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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Securities and Exchange Board of India Grants Final Approval to Nuvama Wealth Management for Mutual Fund Operations

• Nuvama Wealth Management Limited received Final Approval from the Securities and Exchange Board of India (SEBI) to commence Mutual Fund (MF) Operations through its asset management arm, Nuvama Asset Management Limited.
• The approval marks the Formal Entry of Nuvama into India’s Mutual Fund Industry and strengthens its presence in the financial services sector.
• Nuvama Mutual Fund Trusteeship Services Limited will serve as the Trustee Company for the newly established Nuvama Mutual Fund.
• With this approval, Nuvama Wealth Management Limited aims to expand its footprint by offering a wider range of investment products to both Retail and Institutional Investors.
• The company will initially launch products under the Specialised Investment Fund (SIF) Framework, leveraging its expertise in differentiated public-market investment strategies.
• After obtaining additional regulatory approvals, Nuvama plans to introduce a Broader Range of Mutual Fund Schemes.
• The approval was announced by Anshu Kapoor, President and Head of Nuvama Asset Management.
• According to the company, this move aligns with its long-term objective of building an Integrated Wealth and Asset Management Platform in India.
• The new mutual fund business will enhance Nuvama’s Asset Management and Wealth Management Proposition and help scale investment solutions across diverse investor segments.

About SEBI :

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

World Bank Upgrades India’s FY27 Economic Growth Projection to 6.6%

• The World Bank (WB) released the Global Economic Prospects (GEP), June 2026 report and raised India’s GDP growth forecast for FY 2026-27 (FY27) by 10 basis points (bps) to 6.6%, up from 6.5% projected in January 2026.
• According to the report, India’s economy is projected to grow by 6.6% in FY27, moderating from an estimated 7.7% in FY26.
• The World Bank has projected that India’s Gross Domestic Product (GDP) growth will accelerate to 7.2% in FY28.
• India recorded an economic growth rate of 7.1% in FY25.
• The report states that India is expected to remain among the fastest-growing major economies in the world and continue to serve as the growth anchor of South Asia.
• The global economy is projected to grow by 2.5% in 2026, down from 2.9% in 2025, marking the lowest global growth rate since the COVID-19 pandemic.
• In a worst-case scenario, global economic growth could decline further to 1.3% in 2026.
• The World Bank has projected global GDP growth at 2.8% in 2027.

Recent News :

• Fitch Ratings, an American credit rating agency, released its June 2026 Global Economic Outlook (GEO) and revised India’s Gross Domestic Product (GDP) growth forecast for Financial Year 2026-27 (FY27) downward by 30 basis points (bps) to 6.4%, from its earlier estimate of 6.7%.

About World Bank:

• The World Bank is an international financial institution that provides loans and grants to the governments of low and middle-income countries for the purpose of pursuing capital projects.
• The World Bank consists of 5 institutions: The International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Investment Guarantee Agency (MIGA), and The International Centre for Settlement of Investment Disputes (ICSID).
• Founded Year: 1944
• Headquarters: Washington, D.C., United States
• President: Ajay Banga
• Members:189 countries

Bandhan Bank Partners with Centrum Finverse to Launch Integrated 3-in-1 Banking, Demat and Trading Account

• Bandhan Bank has partnered with Centrum Finverse Ltd to launch an integrated 3-in-1 Account that combines Banking, Demat, and Trading Services on a single platform.
• The new 3-in-1 Account enables customers to seamlessly access Savings Account, Demat Account, and Trading Account facilities through one integrated solution.
• Customers can open and operate these accounts through a completely paperless process, enhancing convenience and ease of access.
• The service will be available through Bandhan Bank’s branch network as well as its digital channels, ensuring wider customer reach.
• Partha Pratim Sengupta, Managing Director and CEO of Bandhan Bank, stated that the initiative aims to strengthen financial inclusion and expand access to investment opportunities for customers.

About Bandhan Bank :

• Founded : 23 August 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Partha Pratim Sengupta

Reserve Bank of India Issues Third Amendment Directions Revising Bank Lending Framework for Real Estate Investment Trusts and Infrastructure Investment Trusts

• The Reserve Bank of India (RBI) issued the Third Amendment Directions, 2026 to regulate Bank Lending to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) while strengthening Risk Management and Exposure Norms.
• Under the revised framework, banks can lend only to REITs and InvITs that are Registered with and Regulated by SEBI (Securities and Exchange Board of India) and are Listed on Recognised Stock Exchanges (SEs).
• Lending to REITs will be permitted only if at least 80% of their Assets comprise Cash-Generating Properties that have been Operational for More Than One Year.
• Banks may lend only to Listed InvITs where a minimum of 80% of Assets are invested in Completed and Revenue-Generating Infrastructure Projects.
• The infrastructure assets held by eligible InvITs must have generated Positive Cash Flows for More Than One Year.
• The revised directions aim to ensure that bank credit is extended primarily to Mature, Operational, and Income-Generating Assets, thereby reducing lending risks and enhancing financial stability.

National Stock Exchange Earmarks 10% of Corporate Social Responsibility Corpus for Social Stock Exchange-Listed Initiatives

• The National Stock Exchange (NSE) has decided to allocate 10% of its annual Corporate Social Responsibility (CSR) corpus to projects listed on the Social Stock Exchange (SSE).
• The decision follows recent regulatory changes allowing companies to undertake CSR spending through subscription to Zero Coupon Zero Principal (ZCZP) instruments listed on Social Stock Exchanges.
• The NSE CSR Committee approved the proposal in principle in March 2026, and it became operational after the Ministry of Corporate Affairs (MCA) issued the relevant notification on 27 May 2026.
• The NSE Social Stock Exchange (SSE) was launched in February 2023 to facilitate fundraising for social impact projects and non-profit organizations.
• Since its launch, the NSE SSE has facilitated fundraising for 16 projects and mobilised more than ₹44.5 crore.
• The funds raised through the SSE have supported sectors such as healthcare, education, women empowerment, climate action, poverty alleviation, skilling, and sustainable livelihoods.
• Under the Companies Act, 2013, eligible companies are required to spend at least 2% of the average net profits of the preceding three financial years on CSR activities.
• The initiative is expected to strengthen the social impact investment ecosystem, improve funding access for social projects, and encourage greater participation in the Social Stock Exchange framework.

Recent News :

• In May 2026, The National Stock Exchange of India crossed 13 crore unique registered investors, with the latest 1 crore investors added in just 7 months (since September 2025).

CURRENT AFFAIRS : INTERNATIONAL NEWS

World Economic Forum Features 9 Indian Companies in 2026 Technology Pioneers Group

• The World Economic Forum (WEF) released its 2026 Technology Pioneers Cohort, recognizing 100 early-stage companies from 23 countries for driving transformative innovations across multiple sectors.
• The selected companies are working on breakthrough technologies in Artificial Intelligence (AI), Energy, Quantum Computing, Biotechnology, Climate Innovation, Space Technology, and Advanced Manufacturing.
• India secured representation with 9 start-ups in the 2026 Technology Pioneers Cohort, compared to 10 Indian start-ups in the 2025 cohort.
• With the latest additions, the total number of Indian companies selected under the WEF Technology Pioneers programme has reached 28.
• Notable Indian firms previously included in the cohort are Agnikul Cosmos, Cropin, and Digantara.
• The United States of America (USA) topped the 2026 Technology Pioneers list with 43 start-ups, the highest among all countries.
• China ranked second with 10 start-ups, while the United Kingdom (UK) secured third position with 8 start-ups.
• The selected companies will participate in a two-year engagement programme and contribute to various WEF initiatives, discussions, and global innovation efforts.
• The Technology Pioneers programme is a flagship initiative of the World Economic Forum (WEF) that identifies and supports emerging companies with the potential to significantly impact business, society, and the global economy.

About World Economic Forum :

• Formation : 24 January 1971
• Headquarters : Cologny, Switzerland
• Chairman : Larry Fink

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Odisha Cabinet Approves Restoration of Original Odia Names for 64 Places

• The Government of Odisha approved the restoration of the original Odia names of 64 places spread across 26 districts of the state.
• The decision was approved by the Odisha Cabinet chaired by Chief Minister Mohan Charan Majhi.
• The initiative aims to replace colonial-era English spellings that altered the original Odia pronunciation, identity and cultural significance of various places.
• The move is part of the state government's broader effort to strengthen “Odia Asmita” (Odia identity) and promote the use of the Odia language in governance and public life.
• A high-level committee headed by eminent writer Pratibha Ray examined historical records, linguistic evidence and public suggestions before recommending the changes.
• The government also invited public feedback before granting final approval to the revised names.
• An Official Gazette Notification will be issued for implementing the approved name changes.
• The state government will request Central Government agencies to update the revised names in official records and databases.
• The restoration of traditional names aims to preserve Odisha’s linguistic authenticity, cultural heritage and historical identity.

Important Renamed Places

• Balasore → Baleshwar
• Aul → Aali
• Angul → Anugola
• Bargarh → Baragada
• Cuttack → Kataka
• Deogarh → Debagada
• Nayagarh → Nayagada
• Sonepur → Sonapura
• Sundargarh → Sundaragada
• Berhampur → Brahmapur

About Odisha:

• Capital: Bhubaneswar
• Chief Minister: Mohan Charan Majhi
• Governor: Hari Babu Kambhampati

RECENT NEWS

• India has strengthened the semiconductor manufacturing hub by signing of the $3.3 billion agreement between the Odisha Government, Intel Corporation, and US-based 3D Glass Solutions Inc. This project aims to establish the advanced packaging glass core substrate manufacturing facility in the Bhubaneswar-Khurda region

Government Releases Draft Telecommunications (Television, Radio and Associated Services) Rules, 2026

• The Government of India released the draft Telecommunications (Television, Radio and Associated Services) Rules, 2026 to establish a common regulatory framework for television and radio broadcasting services across the country.
• The draft rules were issued by the Ministry of Information and Broadcasting under the provisions of the Telecommunications Act, 2023.
• The new framework aims to replace multiple existing guidelines governing television and radio broadcasting with a unified and modern regulatory structure.
• Television channels will be required to broadcast a minimum of 30 minutes of public-interest content every day between 6:00 AM and 11:00 PM.
• Private Frequency Modulation (FM) radio stations will be required to broadcast at least one hour of public-interest programming daily.
• Public-interest content will focus on themes of national importance and social relevance, including:
• Education and literacy
• Agriculture and rural development
• Health and family welfare
• Science and technology
• Women’s welfare
• Welfare of weaker sections
• Environmental protection
• Cultural heritage preservation
• National integration
• They can continue to broadcast unaltered news bulletins from Akashwani and specified information such as weather updates, traffic information, sports updates, examination announcements, results and public notices.
• The draft rules replace provisions under earlier frameworks, including the Frequency Modulation Phase-III Policy, which required stations to broadcast government-directed public-interest announcements.
• The government has invited comments and suggestions from stakeholders on the draft rules until 27 July 2026.
• The rules aim to reduce regulatory complexity while strengthening public awareness, education, and nation-building through broadcasting services.

About Ministry of Information and Broadcasting:

• Cabinet Minister: Ashwini Vaishnaw
• Ministers of State: L. Murugan

Prime Minister Narendra Modi and French President Emmanuel Macron to Inaugurate Bharat Innovates 2026 in France

• Prime Minister Narendra Modi and French President Emmanuel Macron are set to jointly inaugurate Bharat Innovates 2026 at the Palais des Expositions in Nice, France.
• The event is organised by the Ministry of Education, Government of India, to showcase India’s rapidly growing deep-tech and innovation ecosystem to global investors, industry leaders and research institutions.
• Bharat Innovates 2026 is being conducted under the India-France Year of Innovation 2026 and aims to strengthen bilateral cooperation in advanced technologies, startups, research and cross-border investments.
• The event will bring together around 120 Indian innovators and startups, approximately 15 Higher Education Institutions, and more than 500 investors, venture capital firms, corporate leaders and global Chief Executive Officers.
• It will cover 13 strategic sectors, including:
• Semiconductors
• Biotechnology
• Advanced Computing
• Healthcare
• Manufacturing
• Energy
• Space Technology
• The initiative aims to promote technology transfer, startup expansion, research collaboration and international investment opportunities for Indian innovators.
• Bharat Innovates 2026 reflects the strengthening strategic partnership between India and France in the fields of technology, innovation and entrepreneurship.
• The India-France Year of Innovation 2026 was jointly launched by Prime Minister Narendra Modi and President Emmanuel Macron in February 2026 in Mumbai.

About Ministry of Education:

• Cabinet Minister: Dharmendra Pradhan
• Ministers of State: Jayant Chaudhary and Sukanta Majumdar

Indian Council of Agricultural Research Launches India’s First AI-Based WhatsApp Tool “Oilseeds Kisaan Mitra” for Farmers

• The Indian Council of Agricultural Research (ICAR) launched India’s first AI-based WhatsApp tool “Oilseeds Kisaan Mitra” to provide timely, research-based advisory services to oilseed farmers in multiple languages.
• The tool has been developed by the ICAR-Indian Institute of Oilseeds Research (ICAR-IIOR), Hyderabad.
• Farmers can save the WhatsApp number +91 4024598180 as “Oilseeds Kisaan Mitra” and ask queries in any Indian language.
• The AI-powered multilingual chatbot provides instant research-based guidance on variety selection, crop management, pest and disease control, irrigation, and post-harvest practices.
• The chatbot’s knowledge base has been developed in collaboration with:
• ICAR-National Soybean Research Institute, Indore
• ICAR-Indian Institute of Groundnut Research, Junagadh
• ICAR-Indian Institute of Rapeseed and Mustard Research, Bharatpur
• PC Unit (Sesame and Niger)
• India depends heavily on edible oil imports, with imports accounting for approximately 55–60% of total domestic consumption.
• India produces around 12.2 million tonnes of edible oils but imports nearly 16 million tonnes at an expenditure of approximately ₹1.32 lakh crore.
• Edible oil imports are the second-highest import expenditure category after gold and fuels.

About ICAR:

• Headquarters: New Delhi
• Director General (DG): Mangi Lal Jat
• Established: 1929

RECENT NEWS

• ICAR and NDDB signed an MoU to strengthen dairy research, innovation and extension by combining scientific expertise with field-level experience for improving productivity, sustainability and farmer incomes across India’s dairy sector.

Ministry of Textiles Selects 96 Companies Under Third Round of Production Linked Incentive Scheme for Textiles

• The Ministry of Textiles has selected 96 companies under the third round of the Production Linked Incentive (PLI) Scheme for Textiles with a total investment commitment of ₹12,822.67 crore and a projected turnover of ₹58,294.18 crore.
• In the latest meeting under the third round of the PLI Scheme, the Ministry approved 22 new applicants.
• The 22 newly approved companies are expected to bring a total investment of ₹2,339.14 crore and generate a projected turnover of ₹15,561.34 crore in notified products.
• The approved companies are from the sectors of Man-Made Fibre (MMF) apparel, MMF fabrics, and technical textiles.
• The PLI Scheme for Textiles was notified on 24 September 2021 with an approved outlay of ₹10,683 crore.
• The scheme aims to promote domestic production and enhance competitiveness in MMF apparel, MMF fabrics, and technical textile products.

About Ministry of Textiles:

• Cabinet Minister: Giriraj Singh
• Constituency: Begusarai, Bihar
• Minister of State (MoS): Pabitra Margherita

RECENT NEWS

• To boost export potential of Indian textile industries Ministry of Textiles has extended the RoSCTL scheme till the September 30 2026. This decision comes at that time when the global demand remains uncertain and to provide the much-needed stability to exporters. 

CURRENT AFFAIRS: AWARDS AND HONOURS

Sudarsan Pattnaik Becomes First Indian to Win Russia Grand Sand Master Cup 2026

• Sudarsan Pattnaik, a renowned sand artist from Odisha, became the first Indian to win the Russia Grand Sand Master Cup 2026.
• He received the prestigious award at the Second International Festival of Sand Sculpture held in Russia.
• The festival brought together 12 leading sand sculptors from different countries to showcase their creativity and artistic excellence.
• Sudarsan Pattnaik was honoured for his exceptional contribution to sand art and his thought-provoking sculpture based on the theme of Global Warming and environmental conservation.
• His award-winning sculpture was approximately 3 metres high and depicted two contrasting faces of the Earth, highlighting the impact of environmental degradation and the need for conservation efforts.
• The jury unanimously selected him for the prestigious award, recognising his artistic brilliance and his use of sand art as a medium for social and environmental awareness.
• The award was presented by General Director Alena Aleksandrovna.
• Sudarsan Pattnaik, who belongs to Puri, Odisha, is internationally recognised for creating sand sculptures conveying messages related to environmental protection, social awareness, humanitarian causes, and global peace.

Sangeet Natak Akademi Selects 7 Eminent Personalities as Akademi Fellows (Akademi Ratna)

• The General Council of Sangeet Natak Akademi, the National Academy of Music, Dance and Drama, unanimously elected 7 eminent personalities in the field of performing arts as Akademi Fellows (Akademi Ratna).
• The selected Akademi Fellows (Akademi Ratna) are Ramlal Bareth, A.V. Anand, Rita Ganguly, Puru Dadheech, Chittaranjan Jyotishi, Pasumarthi Rattaiah Sarma, and Sudharani Raghupathy.
• The Akademi Fellowship (Akademi Ratna) is the highest honour of the Akademi and is a prestigious recognition restricted to only 40 Fellows at any given time.
• The General Council also selected 108 artists from the fields of Music, Dance, Theatre, Traditional, Folk and Tribal Arts, Puppetry, Overall Contribution and Scholarship for the Sangeet Natak Akademi Awards (Akademi Puraskar) for the years 2024 and 2025.
• The Akademi also selected 106 young artists for the Ustad Bismillah Khan Yuva Puraskar for the years 2024 and 2025.
• The Sangeet Natak Akademi Awards and Ustad Bismillah Khan Yuva Puraskar will be conferred by the Chairman of Sangeet Natak Akademi.
• The Sangeet Natak Akademi Awards have been conferred since 1952.
• The Akademi Fellowship (Akademi Ratna) carries a cash prize of ₹3 lakh.
• The Sangeet Natak Akademi Award (Akademi Puraskar) carries a cash prize of ₹1 lakh, along with a Tamrapatra and Angavastram.
• The Ustad Bismillah Khan Yuva Puraskar carries a cash prize of ₹25,000, along with a Tamrapatra and Angavastram.
• The Sangeet Natak Akademi Fellowship and Awards will be conferred by the President of India.

Indian-Origin Scientist Gautam Dey Receives European Molecular Biology Organisation (EMBO) Gold Medal 2026

• Gautam Dey, an Indian-origin scientist working with the European Molecular Biology Laboratory (EMBL), Heidelberg, Germany, was awarded the European Molecular Biology Organisation (EMBO) Gold Medal 2026 for his exceptional contribution to life sciences in Europe.
• He shared the award with Omaya Dudin from the University of Geneva, Switzerland.
• Gautam Dey received the honour for his outstanding research on the evolutionary origins of nuclear organisation and cell division.
• Omaya Dudin was recognised for his work on the evolutionary origins of multicellularity.
• The European Molecular Biology Organisation (EMBO) Gold Medal is one of Europe’s most prestigious honours in life sciences and is awarded annually to scientists in the early stages of their independent research careers.
• The award is given to scientists based within the European Molecular Biology Conference (EMBC), an intergovernmental organisation comprising 32 member states.
• Tanmay A. M. Bharat, an Indian-origin scientist, was also a recipient of the European Molecular Biology Organisation (EMBO) Gold Medal 2025.
• He is an alumnus of University of Delhi and serves as a Programme Leader in the Structural Studies Division of the Medical Research Council (MRC) Laboratory of Molecular Biology, Cambridge, United Kingdom (UK).

About European Molecular Biology Organisation (EMBO):

• Established: 1964
• Headquarters: Heidelberg, Germany

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

National Biodiversity Authority Reforms Agrobiodiversity Expert Panel, Appoints Padma Shri Dr. P. L. Gautam as Chair

• The National Biodiversity Authority (NBA) has reconstituted the Expert Committee on Agrobiodiversity under Section 13(1) of the Biological Diversity Act, 2002 for a period of one year.
• The Committee has been reconstituted to provide expert guidance on the conservation, sustainable use, and Access and Benefit Sharing (ABS) of agricultural biodiversity and related issues.

Key Highlights :

• Padma Shri Dr. P. L. Gautam, a renowned agricultural scientist and former Chairperson of both the National Biodiversity Authority (NBA) and the Protection of Plant Varieties and Farmers’ Rights Authority (PPVFRA), has been appointed as the Chairperson of the Committee.
• Dr. P. L. Gautam was recently conferred the Padma Shri for his distinguished contributions to Agricultural Science.
• The Chairperson of PPVFRA will serve as the Co-Chairperson of the Expert Committee on Agrobiodiversity.
• The Expert Committee on Agrobiodiversity has been an important advisory body of the NBA since 2005 and has been periodically reconstituted to address emerging issues related to agricultural genetic resources.
• The Committee has played a significant role in supporting the implementation of the Biological Diversity Act, 2002 through expert recommendations on agricultural biodiversity matters.
• The Committee has provided guidance on the International Treaty on Plant Genetic Resources for Food and Agriculture (ITPGRFA), a key international agreement related to agricultural biodiversity.
• It has examined Access and Benefit Sharing (ABS) issues arising from the export of crop seeds, crop varieties, and embryos of farm animals.
• The Committee has also provided clarifications regarding conventional plant breeding activities and approvals required under Section 5 of the Biological Diversity Act for collaborative research involving biological resources.
• The Committee’s recommendations have helped balance biodiversity conservation, agricultural research, innovation, and the sustainable utilization of biological resources.
• The reconstituted Committee includes senior representatives and experts from institutions such as the Ministry of Agriculture and Farmers Welfare, Indian Council of Agricultural Research (ICAR), National Bureau of Plant Genetic Resources (NBPGR), National Bureau of Animal Genetic Resources (NBAGR), National Bureau of Fish Genetic Resources (NBFGR), Tamil Nadu Agricultural University (TNAU), National Innovation Foundation (NIF), and NALSAR University of Law.
• The Committee will advise the NBA on integrating biodiversity considerations into the agriculture sector and promoting sustainable agricultural practices.
• It will review issues related to the seed sector under the Biological Diversity Act and evaluate guidelines for international collaborative research involving biological resources.
• The Committee will recommend measures for the conservation and sustainable use of threatened native crop varieties and livestock breeds across India.
• It will provide technical and policy inputs to strengthen India's engagement with international agreements related to agricultural biodiversity, particularly the ITPGRFA.
• The reconstitution of the Committee reflects the Government of India’s commitment to conserving agricultural biodiversity, protecting genetic resources and traditional knowledge, and promoting sustainable and climate-resilient agricultural systems.
• The Committee will support the achievement of India's updated National Biodiversity Strategy and Action Plan (NBSAP) Targets 4 and 13.
• The initiative will contribute towards achieving Sustainable Development Goal (SDG) 2 – Zero Hunger, SDG 13 – Climate Action, and SDG 15 – Life on Land through the conservation and sustainable use of agricultural genetic resources, native crop varieties, and livestock diversity.

CURRENT AFFAIRS : DEFENCE NEWS

INS Sharda Departs Colombo After Successful Bilateral Maritime Engagements

• INS Sharda departed from Colombo, Sri Lanka on 13 June 2026 after completing a successful port call, further strengthening maritime cooperation and friendship between India and Sri Lanka.
• The visit included a series of professional interactions, training activities, sporting engagements, and cross-deck visits between the Indian Navy and the Sri Lankan Navy.
• As part of capacity-building initiatives, personnel of the Sri Lankan Navy received training in small arms handling, basic firefighting, first aid, and rescue procedures.
• Rear Admiral (RAdm) Jagath Kumara, Commander, Western Naval Area of the Sri Lanka Navy, visited INS Sharda and interacted with the crew, reaffirming the strong maritime partnership between the two countries.
• During the visit, the Commanding Officer of INS Sharda paid a courtesy call on Santosh Jha, the High Commissioner of India to Sri Lanka.
• The port call highlighted the enduring maritime partnership between India and Sri Lanka and reinforced their shared commitment to regional maritime security and cooperation.
• The visit was conducted in line with the MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) vision, which promotes security, growth, and cooperation across the Indian Ocean Region.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

President Droupadi Murmu Approves REC–Power Finance Corporation Limited Merger to Form a Unified Power Financing Giant

• President of India Droupadi Murmu approved the merger of REC Limited (REC) into Power Finance Corporation Limited (PFC), nearly seven years after PFC acquired the Government’s majority stake in REC.
• The approval was communicated by the Ministry of Power (MoP) through an official letter.
• The merger aims to create a larger, stronger, and more efficient public sector power financing institution and strengthen Public Sector Non-Banking Financial Companies (NBFCs).
• In March 2019, PFC acquired the Government of India’s 52.63% stake in REC for ₹14,500 crore, making REC a subsidiary of PFC.
• The merger will be carried out under Sections 230–232 of the Companies Act, 2013.
• Under the merger structure, all assets and liabilities of REC will be transferred to PFC, and REC will cease to exist as a separate entity.
• In the Union Budget 2026, Nirmala Sitharaman announced plans to restructure PFC and REC to achieve greater scale, efficiency, and operational strength among public-sector NBFCs.

About PFC :

• Power Finance Corporation (PFC) was established in 1986 and is headquartered in New Delhi.
• PFC functions under the Ministry of Power (MoP) and is headed by Parminder Chopra.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

National Aeronautics and Space Administration Unveils Four-Member Artemis III Team for Spacecraft and Moon Lander Demonstration Mission

• The National Aeronautics and Space Administration (NASA) announced the Four-Member Crew for the Artemis III Mission, which is scheduled for a Late-2027 Low-Earth Orbit (LEO) Mission.
• The Artemis III Mission will focus on testing Docking Mechanisms, Interoperability, and Operational Readiness required for future Crewed Lunar Landings and long-term lunar operations.
• Unlike earlier plans, this version of Artemis III will conduct a Two-Week Low-Earth Orbit (LEO) Mission and Will Not Approach the Moon.
• The mission will demonstrate docking operations between SpaceX’s Starship, Blue Origin’s Blue Moon Lander, and NASA’s Orion Capsule.
• The Orion Spacecraft will be launched using the Space Launch System (SLS), NASA’s heavy-lift launch vehicle.

Artemis III Crew Members :

• Randy Bresnik will serve as the Commander of the Artemis III Mission.
• Andre Douglas has been selected as a Mission Specialist and will make his First Spaceflight.
• Frank Rubio will serve as a Mission Specialist; he holds the United States Record for the Longest Continuous Stay aboard the International Space Station (ISS) at 371 Days.
• Luca Parmitano of the European Space Agency (ESA) will serve as the Pilot of the mission.
• Luca Parmitano will become the First ESA Astronaut and the Second Non-American Astronaut to participate in an Artemis Mission.
• Randy Bresnik is a Veteran Astronaut, former test pilot, and has flown to space Three Times.
• Luca Parmitano is also a Veteran of Two Space Missions.
• Bob Hines has been named as the Backup Crew Member and will train alongside the primary crew.
• The crew announcement was made by Jared Isaacman, the NASA Administrator, during a ceremony in Houston, Texas, USA.

Union Minister Jitendra Singh Advocates Stronger Industry-Research Linkages to Boost Science-Based Development

• Union Minister Dr. Jitendra Singh emphasized the need for stronger collaboration between Research Institutions, Industry, and Startups to accelerate the conversion of scientific knowledge into Market-Ready Solutions and national development outcomes.
• Speaking during an industry interaction session at the RISE Conclave 2026, he stated that scientific progress should increasingly be measured by its Societal and Economic Impact.
• The Council of Scientific and Industrial Research (CSIR) currently hosts over 800 Technologies on its CSIR Technology Showcase Portal, providing industries, entrepreneurs, and startups with easy access to indigenous technologies.
• Dr. Singh highlighted that Industry Collaboration should begin at the Research Conceptualisation Stage rather than after technologies are fully developed, ensuring better alignment with market requirements.
• Early industry involvement can improve Technology Transfer, accelerate commercialization, and enhance the chances of market success.
• Dr. Singh observed that Deep-Tech Startups face unique challenges and therefore require Flexible Policy Frameworks and sustained institutional support beyond incubation.
• He informed that Six Incubation Centres established under the CSIR Ecosystem are supporting startups through Mentoring, Technical Guidance, and Access to Research Facilities.
• Dr. Singh encouraged industry leaders to actively participate in shaping India's scientific agenda and contribute to the development of technologies that promote Employment Generation, Industrial Competitiveness, and Improved Quality of Life.
• The interaction saw participation from Industry Associations, Startups, Researchers, and Scientific Institutions, focusing on improving Technology Transfer Mechanisms, access to research infrastructure, and innovation-led growth.
• The Government reiterated its commitment to building an Open, Collaborative, and Innovation-Driven Science & Technology Ecosystem that supports India's emergence as a Global Hub of Innovation and Technological Excellence.

 CURRENT AFFAIRS: MOUS AND AGREEMENT

Bharat Sanchar Nigam Limited and Indian Institute of Technology Kanpur Sign Memorandum of Understanding for Next-Generation Telecom Technologies

• Bharat Sanchar Nigam Limited and the Indian Institute of Technology Kanpur signed a Memorandum of Understanding for joint research, development, testing, deployment, and commercialisation of next-generation telecom technologies.
• The collaboration aims to promote innovation in telecom networks, indigenous technology development, and future-ready digital infrastructure, especially to enhance connectivity in rural areas across India.
• The partnership will focus on Direct-to-Mobile broadcasting, indigenous Fourth Generation (4G) technology development, and advanced spectrum research to strengthen India’s telecom innovation and digital self-reliance.
• Bharat Sanchar Nigam Limited has already undertaken significant work in the Direct-to-Mobile technology space and has launched services related to this technology.

About Bharat Sanchar Nigam Limited:

• Headquarters: New Delhi
• Chairman and Managing Director: Robert Jerard Ravi (Additional Charge)

About Indian Institute of Technology Kanpur:

• Director: Prof. Manindra Agrawal

CURRENT AFFAIRS: RANKING AND REPORTS

Elon Musk Becomes the World’s First Trillionaire Following Space Exploration Technologies Corporation’s Historic Initial Public Offering

• Elon Musk became the world’s first trillionaire after the successful public listing of Space Exploration Technologies Corporation (SpaceX) in June 2026.
• The company, operating in the fields of reusable rockets, satellite communications and artificial intelligence, witnessed a sharp rise in its share price, pushing its valuation beyond 2 trillion United States dollars.
• Space Exploration Technologies Corporation launched its Initial Public Offering (IPO) at 135 United States dollars per share. The stock opened at 150 United States dollars and closed at approximately 161.11 United States dollars on its debut trading day.
• The record-breaking Initial Public Offering raised nearly 75 billion United States dollars, making it the largest public offering in history, surpassing the previous record set by Saudi Aramco in 2019.
• Following the listing, Elon Musk’s stake in Space Exploration Technologies Corporation was valued at around 866 billion United States dollars, while his total estimated net worth crossed 1.1 trillion United States dollars.
• Before the Initial Public Offering, Forbes estimated Elon Musk’s net worth at approximately 780 billion United States dollars.
• Founded in 2002 by Elon Musk, Space Exploration Technologies Corporation was established with the vision of reducing space transportation costs and enabling future human settlement on Mars.
• The company achieved major technological breakthroughs through the development of reusable rocket systems, significantly reducing the cost of space launches.
• The successful listing reflects increasing investor confidence in companies working in the fields of artificial intelligence, advanced communication technologies and space exploration.

Major Companies Associated with Elon Musk:

• Space Exploration Technologies Corporation – Space Technology
• Tesla, Inc. – Electric Vehicles and Clean Energy
• xAI Corporation – Artificial Intelligence
• X Corporation – Social Media Platform
• Starlink – Satellite Internet Services

CURRENT AFFAIRS: SPORTS NEWS

Kane Williamson Announces Retirement from International Cricket

• Kane Stuart Williamson, former captain of New Zealand, announced his retirement from international cricket, bringing an end to his illustrious 16-year international career that began in 2010.
• He retired as the highest Test run-scorer for New Zealand, scoring 9,515 runs in 110 Test matches at an impressive average of 54.06.
• Williamson was regarded as one of the “Fab Four” batters of modern cricket alongside Virat Kohli, Steve Smith, and Joe Root.
• In One Day Internationals (ODIs), he scored 7,256 runs in 175 matches, while in Twenty20 Internationals (T20Is), he accumulated 2,575 runs in 93 matches.
• He made his international debut for New Zealand in August 2010 and became one of the most successful and respected cricketers in the modern era.
• Under his captaincy, New Zealand won the inaugural International Cricket Council (ICC) World Test Championship title in 2021 by defeating India in the final.
• Williamson also led New Zealand to several major International Cricket Council tournament stages:
• Cricket World Cup Final – 2019
• World Test Championship Title – 2021
• Twenty20 World Cup Final – 2021
• Twenty20 World Cup Semi-finals – 2016 and 2022
• Cricket World Cup Semi-final – 2023

CURRENT AFFAIRS : OBITUARIES

Thailand's Princess Bajrakitiyabha Mahidol, Renowned UN Goodwill Ambassador, Passed away at 47

• Princess Bajrakitiyabha Mahidol was the eldest child of King Maha Vajiralongkorn and was widely known for her work in justice reform, women’s rights, and prison rehabilitation initiatives.
• Her full royal title was Princess Bajrakitiyabha Narendiradebyavati, and she was popularly known as “Bha” or “Patty”.
• She pursued Law at Cornell University, strengthening her legal and diplomatic career.
• She served at Thailand’s Permanent Mission to the United Nations (UN) in New York City, gaining international diplomatic experience.
• Princess Bajrakitiyabha later worked as an Attorney General in Udon Thani Province, contributing to Thailand’s legal system.
• She served as Thailand’s Ambassador to Austria from 2012 to 2014, representing the country in international affairs.
• In 2017, she was appointed Goodwill Ambassador of the United Nations Office on Drugs and Crime.
• One of her most significant achievements was her contribution to the adoption of the UN Bangkok Rules, which focus on the treatment of female prisoners and non-custodial measures for women offenders.
• She launched the “Kamlangjai” Campaign, aimed at the rehabilitation, welfare, and empowerment of imprisoned women in Thailand.
• Princess Bajrakitiyabha earned international recognition for promoting women’s rights, prison reforms, justice accessibility, and social welfare initiatives.

About Thailand :

• Thailand is a country in Southeast Asia with its capital at Bangkok.
• Currency : Thai Baht (THB).
• Current monarch : Maha Vajiralongkorn.

 Daily CA one- Liner: June 16

• The Government of Odisha approved the restoration of the original Odia names of 64 places spread across 26 districts of the state
• The Government of India released the draft Telecommunications (Television, Radio and Associated Services) Rules, 2026 to establish a common regulatory framework for television and radio broadcasting services across the country
• Prime Minister Narendra Modi and French President Emmanuel Macron are set to jointly inaugurate Bharat Innovates 2026 at the Palais des Expositions in Nice, France
• The Indian Council of Agricultural Research (ICAR) launched India’s first AI-based WhatsApp tool “Oilseeds Kisaan Mitra” to provide timely, research-based advisory services to oilseed farmers in multiple languages
• The Ministry of Textiles has selected 96 companies under the third round of the Production Linked Incentive (PLI) Scheme for Textiles with a total investment commitment of ₹12,822.67 crore and a projected turnover of ₹58,294.18 crore
• Sudarsan Pattnaik, a renowned sand artist from Odisha, became the first Indian to win the Russia Grand Sand Master Cup 2026.
• Nuvama Wealth Management Limited received Final Approval from the Securities and Exchange Board of India (SEBI) to commence Mutual Fund (MF) Operations through its asset management arm, Nuvama Asset Management Limited.
• The World Bank (WB) released the Global Economic Prospects (GEP), June 2026 report and raised India’s GDP growth forecast for FY 2026-27 (FY27) by 10 basis points (bps) to 6.6%, up from 6.5% projected in January 2026.
• Bandhan Bank has partnered with Centrum Finverse Ltd to launch an integrated 3-in-1 Account that combines Banking, Demat, and Trading Services on a single platform.
• The Reserve Bank of India (RBI) issued the Third Amendment Directions, 2026 to regulate Bank Lending to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) while strengthening Risk Management and Exposure Norms.
• The National Stock Exchange (NSE) has decided to allocate 10% of its annual Corporate Social Responsibility (CSR) corpus to projects listed on the Social Stock Exchange (SSE).
• The World Economic Forum (WEF) released its 2026 Technology Pioneers Cohort, recognizing 100 early-stage companies from 23 countries for driving transformative innovations across multiple sectors.
• The National Biodiversity Authority (NBA) has reconstituted the Expert Committee on Agrobiodiversity under Section 13(1) of the Biological Diversity Act, 2002 for a period of one year.
• INS Sharda departed from Colombo, Sri Lanka on 13 June 2026 after completing a successful port call, further strengthening maritime cooperation and friendship between India and Sri Lanka.
• President of India Droupadi Murmu approved the merger of REC Limited (REC) into Power Finance Corporation Limited (PFC), nearly seven years after PFC acquired the Government’s majority stake in REC.
• The National Aeronautics and Space Administration (NASA) announced the Four-Member Crew for the Artemis III Mission, which is scheduled for a Late-2027 Low-Earth Orbit (LEO) Mission.
• Union Minister Dr. Jitendra Singh emphasized the need for stronger collaboration between Research Institutions, Industry, and Startups to accelerate the conversion of scientific knowledge into Market-Ready Solutions and national development outcomes.
• Princess Bajrakitiyabha Mahidol was the eldest child of King Maha Vajiralongkorn and was widely known for her work in justice reform, women’s rights, and prison rehabilitation initiatives.
• The General Council of Sangeet Natak Akademi, the National Academy of Music, Dance and Drama, unanimously elected 7 eminent personalities in the field of performing arts as Akademi Fellows
• Gautam Dey, an Indian-origin scientist working with the European Molecular Biology Laboratory (EMBL), Heidelberg, Germany, was awarded the European Molecular Biology Organisation (EMBO) Gold Medal 2026 for his exceptional contribution to life sciences in Europe
• Bharat Sanchar Nigam Limited and the Indian Institute of Technology Kanpur signed a Memorandum of Understanding for joint research, development, testing, deployment, and commercialisation of next-generation telecom technologies
• Elon Musk became the world’s first trillionaire after the successful public listing of Space Exploration Technologies Corporation (SpaceX) in June 2026
• Kane Stuart Williamson, former captain of New Zealand, announced his retirement from international cricket, bringing an end to his illustrious 16-year international career that began in 2010