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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Department of Financial Services Insurance Division Achieves 2nd Position in Group A of May 2026 Grievance Redressal Assessment & Index Rankings

• The Department of Financial Services (DFS) under the Ministry of Finance (through its Banking and Insurance Divisions) receives more than 2.50 lakh grievances annually.
• The DFS has consistently featured among the Top 10 Ministries/Departments in the Grievance Redressal Assessment & Index (GRAI) rankings since November 2025.
• In the GRAI Rankings for May 2026, the Insurance Division secured the 2nd position in Group A (ministries/departments registering 500 or more grievances).
• In the same May 2026 GRAI Rankings, the Banking Division secured the 6th position in Group A.
• Since 7 January 2024, the Secretary, Department of Financial Services has been personally reviewing 20 randomly selected grievances with direct participation of complainants, Chairpersons, MDs, CEOs, and senior officials of the concerned financial institutions.
• The grievance review initiative aims to improve customer trust, ensure meaningful grievance resolution, and strengthen citizen-centric governance.
• The DFS has organised workshops on "Effective Grievance Redressal Framework" in collaboration with RBI, IRDAI, PFRDA, and all Public Sector Banks (PSBs).
• These workshops focused on identifying the root causes of complaints, improving the quality of grievance resolution, and promoting professionalism, transparency, and empathy in customer service.
• The initiative seeks to strengthen public trust, improve service delivery, and make governance more transparent, accountable, and citizen-centric.

About GRAI :

• The Grievance Redressal Assessment & Index (GRAI) is developed by the Department of Administrative Reforms and Public Grievances (DARPG).
• The first edition of GRAI 2022 was released on 21 June 2023.
• Objective of GRAI: To evaluate Ministries and Departments on the effectiveness and timeliness of grievance redressal through the Centralized Public Grievance Redress and Monitoring System (CPGRAMS).
• GRAI is based on 4 dimensions—Efficiency, Feedback, Domain, and Organisational Commitment—along with 11 performance indicators for assessing grievance redressal.

Gujarat International Finance Tec-City and Vietnam’s Da Nang Financial Centre Forge Memorandum of Understanding to Strengthen Bilateral Financial Cooperation

• Gujarat International Finance Tec-City (GIFT City), India’s International Financial Services Centre (IFSC), signed a Memorandum of Understanding (MoU) with the Vietnam International Financial Center–Da Nang (VIFC-DN) in New Delhi, Delhi.
• The MoU aims to support the development of Vietnam’s International Financial Centre, promote cross-border investments, and strengthen financial and business linkages between India and Vietnam.
• The partnership focuses on financial services, financial technology (FinTech), digital innovation, capacity building, financial sector development, and the exchange of institutional knowledge and best practices.
• Under the collaboration, both institutions will undertake joint research, publications, professional exchanges, conferences, seminars, outreach programmes, and regular institutional engagement in areas of mutual interest.
• GIFT City also signed an MoU with Tata Communications Limited to promote Global Capability Centres (GCCs) and technology businesses.
• Another MoU was signed between GIFT City and CEPT University, Gujarat, to strengthen research, knowledge exchange, and capacity building.
• GIFT City is India’s first International Financial Services Centre (IFSC) and serves as a global hub for international finance, banking, capital markets, and FinTech.

Adani Group’s Kutch Copper Receives London Metal Exchange (LME) Certification for Grade A Copper Cathodes

• Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Limited (AEL), secured London Metal Exchange (LME) certification for its “Adani Copper” Grade A copper cathodes.
• The LME approval allows Adani Copper Grade A cathodes to be delivered with warrants eligible for issuance against LME Copper Futures Contracts from 10 July 2026.
• The LME listing places Adani Copper among the world's leading copper brands, providing global recognition, international market credibility, and strengthening Adani Group's presence in the metals sector.
• LME-listed copper cathodes can be stored under LME-approved warehouse warrants and used as collateral, enhancing global tradability, liquidity, and financing flexibility.
• The LME certification process verifies chemical composition, shape, weight, and compliance with strict responsible sourcing protocols, ensuring high-quality global standards.

About London Metal Exchange (LME) :

• London Metal Exchange (LME) is the world's largest exchange for industrial metals trading, providing global benchmark prices, hedging facilities, and physical delivery of non-ferrous metals.
• LME trades major industrial metals including Copper, Aluminium, Zinc, Lead, Nickel, and Tin.
• London Metal Exchange (LME) was established in 1877 and is headquartered in London, United Kingdom (UK).

NTPC Establishes Wholly Owned Mauritius Subsidiary to Develop Floating Solar and Battery Energy Storage System Project

• NTPC Limited has incorporated a wholly owned subsidiary (WOS) named NTPC (Mauritius) Energy in Mauritius to strengthen its international presence and expand its clean energy portfolio.
• NTPC (Mauritius) Energy will develop a proposed Floating Solar Photovoltaic (FSPV) Project integrated with a Battery Energy Storage System (BESS) in Mauritius.
• The Floating Solar Photovoltaic (FSPV) project will generate renewable electricity using floating solar panels installed on water bodies, improving efficient land and water resource utilization.
• The Battery Energy Storage System (BESS) will store excess solar energy and ensure a reliable and continuous power supply during periods of low solar generation.
• BESS will enhance grid stability, improve the integration of renewable energy, and provide uninterrupted electricity, supporting a more resilient power system.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Employees' Provident Fund Organisation (EPFO) Launches CITES 2.01 Platform; Employees' Provident Fund (EPF) Interest at 8.25% to be Credited by 15 July 2026

• The Employees' Provident Fund Organisation (EPFO) launched the upgraded Centralised IT Enabled Services (CITES 2.01) platform, marking the largest digital transformation in the organisation's history.
• The platform consolidates around 340-million-member accounts from more than 120 decentralised databases into a single nationwide database, enabling faster claim processing and improved member services.
• Earlier, each EPFO regional office maintained its own database, restricting claim processing to the member's registered office. Under CITES 2.01, authorised EPFO offices across India can process service requests through a unified platform.
• The nationwide rollout of CITES 2.01 is expected to become fully operational by the end of the rollout week.
• Alongside the launch, the Ministry of Labour and Employment announced that Employees' Provident Fund (EPF) interest for Financial Year 2025–26 at 8.25% will be credited to members' accounts by 15 July 2026.
• Around ₹1.44 lakh crore as interest will be credited to nearly 340 million EPFO member accounts, allowing members to view the updated balance in their EPF passbooks much earlier than in previous years.
• Through the upgraded EPFO Member Portal, members can now access Provident Fund account details, EPF balance, claim status, pensionable service records, previous benefits availed, and complete membership history on a single digital platform.
• CITES 2.01 introduces automated pre-validation of claims, instant notifications for discrepancies, display of eligible withdrawal amounts before claim submission, and centralised claim processing, reducing delays and claim rejections.
• The auto-settlement limit for eligible advance claims has been increased from ₹1 lakh to ₹5 lakh for Know Your Customer (KYC)-compliant members, enabling quicker settlements with minimal manual intervention.
• The platform also introduces a centralised payment architecture for faster electronic transfers and revises the interest calculation method by computing interest up to the actual date of payment authorisation, instead of only up to the previous month's end.
• The Employees' Provident Fund Organisation (EPFO) also announced that Unified Payments Interface (UPI)-based Employees' Provident Fund (EPF) withdrawals will be introduced after the nationwide implementation of CITES 2.01.
• Under the revised withdrawal framework, eligible members will be able to withdraw up to 75% of their Employees' Provident Fund (EPF) balance, providing greater financial flexibility during emergencies.

About Employees' Provident Fund Organisation (EPFO)

• Established: 1952
• Headquarters: New Delhi
• Parent Ministry: Ministry of Labour and Employment
• Central Provident Fund Commissioner: Ramesh Krishnamurthi
• Objective: To administer the Employees' Provident Fund (EPF), Employees' Pension Scheme (EPS), and Employees' Deposit Linked Insurance (EDLI) Scheme, providing social security and retirement benefits to organised sector employees.

RECENT NEWS

• The Employees Provident Fund Organization is set to launch the new digital platform called the E-PRAAPTI. It was announced by the Mansukh Mandaviya this initiative aims to helps the users to trace and reactivate the dormant or unclaimed provident fund accounts even without the Universal Account Number (UAN).

Natural History Museum of Mizoram University Notified as India's 21st Designated Repository

• The Ministry of Environment, Forest and Climate Change (MoEFCC) has notified the Natural History Museum (NHM), Mizoram University, Aizawl, as India's 21st Designated Repository under Section 39 of the Biological Diversity Act, 2002.
• The notification was issued on 19 June 2026 following the recommendation of the National Biodiversity Authority (NBA).
• The designation strengthens India's scientific infrastructure for preserving authenticated biological specimens and supports long-term biodiversity conservation.
• A Designated Repository is an institution officially recognised to preserve biological specimens collected under the Biological Diversity Act, 2002, maintain reference collections for scientific research, support species identification and classification, and conserve India's biological resources.
• Established in 2022, the Natural History Museum is located within the Indo-Burma Biodiversity Hotspot, one of the world's richest biodiversity regions.
• The museum specialises in documenting and preserving Pteridophytes (ferns and related plants), Macrofungi, Reptiles, Amphibians, Freshwater Fishes, Moths, Beetles, and Butterflies, strengthening India's biodiversity documentation network.
• The repository will preserve voucher specimens (authenticated biological samples used as permanent scientific references) and type specimens (original specimens used to formally describe new species), ensuring accurate scientific documentation and long-term preservation.
• Before receiving the designation, the museum had already collected and preserved over 500 biological specimens, developed herbarium collections, maintained wet-preserved zoological specimens, and built expertise across seven taxonomic groups.
• The recognition will strengthen biodiversity conservation by preserving specimens closer to their natural habitats, improving scientific documentation, supporting species identification, facilitating ecological restoration, and enhancing collaboration with the Mizoram State Biodiversity Board and other research institutions.

About Mizoram:

• Chief Minister: Lalduhoma
• Governor: Vijay Kumar Singh
• Capital: Aizawl
• National Parks: Murlen National Park, Phawngpui (Blue Mountain) National Park
• Wildlife Sanctuaries: Dampa Wildlife Sanctuary, Khawnglung Wildlife Sanctuary, Lengteng Wildlife Sanctuary, Tawi Wildlife Sanctuary, Thorangtlang Wildlife Sanctuary, Tokalo Wildlife Sanctuary

RECENT NEWS

• Centre has launched the ₹189.79 crore Mizoram Ginger Mission. This initiative aims to transform the Mizo ginger into a globally recognized premium agricultural product. The mission is backed by Ministry of Development of North Eastern Region (DONER) and the project focuses on better farmer earnings, modern processing infrastructure, export readiness and international branding.

Government Extends New National Pension System (NPS) Investment Options to Central Autonomous Bodies Employees

• The Ministry of Finance has extended two additional life cycle investment options under the National Pension System (NPS) to employees of Central Autonomous Bodies (CABs) covered under the scheme.
• The decision was announced by the Department of Expenditure, Ministry of Finance.
• Earlier, these additional investment options were available only to Central Government employees under the National Pension System (NPS).
• The move aims to provide greater flexibility in retirement planning by allowing employees to choose investment strategies based on their risk appetite and retirement goals.
• New investment options under the National Pension System (NPS):
• LC-75 High (earlier known as LC-75 Aggressive Life Cycle Fund):
• Maximum 75% equity exposure.
• Suitable for subscribers with a high risk appetite.
• Designed for long-term wealth creation and higher growth potential.
• Aggressive Life Cycle Fund (earlier known as Balanced Life Cycle Fund):
• Equity exposure capped at around 50%.
• Equity allocation gradually reduces from the age of 45 years.
• Suitable for subscribers seeking a balanced investment strategy with moderate risk.
• The revised investment choices are available to employees of Central Autonomous Bodies (CABs) covered under the National Pension System (NPS).
• The investment options will be made available through the Central Recordkeeping Agency (CRA) platform.
• The initiative aims to:
• Provide greater investment flexibility.
• Improve retirement planning.
• Enhance long-term wealth creation.
• Align investments with individual financial goals.
• Increase the attractiveness of the National Pension System (NPS).

About National Pension System (NPS)

• Launched: 1 January 2004 (for Central Government employees); opened to all citizens in 2009.
• Regulator: Pension Fund Regulatory and Development Authority (PFRDA).
• Administrative Ministry: Ministry of Finance.

Ministry of Tribal Affairs Launches TribeX, India's First Digital Learning Platform for Tribal Heritage

• The Ministry of Tribal Affairs launched TribeX, India's first dedicated digital learning platform for tribal arts, culture, languages, and traditional knowledge.
• The platform was launched by Union Minister for Tribal Affairs Jual Oram during the National Workshop on Strengthening Tribal Research Institutes (TRIs) held in Bhubaneswar, Odisha.
• TribeX is a comprehensive digital platform that integrates education, digital documentation, research, knowledge preservation, and skill development related to India's tribal heritage.
• The platform provides learners with authentic access to tribal knowledge through tribal artisans, scholars, and cultural experts, helping preserve indigenous traditions in digital form.
• The initiative aims to preserve tribal heritage, promote tribal languages and culture, document indigenous knowledge systems, support tribal research, enhance employability, and showcase India's tribal diversity globally.
• At launch, TribeX offers 20 free certificate courses covering tribal paintings, handicrafts, handloom traditions, tribal artefacts, and traditional musical instruments.
• The Ministry of Tribal Affairs plans to expand the platform to more than 100 certificate courses, making it one of India's largest digital repositories for tribal learning.
• The platform also offers five University Grants Commission (UGC)-recognised one-year hybrid postgraduate diploma programmes in:
• Tribal Language: Santali (Ol Chiki)
• Sustainable Tribal Culture-Based Livelihood Practices
• Museology and Tribal Museum Management
• Tribal Arts and Crafts of India
• Tribal Textiles
• The postgraduate diploma programmes include expert lectures, practical internships, and dissertation work to improve employability while preserving tribal knowledge.
• The Ministry of Tribal Affairs also signed a Memorandum of Understanding (MoU) with Sampurnanand Sanskrit University, Varanasi, to support the academic delivery and quality assurance of the postgraduate diploma programmes offered through TribeX.

About Ministry of Tribal Affairs:

• Cabinet Minister: Jual Oram
• Constituency: Sundargarh, Odisha
• Ministers of State (MoS): Durgadas Uikey

CURRENT AFFAIRS : INTERNATIONAL NEWS

India Participates in Inaugural United Nations Global Dialogue on Artificial Intelligence Governance Led by Kirti Vardhan Singh

• Union Minister of State (MoS) Kirti Vardhan Singh represented India at the inaugural United Nations (UN) Global Dialogue on Artificial Intelligence (AI) Governance held in Geneva, Switzerland, from 6–7 July 2026.
• Kirti Vardhan Singh represented both the Ministry of External Affairs (MEA) and the Ministry of Environment, Forest and Climate Change (MoEFCC).
• India reaffirmed its “AI for All” vision, advocating responsible, inclusive, human-centric AI, human rights protection, regulatory oversight, and safeguards against the misuse of AI.
• The UN Global Dialogue on AI Governance 2026 is a universal multi-stakeholder forum established under United Nations General Assembly (UNGA) Resolution 79/325.
• The Dialogue was created following the adoption of the Global Digital Compact under the Pact of the Future in September 2024.
• Objective: To promote consensus-based, human-centric AI governance, strengthen AI capacity in developing countries, and ensure inclusive and sustainable technological development.
• The 2026 Dialogue was co-chaired by Paul Kagame, President of Rwanda, and Marc Benioff, Chief Executive Officer (CEO) of Salesforce.
• Doreen Bogdan-Martin, Secretary-General of the International Telecommunication Union (ITU), served as the Vice-Chair of the Dialogue.
• A key outcome of the inaugural session was the presentation of the first annual report of the Independent International Scientific Panel on AI (IISPA) covering AI capabilities, opportunities, and risks.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Mahesh Muralidhar Pai Named as South Indian Bank Managing Director & Chief Executive Officer with Reserve Bank of India Approval

• The Reserve Bank of India (RBI) approved the appointment of Mahesh Muralidhar Pai as the Managing Director (MD) and Chief Executive Officer (CEO) of South Indian Bank (SIB).
• Mahesh Muralidhar Pai has been appointed for a 3-year term effective from 1 October 2026, subject to completion of all statutory and regulatory formalities.
• He will succeed R. Seshadri, who will remain in office until 30 September 2026 (having stepped down earlier from active responsibilities to pursue personal interests).
• Mahesh Muralidhar Pai currently serves as Chief General Manager (CGM) at Canara Bank.
• He has nearly 30 years of experience in governance, strategy, treasury, foreign exchange, retail banking, agriculture finance, and MSME credit.
• He has also served as Director on the Boards of Karnataka State Financial Corporation (KSFC) and Canara Bank Securities Limited (CBSL).
• Mahesh Pai is recognised for his strategic leadership and strong execution capabilities in the banking sector.
• The RBI also approved the re-appointment of S. Vishwanathan (Nurani Subramanian Vishwanathan) as Non-Executive (Part-time) Chairman of Axis Bank Limited.
• S. Vishwanathan has been re-appointed for a 3-year term from 27 October 2026 to 26 October 2029.

About South Indian Bank:

• Founded Year: 1929
• Headquarters: Thrissur, Kerala, India
• Slogan: "Experience Next-Gen Banking"

InsuranceDekho Names Sourav Ganguly as Brand Ambassador, Unveils ‘Khul Kar Khelo’ Campaign

• InsuranceDekho, an Insurtech platform, appointed former Indian cricket captain Sourav Ganguly as its Brand Ambassador.
• Along with the appointment, InsuranceDekho launched the ‘Khul Kar Khelo’ campaign to empower insurance advisors across India.
• Theme: The ‘Khul Kar Khelo’ campaign is inspired by Sourav Ganguly’s fearless leadership, highlighting his role in supporting teammates and nurturing a generation of successful cricketers.
• Objective: The campaign aims to help insurance advisors grow their businesses, increase earnings, expand customer reach, and strengthen their role as micro-entrepreneurs while promoting financial protection for Indian families.
• The campaign will be promoted through Television, Digital, and Broadcast
• Sourav Ganguly was the 39th Test Captain of India and led the Indian team to the 2003 ICC Cricket World Cup Final.
• Sourav Ganguly served as the President of the Board of Control for Cricket in India (BCCI) from 2019 to 2022.

About InsuranceDekho :

• Founded : 2016.
• Headquarters : Gurugram, Haryana.
• InsuranceDekho operates under the legal name Girnar Insurance Brokers Private Limited.

CURRENT AFFAIRS : DEFENCE NEWS

Jawahar Institute of Mountaineering & Winter Sports Pahalgam Leads 22-Member Mountaineering Expedition to Mt Khyam Tso Massif in Ladakh

• The Jawahar Institute of Mountaineering & Winter Sports (JIM & WS), Pahalgam successfully conducted a 22-member mountaineering expedition to the Mt Khyam Tso Massif in the Rumtse Phu region, Ladakh.
• The expedition was flagged off on 26 June 2026 by Team Leader Col Hem Chandra Singh.
• After a structured acclimatization programme in Ladakh, the team successfully summited Peak Pt 5901M on 2 July 2026 despite extreme weather conditions.
• During the expedition, Col Hem Chandra Singh achieved a historic first-ever paragliding flight from an altitude of 5,600 metres from Peak Pt 5901M.
• On 3 July 2026, the team successfully climbed another technically challenging peak (6,090 metres) and Peak Pt 5944M, displaying exceptional grit, endurance, and teamwork.
• On 5 July 2026, the expedition successfully summited the final peak, Mt Khyam-III (6,018 metres) and safely descended to the road head camp.
• The expedition highlights India’s growing presence in the unexplored mountain ranges of Ladakh and reflects the nation’s commitment to adventure, mountaineering excellence, and national pride.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation Clears CE20 Cryogenic Engine with Successful Hot Test for Launch Vehicle Mark-3-M7 Launch

• The Indian Space Research Organisation (ISRO) successfully conducted the Flight Acceptance Hot Test of the CE20 Cryogenic Engine for the LVM3-M7 (Launch Vehicle Mark-3 Mission-7).
• The test was conducted at the Main Engine & Stage Test Facility (MET) of the ISRO Propulsion Complex (IPRC), Mahendragiri, Tamil Nadu.
• During the test, the CE20 Cryogenic Engine operated at 5 tonnes of thrust for 45 seconds and 22 tonnes of thrust for 25 seconds, successfully validating its performance for the LVM3-M7 mission.
• The Nozzle Protection System (NPS) was used for the first time during a CE20 engine flight acceptance test.
• The successful test confirmed the satisfactory performance of both the CE20 engine systems and the Nozzle Protection System (NPS).
• The Nozzle Protection System (NPS) enables sea-level testing of the engine with a full area ratio (100) nozzle, simplifies high-altitude engine testing, requires fewer resources, and allows longer test durations.
• After testing, the CE20 engine will be refurbished and integrated with the C32 Cryogenic Stage of the LVM3-M7 launch vehicle.

About CE20 Engine :

• The CE20 is an indigenously developed cryogenic engine that powers the upper stage of the LVM3 launch vehicle.
• The CE20 engine operates at a thrust range of 19–22 tonnes.
• The CE20 engine has successfully powered 8 consecutive LVM3 missions, including Chandrayaan-2, Chandrayaan-3, and three commercial missions.
• The CE20 engine has also completed human-rating qualification requirements for India’s Gaganyaan Mission.

Recent News :

• In July 2026, The Indian Space Research Organisation (ISRO) successfully conducted the first static ground test of the Sub-Orbital Launch Vehicle for Experiments (SOLVE).

About ISRO:

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

IBM Unveils World's First Sub-1 Nanometre Semiconductor Chip Technology

• IBM unveiled the world's first sub-1 nanometre (0.7 nm / 7 angstrom) semiconductor chip technology, marking a major breakthrough in next-generation computing and semiconductor manufacturing.
• The innovation moves chip manufacturing beyond the traditional nanometre era toward atomic-scale (angstrom-level) engineering, overcoming the physical limits of conventional chip scaling.
• The chip is built using IBM's 3D "Nanostack" transistor architecture, the industry's first three-dimensional nanosheet-based transistor design.
• The 0.7 nm (7 angstrom) chip packs nearly 100 billion transistors on a chip approximately the size of a fingernail, almost twice the transistor density of IBM's 2 nm chip launched in 2021.
• According to IBM, the new chip is expected to deliver up to 50% higher performance or 70% greater energy efficiency compared to its 2 nm node technology.
• The breakthrough is expected to significantly improve Generative AI, Cloud Computing, High-Performance Computing (HPC), advanced electronic devices, and data-intensive applications.
• IBM researchers also demonstrated that the Nanostack architecture enables 40% SRAM scaling, supporting higher bandwidth, greater memory efficiency, and improved AI workload processing.
• The technology extends logic scaling below the 1 nm node for the first time, laying the foundation for at least another decade of semiconductor scaling.
• IBM and its partners are developing this technology at the Albany NanoTech Complex, Albany, New York (USA), one of the world's leading semiconductor research facilities.
• The research facility will soon house the High Numerical Aperture Extreme Ultraviolet (High NA EUV) Lithography system, developed by ASML, enabling the production of smaller, faster, and more powerful semiconductor chips.
• IBM collaborated with ASML, Lam Research Corporation, Tokyo Electron (TEL), and SCREEN Semiconductor Solutions Ltd. to develop the advanced High NA EUV manufacturing process.
• IBM also announced plans to establish Anderon, the world's first pure-play quantum foundry, to manufacture quantum wafers and strengthen the United States' quantum computing ecosystem.
• IBM expects the commercial production of the 0.7 nm Nanostack technology to begin within the next five years.

Sub-Mission on Agricultural Mechanization: Advancing Farm Productivity Through Modern Mechanization

• The Sub-Mission on Agricultural Mechanization (SMAM) was launched in 2014–15 as a Centrally Sponsored Scheme (CSS) under the Rashtriya Krishi Vikas Yojana (RKVY) to promote farm mechanization across India.
• Objective: To "reach the unreached" by extending mechanization benefits to small & marginal farmers, women farmers, SCs, STs, Farmer Producer Organisations (FPOs), Self-Help Groups (SHGs), and rural entrepreneurs.

Key Highlights :

• Farm mechanization covers the entire crop cycle including land preparation, sowing, irrigation, plant protection, harvesting, and post-harvest management, improving productivity and reducing labour dependence.
• Special emphasis has been given to North-Eastern (NE) States and underserved regions to reduce regional disparities in mechanization.
• Since inception, ₹9,404.47 crore has been provided under SMAM, supporting the distribution of 61 lakh agricultural machines to individual farmers.
• Under SMAM, 27,554 Custom Hiring Centres (CHCs), 646 Hi-Tech Hubs, and 25,608 Farm Machinery Banks (FMBs) have been established.
• The number of beneficiaries receiving individual farm machinery increased from 07 lakh (2020–21) to 2.32 lakh (2024–25).
• Custom Hiring Centres (CHCs) enable farmers to rent modern farm machinery, making mechanization affordable for small landholders.
• Hi-Tech Hubs provide access to advanced, high-capacity agricultural machinery for crop-specific operations.
• Farm Machinery Banks (FMBs) promote shared use of farm equipment through SHGs, FPOs, and local institutions.
• Financial assistance for farm machinery is provided through Direct Benefit Transfer (DBT).
• General category farmers receive 40% subsidy on eligible agricultural machinery.
• SC/ST farmers, Small & Marginal Farmers, and North-Eastern State beneficiaries receive 50% subsidy on machinery.
• Small & Marginal Farmers receive ₹2,000 per hectare for mechanized services, including drone services, through CHCs, SHGs, and FPOs.
• CHCs receive 40% financial assistance for projects up to ₹250 lakh.
• Farm Machinery Banks (FMBs) receive 80% financial assistance for projects up to ₹30 lakh.
• In the North-Eastern Region (NER), 100% subsidy is available for small agricultural machinery and 95% assistance for Farm Machinery Banks.
• SMAM also promotes training, testing, demonstrations, post-harvest mechanization, crop residue management, and capacity building.
• The scheme supports performance testing and certification of agricultural machinery and conducts Information, Education & Communication (IEC) activities to improve adoption.
• Funding Pattern: 60:40 between Centre and States for most states, 90:10 for North-Eastern & Himalayan States, and 100% Central funding for Union Territories (UTs).
• Rashtriya Krishi Vikas Yojana (RKVY) was launched in 2007 to increase public investment in agriculture and was restructured as RKVY-RAFTAAR (Remunerative Approaches for Agriculture and Allied Sector Rejuvenation) in 2017–18.
• SMAM actively promotes Kisan Drones for precision agriculture and modern farming practices.
• During 2023–24 to 2025–26, 40,928 Kisan Drone demonstrations were conducted across 40,918 hectares with ₹52.50 crore financial support.
• The demonstrations were conducted by ICAR, in collaboration with State Agricultural Universities (SAUs) and Krishi Vigyan Kendras (KVKs).
• Drone demonstrations focused on the application of nutrients, fertilizers, and agro-chemicals following prescribed Standard Operating Procedures (SOPs).
• ICAR institutes, KVKs, and State Agricultural Universities receive 100% financial assistance up to ₹10 lakh per drone for procurement and demonstrations.
• Farmer Producer Organisations (FPOs) receive up to 75% grant for drone procurement.
• Agencies providing drone services receive ₹6,000 per hectare as contingency support.
• 30% of total SMAM funds are earmarked for women farmers, promoting greater participation in mechanized agriculture.

CURRENT AFFAIRS: RANKING AND REPORTS

Ministry of Statistics and Programme Implementation (MoSPI) Releases Report on Index of Services Production (ISP)

• The Ministry of Statistics and Programme Implementation (MoSPI) released the report of the Technical Advisory Committee on the Index of Services Production (ISP), marking a significant step towards strengthening India's economic statistics.
• The proposed Index of Services Production (ISP) will be a high-frequency monthly indicator to measure the performance of India's formal services sector.
• The base year for the index has been fixed as 2024–25.
• The trial release of the Index of Services Production (ISP) is scheduled for 14 July 2026.
• The services sector contributes nearly 53% of India's Gross Value Added (GVA), making it the largest contributor to the Indian economy.
• The Index of Services Production (ISP) will complement the Index of Industrial Production (IIP) by providing a monthly measure of the services sector, enabling better economic monitoring and evidence-based policymaking.
• It is India's first comprehensive monthly index covering the production performance of the formal services sector.
• Key features of the proposed Index of Services Production (ISP):
• Base Year: 2024–25
• Methodology: Laspeyres Volume Index
• Classification: 2-digit National Industrial Classification (NIC) 2025
• Weighting: Based on Gross Value Added (GVA)
• Release Frequency: Monthly
• Release Timeline: Within 60 days of the reference month
• Initially to be released on a trial basis.
• The Index of Services Production (ISP) will be compiled using multiple data sources, including:
• Goods and Services Tax (GST) data for market-based services.
• Administrative data from sectors such as Railways, Aviation, Banking, and Insurance.
• Annual Survey of Service Sector Establishments (ASISSE) data for sectors such as Health and Education.
• MoSPI will use only aggregated Goods and Services Tax (GST) data, ensuring taxpayer confidentiality and data privacy.
• The Technical Advisory Committee on the Index of Services Production (TAC-ISP) was constituted by MoSPI in May 2025.
• The committee was chaired by Debjani Ghosh, Distinguished Fellow, NITI Aayog, and included representatives from academia, industry associations, government ministries, and service-sector departments.
• The committee recommended the adoption of the Laspeyres Volume Index, 2024–25 as the base year, monthly compilation, Gross Value Added (GVA)-based weighting, 2-digit National Industrial Classification (NIC) 2025 classification, and continuous validation using quarterly and annual datasets.

About Ministry of Statistics and Programme Implementation:

• Minister of State (Independent Charge): Rao Inderjit Singh
• Constituency: Gurgaon, Haryana

CURRENT AFFAIRS: MOUS AND AGREEMENT

Garuda Aerospace Signs Memorandum of Understanding (MoU) with Micron Instruments to Develop Indigenous Defence Drone Technologies

• Garuda Aerospace, a Chennai-based drone technology company, signed a Memorandum of Understanding (MoU) with Micron Instruments, a manufacturer of precision fuzes, defence ammunition systems, and critical military components.
• The partnership aims to develop next-generation indigenous defence solutions by combining expertise in advanced manufacturing, defence engineering, and innovation.
• Under the collaboration, the companies will jointly develop loitering munitions, payload-enabled Unmanned Aerial Vehicles (UAVs), and advanced unmanned defence systems.
• The Memorandum of Understanding (MoU) will integrate Micron Instruments' expertise in custom-designed precision fuzes with Garuda Aerospace's advanced drone technologies.
• The collaboration supports the 'Aatmanirbhar Bharat' initiative by promoting indigenous defence manufacturing and reducing dependence on imported defence technologies.
• The partnership is expected to strengthen India's defence ecosystem, enhance technological innovation, and create advanced home-grown solutions for future defence requirements.

About Garuda Aerospace

• Established: 2015
• Headquarters: Chennai, Tamil Nadu
• Founder and Chief Executive Officer (CEO): Agnishwar Jayaprakash

Four States Sign Payment Agreement for Narmada Projects

• The States of Madhya Pradesh, Gujarat, Rajasthan, and Maharashtra signed a payment agreement in New Delhi to resolve long-pending financial issues related to the Narmada Project.
• The agreement settles the cost-sharing of the Sardar Sarovar Project and the Indira Sagar Project in accordance with the Narmada Water Disputes Tribunal (NWDT) Award.
• The signing ceremony was attended by Union Home Minister Amit Shah and Union Minister for Jal Shakti C. R. Patil.
• The agreement covers rehabilitation and resettlement expenses, compensation for submerged land, construction costs, interest on borrowings, and settlement of pending financial liabilities among the participating states.
• The agreement is expected to strengthen cooperative federalism, improve inter-state water management, and ensure the effective implementation of Narmada basin projects.

About Madhya Pradesh:

• Chief Minister: Mohan Yadav
• Governor: Mangubhai Chhaganbhai Patel
• Capital: Bhopal
• National Parks: Kanha National Park, Bandhavgarh National Park, Pench National Park, Panna National Park, Satpura National Park, Sanjay National Park, Madhav National Park, Van Vihar National Park, Mandla Plant Fossils National Park
• Wildlife Sanctuaries: Gandhi Sagar Wildlife Sanctuary, National Chambal Wildlife Sanctuary, Kuno Wildlife Sanctuary, Pachmarhi Wildlife Sanctuary, Pench Wildlife Sanctuary, Panna Wildlife Sanctuary, Nauradehi Wildlife Sanctuary, Singhori Wildlife Sanctuary, Bori Wildlife Sanctuary

About Maharashtra:

• Chief Minister: Devendra Fadnavis
• Governor: Jishnu Dev Varma
• Capital: Mumbai
• National Parks: Tadoba National Park, Gugamal National Park, Chandoli National Park, Navegaon National Park, Sanjay Gandhi National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Koyna Wildlife Sanctuary, Radhanagari Wildlife Sanctuary, Lonar Wildlife Sanctuary, Nagzira Wildlife Sanctuary, Phansad Wildlife Sanctuary, Tungareshwar Wildlife Sanctuary, Thane Creek Flamingo Wildlife Sanctuary

About Rajasthan:

• Chief Minister: Bhajan Lal Sharma
• Governor: Haribhau Bagade
• Capital: Jaipur
• National Parks: Ranthambore National Park, Sariska National Park, Keoladeo Ghana National Park, Desert National Park, Mukundra Hills National Park
• Wildlife Sanctuaries: Mount Abu Wildlife Sanctuary, Kailadevi Wildlife Sanctuary, Kesarbagh Wildlife Sanctuary, Todgarh-Raoli Wildlife Sanctuary, Jawahar Sagar Wildlife Sanctuary, Sitamata Wildlife Sanctuary, Ramgarh Vishdhari Wildlife Sanctuary, Bhensrodgarh Wildlife Sanctuary, Phulwari Wildlife Sanctuary

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

CURRENT AFFAIRS: SPORTS NEWS

Indian Contingent to Wear Jute-Viscose Apparel at Commonwealth Games 2026

• Indian athletes and officials will wear jute-viscose blended apparel during the Commonwealth Games 2026 to be held in Glasgow, Scotland, from 23 July to 2 August 2026.
• The eco-friendly apparel has been developed by the National Jute Board (NJB) under the Ministry of Textiles to promote sustainable textiles, natural fibres, value-added jute products, and the Make in India initiative.
• The apparel is made from 100% biodegradable jute-viscose blended fabric, showcasing India's commitment to environmentally sustainable textile innovation.
• The Commonwealth Games 2026 will be the first international multi-sport event in which a national contingent will officially wear jute-based apparel.
• India will be represented by a 124-member contingent, comprising 78 male athletes and 46 female athletes, who will wear the special apparel during official ceremonies and team engagements.
• The Kit Unveiling and Send-off Ceremony was held in New Delhi on 7 July 2026.
• The ceremony was attended by Union Minister of Youth Affairs and Sports Dr. Mansukh Mandaviya, Union Minister of Textiles Giriraj Singh, Minister of State for Youth Affairs and Sports Raksha Khadse, and Indian Olympic Association (IOA) President P. T. Usha.
• The apparel was developed through a collaboration between the National Jute Board (NJB), Gloster Jute Mills, and the National Institute of Fashion Technology (NIFT).

About National Jute Board (NJB)

• Administrative Ministry: Ministry of Textiles
• Headquarters: Kolkata, West Bengal
• Established under the National Jute Board Act, 2008, the apex body under the Ministry of Textiles, Government of India, was enacted in Parliament on February 12, 2009, and formally constituted in April 2010
• Objective: To promote the production, marketing, export, diversification, and value addition of jute and jute products in India.

CURRENT AFFAIRS : OBITUARIES

Former Afghanistan Pace Bowler Shapoor Zadran Passed away at the Age of 38

• Shapoor Zadran, former Afghanistan fast bowler and one of the pioneers of Afghanistan’s rise in international cricket, passed away at the age of 38 in New Delhi, Delhi.

About Shapoor Zadran :

• He was born on 8 July 1987 in Paktia Province, Afghanistan.
• Shapoor Zadran was known for his left-arm pace and played a crucial role in Afghanistan’s early international cricket journey.
• He represented Afghanistan in 44 One Day Internationals (ODIs) and 36 Twenty20 Internationals (T20Is) between 2009 and 2020.
• He claimed a total of 80 international wickets across ODIs and T20Is.
• He recorded career-best bowling figures of 4/24 on his ODI debut against the Netherlands in 2009.
• He took 10 wickets during the 2015 ICC Cricket World Cup.
• He scored the winning runs against Scotland to secure Afghanistan’s first-ever ICC Cricket World Cup victory.
• Shapoor Zadran played a significant role in establishing Afghanistan as a regular participant in both the ICC Cricket World Cup and the ICC Men’s T20 World Cup.

Former U.S. Federal Reserve Chairman Alan Greenspan Passed Away at 99

• Alan Greenspan, former Chairman of the U.S. Federal Reserve (Fed), passed away at the age of 99 in Washington, D.C., USA.
• Alan Greenspan served as the Chairman of the U.S. Federal Reserve from 1987 to 2006, making him one of the longest-serving central bank chiefs in U.S. history.
• He was popularly known as the "Fed Wizard" for his significant influence on S. monetary policy and global financial markets.
• During his tenure, he guided the American economy through major events including the 1987 Stock Market Crash, the Dot-com Boom, and the September 11 (9/11) terrorist attacks.
• Before becoming Federal Reserve Chairman, he served as Chairman of the U.S. Council of Economic Advisers under President Gerald Ford.
• President Ronald Reagan appointed Alan Greenspan as the Chairman of the Federal Reserve in 1987.
• He authored the book "The Age of Turbulence: Adventures in a New World" (2007), focusing on global economic developments, financial markets, and public policy.
• Alan Greenspan is remembered for his major contributions to economic policymaking, while the 2008 Global Financial Crisis also highlighted important lessons regarding financial regulation and systemic risk.

Daily CA One- Liner: July 10

• The Employees' Provident Fund Organisation (EPFO) launched the upgraded Centralised IT Enabled Services (CITES 2.01) platform, marking the largest digital transformation in the organisation's history.
• The Ministry of Environment, Forest and Climate Change (MoEFCC) has notified the Natural History Museum (NHM), Mizoram University, Aizawl, as India's 21st Designated Repository under Section 39 of the Biological Diversity Act, 2002
• The Ministry of Finance has extended two additional life cycle investment options under the National Pension System (NPS) to employees of Central Autonomous Bodies (CABs) covered under the scheme
• The Ministry of Tribal Affairs launched TribeX, India's first dedicated digital learning platform for tribal arts, culture, languages, and traditional knowledge
• The Ministry of Statistics and Programme Implementation (MoSPI) released the report of the Technical Advisory Committee on the Index of Services Production (ISP), marking a significant step towards strengthening India's economic statistics
• Garuda Aerospace, a Chennai-based drone technology company, signed a Memorandum of Understanding (MoU) with Micron Instruments, a manufacturer of precision fuzes, defence ammunition systems, and critical military components
• The States of Madhya Pradesh, Gujarat, Rajasthan, and Maharashtra signed a payment agreement in New Delhi to resolve long-pending financial issues related to the Narmada Project
• Indian athletes and officials will wear jute-viscose blended apparel during the Commonwealth Games 2026 to be held in Glasgow, Scotland, from 23 July to 2 August 2026.
• The Department of Financial Services (DFS) under the Ministry of Finance (through its Banking and Insurance Divisions) receives more than 2.50 lakh grievances annually.
• Gujarat International Finance Tec-City (GIFT City), India’s International Financial Services Centre (IFSC), signed a Memorandum of Understanding (MoU) with the Vietnam International Financial Center–Da Nang (VIFC-DN) in New Delhi, Delhi.
• Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Limited (AEL), secured London Metal Exchange (LME) certification for its “Adani Copper” Grade A copper cathodes.
• NTPC Limited has incorporated a wholly owned subsidiary (WOS) named NTPC (Mauritius) Energy in Mauritius to strengthen its international presence and expand its clean energy portfolio.
• Union Minister of State (MoS) Kirti Vardhan Singh represented India at the inaugural United Nations (UN) Global Dialogue on Artificial Intelligence (AI) Governance held in Geneva, Switzerland, from 6–7 July 2026.
• The Reserve Bank of India (RBI) approved the appointment of Mahesh Muralidhar Pai as the Managing Director (MD) and Chief Executive Officer (CEO) of South Indian Bank (SIB).
• InsuranceDekho, an Insurtech platform, appointed former Indian cricket captain Sourav Ganguly as its Brand Ambassador.
• The Jawahar Institute of Mountaineering & Winter Sports (JIM & WS), Pahalgam successfully conducted a 22-member mountaineering expedition to the Mt Khyam Tso Massif in the Rumtse Phu region, Ladakh.
• The Indian Space Research Organisation (ISRO) successfully conducted the Flight Acceptance Hot Test of the CE20 Cryogenic Engine for the LVM3-M7 (Launch Vehicle Mark-3 Mission-7).
• IBM unveiled the world's first sub-1 nanometre (0.7 nm / 7 angstrom) semiconductor chip technology, marking a major breakthrough in next-generation computing and semiconductor manufacturing.
• The Sub-Mission on Agricultural Mechanization (SMAM) was launched in 2014–15 as a Centrally Sponsored Scheme (CSS) under the Rashtriya Krishi Vikas Yojana (RKVY) to promote farm mechanization across India.
• Shapoor Zadran, former Afghanistan fast bowler and one of the pioneers of Afghanistan’s rise in international cricket, passed away at the age of 38 in New Delhi, Delhi.
• Alan Greenspan, former Chairman of the U.S. Federal Reserve (Fed), passed away at the age of 99 in Washington, D.C., USA.