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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Department of Financial Services, Ministry of Finance Releases Report on Socio-Economic Impact of RuPay Debit Card & Low-Value BHIM-UPI (P2M) Incentive Scheme at Chintan Shivir 2026

• The Department of Financial Services (DFS), Ministry of Finance, released a report titled “Socio-Economic Impact Analysis of the Incentive Scheme for Promotion of RuPay Debit Card and low-value BHIM-UPI (Person-to-Merchant) transactions” during Chintan Shivir (13–14 February 2026).
• The study was conducted by an independent third-party research agency in consultation with the National Payments Corporation of India (NPCI) to evaluate the effectiveness of the government’s incentive framework.

Key Highlights :

• The Incentive Scheme (FY 2021–22 to FY 2024–25) aimed to accelerate digital payment adoption, reduce cash dependence, and formalise routine economic activity.
• It provided structured budgetary support to acquiring banks and ecosystem participants to ensure digital payments remain affordable, accessible, and sustainable.

Methodology & Reach

• The analysis was based on a primary survey of 10,378 respondents across 15 States, covering 6,167 users, 2,199 merchants, and 2,012 service providers.
• The study spanned five geographical zones (North, South, East, West, and North-East), covering both urban and semi-urban locations.

Key User Insights

• UPI has emerged as the preferred mode of payment (57%) over cash (38%) due to ease of use and instant fund transfer.
• 65% of UPI users report multiple digital transactions per day, with the highest adoption among the 18–25 age group (66%).
• 90% of users reported increased confidence in digital payments, leading to a visible decline in cash usage and ATM withdrawals.
• Cashback incentives motivated 52% of users, while 74% cited speed of payment as the primary advantage.

Merchant & Ecosystem Impact

• Digital acceptance is near-universal, with 94% of small merchants adopting UPI; 57% reported a sales increase after adoption.
• 72% of merchants expressed satisfaction, citing faster transactions, better record-keeping, and operational convenience.
• Incentives reduced cost barriers and accelerated merchant onboarding across all income groups.
• Digital transactions increased nearly 11 times during the scheme, with UPI’s share rising to ~80% of the primary payment rail.
• UPI QR codes expanded significantly from 3 crore to ~65.8 crore.
• The ecosystem grew from 16 to 38 third-party app providers, and the number of banks operational on UPI rose from 216 (March 2021) to 661 (March 2025).

Financial Outlay & Long-term Benefits

• The government provided a total of ₹8,276 crore for the scheme.
• Annual incentive disbursements were:
• FY 2021–22: ₹1,389 crore
• FY 2022–23: ₹2,210 crore
• FY 2023–24: ₹3,631 crore
• FY 2024–25: ₹1,046 crore
• Beyond growth, the scheme contributed to the formalisation of the economy, creation of digital footprints, enhanced transparency, and fintech innovation.

About Ministry of Finance:

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

Indian Overseas Bank Signs Memorandum of Understanding with Indian Institute of Management Kozhikode to Develop Customised Training Programmes for Senior Leadership

• Indian Overseas Bank (IOB) signed a Memorandum of Understanding (MoU) with the Indian Institute of Management-Kozhikode (IIM-K), Kerala to collaborate on the design, delivery, and certification of customised training programmes and workshops for IOB’s senior leadership and executives.
• The MoU was signed during the 90th Foundation Day celebrations of IOB on 10 February 2026.
• IOB also announced the establishment of a dedicated Centre of Excellence (CoE) for training and capacity building.
• Under the MoU, IIM-K through its Kochi Campus (IIMK Kochi) and IOB through its Staff College and CoE will jointly develop and deliver high-impact learning interventions tailored for top executives, senior management, and selected officers.
• These programmes will align with IOB’s strategic priorities and long-term vision of becoming a leading institution anchored in sound and prudent banking principles.
• The collaboration aims to support IOB in navigating a rapidly evolving economic and social environment while pursuing sustainable value creation.
• Both institutions will jointly identify and develop programmes that address IOB’s strategic and training needs, leveraging IIM-K’s expertise across management domains.
• As part of the partnership, IIMK Kochi Campus and IOB will co-create programmes aligned with the core focus areas of IOB’s Staff Training College and CoE.

About Indian Overseas Bank:

• Founded: 1937
• Headquarters: Chennai, Tamil Nadu, India
• MD & CEO: Ajay Kumar Srivastava
• Tagline: "A friend you can bank upon"

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

First Meeting of BRICS Sherpas and Sous Sherpas Held in New Delhi under India’s Chairship

• The first meeting of BRICS Sherpas and Sous Sherpas under India’s Chairship 2026 was held in New Delhi
• The meeting was chaired by Sudhakar Dalela, Secretary (Economic Relations) and India’s BRICS Sherpa, supported by Mr. Shambhu L. Hakki, Joint Secretary (Multilateral Economic Relations) and India’s BRICS Sous Sherpa
• BRICS Sherpas and senior officials from Brazil, China, Egypt, Ethiopia, Indonesia, Iran, Russia, Saudi Arabia, South Africa and United Arab Emirates participated in the meeting
• The BRICS Sherpas and Country Representatives jointly called on the External Affairs Minister Dr. S. Jaishankar on 10 February 2026
• India presented its Chairship priorities under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”
• Various Ministries and Departments of the Government of India presented priorities and proposed activities across multiple BRICS thematic areas
• Key areas of cooperation included health, agriculture, labour and employment, disaster risk reduction, environment, climate change, energy, innovation, Information and Communication Technology, security and counter-terrorism, and economic and financial domains
• A productive exchange of views was held on the institutional development of the BRICS grouping
• Under India’s people-centric Chairship approach, presentations were made on cooperation in sports, youth connect, cultural engagements, BRICS Academic Forum, BRICS Think Tank Council, BRICS Civil Forum, BRICS Business Council and BRICS Women’s Business Alliance
• Representatives of BRICS Partner countries participated in the opening session of the meeting
• BRICS Members and Partner countries appreciated India’s theme and priorities, noting that they build upon cooperative activities undertaken during previous Chairships
• Member countries shared their perspectives on advancing the priorities of resilience, innovation, cooperation, sustainability and people-centric development
• Delegates visited the National Crafts Museum and Hastakala Academy and Akshardham Temple
• BRICS Sherpas and Sous Sherpas will continue to meet regularly throughout the year to coordinate work across various thematic tracks

MeitY Amends IT Rules, 2021 to Mandate Labelling of AI-Generated Content and Reduce Takedown Timelines

• The Ministry of Electronics and Information Technology (MeitY) amended the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 through the Amendment Rules, 2026
• The revised rules mandate labelling of AI-generated or synthetically generated content by users and social media platforms
• The amended rules will come into effect from 20 February 2026
• Social media platforms must prominently label “synthetically generated” or AI-generated images and videos
• Platforms with over 5 million users must obtain a user declaration for AI-generated content and conduct technical verification before publication
• The objective is to combat deepfakes, misinformation, privacy violations, and threats to national integrity
• The final rules narrow the earlier broad definition of Synthetically Generated Information (SGI) and provide exemptions
• Exemptions include automatically retouched smartphone photographs and film special effects
• The rules strictly prohibit AI-generated content related to:

• Child sexual exploitation and abuse
• Forged documents
• Information on developing explosives
• Deepfakes impersonating real individuals

• Large platforms are required to deploy reasonable and appropriate technical measures to detect and prevent unlawful synthetic content
• Platforms must ensure labelling, provenance tracking, and identifier requirements for permissible AI-generated material
• Several digital platforms are part of the Coalition for Content Provenance and Authenticity (C2PA), which develops standards for embedding invisible digital markers in AI-generated content
• The government clarified that it does not endorse any single technology framework but seeks to ensure traceability and reliability in AI content detection
• The amended rules significantly reduce content takedown timelines:

• Government and court-ordered takedowns: 2–3 hours (earlier 24–36 hours)
• User complaints (defamation, misinformation): 1 week (earlier 2 weeks)
• Sensitive content reports under Rule 3(2)(b): 36 hours (earlier 72 hours)

• Platforms must now notify users of their terms and conditions every three months, instead of annually
• Users must be explicitly warned that posting unlawful AI-generated content may result in:

• Immediate removal of content
• Suspension or termination of accounts
• Disclosure of identity to law enforcement agencies

• The amendments aim to enhance accountability, rapid response, and responsible use of Artificial Intelligence in the digital ecosystem

Union Budget Sanctions National Large Solar Telescope and National Large Optical-Near Infrared Telescope

• In the Union Budget, the Government sanctioned the establishment of two major telescopes:

• National Large Solar Telescope (NLST)
• National Large Optical-Near Infrared Telescope (NLOT)

• The initiative aims to strengthen India’s capabilities in solar studies, space weather research, and deep space exploration
• The National Large Solar Telescope (NLST) is a 2-metre aperture solar telescope coming up in the Merak region near Pangong Tso Lake (Ladakh)
• It will operate in the visible and near-infrared wavelengths of the electromagnetic spectrum
• Purpose of NLST:

• Study fundamental solar dynamics and magnetism
• Analyse energetic solar events
• Map space-weather processes affecting Earth
• Protect national space assets such as satellites and space launches

• NLST will become India’s third ground-based solar observatory
• Currently operational solar observatories in India:

• Kodaikanal Solar Observatory (Tamil Nadu, established 1899)
• Udaipur Solar Observatory (Rajasthan, established 1975)

• The National Large Optical-Near Infrared Telescope (NLOT) will be a 13.7-metre aperture segmented-mirror telescope to be built in Hanle (Ladakh)
• It will consist of 90 smaller hexagonal mirror segments, functioning together as one large primary mirror
• The telescope will operate in the optical and near-infrared wavelengths of the electromagnetic spectrum
• It will be among the world’s largest telescopes in the optical-infrared category
• Objectives of NLOT:

• Conduct frontier research on exoplanets
• Study stellar and galactic evolution
• Observe supernovae
• Explore clues about the origins of the universe

• The establishment of these telescopes will significantly enhance India’s position in astronomy, astrophysics, and space science research

Sangtam Naga Tribal Body in Nagaland Bans Pangolin Hunting and Trade

• The United Sangtam Likhum Pumji (USLP), apex tribal body of the Sangtam Naga community in Nagaland, passed a resolution banning pangolin hunting and trade within its jurisdiction
• The decision strengthens community-led conservation efforts and reinforces protections under the Wildlife (Protection) Act, 1972
• Pangolins are among the most trafficked mammals globally, targeted for their scales, meat, and illegal wildlife trade
• In India, two species are found:

• Indian Pangolin (Manis crassicaudata)
• Chinese Pangolin (Manis pentadactyla)
  Both species are classified as Endangered

• Globally, all eight pangolin species are listed under Appendix I of the Convention on International Trade in Endangered Species (CITES), prohibiting international commercial trade
• The initiative supports the Countering Pangolin Trafficking Project led by the Wildlife Trust of India (WTI) with support from the Wildlife Conservation Network Pangolin Crisis Fund
• The project focuses on:

• Community awareness
• Strengthening law enforcement
• Monitoring illegal trade networks
• Promoting sustainable conservation practices

• Nagaland and other Northeastern states follow strong community-based land ownership systems, where tribal councils manage forest areas
• Community-led conservation improves local enforcement, reduces poaching, and ensures long-term sustainability
• Northeast India is biodiversity-rich but vulnerable to wildlife trafficking due to proximity to international borders
• The Sangtam Naga resolution sets a model for other tribal bodies and strengthens grassroots conservation governance
• Pangolins are nocturnal mammals with protective keratin scales and play a key ecological role in controlling insect populations
• The move enhances India’s commitment to global biodiversity conservation and wildlife protection efforts

About Nagaland:

• Chief Minister: Neiphiu Rio
• Governor: La. Ganesan
• Capital: Kohima
• National Parks: Intanki National Park
• Wildlife Sanctuaries: Fakim Wildlife Sanctuary, Puliebadze Wildlife Sanctuary, Rangapahar Wildlife Sanctuary

India Becomes Second-Largest Active Smartphone Installed Base Globally in 2025: Counterpoint Research

• India has emerged as the second-largest active installed base of smartphones globally in 2025, according to Counterpoint Research
• India has over 740 million active smartphones, ranking just behind China
• The figure indicates that more than half of India’s population of approximately 45 billion actively uses smartphones
• The term active installed base refers to the total number of smartphones currently in use, unlike shipment data which measures annual sales
• The metric reflects device longevity, user retention, ecosystem loyalty, and replacement cycles, providing a deeper understanding of digital penetration
• India’s large installed base highlights strong smartphone adoption across both urban and rural regions
• China remains the global leader in active installed base due to its mature electronics ecosystem and strong domestic brands
• India’s growth has been driven by:

• Affordable 4G and 5G devices
• Expansion of digital payments through Unified Payments Interface (UPI)
• Government initiatives such as Digital India
• Domestic manufacturing push under Production Linked Incentive (PLI) Scheme

• The average smartphone retention period in India is 42 months, compared to the global average of 47 months
• Indian consumers upgrade smartphones approximately every 3.5 years, indicating rising purchasing power and demand for improved features
• Growth of mid-range and premium segments has contributed to shorter upgrade cycles
• Structural drivers of India’s smartphone expansion include:

• Rapid digital expansion in banking, e-commerce, telemedicine, and education
• Affordable internet services
• Expansion of domestic smartphone manufacturing
• Ongoing 5G rollout

• India’s smartphone growth accelerated after 2016 due to cheaper data plans and increased competition among brands
• The country has transitioned from a feature phone-dominated market to a smartphone-first digital economy
• The shift from shipment-based metrics to installed base analysis indicates the maturation of India’s smartphone ecosystem
• Smartphones now play a central role in India’s economic growth, digital transformation, and social connectivity

Delhi Approves Chief Minister Skill Development Scheme; 3,728 Artisans to Be Trained in 2025–26

• The Delhi Government approved the Chief Minister Skill Development Scheme to support artisans associated with khadi, handloom, and cottage industries
• Chief Minister Rekha Gupta announced the initiative, emphasizing the need to connect traditional artisans with modern and global markets
• The scheme will be implemented through the Delhi Khadi and Village Industries Board (DKVIB)
• In the first phase during 2025–26, around 3,728 artisans will receive training with an approved budget of ₹8.9 crore
• For 2026–27, the government is expected to allocate ₹57.5 crore to expand the programme
• Each beneficiary will undergo 12 days of structured training, including a 2-day Entrepreneurship Development Programme (EDP)
• Training will be conducted in batches of 35–45 participants to ensure focused guidance
• Beneficiaries will receive a stipend of ₹4,800 (₹400 per day) along with ₹100 per day for meals
• After completion, artisans will be provided with essential toolkits, including foot-operated sewing machines where required
• A major component of the scheme is digital onboarding of artisans
• Each artisan will receive an e-catalogue with product photographs and profile details
• Products will be listed on the Open Network for Digital Commerce (ONDC), enabling access to national and international markets
• The initiative aims to remove middlemen, improve profit margins, and enhance market visibility for artisans
• The scheme aligns with the objectives of the Union Budget 2026–27, which emphasized branding, quality improvement, and global market linkage for artisans
• The initiative also reflects the vision of Prime Minister Narendra Modi under Viksit Bharat, highlighting skill development as central to nation-building
• Khadi and village industries generate employment for millions, particularly women and marginalized communities
• At the national level, the sector is supported by the Khadi and Village Industries Commission (KVIC), while state-level implementation is handled by bodies such as Delhi Khadi and Village Industries Board (DKVIB)
• The scheme aims to promote economic inclusion, employment generation, digital empowerment, and preservation of traditional crafts

Prime Minister Narendra Modi Inaugurates Seva Teerth in New Delhi; PMO, NSCS and Cabinet Secretariat Shifted Under One Roof

• Prime Minister Narendra Modi inaugurated Seva Teerth in New Delhi marking a major step in administrative reforms
• The newly developed complex houses the Prime Minister’s Office (PMO), National Security Council Secretariat (NSCS), and Cabinet Secretariat under one roof
• Seva Teerth aims to streamline top-level administration by improving coordination, reducing delays, enhancing security, and promoting integrated governance
• The complex carries the motto “Nagriko Devo Bhava”, meaning Citizens are akin to God, reflecting citizen-centric governance
• The date 13 February holds historic significance as New Delhi was formally inaugurated as India’s capital on 13 February 1931, marking 95 years in 2026
• Along with Seva Teerth, the Prime Minister inaugurated Kartavya Bhavan 1 and 2, which will house multiple key ministries
• Ministries shifting to Kartavya Bhavan include:

• Ministry of Finance
• Ministry of Defence
• Ministry of Health and Family Welfare
• Ministry of Corporate Affairs
• Ministry of Education
• Ministry of Culture
• Ministry of Law and Justice
• Ministry of Information and Broadcasting
• Ministry of Agriculture and Farmers Welfare
• Ministry of Chemicals and Fertilizers
• Ministry of Tribal Affairs

• The consolidation is expected to improve inter-ministerial coordination and administrative efficiency
• The Prime Minister chaired the final Cabinet meeting at South Block before relocation, marking the end of an administrative era
• The colonial-era South Block and North Block, which functioned as India’s administrative hub since 1921, will be converted into the Yuge Yugeen Bharat National Museum
• The redevelopment aligns with the Central Vista Redevelopment Project, focusing on modernization while preserving heritage structures
• The new PMO is located at Seva Teerth-1 in Executive Enclave-I near Vayu Bhawan
• The complex consists of three interconnected buildings:

• Seva Teerth-1 – Prime Minister’s Office
• Seva Teerth-2 – Cabinet Secretariat
• Seva Teerth-3 – National Security Council Secretariat and National Security Advisor’s Office

• The enclave will also include India House, a venue for hosting high-level international delegations
• Key features of the complex include:

• Smart access control and surveillance systems
• Digitally integrated infrastructure
• Centralized public interface zones
• Conference halls and reception areas
• Renewable energy systems
• Water conservation and waste management facilities

• The complex is built to 4-Star Green Rating for Integrated Habitat Assessment (GRIHA) standards, ensuring sustainability and reduced environmental impact
• History of the Prime Minister’s Office:

• 1947 – Began as the Prime Minister’s Secretariat
• 1964 – Granted formal status during the tenure of Lal Bahadur Shastri
• Expanded authority during Indira Gandhi’s tenure
• 1977 – Renamed as Prime Minister’s Office during Morarji Desai’s government.

RECENT NEWS

• Prime Minister Narendra Modi inaugurated Kartavya Bhavan, the first building under the ambitious Common Central Secretariat (CCS) project, a key element of the Central Vista redevelopment plan. 

Kerala Launches Sthree Suraksha Scheme; ₹1,000 Monthly Pension for Women and Transwomen

• Kerala Chief Minister Pinarayi Vijayan launched the Sthree Suraksha Scheme at Malayinkeezhu, Thiruvananthapuram
• The scheme provides a ₹1,000 monthly pension to economically backward women and transwomen
• The pension was credited to 10,18,042 beneficiaries in the first phase after verification and approval of applications
• The scheme covers women and transwomen in the 35–60 years age group
• It is applicable to those not receiving benefits under any other social welfare pension programme
• The financial assistance is transferred directly to beneficiaries’ bank accounts through the Direct Benefit Transfer (DBT) mechanism
• The primary objective is to ensure economic independence, dignity, and gender justice, particularly for unemployed and financially vulnerable women
• The government described the scheme as a major step towards building a women-friendly Kerala
• The initiative is part of broader welfare measures targeting working-class and economically vulnerable sections
• The Chief Minister highlighted that Kerala was the first State in India to introduce Gender Budgeting, under which departments allocate specific funds for women-centric projects
• The scheme complements other initiatives of the Left Democratic Front (LDF) Government, including:

• Pink Police Wing
• Women safety interventions in public spaces
• Strengthened social security pensions
• Inclusive welfare measures

• Within hours of the launch, the first installment of ₹1,000 was credited to more than 10 lakh beneficiaries, reflecting swift implementation
• The government emphasized that benefits are granted only after thorough verification to ensure transparency
• Additional beneficiaries will be included after clearance of pending applications
• The scheme reflects Kerala’s welfare model prioritizing social security and inclusive development

About Kerala:

• Chief Minister: Pinarayi Vijayan
• Governor: Rajendra Vishwanath Arlekar 
• Capital: Thiruvananthapuram
• National Parks: Eravikulam National Park, Periyar Wildlife Sanctuary, Silent Valley National Park, Parambikulam Tiger Reserve
• Wildlife Sanctuaries: Wayanad Wildlife Sanctuary, Idukki Wildlife Sanctuary, Chilika Lake Wildlife Sanctuary

RECENT NEWS

• The Kerala government has taken a major step towards biodiversity conservation by giving Aralam a new identity. The Aralam Wildlife Sanctuary in Kannur has now been officially renamed as the Aralam Butterfly Sanctuary.

Bharat Bodhan AI Conclave 2026 Held at Bharat Mandapam; Bodhan AI Centre of Excellence Launched

• The Bharat Bodhan AI Conclave 2026 commenced at Bharat Mandapam to promote integration of Artificial Intelligence (AI) in India’s education ecosystem
• The two-day conclave aims to enhance collaboration among government bodies, academic institutions, startups, and industry leaders for building an AI-driven education framework
• The event was addressed by Union Minister for Education Dharmendra Pradhan in the presence of Minister of State for Education Sukanta Majumdar
• Dharmendra Pradhan launched the Bodhan AI Centre of Excellence during the conclave
• The conclave serves as a national platform for ecosystem mapping, strategic alignment, and partnership building in AI-enabled education
• Major objectives include identifying gaps and opportunities in AI-driven education, supporting cross-sector partnerships, and initiating development of the Bharat EduAI Stack
• The proposed Bharat EduAI Stack will function as an open and interoperable architecture to build, integrate, and scale AI-powered learning solutions across India
• The conclave focuses on four priority verticals:
• AI for School Education
• AI for Higher Education
• AI for Skilling and Workforce Readiness
• AI Research and Deep Technology
• A Memorandum of Understanding (MoU) was signed between Indian Institute of Technology Bombay and Columbia University to establish a Centre of Artificial Intelligence for Manufacturing
• The Indian Institute of Management Lucknow launched an Artificial Intelligence programme
• Institutional collaborations were announced involving Indian Institute of Management Jammu and Asian Institute of Technology Bangkok
• The Indian Institute of Management Ranchi introduced the initiative titled “Teaching with Artificial Intelligence”
• A special session at Indian Institute of Technology Madras discussed the roadmap for building the Bharat EduAI Stack
• Two technical sessions were conducted on School Education and Classroom Solutions and Teacher Capacity Building, Foundational Literacy and Numeracy, and Systemic Reform
• An exhibition showcasing AI-driven innovations in school education, higher education, and skilling was inaugurated
• The conclave will further deliberate on Digital Public Infrastructure (DPI), Artificial Intelligence platforms, emerging technologies, and higher education reforms

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Institute of Chartered Accountants of India Elects Chartered Accountant Prasanna Kumar D as 74th President for 2026–27 Term with Immediate Effect

• Chartered Accountant (CA) Prasanna Kumar D was elected as the 74th President of the Institute of Chartered Accountants of India (ICAI),under Ministry of Corporate Affairs (MCA) for the 2026–27 term, with immediate effect (February 12, 2026), under the Ministry of Corporate Affairs.
• He succeeds CA Charanjot Singh Nanda as ICAI President, marking a key leadership transition for the professional accounting body.
• CA Mangesh Pandurang Kinare was elected as Vice-President (VP) of ICAI for the 2026–27 term.

About CA Prasanna Kumar D :

• CA Prasanna Kumar D is a senior Chartered Accountant from Visakhapatnam, Andhra Pradesh, with over four decades of professional experience in practice, institutional governance, policy involvement, and member welfare initiatives.
• He qualified as a Chartered Accountant in 1984 and is a Fellow Member of ICAI, a status granted to members with extensive professional experience and significant contributions to the profession.
• At the branch and regional level, he served as Chairman of the Visakhapatnam Branch of ICAI (2001–02) and later as a Member of the Southern India Regional Council (SIRC) from 2007–2016, including Chairman of SIRC (2013–14).
• He was elected to the 24th, 25th, and 26th Central Councils of ICAI, serving multiple consecutive terms, and was Vice-President of ICAI during 2025–26 before becoming President.

About Ministry of Corporate Affairs (MoCA) :

• Union Minister : Nirmala Sitharaman
• Minister of State (MoS) : Harsh Malhotra

About ICAI :

• The Institute of Chartered Accountants of India is a statutory body established by an Act of Parliament under the Chartered Accountants Act, 1949 to regulate and develop the profession of Chartered Accountancy in India.
• ICAI functions under the administrative supervision of the Ministry of Corporate Affairs (MoCA), Government of India.

Ministry of Petroleum and Natural Gas Appoints Deepak Gupta as CMD of GAIL (India) Limited

• The Ministry of Petroleum and Natural Gas appointed Deepak Gupta as the new Chairman and Managing Director (CMD) of GAIL (India) Limited (formerly Gas Authority of India Limited).
• He will assume charge on or after March 1, 2026, and will serve till February 28, 2029 (date of superannuation) or until further orders, whichever is earlier.
• He will succeed Sandeep Kumar Gupta, the incumbent CMD, who is scheduled to retire on February 28, 2026.
• Deepak Gupta has extensive experience in natural gas pipeline projects, Liquefied Natural Gas (LNG) operations, and large-scale energy infrastructure development.
• He is currently serving as Director (Projects), GAIL (India) Ltd., overseeing major infrastructure expansion, including pipeline projects, petrochemicals, and capacity augmentation initiatives.
• He is also associated with multiple Joint Venture (JV) companies as a Board Member.
• He serves as Chairman of Talcher Fertilizer Limited and Director of ONGC Petro-additions Limited, among other roles.
• His appointment strengthens leadership in India’s natural gas, LNG, and energy infrastructure

About GAIL (India) Limited :

• Founded : 1984
• Headquarters : New Delhi, Delhi, India
• Owner : Ministry of Petroleum and Natural Gas, Government of India (51.8%)

Uday Kotak Appointed as Chairman of GIFT City by Gujarat Government with Immediate Effect

• The Gujarat Government has appointed Uday Suresh Kotak, industrialist and veteran banker, as Chairman of Gujarat International Finance Tec-City (GIFT City) with immediate effect.
• Uday Kotak replaces Hasmukh Adhia, who had been serving as non-executive chairman since 19 June 2023.
• The appointment was announced through a resolution issued by the Urban Development and Urban Housing Department, Government of Gujarat, and reviewed by ANI news agency.

About Uday Kotak :

• Uday Kotak is the founder and director of Kotak Mahindra Bank, having played a major role in the bank’s growth over 38 years.
• He served as Managing Director and CEO of Kotak Mahindra Bank until 1 September 2023, after which he became non-executive non-independent director from 2 September 2023.
• Under his leadership, the Kotak Mahindra Group has grown into a diversified and integrated financial services conglomerate, including alternative investment, asset management, and insurance businesses.
• Kotak Mahindra Bank originated as an NBFC in 1985, later became a bank in 2003, and emerged as one of India’s leading private sector banks under Uday Kotak’s leadership.

About GIFT City :

• GIFT City, located in Gujarat, is India’s first operational smart city and the country’s first and only International Financial Services Centre (IFSC).
• GIFT City functions as a global hub for financial and IT companies, providing onshore and offshore financial services and cross-border financial products within a competitive tax framework.
• The city benefits from simplified tax rules and regulatory norms, aiming to attract global capital and compete with major financial centres such as Singapore and Dubai.

Reserve Bank of India Clears Reappointment of Sanjay Agarwal as MD & CEO of AU Small Finance Bank Limited for Three Years

• The Reserve Bank of India approved the reappointment of Sanjay Agarwal as Managing Director (MD) & Chief Executive Officer (CEO) of AU Small Finance Bank Limited for a three-year term effective from 19 April 2026.
• Sanjay Agarwal is the Founder of AU SFB and led its transformation from a Non-Banking Financial Company (NBFC) into India’s largest Small Finance Bank (SFB) with emphasis on financial inclusion, innovation, and digital transformation.
• He began his leadership tenure as MD of AU Financiers (India) Limited in February 2008 and later became MD & CEO of AU SFB on 19 April 2017 after its conversion into a bank.
• He received the EY Entrepreneur of the Year Award (2018) in the Financial Services
• He was also named Business Leader of the Year (2016) by the Institute of Chartered Accountants of India.

About AU Small Finance Bank Limited :

• Headquarters : Jaipur, Rajasthan
• Founded : 1996 as a vehicle finance company and converted into a Small Finance Bank in April 2017.
• In 2025, AU SFB became the first SFB to receive in-principle RBI approval to transition into a Universal Bank, marking a major milestone in its banking evolution.

Bulgaria Names Andrey Gyurov as Interim Prime Minister

• Iliana Malinova Iotova, President of Bulgaria, appointed Andrey Gyurov, Deputy Governor of the Bulgarian National Bank (BNB), as interim Prime Minister (PM) to lead a caretaker government until national elections scheduled for April 2026.
• Andrey Gyurov is a former lawmaker and parliamentary leader of the reformist group ‘We Continue the Change’.
• He served as a member of the National Assembly from 2021 to 2023 and has a professional background in academia and European financial institutions.
• Gyurov has been Deputy Governor of the Bulgarian National Bank (BNB) since 2023 and was nominated as acting Prime Minister to organize the snap parliamentary elections.
• The previous government resigned on 11 December 2025 following weeks of street protests over economic policies and perceived corruption.
• No official date has yet been set for the snap election, which will be the eighth parliamentary election in five years for Bulgaria, an EU and NATO member state.
• Former President Rumen Radev resigned last month, transferring his largely ceremonial role to Vice President Iliana Iotova, making her Bulgaria’s first female head of state.
• Bulgaria joined the euro zone on 1 January 2026 and continues to face political and governance challenges.

About Bulgaria :

• President : Iliana Iotova
• Prime Minister : Rosen Zhelyazkov
• Capital : Sofia
• Currency : Euro

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Launches MILAN Village at Visakhapatnam as Part of Exercise MILAN 2026

• The Indian Navy inaugurated the MILAN Village at the Eastern Naval Command, as part of its flagship international naval exercise, MILAN 2026.
• The inauguration was presided over by Vice Admiral Sanjay Bhalla, Flag Officer Commanding-in-Chief, Eastern Naval Command, who formally opened the village and inspected the facilities for participating navies.
• The MILAN Village serves as an experience zone bringing together delegates and naval personnel from over 70 countries, fostering camaraderie, cultural exchange, and friendship beyond professional engagement.

Key Highlights :

• A key focus of the village is cultural exchange, featuring live vocal performances, traditional folk dances, and cultural ensembles, showcasing India’s diverse heritage and artistic legacy.
• The village includes stalls displaying naval souvenirs, handicrafts, and handloom products, representing craftsmanship from across India, along with regional Indian cuisine.
• Vice Admiral Sanjay Bhalla emphasized that MILAN Village complements professional naval engagement and enhances India’s maritime outreach during International Fleet Review (IFR) 2026, MILAN 2026, and IONS Conclave of Chiefs hosted in Visakhapatnam.

Exercise MILAN 2026 Scope & Vision

• Exercise MILAN 2026 will be conducted from 15–25 February 2026 and is one of the largest multilateral naval exercises in the Indo-Pacific, strengthening interoperability, maritime domain awareness, and collective response capabilities.
• The Harbour and Sea Phases of the exercise will focus on anti-submarine warfare, air defence, search and rescue, and cooperative security missions, reinforcing a free, open, inclusive, and rules-based maritime order.
• The MILAN Village, as a cultural centrepiece, embodies the theme “Camaraderie, Cooperation, Collaboration”, symbolizing mutual cultural exchange, friendship, and collective maritime partnerships among participating navies.

Raksha Mantri Rajnath Singh and French Counterpart to Co-Chair 6th India-France Annual Defence Dialogue in Bengaluru

• Raksha Mantri Shri Rajnath Singh will co-chair the 6th India-France Annual Defence Dialogue with Ms Catherine Vautrin, Minister of Armed Forces and Veterans Affairs of France, in Bengaluru, Karnataka on 17 February 2026.
• The dialogue will review the entire spectrum of bilateral defence cooperation, with a focus on expanding industrial collaboration.
• A defence cooperation agreement is expected to be renewed for another 10 years, along with an MoU on Joint Venture for manufacturing Hammer missiles, to be signed in the presence of both Defence Ministers.
• The Ministers will virtually inaugurate the H125 Light Utility Helicopter Final Assembly at Tata Airbus, Vemagal, Karnataka, in the presence of PM Shri Narendra Modi and French President Emmanuel Macron.
• Defence cooperation has traditionally been a key pillar of India-France bilateral relations, highlighted by high-profile exchanges in 2024–25, including PM Modi as Guest of Honour at Bastille Day Parade 2023 and French President as Chief Guest at Republic Day Parade 2024.
• The India-EU Security & Defence Partnership marks a significant step in deepening collective engagement with European nations.
• Military-to-military cooperation between India and France is increasing, with regular exercises including Exercise Shakti (Army), Exercise Varuna (Navy), and Exercise Garuda (Air Force), alongside other engagements.
• This will be the maiden visit of Ms Catherine Vautrin to India after assuming office as French Defence Minister on 12 October 2025.
• The India-France Annual Defence Dialogue is a structured ministerial-level bilateral meeting to review and guide defence & security cooperation, with the 5th edition held in France from 11–13 October 2023.

Defence Acquisition Council Approves ₹3.25 Lakh Crore Deal to Procure 114 Additional Rafale Fighter Jets from France

• The Defence Acquisition Council (DAC), chaired by Union Defence Minister Rajnath Singh, approved a proposal worth ₹3.25 lakh crore (≈ USD 40 billion) to acquire 114 additional Rafale fighter jets from France.
• The DAC also approved the purchase of six additional Boeing P-8I maritime patrol aircraft for the Indian Navy (IN).
• The approval grants the Acceptance of Necessity (AoN), a key step in India’s defence procurement process, allowing the government to proceed with detailed contract negotiations and pricing.
• Under the Rafale deal, 18 jets will be delivered in fly-away condition by Dassault Aviation, France, while the remaining 96 jets will be manufactured in India under the Make in India
• With this acquisition, India’s total Rafale fleet will increase to 176 jets, including 36 already inducted by the Indian Air Force (IAF) and 26 Rafale-M jets for the Indian Navy.
• Dassault Aviation, headquartered in Saint-Cloud, France, was established in 1929, with Eric Trappier as its CEO.
• The deal includes transfer of advanced fighter jet technology and is structured as a strategic partnership to strengthen the Make in India
• The final acquisition will require clearance from the Cabinet Committee on Security (CCS), chaired by Prime Minister Narendra Modi.
• The decision was announced ahead of French President Emmanuel Macron’s official visit to New Delhi, highlighting its strategic and diplomatic significance.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IIT Bombay and Columbia University Sign MoU to Launch Columbia–IIT Bombay Center of AI for Manufacturing

• Indian Institute of Technology (IIT) Bombay and Columbia University, USA signed a Memorandum of Understanding (MoU) to establish the Columbia–IIT Bombay Center of AI for Manufacturing.
• The MoU signing ceremony was held at Bharat Mandapam, New Delhi in the presence of Union Education Minister Dharmendra Pradhan, MoS for Education Sukanta Majumdar, Secretary (Higher Education) Vineet Joshi, Secretary (School Education & Literacy) Sanjay Kumar, and Secretary, MeitY S. Krishnan.
• The Columbia–IIT Bombay Center of AI for Manufacturing will function as a joint research and translation hub focused on developing robust, scalable, and human-centric AI systems for real-world manufacturing applications.
• The center will address multiple sectors, including semiconductors, robotics, industrial manufacturing, pharmaceuticals, food processing, refining and petrochemicals, construction, infrastructure, transport, and logistics.
• By leveraging the complementary strengths of IIT Bombay and Columbia University in foundational AI, optimization, and manufacturing engineering, the center aims to build end-to-end industrial AI solutions capable of handling shop-floor challenges such as legacy equipment, noisy data, real-time constraints, and multilingual workforces.
• The collaboration with industry partners will focus on applied research, customized industrial solutions, talent development, and startup translation.
• The center will also release foundational datasets, AI models, and interfaces as public goods to support India’s diverse manufacturing ecosystem, including MSMEs.
• The initiative aligns with the Ministry of Education’s efforts, which has already established four other AI centers, aiming to strengthen industrial AI research and applications in India.

CURRENT AFFAIRS : OBITUARIES

Grandfather of the internet, David J. Farber Passed Away at 91 in Tokyo

• David J. Farber, widely regarded as the “grandfather of the internet”, passed away in Tokyo at the age of 91 due to heart failure.

About David J. Farber :

• Farber was a distinguished computer science professor who spent decades shaping the foundations of modern networking and mentoring pioneers who built the core architecture of the global internet.
• Since 2018, he has been teaching at Keio University, Japan, contributing to digital education and research.
• Farber began his career in the mid-1950s at Bell Laboratories, during a period when computers operated largely in isolation.
• His early research focused on linking computing systems with telecommunications, laying the groundwork for networked communication that would evolve into today’s internet infrastructure.
• In 1977, Farber co-authored a paper with Paul Baran, predicting the rise of email, messaging platforms, and digital interaction tools.
• In academia, Farber became known for mentoring students who shaped internet standards, including Jonathan Postel, whose 1974 dissertation influenced the development of the Internet Protocol (IP).

CURRENT AFFAIRS: AWARDS AND HONOURS

Puducherry Doctors Win Chang-Crandall Humanitarian Award 2026; USD 100,000 Grant to Aravind Eye Care System

• Dr Haripriya Aravind and Dr R Venkatesh of the Aravind Eye Care System have been selected for the Chang-Crandall Humanitarian Award 2026
• The award will be presented at the conference of the American Society of Cataract and Refractive Surgery Foundation (ASCRS Foundation) in Washington DC on 11 April 2026
• The award was instituted in 2017 through an endowment by David Chang and Victoria Chang
• It recognises exceptional humanitarian contributions in cataract care globally
• The award carries a USD 100,000 grant, which the awardees have decided to donate back to the Aravind Eye Care System to support its non-profit initiatives
• Dr Haripriya Aravind serves as Chief of Cataract and Intraocular Lens services and previously worked in paediatric ophthalmology before specialising in adult cataract surgery
• She has focused on improving surgical outcomes and streamlining high-volume patient care delivery
• Dr R Venkatesh, Chief Medical Officer, completed his residency in 1997 and specialised in Manual Small Incision Cataract Surgery (MSICS), a cost-effective and high-volume surgical technique
• He has trained young ophthalmologists and led multiple outreach programmes
• Dr Venkatesh played a key role in establishing the Aravind Eye Care System Puducherry facility in 2003 after completing a glaucoma fellowship in Madurai
• Over the past two decades, both doctors have strengthened programmes delivering affordable cataract surgeries to underserved communities
• Cataract remains the leading cause of blindness globally, especially in low- and middle-income countries
• High-volume and low-cost models such as Manual Small Incision Cataract Surgery (MSICS) help reduce preventable blindness at scale
• The Aravind Eye Care System, founded in Tamil Nadu, operates on a cross-subsidy model, where paying patients subsidise free or low-cost treatment for economically weaker sections
• Aravind has performed millions of cataract surgeries and is considered a global benchmark in community ophthalmology and sustainable eye care delivery
• The award highlights global efforts to eliminate preventable blindness and reinforces India’s contribution to humanitarian healthcare services

CURRENT AFFAIRS: MOUS AND AGREEMENT

Agneevasthraa Signs MoU with Indian Army for Advanced Carbon Fabrics; Boost to Indigenous Defence Manufacturing

• Mumbai-based company Agneevasthraa signed a Memorandum of Understanding (MoU) with the Indian Army for supply of advanced carbon fabrics and high-performance composite materials
• The agreement focuses on custom design and manufacturing of carbon-based materials for critical defence applications
• The collaboration supports the Make in India initiative and promotes indigenous defence manufacturing
• Carbon fabrics and composite materials are engineered for high durability, lightweight strength, and resistance to extreme conditions
• These materials are used in:

• Protective military gear
• Armoured equipment
• Aerospace components
• Structural defence systems

• Carbon composites offer a high strength-to-weight ratio, being lighter than steel while maintaining comparable strength
• In defence applications, such materials help in:

• Improving mobility of equipment
• Enhancing structural strength
• Increasing fuel efficiency of vehicles
• Providing improved protection to personnel

• The MoU reduces dependence on foreign suppliers by ensuring access to domestically produced, globally compliant materials
• Agneevasthraa has prior collaborations with the Indian Space Research Organisation (ISRO) and the Defence Research and Development Organisation (DRDO)
• Indian Space Research Organisation (ISRO) uses advanced composites in satellites and launch vehicles, while Defence Research and Development Organisation (DRDO) develops defence technologies for armed forces
• The partnership is expected to strengthen India’s indigenous defence ecosystem and technological self-reliance
• Key benefits of the collaboration include:

• Reduced import dependency
• Strengthened local supply chains
• Promotion of advanced material research
• Enhanced defence preparedness

• The MoU marks a significant step towards self-reliance in advanced defence materials and strategic manufacturing

Daily CA One- Liner: February 17

• The first meeting of BRICS Sherpas and Sous Sherpas under India’s Chairship 2026 was held in New Delhi
• The Ministry of Electronics and Information Technology (MeitY) amended the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 through the Amendment Rules, 2026
• In the Union Budget, the Government sanctioned the establishment of two major telescopes:

• National Large Solar Telescope (NLST)
• National Large Optical-Near Infrared Telescope (NLOT)

• The United Sangtam Likhum Pumji (USLP), apex tribal body of the Sangtam Naga community in Nagaland, passed a resolution banning pangolin hunting and trade within its jurisdiction
• India has emerged as the second-largest active installed base of smartphones globally in 2025, according to Counterpoint Research
• The Delhi Government approved the Chief Minister Skill Development Scheme to support artisans associated with khadi, handloom, and cottage industries
• Prime Minister Narendra Modi inaugurated Seva Teerth in New Delhi marking a major step in administrative reforms
• Kerala Chief Minister Pinarayi Vijayan launched the Sthree Suraksha Scheme at Malayinkeezhu, Thiruvananthapuram.
• The Department of Financial Services (DFS), Ministry of Finance, released a report titled “Socio-Economic Impact Analysis of the Incentive Scheme for Promotion of RuPay Debit Card and low-value BHIM-UPI (Person-to-Merchant) transactions” during Chintan Shivir (13–14 February 2026).
• Indian Overseas Bank (IOB) signed a Memorandum of Understanding (MoU) with the Indian Institute of Management-Kozhikode (IIM-K), Kerala to collaborate on the design, delivery, and certification of customised training programmes and workshops for IOB’s senior leadership and executives.
• Chartered Accountant (CA) Prasanna Kumar D was elected as the 74th President of the Institute of Chartered Accountants of India (ICAI),under Ministry of Corporate Affairs (MCA) for the 2026–27 term, with immediate effect (February 12, 2026), under the Ministry of Corporate Affairs.
• The Ministry of Petroleum and Natural Gas appointed Deepak Gupta as the new Chairman and Managing Director (CMD) of GAIL (India) Limited (formerly Gas Authority of India Limited).
• The Gujarat Government has appointed Uday Suresh Kotak, industrialist and veteran banker, as Chairman of Gujarat International Finance Tec-City (GIFT City) with immediate effect.
• The Reserve Bank of India approved the reappointment of Sanjay Agarwal as Managing Director (MD) & Chief Executive Officer (CEO) of AU Small Finance Bank Limited for a three-year term effective from 19 April 2026.
• Iliana Malinova Iotova, President of Bulgaria, appointed Andrey Gyurov, Deputy Governor of the Bulgarian National Bank (BNB), as interim Prime Minister (PM) to lead a caretaker government until national elections scheduled for April 2026.
• The Indian Navy inaugurated the MILAN Village at the Eastern Naval Command, as part of its flagship international naval exercise, MILAN 2026.
• Raksha Mantri Shri Rajnath Singh will co-chair the 6th India-France Annual Defence Dialogue with Ms Catherine Vautrin, Minister of Armed Forces and Veterans Affairs of France, in Bengaluru, Karnataka on 17 February 2026.
• The Defence Acquisition Council (DAC), chaired by Union Defence Minister Rajnath Singh, approved a proposal worth ₹3.25 lakh crore (≈ USD 40 billion) to acquire 114 additional Rafale fighter jets from France.
• Indian Institute of Technology (IIT) Bombay and Columbia University, USA signed a Memorandum of Understanding (MoU) to establish the Columbia–IIT Bombay Center of AI for Manufacturing.
• David J. Farber, widely regarded as the “grandfather of the internet”, passed away in Tokyo at the age of 91 due to heart failure.
• The Bharat Bodhan AI Conclave 2026 commenced at Bharat Mandapam to promote integration of Artificial Intelligence (AI) in India’s education ecosystem
• Dr Haripriya Aravind and Dr R Venkatesh of the Aravind Eye Care System have been selected for the Chang-Crandall Humanitarian Award 2026
• Mumbai-based company Agneevasthraa signed a Memorandum of Understanding (MoU) with the Indian Army for supply of advanced carbon fabrics and high-performance composite materials