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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India cancels banking licence of Mumbai-based Sarvodaya Co-operative Bank Limited

• The Reserve Bank of India (RBI) has cancelled the banking licence of Sarvodaya Co-operative Bank Limited, based in Mumbai, Maharashtra, under Sections 22(4) and 56 of the Banking Regulation Act, 1949.
• The licence was cancelled due to inadequate capital, weak earning prospects, inability to repay depositors in full, and non-compliance with capital adequacy and licensing norms under Sections 11(1) and 22(3) of the Banking Regulation Act.
• The RBI observed that continuation of the bank’s operations would be prejudicial to the interests of depositors, leading to the cancellation decision.
• The RBI directed the Maharashtra Registrar of Co-operative Societies (RCS) to initiate the winding-up process of Sarvodaya Co-operative Bank Limited and appoint a liquidator.
• Following the cancellation, the bank has been prohibited from accepting deposits, repaying existing deposits, and carrying out any banking operations.
• The Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage of up to ₹5 lakh per depositor per bank, covering both principal and interest on savings, current, fixed, and recurring deposits.

Indian Cyber Crime Coordination Centre and Reserve Bank Innovation Hub sign Memorandum of Understanding to strengthen AI-based detection of mule accounts and cyber financial frauds

• The Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA) and the Reserve Bank Innovation Hub (RBIH), a subsidiary of the Reserve Bank of India (RBI), have signed a Memorandum of Understanding (MoU) to strengthen AI-based detection of mule accounts and cyber financial frauds in India.
• The MoU was signed by Roopa M (IG, Administration, I4C) and Sahil Kinni (CEO, RBIH) in the presence of Rohit Jain, Deputy Governor of RBI, in New Delhi.
• The key objective of the MoU is to enhance fraud-risk intelligence sharing, analytical support, and operational coordination for building a stronger fraud detection and prevention framework.
• Under the agreement, I4C and RBIH will share mule account intelligence and suspect data from the I4C–MHA Suspect Registry to improve AI-driven fraud detection systems such as ai used by banks.
• The initiative will help RBIH improve AI models for fraud risk assessment and detection, enabling proactive identification of suspicious financial activities across the banking ecosystem.
• The collaboration aims to strengthen efforts against cyber-enabled financial frauds and curb the misuse of mule accounts in digital payments and banking systems.

Foreign Portfolio Investors Share in Indian Equities Falls to 14-Year Low Amid Sustained Selling Pressure

• Foreign Portfolio Investors (FPIs) holding in Indian equities declined to 14% in June 2026, marking the lowest level in nearly 14 years, indicating sustained foreign selling pressure in Indian markets.
• At the same time, Domestic Institutional Investors (DIIs) increased their stake to 18.9%, reflecting the rising dominance and strength of domestic capital in Indian equities.
• Foreign Portfolio Investment (FPI) refers to investments by foreign entities in financial assets such as stocks, bonds, and securities without acquiring control over companies.
• Unlike Foreign Direct Investment (FDI), which involves controlling ownership in businesses, FPI is passive and short-term in nature, with no management control.
• As per India’s current rules, an FPI can hold up to 10% stake in a company without being classified as Foreign Direct Investor (FDI).
• According to NSDL data (May 2026), FPIs were net sellers in 4 out of 5 trading sessions, indicating continuous foreign outflows from Indian equities.
• The highest single-day selling was recorded on May 7, 2026, with outflows of ₹5,697.61 crore, while total weekly FPI outflows stood at ₹14,207.20 crore.
• Despite occasional buying, FPIs showed overall weak sentiment, with only one session witnessing net inflows of ₹2,969.02 crore.
• As per JM Financials (April 2026), FPI ownership in Indian equities fell to 14.7%, the lowest since June 2012, down from 19.9% a decade ago.
• Meanwhile, DIIs surpassed FPIs for the first time since December 2024, strengthening their position as the largest institutional investors in Indian markets.

Reserve Bank of India relaxes rules allowing banks to include quarterly profits in Common Equity Tier 1 capital for Capital to Risk Weighted Assets Ratio calculation

• The Reserve Bank of India (RBI) issued amended directions relaxing norms for inclusion of quarterly profits in Common Equity Tier 1 (CET1) capital for calculating the Capital to Risk Weighted Assets Ratio (CRAR).
• The revised framework allows banks to include current year quarterly profits in CET1 capital without the earlier additional qualifying condition.

Key Highlights :

• Earlier, banks could include quarterly profits only if incremental NPA provisions in the previous financial year did not deviate by more than 25% from the four-quarter average.
• Under the revised rules, the restriction linked to NPA provisioning variability has been removed after stakeholder feedback.
• The relaxation applies to commercial banks, small finance banks, and payments banks, and comes into effect immediately.
• Similar directions have also been issued for Small Finance Banks (SFBs) and Payments Banks (PBs) under RBI regulations.
• The RBI clarified that the amendment was made after stakeholder consultation, though it rejected the proposal to shift fully to annual CET1 accounting due to concerns over temporary profit spikes.
• Banks can now include quarterly profits in CET1 capital provided their financial statements are audited or subjected to limited review every quarter.
• The eligible inclusion amount will be determined using a formula based on net profit and average dividend payout of the last three financial years.
• The amendment is applicable to CRAR (Capital to Risk Weighted Assets Ratio) calculations under the Banking Regulation Act, 1949.
• The revised CET1 norms exclude Local Area Banks (LABs) and Regional Rural Banks (RRBs) from the relaxation.
• The RBI issued separate amendment directions for different bank categories under its regulatory and supervisory powers.

Ministry of Statistics and Programme Implementation releases uniform guidelines for compilation of Gross State Value Added estimates with base year 2022–23

• The Ministry of Statistics and Programme Implementation (MoSPI) has directed all States and Union Territories to shift their Gross State Domestic Product (GSDP) base year from 2011–12 to 2022–23 by FY27.
• The move aligns with the revised national GDP base year of 2022–23, aimed at improving accuracy, consistency, and comparability of economic data.

Key Highlights :

• Currently, 34 States/UTs are still using the 2011–12 base year for GSDP estimation.
• MoSPI revised the national accounts base year in February 2026, incorporating new data sources, improved methodology, and updated economic structure coverage.
• The revision better captures informal sector activity, service sector growth, and structural economic changes.
• States and UTs are now required to adopt the new base year to ensure uniform regional economic measurement and national-level consistency.
• A Sub-Committee on Regional Accounts under the Advisory Committee on National Accounts Statistics (ACNAS) has been formed to guide implementation and review methodology.
• The committee is chaired by Ravindra H. Dholakia (IIM Ahmedabad) with members from RBI, NITI Aayog, academia, and state governments.
• The revised framework focuses on improving Gross State Value Added (GSVA) and GSDP estimation, where GSDP = GSVA + Net Taxes on Products.
• Key priorities include expanded data integration, improved estimation techniques, and standardized statistical practices across States/UTs.
• GSDP is a key indicator for measuring state-level economic performance, sectoral growth, fiscal planning, and industrial output.
• It is widely used by the Ministry of Finance, Finance Commission, and CAG for resource allocation, budgeting, fiscal devolution, and policy formulation.
• The Finance Commission uses GSDP to assess fiscal capacity and determine tax devolution among States, including per capita GSDP
• The Department of Expenditure (DoE) uses GSDP data to determine State borrowing limits under fiscal responsibility frameworks.

Recent News :

• In May 2026, The Periodic Labour Force Survey (PLFS) conducted by the National Statistical Office under the Ministry of Statistics and Programme Implementation has been revamped from January 2025

AU Small Finance Bank launches four new credit cards with travel and lifestyle benefits to boost retail banking segment

• AU Small Finance Bank (AU SFB) has launched a new credit card portfolio comprising four cards — AU Ananta, AU Laksya, AU Tejas, and AU Prathama — to strengthen its retail credit card business across Tier-1 and Tier-2 cities.
• The portfolio is designed to cater to customers across different income groups and lifestyle segments, enhancing financial inclusion and retail banking penetration.
• The launch includes an industry-first feature offering complimentary airport lounge access through flight bookings made on the AU Rewardz platform.
• AU Ananta Credit Card targets affluent achievers, offering premium travel and lifestyle benefits, including reward points, airport lounge access, milestone bonuses, insurance cover, and no-cost EMI on travel expenses.
• AU Laksya Credit Card is designed for Gen Z and mid-career professionals, offering reward points, grocery and food delivery discounts, Buy-One-Get-One (BOGO) movie tickets, lounge access, and zero-fee EMI conversions.
• AU Tejas Credit Card targets young salaried customers and provides cashback on daily spending categories, welcome rewards, and bonus points for regular usage.
• AU Prathama Credit Card is aimed at first-time credit users, offering reward points, milestone incentives, fuel surcharge waivers, and features promoting responsible credit usage.

Recent News :

• In May 2026, Kotak Mahindra Bank received approval from the Reserve Bank of India (RBI) to acquire up to 9.99% stake (each) in AU Small Finance Bank and Federal Bank, marking a key development in India’s banking sector consolidation.

About AU Small Finance Bank :

• Founded : 1996 (converted into Small Finance Bank in 2017)
• MD & CEO : Sanjay Agarwal
• Tagline : ‘Chalo Aage Badhein’

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Cabinet Approves Ahmedabad–Dholera Semi High-Speed Rail Project Worth ₹20,667 Crore

• The Union Cabinet has approved the Ahmedabad (Sarkhej)–Dholera Semi High-Speed Double Line rail project at an estimated cost of ₹20,667 crore.
• The project aims to enhance connectivity between Ahmedabad and Dholera and support major upcoming infrastructure developments.
• The approval was granted by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, under the Ministry of Railways.
• It will be Indian Railways’ first semi high-speed rail corridor developed using indigenous technology, marking a key step in railway modernisation.
• The project has a total outlay of ₹20,667 crore and is expected to be completed by Financial Year 2030-2031.
• The new rail corridor will add approximately 134 kilometres to India’s railway network.
• The corridor is strategically important for Gujarat’s economic development, as it will provide direct connectivity between:
• Ahmedabad
• Dholera Special Investment Region
• Dholera International Airport (upcoming)
• Lothal National Maritime Heritage Complex
• This is expected to improve passenger movement and regional mobility.
• The project is positioned as a reference model for future semi high-speed rail projects in India.
• It is expected to act as a blueprint for similar corridors in other states if successfully implemented.
• The use of indigenous technology aligns with India’s vision of self-reliance and domestic infrastructure development.

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

• The Union Cabinet led by Narendra Modi has approved a state-of-the-art ship repair facility at Vadinar, Gujarat, with an investment of around ₹1,570 crore. The project, under the Cabinet Committee on Economic Affairs, will be implemented by Deendayal Port Authority and Cochin Shipyard Limited.

Union Cabinet Approves ₹37,500 Crore Coal Gasification Scheme

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a ₹37,500 crore scheme to promote surface coal and lignite gasification projects.
• The initiative aims to reduce dependence on imported fuels and industrial chemicals and strengthen India’s energy security.
• The scheme has a total financial outlay of ₹37,500 crore and targets the gasification of 75 million tonnes of coal and lignite.
• It supports India’s broader goal of achieving 100 million tonnes of coal gasification by 2030.
• The policy is designed to encourage industrial investment in the production of synthesis gas and downstream products, including:
• Methanol
• Ammonia
• Urea
• Synthetic Natural Gas
• Ammonium nitrate
• Other industrial chemicals
• Coal gasification is a process in which coal or lignite is converted into synthesis gas, instead of being directly burned.
• The gas produced mainly contains hydrogen and carbon monoxide, along with small amounts of carbon dioxide and methane.
• This synthesis gas is used as a key raw material for producing fuels, fertilisers, and chemicals.
• The scheme is important because India currently depends heavily on imports of critical industrial products:
• More than 50 percent of Liquefied Natural Gas
• Around 20 percent of urea
• Nearly 100 percent of ammonia
• Around 80 to 90 percent of methanol
• By promoting domestic production through coal gasification, the government aims to improve energy independence, reduce import bills, and strengthen the country’s trade balance.

RECENT NEWS

• Honorable Prime Minister of India Shri Narendra Modi have inaugurated the ambitious Ganga Expressway in Hardoi Uttar Pradesh on the 29th April, 2026. This expressway spanning around the 594 km and this six-lane (which is expandable to eight in future) expressway is one of the India’s longest greenfield corridors.

Prime Minister Internship Scheme 2026 Launched to Boost Youth Employability

• The Central Government has launched the Prime Minister Internship Scheme 2026 to provide practical workplace experience and improve employability among youth.
• The scheme aims to offer internship opportunities to one crore youth over the next five years, making it a large-scale skill development initiative.
• It is designed to bridge the gap between classroom education and industry requirements by enabling hands-on experience in leading companies across sectors.
• The pilot phase was launched in Financial Year 2024-2025 with a target of 1.25 lakh internship opportunities.
• The scheme focuses on improving job readiness, workplace understanding, communication skills, and technical abilities.
• The scheme provides an opportunity for candidates to work in real professional environments instead of relying only on theoretical learning.
• Eligibility includes:
• Students trained at Industrial Training Institutes
• Candidates from skill development centres
• Unemployed youth seeking workplace exposure
• Applicants not engaged in full-time employment
• Ineligible categories include:
• Graduates from premier institutions such as Indian Institutes of Technology and Indian Institutes of Management
• Candidates with professional qualifications such as Chartered Accountant and Cost and Management Accountant
• The internship duration is 12 months, ensuring adequate exposure to workplace conditions.
• At least half of the internship period involves direct practical work experience, allowing candidates to actively participate in real-world tasks.
• The scheme is expected to improve employability, reduce skill gaps, and support workforce readiness in the country.

India Imposes Ban on Sugar Exports Until September 2026

• The Government of India has imposed an immediate ban on sugar exports until 30 September 2026 to safeguard domestic supply and control inflation risks.
• As the world’s second-largest sugar producer, this move is expected to  impact both domestic availability and global sugar prices.
• The Directorate General of Foreign Trade under the Ministry of Commerce and Industry has changed the sugar export policy from “restricted” to “prohibited”, marking a significant policy shift.
• The ban applies to:
• Raw sugar
• White sugar
• Refined sugar
• Earlier, India had allowed controlled exports based on surplus production expectations, but the current decision reflects tightening supply conditions.
• The ban is effective immediately and will remain in force until 30 September 2026 or until further orders.
• Certain limited exemptions have been provided under the policy:
• Exports where loading began before 13 May 2026
• Shipments already handed over to customs before notification
• Exports approved by the government for food security support to other countries
• Exports to the European Union and the United States under existing tariff-rate quota arrangements
• This indicates that the ban is broad but not absolute.
• The primary objective behind the ban is to ensure adequate domestic availability of sugar and prevent price rise in the domestic market.
• India’s projected sugar balance for the 2025-2026 season highlights supply pressure:
• Sugar production: 275 lakh tonnes
• Opening stock: 50 lakh tonnes
• Total availability: 325 lakh tonnes
• Domestic demand: 280 lakh tonnes
• Closing stock estimate: 45 lakh tonnes
• The closing stock level of 45 lakh tonnes is expected to be among the lowest in recent years, indicating tight supply conditions.
• For comparison, sugar stocks had previously dropped to around 39.4 lakh tonnes during 2016-2017, a period marked by supply stress.
• The decision reflects the government’s strategy to prioritise domestic food security, stabilise prices, and manage inflation amid fluctuating production levels.

India Sets Ambitious 1 Trillion Dollar Export Target, Releases LEADS (Logistics Excellence Advancement and Performance Shield)2025 Report

• The Government of India has set an ambitious export target of 1 trillion United States dollars for the current financial year, following a record export of 863 billion United States dollars in Financial Year 2025-2026.
• The roadmap was announced by Union Minister of Commerce and Industry Piyush Goyal while releasing the Logistics Ease Across Different States Report 2025 and honouring logistics leaders at the Logistics Excellence Advancement and Performance Shield Awards 2025 in New Delhi.
• The achievement comes despite major global disruptions such as:
• West Asia geopolitical tensions
• Ongoing Ukraine conflict
• Slower global economic growth
• Trade uncertainty and tariff pressures
• According to the Ministry of Commerce and Industry, services exports grew by around 8.5 percent to 9 percent, while overall exports increased by nearly 5 percent year on year.
• India has expanded its Free Trade Agreement network, covering 38 developed and prosperous economies through nine Free Trade Agreements in the last three and a half years.
• Out of these, four Free Trade Agreements are already operational, while five more are expected to become active within the next 12 months.
• Along with earlier agreements with Japan, South Korea, and Association of Southeast Asian Nations, India’s trade agreements now cover more than two-thirds of global trade and economies.
• The government is currently engaged in active trade negotiations with several countries and regional groupings, including:
• Gulf Cooperation Council
• Canada
• Chile
• Mexico
• Eurasia region
• Mercosur
• Southern African Customs Union
• Maldives
• The proposed Gulf Cooperation Council agreement is particularly significant as it aims to strengthen trade relations with six Gulf nations, namely:
• Saudi Arabia
• Qatar
• Kuwait
• Bahrain
• Oman
• United Arab Emirates
• The initiatives reflect India’s strategy to boost exports, diversify trade partnerships, and strengthen its position in global trade amid evolving economic challenges.

Assam Cabinet Approves Draft Uniform Civil Code Bill

• The State Government of Assam has approved the draft Uniform Civil Code Bill, marking a major legal and political development in the state.
• The decision was taken by the Assam Cabinet led by Chief Minister Himanta Biswa Sarma.
• The Bill is expected to be introduced in the Assam Legislative Assembly on May 26.
• The proposed law will cover key civil matters, including:
• Marriage
• Divorce
• Property succession
• Live-in relationships
• Compulsory marriage registration
• Mandatory divorce registration
• With this move, Assam becomes one of the few states moving towards a state-level Uniform Civil Code framework.
• A Uniform Civil Code refers to a common set of civil laws applicable to all citizens irrespective of religion, covering areas such as marriage, divorce, inheritance, adoption, and succession.
• At present, these matters are largely governed by religion-based personal laws in India.
• The implementation of UCC aims to promote:
• Equality before law
• Legal uniformity
• Simplified civil dispute resolution
• Greater transparency in family law matters
• A key feature of Assam’s proposed UCC is its exemption framework.
• The Chief Minister clarified that tribal communities will be fully exempted from the provisions of the Uniform Civil Code.
• Additionally, the following areas will remain outside the scope of the UCC:
• Religious rituals
• Traditional customs
• Cultural practices
• Community traditions
• Alongside the approval of the Uniform Civil Code Bill, the Assam Cabinet has also announced spending cuts, job creation plans, and cultural infrastructure projects as part of its broader governance agenda.

RECENT NEWS

• Prime Minister Narendra Modi recently dedicated a modern elevated road corridor connecting Pandu Port to National Highway-27 and laid the foundation for several key inland waterway projects. These initiatives aim to boost tourism, trade, and employment in Assam while strengthening the Brahmaputra River (NW-2) as a major transport and economic corridor. 

About Assam:

• Chief Minister: Himanta Biswa Sarma
• Governor: Lakshman Prasad Acharya
• Capital: Dispur
• National Parks: Kaziranga National Park, Manas National Park, Dibru-Saikhowa National Park
• Wildlife Sanctuaries: Pobitora Wildlife Sanctuary, Orang National Park, Bura-Chapori Wildlife Sanctuary, Nameri Wildlife Sanctuary

Uber Partners with Adani Group for First Data Centre in India

• Uber has partnered with the Adani Group to establish its first data centre in India, marking a significant expansion of its digital and engineering infrastructure in one of its most important global markets.
• The announcement was made by Chief Executive Officer Dara Khosrowshahi after a meeting with Gautam Adani in Ahmedabad.
• The proposed facility will be Uber’s first data centre in India and is expected to strengthen the company’s digital backbone for technology development and deployment.
• According to Uber, the data centre will enable the company to test, scale, and deploy technology solutions from India for its global operations, enhancing its international service capabilities.
• India has become a crucial hub in Uber’s global technology ecosystem, with the company already operating one of its largest engineering and product development centres outside the United States in Bengaluru.
• India offers several strategic advantages for Uber’s expansion, including:
• Large and skilled engineering talent pool
• Rapidly expanding digital economy
• Growing demand for cloud and Artificial Intelligence infrastructure
• Highly competitive technology ecosystem
• Strong startup and innovation environment
• Increasing enterprise digitisation across sectors
• These factors make India a preferred destination for deeper infrastructure investment by global technology companies.
• A data centre is a facility that houses computing infrastructure used for processing, storing, and managing digital data.
• For technology companies like Uber, data centres are essential to support:
• Real-time application operations for ride-hailing services
• Mapping and route optimisation systems
• Artificial Intelligence and machine learning technologies
• User data processing and secure payment systems
• Cloud-based digital services and platform operations
• Establishing a local data centre in India will help Uber to improve service performance, reduce latency, and ensure faster data processing for users.
• It will also provide greater regulatory compliance, data localisation support, and operational flexibility, which are increasingly important in the evolving digital economy.

India’s Ethanol Programme Sees Major Shift as Maize Emerges as Top Feedstock

• India’s ethanol programme is witnessing a major shift as maize becomes the largest ethanol feedstock, surpassing sugarcane-based sources.
• During the first half of Ethanol Supply Year 2025-2026, total ethanol supplies crossed 515 crore litres, indicating strong progress in clean fuel transition.
• According to estimates by the All-India Distillers Association, maize has become the single largest contributor to ethanol production.
• Maize contributed around 182 crore litres, the highest among all feedstocks.
• Other contributors include:
• Surplus rice and surplus food grains: around 125 crore litres
• Damaged food grains: approximately 26 crore litres
• This marks a significant structural change in India’s ethanol production strategy.
• Total ethanol supply of 515 crore litres has been achieved against the contracted target of 1,059 crore litres, covering nearly 49 percent of annual supply in the first half.
• Monthly supply trends remained strong:
• December 2025: around 102 crore litres
• March 2026: nearly 95 crore litres
• April 2026: approximately 92 crore litres
• The shift towards maize is driven by its year-round availability, unlike seasonal sugarcane cycles.
• Maize requires less water compared to sugarcane, making it more suitable for water-stressed regions.
• As India moves towards higher ethanol blending targets beyond Ethanol Blended Petrol with 20 percent ethanol, maize is considered more scalable and sustainable for long-term expansion.

India Hosts 10th Indian Ocean Dialogue in New Delhi

• India hosted the 10th edition of the Indian Ocean Dialogue in New Delhi under the theme “Indian Ocean Region in a Transforming World.”
• The Dialogue was organised by the Ministry of External Affairs in collaboration with the Indian Council of World Affairs and the Indian Ocean Rim Association Secretariat.
• The event brought together senior officials, policymakers, scholars, and experts from member states and dialogue partners to discuss key regional developments and emerging challenges.
• The inaugural session featured addresses by:
• Sarbananda Sonowal, Minister of Ports, Shipping and Waterways of India
• Dhananjay Ramful, Minister of Regional Integration and International Trade of Mauritius
• Waleed Mohammed Al Qadimi, Minister of State of Yemen
• They emphasised the need for enhanced cooperation, collective security, and sustainable development in the Indian Ocean Region amid changing geopolitical and economic conditions.
• The Dialogue is a Track 1.5 forum of the Indian Ocean Rim Association, enabling open and constructive discussions on strategic issues, including:
• Maritime security
• Blue Economy
• Trade and investment
• Sustainable development
• India has previously hosted multiple editions, including the inaugural edition in Kerala in 2014, the sixth edition in New Delhi in 2019, and the eighth edition held virtually in 2021.
• The event gained added importance as India has assumed the Chairship of the Indian Ocean Rim Association for the 2025–2027 period.
• India reiterated its commitment to a peaceful, stable, and prosperous Indian Ocean Region, guided by its Vision MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) and Neighbourhood First policy.
• The valedictory session featured a special address by Mohamed Nasheed, former President of Maldives.
• P. Kumaran, Secretary (East), highlighted India’s priorities as Chair and key outcomes of the discussions.
• The deliberations are expected to strengthen regional cooperation, enhance maritime security, and promote shared prosperity across the Indian Ocean Region.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Confederation of Indian Industry elects R Mukundan as President for 2026–27, succeeding Rajiv Memani

• The Confederation of Indian Industry (CII) elected R Mukundan as its President for 2026–27, succeeding Rajiv Memani after the announcement by the newly constituted CII National Council.
• R Mukundan is the Managing Director (MD) and Chief Executive Officer (CEO) of Tata Chemicals.
• The CII also elected Dr Suchitra K. Ella as President-Designate and Shashwat Goenka as Vice President for the 2026–27 term.

About R Mukundan :

• R Mukundan joined the Tata Administrative Service (TAS) in 1990 and has over 30 years of experience across the chemical, automotive, and hospitality sectors of the Tata Group.
• He is a Fellow of the Indian Chemical Society and has received an Honorary Doctorate in Business Administration from XIM University, Odisha (Bhubaneswar).
• Within CII, he served as Chairman of the CII Western Region during 2013–14, CII Vice President during 2024–25, and CII President-Designate during 2025–26.

About Dr Suchitra K. Ella :

• Dr Suchitra K. Ella is the Co-founder and Managing Director of Bharat Biotech International Ltd.
• She co-founded Bharat Biotech in 1996 and later established ventures in veterinary sciences, agri-biotechnology parks, food processing, pre-clinical toxicology, and research.
• The Government of India honoured her with the Padma Bhushan Award in 2022.
• She also served as Chairperson of the CII Southern Region during 2022–23 and founded the CII Indian Women’s Network.

About Shashwat Goenka :

• Shashwat Goenka is the Vice-Chairman of the RP-Sanjiv Goenka Group.
• The World Economic Forum (WEF) recognised him as a Young Global Leader in 2024.
• He also served as Chairman of the CII Eastern Regional Council and as the Honorary Consul of Finland in Kolkata.

About Confederation of Indian Industry :

• Formation : 1895
• Headquarters : New Delhi, India
• Director General : Chandrajit Banerjee

Peter Magyar Becomes Hungary’s Prime Minister, Ending Viktor Orbán’s 16-Year Rule

• Peter Magyar was sworn in as the new Prime Minister of Hungary after his party secured victory in the parliamentary elections.
• His victory marks the end of nearly two decades of political dominance by former Prime Minister Viktor Orbán and his Fidesz government.
• Magyar’s centre-right Tisza Party achieved a historic win by securing a two-thirds majority with 141 seats in the 199-member National Assembly.
• The result gives the Tisza Party a strong parliamentary mandate, strengthening its ability to implement major legislative and governance reforms in Hungary.
• The new Hungarian parliament includes a record 54 women lawmakers, most from the Tisza Party, marking a significant rise in female political representation.

About Hungary :

• Capital : Budapest
• Currency : Hungarian Forint (HUF)

Himanta Biswa Sarma sworn in as Assam Chief Minister for a second consecutive term

• Himanta Biswa Sarma, senior leader of the Bharatiya Janata Party (BJP) and MLA from the Jalukbari constituency, was sworn in as the Chief Minister (CM) of Assam for a second consecutive term.
• With this achievement, Himanta Biswa Sarma became the first non-Congress leader in Assam to serve two successive terms as Chief Minister.
• The oath-taking ceremony was held at the Veterinary College Ground, Khanapara, Guwahati.
• Lakshman Prasad Acharya, Governor of Assam, administered the oath of office and secrecy according to the Third Schedule of the Constitution of India.

Key Highlights :

• Under Article 164 of the Constitution, the Governor appoints the Chief Minister.
• Along with Himanta Biswa Sarma, four MLAs were sworn in as Cabinet Ministers — Rameswar Teli and Ajanta Neog from the BJP, Atul Bora from the Asom Gana Parishad (AGP), and Charan Boro from the Bodoland People’s Front (BPF).
• The swearing-in ceremony was attended by Prime Minister Narendra Modi, Union Home Minister Amit Shah, Defence Minister Rajnath Singh, several Union Ministers, and Chief Ministers from NDA-ruled states.
• The National Democratic Alliance (NDA) returned to power in Assam for a third consecutive term, winning 102 seats in the 126-member Assam Legislative Assembly.
• The Bharatiya Janata Party (BJP) emerged as the dominant party with 82 seats, while allies Asom Gana Parishad (AGP) and Bodoland People’s Front (BPF) secured 10 seats each.
• Himanta Biswa Sarma was born in 1969 in Jorhat, Assam.
• He has served as the President of the Badminton Association of India (BAI) since 2017 and was re-elected for the 2022–2026 term.
• He is also a Member of the Badminton World Federation (BWF) Council for 2021–2025 and has been serving as the Vice President of Badminton Asia (BA) since 2019

About Assam:

• Governor: Lakshman Prasad Acharya
• Capital: Dispur
• National Parks: Kaziranga National Park, Manas National Park, Dibru-Saikhowa National Park
• Wildlife Sanctuaries: Pobitora Wildlife Sanctuary, Orang National Park, Bura-Chapori Wildlife Sanctuary, Nameri Wildlife Sanctuary

CURRENT AFFAIRS : DEFENCE NEWS

Raksha Rajya Mantri Sanjay Seth to inaugurate Kalam & Kavach 3.0 focused on advancing JAI through I²

• Raksha Rajya Mantri Sanjay Seth will inaugurate the third edition of “Kalam & Kavach” at the Manekshaw Centre, New Delhi.
• The conference will serve as a premier strategic platform bringing together policy makers, military leadership, defence industry stakeholders, diplomats, innovators, start-ups, academia, and strategic experts.
• The event focuses on India’s defence transformation, indigenous capability development, and future warfighting preparedness.
• The conference is centred around the strategic vision of Jointness, Aatmanirbharta and Innovation (JAI) along with Indigenisation and International Collaboration (I²).
• The objective is to strengthen discussions on integrated military capability development, technological innovation, and strategic partnerships aligned with national security objectives and the vision of Aatmanirbhar Bharat.
• The event includes high-level strategic sessions, keynote addresses, fireside conversations, and industry engagements focused on India’s future defence and security landscape.
• Key participants include Chief of Defence Staff General Anil Chauhan, Chief of the Naval Staff Admiral Dinesh K Tripathi, officials from the Ministry of Defence, HQ IDS, DRDO, National Security Advisory Board, foreign ambassadors, defence attaches, global defence corporations, MSMEs, start-ups, and strategic think tanks.
• The inaugural session will also feature a special address by Air Marshal Ashutosh Dixit, the Chief of Integrated Defence Staff to the Chairman Chiefs of Staff Committee (CISC).
• Major thematic discussions include AI-enabled warfare, autonomous systems, hypersonic technologies, quantum-enabled C4ISR capabilities, space and low-earth orbit threats, and Tri-service integration.
• C4ISR stands for Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance.
• The conference will also discuss strategic global partnerships, co-development models, advanced defence manufacturing, and technology transfer frameworks.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Approves Thriveni Earthmovers’ 7.14% Stake Acquisition in Lloyds Engineering Works and Merger of Three Companies into Lloyds Engineering Works Limited

• The Competition Commission of India (CCI) approved the acquisition of a 7.14% stake in Lloyds Engineering Works Limited (LEWL) by Thriveni Earthmovers Private Limited (TEMPL) along with the merger of three entities into LEWL.
• The proposed transaction included a Block Deal under which TEMPL acquired 7.14% shareholding in LEWL through BSE Limited on 09 February 2026.
• The approved combination also involves the merger by absorption of Lloyds Infrastructure & Construction Limited (LICL), Metalfab Hightech Private Limited (MHPL), and Techno Industries Private Limited (TIPL) into LEWL, which will remain the surviving entity.
• Thriveni Earthmovers Private Limited (TEMPL) provides contract mining services including exploration, drilling, mining, excavation, hauling, sizing, processing, and transportation of minerals.
• TEMPL is also engaged in coal trading, manufacture of solid blocks, and investment activities.
• Lloyds Engineering Works Limited (LEWL) is involved in the design and manufacture of heavy equipment and machinery such as pressure vessels, columns, heat exchangers, and boilers.
• Lloyds Infrastructure & Construction Limited (LICL) is engaged in road infrastructure development, industrial civil works, and erection and installation of steel structures, technological structures, equipment, and electrical components.
• Metalfab Hightech Private Limited (MHPL) specializes in lightweight engineering equipment with focus on designing and manufacturing steel and technological structures.

About CCI:

• The Competition Commission of India (CCI) is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act of 2002.
• Founded: October 14, 2003
• Headquarters: New Delhi, India
• Chairperson: Ravneet Kaur

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Technology Development Board-Department of Science & Technology backs Helix Cell Therapeutics’ Indo-Singapore project for advanced CAR-T therapy for Multiple Myeloma

• The Technology Development Board (TDB) under the Department of Science & Technology (DST), Government of India, has signed an agreement with Helix Cell Therapeutics Private Limited, Hyderabad, Telangana for a project on dual-targeting CAR-T cell therapy for Multiple Myeloma.
• The project is titled “Generation of Novel Dual Targeting Chimeric Antigen Receptor T Cells to Treat Multiple Myeloma and Conducting Phase I Clinical Trial.”
• The initiative is being implemented under the Indo-Singapore collaborative framework in partnership with Biocell Innovations, Singapore, strengthening India-Singapore biomedical cooperation.
• The project focuses on developing an advanced dual-targeting CAR-T cell therapy for Multiple Myeloma, a serious and currently incurable blood cancer.
• The proposed therapy simultaneously targets both BCMA (B-cell Maturation Antigen) and CD19 markers expressed on Multiple Myeloma cells, aiming to improve treatment efficacy and long-term remission outcomes.
• Existing BCMA-targeted CAR-T therapies have shown encouraging results in relapsed and refractory Multiple Myeloma patients, but the new dual-targeting strategy seeks to provide more durable remission.
• Under the project, Helix Cell Therapeutics will develop, manufacture, and clinically evaluate the next-generation CAR-T therapy through a Phase I clinical trial.
• The therapy is intended for patients who have exhausted multiple lines of treatment and currently have limited therapeutic options
• CAR-T cell therapy involves genetically engineering a patient’s T lymphocytes to specifically identify and destroy cancer cells.
• The proposed dual-targeting CAR-T approach represents a significant advancement over single-marker CAR-T therapies and is expected to improve outcomes in difficult-to-treat cancer cases.
• The project aligns with the Government of India’s Aatmanirbhar Bharat vision, focusing on strengthening indigenous capabilities in advanced biologics, precision medicine, and next-generation healthcare technologies.

Recent News :

• In May 2026, The Technology Development Board under the Department of Science and Technology signed an agreement with NTF Energy Solutions Private Limited for establishing a manufacturing facility for Type-IV Composite CNG Cylinders.

Samsung Electronics crosses $1 trillion valuation, becoming Asia’s second company after TSMC to achieve milestone

• Samsung Electronics has crossed the $1 trillion market valuation mark, driven by strong global demand for AI-related semiconductor chips.
• This milestone highlights the company’s strong position in the global technology and semiconductor industry.
• Samsung Electronics became only the second Asian company to achieve a $1 trillion valuation, after Taiwan Semiconductor Manufacturing Company (TSMC).
• The growth has been supported by the global surge in Artificial Intelligence (AI) infrastructure
• Along with TSMC and SK Hynix, Samsung has emerged as a key beneficiary of the AI-driven semiconductor boom.
• The company’s strength lies in its dominance in advanced memory chip production, which is critical for AI computing systems.
• Samsung Electronics is a global technology leader enabling innovation and new possibilities worldwide.
• Headquarters : Suwon-si, South Korea.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Families 2026 Observed on 15 May

• International Day of Families is celebrated every year on 15 May to raise awareness about the importance of families in society.
• The theme for 2026 is “Families, Inequalities and Child Wellbeing.”
• The day was proclaimed by the United Nations General Assembly in 1993 and was first observed in 1994.
• The observance highlights the role of families in areas such as health, economic well-being, work-life balance, and women’s rights.
• In 2026, the day marks the 30th anniversary of the International Day of Families.
• The initiative traces its origin to 1985, when the United Nations Economic and Social Council invited the General Assembly to focus on “Families in the Development Process.”
• The United Nations emphasises that families are the basic unit of society and play a crucial role in social development, stability, and child wellbeing.
• The day is observed globally to promote awareness, policy focus, and support systems that strengthen families and address inequalities affecting children and households.

Daily CA One- Liner: May 15

• The Union Cabinet has approved the Ahmedabad (Sarkhej)–Dholera Semi High-Speed Double Line rail project at an estimated cost of ₹20,667 crore
• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a ₹37,500 crore scheme to promote surface coal and lignite gasification projects.
• The Central Government has launched the Prime Minister Internship Scheme 2026 to provide practical workplace experience and improve employability among youth
• The Government of India has imposed an immediate ban on sugar exports until 30 September 2026 to safeguard domestic supply and control inflation risks
• The Government of India has set an ambitious export target of 1 trillion United States dollars for the current financial year, following a record export of 863 billion United States dollars in Financial Year 2025-2026
• The State Government of Assam has approved the draft Uniform Civil Code Bill, marking a major legal and political development in the state
• Uber has partnered with the Adani Group to establish its first data centre in India, marking a significant expansion of its digital and engineering infrastructure in one of its most important global markets
• India’s ethanol programme is witnessing a major shift as maize becomes the largest ethanol feedstock, surpassing sugarcane-based sources
• India hosted the 10th edition of the Indian Ocean Dialogue in New Delhi under the theme “Indian Ocean Region in a Transforming World.”
• The Reserve Bank of India (RBI) has cancelled the banking licence of Sarvodaya Co-operative Bank Limited, based in Mumbai, Maharashtra, under Sections 22(4) and 56 of the Banking Regulation Act, 1949.
• The Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA) and the Reserve Bank Innovation Hub (RBIH), a subsidiary of the Reserve Bank of India (RBI), have signed a Memorandum of Understanding (MoU) to strengthen AI-based detection of mule accounts and cyber financial frauds in India.
• Foreign Portfolio Investors (FPIs) holding in Indian equities declined to 14% in June 2026, marking the lowest level in nearly 14 years, indicating sustained foreign selling pressure in Indian markets.
• The Reserve Bank of India (RBI) issued amended directions relaxing norms for inclusion of quarterly profits in Common Equity Tier 1 (CET1) capital for calculating the Capital to Risk Weighted Assets Ratio (CRAR).
• The Ministry of Statistics and Programme Implementation (MoSPI) has directed all States and Union Territories to shift their Gross State Domestic Product (GSDP) base year from 2011–12 to 2022–23 by FY27.
• AU Small Finance Bank (AU SFB) has launched a new credit card portfolio comprising four cards — AU Ananta, AU Laksya, AU Tejas, and AU Prathama — to strengthen its retail credit card business across Tier-1 and Tier-2 cities.
• The Confederation of Indian Industry (CII) elected R Mukundan as its President for 2026–27, succeeding Rajiv Memani after the announcement by the newly constituted CII National Council.
• Peter Magyar was sworn in as the new Prime Minister of Hungary after his party secured victory in the parliamentary elections.
• Himanta Biswa Sarma, senior leader of the Bharatiya Janata Party (BJP) and MLA from the Jalukbari constituency, was sworn in as the Chief Minister (CM) of Assam for a second consecutive term.
• Raksha Rajya Mantri Sanjay Seth will inaugurate the third edition of “Kalam & Kavach” at the Manekshaw Centre, New Delhi.
• The Competition Commission of India (CCI) approved the acquisition of a 7.14% stake in Lloyds Engineering Works Limited (LEWL) by Thriveni Earthmovers Private Limited (TEMPL) along with the merger of three entities into LEWL.
• The Technology Development Board (TDB) under the Department of Science & Technology (DST), Government of India, has signed an agreement with Helix Cell Therapeutics Private Limited, Hyderabad, Telangana for a project on dual-targeting CAR-T cell therapy for Multiple Myeloma.
• Samsung Electronics has crossed the $1 trillion market valuation mark, driven by strong global demand for AI-related semiconductor chips.
• International Day of Families is celebrated every year on 15 May to raise awareness about the importance of families in society