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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India and European Central Bank Sign Memorandum of Understanding to Strengthen Mutual Cooperation in Central Banking

• The Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra and European Central Bank (ECB) President Christine Lagarde signed a Memorandum of Understanding (MoU) to strengthen cooperation in the field of central banking.
• The MoU was signed on the sidelines of the Bank for International Settlements (BIS) meetings held in Basel, Switzerland.
• The newly signed MoU updates and replaces the earlier RBI-ECB agreement signed in 2015.
• The agreement establishes a framework for regular exchange of information, policy dialogue, and technical cooperation between RBI and ECB.
• The cooperation will focus on areas of mutual interest in central banking, including policy coordination and institutional collaboration.

Reserve Bank of India Imposes ₹31.80 Lakh Penalty on Yes Bank for Know Your Customer Non-Compliance

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹31.80 lakh on Yes Bank Limited for non-compliance with Know Your Customer (KYC)
• RBI found that the bank failed to establish a system for using the KYC Identifier assigned by the Central KYC Records Registry (CKYCR) while opening account-based customer relationships.
• The penalty was imposed under the provisions of the Banking Regulation Act, 1949 following a Statutory Inspection for Supervisory Evaluation (ISE) based on the bank’s financial position as of March 31, 2025.
• RBI also imposed a monetary penalty of ₹1.80 lakh on Hinduja Housing Finance Limited for non-compliance with governance-related directions.
• The company failed to obtain prior written permission from RBI before a management change involving more than 30% change in directors (excluding independent directors).
• The penalty on Hinduja Housing Finance Limited was imposed under Section 52A of the National Housing Bank (NHB) Act, 1987.

Reserve Bank of India Makes Reporting of Offshore Rupee-Linked Derivative Transactions Mandatory for Banks

• The Reserve Bank of India (RBI) has introduced a new reporting framework to strengthen monitoring of offshore rupee-linked foreign exchange (FX) derivative transactions.
• Under the revised framework, all banks operating in India are required to report offshore foreign exchange derivative contracts involving the Indian Rupee (INR) to the RBI.
• Banks must submit detailed information related to counterparties, trade structures, settlement patterns, and transaction-specific data to the trade repository of CCIL (Clearing Corporation of India Limited).
• To reduce the compliance burden, the RBI has exempted reporting of operational transactions with a notional value below USD 1 million.
• The RBI stated that the new framework aims to provide greater visibility into offshore rupee activities, which significantly influence the domestic foreign exchange market.
• The revised reporting system will cover both deliverable and non-deliverable foreign exchange derivative contracts.
• The implementation of the reporting framework will take place in a phased manner.
• Banks must ensure reporting of FX derivative transactions covering at least 70% of notional value by July 2027.
• The reporting coverage requirement will increase to 80% by January 2028.
• Banks will be required to achieve 100% reporting coverage by July 2028 under the new RBI framework.

Reserve Bank of India Levies ₹5 Lakh Penalty on Himachal Pradesh Gramin Bank for Regulatory Non-Compliance

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹5 lakh on Himachal Pradesh Gramin Bank, Mandi for violations related to deposit regulations and statutory compliance.
• The action was taken under powers conferred by Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
• The violations involved contravention of Section 26A read with Section 51(1) of the Banking Regulation Act and non-compliance with RBI directions on ‘Interest Rate on Deposits’.
• The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) based on the bank’s financial position as of March 31, 2025.
• RBI found that the bank failed to transfer eligible unclaimed deposits to the Depositor Education and Awareness Fund (DEAF) within the prescribed timeline.
• The bank also failed to pay interest on certain term deposits from the date of maturity until repayment, violating RBI deposit-related directions.

Reserve Bank of India Releases Final 2026 Directions on Capital Charge for Credit Risk under Standardised Approach, Effective from April 2027

• The Basel Committee on Banking Supervision (BCBS) issued the final Basel III framework titled “Basel III: Finalising post-crisis reforms” in December 2017 to ensure prudent and credible calculation of Risk-Weighted Assets (RWAs) for banks.
• The framework permits two major approaches for calculating risk-based capital requirements for credit risk: the Standardised Approach (SA) and the Internal Ratings Based (IRB) Approach.

Key Highlights :

• The Reserve Bank of India (RBI) has decided to implement the Standardised Approach (SA) for assessing credit risk for banks under its jurisdiction.
• The revised RBI directions titled “Capital Charge for Credit Risk – Standardised Approach” will come into effect from April 1, 2027.
• The directions apply to the banking book exposures of all commercial banks, including State Bank of India (SBI) and corresponding new banks, but exclude Small Finance Banks, Payments Banks, and Local Area Banks.
• Under the Standardised Approach (SA), banking exposures will be assigned risk weights either on the basis of prescribed exposure categories or ratings provided by eligible External Credit Rating Agencies (ECRAs).
• The framework covers a wide range of exposures including sovereigns, banks, corporates, MSMEs, retail portfolios, real estate exposures, and off-balance sheet items.
• Both fund-based and non-fund-based retail exposures can qualify for the regulatory retail portfolio and attract a lower 75% risk weight, subject to diversification norms and a borrower exposure cap of ₹10 crore.
• RBI expanded the regulatory retail framework to include all MSMEs with turnover up to ₹500 crore on a standalone or group basis.
• The exposure limit for qualifying retail exposures has been increased from ₹7.5 crore to ₹10 crore following recommendations of the Internal Financial Regulations and Credit Rating Committee (IFRRC).
• With the revised norms, more retail and small business loans such as home loans, education loans, term loans, and small business credit will qualify for the favourable 75% risk weight
• Unsecured personal loans and revolving credit card balances will continue to attract a higher 125% risk weight under the revised capital framework.
• Eligible unrated MSMEs meeting retail criteria will attract a lower 75% risk weight, while other eligible unrated MSMEs will attract 85% risk weight, encouraging greater bank lending to the MSME sector.
• Residential real estate exposures will generally attract a 100% risk weight, whereas commercial real estate exposures will attract a higher 150% risk weight.
• Under RBI’s revised housing loan norms, loans for up to two houses will attract lower risk weights ranging between 20% and 40%, depending on the Loan-to-Value (LTV)
• From the third housing loan onward, higher risk weights ranging from 30% to 60% will apply, with an additional 5 percentage points for total outstanding loans of ₹3 crore or more.
• RBI has prescribed a stringent 150% risk weight for housing projects breaching the prescribed project completion timelines.
• RBI increased the threshold for applying a higher 150% risk weight on unrated corporate and NBFC exposures from the earlier draft proposal of ₹200 crore to ₹500 crore.
• For bank exposures, RBI discontinued the proposed SCRA-based grading framework and instead prescribed uniform risk weights of 100% for long-term exposures and 50% for short-term exposures.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

India’s Steel Sector Emerges as Key Growth Driver with Focus on Self-Reliance and Green Transition

• India’s steel sector is recognised as a “sunrise sector” and has been the second-largest steel producer in the world since 2018.
• India is also the second-largest consumer of finished steel, with consumption rising from 77 million tonnes in 2014–15 to 163.7 million tonnes in 2025–26.
• India’s share in global crude steel production increased from 5.2 percent in 2014 to 7.9 percent in 2024.
• Steel consumption growth is driven by infrastructure development, urbanisation, manufacturing expansion, and rising domestic demand.
• Crude steel production increased to 168.4 million tonnes in 2025–26, reflecting strong sectoral growth.
• India has achieved around 66 percent of the National Steel Policy 2017 production target.
• The Government aims to achieve 500 million tonnes steel production capacity by 2047.
• Steel production showed 9.1 percent growth in Financial Year 2025–26, indicating strong demand and output expansion.
• Finished steel production reached 160.9 million tonnes, while consumption stood at 163.7 million tonnes in 2025–26.
• Key steel forms include crude steel, finished steel, hot metal, pig iron, and sponge iron.
• India’s steel trade performance improved with exports rising by 29.1 percent in March 2026 and imports declining by 9.5 percent.
• Finished steel exports increased by 35.80 percent, while imports declined by 46.47 percent in 2025–26.
• Major export destinations include Vietnam, Belgium, and Taiwan, accounting for over 50 percent of exports.
• The Production Linked Incentive Scheme for Specialty Steel aims to boost domestic manufacturing and value addition.
• The scheme has resulted in ₹23,022 crore investment, 2.4 million tonnes production, and over 13,000 jobs created.
• Total commitment under Production Linked Incentive Scheme rounds stands at ₹44,106 crore investment and 33,460 direct jobs.
• The scheme offers 4 percent to 15 percent incentives for five years to promote specialty steel production.
• The Government introduced Domestically Manufactured Iron and Steel Products Policy to promote local procurement and reduce imports.
• The “melt and pour rule” ensures steel is fully manufactured in India, strengthening self-reliance.
• Basic Customs Duty on key raw materials such as ferro nickel and molybdenum ores reduced to zero.
• Steel Scrap Recycling Policy, 2019 promotes domestic scrap availability and reduces import dependency.
• Quality Control Orders ensure only Bureau of Indian Standards compliant steel is used, improving quality standards.
• Mission Coking Coal aims to increase domestic production to 140 million tonnes by 2029–30.
• A 12 percent safeguard duty imposed on select steel products to protect domestic industry.
• The Government allows 100 percent Foreign Direct Investment under automatic route, attracting ₹1,60,000 crore investment in metallurgical industries.
• Foreign Direct Investment inflows increased by 120 percent between 2014 and 2024.
• The sector is aligned with Atmanirbhar Bharat and Viksit Bharat 2047 vision, focusing on domestic capacity and global competitiveness.
• India is committed to net zero carbon emission by 2070 and decarbonisation of the steel sector.
• Green steel aims to eliminate fossil fuel use and reduce carbon footprint.
• India introduced the Green Steel Taxonomy in 2024, defining emission limits for green steel production.
• As of March 2026, 89 steel units received green steel certification covering 12.34 million tonnes production.
• Key decarbonisation initiatives include Green Hydrogen usage, Carbon Capture Utilisation and Storage technology, renewable energy adoption, and circular economy practices.
• The Government allocated ₹20,000 crore for Carbon Capture Utilisation and Storage technologies in Union Budget 2026–27.
• National Green Hydrogen Mission supports pilot projects for hydrogen-based steel production.
• The sector is adopting advanced technologies, Artificial Intelligence integration, and global best practices to improve efficiency and sustainability.
• The steel sector continues to strengthen capacity, competitiveness, exports, and sustainability, supporting India’s long-term economic growth.

RECENT NEWS

• India’s eight core industries recorded a 4% growth in January 2026, down from a revised 4.7% in December 2025, according to data released under the Index of Core Industries (ICI) by the Commerce and Industry Ministry. The slowdown was broad-based, with most sectors showing sequential moderation. 

India Aircraft Leasing and Financing Summit 2.0 Held at Gujarat International Finance Tec-City to Boost Aviation Financing Ecosystem

• The India Aircraft Leasing and Financing Summit 2.0 was organised at Gujarat International Finance Tec-City, Gandhinagar, Gujarat.
• The summit was jointly organised by the Ministry of Civil Aviation, Government of India, International Financial Services Centres Authority, and Federation of Indian Chambers of Commerce and Industry.
• The event was presided over by Union Minister of Civil Aviation Kinjarapu Rammohan Naidu, with Chief Minister of Gujarat Bhupendra Patel as Chief Guest.
• The summit focused on strengthening Gujarat International Finance Tec-City International Financial Services Centre as a global hub for aircraft leasing and aviation finance.
• India’s commercial aircraft fleet is projected to reach 1,100 aircraft by 2027 and over 2,250 aircraft by 2035.
• Indian airlines currently have outstanding orders of 1,640 aircraft, creating a 50 billion United States dollar opportunity for the leasing ecosystem.
• The Protection of Interests in Aircraft Objects Act, 2025 was highlighted as a landmark reform aligned with the Cape Town Convention, improving legal certainty for lessors.
• The Government has also established a High-Level Stakeholder Committee for aircraft leasing to strengthen the sector.
• Key policy support includes capping Aviation Turbine Fuel price increases at 25 percent, reducing landing and parking charges by 25 percent, and launching a Credit Line Guarantee Scheme worth ₹5,000 crore for airlines.
• International Financial Services Centres Authority has introduced reforms such as tax holidays, single-window information technology system, Special Purpose Vehicle structures, and trust frameworks.
• The Government aims to channel long-term domestic capital from banks, insurance companies, pension funds, and infrastructure financing institutions into aviation financing.
• Air India plans to expand its leasing portfolio from over 50 aircraft to 76 aircraft by March 2027.
• InterGlobe Aviation Limited plans to expand its portfolio from around 75 aircraft to nearly 150 aircraft.
• Akasa Air established Akasa Air Leasing International Financial Services Centre Private Limited at Gujarat International Finance Tec-City, planning to lease around 60 aircraft over five years.
• Star Air established Ghodawat Aviation International Financial Services Centre Private Limited and plans to lease Embraer E190 aircraft and additional regional aircraft.
• Memorandum of Understanding signed between International Financial Services Centres Authority and Federation of Indian Chambers of Commerce and Industry to promote Gujarat International Finance Tec-City as a global aviation finance hub.

RECENT NEWS

• India’s IT giant Wipro has launched a new hub at GIFT City, Gandhinagar to deliver advanced AI powered services to global BFSI (Banking, Financial Services and Insurance) firms and clients. This strategic move strengthens India’s position as a global fintech and digital innovation hub while enhancing Wipro’s capabilities in AI-driven financial solutions.

Supreme Court Ruling Highlights Misuse Concerns in Section 498A of Indian Penal Code

• A recent Supreme Court of India judgment in a dowry harassment case has brought renewed focus on Section 498A of the Indian Penal Code.
• The Court allowed criminal proceedings against the husband to continue, while quashing the First Information Report against his family members due to general and non-specific allegations.
• The ruling highlights the need to balance protection for women with the risk of false implication of family members.
• Section 498A of the Indian Penal Code was introduced in 1983 to protect married women from cruelty, harassment, and dowry-related abuse.
• Under this provision, cruelty by husband or his relatives is a criminal offence, enabling registration of a First Information Report and initiation of legal proceedings.
• The law was enacted to address serious social issues such as dowry harassment, domestic violence, emotional abuse, and financial pressure after marriage.
• Over the years, concerns have been raised regarding the misuse of Section 498A, particularly involving implication of extended family members without specific evidence.
• The Supreme Court of India has repeatedly emphasized that vague, general, or exaggerated allegations should not lead to criminal prosecution.
• The judgment reinforces the principle that legal action must be based on clear, specific, and individual allegations.
• The case underscores the ongoing judicial effort to ensure fairness while maintaining strong legal protection for women against domestic abuse.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Suvendu Adhikari Sworn in as West Bengal’s First BJP Chief Minister Along with Five Cabinet Ministers

• Suvendu Adhikari took oath as the 9th Chief Minister of West Bengal, leading the first-ever Bharatiya Janata Party (BJP) government in the state.
• He became the second Chief Minister from Midnapore after Ajoy Mukherjee.
• The oath of office and secrecy was administered by Governor R. N. Ravi at a grand ceremony held at the Brigade Parade Grounds, Kolkata.
• Along with the Chief Minister, five Cabinet Ministers also took oath in the presence of the Governor.
• The Cabinet Ministers include Dilip Ghosh, Agnimitra Paul, Ashok Kirtania, Nisith Pramanik, and Kshudiram Tudu.
• The ceremony was attended by top leaders including Prime Minister Narendra Modi, Union Home Minister Amit Shah, Defence Minister Rajnath Singh, and leaders of NDA and BJP-ruled states.
• Suvendu Adhikari previously defeated TMC leader Mamata Banerjee in the Bhabanipur Assembly constituency by more than 15,000 votes.
• He also won the Nandigram Assembly seat for the third consecutive time, having earlier won in 2016 and 2021.
• In the 2026 West Bengal Assembly elections, the Bharatiya Janata Party (BJP) secured 207 seats, forming the government.
• The Trinamool Congress (TMC) won 80 seats after ruling the state for 15 years.
• The newly elected MLAs of the West Bengal Legislative Assembly will take oath on 13 May at the Bidhansabha.

About West Bengal:

• Governor: R. N. Ravi
• Capital: Kolkata
• National Parks: Sundarbans National Park, Jaldapara National Park, Buxa National Park, Gorumara National Park, Neora Valley National Park
• Wildlife Sanctuaries: Sajnekhali Wildlife Sanctuary, Bibhutibhushan Wildlife Sanctuary, Bethuadahari Wildlife Sanctuary, Ballavpur Wildlife Sanctuary, Haliday Island Wildlife Sanctuary

Lieutenant General NS Raja Subramani (Retd) appointed as India’s Chief of Defence Staff

• The Government has appointed Lieutenant General NS Raja Subramani, PVSM, AVSM, SM, VSM (Retd) as the Chief of Defence Staff (CDS) and also as Secretary, Department of Military Affairs, effective from the date of assumption of charge until further orders.
• The outgoing CDS Anil Chauhan will complete his tenure on 30 May 2026, marking a formal leadership transition in the Indian Armed Forces.

About Lt Gen NS Raja Subramani :

• Lt Gen NS Raja Subramani is currently serving as Military Adviser, National Security Council Secretariat since 01 September 2025.
• Earlier, he served as Vice Chief of the Army Staff (July 2024–July 2025) and as General Officer Commanding-in-Chief, Central Command (March 2023–June 2024).
• He was commissioned into the 8th Battalion, Garhwal Rifles on 14 December 1985 and is a graduate of the National Defence Academy (NDA) and Indian Military Academy (IMA).
• He has commanded key formations including 16 Garhwal Rifles (Operation Rhino, Assam), 168 Infantry Brigade (J&K), and 17 Mountain Division (Central Sector) in challenging operational conditions.
• He also commanded the prestigious 2 Corps, the Indian Army’s premier strike corps on the Western Front, highlighting his strategic leadership role.
• His staff and instructional appointments include roles such as Divisional Officer (NDA), Chief Instructor (Defence Services Staff College, Wellington), and positions in Eastern Command, Northern Command, Military Intelligence, and Army Headquarters.
• He has served as Defence Attaché in Kazakhstan, Deputy Director General of Military Intelligence, and Deputy Commander of Rashtriya Rifles Sector in Jammu & Kashmir.
• He has been awarded the Param Vishisht Seva Medal, Ati Vishisht Seva Medal, Sena Medal, and Vishisht Seva Medal for his distinguished and exemplary service.

Laura Virginia Fernández Delgado Takes Oath as Costa Rica’s New President

• Laura Virginia Fernández Delgado, aged 39, was sworn in as the 50th President of Costa Rica at the National Stadium in San José, Costa Rica.
• She will serve a four-year term from 2026 to 2030, succeeding former President Rodrigo Chaves Robles.
• Her political party, the right-wing Sovereign People’s Party (PPSO), secured an absolute majority in the legislature by winning 31 out of 57 seats in the February 2026 elections.
• Laura Fernández Delgado became the second woman President of Costa Rica after Laura Chinchilla Miranda, who served from 2010 to 2014.
• She served as Minister of National Planning and Economic Policy from 2022 to 2025.
• She also held the position of Minister of the Presidency from 2024 to 2025.
• From 2008 to 2010, she worked as a consultant for the State Reform Program of the Ministry of National Planning and Economic Policy under the German Agency for Technical Cooperation (GIZ).

About Costa Rica :

• Capital : San José
• Currency : Costa Rican colón

CURRENT AFFAIRS : DEFENCE NEWS

India and Australia Hold 10th Defence Policy Talks in New Delhi

• The 10th edition of Defence Policy Talks between India and Australia was held in New Delhi.
• The Indian delegation was led by Amitabh Prasad, while the Australian delegation was headed by Bernard Philip.
• Both sides reaffirmed their commitment to the India-Australia Comprehensive Strategic Partnership.
• The establishment of the annual India-Australia Defence Ministers’ Dialogue in 2025 was highlighted as a major step in strengthening defence consultations and mutual trust.
• Both countries agreed to deepen interoperability across all domains, including enhanced coordination with regional partners.
• The discussions covered important training exchange programmes such as the Gen Bipin Rawat Memorial Young Officers Exchange Programme.
• Military training exchanges between the Indian Military Academy and the Royal Military College Duntroon were also reviewed.
• These exchanges help strengthen mutual trust, people-to-people connections, and understanding of regional and global perspectives.
• They welcomed initiatives such as the first India-Australia Defence Industry Roundtable held in Sydney in 2025.
• The talks also highlighted Australia’s first defence trade mission to India in 2025 and the defence industry strategic roundtable during Raisina Dialogue 2026 in New Delhi.

About Australia :

• Prime Minister : Anthony Albanese
• Capital : Canberra
• Currency : Australian dollar ($)

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Dr Jitendra Singh Reviews Department of Science & Technology-Supported Interdisciplinary Facility “SATHI” at BHU, Varanasi

• Union Minister Dr. Jitendra Singh visited Banaras Hindu University (BHU) and reviewed the Sophisticated Analytical & Technical Help Institute (SATHI) established with support from the Department of Science & Technology (DST), Government of India.

Key Highlights :

• DST is expanding scientific infrastructure and research support systems across universities and higher educational institutions to democratise access to advanced technology, innovation, and research facilities in India.
• Jitendra Singh highlighted that initiatives such as SATHI, FIST, and ARRF-linked research support mechanisms are strengthening the ecosystem for research, innovation, start-ups, MSMEs, and industry-academia collaboration.
• The outreach programmes of DST are promoting scientific temper, innovation-driven learning, and emerging technology capabilities by connecting institutions with advanced laboratories and research programmes.
• SATHI-BHU was established with financial support of nearly ₹72 crore from DST as a national-level shared scientific infrastructure facility for academia, industries, research institutions, MSMEs, and start-ups.
• The facility functions through a Section 8 company model within the university ecosystem and has evolved into a major multidisciplinary analytical and research support centre.
• SATHI-BHU houses advanced facilities such as Super Resolution Confocal Microscopy with Live Cell Imaging, advanced NMR spectroscopy systems, High Resolution Accurate Mass Spectrometry, clean room facilities, electrochemical workstations, chromatography platforms, and isotope analysis systems.
• These facilities support research in sectors including life sciences, pharmaceuticals, healthcare, semiconductors, biotechnology, environmental sciences, food sciences, and advanced materials.
• Since becoming operational, SATHI-BHU has served nearly 1,100 users, processed over 30,000 samples, and trained around 1,000 researchers and stakeholders.
• Around 60 short-term training programmes have been conducted by the centre for capacity building and user sensitisation.
• The facility has contributed to high-impact research publications, patents, and collaborative partnerships with national laboratories and industrial stakeholders, strengthening the linkage between science, innovation, and economic growth.

CSIR-Indian Institute of Integrative Medicine Jammu and Jammu and Kashmir Entrepreneurship Development Institute Sign Memorandum of Understanding to Strengthen Startup Ecosystem in Jammu and Kashmir

• The CSIR-Indian Institute of Integrative Medicine (CSIR-IIIM), Jammu, through its Technology Business Incubator (IIIM-TBI), signed a Memorandum of Understanding (MoU) with the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) to strengthen the startup ecosystem in Jammu and Kashmir.

Key Highlights :

• The MoU aims to promote entrepreneurship, innovation, skill development, and startup incubation by leveraging the strengths of both institutions.
• It focuses on creating a collaborative framework for nurturing startups, capacity building, and market linkages.
• The partnership will support startup incubation, training programmes, mentorship, and investor connect
• A key component of the agreement includes preparing a detailed action plan with a structured activity calendar and defined responsibilities.
• A comprehensive white paper will be developed outlining sectoral focus areas, startup intake, and implementation strategies.
• The collaboration will involve roundtable meetings and stakeholder consultations to identify market demand and training requirements.
• Startups will be selected based on sector-specific requirements and provided with customized training, mentorship, and incubation support.
• The collaboration also covers research exchange, capacity building, and technical training programmes.
• Focus areas include biotechnology, fermentation, and food processing, which are expected to create new startup opportunities.

Union Minister Dr. Jitendra Singh Inaugurates Buyer–Seller Meet at CSIR Innovation Complex, Mumbai

• Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, Earth Sciences, PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, inaugurated a Buyer–Seller Meet organized by CSIR-Indian Institute of Integrative Medicine (CSIR-IIIM) at CSIR Innovation Complex, Mumbai as a prelude to Lavender Festival 2026.
• The event focused on strengthening market linkages and building a sustainable lavender-based enterprise ecosystem under the CSIR Aroma Mission and Purple Revolution in Jammu and Kashmir.
• The Aroma Industry–Farmer Meet brought together aroma and perfumery industries, scientists, startups, entrepreneurs, and lavender farmers, especially from the Bhaderwah region of Jammu & Kashmir.
• Jitendra Singh highlighted that the Aroma Mission has significantly boosted aromatic farming, rural livelihoods, and youth employment opportunities.
• He noted existing challenges in the sector such as inconsistent product quality, weak market linkages, and lack of industry-oriented guidance.
• The meet aimed to bridge gaps between farmers and industry stakeholders to ensure better integration of production and market demand.
• Major industry participants included companies such as Kelkar Group, Ajmal Perfumes, BBK Specialities, Nishant Aroma, Expo Essential Oils, and others.
• The platform enables farmers and startups to interact directly with the fragrance and perfumery industry, improving value chain integration.
• It focuses on promoting quality improvement, contract farming, essential oil extraction, value addition, and entrepreneurship development.
• The initiative supports the development of sustainable aroma-based value chains with assured market linkages.
• CSIR-IIIM has played a key role in promoting lavender cultivation and aromatic crops in Jammu & Kashmir through scientific interventions, training, and distillation technologies.
• The programme aligns with the vision of connecting science with rural livelihoods and entrepreneurship under national innovation initiatives.
• The event also discussed global market opportunities, startup support schemes, and government initiatives in the aroma sector.

Union Minister Dr. Jitendra Singh reviews preparations for Swachh Sagar, Surakshit Sagar campaign and India International Science Festival, stresses coordination and public participation

• Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences Jitendra Singh chaired a high-level review meeting on preparations for the “Swachh Sagar, Surakshit Sagar (SSSS)” campaign and the upcoming India International Science Festival, emphasizing coordination and public participation.

Key Highlights :

• The Swachh Sagar Surakshit Sagar 2026 edition will be conducted from 12–19 September 2026, culminating on International Coastal Cleanup Day, as a nationwide coastal cleanliness movement.
• The campaign will cover India’s 11,098 km coastline with participation from Central and State Ministries, scientific institutions, district administrations, youth organizations, and local communities, promoting marine ecological protection.
• Stakeholders present included officials from the Ministry of Earth Sciences, Indian Coast Guard, Seema Jagran Manch, VIBHA, and other organizations, highlighting a multi-agency collaborative approach.
• The review highlighted the role of the Sagar App, a citizen-science platform, which has documented more than 150 tonnes of marine litter, strengthening data-driven coastal management.
• The campaign is aligned with the PRITHVI scheme, integrating scientific monitoring with public participation for marine pollution control, seawater quality assessment, and coastal hazard mitigation.
• It also supports India’s vision of a sustainable Blue Economy, focusing on environmental conservation and community-driven stewardship.
• Originally launched in 2022, the SSSS campaign has evolved into a nationwide annual coastal cleanup initiative involving government bodies, NGOs, students, and volunteers.
• The Minister also reviewed preparations for the India International Science Festival (IISF) to be held in Pune, aimed at boosting participation of scientists, innovators, students, and young researchers.

Bureau of Indian Standards hosts international meeting on space systems standards in New Delhi for ISO/TC 20/SC 14 for the first time in India

• The Bureau of Indian Standards (BIS) under the Department of Consumer Affairs, Ministry of Consumer Affairs, Food & Public Distribution organised the 35th Plenary and Working Group meetings of ISO/TC 20/SC 14 (Space Systems and Operations) for the first time in India.
• The event was held at Bharat Mandapam, New Delhi (Delhi) from May 4–8, 2026.
• Around 131 international delegates from 13 countries participated, including representatives from National Standards Bodies, ISRO, space agencies, industry, and academia.
• The meeting focused on developing global standards for space systems and operations under the International Organization for Standardization (ISO)
• The hosting highlights India’s growing role in the global space sector, supported by achievements of the Indian Space Research Organisation (ISRO) and reforms under IN-SPACe (Indian National Space Promotion and Authorisation Centre).
• The ISO/TC 20/SC 14 committee is responsible for setting international standards covering space system design, production, launch, operations, and space-based services.
• These standards ensure safety, interoperability, sustainability, and reliability in global space activities.
• The event reflects the rapid expansion of India’s space sector driven by policy reforms and private sector participation.
• It emphasizes the importance of standardization in promoting innovation, quality assurance, safety, and global competitiveness in the space industry.

Recent News :

• In May 2026, The Bureau of Indian Standards (BIS), under the Department of Consumer Affairs (DCA), Ministry of Consumer Affairs, Food and Public Distribution (MoCAF&PD), has published six new Indian Standards for priority medical assistive technologies under the National List of Essential Assistive Products (NLEAP) framework

CURRENT AFFAIRS: SPORTS NEWS

Faustino Oro Becomes Second Youngest Grandmaster in Chess History

• Faustino Oro, an Argentine chess prodigy, became the second youngest Grandmaster in chess history at the age of 12 years, 6 months, and 26 days.
• He achieved this milestone by securing his final Grandmaster norm at the Sardinia World Chess Festival 2026 in Italy.
• The Grandmaster title is the highest title awarded by the International Chess Federation, the global governing body of chess.
• Faustino Oro is now behind only Abhimanyu Mishra, who became the youngest Grandmaster in 2021 at 12 years, 4 months, and 25 days.
• Only seven players in history have achieved the Grandmaster title before the age of 13 years, highlighting the rarity of this achievement.
• The list includes Abhimanyu Mishra, Sergey Karjakin, Dommaraju Gukesh, Yagiz Kaan Erdogmus, Javokhir Sindarov, Rameshbabu Praggnanandhaa, and Faustino Oro.
• Faustino Oro is popularly known as the “Messi of Chess”, inspired by football legend Lionel Messi, due to his Argentine origin and exceptional early success.
• He gained global recognition in 2024 after defeating five-time world champion Magnus Carlsen in an online game at the age of 10 years.
• Despite online games being different from classical formats, the victory drew worldwide attention to his talent.
• Earlier in 2026, he narrowly missed becoming the youngest Grandmaster during the Aeroflot Open in Moscow, where he was defeated in the final round by Aleksey Grebnev, delaying the record.

RECENT NEWS

• Delhi-based Aaryan Varshney achieved a major career milestone by earning the prestigious GM title at an international tournament in Armenia. 

India’s Women’s Recurve Archery Team Wins Gold at Archery World Cup Stage 2 in Shanghai

• India’s women’s recurve archery team won a historic gold medal at the Archery World Cup Stage 2 held in Shanghai, People’s Republic of China.
• The Indian team comprising Deepika Kumari, Ankita Bhakat, and Kumkum Mohod defeated the host nation People’s Republic of China in a tense shoot-off final.
• The victory marks India’s first gold medal at the Archery World Cup since 2021.
• The final match remained highly competitive, with both teams tied after four sets, leading to a shoot-off decider.
• India won the shoot-off by 28-26 to secure a 5-4 victory.
• Deepika Kumari sealed the win with a crucial final arrow scoring nine points.
• Earlier, India defeated Republic of Korea in the semi-final, registering a major upset.
• Republic of Korea is the most dominant nation in Olympic archery history, with multiple Olympic Games and World Championship titles.
• The victory highlights the growing strength and global competitiveness of India’s women’s recurve archery team.

CURRENT AFFAIRS: IMPORTANT DAYS

International Nurses Day 2026 Observed on May 12 to Honour Contribution of Nurses

• International Nurses Day is observed every year on 12 May to recognise the contribution of nurses to society and healthcare systems.
• The day commemorates the birth anniversary of Florence Nightingale, the pioneer of modern nursing.
• The International Council of Nurses announced the theme for 2026 as “Our Nurses. Our Future. Empowered Nurses Save Lives.”
• The International Council of Nurses leads global celebrations to highlight the importance of nurses in healthcare delivery.
• The idea of celebrating Nurses Day was proposed in 1953 by Dorothy Sutherland of the United States Department of Health, Education, and Welfare to President Dwight David Eisenhower.
• Since 1965, the International Council of Nurses has been observing this day annually.
• In 1974, 12 May was officially designated as International Nurses Day.
• On this occasion, the International Council of Nurses distributes a Nurses Day kit to spread awareness about the role and significance of nurses.
• The observance highlights the critical role of nurses in saving lives and strengthening healthcare systems globally.
• In Bangladesh, the number of nurses is approximately half the number of doctors, indicating challenges in healthcare workforce distribution.

Daily CA One- Liner: May 12

• India’s steel sector is recognised as a “sunrise sector” and has been the second-largest steel producer in the world since 2018
• The India Aircraft Leasing and Financing Summit 2.0 was organised at Gujarat International Finance Tec-City, Gandhinagar, Gujarat
• A recent Supreme Court of India judgment in a dowry harassment case has brought renewed focus on Section 498A of the Indian Penal Code
• Faustino Oro, an Argentine chess prodigy, became the second youngest Grandmaster in chess history at the age of 12 years, 6 months, and 26 days
• India’s women’s recurve archery team won a historic gold medal at the Archery World Cup Stage 2 held in Shanghai, People’s Republic of China.
• The Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra and European Central Bank (ECB) President Christine Lagarde signed a Memorandum of Understanding (MoU) to strengthen cooperation in the field of central banking.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹31.80 lakh on Yes Bank Limited for non-compliance with Know Your Customer (KYC)
• The Reserve Bank of India (RBI) has introduced a new reporting framework to strengthen monitoring of offshore rupee-linked foreign exchange (FX) derivative transactions.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹5 lakh on Himachal Pradesh Gramin Bank, Mandi for violations related to deposit regulations and statutory compliance.
• The Basel Committee on Banking Supervision (BCBS) issued the final Basel III framework titled “Basel III: Finalising post-crisis reforms” in December 2017 to ensure prudent and credible calculation of Risk-Weighted Assets (RWAs) for banks.
• Suvendu Adhikari took oath as the 9th Chief Minister of West Bengal, leading the first-ever Bharatiya Janata Party (BJP) government in the state.
• The Government has appointed Lieutenant General NS Raja Subramani, PVSM, AVSM, SM, VSM (Retd) as the Chief of Defence Staff (CDS) and also as Secretary, Department of Military Affairs, effective from the date of assumption of charge until further orders.
• Laura Virginia Fernández Delgado, aged 39, was sworn in as the 50th President of Costa Rica at the National Stadium in San José, Costa Rica.
• The 10th edition of Defence Policy Talks between India and Australia was held in New Delhi.
• Union Minister Dr. Jitendra Singh visited Banaras Hindu University (BHU) and reviewed the Sophisticated Analytical & Technical Help Institute (SATHI) established with support from the Department of Science & Technology (DST), Government of India.
• The CSIR-Indian Institute of Integrative Medicine (CSIR-IIIM), Jammu, through its Technology Business Incubator (IIIM-TBI), signed a Memorandum of Understanding (MoU) with the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) to strengthen the startup ecosystem in Jammu and Kashmir.
• Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, Earth Sciences, PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, inaugurated a Buyer–Seller Meet organized by CSIR-Indian Institute of Integrative Medicine (CSIR-IIIM) at CSIR Innovation Complex, Mumbai as a prelude to Lavender Festival 2026.
• Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences Jitendra Singh chaired a high-level review meeting on preparations for the “Swachh Sagar, Surakshit Sagar (SSSS)” campaign and the upcoming India International Science Festival, emphasizing coordination and public participation.
• The Bureau of Indian Standards (BIS) under the Department of Consumer Affairs, Ministry of Consumer Affairs, Food & Public Distribution organised the 35th Plenary and Working Group meetings of ISO/TC 20/SC 14 (Space Systems and Operations) for the first time in India.
• International Nurses Day is observed every year on 12 May to recognise the contribution of nurses to society and healthcare systems