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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Launches Survey to Assess Consumer Expectations and Confidence for Monetary Policy Decisions

• The Reserve Bank of India (RBI) launched three surveys to assess inflation expectations, consumer confidence and consumer sentiment, providing important inputs for monetary-policy formulation ahead of the next bi-monthly monetary policy announcement on 7 October 2026.
• The September 2026 round of the Inflation Expectations Survey of Households (IESH) will capture households’ subjective assessments and expectations of price movements and inflation.
• The IESH will measure inflation expectations based on households’ individual consumption baskets and will cover 19 cities across India.
• The Urban Consumer Confidence Survey (UCCS) will collect qualitative responses from households regarding the general economic situation, employment conditions, price levels, household income and spending.
• The UCCS will be conducted across the same 19 cities covered under the IESH.
• The RBI has also introduced the Rural Consumer Confidence Survey (RCCS) to capture current perceptions and one-year-ahead expectations regarding the general economy, employment, prices, household income and spending.
• The RCCS will cover rural and semi-urban households across 31 States and Union Territories, expanding the RBI’s assessment of consumer sentiment beyond major urban centres.
• The 19 cities covered under the IESH and UCCS are Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi and Thiruvananthapuram.

PhonePe and Visa Partner to Build a Unified, Cardless and Borderless Digital Payment Ecosystem

• PhonePe and Visa partnered at the Global Fintech Fest 2026 to create a unified, cardless and borderless payment ecosystem covering online purchases, in-store transactions and overseas payments.
• The partnership introduced three key payment solutions — Tap to Pay, Cross Border Scan to Pay, and Smart Accept — to expand digital payment capabilities for consumers and merchants in India.
• PhonePe became the first Indian app to offer Visa’s Cross Border Scan to Pay capability for international transactions.
• PhonePe also became the first platform in India to enable Visa’s three core consumer payment capabilities: online device tokenisation, Tap to Pay and Cross Border Scan to Pay.
• The new solutions build on Visa Device Tokenisation, which was introduced on the PhonePe platform in February 2025.
• Tap to Pay will allow Android users to tokenise their Visa cards and make contactless payments directly through smartphones at Point-of-Sale (POS) terminals.
• Tap to Pay will support payments even in low-connectivity environments and will be rolled out in phases from 9 September 2026.
• Cross Border Scan to Pay will enable Indian travellers to scan Visa-supported QR codes and make payments across 14 international markets.
• The international markets include Singapore, Malaysia, Thailand, Vietnam, Indonesia, Sri Lanka, Japan, China and South Korea, among other participating markets.
• Cross Border Scan to Pay is designed to simplify overseas payments for Indian travellers by reducing currency-exchange friction and is expected to be rolled out to users soon.
• Unified Online Tokenisation is already integrated into PhonePe, providing a “save once, use everywhere” checkout experience across participating e-commerce merchants.
• Smart Accept will enable micro and small merchants to accept card payments directly through their smartphones without purchasing a separate POS machine.
• Under Smart Accept, customers can pay using physical cards or tokenised mobile wallets by tapping against the merchant’s smartphone.
• Smart Accept also integrates card payments into PhonePe’s existing QR dashboard, allowing merchants to manage card and QR transactions through a single interface.
• The integrated dashboard supports unified reconciliation and streamlined dispute resolution, simplifying payment management for merchants.

Jio Payments Solutions Launches Cross-Border Payment Services for Indian Exporters

• Jio Payment Solutions Limited (JPSL), a wholly owned subsidiary of Jio Financial Services, launched a cross-border payment platform on 9 September 2026 to help Indian exporters accept international payments from customers worldwide and improve their global competitiveness.
• The launch follows JPSL receiving Reserve Bank of India (RBI) authorisation to operate as a Payment Aggregator for Cross-Border (PA-CB) transactions covering permitted export and import payments.
• The platform enables domestic exporters to accept international payments through multi-currency virtual accounts, international cards and local payment rails.
• The platform supports preferred local payment options, allowing overseas customers to pay through familiar payment methods in their respective markets.
• The platform reduces the need for overseas buyers to directly navigate SWIFT or correspondent-banking systems, simplifying international payment collection.
• JPSL aims to address challenges faced by Indian businesses in collecting international payments, including multiple currencies, multiple payment partners, extensive paperwork and manual reconciliation.
• The platform combines global payment collection, compliance support and local payment options to simplify cross-border transactions for Indian businesses.
• The service is intended to benefit a wide range of globally operating Indian businesses, including online sellers, digital businesses, freelancers, creators and Software-as-a-Service (SaaS) companies.
• Through its multi-currency virtual accounts, JPSL enables businesses to manage international collections more efficiently across different markets.
• JPSL already operates as a Payment Aggregator for online and physical Point-of-Sale (PoS)
• With the launch of its cross-border payment services, JPSL now offers a broader payments suite for small, medium and large enterprises.
• The expanded payments suite covers digital commerce, physical retail and international e-commerce payments for permitted current-account transactions.

Reserve Bank of India Recognises Unified Fintech Forum as India’s Second Self-Regulatory Organisation for FinTech Sector

• The Reserve Bank of India (RBI) Governor Sanjay Malhotra announced the recognition of the Unified Fintech Forum (UFF) as the second Self-Regulatory Organisation for the FinTech sector (SRO-FT).
• UFF became the second fintech SRO, nearly two years after FACE (Fintech Association for Consumer Empowerment) was recognised as the first SRO-FT on 28 August 2024.
• The SRO-FT framework was finalised by the Reserve Bank of India (RBI) in May 2024 to promote responsible conduct, industry-wide standards, codes of conduct, compliance monitoring, and constructive engagement among fintech firms, regulators and policymakers.
• The recognition of UFF marks another step towards developing a more structured, responsible and well-regulated fintech ecosystem in India.
• UFF was earlier known as the Digital Lenders Association of India (DLAI), which was established in October 2016 and had been working towards industry self-regulation even before the RBI introduced the formal SRO-FT framework.
• An SRO-FT applicant can be any representative FinTech organisation, but its representative character must be demonstrated through actual membership.
• An SRO-FT applicant may also list FinTech entities that have expressed their intention to join the organisation in the future.
• An SRO-FT must be a not-for-profit Section 8 company with diversified shareholding, and no single entity can hold 10% or more of its paid-up capital.
• The Memorandum of Association (MoA) of an SRO-FT must identify SRO-FT operations as its primary objective.
• An SRO-FT must achieve a minimum net worth of ₹2 crore within one year of RBI recognition or before commencing SRO operations, whichever is earlier.

UTI Mutual Fund Launches “Investment UPI” to Enable UPI Payments While Keeping Funds Invested in Liquid Fund

• Multipl and UTI Mutual Fund launched “Investment UPI”, a new category that allows users to keep money invested in the UTI Liquid Fund while retaining instant access for UPI payments.
• Investment UPI combines investment, liquidity and payments within a single user experience, functioning as a new type of UPI-based spending account.
• The facility allows users to make UPI payments, pay bills and meet everyday expenses without manually redeeming their liquid-fund investment each time.
• Users can invest money earmarked for short-term expenses such as travel, shopping and household bills in eligible liquid mutual funds and access it when required.
• Payments can be completed through Multipl’s integrated UPI interface, with investment redemption and payment execution taking place within the same application.
• The initiative aims to encourage consumers to invest surplus money rather than keeping it entirely idle in conventional bank accounts.
• The product was initially piloted with more than 20,000 users, who collectively invested over ₹20 crore ($2.11 million) through the platform.
• During the pilot, users completed approximately ₹4 crore ($482,000) worth of UPI transactions.
• Based on the pilot’s performance, Multipl plans to scale the offering nearly 10 times over the next 6–12 months.
• Multipl is targeting around 2 lakh users and approximately ₹200 crore ($24.1 million) in investments after the planned expansion.
• Multipl has partnered with UTI Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund and HDFC Mutual Fund to provide access to eligible liquid mutual fund schemes.
• Multipl provides the consumer-facing spending account, technology layer and UPI experience as a Third-Party Application Provider (TPAP).
• NPCI (National Payments Corporation of India) provides the underlying UPI infrastructure for the service.
• The spending-account functionality is being extended to bill payments from 10 September 2026 through integration with the Bharat Bill Payment System (BBPS).
• Users will also be able to redeem investments to purchase gift cards from participating brands and access associated discounts.

NPCI International Payments Limited Partners with Singapore’s FOMO Pay to Enable Unified Payments Interface QR Payments for Merchants in Singapore

• NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has entered into a strategic partnership with FOMO Pay, a Singapore-headquartered payment institution, to enable Unified Payments Interface (UPI) QR code acceptance for merchants in Singapore.
• Resorts World Sentosa (RWS) has joined the initiative as one of the first merchant partners, enabling Indian tourists to make payments using UPI-enabled applications in Singapore.
• The initiative aims to expand the global acceptance of UPI, improve payment interoperability between India and Singapore, and strengthen India’s Digital Public Infrastructure (DPI)
• Under the payment arrangement, Indian tourists can make payments in Indian Rupees (INR) through their UPI applications, while participating Singapore merchants receive settlements in Singapore Dollars (SGD).
• The India–Singapore UPI linkage will facilitate seamless cross-border digital payments for Indian visitors in Singapore.

About NIPL :

• Incorporated : 3 April 2020 as a wholly owned subsidiary of NPCI.
• NIPL is responsible for the global deployment of UPI and RuPay payment systems.
• Headquarters : Mumbai, Maharashtra.

IDFC FIRST Bank and Sarvam AI Set Up Joint Research and Development Lab for Banking and AI Innovation

• IDFC FIRST Bank and Sarvam AI have announced the establishment of a joint Research and Development (R&D) Lab to combine banking expertise with AI research and engineering.
• The partnership aims to build a “self-improving bank” by developing AI systems that can understand banking processes, operate within regulatory and internal controls, learn from real-world outcomes and continuously improve.
• The initiative goes beyond simply deploying the latest AI models and focuses on developing AI capabilities specifically suited to banking and financial-services use cases.
• The joint R&D Lab will work across frontier AI research, post-training, AI safety and AI security, with a focus on applying these technologies within a regulated banking environment.
• The lab will combine IDFC FIRST Bank’s banking expertise with Sarvam AI’s AI research and engineering capabilities to test new AI models and techniques against real-world banking use cases.
• The partnership aims to enable the bank to adopt new AI models and capabilities while retaining what its systems learn about customers, processes, policies and decisions.
• Banking operations generate valuable learning signals through customer interactions, business decisions, human corrections, exceptions and eventual outcomes, which the lab will explore for continuous AI model improvement.
• The R&D Lab will develop infrastructure to evaluate and adapt AI models using banking tasks, human feedback and real-world outcomes.
• Sarvam AI described this approach as a “post-training factory”, which can convert production experience into a source of learning and make AI systems increasingly specific to the bank.
• The partnership will also focus on AI safety and security, including evaluation, governance and controls.
• As AI capabilities increase, the systems are intended to remain observable, auditable and controllable, which is particularly important in a regulated banking environment.
• The research programme will explore new Artificial Intelligence (AI) and Large Language Model (LLM) capabilities relevant to banking and financial services.

About IDFC FIRST Bank :

• It is an Indian private-sector bank headquartered in Mumbai and was founded in 2015 as a banking subsidiary of IDFC Limited.
• MD & CEO : V. Vaidyanathan

Insurance Regulatory and Development Authority of India Imposes ₹1 Crore Penalty on ICICI Lombard for Outsourcing and Governance Lapses

• Insurance Regulatory and Development Authority of India (IRDAI) imposed a ₹1 crore penalty on ICICI Lombard General Insurance Company Limited on 7 September 2026 for regulatory lapses related to outsourcing, vendor management, and corporate governance.
• The penalty was based on an onsite inspection conducted in September 2019, followed by show-cause notices issued on 8 July 2024 and 17 December 2024.
• The regulatory action mainly concerned payments made by ICICI Lombard under the “Sales Marketing and Business Support” expenditure head.
• IRDAI found that ICICI Lombard used agents of other insurers for event-management activities without maintaining adequate supporting documentation.
• The insurer failed to properly classify certain event-management services as outsourced activities, resulting in non-compliance with applicable outsourcing norms.
• IRDAI also found that certain expenses were not reported appropriately, highlighting deficiencies in the insurer’s vendor management and internal controls.
• The case involved violations related to the Outsourcing Regulations, 2017, which govern activities that insurance companies can assign to external service providers.
• The Corporate Governance Guidelines, 2016 prescribe standards relating to board oversight, internal controls, disclosures, and accountability for insurance companies.
• IRDAI is the statutory regulator of the insurance sector in India under the Insurance Regulatory and Development Authority Act, 1999.
• IRDAI regulates insurers, insurance intermediaries, and related entities and establishes norms concerning solvency, conduct, governance, and outsourcing practices.
• ICICI Lombard General Insurance Company Limited is an Indian private-sector general insurance company and one of the largest private-sector non-life insurers in India.
• Along with the ₹1 crore penalty, IRDAI issued separate compliance directions and advisories with specified timelines for implementation.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Uttarakhand Launches Chief Minister Yuva Bhavishya Nirman Yojana

• Uttarakhand Chief Minister Pushkar Singh Dhami launched the Chief Minister Yuva Bhavishya Nirman Yojana at the Chief Minister’s Camp Office, Main Sevak Sadan.
• The scheme aims to provide free online coaching for competitive examinations to eligible students studying in Government and aided colleges and State universities.
• In the first phase, the scheme will provide free online coaching to 11,000 students.
• The initiative is particularly aimed at helping students from hilly and remote areas, where access to quality coaching and proper guidance is often limited.

Key Highlights

• Uttarakhand has implemented the country's strictest anti-copying law to ensure transparency in recruitment examinations.
• According to the Chief Minister, more than 34,000 young people have received government jobs during the past five years.
• The government stated that its objective is not limited to providing employment but also to encourage young people to become job creators through self-employment, startups, skill development, entrepreneurship and local products.
• The State has witnessed an increase in reverse migration, with several young people returning to villages and creating livelihoods through business, agriculture, horticulture, homestays and local-product enterprises.
• Higher Education Minister Dhan Singh Rawat described the scheme as an important initiative, particularly for students living in remote areas.
• Digital education is being expanded in the State, while the e-library provides access to nearly 20 lakh books.
• From 2026, 50% of student union posts will be reserved for women students.

About Uttarakhand:

• Chief Minister: Pushkar Singh Dhami
• Governor: Gen. Gurmit Singh
• Capital: Dehradun (Winter), Gairsain (Summer)
• National Parks: Jim Corbett National Park, Rajaji National Park, Valley of Flowers National Park, Nanda Devi National Park, Gangotri National Park
• Wildlife Sanctuaries: Kedarnath Wildlife Sanctuary, Binsar Wildlife Sanctuary, Askot Musk Deer Wildlife Sanctuary, Nandhaur Wildlife Sanctuary, Govind Pashu Vihar Wildlife Sanctuary, Sonanadi Wildlife Sanctuary, Mussoorie Wildlife Sanctuary

RECENT NEWS

• The government of Uttarakhand will built the ropeway between Rishikesh and Neelkanth Mahadev Temple to cut the travel time for the devotees. The proposed project estimated around ₹450 crore aims it aims to reduce the current journey from almost three hours to just 15 minutes.

National Steering Committee Approves ₹735.70 Crore Investment Plans Under Pradhan Mantri Skilling and Employability Transformation through Upgraded Industrial Training Institutes

• The National Steering Committee under the Pradhan Mantri Skilling and Employability Transformation through Upgraded Industrial Training Institutes scheme approved Strategic Investment Plans worth ₹735.70 crore for three Industrial Training Institute clusters in Rajasthan, Uttar Pradesh and Telangana.
• With this approval, the total sanctioned investment under the scheme increased to ₹2,171 crore across 9 Industrial Training Institute clusters.

Key Highlights

• The approved ₹735.70 crore investment was distributed among three clusters:
• Bhiwadi cluster, Rajasthan – ₹241 crore
• Medchal cluster, Telangana – ₹254.30 crore
• Meerut cluster, Uttar Pradesh – ₹240.40 crore
• The Bhiwadi cluster in Rajasthan covers 5 Industrial Training Institutes, with Government Industrial Training Institute, Bhiwadi serving as the hub institute.
• The Medchal cluster in Telangana also covers 5 Industrial Training Institutes. Its Strategic Investment Plan was submitted by Zen Technologies Limited.
• The Meerut cluster in Uttar Pradesh covers 5 Industrial Training Institutes, with Government Industrial Training Institute, Saket, Meerut serving as the hub institute.
• The 5th National Steering Committee meeting was chaired by Debashree Mukherjee, Secretary, Ministry of Skill Development and Entrepreneurship.
• Rajasthan became the first State to execute a Shareholders’ Agreement under the Pradhan Mantri Skilling and Employability Transformation through Upgraded Industrial Training Institutes scheme for the Bhiwadi cluster.
• The scheme focuses on the upgradation of Industrial Training Institutes and development of cluster-based skill infrastructure, with multiple institutes linked through a hub institute for coordinated training and infrastructure development.
• Industrial Training Institutes provide vocational and skill-based training in trades such as electrician, fitter and welder.
• The Ministry of Skill Development and Entrepreneurship is the nodal ministry responsible for national skill development programmes.

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 Uttar Pradesh:

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

About Telangana:

• Chief Minister: Revanth Reddy
• Governor: Shiv Pratap Shukla
• Capital: Hyderabad
• National Parks: Mahavir Harina Vanasthali National Park, Kasu Brahmananda Reddy National Park, Mrugavani National Park
• Wildlife Sanctuaries: Kawal Wildlife Sanctuary, Eturnagaram Wildlife Sanctuary, Kinnerasani Wildlife Sanctuary, Pakhal Wildlife Sanctuary, Pranahita Wildlife Sanctuary, Manjeera Wildlife Sanctuary, Shivaram Wildlife Sanctuary

RECENT NEWS

• Uttar Pradesh state government made an announcement of the two digital platforms, that are called Kaushal Setu and Kaushal Sarathi. It was launched during the celebration of World Youth Skills Day in 2026.

Cabinet Committee on Economic Affairs Approves Eight Railway Multi-Tracking Projects

• The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved eight railway multi-tracking projects.
• The projects have an estimated total cost of ₹20,804 crore and will expand the Indian Railways network by approximately 1,196 kilometres.
• The projects are targeted for completion by Financial Year 2029–30.

Key Highlights

• The approved projects include third-line, fourth-line and railway doubling works across 9 States: Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, West Bengal, Jharkhand, Odisha, Madhya Pradesh and Chhattisgarh.
• Five projects in Southern India have an estimated cost of ₹10,021 crore and cover approximately 540 kilometres.
• Major Southern India projects include the Arakkonam–Renigunta third and fourth lines and the doubling of the Hosur–Omalur section.
• The remaining three projects in Eastern and Central India have an estimated cost of ₹10,783 crore and cover approximately 656 kilometres.
• Major projects in Eastern and Central India include the Kharagpur–Jharsuguda fourth line and the Katni–Pendra Road fourth line.
• The projects are expected to add 74 million tonnes per annum of combined freight capacity.
• The additional freight capacity will support the transportation of commodities such as coal, cement, iron, steel and food grains.
• The projects will improve railway connectivity across 31 districts and benefit approximately 6,911 villages.
• The multi-tracking works are being implemented under the Prime Minister Gati Shakti National Master Plan, which promotes integrated and coordinated infrastructure planning for multimodal connectivity.
• The projects are expected to decongest railway routes, increase line capacity, strengthen freight movement and improve passenger connectivity across major railway corridors.
• Railway multi-tracking involves adding additional railway lines to existing routes, including third and fourth lines and doubling of existing single-line sections, to handle increasing passenger and freight traffic.

Ministry of Coal Launches Comprehensive Corporate Social Responsibility Framework for Indian Coal Companies

• The Ministry of Coal, in association with Coal India Limited, organised an event in New Delhi to highlight key milestones under its Corporate Social Responsibility initiatives, Thalassemia Bal Sewa Yojana and Nanha Sa Dil, and launched the Comprehensive Corporate Social Responsibility Framework for Indian Coal Companies.
• The event was attended by Union Minister for Coal and Mines G. Kishan Reddy, Minister of State for Coal and Mines Satish Chandra Dubey and Secretary, Ministry of Coal, Vikram Dev Dutt, along with senior officials, medical experts, implementing partners and beneficiary families.

Key Highlights

• Thalassemia Bal Sewa Yojana was launched to provide treatment support to children suffering from Thalassemia and Aplastic Anaemia, which are rare genetic blood disorders.
• The scheme has expanded from an initial network of 4 hospitals to 21 empanelled hospitals across India.
• Coal India Limited is the only Central Public Sector Enterprise in India to undertake a healthcare initiative of this scale for rare genetic blood disorders such as Thalassemia and Aplastic Anaemia.
• Under Thalassemia Bal Sewa Yojana, financial assistance of up to ₹10 lakh per patient is provided directly to empanelled hospitals for Bone Marrow Transplantation.
• The scheme has a total financial outlay of ₹130 crore across four phases.
• More than 1,050 Bone Marrow Transplantations have been completed under the scheme, with the majority of treated children now leading normal and healthy lives.
• The scheme is implemented in coordination with Thalassemics India, with monitoring guidance from the Ministry of Health and Family Welfare.
• Nanha Sa Dil addresses Congenital Heart Defects, which affect an estimated 2.4 lakh newborns in India every year, while only around 5% receive timely treatment.
• Coal India Limited launched Nanha Sa Dil in partnership with the Sri Sathya Sai Health and Education Trust in March 2024, initially covering four districts of Jharkhand.
• The initiative has subsequently been expanded through Coal India Limited subsidiaries, including South Eastern Coalfields Limited, Central Coalfields Limited, Northern Coalfields Limited and Western Coalfields Limited.
• More than 2 lakh children have been screened using modern diagnostic tools under the initiative.
• More than 1,500 corrective surgeries have been completed free of cost, including expenses related to travel and hospitalisation.
• The Comprehensive Corporate Social Responsibility Framework for Indian Coal Companies was launched to promote outcome-oriented and impact-driven Corporate Social Responsibility in the coal sector.
• It is the first sector-specific Corporate Social Responsibility framework introduced since the implementation of statutory Corporate Social Responsibility under the Companies Act, 2013.
• The framework has been prepared by the Indian Institute of Corporate Affairs and will serve as a guiding framework for impactful and outcome-oriented Corporate Social Responsibility initiatives benefiting people living in coal-mining areas.
• The framework aims to make Corporate Social Responsibility activities in the coal sector more structured, transparent, accountable and impact-oriented, with greater emphasis on local needs and measurable outcomes.
• Rupinder Brar, Additional Secretary, Ministry of Coal, highlighted the importance of ensuring that Corporate Social Responsibility initiatives are based on local needs, proper planning and measurable outcomes.
• The event also featured the release of a book on Thalassemia Bal Sewa Yojana, screening of short films on Coal India Limited's healthcare-related Corporate Social Responsibility initiatives, felicitation of doctors and dignitaries, and interaction with beneficiary families.

About Ministry of Coal:

• Cabinet Minister: G. Kishan Reddy
• Constituency: Secunderabad, Telangana
• Ministers of State (MoS): Satish Chandra Dubey

Four Indian Properties Added to UNESCO World Heritage Tentative List

• Four Indian properties have been added to the United Nations Educational, Scientific and Cultural Organization World Heritage Tentative List, strengthening India's representation on the global heritage map.
• The four newly added properties are:
• Colonial Penal Settlement of Andaman Islands – Andaman and Nicobar Islands
• Nicobarese Cultural Continuity in the Central Group of Nicobar Islands – Andaman and Nicobar Islands
• Rangpur-Sivasagar Historic Ensemble – Assam
• The Painted Haveli Towns of Shekhawati – Rajasthan
• With these additions, the number of Indian properties on the United Nations Educational, Scientific and Cultural Organization World Heritage Tentative List has increased to 73, comprising 53 cultural, 3 mixed and 17 natural properties.

Key Highlights

• Inclusion in the Tentative List is the first mandatory stage in the World Heritage nomination process. A country cannot nominate a property for the World Heritage List unless it has first been included in its Tentative List.
• The Colonial Penal Settlement of Andaman Islands is a serial property comprising four historically connected sites:
• Cellular Jail
• Viper Island
• Chatham Island
• Netaji Subhas Chandra Bose Island, formerly known as Ross Island
• The proposed property represents the evolution of the British colonial penal system after the 1857 uprising, including forced labour, incarceration and administrative control.
• Cellular Jail, completed in 1906, became an important symbol of colonial repression and India's freedom struggle and is associated with political prisoners and freedom fighters.
• The Nicobarese Cultural Continuity in the Central Group of Nicobar Islands focuses on the living cultural landscape of the Nicobarese community in the Nancowry group.
• The proposal recognises the community's traditional settlements, architecture, social organisation and long-standing relationship with the coastal environment.
• Its significance is primarily based on the continuity of a living indigenous cultural system and is proposed under cultural criteria (iii), (v) and (vi).
• The Rangpur-Sivasagar Historic Ensemble in Sivasagar district, Assam, represents the architectural and engineering achievements of the Ahom Kingdom.
• It covers the historic landscapes of Rangpur and Sivasagar, including important structures such as Talatal Ghar and Rang Ghar, along with palaces, ceremonial spaces and extensive water-management systems.
• The property highlights the Ahom Kingdom's achievements in urban planning, architecture and hydraulic engineering.
• The Rangpur-Sivasagar Historic Ensemble was submitted to the Tentative List on June 19, 2026.
• The addition of the Rangpur-Sivasagar Historic Ensemble follows the inscription of the Moidams of the Ahom Dynasty on the World Heritage List in 2024.
• The Painted Haveli Towns of Shekhawati in Rajasthan is a serial nomination covering historic ensembles across 14 towns in the Jhunjhunu, Churu and Sikar districts.
• The towns developed largely through merchant patronage between the 18th and early 20th centuries and are known for their richly painted havelis.
• The frescoes depict mythology, everyday life, historical events and technological developments, including railways and industrial machinery.
• The heritage landscape also includes forts, bazaars, temples and traditional water systems, reflecting the influence of mercantile wealth on regional urban development.
• The four additions represent diverse aspects of India's heritage, including colonial history, indigenous living traditions, royal architecture and mercantile art.
• The properties will need detailed nomination dossiers demonstrating their Outstanding Universal Value, authenticity and integrity before they can be considered for inscription on the World Heritage List.

About UNESCO

• Headquarters: Paris, France.
• Members: 194 member states.
• The Director-General of UNESCO in 2026 is Khaled El-Enany from Egypt.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United Kingdom Recognises India’s Carbon Credit Scheme Under Its Carbon Tax Framework

• The United Kingdom (U.K.) has recognised India’s Carbon Credit Trading Scheme (CCTS) as a qualifying carbon-pricing mechanism for pricing relief under its Carbon Border Adjustment Mechanism (CBAM).
• The recognition was confirmed by the K. HM Treasury in a communication addressed to the Bureau of Energy Efficiency (BEE), Ministry of Power, on 7 September 2026.

Key Highlights :

• India’s CCTS has been included in the U.K. 's published indicative list of overseas carbon-pricing schemes that qualify under the Carbon Border Adjustment Mechanism (Calculation of CBAM Rate and Determination of Carbon Price Relief) Regulations, 2026.
• The recognition is expected to reduce the carbon-related tax burden on Indian exporters whose eligible goods are exported to the U.K. and covered under the U.K. CBAM.
• Under the arrangement, K. importers of eligible Indian goods covered by CBAM can seek carbon-price relief corresponding to the effective carbon price already borne by those goods under India’s CCTS.
• The carbon-price relief will be available subject to the evidence and verification requirements prescribed under U.K. law.
• The amount of relief that can be claimed will depend on the effective carbon price to which the relevant goods have been subjected under the Indian system.
• A liable person under the U.K. CBAM will still have to meet the applicable evidence and verification requirements to claim the relief.
• The recognition follows sustained technical-level engagement between India and the U.K. regarding the design and implementation of the Carbon Credit Trading Scheme.
• The move is significant because the Commerce Ministry of India had been pursuing the issue of recognition of India’s carbon-pricing mechanism with the U.K. for a long time.
• India’s Carbon Credit Trading Scheme (CCTS) aims to reduce, remove or avoid greenhouse-gas emissions from the Indian economy by putting a price on emissions through the trading of Carbon Credit Certificates (CCCs).
• The Bureau of Energy Efficiency (BEE) will meet the financial requirements for implementing the CCTS through fees and charges collected from entities under the scheme and its own resources.
• The U.K.’s recognition reflects the core principle of its CBAM of avoiding double taxation on goods that have already borne an eligible carbon price in their country of origin.
• Going forward, India and the U.K. will continue cooperation on carbon-market design and implementation through the K.–India Energy Memorandum of Understanding (MoU) and the Partnership for Market Implementation (PMI).
• Both countries will continue dialogue on carbon pricing, including the interaction between India’s CCTS and U.K. CBAM rules, further strengthening India–U.K. economic and energy cooperation.
• India and the U.K. implemented a Comprehensive Economic and Trade Partnership on 15 July 2026.
• Merchandise trade between India and the U.K. stood at USD 25.1 billion in 2025–26, while bilateral services trade reached USD 35.4 billion in 2024.

CURRENT AFFAIRS: AWARDS AND HONOURS

Indian-American Agricultural Scientist Karim Maredia Named Recipient of 2026 Borlaug CAST Communication Award

• Karim Maredia, an Indian-American agricultural scientist and Associate Dean and Director of the World Agriculture Center at Michigan State University, has been selected for the 2026 Borlaug CAST Communication Award.
• The award is presented by the Council for Agricultural Science and Technology in honour of Norman Borlaug, the Nobel laureate widely recognised for his contribution to the Green Revolution.

Key Highlights

• Karim Maredia will be honoured at the Library of Congress on 10 December 2026.
• The award recognises agricultural scientists who effectively communicate scientific research to farmers, policymakers and non-technical audiences.
• Maredia was born in a village in Gujarat, India, and grew up in a family involved in farming. His early experience in rural India influenced his belief that scientific knowledge should benefit wider society.
• He earned a Bachelor of Science in Agriculture from Dr. Balasaheb Sawant Konkan Krishi Vidyapeeth in India.
• He later moved to the United States and obtained a Master of Science in Integrated Pest Management from Alabama Agricultural and Mechanical University and a Doctor of Philosophy in Plant Breeding and Integrated Pest Management from the University of Arkansas.
• From 1986 to 1989, Maredia worked as a postdoctoral fellow and research scientist at the International Maize and Wheat Improvement Center in Mexico, where Norman Borlaug had conducted pioneering wheat-breeding research associated with the Green Revolution.
• Maredia joined Michigan State University in 1989 and established the World Knowledge and Technology Access Program.
• Over more than three decades at Michigan State University, he has trained more than 15,000 professionals from 80 countries, hosted 250 visiting scholars, and authored or edited 130 publications.
• He has also secured more than $55 million in competitive research grants.
• Maredia continues to engage with Indian agricultural institutions and serves as Foreign Secretary of the National Academy of Agricultural Sciences of India.
• The Borlaug CAST Communication Award recognises the importance of communicating agricultural science effectively to support food security and wider adoption of scientific knowledge.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Union Minister Dr. Jitendra Singh Launches Advanced Ocean Research Vessel ‘ORV Sagar Manthan’ to Boost India’s Indigenous Maritime Research

• Union Minister of State (Independent Charge) Jitendra Singh, Ministry of Earth Sciences (MoES), virtually launched India’s first Advanced Ocean Research Vessel (ORV), Sagar Manthan (Yard 3041), at Rishi Bankim Shipyard, Kolkata, West Bengal.
• ORV Sagar Manthan has been constructed at an approximate cost of ₹840 crore under the Government of India’s flagship Deep Ocean Mission (DOM).
• The vessel was designed, engineered and constructed by Garden Reach Shipbuilders & Engineers Limited (GRSE) for the National Centre for Polar and Ocean Research (NCPOR) under the Ministry of Earth Sciences (MoES).
• Following naval maritime traditions, Manju Singh, wife of Dr. Jitendra Singh, named the vessel Sagar Manthan, while Kavita Ellanti, wife of Dr. T. Srinivasa Kumar Tummala, Secretary, MoES, launched the vessel into the water.
• ORV Sagar Manthan will gradually replace the 43-year-old ORV Sagar Kanya, which was procured from Germany in 1983.
• The vessel has been constructed under Vertical-4 – Deep Ocean Survey and Exploration of the Deep Ocean Mission (DOM).
• Sagar Manthan is an all-weather, multidisciplinary oceanographic research platform designed to operate in extreme oceanic environments, including the Southern Ocean.
• The vessel has a projected service life of 30 years and is intended to strengthen India’s capabilities in oceanographic science, deep-ocean exploration and maritime technology.
• The vessel is equipped with advanced systems including Dynamic Positioning, Multibeam Bathymetry, Multichannel Seismic Systems, Sub-bottom Profiling, Weather Radar and Drop Keels.
• It also has deployment facilities for Remotely Operated Vehicles (ROVs) and Autonomous Underwater Vehicles (AUVs) for deep-ocean research and exploration.
• The vessel will support multidisciplinary exploration along the Indian Ocean mid-oceanic ridges to identify multi-metal hydrothermal sulphide mineralisation.
• Sagar Manthan will also help establish environmental baselines, collect upper-air data and undertake Conductivity, Temperature and Depth (CTD) profiling.
• The vessel has been built in compliance with international regulatory standards and carries dual-class certification from the Indian Register of Shipping (IRS) and the American Bureau of Shipping (ABS).
• The project began with contract signing in July 2024, followed by first steel cutting on 29 November 2024 and keel laying on 8 April 2026.
• After launch, the vessel will undergo superstructure erection, system integration and extensive sea trials before its final delivery and commissioning.
• ORV Sagar Manthan is scheduled for delivery and commissioning in 2028 for NCPOR/MoES.
• GRSE Chairman & Managing Director Cmdr PR Hari delivered the welcome address at the launching and naming ceremony.
• Key dignitaries associated with the ceremony included M. V. Ramanamurthy, Mission Director, Deep Ocean Mission, and Dr. Thamban Meloth, Director, NCPOR, MoES.

Qualcomm Joins Hands with Amazon to Develop Custom AI Chips for AWS Data Centres

• Qualcomm Technologies, Inc. has partnered with Amazon to develop customised Artificial Intelligence (AI) chips for Amazon Web Services (AWS) data centres.
• The partnership covers AWS data-centre infrastructure worth more than USD 60 billion and focuses on AI inference and high-speed optical connectivity.
• The collaboration aims to support scalable, cost-efficient and high-performance data-centre infrastructure for advanced AI workloads.
• The agreement was signed by Cristiano Amon, President and Chief Executive Officer (CEO) of Qualcomm, and Prasad Kalyanaraman, Vice President (VP) of AWS.
• The partnership includes multi-generation chip development, combining Qualcomm’s custom silicon capabilities with advanced networking technologies.
• Qualcomm will contribute its SerDes (Serializer/Deserializer) and optical digital signal processing technologies to the project.
• The high-speed optical connectivity solutions will support data-transfer rates of up to 6 terabits per second (Tbps).
• The technology will integrate custom silicon design with advanced networking technologies, enabling efficient coordination between computing and data transmission layers.
• The partnership is designed to support high-performance AI workloads in hyperscale data-centre environments.
• Qualcomm plans to use AWS AI services, including Amazon Bedrock, for electronic design automation (EDA)
• The use of cloud-based infrastructure and AI-enabled design processes is expected to help reduce chip-development cycles.

About Qualcomm : 

• It is a semiconductor and wireless technology company headquartered in San Diego, United States.
• Established : 1985
• President and CEO : Cristiano Amon

Manipal Academy of Higher Education Selected Among Three Indian Host Institutions for United States-India TRUST Fellowship 2026–27

• Manipal Academy of Higher Education (MAHE), an Institution of Eminence (IoE) Deemed to be University, was selected as one of the 3 Indian host institutions for the US-India Fellowship for 2026–27.
• The fellowship was formally launched by Sergio Gor, the United States of America (USA) Ambassador to India and Special Envoy to South and Central Asia, at a special ceremony held in Bengaluru, Karnataka.
• The US-India Fellowship is a structured 12-month programme aimed at strengthening scientific and technological collaboration between India and the United States of America (USA).
• The key focus areas of the fellowship are Artificial Intelligence (AI), quantum computing, semiconductors, biotechnology, energy, defence and space technologies.
• Apart from MAHE, the other two Indian host institutions selected for the fellowship are Indian Institute of Technology Madras (IIT-M), Chennai, Tamil Nadu, and Indian Institute of Science (IISc) Bengaluru, Karnataka.
• Selected fellows will receive a USD 1,650 monthly stipend, along with housing and meals, medical insurance, round-trip economy airfare between the U.S. and India, and visa and logistical support.
• The US Consulate General in Chennai, MAHE, IIT-M and IISc Bengaluru will act as facilitators for the programme.
• The programme will receive philanthropic support from founding sponsors including Pratiksha Trust and Mazumdar Shaw.

Akasa Air Conducts First Commercial Flight Using 1% Sustainable Aviation Fuel-Blended Fuel Supplied by Bharat Petroleum Corporation Limited

• Akasa Air successfully operated its first commercial flight using conventional Aviation Turbine Fuel (ATF) blended with 1% Sustainable Aviation Fuel (SAF) supplied by Bharat Petroleum Corporation Limited (BPCL).
• The SAF-blended commercial flight departed from Chhatrapati Shivaji Maharaj International Airport, Mumbai, Maharashtra, and arrived at Manohar International Airport, Goa.
• The initiative marks a step towards the adoption of sustainable aviation fuels and aviation decarbonisation in India.
• The initiative follows the Memorandum of Understanding (MoU) signed between Akasa Air and BPCL in July 2026 to explore SAF adoption and establish a framework for the supply and offtake of SAF-blended ATF at designated airports across India.
• Sustainable Aviation Fuel (SAF) is an alternative aviation fuel designed to help reduce carbon emissions from the aviation sector compared with conventional fossil-based aviation fuel.
• The initiative supports India’s target of achieving 5% SAF blending by 2030.
• The global aviation sector has set a target of achieving net-zero carbon emissions by 2050.

About Akasa Air :

• Akasa Air is an Indian low-cost airline headquartered in Mumbai, Maharashtra, and was founded in 2021 by Vinay Dube and Aditya Ghosh, with major investment from Rakesh Jhunjhunwala.
• Managing Director (MD) and Chief Executive Officer (CEO) : Vinay Dube

CURRENT AFFAIRS : APPS & PORTALS

Ministry of Statistics and Programme Implementation Launches Quarterly Progress Report Portal to Promote Data Harmonisation Across Ministries

• The Ministry of Statistics and Programme Implementation (MoSPI) launched the Quarterly Progress Report (QPR) Portal on Data Harmonisation to strengthen India’s National Data System (NDS) and promote the effective use and harmonisation of administrative data.
• The QPR Portal was formally inaugurated by Shaktikanta Das, Principal Secretary-2 to the Prime Minister (PM), during a MoSPI workshop held at Rang Bhawan Auditorium, New Delhi.
• The portal is a technology-enabled platform designed for use by all Central Ministries, Departments and Organisations (MDOs).
• The main objective of the QPR Portal is to improve the identification, cataloguing, standardisation and quality of datasets maintained by Central Ministries, Departments and Organisations.
• The portal aims to promote data-driven governance and evidence-based policymaking through better management and harmonisation of administrative data.
• The portal tracks the adoption of national and international standards, classifications and common unique identifiers in machine-readable datasets.
• It also monitors data-quality checks under the Statistical Quality Assurance Framework (SQAF).
• Key features of the QPR Portal include automated validation, interactive dashboards, cross-verification with the National Metadata Structures (NMDS) web portal and analytical insights across MDOs.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Adani Group to Sell 5.5% Stake in Airports Business to Raise $1 Billion at $18 Billion Valuation

• Adani Group is raising $1 billion (₹9,825 crore) by selling a 54% stake in Adani Airports Holdings Ltd (AAHL) to marquee investors.
• The key investors participating in the stake sale include BlackRock, Temasek, Alpha Wave Global and Premji Invest.
• The transaction values AAHL at a pre-money equity valuation of $18 billion, making it the world’s third-most valuable airport operator.
• AAHL ranks third globally among airport operators by valuation, after Spain’s Aena and Airports of Thailand.
• The proceeds from the $1 billion fund raise will be used for capacity expansion and commercial development of AAHL’s airport business.
• AAHL operates a portfolio of eight airports, including Mumbai Airport.
• AAHL’s eight airports collectively handle around 23% of India’s passenger traffic and approximately 29% of the country’s air-cargo volume.
• AAHL reported FY2026 revenue of ₹13,081 crore, highlighting the scale of its airport operations.
• The stake sale comes amid India’s rapidly growing aviation infrastructure requirements, with the government targeting around 220 airports by 2030, compared with approximately 150 airports currently.
• GMR Airports, another major Indian airport operator, was valued at approximately ₹1.03 lakh crore ($10.9 billion) based on its Tuesday closing stock price.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Department of Food and Public Distribution and Food Corporation of India Sign Memorandum of Understanding for Financial Year 2026–27

• The Department of Food and Public Distribution and the Food Corporation of India signed a Memorandum of Understanding for Financial Year 2026–27 to strengthen operational efficiency, accountability and technology adoption in India's foodgrain management system.
• The agreement establishes a comprehensive performance framework for the Food Corporation of India with defined and measurable annual targets.
• The framework focuses on reducing storage losses, optimising storage capacity utilisation, improving logistics and supply chain management, and strengthening quality control mechanisms.
• Greater digitisation of business processes and adoption of modern information technology solutions have been emphasised to improve transparency, monitoring and overall operational efficiency.

Key Highlights

• Capacity-building and skill-development programmes for Food Corporation of India employees will support the adoption of emerging technologies and modern foodgrain management systems.
• The performance-based framework adopts an outcome-oriented approach by linking Food Corporation of India operations with clearly defined annual parameters and benchmarks.
• A portion of the performance targets has been linked to the functioning of Food Corporation of India depots through the Depot Darpan Portal.
• The Depot Darpan Portal is a web-based platform used to assess depot infrastructure and operational efficiency.
• The framework includes outcome-based and target-based benchmarks to strengthen physical infrastructure, improve operational performance and promote continuous improvement across Food Corporation of India depots.
• Established in 1965, the Food Corporation of India plays a key role in India's food security system through the procurement, storage, movement and distribution of foodgrains on behalf of the Government of India.
• The Memorandum of Understanding aims to modernise foodgrain management, improve the efficient utilisation of public resources and strengthen the resilience of India's food security system.
• The initiative is also expected to promote the cost-effective and transparent utilisation of food subsidy resources, while improving efficiency and accountability in foodgrain operations across the country.

National Institute of Technology Rourkela Signs Tripartite Memorandum of Understanding for CHAYANKAN Project

• National Institute of Technology Rourkela, National Remote Sensing Centre, Indian Space Research Organisation and Tea Board India signed a Tripartite Memorandum of Understanding for collaborative research under the advanced research and development project titled “चायांकन (CHAYANKAN): Comprehensive Artificial Intelligence-based Geospatial Data Analytics for Tea Plantation Monitoring.”
• The Memorandum of Understanding was signed at Regional Remote Sensing Centre-East, National Remote Sensing Centre, Kolkata.

Key Highlights

• The three-year project commenced in April 2026 and aims to develop advanced geospatial and Artificial Intelligence-based solutions for:
• Tea plantation mapping
• Yield estimation
• Pest and disease forecasting
• The project will integrate multi-source remote sensing data from satellite and Unmanned Aerial Vehicle platforms with ground-based observations.
• The project will use advanced machine learning techniques and modelling approaches to strengthen data-driven monitoring and management of tea plantations.
• The initiative is expected to support effective governance and scientific decision-making in the tea sector by improving the availability and analysis of plantation-related data.
• The Memorandum of Understanding was signed by Dr. Sushil Kumar Srivastav, Associate Director and Chief General Manager, Regional Centres, National Remote Sensing Centre, Indian Space Research Organisation; Dr. Amrita Chakraborty, Secretary, Tea Board India; and Professor Saurav Chatterjee, Dean, Sponsored Research, Industrial Consultancy and Continuing Education, National Institute of Technology Rourkela, on behalf of the Institute.
• The project is being implemented through collaboration among National Institute of Technology Rourkela, National Remote Sensing Centre and Tea Board India, combining expertise in remote sensing, geospatial technology, Artificial Intelligence and tea plantation management.
• The project is expected to improve the assessment of plantation health and productivity and facilitate timely forecasting of pest and disease risks.
• The initiative aims to strengthen technology-driven governance and scientific management of tea plantations through the application of geospatial technologies, remote sensing and Artificial Intelligence.
• The collaboration marks a step towards strengthening inter-institutional research and technology cooperation among the National Institute of Technology Rourkela, Indian Space Research Organisation and Tea Board India.
• The project will apply advanced digital technologies to address emerging challenges in the tea sector and support more effective monitoring and management of tea plantations.

Samtel Avionics and Japan’s BULL Sign Memorandum of Understanding on Space Debris Mitigation

• Samtel Avionics Limited and Japan-based BULL Co., Ltd. signed a Memorandum of Understanding, to explore solutions for space debris mitigation.
• The collaboration will explore combining BULL’s passive Post-Mission Disposal technology with Samtel Avionics’ Active Space Debris Removal Vehicle technology.
• The agreement is exploratory in nature and will assess the technical and commercial feasibility of integrating the two technologies rather than immediately committing to a commercial product.

Key Highlights

• Post-Mission Disposal focuses on preventing satellites and other space objects from becoming long-term orbital debris after completing their missions.
• Active Space Debris Removal, in contrast, involves a dedicated spacecraft approaching and removing objects that are already non-functional and unable to dispose of themselves.
• Under the Memorandum of Understanding, the companies will examine technical requirements, system interfaces, customisation, development milestones and possible integration of the technologies.
• The companies may also explore the possibility of using Samtel Avionics’ debris removal vehicles to attach BULL’s passive Post-Mission Disposal devices to existing debris already in orbit, subject to separate agreements and applicable technical, export-control and regulatory requirements.
• The partnership aims to develop practical and sustainable solutions to improve the long-term safety and sustainability of outer space activities.
• According to the European Space Agency, around 40,000 objects are currently tracked in Earth orbit, including approximately 11,000 active payloads. The actual number of debris objects larger than 1 centimetre is estimated to exceed 1.2 million.
• At orbital speeds, even relatively small debris fragments can pose a serious risk to operational spacecraft. The European Space Agency has emphasised that active debris removal is required alongside measures to prevent the creation of new debris.
• India declared its Debris Free Space Mission initiative in 2024, with the objective of achieving debris-free space missions by all Indian government and non-government space actors by 2030.
• The Indian Space Research Organisation’s Network for Space Objects Tracking and Analysis programme is being developed to strengthen India's capability for monitoring satellites and space debris.
• Japan has also been developing technologies for active space debris removal through commercial and government-supported initiatives.
• The collaboration marks an India–Japan industry partnership focused on addressing the growing challenge of orbital debris and supporting the long-term sustainability of space activities.
• For Samtel Avionics, the agreement forms part of its expansion from defence avionics into space, satellite systems and advanced aerospace technologies.
• The proposed collaboration could eventually progress towards product development, manufacturing, licensing, supply and commercialisation, depending on the outcome of the exploratory phase.

JSW Group and Volkswagen Group Sign Memorandum of Understanding for Proposed Joint Venture in India

• JSW Group and Volkswagen Group signed a non-binding Memorandum of Understanding to advance their proposed 51:49 joint venture for Volkswagen's passenger vehicle operations in India.
• The agreement initiates exclusive discussions between the two groups on the valuation and other terms of the proposed transaction.
• The companies are targeting a binding agreement by December 2026.

Key Highlights

• The final transaction value has not yet been determined. Market estimates indicate that the proposed venture could involve more than €1 billion (around ₹10,000 crore) in project investment and capital commitments.
• The proposed joint venture will initially cover the eight Skoda and Volkswagen brands currently sold in India, along with future vehicle launches, including electric vehicles.
• The partnership is expected to focus on mass-market internal combustion engine, hybrid and electric vehicles.
• The manufacturing operations, workforce and supplier ecosystem of Skoda Auto Volkswagen India could also become part of the proposed joint venture.
• The two companies are working on arrangements relating to model sharing, common vehicle platforms, manufacturing, employee transfers, sales and marketing operations.
• The proposed joint venture is expected to utilise Volkswagen's existing manufacturing plants at Chhatrapati Sambhajinagar and Chakan, Maharashtra.
• The two plants have a combined manufacturing capacity of approximately 4 lakh vehicles per year.
• The companies are also considering using India as an export hub, particularly for electric vehicles.
• Higher utilisation of the existing manufacturing facilities could help the joint venture distribute vehicle development and manufacturing costs across larger production volumes.
• A key issue in determining the valuation is Volkswagen's potential customs duty liability of around ₹20,000 crore.
• The Customs Department has alleged that Volkswagen imported nearly complete vehicles in an unassembled condition but declared them as individual components, resulting in lower customs duties.
• JSW Group is reportedly unlikely to assume liabilities arising from the customs duty case, making the potential tax exposure an important factor in determining the valuation of the proposed transaction.
• Luxury brands including Audi, Porsche, Lamborghini and Bentley are expected to remain outside the proposed joint venture initially.
• JSW Group is open to bringing these luxury brands into the alliance at a later stage, while Volkswagen Group is interested in eventually bringing all its brands under the joint venture.
• The proposed partnership is expected to provide Volkswagen Group with a local partner for increased investment and deeper localisation in India, while giving JSW Group a majority stake in an established passenger vehicle manufacturing operation.
• According to Skoda Auto Volkswagen India's spokesperson, the proposed cooperation aims to strengthen competitiveness through a wider product portfolio, deeper localisation, and stronger manufacturing and research and development capabilities.

MC²⁺ Ignite Mumbai City Connect Held at Indian Institute of Technology Bombay

• Oil and Natural Gas Corporation Limited, in association with MC²⁺ Foundation, hosted the Mumbai City Connect of MC²⁺ Ignite, an energy innovation accelerator, at the Indian Institute of Technology Bombay.
• The programme brought together stakeholders from the energy sector, academia, research institutions, startups and the innovation ecosystem to discuss emerging technologies, industry challenges and opportunities to accelerate innovation in India's energy sector.
• The event was led by Oil and Natural Gas Corporation Limited Chairman and Chief Executive Officer Arun Kumar Singh and Professor Aniruddha B. Pandit, Vice Chancellor, Institute of Chemical Technology, Mumbai.

Key Highlights

• A key milestone was the signing of a tripartite Memorandum of Understanding between MC²⁺ Foundation, Indian Institute of Technology Bombay and the Society for Innovation and Entrepreneurship, Indian Institute of Technology Bombay, on September 8, 2026.
• The collaboration aims to strengthen the connection between industry, academia and startups by providing innovators with access to:
• Research and development facilities and laboratories
• Academic and industry mentors
• Funding
• Market access
• Opportunities for pilot projects in real-world operating environments
• As a partner public sector undertaking in the MC²⁺ ecosystem, Oil and Natural Gas Corporation Limited will collaborate with Indian Institute of Technology Bombay and the Society for Innovation and Entrepreneurship on Artificial Intelligence-driven Subsurface Intelligence and six other energy innovation areas.
• The collaboration aims to help promising technologies progress from research and development to validation, pilot projects, deployment and commercial-scale adoption.
• The MC²⁺ Ignite accelerator will support up to 30 high-potential early-stage startups.
• Selected startups will be eligible for:
• Up to ₹50 lakh in convertible funding
• Up to ₹1.5 crore in milestone-based funding
• Potential total support of up to ₹2 crore per startup
• The accelerator focuses on seven energy innovation areas:

1. Artificial Intelligence-driven Subsurface Intelligence
2. Next-generation drilling and well completion technologies
3. Hydrogen and mobility
4. Bioenergy with a focus on Compressed Biogas
5. Refinery process intensification and catalysis
6. Digital asset management
7. Other innovations relevant to the energy sector

• The programme included a panel discussion and startup showcase, featuring founders and representatives from Sagar Defence, String Bio, WellRx, AngelBot AI and VDT Pipeline Solutions.
• The Mumbai City Connect followed the Pune City Connect held on September 3, 2026, and forms part of the wider multi-city outreach programme for MC²⁺ Ignite.
• MC²⁺ Foundation brings together energy companies, academic and research institutions, startups and innovators to facilitate the development, validation, deployment and commercialisation of technologies relevant to India's energy sector.
• Applications for the inaugural MC²⁺ Ignite cohort are open until September 15, 2026.

CURRENT AFFAIRS: RANKING AND REPORTS

Eight Indian Universities Feature in PitchBook Global Top 100 Universities for Entrepreneurs 2026

• Eight Indian universities featured among the global top 100 universities for entrepreneurs in the PitchBook 2026 ranking, highlighting India's growing presence in the venture-backed startup ecosystem.
• Indian Institute of Technology Bombay emerged as the highest-ranked Indian institution, securing 22nd position globally.

Key Highlights

• Indian Institute of Technology Delhi ranked 27th globally, followed by:
• Indian Institute of Technology Madras – 48th
• Indian Institute of Technology Kharagpur – 49th
• Indian Institute of Technology Kanpur – 50th
• University of Delhi – 62nd
• University of Mumbai – 74th
• Birla Institute of Technology and Science Pilani – 91st
• Among Indian institutions, Indian Institute of Technology Bombay recorded the highest number of founders.
• Indian Institute of Technology Delhi recorded the highest capital raised by alumni-founded companies, amounting to $55.7 billion.
• Alumni founders of Indian Institute of Technology Bombay raised $33.6 billion, followed by:
• Indian Institute of Technology Kharagpur – $23.2 billion
• Indian Institute of Technology Madras – $23 billion
• Indian Institute of Technology Kanpur – $21.2 billion
• University of Delhi ranked 62nd globally with 366 founders and 350 companies.
• University of Mumbai ranked 74th globally with 339 founders.
• Birla Institute of Technology and Science Pilani ranked 91st, with 265 founders and 230 companies.
• The five Indian Institutes of Technology featured in the global top 100 collectively accounted for 2,705 founders and 2,256 companies, which together raised $156.65 billion in capital.
• The PitchBook annual ranking tracks university alumni who founded companies that received venture capital funding.
• The 2026 edition covered more than 222,000 venture capital-backed founders, whose companies received funding between 1 January 2015 and 1 August 2026.
• The United States dominated the global top 100 with 62 universities, while India had 8 institutions in the ranking.
• University of California, Berkeley topped the global ranking with 2,380 founders and 2,155 companies, followed by Stanford University and Harvard University.
• The global ranking also featured institutions from Canada, Israel, China, the United Kingdom and several other countries.

Daily CA One- Liner: September 12

• Uttarakhand Chief Minister Pushkar Singh Dhami launched the Chief Minister Yuva Bhavishya Nirman Yojana at the Chief Minister’s Camp Office, Main Sevak Sadan
• The National Steering Committee under the Pradhan Mantri Skilling and Employability Transformation through Upgraded Industrial Training Institutes scheme approved Strategic Investment Plans worth ₹735.70 crore for three Industrial Training Institute clusters in Rajasthan, Uttar Pradesh and Telangana
• The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved eight railway multi-tracking projects
• The Ministry of Coal, in association with Coal India Limited, organised an event in New Delhi to highlight key milestones under its Corporate Social Responsibility initiatives, Thalassemia Bal Sewa Yojana and Nanha Sa Dil, and launched the Comprehensive Corporate Social Responsibility Framework for Indian Coal Companies
• Four Indian properties have been added to the United Nations Educational, Scientific and Cultural Organization World Heritage Tentative List, strengthening India's representation on the global heritage map
• Karim Maredia, an Indian-American agricultural scientist and Associate Dean and Director of the World Agriculture Center at Michigan State University, has been selected for the 2026 Borlaug CAST Communication Award
• The Department of Food and Public Distribution and the Food Corporation of India signed a Memorandum of Understanding for Financial Year 2026–27 to strengthen operational efficiency, accountability and technology adoption in India's foodgrain management system
• National Institute of Technology Rourkela, National Remote Sensing Centre, Indian Space Research Organisation and Tea Board India signed a Tripartite Memorandum of Understanding for collaborative research under the advanced research and development project titled “चायांकन (CHAYANKAN): Comprehensive Artificial Intelligence-based Geospatial Data Analytics for Tea Plantation Monitoring.”
• Samtel Avionics Limited and Japan-based BULL Co., Ltd. signed a Memorandum of Understanding, to explore solutions for space debris mitigation
• JSW Group and Volkswagen Group signed a non-binding Memorandum of Understanding to advance their proposed 51:49 joint venture for Volkswagen's passenger vehicle operations in India
• Oil and Natural Gas Corporation Limited, in association with MC²⁺ Foundation, hosted the Mumbai City Connect of MC²⁺ Ignite, an energy innovation accelerator, at the Indian Institute of Technology Bombay
• Eight Indian universities featured among the global top 100 universities for entrepreneurs in the PitchBook 2026 ranking, highlighting India's growing presence in the venture-backed startup ecosystem.
• The Reserve Bank of India (RBI) launched three surveys to assess inflation expectations, consumer confidence and consumer sentiment, providing important inputs for monetary-policy formulation ahead of the next bi-monthly monetary policy announcement on 7 October 2026.
• PhonePe and Visa partnered at the Global Fintech Fest 2026 to create a unified, cardless and borderless payment ecosystem covering online purchases, in-store transactions and overseas payments.
• Jio Payment Solutions Limited (JPSL), a wholly owned subsidiary of Jio Financial Services, launched a cross-border payment platform on 9 September 2026 to help Indian exporters accept international payments from customers worldwide and improve their global competitiveness.
• The Reserve Bank of India (RBI) Governor Sanjay Malhotra announced the recognition of the Unified Fintech Forum (UFF) as the second Self-Regulatory Organisation for the FinTech sector (SRO-FT).
• Multipl and UTI Mutual Fund launched “Investment UPI”, a new category that allows users to keep money invested in the UTI Liquid Fund while retaining instant access for UPI payments.
• NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has entered into a strategic partnership with FOMO Pay, a Singapore-headquartered payment institution, to enable Unified Payments Interface (UPI) QR code acceptance for merchants in Singapore.
• IDFC FIRST Bank and Sarvam AI have announced the establishment of a joint Research and Development (R&D) Lab to combine banking expertise with AI research and engineering.
• Insurance Regulatory and Development Authority of India (IRDAI) imposed a ₹1 crore penalty on ICICI Lombard General Insurance Company Limited on 7 September 2026 for regulatory lapses related to outsourcing, vendor management, and corporate governance.
• The United Kingdom (U.K.) has recognised India’s Carbon Credit Trading Scheme (CCTS) as a qualifying carbon-pricing mechanism for pricing relief under its Carbon Border Adjustment Mechanism (CBAM).
• Union Minister of State (Independent Charge) Jitendra Singh, Ministry of Earth Sciences (MoES), virtually launched India’s first Advanced Ocean Research Vessel (ORV), Sagar Manthan (Yard 3041), at Rishi Bankim Shipyard, Kolkata, West Bengal.
• Qualcomm Technologies, Inc. has partnered with Amazon to develop customised Artificial Intelligence (AI) chips for Amazon Web Services (AWS) data centres.
• Manipal Academy of Higher Education (MAHE), an Institution of Eminence (IoE) Deemed to be University, was selected as one of the 3 Indian host institutions for the US-India Fellowship for 2026–27.
• Akasa Air successfully operated its first commercial flight using conventional Aviation Turbine Fuel (ATF) blended with 1% Sustainable Aviation Fuel (SAF) supplied by Bharat Petroleum Corporation Limited (BPCL).
• The Ministry of Statistics and Programme Implementation (MoSPI) launched the Quarterly Progress Report (QPR) Portal on Data Harmonisation to strengthen India’s National Data System (NDS) and promote the effective use and harmonisation of administrative data.
• Adani Group is raising $1 billion (₹9,825 crore) by selling a 54% stake in Adani Airports Holdings Ltd (AAHL) to marquee investors.