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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

State Bank of India, MUFG Bank Forge Strategic Alliance to Boost India–Japan Economic Cooperation

• The State Bank of India (SBI) signed a strategic partnership with MUFG Bank, Ltd. (MUFG), a leading Japanese global financial institution, to strengthen cross-border capital flows and expand financing opportunities.
• The partnership aims to enhance economic cooperation between India and Japan, supporting Japanese companies investing in India and Indian enterprises expanding internationally.
• The collaboration focuses on Mergers and Acquisitions (M&A), aviation financing, real estate financing, M&A advisory, trade finance, and retail banking services.
• The partnership aligns with the India-Japan Special Strategic and Global Partnership and the Joint Vision for the Next Decade, supporting Viksit Bharat 2047 (Developed India by 2047 vision).
• This agreement builds on earlier collaboration, including MUFG’s role as Lead Social Loan Coordinator for SBI’s USD 1 billion social loan in 2023 and arranging a USD 500 million gender-themed syndicated loan to promote women’s economic empowerment.

Recent News :

• In March 2026, State Bank of India (SBI), India’s largest Public Sector Bank (PSB), launched a USD 500 million syndicated social term loan facility with a greenshoe option to promote women’s economic empowerment.

About State Bank of India (SBI):

• Founded Year: 1955
• Headquarters: Mumbai, Maharashtra, India
• Chairman: Challa Sreenivasulu Setty
• Slogan: "The Banker to Every Indian"

Nomura Cuts India’s FY27 Gross Domestic Product Growth Forecast to 7% Due to West Asia Tensions

• Nomura Holdings Inc., a Japanese brokerage firm, has revised India’s Gross Domestic Product (GDP) growth forecast for Financial Year 2026-27 (FY27) to 7%, down from the earlier estimate of 7.1%.
• The downward revision is mainly due to the ongoing conflict in West Asia, which poses risks to energy supplies and may increase inflationary pressures.
• Nomura has raised India’s inflation forecast for FY27 from 3.8% to 4.5%, an increase of 70 basis points (bps).
• The report warns that if oil price increases are passed through, every 10% rise in crude oil prices could add nearly 50 basis points (bps) to inflation.
• Nomura has projected India’s Current Account Deficit (CAD) at 1.6% of GDP for FY27, higher than the previous estimate of 1.2% of GDP.

Reserve Bank of India Cancels Registration of 36 Non-Banking Financial Companies, 9 Others Surrender Licences Voluntarily

• The Reserve Bank of India (RBI) cancelled the Certificate of Registration (CoR) of 36 Non-Banking Financial Companies (NBFCs) between 16 and 24 February 2026.
• The cancellation prohibits these NBFCs from conducting NBFC activities under the Reserve Bank of India Act, 1934.
• Some key NBFCs affected by cancellation include Excellence Broking & Finance Private Limited, Jibralter Traders Ltd, Bahubali Leasing Limited, and Wintech Telecom Pvt Ltd.
• Nine NBFCs voluntarily surrendered their licences due to business exits, structural changes, mergers, or dissolution.
• Companies that surrendered CoR after exiting the NBFC business include KKR India Asset Finance Pvt Ltd, Manglam Vanijya Pvt Ltd, and Mechno Sales Agencies Pvt Ltd.
• Premier Ferro Alloys & Securities Ltd surrendered its licence after meeting the criteria of an unregistered Core Investment Company (CIC), which does not require RBI registration.
• Five entities—Unicon Suppliers Pvt Ltd, Atreyi Vincom Pvt Ltd, Hanuman Forging and Engineering Pvt Ltd, Upwards Capital Pvt Ltd, and Samuk Holding Pvt Ltd—surrendered their licences due to amalgamation, merger, dissolution, or voluntary strike-off.
• These actions are part of RBI’s regulatory measures to ensure compliance, financial stability, and orderly exit of non-operational or defunct NBFCs.

Reserve Bank of India Updates Counterparty Credit Risk Framework for Banks to Align with Basel Standards

• The Reserve Bank of India (RBI) issued the RBI (Commercial Banks – Prudential Norms on Capital Adequacy) Third Amendment Directions, 2026, revising the capital adequacy framework for commercial banks.
• The amendment provides clearer guidelines for calculating and maintaining capital to cover Counterparty Credit Risk (CCR)
• Compliance Levels: Banks must comply with capital adequacy ratio (CAR) requirements at both the standalone level and consolidated level.
• Consolidated Computation: For capital requirement on a consolidated basis, banks must include the CCR exposures of all entities under Basel III framework.
• Counterparty Credit Risk (CCR): CCR is the risk that the other party in a financial transaction (such as derivatives or swaps) may default before settlement.
• Add-on Factors: The amendment revises the table of add-on factors used to calculate Potential Future Exposure (PFE) for derivative contracts.
• Impact on Derivatives: The revised framework lowers capital add-ons for interest rate and foreign exchange contracts, while increasing add-ons for some long-dated equity and commodity swaps, potentially affecting activity in those segments.
• Clearing Members: The rules clarify capital treatment for banks acting as clearing members on SEBI-recognised exchanges in equity and commodity derivatives
• Alignment with Global Standards: Changes bring CCR measurement and capital treatment broadly in line with Basel Committee on Banking Supervision (BCBS)

CRED Gets Reserve Bank of India Nod to Function as Payment Aggregator

• The Reserve Bank of India (RBI) has granted authorisation to CRED, operated by Dreamplug Technologies Private Limited, to function as a Payment Aggregator (PA) under the Payment and Settlement Systems Act (PSSA), 2007.
• This approval will help CRED expand its role in India’s digital payments ecosystem.
• Function: As a Payment Aggregator, CRED can onboard merchants directly and manage payment flows without relying on intermediaries or partner banks.
• PPI License: With this authorisation, CRED and its subsidiaries now hold two key RBI licenses, including the license to operate as a Prepaid Payment Instrument (PPI).
• Other Key Licenses: CRED also holds:
• Corporate agency license from the Insurance Regulatory and Development Authority (IRDAI)
• Registered investment adviser license from the Securities and Exchange Board of India (SEBI)
• Third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI)

EASE 8.0 Reforms Propel Modernisation and Efficiency in Public Sector Banks

• The EASE Reform Agenda has significantly transformed India’s Public Sector Banks (PSBs) by improving customer service, asset quality, operational efficiency, and digital capabilities.
• PSBs’ financial performance has improved, achieving a record net profit of ₹1.78 lakh crore in FY2024-25, compared to a loss of ₹85,371 crore in FY2017-18.
• Gross NPAs declined to 2.10% in December 2025 from a peak of 14.58% in March 2018, reflecting stronger asset quality.
• In FY2025-26, EASE 8.0 Common Reforms were launched as EASERise with four themes: Risk & Resilience, Innovation, Socio-economic Impact, and Excellence.
• The EASE Reform Agenda is finalised annually under the guidance of the EASE Steering Committee of PSBs under the aegis of the Indian Banks’ Association (IBA).

Key Achievements of PSBs Under EASE

• Customer Grievance Redressal: Integration of complaints to Bank CRM Portals and remediation action tagging.
• Enhanced Asset Quality: Advanced Loan Management Systems with bureau analysis, MCA portal integration, Account Aggregators, GST integration, and AI-driven underwriting models.
• Digital Customer Outreach: Dedicated teams for CASA acquisition using digital-assisted journeys.
• IT Governance & Resilience: 11 PSBs set up Resiliency Operations Centres.
• AI Adoption: 7 PSBs deployed at least one Gen-AI use case to improve operational efficiency and customer service.
• Business Intelligence Units: 7 PSBs established centralized BI units for market analysis and lead generation.
• Inclusive Banking: Governance framework for Divyangjans representation and dedicated Accessibility Cell.
• Accessibility Improvements: Braille-enabled cards, priority call routing, regional language interfaces, and dedicated service cells.
• Digital Collections & Recovery: AI-driven voice bots, WhatsApp chatbots, mobile applications for monitoring SARFAESI/DRT/NCLT cases.

Financial & Operational Highlights

• FY2024-25: All PSBs were profit-making, net profit ₹1.78 lakh crore, compared to loss ₹85,371 crore in FY2017-18.
• FY2025-26 (first 9 months): Net profit ₹1.46 lakh crore.
• Gross NPA ratio declined to 2.10% (₹2.54 lakh crore) in Dec-25 from 14.58% (₹8.96 lakh crore) in Mar-18.
• Capital Adequacy (CRAR) improved to 15.46% in Dec-25 from 11.45% in Mar-15.
• Prompt Corrective Action (PCA): No PSB under PCA in FY2024-25 vs 11 PSBs under PCA in FY2017-18.
• Digital Journeys: All PSBs implemented digital journeys for Retail, Agriculture, and MSME sectors.
• Annualized Return on Total Assets: 1.10% in FY2024-25, improved from -0.87% in FY2017-18.

EASE 8.0 (EASERise) Reforms – Major Initiatives

Governance

• Inclusive Governance Framework for Divyangjans representation.
• Dedicated Outbound Sales Team and Customer Retention Squad
• Integration of ESG Scorecard and AI adoption roadmap.

Customer Service

• Products for Gig Workers, Youth, Women, Startups.
• Multilingual Digital Channels for customer convenience.
• Mobile App enhancements for Retail and MSME customers.
• End-to-end digital journeys for trade finance solutions.
• Virtual Relationship Managers for select customers.

Digital Lending

• Digital journeys for Retail, MSME, and Agri-loan products.
• Advanced Loan Management Systems, Account Aggregator integration, AI-enabled credit appraisal, and automated underwriting.

Risk Management

• Focus on Expected Credit Loss (ECL) models.
• Digital platforms for Operational Risk monitoring, Fraud prevention, and AML checks.
• Enhanced models for mule account detection and customer due diligence.
• Resiliency Operations Centres for IT infrastructure.
• Digital forensic readiness for cyber incidents.
• App-based recovery and collections monitoring systems.

Evaluation & Implementation

• Quarterly assessment by EASE Steering Committee.
• Structured metrics and data-driven trend analysis ensure objectivity, comparability, and operationalisation from April
• EASE reforms act as a catalyst in PSBs’ transformation journey, making them agile, future-ready, and customer-centric.

CRISIL Intelligence Forecasts India’s GDP Growth to Reach 7.1% in FY27

• CRISIL Limited (formerly Credit Rating Information Services of India Limited) released a report titled “India Outlook: Wading through Squally Waters” through its CRISIL Intelligence
• The report was released at the 10th India Outlook Conclave held in Mumbai, Maharashtra.
• CRISIL projected that India’s real GDP growth will moderate to 7.1% in FY27, compared to 7.6% in FY26.
• Retail inflation is expected to rise to 4.3% in FY27 from 2.5% in FY26, although a favourable monsoon may help maintain overall price stability.
• Industrial Capital Expenditure (Capex) is projected to increase 1.5 times to around ₹9.1 lakh crore annually between FY27 and FY31.
• Semiconductor and electronics manufacturing investments are expected to grow 4.7 times during the same period.
• Electric Vehicle (EV) manufacturing and charging infrastructure investments are projected to increase 3.1 times.

 CURRENT AFFAIRS: NATIONAL NAD STATE NEWS

Supreme Court Clarifies Criteria for Creamy Layer Exclusion in Other Backward Classes Reservation

• The Supreme Court of India clarified that parental income alone cannot be the sole criterion for determining “creamy layer” status in the Other Backward Classes reservation system.
• The Court stated that authorities must also consider factors such as the nature of employment, social status and position held by the parents while determining whether a candidate falls under the creamy layer category.
• The judgment aims to ensure that reservation benefits reach genuinely disadvantaged sections within the Other Backward Classes community.
• The “creamy layer” refers to the economically and socially advanced members of the Other Backward Classes who are excluded from reservation benefits.
• The concept of creamy layer was introduced by the Supreme Court in the landmark Indra Sawhney vs Union of India 1992 judgment, which dealt with the implementation of Mandal Commission recommendations.
• At present, the income limit for identifying the creamy layer is ₹8 lakh per year, and individuals falling under this category are not eligible for the 27% reservation available to Other Backward Classes in government jobs and educational institutions.
• The issue before the Court arose from disputes regarding creamy layer determination for children of employees working in Public Sector Undertakings, banks and private sector companies.
• Earlier, some rules relied mainly on parental income, which resulted in differences in treatment between government employees and employees in other sectors.
• The Court observed that income alone does not necessarily reflect social advancement, and therefore multiple factors should be considered while determining creamy layer status.
• The Court emphasised that parental occupation, rank and nature of employment should be examined in addition to income.
• It also highlighted that children of government employees, Public Sector Undertaking employees and private sector employees should be treated equally when determining creamy layer status.
• The purpose of the creamy layer exclusion is to ensure that reservation benefits reach the most socially and educationally backward sections of the Other Backward Classes community.

President Droupadi Murmu Addresses Global Conference on the Role of Women in Agri-Food Systems 2026

• President of India, Droupadi Murmu,addressed the inaugural session of the Global Conference on the Role of Women in Agri-Food Systems 2026 held in New Delhi.
• The conference focuses on strengthening women’s participation in agriculture and promoting gender-inclusive development in the agri-food sector.
• The three-day conference with the theme ‘Driving Progress, Attaining New Heights’ will be held at the Indian Council of Agricultural Research (ICAR) Convention Centre in the national capital. Union Agriculture and Farmers’ Welfare Minister Shivraj Singh Chouhan will also be present on the occasion.
• The Global Conference on the Role of Women in Agri-Food Systems (GCWAS-2026) aims to highlight the role of women in building sustainable agricultural systems and promoting gender equality in farming.
• The conference brought together policy makers, researchers, agricultural experts and international organisations to discuss policy frameworks and institutional support systems for greater participation of women in the agri-food value chain.
• President Murmu also mentioned that the United Nations has declared 2026 as the “International Year of the Woman Farmer”, aiming to address gender gaps and strengthen women’s leadership in agriculture.
• The declaration calls for global efforts to promote equal opportunities, better access to resources and leadership roles for women in agri-food value chains.
• The GCWAS-2026 conference is jointly organised by Trust for Advancement of Agricultural Sciences, Indian Council of Agricultural Research, Consultative Group for International Agricultural Research, and Protection of Plant Varieties and Farmers Rights Authority.

RECENT NEWS

• Honorable President Droupadi Murmu on March 2 2026, launched four women-centric welfare schemes of the Delhi Government at the “Sashakt Nari, Samriddh Delhi” programme in New Delhi. The initiatives focus on improving mobility, safety and financial support for women.

India Plans ₹1 Trillion Semiconductor Fund to Boost Domestic Chip Manufacturing

• India is preparing to launch a ₹1 trillion (about $11 billion) semiconductor fund to strengthen domestic chip manufacturing and develop a strong semiconductor ecosystem.
• The proposed fund aims to support semiconductor design, manufacturing equipment and supply chain development across the semiconductor industry.
• This initiative builds on the $10 billion semiconductor incentive programme launched in 2021 under the India Semiconductor Mission.
• The new ₹1 trillion semiconductor fund will provide subsidies and financial support for chipmaking projects, helping India reduce dependence on imported semiconductor components.
• The initiative is part of India’s broader strategy to position itself as a global semiconductor manufacturing hub and strengthen technological self-reliance.
• Countries around the world are investing heavily in semiconductor manufacturing to secure supply chains and reduce dependency on external sources.
• The United States introduced the CHIPS and Science Act with an investment of about $52 billion to promote domestic semiconductor production.
• China has also invested heavily in semiconductor firms through large government-backed investment funds.
• India’s earlier 2021 semiconductor incentive programme offered financial assistance covering up to 50% of the project cost for semiconductor manufacturing units.
• Several major semiconductor investments have already been announced under this initiative.
• Micron Technology is establishing a semiconductor assembly facility in Gujarat.
• Tata Group is developing a semiconductor fabrication plant in Gujarat, along with a chip packaging and testing unit.
• Foxconn Technology Group is planning a semiconductor testing and assembly facility in India.
• These projects are expected to strengthen India’s semiconductor ecosystem, attract global investments and support long-term technological and economic growth.

Prime Minister Kisan Samman Nidhi Scheme: 22nd Installment Released to Over 9 Crore Farmers

• The 22nd installment of the Pradhan Mantri Kisan Samman Nidhi scheme was released by Shri Narendra Modi from Guwahati, Assam.
• Under this installment, ₹2,000 has been transferred directly to the bank accounts of eligible farmers through the Direct Benefit Transfer system.
• The government transferred more than ₹18,600 crore, benefiting over 9 crore farmer families across India.
• The Pradhan Mantri Kisan Samman Nidhi scheme, launched in February 2019, provides financial support to farmers for agricultural and household expenses.
• Under the scheme, eligible farmers receive ₹6,000 per year in three equal installments of ₹2,000 each.
• The amount is directly transferred to farmers’ bank accounts through the Direct Benefit Transfer system, ensuring transparency and timely payments.
• Eligibility under the scheme includes Indian farmers owning cultivable land, particularly small and marginal farmers registered on the PM-Kisan portal.
• Certain categories are not eligible, including income taxpayers, government employees, institutional landholders and professionals such as doctors, engineers and lawyers.
• Farmers must complete electronic Know Your Customer verification, link Aadhaar with bank accounts and ensure verified land records to receive installment payments.
• Farmers can check their beneficiary status on the PM-Kisan portal by entering Aadhaar number, bank account number or mobile number.
• The 21st installment was released in November 2025, the 20th installment in August 2025 and the 19th installment in February 2025, while the 22nd installment was released in 2026.
• Installments under the scheme are generally released every four months.

About Pradhan Mantri Kisan Samman Nidhi

• The Pradhan Mantri Kisan Samman Nidhi scheme is one of the largest income support programmes for farmers in India, helping them purchase seeds and fertilizers, manage farming expenses, improve agricultural productivity and reduce dependence on informal loans.
• Pradhan Mantri Kisan Samman Nidhi is an initiative by the government of India that give farmers up to ₹6,000 per year as minimum income support. The initiative was announced by Piyush Goyal during the 2019 Interim Union Budget of India on 1 February 2019.

International Rail Coach Expo 2026 Inaugurated at Integral Coach Factory in Chennai

• The International Rail Coach Expo 2026 was inaugurated at the Integral Coach Factory premises in Chennai.
• The expo was inaugurated by Subba Rao, General Manager of the Integral Coach Factory.
• The event is organised by the Integral Coach Factory in association with the Confederation of Indian Industry.
• The exhibition is being held from March 12 to March 14, 2026, bringing together railway manufacturers, technology providers and industry experts from India and other countries.
• The International Rail Coach Expo serves as a platform to showcase innovations in railway coach manufacturing and advanced rail technologies.
• The expo aims to promote advanced railway coach design, sustainable rail transport solutions, indigenous manufacturing in the railway sector and collaboration between global and Indian companies.
• The event was previously organised in 2018 and has since become an important global platform for railway industry stakeholders.
• A major objective of the expo is to promote “Make in India” railway manufacturing and encourage domestic innovation and production.
• The Integral Coach Factory is one of the largest railway coach manufacturing units in the world and plays a major role in designing and manufacturing passenger coaches and supporting railway modernisation in India.
• The factory is also known for producing the Vande Bharat Express, representing India’s progress in indigenous train manufacturing.

RECENT NEWS

• A significant development for India’s urban infrastructure, the Asian Development Bank (ADB) has approved a USD 240 million loan to support the expansion of the Chennai Metro Rail network. The decision strengthens India’s push towards cleaner, safer, and more reliable public transport systems, particularly in rapidly growing metropolitan regions.

About Tamil Nadu:

• Capital: Chennai
• Chief Minister: K. Stalin
• Governor: Rajendra Vishwanath Arlekar
• National Parks: Mudumalai National Park, Mukurthi National Park, Gulf of Mannar Marine National Park, Indira Gandhi (Anamalai) National Park, Guindy National Park
• Wildlife Sanctuaries: Vedanthangal Bird Sanctuary, Vettangudi Bird Sanctuary, Kalakad Wildlife Sanctuary, Sathyamangalam Wildlife Sanctuary, Vallanadu Wildlife Sanctuary, Megamalai Wildlife Sanctuary, Point Calimere Wildlife Sanctuary

V. O. Chidambaranar Port Launches India’s First Digital Twin Platform for Port Management

• V. O. Chidambaranar Port launched the Digital Twin initiative, becoming the first port in India to adopt this advanced technology for port management.
• The platform was inaugurated, by Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways.
• A Digital Twin is a real-time virtual replica of physical infrastructure and operations, enabling authorities to monitor, analyse and optimise port activities using real-time data and predictive insights.
• The platform digitally replicates port infrastructure, operational assets, vessel movements, cargo operations and the entire maritime ecosystem of the port.
• The system integrates advanced technologies such as Internet of Things sensors, Global Positioning System tracking, Light Detection and Ranging mapping, drone imaging and Closed Circuit Television networks for real-time monitoring.
• The Digital Twin platform provides real-time visualisation of operations, including berth occupancy, vessel movements, crane utilisation and yard capacity.
• The system also enables Artificial Intelligence-powered predictive maintenance of cargo-handling equipment, helping reduce breakdowns and operational downtime.
• It supports intelligent berth and traffic management, improving vessel scheduling and reducing congestion at the port.
• The platform additionally tracks energy consumption and emissions, supporting environmentally sustainable and efficient port operations.
• Through scenario simulation, port operators can conduct “what-if” operational simulations to prepare for peak demand situations and potential disruptions.
• The initiative is expected to reduce vessel turnaround time by up to 25%, improve equipment reliability, enhance operational safety through predictive alerts and optimise energy utilisation.
• The project will be implemented in phases to ensure smooth integration and operational stability.
• The Digital Twin initiative aligns with national maritime strategies such as Maritime India Vision 2030 and Amrit Kaal Vision 2047, which aim to promote digitalisation, efficiency and global competitiveness of Indian ports under the leadership of Narendra Modi.

RECENT NEWS

• In a major boost to India’s green infrastructure push, V.O. Chidambaranar (VOC) Port Authority has become the first Major Port in India to receive the prestigious IGBC Platinum Rating, the highest certification awarded by the Indian Green Building Council. 

Andhra Pradesh Launches ‘Araku Kouni’, State’s First Tribal Millet-Based Food Menu

• N. Chandrababu Naidu, Chief Minister of Andhra Pradesh, launched ‘Araku Kouni’, the state’s first tribal millet-based food menu, during the Collectors’ Conference at the State Secretariat.
• The initiative aims to bring traditional millet-based diets of tribal communities into mainstream food culture and highlight the culinary heritage of tribal regions in Andhra Pradesh.
• Araku Kouni is a curated menu of authentic tribal millet recipes sourced from indigenous communities in Alluri Sitarama Raju district.
• The initiative promotes healthy millet-based foods while supporting tribal farmers and preserving traditional cooking practices.
• The Araku Kouni menu includes several traditional tribal dishes, such as Korra Payasam (foxtail millet dessert), Ragi Chapati (finger millet flatbread), Samala Pulihora (millet tamarind rice), Kantla Ambali (fermented millet drink), Corn Vada, and Toor Dal Curry.
• These dishes reflect the traditional food culture of the Araku Valley region, known for its millet cultivation and tribal food traditions.
• The initiative was spearheaded by the administration of Alluri Sitarama Raju district with support from Tribal Anganwadi workers, the Indian Culinary Institute, and the Andhra Pradesh Department of Tourism.
• The collaboration helped document traditional tribal recipes and convert them into a structured menu for promotion in restaurants and tourism centres.
• Through the Araku Kouni initiative, the state government aims to support tribal farmers cultivating millets, preserve traditional food knowledge, promote healthy and sustainable diets, and boost food tourism in tribal regions.

About Andhra Pradesh:

• Chief Minister: N. Chandrababu Naidu 
• Governor: S. Abdul Nazeer
• Capital: Amaravati
• National Parks: Sri Venkateswara National Park, Papikonda National Park
• Wildlife Sanctuaries: Coringa Wildlife Sanctuary, Pulicat Lake Bird Sanctuary, Kambalakonda Wildlife Sanctuary, Rollapadu Wildlife Sanctuary, Krishna Wildlife Sanctuary

CURRENT AFFAIRS: AWARDS AND HONOURS

Karnataka State Road Transport Corporation Wins Governance Now 12th Public Sector Undertaking National Award for ‘Dhwani Spandana’ Innovation

• The Karnataka State Road Transport Corporation received the Governan ce Now 12th PSU National Award in the “Excellence in Innovation” category for its initiative Dhwani Spandana.
• Dhwani Spandana – Onboard Bus Identification and Navigation System is an assistive technology designed to help visually impaired passengers identify buses and travel independently.
• The system provides audio-based guidance that enables visually challenged passengers to recognise arriving buses and board them safely without relying on others.
• The main objective of the initiative is to promote independent travel for visually impaired individuals and improve accessibility in public transportation.
• The Dhwani Spandana system has been implemented in 200 Mysuru City Transport buses in Mysuru.
• The project was developed with technical support from GIZ Germany, which collaborated with KSRTC to enhance accessibility in public transport.
• Key features of the system include audio alerts for bus identification, navigation assistance for passengers, improved accessibility and enhanced passenger safety during travel.
• The Governance Now PSU National Awards recognise innovative initiatives by Public Sector Undertakings across India.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Parthanil Ghosh Named Managing Director and Chief Executive Officer of HDFC ERGO General Insurance

• HDFC ERGO General Insurance Company Limited, a Joint Venture (JV) between HDFC Limited and ERGO International AG, has appointed Parthanil Ghosh as the new Managing Director (MD) and Chief Executive Officer (CEO).
• Parthanil Ghosh will succeed Anuj Tyagi, who resigned on 16 January 2026 to pursue entrepreneurial opportunities.
• His appointment will become effective from 16 April 2026, subject to approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and other regulatory clearances.

About Parthanil Ghosh :

• Parthanil Ghosh joined HDFC ERGO in 2016 after the merger with L&T General Insurance.
• Since 1 May 2025, he has been serving as the Executive Director (ED) of HDFC ERGO General Insurance.
• He has over 30 years of professional experience in financial services and insurance, including more than 16 years in the general insurance sector.
• His expertise includes business strategy, product development, digital transformation, and insurance distribution.
• He also played a pivotal role in the integration with Apollo Munich Health Insurance, helping expand HDFC ERGO’s presence in the health insurance segment.

CURRENT AFFAIRS : DEFENCE NEWS

INS Trikand to Participate in Mauritius’ 58th National Day on March 12, 2026

• INS Trikand, a Talwar-class guided-missile frigate of the Indian Navy, will participate in the 58th National Day celebrations of Mauritius.
• The ship reached Port Louis as part of its operational deployment to the South-West Indian Ocean Region.
• A marching contingent, naval band, and an onboard helicopter from INS Trikand will take part in the National Day Parade at Champ de Mars.
• Commanding Officer Captain Sachin Kulkarni will meet senior officials of the Mauritian Government and the Mauritius Coast Guard.
• The visit aims to strengthen maritime cooperation, enhance operational interoperability, and deepen bilateral relations between India and Mauritius.
• INS Trikand is the third and final ship of the second batch of Talwar-class frigates ordered by the Indian Navy.
• The ship was built by Yantar Shipyard in Kaliningrad, Russia.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Meta Buys AI-Powered Social Platform Moltbook

• Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has acquired Moltbook, an experimental social networking platform for AI agents.
• Moltbook is a Reddit-style platform where autonomous AI-powered bots interact, exchange code snippets, discuss projects, and reference their human creators.
• The platform was launched in January 2026 and gained attention for fostering communication, collaboration, and improvement among AI programs.
• Following the acquisition, Moltbook co-founders Matt Schlicht and Ben Parr joined Meta Superintelligence Labs, led by Alexandr Wang, former Scale AI CEO.
• The acquisition reflects Meta’s strategy to strengthen its AI capabilities and compete for advanced AI talent and tools in the global technology ecosystem.
• Autonomous AI agents are considered the next frontier in artificial intelligence, capable of performing complex digital and real-world tasks with minimal human intervention.
• Earlier, OpenAI hired Peter Steinberger, developer of OpenClaw, to advance development of similar autonomous AI systems.
• Moltbook introduced the concept of “vibe coding”, where applications are developed with extensive help from AI tools, highlighting the role of AI-assisted programming.
• Cybersecurity concerns arose due to a vulnerability that could have exposed email addresses and credentials, which were later resolved by the developers.
• The acquisition signals intensifying competition among major technology companies to secure AI research talent and promising AI technologies.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India Secures Major Defence Export as Indonesia Greenlights BrahMos Missile Purchase for Maritime Security

• Indonesia has agreed to procure BrahMos missiles from India, marking a major defence export deal.
• Indonesia becomes the second country after the Philippines to acquire the BrahMos missile system from India.
• Initially, Indonesia is expected to purchase one coastal defence battery of the BrahMos system.

Key Highlights :

• The BrahMos missile is jointly developed by the Defence Research and Development Organisation (DRDO) of India and NPO Mashinostroyeniya, Russia.
• BrahMos Aerospace, an Indian-Russian joint venture, manufactures BrahMos missiles for land, sea, air, and submarine platforms.
• The Philippines received the first batch of BrahMos missiles from India in April 2024.
• India aims to achieve ₹50,000 crore in defence exports by 2029–30, with BrahMos exports as a key contributor.
• Indonesia, as the world’s largest archipelago with 17,000+ islands, requires advanced missile systems like BrahMos to strengthen maritime security.
• The deal with Indonesia is valued at approximately US$200–450 million, depending on final terms.
• BrahMos missiles were successfully used by India during Operation Sindoor against Pakistan in 2025.
• President Prabowo Subianto, a retired army general, has prioritized modernizing Indonesia’s military, including the purchase of 48 Turkish KAAN jets and an aircraft carrier from Italy.
• With the acquisition of BrahMos missiles, Indonesia becomes the second Southeast Asian country after the Philippines to field this system.
• The Philippines’ BrahMos purchase was in 2022, under a $375 million contract.
• The Indonesian Chief of Naval Staff (KSAL), Admiral Muhammad Ali, visited the BrahMos manufacturing facility in New Delhi, India, during the India Republic Day Parade 2025.
• The visit aimed to strengthen bilateral and military relations between India and Indonesia, including observing the Weapon and Electronic System Engineering Establishment (WESEE) and Information Fusion Centre–Indian Ocean Region (IFC-IOR).
• Indonesia has also purchased land-based Chinese CM-302 supersonic missiles for $1 billion, highlighting its strategic approach to maritime defence.

About Indonesia :

• President : Prabowo Subianto
• Capital : Jakarta
• Currency : Indonesian rupiah

WHO Foundation Joins Hands with Novo Nordisk to Fight Childhood Obesity in India

• WHO Foundation, an independent organisation established in 2020 to support the World Health Organization (WHO), has partnered with Novo Nordisk, a Danish multinational pharmaceutical company, to tackle childhood obesity in India.
• Purpose of Partnership: The initiative aims to reduce childhood obesity by promoting healthier lifestyles, strengthening early risk identification, and supporting obesity prevention and health-system readiness through a scalable school-based health programme.
• The programme will target selected districts in India and integrate health screening, lifestyle education, physical activity promotion, and mental health support within school environments.
• The initiative aligns with Ayushman Bharat – School Health and Wellness Programme (launched in 2018 by MoHFW and MoE) and the WHO Health Promoting Schools framework.

About WHO Foundation:

• It is an independent organisation, headquartered in Geneva, Switzerland, and functions to support WHO’s global health initiatives.

Devon Island Serves as Earth’s Mars-Like Testing Ground for Space Exploration

• Devon Island, located in Nunavut, Canada, is the world’s largest uninhabited island and is used as a Mars analog site for research.
• The island features the Haughton Impact Crater, approximately 20 kilometres wide, providing a Mars-like barren terrain.
• Devon Island has a polar desert environment with extremely low temperatures, minimal precipitation, and almost no vegetation, resembling conditions on Mars.
• NASA and other research organizations use the island to test advanced space technologies such as next-generation rovers, autonomous drones, and deep-drilling systems for future Mars missions.
• The island is used to study human survival strategies on Mars, including food production, as demonstrated by experiments like the Arthur Clarke Mars Greenhouse.
• Simulated missions on the island help astronauts prepare for psychological challenges of isolation and confinement during long-duration space travel.
• Scientists study microorganisms in the Haughton Crater, including micro-oases and endolithic colonisation, to understand how life survives in extreme conditions.
• Research on Devon Island provides insights into astrobiology, helping scientists search for past or present life on Mars.
• The harsh environment allows testing whether equipment can operate reliably in conditions where repairs are nearly impossible, similar to Mars missions.
• Findings guide the development of technologies and survival strategies critical for future human exploration of Mars.

CURRENT AFFAIRS: IMPORTANT DAYS

World Sleep Day 2026 – March 13

• In 2026, World Sleep Day was observed on March 13 with the theme “Sleep Well, Live Better.”
• World Sleep Day is observed annually to raise awareness about the importance of healthy sleep and sleep-related disorders.
• The observance is organised by the World Sleep Day Committee of the World Sleep Society.
• The day aims to reduce the burden of sleep problems on society through better prevention, education and management of sleep disorders.
• World Sleep Day was first launched in 2008 by the World Sleep Day Committee.
• The first World Sleep Day was observed on March 14, 2008.
• The event serves as a global call to action on important issues related to sleep, including sleep medicine, education, social aspects and safe driving.

International Day of Action for Rivers 2026 – March 14

• International Day of Action for Rivers is observed annually on March 14 to raise awareness about the importance of rivers and promote their protection and conservation.
• The 29th International Day of Action for Rivers is observed on March 14, 2026, with the theme “#ProtectRiversProtectPeople.”
• The day focuses on saving rivers, celebrating their ecological value, and creating awareness about the need for sustainable water management.
• The event was originally known as the International Day of Action Against Dams and For Rivers, Water and Life.
• The observance was adopted during the First International Meeting of People Affected by Dams held in March 1997 in Curitiba, Brazil.
• During the meeting, river experts and activists from 20 countries decided to observe March 14 as the Day of Action for Rivers.
• The initiative was created to unite communities and organisations worldwide against the destruction of rivers, water bodies and ecologically fragile watershed areas.

Pi Day / International Day of Mathematics 2026 – March 14

• Pi Day is observed annually on March 14 to celebrate the mathematical constant π (pi), which is approximately 14.
• In 2026, Pi Day is observed on March 14, recognising the importance of mathematics in science, technology and everyday life.
• The day commemorates the mathematical constant π, which represents the ratio of the circumference of a circle to its diameter.
• The first Pi Day celebration was organised in 1988 by American physicist Larry Shaw at the San Francisco Exploratorium in San Francisco, United States.
• In 2009, the United States House of Representatives passed a non-binding resolution recognising March 14 as National Pi Day.
• In November 2019, the United Nations Educational, Scientific and Cultural Organization declared March 14 as the International Day of Mathematics during its 40th General Conference.
• The observance aims to promote mathematics education, encourage interest in mathematical sciences and highlight the role of mathematics in innovation and development.

Daily CA One- Liner: March 14

• The Supreme Court of India clarified that parental income alone cannot be the sole criterion for determining “creamy layer” status in the Other Backward Classes reservation system
• President of India, Droupadi Murmu,addressed the inaugural session of the Global Conference on the Role of Women in Agri-Food Systems 2026 held in New Delhi
• India is preparing to launch a ₹1 trillion (about $11 billion) semiconductor fund to strengthen domestic chip manufacturing and develop a strong semiconductor ecosystem
• The 22nd installment of the Pradhan Mantri Kisan Samman Nidhi scheme was released by Narendra Modi from Guwahati, Assam
• The International Rail Coach Expo 2026 was inaugurated at the Integral Coach Factory premises in Chennai
• V. O. Chidambaranar Port launched the Digital Twin initiative, becoming the first port in India to adopt this advanced technology for port management
• N. Chandrababu Naidu, Chief Minister of Andhra Pradesh, launched ‘Araku Kouni’, the state’s first tribal millet-based food menu, during the Collectors’ Conference at the State Secretariat
• The Karnataka State Road Transport Corporation received the Governan ce Now 12th PSU National Award in the “Excellence in Innovation” category for its initiative Dhwani Spandana.
• The State Bank of India (SBI) signed a strategic partnership with MUFG Bank, Ltd. (MUFG), a leading Japanese global financial institution, to strengthen cross-border capital flows and expand financing opportunities.
• Nomura Holdings Inc., a Japanese brokerage firm, has revised India’s Gross Domestic Product (GDP) growth forecast for Financial Year 2026-27 (FY27) to 7%, down from the earlier estimate of 7.1%.
• The Reserve Bank of India (RBI) cancelled the Certificate of Registration (CoR) of 36 Non-Banking Financial Companies (NBFCs) between 16 and 24 February 2026.
• The Reserve Bank of India (RBI) issued the RBI (Commercial Banks – Prudential Norms on Capital Adequacy) Third Amendment Directions, 2026, revising the capital adequacy framework for commercial banks.
• The Reserve Bank of India (RBI) has granted authorisation to CRED, operated by Dreamplug Technologies Private Limited, to function as a Payment Aggregator (PA) under the Payment and Settlement Systems Act (PSSA), 2007.
• The EASE Reform Agenda has significantly transformed India’s Public Sector Banks (PSBs) by improving customer service, asset quality, operational efficiency, and digital capabilities.
• CRISIL Limited (formerly Credit Rating Information Services of India Limited) released a report titled “India Outlook: Wading through Squally Waters” through its CRISIL Intelligence
• HDFC ERGO General Insurance Company Limited, a Joint Venture (JV) between HDFC Limited and ERGO International AG, has appointed Parthanil Ghosh as the new Managing Director (MD) and Chief Executive Officer (CEO).
• INS Trikand, a Talwar-class guided-missile frigate of the Indian Navy, will participate in the 58th National Day celebrations of Mauritius.
• Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has acquired Moltbook, an experimental social networking platform for AI agents.
• Indonesia has agreed to procure BrahMos missiles from India, marking a major defence export deal.
• WHO Foundation, an independent organisation established in 2020 to support the World Health Organization (WHO), has partnered with Novo Nordisk, a Danish multinational pharmaceutical company, to tackle childhood obesity in India.
• Devon Island, located in Nunavut, Canada, is the world’s largest uninhabited island and is used as a Mars analog site for research.
• In 2026, World Sleep Day was observed on March 13 with the theme “Sleep Well, Live Better.”
• International Day of Action for Rivers is observed annually on March 14 to raise awareness about the importance of rivers and promote their protection and conservation
• Pi Day is observed annually on March 14 to celebrate the mathematical constant π (pi), which is approximately  3.14