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Daily Current Affairs PDF of  10th  February 2026

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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Deposit Insurance and Credit Guarantee Corporation, With Reserve Bank of India Approval, Introduces Risk-Based Premium Framework for Deposit Insurance

• The Deposit Insurance and Credit Guarantee Corporation (DICGC), with the approval of the Reserve Bank of India (RBI), has issued guidelines for implementing a Risk-Based Premium (RBP) framework for deposit insurance.

Key Highlights :

• Currently, all banks pay a uniform premium of 12 paise per ₹100 of assessable deposits (AD), irrespective of their risk profile or financial strength.
• The DICGC, providing deposit insurance since 1962, will implement the RBP framework from April 1, 2026.
• DICGC Act, 1961 [Section 15(1)] provides for differential premium rates for different categories of insured banks.
• There will be two risk assessment models: Tier 1 Model for Scheduled Commercial Banks (excluding RRBs), based on supervisory ratings, quantitative assessment (CAMELS parameters), and potential loss to Deposit Insurance Fund (DIF); and Tier 2 Model for RRBs and Rural Cooperative Banks (StCBs, DCCBs, UCBs), based on quantitative assessment and potential loss to DIF.
• Banks can receive a maximum risk-based incentive of 33.33% over the card rate, along with a vintage incentive of up to 25% for long, distress-free contributions to the DIF.
• Local Area Banks and Payments Banks will continue to pay the card rate of 12 paise, while UCBs under PCA/SAF will remain at the card rate until they exit such frameworks.
• The RBP framework will be effective from April 1, 2026, banks must maintain confidentiality of ratings, and the framework will be reviewed at least once every three years.
• Under the RBP framework, banks are classified into four risk categories (A–D), with Category A being the lowest risk and Category D the highest risk.
• Category A banks will pay the lowest premium of 8 paise per ₹100 of AD, Category B will pay 10 paise, Category C will pay 11 paise, and Category D will continue at the existing card rate of 12 paise with no discount.
• The RBP framework also provides a vintage incentive, rewarding long and stable contributions to the DICGC fund, with Tier-1 banks getting a 1% discount per completed year.
• The premium payable based on the effective risk-based rate will be reflected in the DICGC New Integrated Application System (Samyak).
• CAMELS full form represents Capital Adequacy, Asset Quality, Management, Earnings, Liquidity, and Sensitivity to Market Risk, which evaluates the financial health and risk profile of commercial banks to ensure stability.

About DICGC :

• The Deposit Insurance and Credit Guarantee Corporation (DICGC) is a wholly owned subsidiary of the Reserve Bank of India (RBI).
• DICGC was established on 15 July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
• The primary purpose of DICGC is to provide insurance of deposits and guaranteeing of credit facilities to the customers of banks.

Reserve Bank of India Releases Draft Rules for Credit Index and Total Return Swap Derivatives on Corporate Bonds

• The Reserve Bank of India (RBI) has released draft rules for derivatives on credit indices and total return swaps (TRS) linked to corporate bonds.
• The objective is to deepen and improve liquidity in the corporate bond market, which is relatively small and illiquid compared to the government securities market.
• The move follows the Union Budget 2026-27 proposal to introduce TRS on corporate bonds, enabling better credit risk management and fund-raising across rating categories.
• A total return swap (TRS) allows one party to transfer the full economic return of a bond or index (including interest income and price changes) to another party, in exchange for a fixed or floating benchmark-linked payment.
• The RBI has prescribed strict norms for benchmarks and indices, requiring them to be published by administrators authorised by RBI or SEBI, with settlement standards set by the Fixed Income Money Market and Derivatives Association of India (FIMMDA).
• All OTC credit derivative transactions must be reported to CCIL within 30 minutes, and settlement may be cash, physical, or auction-based, as determined by the Credit Derivatives Determinations Committee.

Recent News :

• In Jan 2026, The Reserve Bank of India (RBI) issued amendment directions for Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) applicable to commercial banks, updating the 2025 directions.

Reserve Bank of India Proposes Exemption from Mandatory Registration for non-banking financial companies with Assets Below ₹1,000 Crore

• The Reserve Bank of India (RBI) has proposed exempting non-banking financial companies (NBFCs) with assets below ₹1,000 crore from mandatory registration, citing their low systemic risk.
• This exemption will apply to non-deposit taking NBFCs with no public fund interface, under the Scale-Based Regulatory Framework.
• The move aims to reduce compliance burden and improve ease of doing business for smaller NBFCs.

Key Highlights :

• RBI also plans to remove the requirement of prior approval for certain NBFCs to open more than 1,000 branches, enhancing operational flexibility.
• NBFCs involved in gold loans and Investment & Credit Companies (ICCs) will still require RBI approval for branch expansion beyond specified limits.
• These changes are expected to lower regulatory friction, allowing management to focus on credit delivery and risk management.
• RBI will issue revised Lead Bank Scheme (LBS) guidelines and launch a unified bank-wise data reporting portal to improve data quality and oversight.
• According to RBI Governor Sanjay Malhotra, Type-I NBFCs with assets not exceeding ₹1,000 crore have a significantly lower systemic-risk profile and may be exempted from registration, subject to specified conditions.
• Under the new draft guidelines, an NBFC is generally permitted to open branches without prior RBI approval, unless specifically restricted, with stakeholder comments invited until February 27, 2026.

Key Highlights of Reserve Bank of India’s 6th Bi-Monthly Monetary Policy for FY 2025–26

• The 59th Monetary Policy Committee (MPC) meeting (6th bi-monthly of FY 2025–26) was held from 4–6 February 2026 under the chairmanship of Sanjay Malhotra, Governor, RBI.
• The meeting was attended by MPC members Dr. Nagesh Kumar, Saugata Bhattacharya, Prof. Ram Singh, Dr. Poonam Gupta, and Indranil Bhattacharyya.
• The MPC unanimously decided to reduce the policy repo rate by 25 basis points (bps) to 5.25% under the Liquidity Adjustment Facility (LAF).
• Following the repo rate cut, the Standing Deposit Facility (SDF) rate stands at 5.00%, while the Marginal Standing Facility (MSF) rate and the Bank Rate are set at 5.50%.
• The MPC retained a ‘neutral’ monetary policy stance, indicating that future policy rates could either increase or decrease depending on evolving macroeconomic conditions.
• India’s real GDP growth for 2025–26 is projected at 7.4%, supported by private consumption, fixed investment, and a resilient agriculture sector.
• GDP growth projections for 2026–27 were revised upward, with Q1 at 6.9% and Q2 at 7.0%.
• On the inflation front, CPI inflation for 2025–26 is projected at 2.1%, with Q4 inflation at 3.2%.
• For 2026–27, CPI inflation is projected at 4.0% in Q1 and 4.2% in Q2, with risks broadly balanced.
• The next MPC meeting is scheduled to be held from 6–8 April 2026.

Reserve Bank of India Imposes ₹1 Lakh Penalty on Vinayaka Capsec Private Limited

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹1 lakh on Vinayaka Capsec Private Limited.
• The penalty was levied for non-compliance with RBI directions on ‘Acquisition of Shareholding or Control’.
• RBI found that the company failed to obtain prior written approval for a change in shareholding exceeding 26% of its paid-up equity capital.
• The action was taken under Sections 58G(1)(b) and 58B(5)(aa) of the RBI Act, 1934.
• A show cause notice was issued to the company, and after considering the company’s reply and personal hearing, RBI sustained the charge, warranting imposition of the penalty.
• This action was based on regulatory compliance deficiencies and does not affect the validity of any transaction or agreement entered into by the company with its customers.
• The monetary penalty is imposed without prejudice to any other action that RBI may initiate against the company.

Reserve Bank of India Announces Four Measures to Strengthen Urban Co-operative Banks, Boosting Credit and Capacity

• The Reserve Bank of India (RBI) announced four regulatory and developmental measures to strengthen Urban Co-operative Banks (UCBs), focusing on credit expansion, efficiency, and capacity building.
• RBI Governor Sanjay Malhotra stated that these steps aim to improve credit delivery and operational flexibility in the UCB sector.
• RBI proposed raising financial limits on unsecured loans and loans to nominal members, enabling UCBs to lend more freely to underserved segments.
• The RBI also proposed removal of tenor and moratorium-related restrictions on housing loans for Tier III and Tier IV UCBs, easing regulatory constraints.
• To strengthen governance and skills, RBI announced Mission SAKSHAM (Sahakari Bank Kshamta Nirman) for institutional capacity building.
• Under Mission SAKSHAM, RBI plans to train over 1.4 lakh participants from UCBs to enhance managerial and technical capabilities.
• Separately, a January 2026 RBI discussion paper has sought public feedback on restarting licensing of new UCBs after a two-decade pause, with safeguards to prevent past failures.

Recent News :

• In Jan 2026, The Reserve Bank of India (RBI) proposed reopening the licensing window for new Urban Co-operative Banks (UCBs) after 22 years, as the previous window was closed in 2004 due to widespread failures of newly licensed banks.

Kotak Mahindra Bank Becomes First in India to Grant Fully Digital Foreign Portfolio Investor Licence

• Kotak Mahindra Bank Limited (KMBL) became the first custodian in India to issue a Foreign Portfolio Investor (FPI) licence and complete the entire onboarding process through electronic signatures (e-signature).
• The milestone follows the Securities and Exchange Board of India (SEBI) operationalising a unified digital workflow in January 2026 for FPI registration and onboarding.
• The new system enables the use of Digital Signature Certificates (DSCs) and electronic signatures via the FPI Common Application Form (CAF)
• As per SEBI guidelines, DSCs used in the process must be issued by Indian certifying authorities in accordance with the Information Technology (IT) Act, 2000.
• Prior to this full rollout, KMBL had already issued its first two FPI licences using completely digitally signed documentation, removing the requirement for physical paperwork and wet signatures.
• The initiative marks a major step toward paperless compliance, faster onboarding, and ease of doing business for foreign investors in India’s capital markets.

About KMBL :

• Founded : 1985
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ashok Vaswani

HDFC Life Forms Strategic Partnership with Muthoot FinCorp, Flagship of Muthoot Pappachan Group

• HDFC Life has entered into a strategic partnership with Muthoot FinCorp Limited., the flagship company of the Muthoot Pappachan Group.
• Through this tie-up, Muthoot FinCorp’s customers will gain access to HDFC Life’s group and individual life insurance products, including protection and long-term savings plans.
• The insurance solutions will be offered through Muthoot FinCorp Ltd.’s extensive network of 3,750+ branches across India, as well as through its digital platform.
• The partnership supports the vision of “Insurance for All by 2047” and will help deepen financial inclusion.
• MD & CEO of HDFC Life : Vibha Padalkar
• CEO of Muthoot FinCorp Ltd : Shaji Varghese

CURRENT AFFAIRS : NATIONAL & STATE NEWS

Nationwide ‘Self-Reliance in Pulses Mission’ Launched from Madhya Pradesh

• The Self-Reliance in Pulses Mission was launched at the Food Legumes Research Centre (FLRP), Amlaha, with the goal of making India self-reliant in pulses production.
• The programme was chaired by Union Agriculture Minister Shivraj Singh Chouhan as the Chief Guest.
• The primary objective of the mission is to end India’s dependence on pulse imports and transform the country into a pulse exporter by improving production, productivity, processing, and value addition.
• It focuses on creating a complete value chain from seed to market, including seed reforms, cluster development, and measures to ensure fair prices for farmers.
• Under the cluster-based model, the government plans to establish 1,000 pulse mills across India to strengthen processing capacity.
• Financial support will be provided through subsidies of up to ₹25 lakh per unit, along with incentives for cluster-based production, particularly benefiting farmers in Madhya Pradesh.
• As part of seed distribution reforms, the mission will ensure state-level seed release and distribution.
• Farmers will receive improved seed kits and financial assistance of ₹10,000 per hectare to adopt better production practices.
• Overall, the mission holds significant importance in promoting import substitution, enhancing farmer income, and ensuring nutrition security.

About Madhya Pradesh:

• Capital: Bhopal
• Governor: Mangubhai Chaganbhai Patel
• Chief Minister: Mohan Yadav
• National Park: Pench (Priyaradharshini) National Park, Bandhavgarh National Park, Kanha National Park, Panna National Park, Sanjay National Park, Satpura National Park, Madhav National Park, Van Vihar National Park, Mandla Plant Fossils National Park

 Ministry of Mines Issues 2026 Rules to Prevent Illegal Offshore Mineral Mining

• The Ministry of Mines (MoM) notified the Offshore Areas Mineral (Prevention of Illegal Mining and Transportation) Rules, 2026, which came into immediate effect to regulate and prevent illegal mining, storage, transportation, and export of all offshore minerals except hydrocarbons.
• The rules are issued under the Offshore Areas Mineral (Development and Regulation) Act, 2002 (OAMDR Act 2002) and exempt non-commercial scientific or research activities.
• The rules extend the powers of the Indian Bureau of Mines (IBM) to the Atomic Minerals Directorate for Exploration and Research (AMD) for threshold-grade atomic minerals.
• The rules cover all offshore minerals excluding mineral oils and hydrocarbons, apply to all operators and entities, and define illegal mining as operations without valid rights or beyond approved limits.
• Operating right holders and carrier owners must install real-time Electronic Monitoring (EM) Systems, ensure registration of all carriers and machinery, and avoid using unregistered equipment.
• Mineral transit outside lease areas requires digital transit permits, mandatory weighment at discharge points, and prior CBIC export clearance.
• Penalties for violations include imprisonment up to 5 years, fines from ₹50 lakh to ₹1 crore with daily penalties up to ₹5 lakh, seizure of equipment, and possible cancellation of licenses, leases, or registrations.
• Aggrieved persons can appeal to the Central Government within 3 months of the violation.

About Ministry of Mines :

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

V.O. Chidambaranar Port in Thoothukudi Becomes First Indian Port to Install Advanced ‘Anti-Drone System’

• V. O. Chidambaranar (VOC) Port in Thoothukudi, Tamil Nadu becomes the first port in India to initiate installation of an advanced ‘Anti-Drone System’, enhancing protection of critical port infrastructure.
• This initiative represents a major step in strengthening maritime and coastal security.
• The project aims to bolster airspace surveillance, ensure adherence to emerging coastal defence norms, and enhance emergency response preparedness at the port.
• The agreement for the project was signed by A.Ganesan, Chief Mechanical Engineer, VOC Port Authority (VOCPA), and Anurag Agarwal of Central Electronics Limited (CEL).
• The project is expected to be completed within 3 months.
• The system involves deployment of a comprehensive, integrated Radio Frequency (RF) and radar-based drone detection and jamming system, specifically designed for complex port environments.
• The advanced ‘Anti-Drone System’ provides 360-degree coverage, omnidirectional bearing, with an effective range of up to 5 kilometers (km).

CURRENT AFFAIRS : INTERNATIONAL NEWS

India and United States of America  Agree on Interim Trade Agreement Framework Ahead of Full Bilateral Deal

• India and the United States of America (USA) agreed on a framework for an Interim Trade Agreement (ITA), marking a major step towards a full USA-India Bilateral Trade Agreement (BTA).
• Under the agreement, India will reduce or remove tariffs on all industrial goods and many agricultural and food products from the USA, including Animal feed (Distillers’ Dried Grains - DDGs), Red Sorghum, tree nuts, fruits (fresh and processed), soybean oil, and wine and spirits.
• The USA will impose an 18% reciprocal tariff on Indian exports such as textiles and apparel, leather and footwear, plastics and rubber, chemicals, handicrafts, home decor, and some machineries, under Executive Order 14257 of April 2, 2025.
• The USA will remove security-related tariffs on Indian aircraft and aircraft parts, provide quota-based preferential access for auto parts exports, and determine outcomes for pharmaceuticals based on national security review
• India plans to purchase USD 500 billion worth of products from the USA over 5 years, including energy products, aircraft and parts, technology products, precious metals, and coking coal.
• The agreement will also expand digital trade, including advanced technology products, Graphics Processing Units (GPUs), and data-center equipment.

About USA:

• President : Donald John Trump
• Capital : Washington D.C.,
• Currency : United States Dollar (USD).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Indian Infrastructure Finance Company Limited Appoints Rohit Rishi as New Managing Director for Three-Year Term

• Indian Infrastructure Finance Company Limited (IIFCL) has appointed Rohit Rishi as its new Managing Director for a three-year tenure.
• He previously served as Executive Director at Bank of Maharashtra from November 1, 2023, to February 3, 2026.
• Rohit Rishi succeeds PR Jaishankar, who demitted office in May 2026 after completing a five-year tenure.
• IIFCL, set up in 2006, is a wholly-owned Government of India NBFC-IFC, registered with the Reserve Bank of India (RBI) since September 2013, providing long-term finance to infrastructure projects.
• The company aims to provide long-term financial assistance to viable infrastructure projects across India.

International Olympic Committee Names Soraya Aghaei Hajiagha as First Iranian Woman Member

• The International Olympic Committee (IOC) elected Soraya Aghaei Hajiagha as its 107th member with 95 votes during the 145th IOC Session held in Milan, Italy, on 4 February 2026.
• She became the youngest current IOC member, marking a significant milestone in global sports governance.
• She is the first Iranian woman and the third Iranian overall to be elected to the IOC, ending a more than 20-year absence of Iranian representation in the body.
• Soraya Aghaei Hajiagha is a professional badminton player from Iran who represented the country at the Tokyo 2020 Olympics (Japan).
• She made history as the first Iranian female badminton Olympian at the Tokyo 2020 Games.
• In leadership roles, she has served on the Athletes’ Commission of the Iranian National Olympic Committee and was also a member of the IOC Athletes’ Commission.

About IOC :

• The International Olympic Committee (IOC) was founded in 1894 by Pierre de Coubertin in Lausanne, Switzerland.
• The IOC governs the Olympic Movement, organizes the Olympic Games, selects host cities, promotes Olympic values, and supports athletes worldwide.
• The organisation comprises 107 members and works to ensure fair play, global sports development, and gender equality across international sports.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Institute of Technology Madras Launches ₹600 Crore ‘IITM-Unicorn Frontier Fund I’ to Support Deep-Tech Startups

• Indian Institute of Technology (IIT) Madras Research Park (IITMRP), in partnership with Unicorn India Ventures (UIV), launched the ‘IITM-Unicorn Frontier Fund I’, a venture capital fund worth ₹600 crore to support deep-technology startups in India.
• The fund aims to promote Intellectual Property (IP)-driven, engineering-intensive startups by providing patient capital to bridge the gap from lab prototypes to commercial products, boosting India’s strategic technology self-reliance.
• The fund includes a greenshoe option of ₹400 crore, bringing the total fund size to ₹1000 crore, with a tenure of 10 years, extendable by 2 years.
• The fund plans to invest in over 25 startups, allocating about 60% for initial investments and 40% for follow-on funding.
• Focus sectors include robotics, space technology, defence technology, semiconductors, medtech, and other strategic technologies.
• The investment will primarily target startups at Technology Readiness Levels (TRL):
• TRL 3-4: validated technology ready for scaling efforts
• TRL 5-7: mid-stage development
• TRL 7-9: market-ready technologies

CURRENT AFFAIRS: RANKING & REPORTS

Countries Spending the Most on Research and Development By World Intellectual Property Organization (WIPO) Report

• For decades, the United States stood as the global leader in research and development (R&D) spending; however, China is now increasingly challenging this scientific dominance.
• Backed by rapid economic growth and strong strategic investment, China’s share of global R&D spending surged from 4.0% (2000) to 27.4% (2024).
• At the same time, South Korea and India are expanding their R&D investments, strengthening Asia’s position in global innovation.
• According to data from the World Intellectual Property Organization (WIPO), China ranks first globally in 2024 with $785.9 billion, accounting for 27.4% of the global share and 2.7% of GDP.
• China’s model relies heavily on centralized government funding, focusing on energy, biotechnology, and frontier technologies.
• The United States ranks second with $781.8 billion, representing 27.2% of global R&D and 3.5% of GDP.
• Unlike China, U.S. R&D is driven primarily by the private sector, with major companies such as Amazon, Alphabet, and Meta leading corporate investment.
• Together, China and the U.S. account for 54.7% of global R&D spending.
• Japan ranks third with $186.0 billion (6.5% global share; 3.5% of GDP).
• However, since 2000, Japan’s global R&D share has declined by 7.2 percentage points, one of the largest drops after the U.S. Key corporate contributors include Toyota and Honda.
• In Europe, Germany (#4) spends $132.2 billion (4.6%; 3.1% of GDP), followed by South Korea (#5) at $126.4 billion (4.4%), which stands out for the highest R&D intensity (5.3% of GDP) among the top 10.
• The UK (#6) invests $86.5 billion (3.0%), India (#7) spends $75.7 billion (2.6%; 0.7% of GDP), France (#8) allocates $65.8 billion (2.3%), Türkiye (#9) spends $43.2 billion (1.5%), and Brazil (#10) invests $38.4 billion (1.3%).
• Although Germany, the UK, and France remain in the global top 10, their global R&D share has declined since 2000.
• However, in 2024, EU corporate R&D investment grew by 0% in healthcare and 19.8% in energy, outpacing growth in China, the U.S., and Japan.

About WIPO:

• Established: By the WIPO Convention in 1967, becoming a UN agency in 1974, with roots in 1883 (Paris Convention) and 1886 (Berne Convention).
• Members: 194
• Director General: Daren Tang
• Headquarters: Geneva, Switzerland

CURRENT AFFAIRS : APPS & PORTALS

National Statistics Office Launches Beta Version of Model Context Protocol Server for eSankhyiki Portal

• The National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) launched the beta version of its Model Context Protocol (MCP) server for the eSankhyiki portal.
• The MCP Server enables users to connect official datasets directly to their own Artificial Intelligence (AI) tools and applications.
• The MCP Server is a major step in building the data infrastructure required for Viksit Bharat.
• The beta version currently features seven datasets: Periodic Labour Force Survey (PLFS), Consumer Price Index (CPI), Annual Survey of Industries (ASI), Index of Industrial Production (IIP), National Accounts Statistics (NAS), Wholesale Price Index (WPI), and Environment Statistics.
• MoSPI plans to expand the MCP Server with additional datasets in the coming months.
• The MCP Server allows users to access verified information and insights in real-time, enabling faster work, informed business decisions, and immediate access for policymakers.
• The initiative aligns with the objectives of Working Group 6 on Democratising AI, headed by Dr. Saurab Garg, Secretary of MoSPI.
• The eSankhyiki portal, launched in June 2024, serves as India’s national platform for official statistics, providing a centralised gateway to socioeconomic and macroeconomic data.

CURRENT AFFAIRS : MOUS & AGREEMENTS

Department of Social Justice and Empowerment, Ministry of Social Justice and Empowerment Partners with PW Foundation to Offer Free Online Coaching to 5,000 SC, OBC, and PM CARES Beneficiaries

• The Department of Social Justice and Empowerment (DoSJE) under the Ministry of Social Justice and Empowerment (MSJE) signed a Memorandum of Understanding (MoU) with the Physics Wallah (PW) Foundation to provide free online coaching to 5,000 aspirants annually from Scheduled Castes (SCs), Other Backward Classes (OBCs), and beneficiaries of the PM CARES for Children Scheme across India.
• The PW Foundation will provide high-quality online coaching for exams including the Civil Services Examination (CSE), Staff Selection Commission (SSC) exams, and various Banking examinations.
• Beneficiaries will be selected on a merit basis through a dedicated online portal.
• Eligible beneficiaries will receive free access to structured online courses, which include live and recorded classes, test series, previous year question papers, study material, mentorship, doubt-solving support, and counselling.
• The PM CARES for Children Scheme, launched by Prime Minister Narendra Modi on 29 May 2021, aims to ensure sustained care, protection, and overall well-being of children through comprehensive support measures.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Power Finance Corporation Approves In-Principle Merger with REC Limited Following Union Budget 2026 NBFC Restructuring Plan

• Power Finance Corporation (PFC) has approved an in-principle merger with REC Limited, in line with the Union Budget 2026 proposal to restructure public sector NBFCs.
• PFC has acquired 52.63% stake in REC, making REC its subsidiary after Cabinet Committee on Economic Affairs (CCEA) approval.
• On February 1, 2026, Finance Minister Nirmala Sitharaman announced in Budget 2026 that the government is working to improve efficiency and scale up public sector NBFCs, including merging PFC and REC.
• REC Limited, formerly Rural Electrification Corporation Limited, is an Indian public sector company that finances and promotes power projects across India.
• After the in-principle approval, PFC and REC are now operating as holding and subsidiary companies, respectively.
• The merger is part of a broader government plan under Budget 2026 to restructure public sector NBFCs for enhanced efficiency and scale.
• Chairman & Managing Director (CMD) of REC Limited : Jitendra Srivastava
• CMD of Power Finance Corporation Limited (PFC) : Smt. Parminder Chopra.

Daily CA on Feb 10 :

• The Deposit Insurance and Credit Guarantee Corporation (DICGC), with the approval of the Reserve Bank of India (RBI), has issued guidelines for implementing a Risk-Based Premium (RBP) framework for deposit insurance.
• The Reserve Bank of India (RBI) has released draft rules for derivatives on credit indices and total return swaps (TRS) linked to corporate bonds.
• The Reserve Bank of India (RBI) has proposed exempting non-banking financial companies (NBFCs) with assets below ₹1,000 crore from mandatory registration, citing their low systemic risk.
• The 59th Monetary Policy Committee (MPC) meeting (6th bi-monthly of FY 2025–26) was held from 4–6 February 2026 under the chairmanship of Sanjay Malhotra, Governor, RBI.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹1 lakh on Vinayaka Capsec Private Limited.
• The Reserve Bank of India (RBI) announced four regulatory and developmental measures to strengthen Urban Co-operative Banks (UCBs), focusing on credit expansion, efficiency, and capacity building.
• Kotak Mahindra Bank Limited (KMBL) became the first custodian in India to issue a Foreign Portfolio Investor (FPI) licence and complete the entire onboarding process through electronic signatures (e-signature).
• HDFC Life has entered into a strategic partnership with Muthoot FinCorp Limited., the flagship company of the Muthoot Pappachan Group.
• The Ministry of Mines (MoM) notified the Offshore Areas Mineral (Prevention of Illegal Mining and Transportation) Rules, 2026, which came into immediate effect to regulate and prevent illegal mining, storage, transportation, and export of all offshore minerals except hydrocarbons.
• V. O. Chidambaranar (VOC) Port in Thoothukudi, Tamil Nadu becomes the first port in India to initiate installation of an advanced ‘Anti-Drone System’, enhancing protection of critical port infrastructure.
• India and the United States of America (USA) agreed on a framework for an Interim Trade Agreement (ITA), marking a major step towards a full USA-India Bilateral Trade Agreement (BTA).
• Indian Infrastructure Finance Company Limited (IIFCL) has appointed Rohit Rishi as its new Managing Director for a three-year tenure.
• The International Olympic Committee (IOC) elected Soraya Aghaei Hajiagha as its 107th member with 95 votes during the 145th IOC Session held in Milan, Italy, on 4 February 2026.
• Indian Institute of Technology (IIT) Madras Research Park (IITMRP), in partnership with Unicorn India Ventures (UIV), launched the ‘IITM-Unicorn Frontier Fund I’, a venture capital fund worth ₹600 crore to support deep-technology startups in India.
• The National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) launched the beta version of its Model Context Protocol (MCP) server for the eSankhyiki portal.
• The Department of Social Justice and Empowerment (DoSJE) under the Ministry of Social Justice and Empowerment (MSJE) signed a Memorandum of Understanding (MoU) with the Physics Wallah (PW) Foundation to provide free online coaching to 5,000 aspirants annually from Scheduled Castes (SCs), Other Backward Classes (OBCs), and beneficiaries of the PM CARES for Children Scheme across India.
• Power Finance Corporation (PFC) has approved an in-principle merger with REC Limited, in line with the Union Budget 2026 proposal to restructure public sector NBFCs.
• According to data from the World Intellectual Property Organization (WIPO), China ranks first globally in 2024 with $785.9 billion, accounting for 27.4% of the global share and 2.7% of GDP.
• The Self-Reliance in Pulses Mission was launched at the Food Legumes Research Centre (FLRP), Amlaha, with the goal of making India self-reliant in pulses production.