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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Punjab National Bank Announces ‘Soldierathon 2026’ Themed Half Marathon in New Delhi

• Punjab National Bank (PNB), a leading Public Sector Bank (PSB), announced ‘PNB Soldierathon 2026’, a themed half marathon, at its Corporate Office in Dwarka, New Delhi.
• The announcement was made ahead of PNB’s 132nd Foundation Day Celebrations to be observed on April 12, 2026.
• The event is branded under the theme “PNB Soldierathon 2026 – Run with Soldiers, Run for Soldiers”, marking the second edition of PNB’s marquee half marathon.
• The initiative aims to honour the Indian Armed Forces while promoting fitness, discipline, national pride, and community engagement.
• It is part of the bank’s social responsibility and nation-building efforts.
• During the launch event, PNB unveiled the official name, theme, T-shirt, and medal of PNB Soldierathon 2026.
• A short film was also showcased highlighting the growing scale and impact of PNB’s flagship fitness initiatives.

About Punjab National Bank (PNB):

• Founded: 1894
• Headquarters: New Delhi, India
• Managing Director & CEO: Ashok Chandra
• Tagline: "The Name You Can Bank Upon"

EximPe Receives Reserve Bank of India Approval as Payment Aggregator-Cross Border

• EximPe, a Singapore-headquartered cross-border payments fintech, secured final Reserve Bank of India (RBI) Payment Aggregator-Cross Border (PA-CB)
• The approval enables international merchants to collect payments from Indian customers via Unified Payments Interface (UPI), cards, wallets, and net banking.
• Notably, the company obtained the PA-CB licence without holding a prior domestic Payment Aggregator (PA)
• With this authorisation, EximPe can now operate under the PA-CB framework for both import and export
• Prior to approval, the firm functioned as a technology service provider to banking partners, facilitating over USD 500 million in bank-led cross-border trade payments across key Asia corridors.
• The fintech has set a target to achieve USD 1 billion in annualised UPI payments over the next 24 months, driven by merchant adoption across Asia corridors.
• EximPe was founded by Arjun Zacharia and operates offices in Bengaluru (Karnataka) and Mumbai (Maharashtra).
• The company raised USD 5 million in seed funding in 2022, backed by Leo Capital along with other venture funds and angel investors.

Shri M. Nagaraju Chairs Meeting in New Delhi to Formulate Roadmap for Financial Inclusion 2.0

• Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a meeting in New Delhi to deliberate on the preparation of the roadmap for Financial Inclusion 2.0.
• The meeting was attended by senior officials from key institutions such as Reserve Bank of India (RBI), Department of Economic Affairs (DEA), Department of Secondary Education and Training, Ministry of Electronics and Information Technology (MeiTY), Ministry of Health and Family Welfare (MoHUA), Ministry of Rural Development (MoRD), Ministry of Housing and Urban Affairs (MoHUA), Ministry of Labour & Employment (MoLE), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), Securities and Exchange Board of India (SEBI), Indian Banks Association (IBA), Indian Cybercrime Coordination Centre (I4C), National Payments Corporation of India (NPCI) etc.among others.
• Discussions focused on preparation of a plan document to further financial inclusion in India.
• The roadmap aims to ensure access to banking services for all citizens, including rural and vulnerable populations.
• It seeks augmentation of banking infrastructure in villages to improve service delivery.
• The initiative emphasizes availability of formal credit, especially for women and vulnerable sections of society.
• One of the goals is to achieve insurance and pension coverage for all citizens by 2047.
• The plan promotes the development of innovative digital and financial products to cater to diverse needs.
• Efforts will be made to increase penetration of digital transactions, particularly in rural and semi-urban areas.
• Raising awareness on financial frauds, including digital frauds, is a key component of the initiative.
• The roadmap includes imparting financial and digital literacy to adults as well as secondary and senior secondary students.

CURRENT AFFAIRS: NATIONAL NEWS AND STATE NEWS

Global Finance and Technology Network and Startup Policy Forum Announce Strategic Collaboration at Black Swan Summit 2026

• Global Finance and Technology Network (GFTN) and the Startup Policy Forum (SPF) announced a strategic collaboration to accelerate financial technology and digital innovation.
• The partnership focuses on coordinated policy engagement, ecosystem development, and cross-border growth initiatives.
• The collaboration was formally unveiled at the Black Swan Summit India 2026 held in Bhubaneswar, Odisha.
• The partnership aims to strengthen global–India innovation corridors and enable structured policy dialogue between regulators and industry stakeholders.
• It will also support the international expansion of Indian startups.
• Key focus areas include digital finance infrastructure, responsible Artificial Intelligence, digital assets, cross-border payments, and regulatory innovation.
• The Global Finance and Technology Network is headquartered in Singapore and was established by the Monetary Authority of Singapore.
• The Startup Policy Forum represents over 65 high-growth Indian startups with a combined valuation exceeding USD 100 billion.

Gujarat Government Signs Letter of Intent with Starlink for Satellite Internet Connectivity

• The Government of Gujarat signed a Letter of Intent (LoI) with Starlink, the satellite internet subsidiary of SpaceX (founded by Elon Musk).
• The agreement was exchanged in Gandhinagar in the presence of Chief Minister Bhupendra Patel and Deputy Chief Minister Harsh Sanghavi.
• The initiative aims to provide reliable, high-speed satellite-based internet connectivity to remote, tribal, and border regions of Gujarat, where traditional telecom infrastructure faces geographical constraints.
• Under the proposed pilot projects, Starlink technology will connect Common Service Centres (CSCs) and e-Governance facilities in Aspirational Districts such as Narmada and Dahod.
• The objective is to ensure last-mile delivery of government services.
• The collaboration will also provide connectivity to Primary Health Centres and tele-medicine hubs, strengthening digital healthcare services.
• Digital infrastructure will be upgraded in government schools, port facilities, and wildlife sanctuaries.
• A Joint Working Group comprising state government officials and Starlink representatives will be formed.
• The group will oversee capacity building of disaster management teams and integration of robust digital networks across district control rooms.
• The initiative supports the broader objective of the Digital India vision by enhancing digital inclusion and connectivity in underserved regions.

About Gujarat:

• Chief Minister: Bhupendra Patel
• Governor: Acharya Devvrat
• Capital: Gandhinagar
• National Parks: Gir National Park, Blackbuck National Park, Vansda National Park, Marine National Park
• Wildlife Sanctuaries: Nal Sarovar Bird Sanctuary, Velavadar Blackbuck Sanctuary, Kutch Desert Wildlife Sanctuary, Barda Wildlife Sanctuary, Purna Wildlife Sanctuary

Recent news

• Girls education in Gujarat has received a major boost with a large-scale financial support announcement. To ensure that economic hardship does not interrupt schooling after primary education, the state government has expanded direct assistance for adolescent girls. 

Unemployment Rate Declines to 4.8% in Q3 FY 2025–26: PLFS Data

• India’s unemployment rate eased to a three-quarter low of 4.8 per cent in October–December (Q3) FY 2025–26, as per the Periodic Labour Force Survey (PLFS) released by the National Statistics Office (NSO).
• This marks a sequential decline in unemployment during the financial year.
• In rural areas (Current Weekly Status - CWS), the unemployment rate for persons aged 15 years and above declined to 4 per cent in Q3 from 4.4 per cent in Q2 (July–September).
• In urban areas, it fell to 6.7 per cent from 6.9 per cent during the same period.
• Under the Current Weekly Status (CWS) framework, a person is classified as unemployed if they did not work for even one hour on any day during the reference week, but were seeking or available for work for at least one hour during that week.
• The Labour Force Participation Rate (LFPR) increased to 55.8 per cent in Q3 from 55.1 per cent in Q2.
• The rise was driven by higher participation of women in both rural and urban labour markets.
• Youth unemployment rate (15–29 years) declined to 14.3 per cent from 14.8 per cent in the previous quarter.
• Among young women, unemployment fell to 16.6 per cent from 17 per cent.
• Among young men, it declined to 13.5 per cent from 14.1 per cent.
• The youth cohort is considered a key indicator as it largely comprises first-time job seekers.
• The share of self-employed workers (including unpaid household workers and own-account workers) increased to 56.3 per cent in Q3 from 55.8 per cent in Q2.
• The proportion of regular salaried workers declined to 24.9 per cent from 25.4 per cent.
• Sector-wise, employment in agriculture increased to 43.2 per cent from 42.4 per cent.
• Employment in the secondary sector declined marginally to 24 per cent from 24.2 per cent.
• The National Statistics Office revamped the Periodic Labour Force Survey sampling methodology in January of the previous year to generate monthly and quarterly estimates of employment indicators for rural and urban areas using the Current Weekly Status approach at the all-India level.
• A key methodological change is the adoption of a rotational panel sampling design, under which each selected household is surveyed four times — once initially and three revisits in subsequent months — in both rural and urban areas.

BHASHINI Migrated to Sovereign AI Cloud on Yotta Infrastructure

• Yotta Data Services, India’s leading sovereign cloud infrastructure and platform services provider, successfully deployed BHASHINI’s end-to-end sovereign Artificial Intelligence cloud transformation.
• The deployment was carried out on Yotta’s Government Community Cloud and Shakti Cloud.
• With this migration, BHASHINI now operates entirely on Indian cloud and Graphics Processing Unit infrastructure, ensuring that language datasets, Artificial Intelligence models, and citizen interactions remain within India’s jurisdiction.
• The Ministry of Electronics and Information Technology stated that the deployment is aligned with the objectives of the IndiaAI Mission.
• It represents a major step towards building self-reliant, secure, and scalable Artificial Intelligence capabilities in India.
• The development was showcased at The India Artificial Intelligence Sovereignty Dialogues, an official Pre-Summit Event of the Artificial Intelligence Impact Summit 2026.

Dr. Jitendra Singh Launches First Technology Development Board Open Call under RDI Fund of ANRF

• Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, and Minister of State for Prime Minister’s Office, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr.Jitendra Singh, launched the first Open Call of the Technology Development Board (TDB).
• The Open Call is launched under the Research, Development and Innovation (RDI) Fund of the Anusandhan National Research Foundation (ANRF).
• The objective is to strengthen India’s innovation ecosystem by supporting the commercialisation of indigenous technologies through structured, long-term financing.
• The initiative marks a departure from conventional government funding models, as it provides direct government-backed financial support to private sector innovation, beyond philanthropy or Corporate Social Responsibility-led funding.
• The RDI Fund aims to enable private enterprises to scale technologies in sectors that were earlier largely confined to the public domain.
• Opening of strategic sectors such as space and nuclear energy for private participation has influenced the design of the fund.
• The fund provides long-term, affordable financing with equity-linked options to share risk, while ensuring accountability and responsible commercialisation.
• The total corpus of the RDI Fund is ₹1 lakh crore.
• Financing is offered at concessional interest rates of around 2–4 per cent.
• The fund provides long tenures of up to 15 years, including moratorium provisions.
• Under the first Open Call, nearly 191 proposals were received, with a majority from the private sector, indicating growing confidence in the government’s innovation support framework.
• The first TDB Call focuses on projects at Technology Readiness Level (TRL) 4 and above.
• Funding will be routed through Second Level Fund Managers (SLFMs).
• Support will be provided in the form of loans, equity, or hybrid instruments, based on project needs.
• The maximum funding support will be up to 50 per cent of the total project cost, with matching contributions from companies or private investors.
• The funding framework offers collateral-free financing, with no requirement for personal or corporate guarantees.
• Proposals will be evaluated based on scientific, technological, financial, and commercial merit, with defined timelines for evaluation and disbursement.
• The scheme does not provide grant funding and focuses on sustainable commercial deployment of technologies.
• The RDI Fund was approved by the Union Cabinet in July 2025.
• It was launched by Prime Minister Shri Narendra Modi in November 2025 to build indigenous technological capabilities and strengthen innovation-led economic growth.
• The event was attended by senior officials, including Shri Rajesh Pathak, Secretary, Technology Development Board, and Professor Abhay Karandikar, Secretary, Department of Science and Technology.

Delhi Government Launches ‘Lakhpati Bitiya Yojana’ for Girl Child Welfare

• The Delhi Government launched the Lakhpati Bitiya Yojana in 2026 to secure the educational and financial future of girl children in the National Capital Territory of Delhi.
• The scheme was announced by Chief Minister Rekha Gupta.
• The scheme provides financial assistance from birth till completion of graduation, making it a long-term education-linked welfare initiative.
• Under the scheme, each eligible beneficiary will receive ₹56,000 in phased instalments.
• The instalments will be released at key educational milestones, starting from birth and continuing through different stages of education.
• After successful completion of graduation, the accumulated amount will mature into more than ₹1 lakh, providing financial security at the beginning of adulthood.
• The scheme follows a fully digital process, covering application, verification, and fund transfer.
• Beneficiaries are not required to visit government offices.
• The system ensures transparency, efficiency, and updated digital records for each beneficiary.
• The objective of the scheme is to promote gender equity, financial inclusion, and human capital development.
• By linking benefits with education, it encourages families to support girls’ education up to graduation level.
• The scheme aims to reduce dropout rates, increase female participation in higher education, and strengthen overall socio-economic development indicators.

About Delhi:

• Chief Minister: Rekha Gupta
• Lieutenant Governor: Vinai Kumar Saxena
• Capital: New Delhi
• Wildlife Sanctuaries: Asola Bhatti Wildlife Sanctuary, Yamuna Biodiversity Park, Aravalli Biodiversity Park

RECENT NEWS

• PLASTINDIA 2026, one of the world’s largest and most influential plastics exhibitions, is set to begin on 5 February 2026 at Bharat Mandapam, New Delhi. The six-day event will run until 10 February 2026 and is expected to bring together industry leaders, policymakers, innovators, and global exhibitors on a single platform. 

Indian Railways Approves Key Line Expansion and Bypass Projects in Uttar Pradesh, Rajasthan and Madhya Pradesh

• Indian Railways approved major infrastructure projects including third-line construction, line doubling, and bypass alignment to enhance operational efficiency, safety, capacity and regional connectivity.
• Third Line between Aunrihar – Varanasi City (31.36 km), Uttar Pradesh approved at a cost of ₹497.07 crore under North Eastern Railway.
• The section handles heavy passenger and freight traffic, including cement, coal, food grains, iron, steel and industrial materials.
• The third line will allow 7.13 additional trains per direction per day and support freight growth of 1.99 million Tonnes Per Annum (MTPA).
• Existing line capacity of 87.93 per cent will increase to over 102 per cent, reducing congestion and improving punctuality.
• The project will strengthen logistics efficiency and trade corridors in eastern Uttar Pradesh and adjoining regions.
• Doubling of Ringas – Sikar (50.06 km), Rajasthan approved at a cost of ₹470.34 crore under North Western Railway.
• The project will enable five additional trains per direction daily and increase freight capacity by 2.36 MTPA.
• Current capacity utilisation of 77 per cent is projected to rise to 210 per cent by 2029–30.
• It will enhance connectivity to key pilgrimage sites such as Khatu Shyamji and Salasar Balaji.
• The project aims to improve reliability, reduce delays and support economic activity in the region.
• Ujjain Bypass Line connecting Naikheri – Chintaman Ganesh (8.60 km), Madhya Pradesh approved at a cost of ₹189.04 crore under Western Railway.
• The bypass will eliminate the need for train reversals at Ujjain Junction, improving sectional capacity and operational efficiency.
• The project is significant in view of the Simhastha Kumbh Mela 2028 and heavy pilgrim traffic to Mahakaleshwar Jyotirlinga.
• It will ensure smoother train movement, reduced delays and improved timetable reliability during peak seasons.
• These projects aim to promote inclusive and sustainable transport development, strengthen connectivity, and support economic growth and seamless mobility across strategic corridors.

RECENT NEWS

• Indian Railways has achieved an important milestone by launching the country’s first LNG–Diesel dual-fuel DEMU train. The train has been operationalised at **Sabarmati in Ahmedabad, marking a big move towards sustainable and environment-friendly rail operations.

Union Government Releases 2nd Installment of XV Finance Commission Untied Grants to Five States

• The Union Government sanctioned and released the 2nd installment of Fifteenth Finance Commission Untied Grants for FY 2025–26 to Panchayati Raj Institutions/Rural Local Bodies in Bihar, Haryana, Himachal Pradesh, Uttar Pradesh and West Bengal.
• The objective is to strengthen grassroots governance and enable need-based local development.
• Bihar received 80,240.00 lakh (Rs. 802.40 crore) covering 38 District Panchayats, 533 Block Panchayats and 8,053 Gram Panchayats.
• An additional 139.10 lakh (Rs. 1.39 crore) from the withheld portion of the 1st installment was released to 3 Block Panchayats and 7 Gram Panchayats that became eligible.
• Haryana was provided Rs.19,762.70 lakh (Rs. 197.627 crore) covering 19 District Panchayats, 138 Block Panchayats and 6,194 Gram Panchayats.
• A further 249.80 lakh (Rs. 2.50 crore) was released from the earlier withheld amount to 1 District Panchayat, 4 Block Panchayats and 30 Gram Panchayats.
• Himachal Pradesh received Rs.6,830.03 lakh (Rs. 68.30 crore) for 12 District Panchayats, 80 Block Panchayats and 3,602 Gram Panchayats.
• Additionally, 34.53 lakh (Rs. 0.35 crore) was released to 26 newly eligible Gram Panchayats.
• Uttar Pradesh received Rs.1,55,940.00 lakh (Rs. 1,559.40 crore) for 75 District Panchayats, 826 Block Panchayats and 57,694 Gram Panchayats.
• An additional Rs.1,101.64 lakh (Rs. 11.016 crore) was released from the withheld portion to 2 District Panchayats, 13 Block Panchayats and 61 Gram Panchayats.
• West Bengal was allocated Rs.68,085.79 lakh (Rs. 680.86 crore) covering 21 District Panchayats, 335 Block Panchayats and 3,225 Gram Panchayats.
• The grants are recommended by the Ministry of Panchayati Raj and the Ministry of Jal Shakti (Department of Drinking Water and Sanitation) and released by the Ministry of Finance.
• The grants are released in two installments in a financial year.
• Untied Grants can be used by Panchayati Raj Institutions/Rural Local Bodies for location-specific needs under the Twenty-Nine Subjects of the Eleventh Schedule of the Constitution, excluding salaries and establishment costs.
• Tied Grants are to be utilised for basic services such as:
• Sanitation and maintenance of Open Defecation Free status, including household waste management, human excreta and fecal sludge management.
• Drinking water supply, rainwater harvesting and water recycling.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India Signs Social Security Agreement with United Kingdom to Facilitate Cross-Border Workforce

• India signed a bilateral Social Security Agreement (SSA) with the United Kingdom (UK) focusing on social security contributions for cross-border workers.
• The agreement prevents double taxation on social security payments and facilitates smoother mobility for Indian professionals working in the UK.
• Under the pact, employees on short-term assignments (up to 36 months) will not pay social security contributions in both countries, reducing the financial burden for individuals and employers.
• Approximately 75,000 Indian professionals, especially in IT, engineering, finance, and consultancy, are expected to benefit from the agreement.
• Indian companies operating in the UK will find it more cost-effective to deploy staff for short-term assignments.
• To claim exemption from dual contributions, workers must obtain a Certificate of Coverage (CoC) through the Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour & Employment (MoL&E) or via the Ministry of External Affairs (MEA), while UK workers follow a similar process through their authorities.
• The SSA strengthens India-UK cooperation in labour mobility and social security protection for professionals.

About Ireland:

• President : Catherine Connolly
• Capital : Dublin
• Currency : Euro (EUR)

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Takes Command of Combined Task Force (CTF) 154 for the First Time

• The Indian Navy has assumed command of Combined Task Force (CTF) 154, a multinational training task force under the Combined Maritime Forces (CMF), reflecting India’s growing role in maritime security and capacity building in the Indian Ocean Region (IOR) and beyond.
• The change of command ceremony took place on 11 Feb 2026 at CMF Headquarters, Manama, Bahrain, presided over by VAdm Curt A Renshaw, Commander, CMF / US NAVCENT / US Fifth Fleet.
• Cmde Milind M Mokashi, Shaurya Chakra, formally took over as Commander CTF 154 from the outgoing Italian Navy Commander, with VAdm Tarun Sobti, DCNS, Indian Navy, in attendance.
• CTF 154, established in May 2023, focuses on training and capacity building of CMF member nations and strengthens India’s position as a Preferred Security Partner among the 47 CMF nations.
• The task force enhances maritime security through multinational training programs across the Middle East and wider region.
• Training programs of CTF 154 focus on five pillars: Maritime Domain Awareness (MDA), Law of the Sea, Maritime Interdiction Operations, Maritime Rescue and Assistance, and Leadership Development.
• CTF 154 conducts regular Maritime Security Enhancement Training (MSET) events, exercises such as Compass Rose and Northern/Southern Readiness, and operational capacity-building for partner nations.
• The task force addresses common maritime threats, including illegal trafficking, piracy, and irregular migration.
• CTF 154 operates alongside other CMF task forces: CTF 150 (Maritime Security), CTF 151 (Counter-Piracy), CTF 152 (Arabian Gulf Security), and CTF 153 (Red Sea Security).
• The Indian Navy aims to deliver high-impact training initiatives and reinforce global maritime partnerships for peace, prosperity, and security during its tenure as CTF 154 commander.

Defence Acquisition Council Approves ₹3.60 Lakh Crore Defence Procurement to Strengthen Armed Forces’ Combat Capabilities

• The Defence Acquisition Council (DAC), chaired by Raksha Mantri Shri Rajnath Singh, approved Acceptance of Necessity (AoN) for various proposals of the Services valued at about ₹3.60 lakh crore on 12 February 2026.

Key Highlights :

Indian Air Force (IAF):

• AoN approved for procurement of Multi Role Fighter Aircraft (MRFA) [Rafale], Combat Missiles, and Air-Ship Based High Altitude Pseudo Satellite (AS-HAPS).
• MRFA procurement will enhance air dominance, long-range offensive strikes, and deterrence capabilities, with the majority manufactured in India.
• Combat Missiles will boost stand-off ground attack capability, deep strike power, and high accuracy.
• AS-HAPS will be used for persistent ISR (Intelligence, Surveillance, Reconnaissance), Electronic Intelligence, telecommunication, and remote sensing for military purposes.

Indian Army:

• AoN approved for Anti-Tank Mines (Vibhav) and overhaul of Vehicle Platforms including ARVs, T-72 Tanks, and BMP-II Infantry Combat Vehicles.
• Vibhav mines serve as anti-tank obstacle systems to delay enemy mechanized forces.
• Overhaul of vehicle platforms ensures extended service life, readiness, and operational effectiveness.

Indian Navy:

• AoN cleared for 04 MW Marine Gas Turbine based Electric Power Generator and P8I Long Range Maritime Reconnaissance Aircraft.
• Marine Gas Turbine Power Generator under Make-I category reduces foreign dependency and ensures self-reliance in power generation.
• P8I aircraft enhances long-range anti-submarine warfare, maritime surveillance, and maritime strike capabilities.

Indian Coast Guard (ICG):

• AoN approved for Electro-Optical/Infra-Red system for Dornier aircraft.
• The procurement improves maritime surveillance efficiency of the ICG.

Ministry of Defence Signs ₹2,312 Crore Hindustan Aeronautics Limited Contract for Eight Dornier 228 Aircraft Under Buy (Indian) Scheme

• The Ministry of Defence (MoD) signed a contract with Hindustan Aeronautics Limited (HAL), Transport Aircraft Division, Kanpur, for the acquisition of eight Dornier 228 aircraft along with Operational Role Equipment for the Indian Coast Guard (ICG) at a cost of ₹2,312 crore under the Buy (Indian)
• The contract signing took place in the presence of Defence Secretary Shri Rajesh Kumar Singh in New Delhi on 12 February 2026.
• The programme is expected to generate significant direct and indirect employment by strengthening HAL’s production ecosystem and supporting a broad network of MSMEs and ancillary industries.
• The procurement reinforces the Government of India’s commitment to Aatmanirbhar Bharat and Make-in-India initiatives while bolstering India’s maritime security architecture.
• The Dornier 228 aircraft will enhance coastal surveillance, maritime reconnaissance, and search-and-rescue operations across India’s coastline and Exclusive Economic Zone (EEZ).
• The Dornier 228 is a twin-turboprop utility and maritime patrol aircraft, widely used for maritime patrol and utility roles, manufactured domestically by HAL.
• The Buy (Indian) category prioritises procurement from domestic manufacturers, reducing dependence on foreign defence imports.
• The procurement will strengthen the supply chain involving micro, small and medium enterprises (MSMEs) and ancillary industries.
• The Indian Coast Guard, operating under the Ministry of Defence, plays a key role in anti-smuggling operations, environmental protection, disaster response, and safeguarding sea lanes.
• The induction of additional Dornier aircraft will bolster maritime domain awareness and enhance India’s coastal security framework.
• The contract has strategic and economic significance, promoting self-reliance in defence production, improving coastal surveillance, and supporting India’s maritime presence amid evolving regional security and economic challenges.
• The Dornier 228 programme aligns with the government’s focus on indigenous manufacturing, maritime security, and Aatmanirbhar Bharat

Agneevasthraa Partners with Indian Army to Provide Advanced Carbon and Composite Materials

• Agneevasthraa, a domestic manufacturer of carbon fabrics and advanced composite materials, signed a Memorandum of Understanding (MoU) with the Indian Army (IA) to supply materials for defence applications.
• The MoU covers carbon fabrics, which are lightweight, high-strength textiles made from carbon fibers, and composite materials, combining two or more constituent materials for defence-specific properties.
• The supplied materials will be used in armour systems, protective gear, structural components, and high-performance defence platforms.
• The collaboration aligns with the Government of India (GoI)’s vision of ‘Make in India’ and ‘Aatmanirbhar Bharat’, promoting domestic defence manufacturing.
• Agneevasthraa has a long-standing association with the Indian Space Research Organisation (ISRO) and Defence Research and Development Organisation (DRDO) in delivering world-class material innovations.
• The MoU ensures the Indian Army has access to cutting-edge, locally sourced carbon-related technology meeting rigorous global standards.
• The collaboration focuses on custom design and manufacturing of advanced carbon and allied materials for critical, high-stakes defence applications.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Dr. Jitendra Singh Launches ₹2,000 Crore BIRAC–RDI Fund Under ₹1 Lakh Crore RDI Programme to Scale Biotechnology Innovations

• Union Minister Jitendra Singh announced the first national call for the BIRAC–RDI Fund, under the ₹1 lakh crore Research, Development, and Innovation (RDI) initiative of the Government of India.
• The launch reflects India’s shift from late entrant to early mover in emerging technologies and science-led growth.

Key Highlights :

• India’s biotech startup ecosystem expanded from ~50 startups in 2014 to 11,000+ today, reflecting a quantum jump in scale and ambition.
• The bioeconomy grew from $8 billion in 2014 to $165.7 billion in 2024, targeting $300 billion by 2030 and $1 trillion by 2047.
• Biotechnology is expected to drive the next industrial revolution, complementing IT-led transformation, and focus areas include advanced manufacturing, biotech innovation, and new-age entrepreneurship.
• The RDI Fund supports long-gestation, high-risk research requiring patient capital and advanced infrastructure, and complements the BioE3 Policy.
• Focus sectors include biopharma, bio-industrial manufacturing, bioenergy, blue economy, and biocomputation, aiming to convert research outputs into scalable industrial outcomes.
• BIRAC is appointed as second-level fund manager, deploying ₹2,000 crore over five years, with scope for expansion.
• BIRAC’s ecosystem includes 100+ bio-incubation centres, 10 lakh sq. ft. incubation space, and engagement with 15 lakh startup entrepreneurs.
• The BIRAC–RDI Fund is part of the national RDI initiative approved by the Union Cabinet in July 2025 and launched in November 2025 under Anusandhan National Research Foundation (ANRF), anchored by the Department of Science & Technology..
• The fund supports technologies from TRL-4 to TRL-9 through equity, convertible instruments, and long-term debt.
• The national call for applications is open to startups, SMEs, and industry partners, with Phase 1 submission deadline on March 31, 2026, via the portal https://biracrdif.org.
• Director General, BRIC and Chairman BIRAC : Dr. Rajesh S. Gokhale
• Managing Director, Biotechnology Industry Research Assistance Council (BIRAC) : Dr. Jitendra Kumar

Indian National Space Promotion and Authorisation Centre Selects Three Indian Startups for Satellite Bus as a Service Initiative

• The Indian National Space Promotion and Authorisation Centre (IN-SPACe), the commercial arm of ISRO, selected three Indian private startups — Astrome Technologies Private Limited, Azista Industries Private Limited, and Dhruva Space Private Limited — under the Satellite Bus as a Service (SBaaS)
• The initiative focuses on developing indigenous small satellite bus platforms capable of carrying and operating multiple customer payloads.

Key Highlights :

• A satellite bus provides essential services to payloads and acts as a cost-effective, modular platform for domestic and international missions.
• Under SBaaS, each selected company will receive a ₹5 crore grant for the development and demonstration of a robust, modular, and scalable satellite bus.
• IN-SPACe will provide access to ISRO and Department of Space (DoS) infrastructure, along with testing facilities and technical guidance.
• The SBaaS initiative was announced through an Announcement of Opportunity (AO) in April 2025, inviting proposals from Indian Non-Governmental Entities (NGEs).
• A total of 15 proposals were received by July 2025, and the three firms were selected after a rigorous multi-stage evaluation process.
• Contract agreements have been signed, marking the formal commencement of implementation under the scheme.
• SBaaS is a business model where companies provide a ready-to-use satellite bus platform with services, instead of customers building satellites independently.
• Milestone-linked grant disbursement and continued support through IN-SPACe, ISRO, and DoS infrastructure will be provided in subsequent phases.
• Future phases will enable hosted payload missions on these platforms, expanding public–private partnership (PPP)-led space programmes.
• The initiative strengthens private sector capability building in satellite platforms and hosted payload services.
• Chairman, IN-SPACe : Pawan Goenka

Recent News :

• In Jan 2026, IN-SPACe also signed a concession agreement with PixxelSpace India and Allied Orbits Private Limited (Pixxel-led consortium SPV) to establish an Earth Observation constellation under the PPP framework.

Defence Research and Development Organisation and Council of Scientific and Industrial Research Join Hands for Collaborative Research and Development

• The Defence Research and Development Organisation (DRDO), under the Ministry of Defence (MoD), signed a collaborative agreement with the Council of Scientific and Industrial Research (CSIR), under the Ministry of Science and Technology (MoS&T), to jointly undertake Research and Development (R&D)
• The collaboration aims to develop technologies that enhance human sustenance and performance in extreme and challenging environments.
• Key focus areas include high-altitude survival, human performance enhancement, off-grid energy systems, and waste management solutions for extreme and remote environments.
• The agreement provides for resource sharing, including personnel, laboratories, technology platforms, and scientific equipment.
• The initiative aligns with the Government of India (GoI)’s vision of Atmanirbhar Bharat, promoting technological self-sufficiency.
• The partnership is expected to accelerate the development and application of next-generation technologies in both defence and civilian sectors.
• By collaborating and sharing expertise and equipment, DRDO and CSIR aim to enhance India’s overall innovation base and mitigate challenges posed by extreme climate conditions.
• The model is likely to promote technology transfer and boost scientific research and innovation-driven development in sectors such as defence, energy, and environment.

Recent News :

• In Jan 2026, At the 77th Republic Day Parade on Kartavya Path, the Defence Research and Development Organisation (DRDO) unveiled the Long Range Anti-Ship Hypersonic Missile (LR-AShM) for the first time, highlighting India’s advances in hypersonic weapon systems.

About DRDO :

• Headquarters : New Delhi, India
• Chairman : Samir V. Kamat

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Reserve Bank of India Approves ICICI Prudential AMC to Acquire Shareholdings in Eight Banks

• ICICI Prudential Asset Management Company, along with group entities of ICICI Bank, received Reserve Bank of India (RBI) approval to acquire up to 95% paid-up share capital or voting rights in select banks.
• The approval marks a strategic expansion of the ICICI Group’s presence in the banking sector.
• The eight banks covered under this approval include Bandhan Bank, City Union Bank, Equitas Small Finance Bank, Federal Bank, IDFC FIRST Bank, HDFC Bank, Karur Vysya Bank, and RBL Bank.
• As per approval conditions, major shareholding must be completed within the one-year validity period.
• The aggregate holding must remain below 9.95%, and fresh RBI approval will be required if the stake falls below 5% and is later increased.
• The acquisition must comply with the Banking Regulation Act, 1949; RBI (Commercial Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025; Foreign Exchange Management Act (FEMA), 1999; and SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
• The investment will be executed through schemes of ICICI Prudential Mutual Fund (MF), Specialised Investment Fund (SIF), Alternative Investment Fund (AIF), and Portfolio Management Services (PMS)

CURRENT AFFAIRS: MOUS AND AGREEMENT

India Post Signs MoU with NSE for Mutual Fund Distribution

• The Department of Posts (DoP), also known as India Post under the Ministry of Communications, signed a three-year renewable Memorandum of Understanding (MoU) with the National Stock Exchange of India Limited (NSE).
• The MoU aims to enable distribution of Mutual Fund products through India Post’s nationwide network.
• Under the partnership, India Post will utilise its network of over 1.64 lakh post offices to facilitate Mutual Fund investments through the NSE MF Invest platform.
• The NSE MF Invest platform provides end-to-end services, including electronic Know Your Customer, investor onboarding, transaction processing, and back-office integration.
• The implementation will be carried out in a phased manner.
• Initially, simple Do-It-Yourself investment options will be offered.
• In later phases, access will be expanded to a comprehensive Mutual Fund ecosystem.
• Selected Department of Posts employees will be trained and onboarded as certified Mutual Fund distributors.
• Mandatory National Institute of Securities Markets certification and Employee Unique Identification Number registration will be required before offering Mutual Fund services.

Technology Development Board Signs Agreement with Prantae Solutions for Proflo-U Renal Diagnostic Platform

• The Technology Development Board (TDB) under the Department of Science and Technology signed an agreement with M/s Prantae Solutions Private Limited, Odisha for financial assistance.
• The project titled “Manufacturing and Commercialization of Renal Care Innovative Diagnostic Product: Proflo-U for Point-of-Care Kidney Health Assessment” aims to enable early detection and monitoring of kidney disease and pregnancy-related complications at the primary healthcare level.
• The initiative aligns with the vision of Aatmanirbhar Bharat and promotes affordable, accessible, and technology-driven healthcare systems.
• Chronic Kidney Disease (CKD) remains a major public health challenge, with over two lakh patients added annually to the end-stage renal disease category in India.
• Early detection through biomarkers such as urine albumin, creatinine, and Albumin-to-Creatinine Ratio (ACR) is crucial, especially among diabetes, hypertension patients and the geriatric population.
• These biomarkers are also important for detecting pregnancy-related complications such as preeclampsia and are included in the Indian Council of Medical Research essential diagnostics list for antenatal care.
• To address limitations of laboratory-restricted and low-sensitivity methods, Prantae Solutions developed Proflo-U, an indigenous, patented point-of-care diagnostic platform comprising:
• Urine Albumin Measurement Kit: Nano-sensor based in vitro diagnostic device built on three Indian patents (Nos. 360496, 308432, 543714) and one Patent Cooperation Treaty application (PCT/IN2023/050508), with detection range of 20–1200 mg/L and ambient stability.
• Urine Creatinine Measurement Kit: In vitro diagnostic device with detection range of 150–4000 mg/L, stable at room temperature.
• Portable Urine Analyzer: Indigenous, patent-granted device integrating absorbance and fluorescence technologies, Bluetooth and Internet of Things enabled, integrated with Proflo-U mobile application using Artificial Intelligence/Machine Learning features and calibration-free functionality.
• The project includes setting up a manufacturing and commercialization facility in Odisha to scale production and expand availability across Primary Health Centres, diagnostic networks and antenatal care systems.
• The product has been validated against gold-standard clinical methods, combining laboratory-grade accuracy with point-of-care simplicity.

Daily CA One- Liner: February 14

• Global Finance and Technology Network (GFTN) and the Startup Policy Forum (SPF) announced a strategic collaboration to accelerate financial technology and digital innovation
• The Government of Gujarat signed a Letter of Intent (LoI) with Starlink, the satellite internet subsidiary of SpaceX (founded by Elon Musk).
• India’s unemployment rate eased to a three-quarter low of 4.8 per cent in October–December (Q3) FY 2025–26, as per the Periodic Labour Force Survey (PLFS) released by the National Statistics Office
• Yotta Data Services, India’s leading sovereign cloud infrastructure and platform services provider, successfully deployed BHASHINI’s end-to-end sovereign Artificial Intelligence cloud transformation
• Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, and Minister of State for Prime Minister’s Office, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Jitendra Singh, launched the first Open Call of the Technology Development Board
• The Delhi Government launched the Lakhpati Bitiya Yojana in 2026 to secure the educational and financial future of girl children in the National Capital Territory of Delhi
• Indian Railways approved major infrastructure projects including third-line construction, line doubling, and bypass alignment to enhance operational efficiency, safety, capacity and regional connectivity
• The Union Government sanctioned and released the 2nd installment of Fifteenth Finance Commission Untied Grants for FY 2025–26 to Panchayati Raj Institutions/Rural Local Bodies in Bihar, Haryana, Himachal Pradesh, Uttar Pradesh and West Bengal
• The Department of Posts (DoP), also known as India Post under the Ministry of Communications, signed a three-year renewable Memorandum of Understanding (MoU) with the National Stock Exchange of India Limited
• The Technology Development Board (TDB) under the Department of Science and Technology signed an agreement with M/s Prantae Solutions Private Limited, Odisha for financial assistance\
• Punjab National Bank (PNB), a leading Public Sector Bank (PSB), announced ‘PNB Soldierathon 2026’, a themed half marathon, at its Corporate Office in Dwarka, New Delhi.
• EximPe, a Singapore-headquartered cross-border payments fintech, secured final Reserve Bank of India (RBI) Payment Aggregator-Cross Border (PA-CB)
• Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a meeting in New Delhi to deliberate on the preparation of the roadmap for Financial Inclusion 2.0.
• India signed a bilateral Social Security Agreement (SSA) with the United Kingdom (UK) focusing on social security contributions for cross-border workers.
• The Indian Navy has assumed command of Combined Task Force (CTF) 154, a multinational training task force under the Combined Maritime Forces (CMF), reflecting India’s growing role in maritime security and capacity building in the Indian Ocean Region (IOR) and beyond.
• The Defence Acquisition Council (DAC), chaired by Raksha Mantri Shri Rajnath Singh, approved Acceptance of Necessity (AoN) for various proposals of the Services valued at about ₹3.60 lakh crore on 12 February 2026.
• The Ministry of Defence (MoD) signed a contract with Hindustan Aeronautics Limited (HAL), Transport Aircraft Division, Kanpur, for the acquisition of eight Dornier 228 aircraft along with Operational Role Equipment for the Indian Coast Guard (ICG) at a cost of ₹2,312 crore under the Buy (Indian)
• Agneevasthraa, a domestic manufacturer of carbon fabrics and advanced composite materials, signed a Memorandum of Understanding (MoU) with the Indian Army (IA) to supply materials for defence applications.
• Union Minister Dr.Jitendra Singh announced the first national call for the BIRAC–RDI Fund, under the ₹1 lakh crore Research, Development, and Innovation (RDI) initiative of the Government of India.
• The Indian National Space Promotion and Authorisation Centre (IN-SPACe), the commercial arm of ISRO, selected three Indian private startups — Astrome Technologies Private Limited, Azista Industries Private Limited, and Dhruva Space Private Limited — under the Satellite Bus as a Service (SBaaS)
• The Defence Research and Development Organisation (DRDO), under the Ministry of Defence (MoD), signed a collaborative agreement with the Council of Scientific and Industrial Research (CSIR), under the Ministry of Science and Technology (MoS&T), to jointly undertake Research and Development (R&D)
• ICICI Prudential Asset Management Company, along with group entities of ICICI Bank, received Reserve Bank of India (RBI) approval to acquire up to 9.95% paid-up share capital or voting rights in select banks.