ULs are generally required to list their shares on stock exchanges within three years of classification, strengthening market discipline and transparency.
• The SBR framework was introduced by the RBI to regulate NBFCs according to their size, complexity and systemic importance, thereby applying stronger regulations to entities that pose greater risks to the financial system.

Reserve Bank of India Proposes 2026 Draft Directions to Strengthen Regulatory Framework for Non-Banking Financial Companies Lending Practices

• The Reserve Bank of India (RBI) released the Draft Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Amendment Directions, 2026 to strengthen the regulatory framework for NBFC lending practices.
• The draft proposes that Non-Banking Financial Companies (NBFCs) should provide only term loans and should not offer revolving credit facilities, except for NBFCs specifically authorised by RBI to issue credit cards.
• A term loan is defined as a fixed-amount credit facility disbursed in one or more instalments with a predetermined repayment schedule.
• Under the proposed definition, the sanctioned credit limit cannot be restored or replenished after repayment in the case of a term loan.
• Any fund-based credit facility that does not satisfy the conditions of a term loan will be classified as revolving credit.
• If implemented, the amendment would restrict NBFCs from offering revolving credit lines, reusable credit limits, and other similar revolving lending facilities.
• The proposed RBI changes aim to improve credit discipline, enhance transparency in lending, and promote prudent lending practices in the NBFC sector.
• The draft also seeks to reduce risks associated with revolving debt and strengthen consumer protection in NBFC lending.

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

NPCI International Payments Limited Enables UPI Online Payments for Burj Khalifa Bookings in Partnership with NEOPAY and Emaar Entertainment

• NPCI International Payments Limited (NIPL) has enabled Unified Payments Interface (UPI) payments for online bookings at “At the Top, Burj Khalifa” in Dubai through a partnership with UAE-based NEOPAY and Emaar Entertainment.
• The initiative allows Indian travellers to use UPI for online ticket bookings before arriving in Dubai, expanding the convenience of India’s digital payment system for international travel.
• “At the Top, Burj Khalifa” has become the first tourist attraction in the UAE to accept UPI for e-commerce transactions.
• Earlier, UPI acceptance in the UAE was primarily available for QR code-based merchant payments at physical stores; the latest initiative extends UPI to online cross-border e-commerce transactions.
• NEOPAY has become the first payment service provider in the Gulf Cooperation Council (GCC) region to enable UPI acceptance for e-commerce transactions.
• The latest integration builds on the NIPL–NEOPAY partnership established in 2022, under which QR-based UPI merchant payments were enabled across NEOPAY’s merchant network in the UAE.
• Through the new facility, visitors can use UPI-enabled apps on the official website of At the Top, Burj Khalifa to select experiences and complete payments before arrival.
• At the Top, Burj Khalifa is one of Dubai’s most visited tourist attractions and attracts a large number of Indian travellers.
• The initiative expands the international use of UPI from physical merchant payments to online cross-border e-commerce payments, strengthening the global reach of India’s indigenous payment infrastructure.
• NPCI International Payments Limited (NIPL) was incorporated on 3 April 2020 as a wholly owned subsidiary of NPCI.
• NIPL serves as the international arm of the National Payments Corporation of India (NPCI) and is responsible for expanding India’s indigenous payment systems, including UPI and RuPay, into international markets.
• NIPL works with banks, payment providers and merchants in international markets to promote the adoption of UPI and RuPay.

SEBI Report: India Maintains Global Lead in Number of Initial Public Offerings

• According to SEBI’s Annual Report 2025–26, India retained the top global position in the number of Initial Public Offerings (IPOs) and ranked third globally in funds raised through IPOs, highlighting the resilience of India’s capital markets amid global economic uncertainties.

Key Highlights :

• During FY 2025–26, SEBI introduced several reforms to strengthen the primary market, including linking minimum public shareholding (MPS) requirements with the issue size.
• SEBI extended the timeline for large companies to achieve 25% public shareholding to 10 years, providing greater flexibility for large issuers.
• SEBI allowed founders of new-age companies to retain their pre-IPO Employee Stock Option Plans (ESOPs), supporting employee ownership in technology-driven companies.
• Foreign Portfolio Investor (FPI) ownership in Indian equities declined to a 15-year low, while Domestic Institutional Investors (DIIs) reached a record 17% equity holding by March 2026.
• Mutual fund participation continued to expand rapidly, particularly in Tier-3 cities, reflecting increasing retail participation in India’s capital markets.
• Average monthly Systematic Investment Plan (SIP) contributions crossed ₹16,400 crore, reaching a record level and indicating growing household participation in mutual funds.
• Around 62% of retail investors were influenced by financial influencers (finfluencers) on social media, prompting SEBI to strengthen investor protection measures.
• Corporate bond mobilisation declined by 8.4% to ₹9.1 lakh crore in FY 2025–26, marking the first decline in four years.
• Public debt issuances increased by nearly 39% during FY 2025–26, showing stronger activity in the public debt market.
• Municipal bond fundraising surged to ₹1,756 crore through 14 issues, highlighting the growing role of municipal bonds in raising funds for urban development.
• SEBI introduced a new Closing Auction Session (CAS) to improve price discovery and bring India’s securities markets closer to global market standards.
• SEBI’s initiatives for the coming year include Project Jagrook for investor awareness, an AI-enabled WhatsApp campaign, and simplified nomination norms.
• SEBI also proposed a fast-track mechanism for Alternative Investment Funds (AIFs) to facilitate quicker regulatory processing and improve market efficiency.
• The SEBI Setu portal is among the regulator’s initiatives aimed at improving digital investor services and regulatory access.
• SEBI plans to pilot tokenisation of corporate bonds using Distributed Ledger Technology (DLT), marking a step towards greater use of technology in capital markets.

Securities and Exchange Board of India to Launch AI-Powered WhatsApp Investor Campaign and Project Jagrook in FY27

• The Securities and Exchange Board of India (SEBI) has announced a comprehensive FY 2026–27 roadmap to simplify regulations, deepen capital markets, reduce compliance burdens and strengthen investor protection through technology-driven reforms and financial literacy initiatives.
• SEBI plans to launch an AI-enabled multilingual investor awareness campaign through WhatsApp and other digital platforms to improve investor awareness and financial literacy.
• Project Jagrook will be rolled out as a nationwide investor awareness and financial literacy programme to strengthen investor education across India.
• Project Jagrook will involve stock exchanges, depositories, Association of Mutual Funds in India (AMFI) and the National Institute of Securities Markets (NISM).
• SEBI will develop the SEBI Setu portal to modernise intermediary interfaces and make regulatory processes more efficient and user-friendly.
• A single-window clearance mechanism will be introduced for intermediaries associated with multiple Market Infrastructure Institutions (MIIs), reducing duplication and making regulatory compliance faster and easier.
• SEBI plans to simplify nomination norms for demat accounts and mutual fund folios, thereby reducing compliance burdens for investors.
• SEBI will undertake a comprehensive review of the Listing Obligations and Disclosure Requirements (LODR) Regulations, Depositories and Participants Regulations, and Portfolio Managers Regulations to streamline provisions and remove regulatory ambiguities.
• The review of regulations will focus on simplifying regulatory language, removing ambiguities and improving the overall ease of doing business in the securities market.
• SEBI plans to introduce a fast-track mechanism for processing Private Placement Memorandums (PPMs) filed by Alternative Investment Funds (AIFs), taking into account the sophistication of investors and the due diligence conducted by merchant bankers.
• SEBI will strengthen commodity markets and expand technology-led investor protection initiatives as part of its FY 2026–27 roadmap.
• SEBI will also revamp its investor website with an improved UI/UX and advanced search capabilities to make investor information easier to access.
• The overall reforms aim to deepen India’s capital markets, promote ease of doing business, reduce regulatory compliance costs and enhance investor protection.

About SEBI :

• SEBI is the principal legal regulator for securities and commodity markets in India and is headquartered in Mumbai.
• SEBI was established in 1988 and received statutory powers on 30 January 1992 under the SEBI Act, 1992.

Lok Sabha Passes Taxation Bill 2026, Enabling Government to Permit Charges on Unified Payments Interface and Other Digital Payments

• The Lok Sabha passed the Taxation and Other Laws (Amendment) Bill, 2026 on 6 August 2026, which includes amendments to the Payment and Settlement Systems Act, 2007 and enables the government to permit charges on Unified Payments Interface (UPI), RuPay debit cards and other notified electronic payment modes.

Key Highlights :

• The Bill seeks to remove the existing legal restriction on charging Merchant Discount Rate (MDR) on specified electronic payment modes, including UPI and RuPay debit cards.
• The amendment modifies Section 10A of the Payment and Settlement Systems Act, 2007, which earlier prohibited banks and payment system providers from imposing direct or indirect charges on specified electronic payment transactions.
• The amendment is only an enabling provision, meaning that UPI charges will not automatically apply; any charges would require a separate notification by the Central Government.
• Under the proposed framework, future charges are expected to primarily cover large merchants with annual turnover exceeding ₹50 crore, while consumers and small merchants are expected to remain protected through subsequent government notifications.
• Section 269SU of the Income Tax Act requires businesses with an annual turnover exceeding ₹50 crore to provide specified electronic payment facilities, including RuPay debit cards and BHIM-UPI QR codes.
• The amendment is significant because UPI transactions have so far remained exempt from MDR, whereas payment services such as RTGS and NEFT attract applicable service charges.
• Since its launch in 2016, UPI has become India’s leading retail digital payment platform, recording more than 140 billion transactions with a transaction value exceeding ₹200 lakh crore during FY 2025–26.
• The proposed changes aim to create a sustainable revenue model for banks, Payment Service Providers (PSPs) and payment infrastructure companies while supporting the growth of India’s digital payments ecosystem.
• Finance Minister Nirmala Sitharaman moved the Taxation and Other Laws (Amendment) Bill, 2026 in the Lok Sabha; the Bill also seeks to amend the Income Tax Act, 2025 and the Finance Act, 2026.
• The Bill was passed by the Lok Sabha through a voice vote on 6 August 2026.
• The Bill also replaces the 5 June 2026 Ordinance concerning tax treatment of Foreign Portfolio Investors (FPIs) investing in Government Securities (G-Secs).
• The Bill proposes to make it easier for fund managers to relocate to India by reducing conditions that could otherwise cause their global income to be taxed in India.
• To promote domestic electronics manufacturing, the Bill extends until 2040–41 the income-tax exemption available to foreign companies that engage contract manufacturers in India for producing specified electronics goods.
• The specified electronics sector includes mobile phones, laptops, personal computers, tablets, servers and their key parts and accessories.
• The Bill also proposes a 15-year income-tax exemption until 2040–41 for foreign companies that store electronics components in customs warehouses for subsequent supply to contract manufacturers in India.
• The Bill removes certain approval and notification requirements for foreign cloud companies using Indian data centres and allows Indian data centres to operate on a leased basis rather than requiring direct ownership.
• The broader objective of the Bill is to make India a more attractive, predictable and investment-friendly destination for global capital, manufacturing and businesses.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Union Government Opposes Creamy-Layer Exclusion for Scheduled Castes and Scheduled Tribes

• The Union Government has opposed petitions seeking the introduction of a creamy-layer exclusion within the Scheduled Castes (SCs) and Scheduled Tribes (STs), similar to the existing system applicable to Other Backward Classes (OBCs).
• The Ministry of Social Justice and Empowerment informed the Supreme Court of India through an affidavit that judicial precedents have clarified that the creamy-layer principle does not apply to SCs and STs.
• The Centre stated that in a majority of welfare and development schemes for SCs, STs and OBCs, a means test is already used to ensure that benefits reach people who genuinely require them.
• However, this does not currently apply to reservation in educational institutions and government services.
• The government argued that introducing an income-based creamy-layer criterion within reserved categories should be preceded by a comprehensive review, empirical study and socio-economic data analysis of beneficiaries.
• The Centre maintained that the present issue does not raise a constitutional question or involve violation of any fundamental right. It also rejected arguments based on certain earlier judgments, stating that references to the creamy-layer concept in the M. Nagaraj case were general observations concerning OBC reservations.
• The issue gained renewed attention following the 2024 Supreme Court judgment in State of Punjab vs Davinder Singh delivered by a seven-judge Constitution Bench. In his opinion, Justice (Retd.) B.R. Gavai observed that the government should find a mechanism to identify a creamy layer among SCs and STs, even if the criteria differ from those applicable to OBCs.
• The 2024 Davinder Singh judgment also allowed State governments to sub-categorise SC and ST quotas to ensure that reservation benefits reach relatively disadvantaged groups within these categories.
• The Centre emphasised that Parliament has the power to add or remove communities from the SC and ST lists, while maintaining that the question of categorisation within the existing lists involves a distinct issue.

About Ministry of Social Justice and Empowerment:

• Cabinet Minister: Dr. Virendra Kumar
• Constituency: Tikamgarh, Madhya Pradesh
• Ministers of State (MoS): Ramdas Athawale, B. L. Verma

Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026 Passed by Parliament

• Parliament passed the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026, with the Lok Sabha approving it on august 6.
• The Rajya Sabha had already passed the Bill on August 3, 2026.
• The Bill seeks to amend the Micro, Small and Medium Enterprises Development Act, 2006.
• The Bill was moved in the Lok Sabha by Union Minister for Micro, Small and Medium Enterprises Jitan Ram Manjhi and primarily aims to address payment delays faced by Micro, Small and Medium Enterprises (MSMEs) and streamline the dispute resolution mechanism.
• Under the proposed provisions, every Central Public Sector Enterprise (CPSE) must settle invoices for procurement of goods or services from MSMEs through the Trade Receivables Discounting System (TReDS).
• The Bill provides that if mediation fails, the dispute must be referred to arbitration within 30 days from the date of termination of mediation. An arbitral award must be made within 90 days from the completion of pleadings.
• If a case remains pending for more than six months, at least 50% of the awarded amount must be paid to the MSME supplier, strengthening protection against prolonged payment disputes.
• The Micro, Small and Medium Enterprises Development Act, 2006 provides the legal framework for the promotion, development and enhancement of the competitiveness of MSMEs in India.

About Ministry of Micro, Small and Medium Enterprises:

• Cabinet Minister: Jitan Ram Manjhi
• Constituency: Gaya, Bihar
• Ministers of State (MoS): Shobha Karandlaje

RECENT NEWS

• India has started advancing a renewed agenda for MSME cooperation under its BRICS Chairship for 2026. As part of this initiative, the Ministry of MSME successfully organised the first SME Working Group Meeting on April 24, 2026, focusing on improving access to finance for Micro, Small and Medium Enterprises (MSMEs). 

Ratusinh Na Muvada: Gujarat Village Emerges as a Chess Talent Hub

• Ratusinh Na Muvada, a small village in Mahisagar district, Gujarat, with around 100 households, has emerged as an unexpected nursery for young chess talent, producing 120 trophies and 179 medals in competitive chess.
• The chess movement was started in 2021 by Sandip Upadhyay, a 45-year-old government school teacher, who introduced chess among rural students with the ambitious goal of producing 50 Grandmasters and 10 World Champions from rural Gujarat.
• Upadhyay, who teaches Mathematics and Gujarati, taught himself advanced chess during the COVID-19 pandemic and later began providing regular training to students. He also translated The Magnus Method into Gujarati to make advanced chess concepts accessible to rural children.
• Using his own salary, Upadhyay purchased chess boards, digital clocks and study materials and supported students with tournament registration expenses. The school also has a 10-computer laboratory, where students play online matches against international opponents and analyse chess positions.
• The initiative has received support from individual donors, including Rajiv Talwar of Bengaluru and Kailash Ranganathan of Chennai, who contributed nearly ₹8 lakh for digital tablets and tournament-related expenses.
• The Gift of Chess, a United States-based non-profit organisation, donated 500 chess sets to the school. These sets were also distributed to neighbouring government schools to promote a wider regional chess ecosystem.
• Young players such as Neha Chauhan and Divya Chauhan represented Gujarat at the National School Chess Championship in Raipur. Divya Chauhan, a Class VIII student, also secured a place at a specialised residential chess academy near Trimbakeshwar, Maharashtra.
• The village’s success has highlighted the potential of grassroots sports development, particularly in providing rural children with access to professional training and national-level opportunities.

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

RECENT NEWS

• The Pithora painting of Gujarat, an ancient wall painting practice of the Rathwa tribe of Gujarat, has received a GI tag, representing a landmark achievement in the conservation of India’s unique tribal art.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Bangladesh Inaugurates July Mass Uprising Memorial Museum at Former Prime Minister Residence

• Bangladesh inaugurated the July Mass Uprising Memorial Museum at the former official residence of former Prime Minister Sheikh Hasina, marking one year since the 2024 student-led uprising that led to the collapse of her government.
• The July Mass Uprising Memorial Museum has been established at Ganabhaban, which previously served as the official residence of the Prime Minister of Bangladesh.
• The museum aims to preserve memories, documents and evidence related to the July 2024 mass protests and their historical significance.
• Bangladesh’s interim government established the memorial to commemorate those who lost their lives during the nationwide protests.
• The museum is intended to serve as a symbol of Bangladesh’s democratic movement and preserve the legacy of the 2024 mass uprising.
• The establishment of the memorial reflects Bangladesh’s efforts to promote historical remembrance, justice and democratic values for future generations.

About Bangladesh :

• President : Hafiz Uddin Ahmad
• Prime Minister : Tarique Rahman
• Capital : Dhaka
• Currency : Taka

India and South Africa Move to Expedite Southern African Customs Union Preferential Trade Agreement

• India and South Africa held bilateral talks on the sidelines of the BRICS 2026 Trade Ministers’ Meeting in Jaipur to strengthen economic cooperation, trade and investment ties.
• The discussions focused on critical minerals, pharmaceuticals, manufacturing, and expanding overall bilateral trade and investment between India and South Africa.
• Both countries agreed to deepen cooperation in critical minerals, recognising their strategic importance for clean energy technologies, electric vehicles (EVs), advanced manufacturing, and resilient global supply chains.
• Commerce Minister Piyush Goyal discussed the signing of the Terms of Reference (ToRs) for the India–SACU Preferential Trade Agreement (PTA) with South African Trade Minister Parks Tau.
• India and the Southern African Customs Union (SACU) also discussed the early conclusion of negotiations for the proposed preferential trade pact.
• The India–SACU PTA negotiations began in 2008, nearly two decades ago, but were stalled due to differences over sensitive sectors and market access.
• The renewed interest in the India–SACU trade pact is particularly focused on strengthening cooperation in critical minerals and pharmaceuticals.
• The Southern African Customs Union (SACU) consists of five member countries: Botswana, Eswatini, Lesotho, Namibia and South Africa.
• India is hosting the BRICS 2026 Trade Ministers’ Meeting in Jaipur as part of its BRICS Presidency, with the objective of strengthening trade and economic cooperation among member countries.
• The BRICS 2026 Trade Ministers’ Meeting focuses on promoting innovation, building resilient supply chains, creating robust value chains, and supporting sustainable industrial growth.

About South Africa :

• President : Cyril Ramaphosa
• Capital : Pretoria, Bloemfontein, Cape Town
• Currency : South African Rand (ZAR)

CURRENT AFFAIRS : DEFENCE NEWS

India Successfully Test-Fires Nuclear-Capable Agni-4 Ballistic Missile from Odisha

• India successfully conducted a user trial of the Agni-4 Medium-Range Ballistic Missile (MRBM) on 6 August 2026 from the Integrated Test Range (ITR), Chandipur, Odisha.
• The Agni-4 test was conducted under the aegis of the Strategic Forces Command (SFC), and the launch successfully validated all operational and technical parameters of the missile.
• Agni-4 is an indigenously developed, nuclear-capable Medium-Range Ballistic Missile (MRBM) designed by the Defence Research and Development Organisation (DRDO).
• The missile has a strike range of approximately 4,000 km and is capable of carrying both conventional and nuclear warheads.
• Agni-4 is powered by a two-stage solid-fuel propulsion system, which enables the missile to achieve its required range and operational performance.
• The missile incorporates advanced indigenous technologies, including a Ring Laser Gyroscope (RLG), Micro Navigation System (MINGS), advanced inertial navigation system, and onboard guidance systems.
• These advanced navigation and guidance technologies provide Agni-4 with high accuracy, reliability, and operational effectiveness.
• The successful user trial demonstrated the missile’s operational readiness and confirmed that its critical systems performed as expected.
• Agni-4 forms an important part of India’s strategic deterrence capability and has been inducted into the Strategic Forces Command (SFC).

Indian Air Force Completes Kasauli Forest Firefighting Operation Using Mi-17 V5 Helicopters, Drops 62,500 Litres of Water

• The Indian Air Force (IAF), along with the Indian Army and Himachal Pradesh state authorities, successfully concluded a forest firefighting operation in Kasauli, Himachal Pradesh.
• The operation was carried out using four Mi-17 V5 helicopters, which completed more than 150 sorties and dropped approximately 62,500 litres of water to control the massive forest fire.
• The firefighting mission continued for over 27 hours and involved coordinated efforts by the IAF, Army, Forest Department and local administration.
• The forest fire spread near the Air Force Station, Kasauli, threatening military infrastructure and nearby residential areas due to dry vegetation and strong winds.
• The Army’s Kasauli Brigade launched a coordinated response operation to prevent the fire from spreading across the dense forest areas and rugged terrain.

Key Highlights :

• The IAF Mi-17 V5 helicopters used Bambi Buckets to collect water from Sukhna Lake, Chandigarh, and conduct precision water drops over affected areas.
• Each helicopter sortie carried around 2,000–2,500 litres of water using firefighting buckets suspended beneath the helicopters.
• The operation included Night Vision Goggle (NVG)-aided sorties, enabling helicopters to continue firefighting operations even after dark.
• The use of aerial firefighting capability helped prevent the fire from spreading towards military installations and civilian areas.
• Bambi Bucket is a collapsible aerial firefighting bucket attached beneath a helicopter through a cable system to collect and release water over fire-affected areas.
• The Bambi Bucket technology was invented by Canadian entrepreneur and industrial designer Don Arney, who developed the concept in 1978 and commercialised it in 1982 through SEI Industries.
• SEI Industries’ Bambi Bucket system later became part of DART Aerospace Ltd in 2024.
• Bambi Buckets are widely used globally for wildfire suppression and disaster response operations in more than 100 countries.
• The capacity of Bambi Buckets varies from hundreds of litres to several thousand litres of water depending on helicopter type and operational requirements.
• The IAF frequently uses Mi-17 helicopters for firefighting due to their heavy-lift capability, endurance and ability to operate in mountainous regions.
• Helicopters equipped with Bambi Buckets are highly effective in areas where traditional fire engines cannot reach due to steep slopes, narrow forest paths and difficult terrain.
• Unlike fixed-wing firefighting aircraft, helicopters with Bambi Buckets can hover directly above hotspots and conduct targeted water drops with greater precision.
• Bambi Bucket operations are especially useful in Himalayan states and Northeast India, where forest fires often occur in uneven and inaccessible terrains.
• Firefighting missions using helicopters are challenging due to low-altitude flying, smoke conditions, poor visibility, turbulent air currents and repeated water collection cycles.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Bhawana Kanth Becomes India’s First Woman “Top Gun” After Completing Fighter Combat Leader Course

• Squadron Leader Bhawana Kanth became the first Indian woman fighter pilot to successfully complete the prestigious Fighter Combat Leader (FCL) course, earning the distinction of India’s first woman “Top Gun” combat pilot.
• The elite 20-week Fighter Combat Leader (FCL) course is conducted at the Tactics and Air Combat Development Establishment (TACDE) in Gwalior.
• Bhawana Kanth was commissioned into the Indian Air Force (IAF) in June 2016 and was among the first three women inducted into the fighter pilot stream, along with Avani Chaturvedi and Mohana Singh.
• The induction of Bhawana Kanth, Avani Chaturvedi and Mohana Singh into the fighter pilot stream marked a historic milestone for gender inclusion in India’s combat aviation.
• In 2019, Bhawana Kanth became the first Indian woman fighter pilot to qualify for daytime combat missions on the MiG-21 Bison.
• She later transitioned to flying the Sukhoi Su-30MKI, one of the Indian Air Force’s frontline multirole fighter aircraft.
• Bhawana Kanth was born on 1 December 1992 in Darbhanga, Bihar, and studied at Barauni Refinery DAV Public School.
• She completed a Bachelor of Engineering in Medical Electronics from BMS College of Engineering, Bengaluru.
• The Fighter Combat Leader (FCL) qualification represents an advanced level of fighter combat training, tactical expertise and air-combat leadership in the Indian Air Force.
• In another milestone for women in the armed forces, Captain Shivani Sehrawat became the first woman officer appointed as Aide-de-Camp (ADC) to the Chief of the Army Staff.
• An Aide-de-Camp (ADC) serves as the personal staff officer to the Army Chief and is selected based on exemplary service, discipline and knowledge of military protocol.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IBM and Sarvam AI Partner to Advance Sovereign AI Solutions in India

• IBM and Indian AI startup Sarvam have announced a strategic partnership to accelerate the development and deployment of sovereign Artificial Intelligence (AI) solutions for central and state governments, public sector organisations, and regulated industries in India.
• The collaboration combines IBM Sovereign Core, which provides secure data governance, operational control and compliance, with Sarvam’s Sovereign AI stack.
• Sarvam’s Sovereign AI stack includes India-first multilingual language models, reasoning models and voice AI, which are trained from scratch in India to address the country’s digital governance requirements.
• The partnership aims to promote the adoption of trusted, governed and sovereign AI through innovation pilots, solution accelerators, technical advisory and knowledge-sharing initiatives.
• The combined AI solutions will support use cases such as citizen services, grievance redressal, document processing and administrative workflows, enabling secure and multilingual, voice-enabled Government-to-Citizen (G2C) services.
• The IBM GovTech AI Innovation Center in Lucknow will serve as a joint incubation, demonstration and testing hub for sovereign AI solutions.
• The Lucknow centre will enable government departments, public sector organisations, enterprises and industry stakeholders to test practical applications and address the technical, operational and governance requirements involved in moving AI solutions from pilots to production.
• Sarvam AI is an Indian artificial intelligence company headquartered in Bengaluru, Karnataka, and was founded in 2023.
• Sarvam AI develops large language models (LLMs) such as Indus and multimodal AI systems, with a focus on India-specific AI capabilities.

Institute of Nano Science and Technology Mohali Scientists Develop Light-Controlled Nanobot for Precision Breast Cancer Treatment

• Researchers from the Institute of Nano Science and Technology (INST), Mohali, an autonomous institute under the Department of Science and Technology (DST), Government of India, developed an advanced light-driven multifunctional nanobot for targeted breast cancer therapy.
• The newly developed nanobot-based therapy platform aims to overcome limitations of conventional chemotherapy, such as severe side effects, drug resistance, damage to healthy tissues, poor tumour penetration and non-specific drug distribution.
• The research was led by Jiban Jyoti Panda (INST, Mohali) in collaboration with Dr. Santosh K. Gupta (Bhabha Atomic Research Centre - BARC, Mumbai).

Key Highlights :

• The research team developed Upconversion Nanoparticle (UCNP)-based nanobots capable of converting Near-Infrared (NIR) light into heat energy and showing directional movement under NIR light irradiation.
• The developed nanobots are fuel-free, NIR-responsive nanorobots that enable externally controlled and minimally invasive cancer treatment.
• The nanobots use Near-Infrared (NIR) light of 980 nm wavelength to generate localized heating through polydopamine, creating a temperature gradient that drives their movement.
• The movement of nanobots towards the light source is known as phototaxis, which enables precise targeting and localized therapeutic action.
• The researchers functionalized nanobots with a photosensitizer, allowing them to generate Reactive Oxygen Species (ROS) under NIR irradiation for destroying cancer cells.
• The nanobots were further modified with folic acid, which helps in selective recognition and targeting of breast cancer cells overexpressing folate receptors.
• The therapy combines photothermal therapy (heat-based cancer cell destruction) and photodynamic therapy (ROS-mediated cancer cell killing) for enhanced tumour inhibition.
• The combined effects of localized heating and ROS generation resulted in improved breast tumour suppression compared to individual treatment methods.
• The nanobot platform demonstrated effectiveness in both cellular models and breast tumour-bearing mice, showing promising results for future cancer treatment.
• The research highlights the potential of stimulus-responsive nanorobots controlled by external signals such as Near-Infrared light and magnetic fields for precision medicine applications.
• Unlike conventional light-powered nanorobots that require ultraviolet or visible light, these nanobots use biologically compatible NIR light, which provides better tissue penetration with reduced damage to healthy tissues.
• The nanobot technology was designed by combining nanorobotics and phototherapy to create an intelligent platform for active navigation and targeted cancer treatment.
• The research was published in the journal ACS Applied Materials & Interfaces, highlighting advances in UCNP-based nanobot-mediated cancer phototherapy.
• Swapnil Srivastava was the first author of the study, along with researchers Annu Balhara, Pankaj Kharra and Jyoti Yadav.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Department for Promotion of Industry and Internal Trade Signs Memoranda of Understanding with Industry Leaders to Strengthen Startup Ecosystem

• The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry signed strategic Memoranda of Understanding (MoUs) with Cashfree Payments India Private Limited, Darwin Dynamics LLP, Vultr India Private Limited, Cars24 Services Private Limited, and Council for Startup India (CSI) to strengthen India’s startup ecosystem.
• DPIIT–Cashfree Payments: The partnership will provide DPIIT-recognised startups with access to digital payment and payout solutions, identity verification, risk management, preferential onboarding and commercial benefits. It will also support workshops, mentoring, Artificial Intelligence (AI) buildathons, hackathons, Know Your Customer (KYC), fraud prevention and cross-border transactions.
• DPIIT–Darwin Dynamics: The collaboration aims to promote inclusive entrepreneurship across Tier-II, Tier-III and rural regions. It will support startup formalisation, entrepreneurship bootcamps, mentorship, investor connect and international market access, with a focus on clean energy, green hydrogen, Artificial Intelligence, climate technologies and advanced manufacturing.
• DPIIT–Vultr India: The partnership will strengthen access to cloud computing and digital infrastructure for DPIIT-recognised startups. Startups will receive cloud credits, preferential pricing and technical support, along with training in cloud computing, storage, databases, Kubernetes, networking and application deployment.
• DPIIT–Cars24: The partnership will promote innovation in mobility, automotive technology and Artificial Intelligence. It will provide founder mentorship, mobility and auto-technology skilling, Artificial Intelligence enablement, innovation challenges and hackathons, along with potential investment opportunities.
• DPIIT–Council for Startup India: The partnership will facilitate investment, strategic partnerships, mentorship, leadership development and global market access. It will support investment readiness, corporate engagement, Chief Financial Officer (CFO) matchmaking, governance, financial readiness, compliance and international expansion.

CURRENT AFFAIRS: SPORTS NEWS

India’s First Gold Medal at FISU World University Squash Championships 2026

• Suraj Kumar Chand created history by becoming the first Indian to win a gold medal at the FISU World University Squash Championships, defeating Hungary’s Benedek Takács in the men’s final by 5–11, 11–8, 11–5, 6–11, 11–4.
• The FISU World University Squash Championships 2026 are being held at Somaiya Vidyavihar University, Mumbai.
• The championship is organised by the International University Sports Federation (FISU) and features players from 14 countries and regions.
• This was Suraj Kumar Chand’s second medal at the championships.
• He had previously won the men’s singles bronze medal at the earlier edition held in Johannesburg.
• Suraj Kumar Chand defeated Simon Rynt of Czechia in the opening round, Matteo Carrouget of France in the quarter-final and Joshua Jacques-Phinera of France in the semi-final to reach the title clash.
• Suraj Kumar Chand is also part of India’s Asian Games 2026 squad.
• India’s Om Semwal lost to Benedek Takács in the semi-final, ending the possibility of an all-Indian men’s final. Sandhesh Palanivel Ravikumar finished 7th.
• In the women’s event, Spain’s Marta Domínguez won the gold medal by defeating Hong Kong China’s Ching Hei Fung.
• India’s Pooja Arthi finished 9th, while Nirupama Dubey secured 11th place.

About FISU

• Headquarters: Lausanne, Switzerland
• Founded: 1948
• FISU stands for Fédération Internationale du Sport Universitaire

CURRENT AFFAIRS: IMPORTANT DAYS

Quit India Movement Day 2026 is observed on 8 August

• Quit India Movement Day is observed on 8 August every year to commemorate the launch of the Quit India Movement in 1942, which demanded an immediate end to British rule in India.
• The movement was launched by Mahatma Gandhi during the Bombay session of the All India Congress Committee (AICC) on 8 August 1942, during the Second World War.
• Gandhi gave the historic call of “Do or Die”, urging Indians to participate in mass civil disobedience and continue the struggle for independence.
• The movement followed the failure of the Cripps Mission, led by Sir Stafford Cripps, which arrived in India in March 1942 with proposals aimed at securing Indian cooperation in the British war effort.
• Gandhi rejected the Cripps Offer, describing it as a “post-dated cheque on a bank that was failing.” The proposal also included an opt-out provision under which provinces could choose not to join a future Indian Union.
• The roots of the movement were linked to widespread resentment over Britain’s decision to involve India in the Second World War without consulting Indian political leaders. On 3 September 1939, Viceroy Lord Linlithgow announced that India was also at war with Germany.
• The Quit India Movement represented one of the most significant mass movements against British colonial rule and is regarded as Mahatma Gandhi’s final major nationwide movement before India attained independence in 1947.

Nagasaki Day 2026 is observed annually on 9 August

• Nagasaki Day is observed annually on 9 August to commemorate the victims of the atomic bombing of Nagasaki, Japan, by the United States (US) on 9 August 1945, during the Second World War.
• The atomic bomb dropped on Nagasaki was code-named “Fat Man”. The bombing caused massive destruction and loss of life, with tens of thousands of people killed, while many survivors suffered from radiation-related illnesses.
• The Nagasaki bombing, along with the earlier atomic bombing of Hiroshima on 6 August 1945, played a major role in Japan’s decision to surrender in the Second World War.
• The bombings exposed survivors to ionising radiation, which was associated with long-term health consequences, including increased risks of leukaemia and several types of cancer.
• Nagasaki Day serves as a reminder of the devastating humanitarian consequences of nuclear weapons and promotes global efforts towards nuclear disarmament, peace and prevention of nuclear warfare.

Daily CA One- Liner: August 9^th & 10^th

• The Union Government has opposed petitions seeking the introduction of a creamy-layer exclusion within the Scheduled Castes (SCs) and Scheduled Tribes (STs), similar to the existing system applicable to Other Backward Classes (OBCs).
• Parliament passed the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026, with the Lok Sabha approving it on august 6
• Ratusinh Na Muvada, a small village in Mahisagar district, Gujarat, with around 100 households, has emerged as an unexpected nursery for young chess talent, producing 120 trophies and 179 medals in competitive chess
• The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry signed strategic Memoranda of Understanding (MoUs) with Cashfree Payments India Private Limited, Darwin Dynamics LLP, Vultr India Private Limited, Cars24 Services Private Limited, and Council for Startup India (CSI) to strengthen India’s startup ecosystem
• Suraj Kumar Chand created history by becoming the first Indian to win a gold medal at the FISU World University Squash Championships, defeating Hungary’s Benedek Takács
• The Reserve Bank of India (RBI) identified 17 Non-Banking Financial Companies (NBFCs) as NBFC-Upper Layer (NBFC-UL) for 2026–27 under its Scale-Based Regulation (SBR) framework, based on their financial position as of 31 March 2026.
• The Reserve Bank of India (RBI) released the Draft Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Amendment Directions, 2026 to strengthen the regulatory framework for NBFC lending practices.
• NPCI International Payments Limited (NIPL) has enabled Unified Payments Interface (UPI) payments for online bookings at “At the Top, Burj Khalifa” in Dubai through a partnership with UAE-based NEOPAY and Emaar Entertainment.
• According to SEBI’s Annual Report 2025–26, India retained the top global position in the number of Initial Public Offerings (IPOs) and ranked third globally in funds raised through IPOs, highlighting the resilience of India’s capital markets amid global economic uncertainties.
• The Securities and Exchange Board of India (SEBI) has announced a comprehensive FY 2026–27 roadmap to simplify regulations, deepen capital markets, reduce compliance burdens and strengthen investor protection through technology-driven reforms and financial literacy initiatives.
• The Lok Sabha passed the Taxation and Other Laws (Amendment) Bill, 2026 on 6 August 2026, which includes amendments to the Payment and Settlement Systems Act, 2007 and enables the government to permit charges on Unified Payments Interface (UPI), RuPay debit cards and other notified electronic payment modes.
• Bangladesh inaugurated the July Mass Uprising Memorial Museum at the former official residence of former Prime Minister Sheikh Hasina, marking one year since the 2024 student-led uprising that led to the collapse of her government.
• India and South Africa held bilateral talks on the sidelines of the BRICS 2026 Trade Ministers’ Meeting in Jaipur to strengthen economic cooperation, trade and investment ties.
• India successfully conducted a user trial of the Agni-4 Medium-Range Ballistic Missile (MRBM) on 6 August 2026 from the Integrated Test Range (ITR), Chandipur, Odisha.
• The Indian Air Force (IAF), along with the Indian Army and Himachal Pradesh state authorities, successfully concluded a forest firefighting operation in Kasauli, Himachal Pradesh.
• Squadron Leader Bhawana Kanth became the first Indian woman fighter pilot to successfully complete the prestigious Fighter Combat Leader (FCL) course, earning the distinction of India’s first woman “Top Gun” combat pilot.
• IBM and Indian AI startup Sarvam have announced a strategic partnership to accelerate the development and deployment of sovereign Artificial Intelligence (AI) solutions for central and state governments, public sector organisations, and regulated industries in India.
• Researchers from the Institute of Nano Science and Technology (INST), Mohali, an autonomous institute under the Department of Science and Technology (DST), Government of India, developed an advanced light-driven multifunctional nanobot for targeted breast cancer therapy.
• Quit India Movement Day is observed on 8 August every year to commemorate the launch of the Quit India Movement in 1942, which demanded an immediate end to British rule in India
• Nagasaki Day is observed annually on 9 August to commemorate the victims of the atomic bombing of Nagasaki, Japan, by the United States (US) on 9 August 1945, during the Second World War.