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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Public Sector Banks post record net profit of ₹1.98 lakh crore in FY26, extending profitability streak to fourth consecutive year

• Public Sector Banks (PSBs) recorded strong financial performance during FY 2025–26, reflecting sustained business growth, improved asset quality, record profitability, and strong capital position.
• The improved performance demonstrates the growing resilience, stability, and institutional capacity of PSBs in supporting the credit needs of the Indian economy.

Key Highlights :

• The Gross NPA (Non-Performing Assets) ratio of PSBs declined to 1.93% as on 31 March 2026, indicating historically low stressed assets.
• The Net NPA ratio improved further to 0.39% during FY 2025–26.
• Every PSB maintained a Provisioning Coverage Ratio (PCR) above 90%, reflecting prudent provisioning practices and strong balance sheet resilience.
• Improved asset quality was driven by better underwriting standards, effective risk management mechanisms, and stronger credit discipline.
• The slippage ratio reduced to 0.7%, indicating lower addition of fresh bad loans during FY 2025–26.
• Total recoveries, including recoveries from written-off accounts, stood at ₹86,971 crore.
• Improved asset quality, healthy credit expansion, and higher income contributed to stronger profitability of PSBs.
• Aggregate operating profit of PSBs reached ₹3.21 lakh crore during FY 2025–26.
• Aggregate net profit increased by 11.1% year-on-year to a historic high of ₹1.98 lakh crore.
• FY 2025–26 marked the fourth consecutive year of aggregate profitability for PSBs.
• The aggregate Capital to Risk (Weighted) Assets Ratio (CRAR) improved to 6% as on 31 March 2026.
• The stronger CRAR position was supported by internal accruals, retained earnings, and capital raising of ₹50,551 crore during FY 2025–26.
• The CRAR of all PSBs remained well above the regulatory requirement of 11.5%, providing adequate cushion for future lending growth.
• Operational efficiency improved with the cost-to-income ratio improving to 49.67%.
• Better operational performance was supported by technology adoption, digital transformation initiatives, and improved cost management.
• The continued improvement in PSB performance reflects the impact of Government reforms focused on better governance, enhanced credit discipline, wider formal credit access, and technology-driven banking reforms.
• These reforms contributed to lower stressed assets, improved operational efficiency, and stronger financial health of PSBs.

About Ministry of Finance:

• Cabinet Minister: Smt. Nirmala Sitharaman
• Minister of State (MoS): Shri Pankaj Chaudhary

Securities and Exchange Board of India Revises Norms, Permits Use of Market Data for Educational Purposes with 30-Day Delay

• The Securities and Exchange Board of India (SEBI) revised rules to allow a uniform 30-day time lag for sharing and using stock price data for educational and investor awareness activities.
• The revised framework aims to maintain a balance between preventing misuse of market data and ensuring that educational content remains relevant and updated.
• The new rules will come into effect from July 1, 2026.
• The revised framework replaces the earlier system of one-day lag for sharing market data and three-month lag for educational usage.
• In May 2024, SEBI had restricted the sharing of live market data by stock exchanges only for trading and allied activities, while educational use was permitted with a one-day delay.
• In January 2025, SEBI further tightened the framework by allowing entities engaged solely in education to use market data only with a three-month lag.
• Under the previous framework, educational institutions could access price data with a one-day delay for preparing study material, but could use only three-month-old data during classes and dissemination activities.
• SEBI clarified that the one-day lag was a technical requirement for market infrastructure institutions and intermediaries, whereas the three-month lag served as a content-based safeguard to ensure purely educational use.
• The latest relaxation is expected to strengthen investor education programmes while continuing to safeguard against the misuse of live market data.
• The National Institute of Securities Markets (NISM), a capacity-building initiative of SEBI, has been allowed access to market price data with a one-day lag for use in its simulation lab and training programmes.

Recent News :

• In May 2026, The Securities and Exchange Board of India (SEBI) constituted a dedicated task force named “Cyber-suraksha.ai” to assess cybersecurity risks arising from advanced Artificial Intelligence (AI) tools and strengthen cyber resilience in financial markets.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Tuhin Kanta Pandey
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

State Bank of India Research estimates India’s Q4 FY26 Gross Domestic Product growth at 7.2%

• State Bank of India (SBI) released its latest Ecowrap Research Report, providing key projections on India’s economic growth outlook.
• The report projects India’s real Gross Domestic Product (GDP) growth at 7.2% in Q4 (Jan–Mar) Financial Year 2025-26 (FY26), slightly lower than the earlier estimate of 7.3% (Feb 2026 projection).
• For the full FY26, India’s GDP growth is projected at 7.5%, supported by rural demand, fiscal stimulus, and urban consumption despite global headwinds.
• For FY27, India’s real GDP growth is estimated at 6.6%, mainly due to global geopolitical uncertainties.
• The report estimates India’s nominal GDP growth at 12.2% for FY26, and around 11% for FY27, assuming a deflator of ~4.5%.
• Bank credit growth of Scheduled Commercial Banks (SCBs) increased to 16.1%, compared to 11.0% in the previous year, indicating strong credit expansion.
• Total incremental credit growth stood at ₹29.5 trillion, reflecting robust lending activity in the economy.

Reserve Bank of India issues Master Direction on exchange of notes and coins under Banking Regulation Act, 1949

• The Reserve Bank of India (RBI) has mandated all bank branches to provide universal cash services without discrimination.
• Branches must ensure facilities for:
• Issuing fresh currency notes and coins
• Exchanging soiled, mutilated, and imperfect notes
• Accepting coins and small denomination notes from the public
• All banks and White Label ATM Operators (WLAOs) must ensure timely ATM cash replenishment to prevent cash shortages and customer inconvenience.
• All coins of ₹1, ₹2, ₹5, ₹10, and ₹20 remain legal tender.
• Coins of 25 paise and below ceased to be legal tender from June 30, 2011.
• Under the Reserve Bank of India (Note Refund) Rules, 2009 (amended 2018), banks are empowered to exchange mutilated and imperfect notes free of cost.
• Soiled notes up to 20 pieces or ₹5,000 per day must be exchanged immediately over the counter free of charge.
• For bulk deposits, banks must accept notes against receipt and complete payment within 7 days.
• If a customer submits up to 10 mutilated or imperfect notes, banks should normally adjudicate and pay exchange value immediately over the counter.
• If notes exceed 10 pieces or ₹5,000 per day, banks must accept them with receipt and process later payment.
• Customers facing issues can first approach the concerned bank branch for resolution.
• If the issue remains unresolved within 30 days, complaints can be filed under the Reserve Bank Integrated Ombudsman Scheme, 2021.
• After adjudication, the Prescribed Officer must stamp notes with “PAY”, “PAID”, or “REJECT”, along with bank and branch details.
• These official stamps must be securely retained to prevent misuse and ensure transparency and accountability.

Reserve Bank of India issues Second Amendment Directions on Credit Risk Management for Commercial Banks, 2026

• The Reserve Bank of India (RBI) issued amendments to the “Commercial Banks – Asset Classification, Provisioning and Income Recognition Directions, 2026” under Section 35A of the Banking Regulation Act, 1949, in public interest.
• RBI clarified that until banks fully adopt internal country rating systems, they may continue using the seven-category country classification framework of Export Credit Guarantee Corporation of India (ECGC).
• The ECGC framework will provide quarterly updates and issue alerts on sudden major changes in country classifications to all banks.
• Banks are required to continuously assess and monitor Unhedged Foreign Currency Exposure (UFCE) of borrowers and maintain adequate additional capital against such risks.
• Under the revised norms, exposure to currency risk becomes a key component of capital adequacy assessment.
• Borrowers with Potential Loss/EBID ratio above 75% will attract incremental capital requirements.
• Specifically, such high-risk exposures will lead to a 25 percentage point increase in risk weight, significantly raising capital requirements.
• The revised UFCE framework is designed to strengthen foreign exchange risk management in the banking system.
• The risk-based structure is as follows:
• Up to 50% Potential Loss/EBID → No additional capital
• 50% to 75% → No additional capital
• Above 75% → 25% increase in risk weight
• RBI’s amendment ensures stricter capital provisioning for entities with high unhedged foreign currency risk exposure.

Delhi Metro Rail Corporation ties up with Airtel Payments Bank to launch RuPay ‘On-The-Go’ mobility cards

• Delhi Metro Rail Corporation (DMRC) has partnered with Airtel Payments Bank to launch co-branded RuPay ‘On-The-Go’ National Common Mobility Cards (NCMC) for seamless digital payments and metro travel across India.
• The initiative supports the Government of India’s vision of “One Nation, One Card”, aimed at promoting interoperability, cashless transactions, and commuter convenience.
• The cards enable users to travel across metro systems, buses, and other public transport networks using a single open-loop mobility card.
• The co-branded cards are issued in two variants: Debit Cards and PPI-MTS (Prepaid Payment Instrument for Mass Transit Systems)
• The cards feature EMV chip-based security, ensuring safe online and offline transactions.
• A key sustainability feature is the use of 99% recycled plastic, aimed at reducing the carbon footprint.
• Users can conveniently digitally recharge the cards through DMRC and Airtel mobile applications.
• The launch was announced in the presence of Vikas Kumar, Managing Director (MD), DMRC and Anubrata Biswas, MD, Chief Executive Officer (CEO), Airtel Payments Bank in New Delhi, Delhi.

About Airtel Payments Bank:

• Headquarters: New Delhi, India

India Post records ₹15,296 crore revenue in FY26, says Union Minister Scindia

• India Post has added more than 11,000 post offices in the last four years, expanding its reach to nearly 90% rural geography, strengthening its role as a last-mile logistics partner.
• The total network has reached 1,64,999 post offices, making it one of the largest postal networks in the world.
• The Department achieved a record revenue of ₹15,296 crore in FY26, registering a strong 16% year-on-year growth, marking a significant performance milestone.
• This is the first time in several years that India Post has recorded revenue growth above 15%, indicating a clear shift toward a revenue-driven business model.
• The transformation highlights India Post’s evolution from a traditional cost centre to a citizen-centric and revenue-generating organisation.
• Major growth was recorded across key segments:
  • Parcels segment grew by 69%
  • Mail services grew by 34%
  • Citizen-centric services grew by 70%
• The Department has strengthened logistics through premium services such as 24 Speed Post, 24 Speed Post Parcel, and 48 Speed Post, supporting time-bound delivery demand.
• The performance was reviewed during the Annual Business Meet chaired by the Minister for Communications Jyotiraditya M. Scindia, who highlighted strong growth across parcels, mail, savings bank, Postal Life Insurance, and citizen services.
• India Post is an Indian public sector postal system statutory body headquartered in New Delhi, India.

Reserve Bank of India issues Master Direction on currency distribution incentives and penalties for banks and currency chests

• The Reserve Bank of India (RBI) issued a Master Direction on incentives for currency distribution and exchange, along with penalties for deficiencies in customer service and reporting by bank branches and currency chests.
• A Scheme of penal interest and penalties has been introduced to ensure accurate and timely reporting of Currency Chest (CC) transactions and improve customer service delivery through banks, branches, and ATMs.
• The provisions apply to all banks, and Currency Chest-related penalties apply to banks operating Currency Chests (CCs).
• RBI’s Clean Note Policy aims to ensure availability of good-quality banknotes to the public.

Key Highlights :

• Currency Chests (CCs) are authorised facilities set up by select scheduled banks to support distribution of banknotes and coins.
• Definitions:
• Soiled Note: A note damaged due to normal wear and tear, including pasted two-piece notes of the same original note.
• Mutilated Note: A note with a missing portion or made of more than two pieces.
• Imperfect Note: A note that is wholly/partially obliterated, shrunk, washed, altered, or indecipherable.
• Banks opening Currency Chests in North-Eastern states and remote/hilly regions of J&K and Ladakh are eligible for 100% capital expenditure reimbursement up to ₹50 lakh.
• Such Currency Chests are also eligible for 50% reimbursement of revenue expenditure for the first 5 years.
• Incentives for Currency Chest operations:
• ₹2 per packet for exchange of soiled notes (₹50 and below)
• ₹2 per piece for mutilated note adjudication
• ₹65 per coin bag for distribution
• Additional ₹10 per bag in rural/semi-urban areas (certified by auditor)
• ₹11 per 100 pieces (large CCs) and ₹8 per 100 pieces (other CCs) for cash deposits
• Penalties & Compliance Framework:
• Refusal to exchange coins, lower denomination notes, or soiled/mutilated notes attracts a penalty of ₹10,000 per deficiency, rising to ₹5 lakh for repeated violations, along with public disclosure.
• Banks and White Label ATM Operators (WLAOs) face a penalty of ₹10,000 per instance for:
• Dispensing counterfeit notes
• Failure to impound fake currency
• ATM cash-outs exceeding 10 hours/month attract a penalty of ₹10,000 per ATM, along with mandatory monthly downtime reporting to RBI within 5 days.
• Shortages in Soiled Note Remittances (SNRs) or Currency Chest balances attract:
• ₹50 per note (up to ₹50 denomination)
• Full face value penalty for ₹100+ notes and coin
• Operational lapses in Currency Chests (e.g., CCTV failure, misuse of Note Sorting Machines, lack of surprise checks) attract penalties ranging from ₹5,000 to ₹5 lakh depending on severity.
• Minimum transaction limit for Currency Chests is ₹50,000, and thereafter in multiples of ₹10,000.
• All CC transactions must be reported on the CyM-CC portal by 7 PM on the same day.
• Delayed or incorrect reporting attracts penal interest at 2% above Bank Rate (T+0 basis) until correction is made.

CURRENT AFFAIRS: NATIONALA ND STATE NEWS

Prime Minister Narendra Modi Visits Karnataka and Telangana; Inaugurates Projects Worth ₹9,400 Crore

• Prime Minister Narendra Modi visited Karnataka and Telangana to participate in events and inaugurate development projects worth around ₹9,400 crore
• The visit included the inauguration of Pradhan Mantri Mega Integrated Textile Region and Apparel Park in Warangal, Telangana
• In Bengaluru, the Prime Minister attended the 45th anniversary celebrations of The Art of Living Foundation and the 70th birthday of Sri Sri Ravi Shankar
• He inaugurated the Dhyan Mandir at the Art of Living International Centre in Bengaluru
• In Hyderabad, the Prime Minister launched multiple infrastructure and development projects
• He laid the foundation stone for four-laning of National Highway 167 from Gudebellur to Mahabubnagar under the Hyderabad–Panaji Economic Corridor, with an investment of over ₹3,175 crore
• He also laid the foundation stone for the Zaheerabad Industrial Area in Sangareddy district
• The Prime Minister dedicated key projects including:
• Indian Oil Corporation Limited Malkapur Terminal Project
• Sindhu Hospital in Hyderabad
• The visit focused on boosting infrastructure development, industrial growth, and healthcare facilities in the region

RECENT NEWS

• Honorable Prime Minister of India Narendra Modi have visited Karnataka on April 15th 2026 and he inaugurated the Sri Guru Bhairavaikya Mandira at the Sri Adichunchanagiri Mahasamsthana Math. 

India Launches ‘Sehat Mission’ to Integrate Agriculture, Nutrition and Healthcare

• The Government of India launched the ‘Sehat Mission’ in the National Capital under the leadership of Prime Minister Narendra Modi
• Sehat Mission (Science Excellence for Health through Agricultural Transformation) aims to integrate agriculture, nutrition, and healthcare through a unified approach
• The mission is a joint initiative of:
• Indian Council of Agricultural Research
• Indian Council of Medical Research
• The objective is to link agricultural production with health outcomes and promote preventive healthcare
• The mission focuses on:
• Prevention and early detection of diseases
• Improved nutrition through agriculture
• Scientific and evidence-based solutions
• Union Health Minister Jagat Prakash Nadda stated that the initiative shifts India from a reactive to a proactive healthcare model
• The mission addresses key challenges such as:
• Malnutrition and micronutrient deficiencies
• Rising Non-Communicable Diseases (NCDs) such as diabetes, hypertension, and cancer
• It promotes:
• Nutrient-rich food production
• Affordable and science-based healthcare solutions
• Integration of agricultural and medical research
• Traditional concepts like ‘Hitbhuk, Mitbhuk, Ritubhok’ (healthy, moderate, and seasonal eating) are highlighted as relevant for modern health practices

RECENT NEWS

• Government of India approved the Nutrient-Based Subsidy (NBS) rates for the Rabi 2025–26 season, ensuring continued access to affordable and balanced fertilizers for Indian farmers.

Government to Launch ‘Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025’ from July 1, 2026

• The Government of India has announced the rollout of the ‘Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025’ (VB-G RAM G Act)
• The Act will come into force from July 1, 2026
• The initiative aims to enhance rural employment, strengthen livelihood security, and develop rural infrastructure
• The Ministry of Rural Development has notified that the Mahatma Gandhi National Rural Employment Guarantee Act, 2005 will be repealed from July 1, 2026
• Ongoing works under MGNREGA will continue seamlessly under the new framework
• Under the new Act, every eligible rural household will get 125 days of guaranteed wage employment per financial year
• This is an increase from the earlier 100 days under MGNREGA
• Employment will be provided to adults willing to do unskilled manual work
• Workers will be eligible for unemployment allowance if work is not provided within the stipulated time
• The government has made a record Budget allocation of ₹95,692.31 crore for FY 2026–27
• Including State share, the total outlay is expected to exceed ₹1.51 lakh crore
• The scheme aims to boost:
• Rural infrastructure development
• Asset creation at village level
• Employment generation
• Rural income growth
• Grassroots economic activities
• The Direct Benefit Transfer (DBT) mechanism will continue to ensure transparency and accountability
• Wages will be directly credited to bank or post office accounts
• Payments will be made weekly or within 15 days of muster roll closure
• Compensation will be provided for delayed payments

India Plans ‘Made in India Brand Scheme’ to Boost Domestic Manufacturing

• The Government of India is planning to launch the ‘Made in India Brand Scheme’ to strengthen domestic manufacturing and reduce import dependence
• The scheme aims to create a trusted global identity for products manufactured in India
• The government plans to identify nearly 100 products that are not produced in India or manufactured in limited quantities
• The announcement was made by Amardeep Singh Bhatia, Secretary of the Department for Promotion of Industry and Internal Trade, at the CII Annual Business Summit 2026
• Focus sectors include industrial and automotive components such as automobile axles and motorcycle parts, where import dependence is high
• The objective is to increase domestic production, improve product quality, and enhance global competitiveness
• The scheme is expected to strengthen the manufacturing ecosystem by:
• Generating employment opportunities
• Boosting exports
• Reducing trade deficit
• Enhancing supply chain resilience
• Reducing vulnerability to global disruptions
• The initiative comes amid global supply chain disruptions, geopolitical tensions, and changing trade dynamics, encouraging countries to focus on self-reliance in production
• A key feature of the scheme is a quality-backed certification framework, which will include:
• A dedicated ‘Made in India’ logo
• Certification for value addition
• Standardised quality benchmarks
• The scheme aims to go beyond branding and build consumer trust in Indian products in both domestic and international markets

Supreme Court Launches ‘One Case One Data’ Initiative and ‘Su-Sahayak’ AI Chatbot to Modernize Judicial System

• The Supreme Court of India has launched the ‘One Case One Data’ initiative along with an Artificial Intelligence (AI)-powered chatbot ‘Su- Sahayak’
• The initiative aims to digitally integrate case data across all levels of the judiciary
• ‘One Case One Data’ is a digital case management framework designed to create a unified judicial data system
• It will connect courts across different levels, including:
• Supreme Court
• High Courts
• District Courts
• Taluka Courts
• Government Departments
• The initiative enables centralised access to case-related information for better coordination and efficiency
• The announcement was made by Chief Justice of India Surya Kanta along with Justice Joymalya Bagchi
• The reform addresses challenges such as:
• Fragmented judicial data systems
• Delays in record verification
• Difficulty in tracking case history
• Inefficiencies in inter-court communication
• Issues in document retrieval and coordination
• The initiative aims to build a seamless digital judicial ecosystem and improve justice delivery in India

West Bengal Announces Annapurna Bhandaar Scheme to Provide ₹3,000 Monthly Aid to Women

• The Government of West Bengal, led by Chief Minister Suvendu Adhikari, has approved the launch of the Annapurna Bhandaar Scheme in its first Cabinet meeting
• The scheme provides ₹3,000 per month financial assistance to eligible women
• It will be implemented from June 1, 2026
• Funds will be transferred through Direct Benefit Transfer (DBT)
• Focus on financial empowerment of women
• The scheme will replace the Lakshmir Bhandar Scheme
• Earlier benefits: ₹1,500 (General Category) and ₹1,700 (Scheduled Castes/Scheduled Tribes – SC/ST)
• New scheme provides a uniform ₹3,000 per month, indicating a significant increase in assistance
• The Cabinet also approved free bus travel for women in state-run buses
• The state will implement major Central Government schemes, including:
• Ayushman Bharat
• Pradhan Mantri Jan Arogya Yojana
• Pradhan Mantri Fasal Bima Yojana
• PM SHRI Schools
• PM Vishwakarma Scheme
• Social welfare initiatives include:
• Beti Bachao Beti Padhao
• Pradhan Mantri Ujjwala Yojana 3.0
• Land will be transferred to the Border Security Force for border fencing along Bangladesh
• The government will take measures to curb illegal immigration

RECENT NEWS

• West Bengal got its first BJP-led government after Suvendu Adhikari took oath as the ninth Chief Minister of the state on May 9, 2026. Along with him, five BJP leaders were sworn in as ministers during the ceremony held at Brigade Parade Ground in Kolkata.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India hands over Inter-University Centre for Astronomy and Astrophysics banner to South African Astronomical Observatory to boost astronomy and scientific collaboration

• India’s High Commissioner to South Africa, Prabhat Kumar, formally handed over the banner of the Inter-University Centre for Astronomy and Astrophysics (IUCAA) to the South African Astronomical Observatory (SAAO) during a ceremony at the Royal Observatory, Cape Town.
• The event highlights the strengthening of long-standing scientific and astronomical cooperation between India and South Africa.
• The IUCAA banner will be displayed at the Southern African Large Telescope (SALT), one of the largest optical telescopes in the Southern Hemisphere, symbolising enhanced research collaboration in astronomy and astrophysics.
• The initiative promotes joint research, academic exchanges, and collaborative projects in astronomy and space sciences between the two countries.
• SALT is collaborating with Indian researchers on a new camera detector and controller system, strengthening technology-driven scientific cooperation.
• South African scientists will participate in astronomy-related meetings hosted by India under its 2026 BRICS Chairship, enhancing multilateral scientific engagement.
• India’s participation under the 2026 BRICS Chairship includes a series of astronomy and space science initiatives involving partner nations.

About IUCAA :

• The Inter-University Centre for Astronomy and Astrophysics (IUCAA), located in Pune, Maharashtra, focuses on research and education in astronomy and astrophysics.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Dr. A.K. Panda assumes charge as Chairman & Managing Director of Steel Authority of India Limited

• Ashok Kumar Panda assumed charge as Chairman & Managing Director (CMD) of Steel Authority of India Limited (SAIL) under the Ministry of Steel, effective from 9 May 2026.
• He succeeded Krishna Kumar Singh, who was serving as interim MD & CEO after Amarendu Prakash stepped down on 1 April 2026.

About Dr. Ashok Kumar Panda :

• Ashok Kumar Panda joined SAIL in 1992 as a Management Trainee (Technical).
• He has over three decades of experience across operational, financial, and commercial domains in SAIL, reflecting his dedication, perseverance, and service excellence.
• Prior to becoming CMD, he served as Director (Finance) and held additional charge of Director (Commercial) for about nine months.
• As Director (Finance), he focused on improving operational efficiency and profitability of SAIL.
• As Director (Commercial), he aligned operations with market performance and financial objectives.
• Key focus areas included improving sales volumes, increasing Net Sales Realisation (NSR), reducing inventory levels, and strengthening product branding.
• He also served as Nominee Director on the board of International Coal Ventures Limited (ICVL), a joint venture of SAIL, and represented the company on boards of other Central Public Sector Enterprises (CPSEs).
• SAIL is targeting a production capacity expansion to 35 MTPA (Million Tonnes Per Annum) from the current 20 MTPA.

About Steel Authority of India Limited :

• Incorporated : 1973
• Headquarters : New Delhi, India

About Ministry of Steel :

• Cabinet Minister : H.D. Kumaraswamy

1. Joseph Vijay takes oath as 9th Chief Minister of Tamil Nadu representing Tamilaga Vettri Kazhagam

• Joseph Vijay, founder of Tamilaga Vettri Kazhagam (TVK), was sworn in as the 13th Chief Minister of Tamil Nadu at the Jawaharlal Nehru Indoor Stadium, Chennai.
• He officially succeeded Muthuvel Karunanidhi Stalin as Chief Minister of Tamil Nadu.
• The oath of office was administered by Governor Rajendra Vishwanath Arlekar.
• After assuming office at Fort St. George, Chennai, the Chief Minister signed three major policy files:
• 200 Units Free Electricity scheme for domestic consumers using up to 500 units
• Singappen Special Task Force for women’s safety
• Anti-Narcotic Task Force (ANTF) to curb drug trafficking in Tamil Nadu
• TVK emerged as the single largest party in the 2026 Tamil Nadu Assembly elections, winning 108 seats out of 234 seats, ending the dominance of DMK and AIADMK.
• To secure a majority of 118 seats, TVK received support from Indian National Congress, CPI, CPI(M), Viduthalai Chiruthaigal Katchi, and Indian Union Muslim League, taking total support to 120 MLAs.
• Governor Rajendra Vishwanath Arlekar invited Vijay to form the government after he submitted letters of support from allied parties.
• Vijay, popularly known as “Thalapathy”, is a leading Indian film actor whose political journey is often compared to G. Ramachandran (MGR).
• He won from Perambur and Tiruchy East constituencies, retained the Perambur seat, and resigned from Tiruchy East.
• Udhayanidhi Stalin of Dravida Munnetra Kazhagam (DMK), representing Chepauk-Thiruvallikeni constituency, assumed office as the 19th Leader of Opposition in the Tamil Nadu Legislative Assembly.

CURRENT AFFAIRS: AWARDS AND HONOURS

President Presents National Florence Nightingale Awards 2026 on International Nurses Day

• The President of India, Droupadi Murmu, presented the National Florence Nightingale Awards 2026 at Rashtrapati Bhavan on International Nurses Day (May 12)
• The awards recognise outstanding nursing professionals for their dedication, service, and contribution to healthcare
• The awards are instituted by the Ministry of Health and Family Welfare to honour excellence in nursing services
• Each award includes:
• Certificate of Merit
• ₹1 lakh cash prize
• Medal
• The ceremony was attended by Union Health Minister Jagat Prakash Nadda
• The awards are among the highest recognitions for nursing professionals in India
• Awardees were selected from States, Union Territories, and various institutions across the country
• Notable awardees include:
• Kulwinder Parhi (Leh)
• Ujwala Mahadev Soyam (Maharashtra)
• Lalenthangi Hnamte (Mizoram)
• Madhu Mala Gurung (Sikkim)
• Gita Karmakar (West Bengal)
• Poonam Verma (Chandigarh)
• Kabitha Jagannath (Karnataka)
• Aysha Beebu K. (Lakshadweep)
• Dr. R. Shankar Shanumugam (Tamil Nadu)
• Maj Gen Lissamma PV (Indian Army)
• Eligibility for the awards includes:
• Registered Nurses
• Midwives
• Auxiliary Nurse Midwives (ANMs)
• Lady Health Visitors (LHVs)
• Eligible candidates can be from:
• Central Government / State Governments
• Union Territories
• Voluntary Organisations

CURRENT AFFAIRS: MOUS AND AGREEMENT

All India Football Federation and Department of Sports and Youth Services Sign Five-Year Memorandum of Understanding to Boost Youth Football Development

• All India Football Federation and the Department of Sports and Youth Services, Government of Odisha, have signed a five-year Memorandum of Understanding (MoU) to expand their elite youth football development partnership
• The MoU was signed by Vijay Yeddula and M. Satyanarayan in the presence of Syed Sabir Pasha
• The partnership originally began in November 2023 under the All India Football Federation – Fédération Internationale de Football Association Talent Academy initiative, supported by the Fédération Internationale de Football Association Talent Development Scheme
• The renewed agreement introduces a structured framework with:
• Defined roles and responsibilities
• Governance mechanisms
• Performance benchmarks
• Financial commitments
• The initiative aims to adopt international training standards, sports science practices, and professional football pathways
• Under the agreement:
• The All India Football Federation will handle technical and operational aspects of player development
• The Department of Sports and Youth Services will provide institutional, financial, and infrastructure support
• The collaboration aims to strengthen grassroots and youth football development in India

About AIFF

• Establishment: The AIFF was founded in 1937 and is responsible for managing football in India.
• Affiliation: It is affiliated with FIFA (Fédération Internationale de Football Association) and the Asian Football Confederation (AFC).
• Headquarters: New Delhi.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force Conducts 88-Hour “Operation Sindoor” Commemorative Run from May 7 to 10, 2026

• The Indian Air Force (IAF) conducted the “Op Sindoor Commemorative Run” for 88 hours from 07 May to 10 May 2026 in New Delhi.
• The event commemorated the first anniversary of the 88-hour successful air operations carried out by the IAF, showcasing its capability to deliver decisive and precise strikes.
• Around 600 runners from various Commands of the Indian Air Force and the Indian Army participated in the commemorative event.
• The run was flagged off on 07 May 2026 at 0105 hours by the Air Officer in Charge Administration (AOA) from India Gate.
• The event concluded with a flag-in ceremony by the Chief of the Air Staff (CAS) on 10 May 2026 at 1700 hours at Air Force Station New Delhi (AFND).
• The commemorative run was organised in a continuous relay format lasting for 88 hours.
• Civil authorities played an important role in organising the event, while civilian volunteers also participated enthusiastically.
• The running route covered major landmarks of Delhi including India Gate, Brigadier Hoshiyar Singh Marg, Air HQ Vayu Bhawan, Nehru Park, and New Moti Bagh Road before concluding at Air Force Station New Delhi.
• The main objective of the run was to foster esprit de corps among IAF personnel and enhance public outreach and visibility of the Indian Defence Forces.
• The event highlighted the teamwork, public engagement, and ethos of the Indian Air Force while paying tribute to a significant milestone in IAF operational history.
• As part of the associated activities, the Indian Air Force Jazz Band performed live at Nehru Park on 10 May 2026 from 0630 hours to 0800 hours.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Council of Scientific and Industrial Research marks National Technology Day with transfer of 13 indigenous CSIR-Central Building Research Institute technologies to industries

• Council of Scientific and Industrial Research (CSIR) organised its monthly Technology Transfer Event at CSIR Headquarters, New Delhi on the occasion of National Technology Day.
• The event reaffirmed India’s commitment toward technology-led growth, innovation, and self-reliance (Aatmanirbhar Bharat).
• The programme focused on Technology Transfers by CSIR-Central Building Research Institute (CSIR-CBRI), Roorkee.
• During the event, 13 indigenous technologies developed by CSIR-CBRI were formally transferred to industries and start-ups.
• The initiative supports the national vision of Aatmanirbhar Bharat, sustainable infrastructure, and technology-driven development.
• The transferred technologies covered sectors such as fire safety, sustainable construction, infrastructure protection, energy efficiency, and advanced building materials.
• Major technologies transferred included fire-resistant transparent intumescent coating for wood and wood substitute surfaces.
• Another important technology transferred was IPN coating technology for protection of RCC structures.
• The programme also included transfer of low-carbon footprint brick manufacturing technology.
• A hybrid solar-assisted heat pump system was among the key technologies handed over to industries.
• Prefabricated high-strength steel cord reinforcement technology for wall protection was also transferred during the event.
• A video on the CSIR Smart Village Initiative was released, showcasing CSIR’s contribution toward rural development and sustainable technologies.
• The Annual Report 2025–26 of CSIR-CBRI was officially released during the programme.

Recent News :

• In May 2026, The Council of Scientific and Industrial Research-Central Road Research Institute (CSIR-CRRI) and Bharat Petroleum Corporation Limited (BPCL) have been recognised by the India Book of Records and Asia Book of Records for developing India’s first road section using technical textile geocells made from end-of-life plastic waste

Union Minister Dr Jitendra Singh announces India Meteorological Department AI-enabled systems for hyper-local weather forecasting

• Union Minister Dr. Jitendra Singh launched two advanced AI-driven weather forecast products under the Ministry of Earth Sciences (MoES) to provide hyper-local, impact-based and decision-support weather services.
• The products were developed jointly by the India Meteorological Department (IMD), Indian Institute of Tropical Meteorology (IITM), Pune, and National Centre for Medium Range Weather Forecasting (NCMRWF).

Key Highlights :

• The first product is an AI-enabled “Forecast of Monsoon Advance over Different Parts of the Country”, which provides probabilistic monsoon forecasts up to 4 weeks in advance.
• This system is designed to support farmers across 16 States and over 3,000 sub-districts for better agricultural planning and preparedness.
• The second product is a High Spatial Resolution Rainfall Forecast for Uttar Pradesh (pilot project) with 1-km resolution rainfall prediction up to 10 days in advance.
• The system uses AI-based downscaling techniques and integrates data from Automatic Weather Stations (AWSs), Automatic Rain Gauges (ARGs), Doppler Weather Radars, and satellite datasets.
• The initiative aims to improve decision-making in sectors such as agriculture, water resources, urban planning, renewable energy, infrastructure, and disaster management.
• The expansion of Doppler Weather Radars from around 16–17 a decade ago to nearly 50 now, with 50 more planned under Mission Mausam, has significantly strengthened forecasting capability.
• India has achieved nearly 40% improvement in severe weather forecast accuracy over the last decade.
• Cyclone track, intensity, and landfall forecasts (72-hour window) have improved by 30–35% in the last five years.
• The Government’s Mission Mausam and modernization initiatives are strengthening high-performance computing systems, observational networks, and digital dissemination platforms.
• Weather alerts and advisories are now disseminated through mobile apps, SMS, WhatsApp, Kisan portals, television, and digital platforms to ensure last-mile connectivity.

CURRENT AFFAIRS : OBITUARIES

Former World No. 2 Australian tennis star Mal Anderson passed away at 91

• Australian tennis legend Mal Anderson passed away at the age of 91 in Australia.

About Mal Anderson :

• He was born on 3 March 1935 in Theodore, Queensland,
• Mal Anderson achieved a career-high ranking of World No. 2 in international tennis.
• He began playing tennis on a dirt court and later became one of Australia’s most respected tennis players during the 1950s to 1970s.
• In 1957, he created history by becoming the first unseeded player to win the United States National Championships men’s singles title.
• He defeated fellow Australian Ashley Cooper in the final of the 1957 championship.
• The United States National Championships is presently known as the US Open.
• Mal Anderson won multiple Grand Slam doubles titles during his tennis career.
• One of his major achievements was winning the 1973 Australian Open doubles title.
• He represented Australia in the Davis Cup-winning teams in 1957 and 1973.
• He also finished as runner-up at the 1972 Australian Open.
• In recognition of his achievements, he was inducted into the International Tennis Hall of Fame in 2000.
• He was inducted into the Australian Tennis Hall of Fame in 2001.
• Mal Anderson was awarded the Member of the Order of the British Empire (MBE) honour in 1972.

CURRENT AFFAIRS: BOOKS AND AUTHOR

Union Home Minister Amit Shah Releases Books by Solicitor General Tushar Mehta at Bharat Mandapam

• Union Home Minister Amit Shah of the Ministry of Home Affairs released two books authored by Tushar Mehta
• The books titled “The Bench, the Bar, and the Bizarre” and “The Lawful and the Awful” were released at Bharat Mandapam
• The books are published by Rupa Publications India
• The publications aim to provide insights into legal practice, advocacy, and judicial proceedings through real-life experiences and anecdotes
• The books present courtroom experiences, legal observations, and reflections from the professional journey of the Solicitor General of India
• They highlight key aspects of the Indian legal system, including:
• Bench-Bar interactions
• Constitutional values
• Legal ethics
• Notable courtroom cases and incidents
• The books offer a practical perspective on the functioning of the judiciary in India

CURRENT AFFAIRS: IMPORTANT DAYS

Mental Health Awareness Week 2026 Observed from May 11 to 17 with Theme ‘Action’

• Mental Health Awareness Week 2026 is being observed from May 11 to May 17, 2026
• The week is organised by the Mental Health Foundation and supported by organisations like Mind and the National Health Service
• The theme for 2026 is ‘Action’, focusing on moving beyond awareness to practical steps for mental wellbeing 
• The campaign emphasises that small positive actions can improve emotional wellbeing and reduce feelings of helplessness
• The campaign also promotes ‘Wear It Green Day’ to show solidarity for mental health awareness

Daily CA One- Liner: May 13

• Prime Minister Narendra Modi visited Karnataka and Telangana to participate in events and inaugurate development projects worth around ₹9,400 crore
• The Government of India launched the ‘Sehat Mission’ in the National Capital under the leadership of Prime Minister Narendra Modi.
• The Government of India has announced the rollout of the ‘Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025’ (VB-G RAM G Act)
• The Government of India is planning to launch the ‘Made in India Brand Scheme’ to strengthen domestic manufacturing and reduce import dependence
• The Supreme Court of India has launched the ‘One Case One Data’ initiative along with an Artificial Intelligence (AI)-powered chatbot ‘Su- Sahayak’
• The Government of West Bengal, led by Chief Minister Suvendu Adhikari, has approved the launch of the Annapurna Bhandaar Scheme in its first Cabinet meeting
• The President of India, Droupadi Murmu, presented the National Florence Nightingale Awards 2026 at Rashtrapati Bhavan on International Nurses Day (May 12)
• All India Football Federation and the Department of Sports and Youth Services, Government of Odisha, have signed a five-year Memorandum of Understanding (MoU) to expand their elite youth football development partnership.
• Union Home Minister Amit Shah of the Ministry of Home Affairs released two books authored by Tushar Mehta.
• Public Sector Banks (PSBs) recorded strong financial performance during FY 2025–26, reflecting sustained business growth, improved asset quality, record profitability, and strong capital position.
• The Securities and Exchange Board of India (SEBI) revised rules to allow a uniform 30-day time lag for sharing and using stock price data for educational and investor awareness activities.
• State Bank of India (SBI) released its latest Ecowrap Research Report, providing key projections on India’s economic growth outlook.
• The Reserve Bank of India (RBI) has mandated all bank branches to provide universal cash services without discrimination.
• The Reserve Bank of India (RBI) issued amendments to the “Commercial Banks – Asset Classification, Provisioning and Income Recognition Directions, 2026” under Section 35A of the Banking Regulation Act, 1949, in public interest.
• Delhi Metro Rail Corporation (DMRC) has partnered with Airtel Payments Bank to launch co-branded RuPay ‘On-The-Go’ National Common Mobility Cards (NCMC) for seamless digital payments and metro travel across India.
• India Post has added more than 11,000 post offices in the last four years, expanding its reach to nearly 90% rural geography, strengthening its role as a last-mile logistics partner.
• The Reserve Bank of India (RBI) issued a Master Direction on incentives for currency distribution and exchange, along with penalties for deficiencies in customer service and reporting by bank branches and currency chests.
• India’s High Commissioner to South Africa, Prabhat Kumar, formally handed over the banner of the Inter-University Centre for Astronomy and Astrophysics (IUCAA) to the South African Astronomical Observatory (SAAO) during a ceremony at the Royal Observatory, Cape Town.
• Ashok Kumar Panda assumed charge as Chairman & Managing Director (CMD) of Steel Authority of India Limited (SAIL) under the Ministry of Steel, effective from 9 May 2026.
• Joseph Vijay, founder of Tamilaga Vettri Kazhagam (TVK), was sworn in as the 13th Chief Minister of Tamil Nadu at the Jawaharlal Nehru Indoor Stadium, Chennai.
• The Indian Air Force (IAF) conducted the “Op Sindoor Commemorative Run” for 88 hours from 07 May to 10 May 2026 in New Delhi.
• Council of Scientific and Industrial Research (CSIR) organised its monthly Technology Transfer Event at CSIR Headquarters, New Delhi on the occasion of National Technology Day.
• Union Minister Dr. Jitendra Singh launched two advanced AI-driven weather forecast products under the Ministry of Earth Sciences (MoES) to provide hyper-local, impact-based and decision-support weather services.
• Australian tennis legend Mal Anderson passed away at the age of 91 in Australia.
• Mental Health Awareness Week 2026 is being observed from May 11 to May 17, 2026