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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Indian Mercantile Co-operative Bank Removed from the Second Schedule of the Reserve Bank of India Act, 1934

• Indian Mercantile Co-operative Bank Limited., Lucknow has been excluded from the Second Schedule of the Reserve Bank of India (RBI) Act, 1934, through a notification dated 4 June 2026, published in the Gazette of India (Part III – Section 4) on 22 June 2026.
• With its removal from the Second Schedule, the bank loses its status as a Scheduled Bank under the RBI Act, 1934.
• As a result, the bank will no longer enjoy the privileges available to Scheduled Banks, including access to RBI refinance facilities, participation in monetary policy operations, and liquidity support mechanisms provided by the Reserve Bank of India (RBI).
• Scheduled Bank status is granted under Section 42 of the Reserve Bank of India Act, 1934, subject to compliance with prescribed regulatory requirements.
• To qualify as a Scheduled Bank, a bank must satisfy conditions such as minimum capital requirements, maintenance of Cash Reserve Ratio (CRR)/reserve requirements, and compliance with RBI's regulatory and supervisory norms.

Reserve Bank of India Organises 3rd Annual Internal Ombudsmen Conference in Mumbai

• The Reserve Bank of India (RBI) organised the 3rd Annual Conference of Internal Ombudsmen (IO) in Mumbai, Maharashtra.
• The conference brought together Internal Ombudsmen (IOs) from various Regulated Entities (REs), including Banks, Non-Banking Financial Companies (NBFCs), Credit Information Companies (CICs), and other regulated institutions, along with RBI Ombudsmen and senior RBI officials.
• The event was also attended by Managing Directors (MDs), Chief Executive Officers (CEOs), Executive Directors (EDs) in charge of customer service, and Principal Nodal Officers (PNOs) of regulated entities.
• Shri Swaminathan J., Deputy Governor, RBI, delivered the keynote address, urging Internal Ombudsmen to ensure meaningful, fair, and effective resolution of customer complaints.
• The Deputy Governor advised IOs to identify recurring customer issues, conduct root cause analysis, and recommend remedial measures to improve grievance handling.
• He emphasised that a strong Internal Ombudsman mechanism should reduce the need for escalation to the RBI Ombudsman, while strengthening customer service and internal grievance redress systems.
• Boards of Directors and Senior Management of regulated entities were urged to empower the Internal Ombudsman framework and use its insights to improve customer protection and service quality.
• The conference sessions focused on recent developments in grievance redress, regulatory expectations, RBI Ombudsman insights, faster and higher-quality complaint resolution, and systemic improvements to prevent avoidable complaint escalations.
• Sonali Sen Gupta, Executive Director, RBI, conducted an open-house interaction with participants to discuss ways to further strengthen the Internal Ombudsman framework.

Axis Max Life Introduces ‘Smart RISE’ Retirement Plan Combining Guaranteed Income and NIFTY 50-Linked Annuity

• Axis Max Life Insurance Limited launched Axis Max Life Smart Retirement Income with Sustained Earnings Plan (Smart RISE), a retirement-focused insurance product designed to provide stable post-retirement income.
• Smart RISE combines a Guaranteed Annuity with a Variable Annuity linked to the NIFTY 50 Index, offering both fixed income and market-linked growth potential.
• The plan aims to provide predictable retirement income, equity market participation, financial security, and long-term legacy planning.
• The Guaranteed Annuity component provides fixed and predictable income throughout the selected annuity period.
• The Variable Annuity component is linked to the NIFTY 50 Index, enabling policyholders to benefit from potential equity market returns while receiving retirement income.
• Smart RISE offers customers the flexibility to choose a deferment period, during which no annuity is paid, with regular annuity payments beginning after the deferment period ends.
• The plan offers three annuity variants: Immediate Life Annuity, Immediate Life Annuity with Return of Purchase Price (ROPP), and Deferred Life Annuity with Return of Purchase Price (ROPP).
• These annuity options are available under both Single Life and Joint Life plans, allowing customers to choose coverage based on their retirement needs.
• Under the Return of Purchase Price (ROPP) feature, the purchase price is payable to the nominee upon the death of the annuitant, subject to the policy terms and conditions.
• The ROPP feature supports intergenerational wealth transfer and legacy planning by ensuring financial benefits for the nominee.

About Axis Max Life Insurance Limited :

• Established : 2000
• Managing Director (MD) & Chief Executive Officer (CEO) : Sumit Madan
• It is an 80:20 joint venture between Max Financial Services and Axis Bank.
• The company is a subsidiary of the publicly listed Max Financial Services.

Ministry of Commerce and Industry Reports India’s Quarter 1 of Financial Year 2026–27 Exports at USD 232.73 Billion

• The Ministry of Commerce and Industry (MoC&I) released India's Trade Data for Quarter 1 (Q1: April–June) of Financial Year 2026–27 (FY27) and for the month of June 2026.
• According to the data, India's total exports during Q1 FY27 stood at USD 232.73 billion, while total imports were estimated at USD 270.15 billion.
• Merchandise exports during Q1 FY27 increased to USD 129.32 billion, compared to USD 111.57 billion in Q1 FY26, reflecting strong growth in goods exports.
• Service exports during April–June FY27 were estimated at USD 103.41 billion, up from USD 97.41 billion during the corresponding period of FY26.
• Merchandise imports during Q1 FY27 rose to USD 216.18 billion, compared to USD 180.31 billion in Q1 FY26.
• Service imports during April–June FY27 were estimated at USD 53.97 billion, compared to USD 49.51 billion in April–June FY26.

About Ministry of Commerce and Industry :

• Cabinet Minister : Piyush Goyal
• Minister of State : Jitin Prasada

Reserve Bank of India Proposes One-Time Approval Framework for Institutional Investors to Hold Significant Stakes in Banks

• Reserve Bank of India (RBI) has released a draft amendment proposing a one-time approval mechanism for eligible institutional investors to acquire and retain major shareholding (5% or more) in the same banking company without seeking repeated approvals.

Key Highlights :

• Under the proposed framework, prior RBI approval will continue to be mandatory for the first acquisition of a major shareholding in a bank.
• After obtaining the one-time approval, eligible investors can increase or retain their stake in the same bank up to 10% of the paid-up share capital or voting rights without seeking fresh RBI approval every time their holding falls below and later exceeds 5%.
• The proposed facility will be available only to "Qualifying Persons", including SEBI-registered Mutual Funds, IRDAI-registered Insurance Companies, and PFRDA-registered Pension Funds.
• To qualify, these institutional investors must not belong to the promoter group or group entities of the concerned banking company.
• The proposal applies to Commercial Banks, Small Finance Banks (SFBs), Payments Banks, and Local Area Banks (LABs).
• Under the existing framework, any investor whose holding falls below 5% must obtain fresh RBI approval before acquiring another major shareholding, even in the same bank.
• The proposed amendment removes this repeated approval requirement for eligible regulated institutional investors, thereby reducing regulatory burden, compliance costs, and administrative delays.
• Eligible investors must submit their request for one-time approval through the RBI's PRAVAAH Portal, and the approval will remain subject to conditions prescribed by RBI.
• RBI retains the authority to revoke the one-time approval at any stage if deemed necessary.
• The proposal does not change the existing acquisition limit, as eligible investors can hold up to 10% of the paid-up share capital or voting rights only after obtaining RBI approval and complying with applicable regulations.
• Under the strengthened reporting framework, investors must inform both the RBI and the concerned bank within one day whenever their aggregate shareholding crosses above or falls below the 5% threshold.
• Investors receiving one-time approval will remain under the RBI's continuous monitoring and disclosure framework, ensuring continued regulatory oversight.
• The proposal aims to simplify institutional investment in banks, improve ease of doing business, facilitate portfolio rebalancing by regulated investors, while maintaining transparency, ownership safeguards, and financial stability.
• The draft amendment has been released for public comments before the final regulations are notified by the Reserve Bank of India (RBI).

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Ministry of Statistics and Programme Implementation Introduces India’s First Trial Index of Services Production (ISP)

• The Ministry of Statistics and Programme Implementation (MoSPI) has introduced India’s first trial version of the Index of Services Production (ISP) to measure the monthly performance of the formal services sector.
• The Index of Services Production (ISP) has been launched with the base year 2024–25 and provides a short-term indicator to track changes in the output of India's services economy.
• Similar to the Index of Industrial Production (IIP), which measures output in manufacturing, mining, and electricity sectors, the ISP will monitor monthly production trends in key service industries.
• The pilot ISP covers 19 service sub-sectors, accounting for around 60% of India's services sector, which contributes more than 50% of India’s Gross Value Added (GVA).
• The introduction of ISP will strengthen macroeconomic monitoring, support evidence-based policymaking, and provide timely information to businesses, investors, analysts, and policymakers.
• The first ISP report covering April 2026 showed strong growth in the services sector, with 14 out of 19 sub-sectors recording double-digit year-on-year growth.
• The highest growth-performing service sectors in April 2026 were:
• Accommodation and Food Services: 37.2%
• Retail Trade: 30.8%
• Administrative and Support Services: 28.7%
• Real Estate Services: 27.7%
• Telecommunication Services: 22.8%
• Other sectors including wholesale trade, banking, insurance, and Information Technology (IT) services also recorded significant growth.
• Two transport-related sectors witnessed a decline:
• Air Transport: -13.9%
• Rail Transport: -0.4%
• The ISP has been developed by MoSPI with the support of the Technical Advisory Committee on Index of Services Production (TAC-ISP), which was constituted in May 2025.
• The index uses multiple data sources including:
• Goods and Services Tax (GST) data for trade, accommodation, telecommunications, real estate, and IT services.
• Administrative records for railways, air transport, banking, and insurance.
• Annual Survey of the Incorporated Services Sector Enterprises (ASISSE) data for improving coverage and accuracy.
• MoSPI plans to release the Index of Services Production (ISP) every month on the 29th, initially on an experimental basis to incorporate feedback and expand coverage.

About Ministry of Statistics and Programme Implementation:

• Minister of State (Independent Charge): Rao Inderjit Singh
• Constituency: Gurgaon, Haryana

Indian Grey Hornbill Successfully Reintroduced to Gir Forest After More Than 60 Years

• The Gujarat Forest Department has successfully reintroduced the Indian Grey Hornbill to the Gir Forest, marking the return of the species after an absence of more than 60 years.
• The species had disappeared from the Gir ecosystem during the 1950s–1960s, primarily due to hunting pressure.
• Scientific assessments confirmed that the reintroduced hornbills have survived, established permanent territories, adapted to the habitat, and successfully bred for four consecutive breeding seasons, making it one of India's most successful bird reintroduction programmes.
• Under the conservation programme, 40 Indian Grey Hornbills were released into Gir in two phases:
• 2021–22: 28 hornbills
• 2023: 12 hornbills
• Eleven male hornbills were fitted with satellite transmitters to monitor their movement, habitat use, territorial establishment, nesting behaviour, and breeding success.
• Satellite tracking showed that the birds adapted well to their new habitat, with their average home range reducing from 61 sq km to 5.7 sq km and daily movement declining from 4.3 km to 1.4 km, indicating successful territorial establishment.
• The findings of the project were published in the peer-reviewed journal Birds under the study titled "The Release of Indian Grey Hornbills in Gir, India: Observations on Ranging, Habitat Use, Nesting Behaviour and Behavioural Patterns."
• The Indian Grey Hornbill is an important seed disperser, playing a crucial role in forest regeneration, biodiversity conservation, and maintaining ecological balance.

About Gujarat:

• Chief Minister: Bhupendra Patel
• Governor: Acharya Dev Vrat
• Capital: Gandhinagar
• National Parks: Gir, Blackbuck, Gulf of Kutch (Marine), Vansda National Parks
• Wildlife Sanctuaries: Nal Sarovar Bird, Wild Ass, Kutch Desert, Barda, Purna Wildlife Sanctuaries

RECENT NEWS

• The State Government of Gujarat has unveiled the ‘Viksit Gujarat – Data Centre Policy 2026-29’ to position the state as the leading destination for the hyperscale data centres, artificial intelligence (AI) infrastructure and cloud-based digital services. 

Karnataka to Establish India’s First Government-Driven Artificial Intelligence (AI) University

• Karnataka Chief Minister D.K. Shivakumar announced that the state will establish India’s first government-driven Artificial Intelligence (AI) University during Google I/O Connect India 2026 held at the Bangalore International Exhibition Centre (BIEC), Bengaluru.
• The initiative aims to position Karnataka as an "AI-native State" by promoting Artificial Intelligence (AI)-driven education, research, innovation, and governance.
• The proposed AI University will serve as a centre of excellence for Artificial Intelligence by developing world-class AI talent, promoting advanced AI research, encouraging innovation and entrepreneurship, and strengthening collaboration among academia, industry, and government.
• The university will also help create a skilled workforce to meet the growing demand of AI-driven industries and support India's digital economy.
• Alongside the university, the Karnataka Government will establish an AI Hub to promote AI research, startup incubation, innovation, and industry collaboration.
• The AI Hub will provide a platform for startups, researchers, companies, and academic institutions to develop AI-based solutions, undertake advanced research, and accelerate the commercialisation of AI technologies.
• As part of its AI-native State vision, Karnataka plans to integrate Artificial Intelligence into governance to improve public service delivery in sectors such as education, healthcare, agriculture, urban mobility, climate resilience, and digital governance.
• The initiative also aims to enhance government efficiency, transparency, citizen-centric services, and improve support for teachers, doctors, farmers, and small businesses through AI-based solutions.
• During the event, Chief Minister D.K. Shivakumar invited Google to strengthen its partnership with Karnataka by supporting AI innovation, startup ecosystems, AI education, and responsible and ethical AI development.

About Karnataka:

• Chief Minister: D. K. Shivakumar
• Governor: Thawarchand Gehlot
• Capital: Bengaluru
• National Parks: Bandipur National Park, Bannerghatta National Park, Nagarhole (Rajiv Gandhi) National Park, Kudremukh National Park, Anshi (Kali) National Park
• Wildlife Sanctuaries: Bhadra Wildlife Sanctuary, Brahmagiri Wildlife Sanctuary, Cauvery Wildlife Sanctuary, Dandeli Wildlife Sanctuary, Mookambika Wildlife Sanctuary, Pushpagiri Wildlife Sanctuary, Sharavathi Valley Wildlife Sanctuary, Someshwara Wildlife Sanctuary, Talakaveri Wildlife Sanctuary, Ranebennur Blackbuck Wildlife Sanctuary

RECENT NEWS

• The State Government of Karnataka has introduced the India’s first digital grievance redressal system for the gig workers. This step will marks the major step towards to protecting the platform-based workers. This initiative enables workers to formally register their complaints related to wages, working conditions and the disputes with digital platforms

International Gas Union (IGU) Releases World Liquefied Natural Gas Report 2026

• The International Gas Union (IGU) has released the World LNG Report 2026, providing a comprehensive review of the global Liquefied Natural Gas  (LNG) industry and market trends.
• Global LNG trade reached a record 437 million tonnes in 2025, registering a 6.3% increase, the strongest annual growth since 2022.
• The growth was driven by expanding LNG supplies from the United States, Qatar, Australia, Russia, and other major producing countries.
• Canada and Mauritania/Senegal became new LNG-exporting countries, marking the first new LNG export markets since 2022.
• Europe's LNG imports increased significantly following the expiry of Russian natural gas pipeline transit through Ukraine in early 2025.
• Asia accounted for the largest increase in global LNG regasification capacity during 2025, with China contributing 24% and India contributing 11.3% of the total global capacity additions.
• Although Asia Pacific remained the world's largest LNG-importing region, LNG imports into the region declined due to lower demand from China and India.
• India added 52.5 million tonnes per annum (MTPA) of LNG regasification capacity across eight terminals, surpassing Spain to become the 4th largest LNG regasification market globally in 2025.
• The Dahej LNG Terminal in Gujarat ranked as the 6th largest LNG regasification terminal in the world and remains India's largest ultra-scale LNG energy hub.
• India's LNG capacity expansion was driven by increasing demand from the fertiliser, city gas distribution, and utility sectors, along with the Government's push to increase the share of natural gas in the country's energy mix.
• According to the International Energy Agency (IEA), India's natural gas consumption is projected to increase by nearly 60% by 2030, supported by growth in city gas distribution, industrial demand, and power generation.
• India's LNG regasification terminal utilisation declined from 58% in 2024 to around 47% in 2025, mainly due to weaker LNG imports during summer and the commissioning of new regasification infrastructure.

About International Gas Union (IGU)

• Established: 1931
• Headquarters: London, United Kingdom
• Nature: Global non-profit organisation representing the natural gas and LNG industry.
• Objective: Promote the sustainable development of the natural gas, liquefied natural gas (LNG), hydrogen, and renewable gas sectors through international cooperation and knowledge sharing.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India Enhances Global Role in Food Safety Standards at the 49th Codex Alimentarius Commission (CAC49)

• The 49th Session of the Codex Alimentarius Commission (CAC49) was held from 6–11 July 2026 in Geneva, Switzerland, where India achieved major success in the development of science-based global food standards.
• At CAC49, seven Codex standards and guidelines developed under India's chairmanship and co-chairmanship were officially adopted, highlighting India's growing leadership in the global food safety framework.
• The Government of India (GoI) also secured approval for new work on developing a Codex Standard for Cashew Kernels under the Codex Committee on Processed Fruits and Vegetables (CCPFV).
• The Indian delegation was led by Rajit Punhani, Chief Executive Officer (CEO) of the Food Safety and Standards Authority of India (FSSAI), along with technical experts from FSSAI and the Spices Board.
• Under India's chairmanship, the Commission adopted the Codex Standards for Dried Coriander Seeds and Fresh Curry Leaves, providing internationally harmonised quality benchmarks and facilitating global trade.
• Under India's co-chairmanship, five Codex texts were adopted, including Standards for Vanilla, Large Cardamom, Guidelines for the Safe Use and Reuse of Water in Food Production and Processing, Guidelines for the Control of Campylobacter and Salmonella in Chicken Meat, and Provisions for Joint Presentation and Multipack Formats under the General Standard for the Labelling of Prepackaged Foods.
• The Guidelines for Safe Use and Reuse of Water promote sustainable water management while ensuring food safety, whereas the Campylobacter and Salmonella guidelines strengthen measures to reduce foodborne diseases associated with poultry products.
• The newly approved Codex Standard for Cashew Kernels is expected to harmonise international quality and safety requirements, facilitate fair trade, reduce technical barriers to trade, and improve the global competitiveness of Indian cashew exports.
• India was also elected as Co-Chair of the Electronic Working Group on New Food Sources and Production Systems (NFPS), which will review existing regulatory frameworks, identify gaps in Codex risk analysis principles, and recommend future international guidance.
• India's achievements at CAC49 reinforce its commitment to scientific excellence, international collaboration, consumer protection, food safety, and fair international trade, benefiting farmers, exporters, food businesses, and consumers worldwide.
• The Codex Alimentarius Commission (CAC) functions under the Food and Agriculture Organization (FAO) and the World Health Organization (WHO) to develop international food standards, guidelines, and codes of practice.

About Ministry of Health and Family Welfare :

• Cabinet Minister : J. P. Nadda
• Minister of State : Anupriya Patel, Prataprao Ganpatrao Jadhav

Ukraine and 9 European Countries Launch Anti-ballistic Missile Coalition to Strengthen Europe’s Missile Defence

• Ukraine and nine European countries announced the formation of an Anti-ballistic Missile Coalition to strengthen Europe's defence against the growing ballistic missile threat.
• The announcement was made on the sidelines of the Coalition of the Willing (CoW) Summit held in Paris, France, which brought together over 30 countries and at least 25 Heads of State.
• The primary objective of the Anti-ballistic Missile Coalition is to develop a shared ballistic missile defence capability for Europe.
• The 10 founding members of the coalition are Ukraine, Denmark, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, and the United Kingdom (UK).
• The coalition was formed in response to the increasing threat posed by ballistic missiles, which are more difficult to intercept than cruise missiles or drones.
• President Volodymyr Zelenskyy stated that Ukraine and its allies will jointly develop a mass-produced, low-cost anti-ballistic missile defence system within the next 12 months (1 year).
• The proposed defence system will utilise Ukraine's battlefield experience gained during its defence against Russia's full-scale invasion to strengthen Europe's missile defence capabilities.
• The coalition aims to enhance regional security, collective defence, and military cooperation among participating European countries.

About Ukraine :

• President : Volodymyr Zelenskyy
• Prime Minister : Serhii Koretskyi
• Capital : Kyiv
• Currency : Ukrainian hryvnia

CURRENT AFFAIRS: AWARDS AND HONOURS

Vairamuthu Conferred 60th Jnanpith Award 2025

• Tamil poet, lyricist, and writer R. Vairamuthu was conferred the 60th Jnanpith Award (2025), India's highest literary honour, at a ceremony held in New Delhi.
• The award was presented by Dr. Karan Singh, noted scholar and statesman, in recognition of R. Vairamuthu's outstanding contribution to Tamil literature.
• With this honour, R. Vairamuthu became the third Tamil writer from Tamil Nadu to receive the Jnanpith Award, after a gap of 24 years.
• The previous Tamil recipients of the Jnanpith Award are:
  • Akilan (1975)
  • Jayakanthan (2002)
  • R. Vairamuthu (2025)
• The award carries a cash prize of ₹11 lakh, a bronze statue of Goddess Vagdevi (Saraswati), and a citation.
• R. Vairamuthu has made significant contributions to Tamil literature through poetry, novels, essays, and film lyrics, with his works focusing on rural life, social justice, human emotions, nature, and Tamil culture.
• His acclaimed novel Kallikattu Ithikasam received the Sahitya Akademi Award in 2003.

About the Jnanpith Award

• Established: 1961
• Presented by: Bharatiya Jnanpith
• Purpose: To honour lifetime outstanding contribution to Indian literature.
• Eligibility: Authors writing in any of the languages listed in the Eighth Schedule of the Constitution of India.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

United States Federal Reserve Appoints Three Indian-Origin Experts to Head Monetary Policy Review Task Forces

• The United States Federal Reserve (US Fed) appointed three Indian-origin experts—Raghuram Rajan, Raj Chetty, and Asha Sharma—to lead three of its five task forces reviewing the US Federal Reserve's Monetary Policy Framework.
• The five task forces were announced by US Federal Reserve Chair Kevin Warsh as part of a comprehensive review of the Fed's monetary policy framework.
• Raghuram Rajan, Professor of Finance at the University of Chicago Booth School of Business and former Governor of the Reserve Bank of India (RBI), was appointed to head the Balance Sheet Policy Task Force.
• The Balance Sheet Policy Task Force will review the costs, benefits, and institutional implications of the Federal Reserve's balance sheet framework.
• Raj Chetty, Professor of Economics at Harvard University and Director of Opportunity Insights, was appointed to lead the Data Task Force.
• The Data Task Force will focus on improving the quality, accuracy, and timeliness of economic data used for monetary policy decision-making.
• Asha Sharma, Executive Vice President (EVP) and Chief Executive Officer (CEO) of the Microsoft Xbox Division, was appointed to head the Productivity and Jobs Task Force.
• The Productivity and Jobs Task Force will assess the impact of Artificial Intelligence (AI) and other emerging technologies on productivity, employment, and wages.
• The remaining two task forces focus on Communications and Inflation Frameworks, aiming to modernise the US Federal Reserve's monetary policy framework.

About US Fed :

• The United States Federal Reserve (US Fed) was established in 1913 and serves as the central banking system of the United States.
• Chair : Kevin Warsh
• The US Fed conducts a comprehensive review of its monetary policy framework approximately every five years to improve policy effectiveness and adapt to changing economic conditions.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy to Conduct Operation Southern Readiness 26-2 at Kochi's Southern Naval Command

• Indian Navy will host Operation Southern Readiness 26-2 at the Southern Naval Command, Kochi (Kerala) from 20–23 July 2026 as a four-day multinational maritime training engagement.
• The exercise will be conducted in partnership with the Combined Maritime Forces (CMF) under the aegis of Combined Task Force 154 (CTF 154), the Indian Navy-led and CMF's dedicated Training Task Force.
• The exercise will bring together personnel from CMF Partner Nations to strengthen professional maritime security training, gain practical operational experience, and exchange Best Practices.
• Combined Maritime Forces (CMF) is a multinational maritime partnership of more than 40 nations committed to enhancing regional capacity building and collective maritime security.
• The training programme will include classroom instruction, simulator-based training, and hands-on practical training to improve the operational skills of participating personnel.
• The exercise will cover key areas such as Maritime Law, Maritime Domain Awareness (MDA), Information Sharing, Counter-Narcotics Operations, Force Protection, Asymmetric Threats, and Maritime Uncrewed Systems.
• Participants will also receive practical training in Damage Control, Firefighting, Maritime Communications, Survival at Sea, Boarding Procedures, and onboard training aboard an Indian Naval Ship.
• Operation Southern Readiness 26-2 aims to enhance interoperability, professional understanding, and multinational maritime cooperation through the integration of theoretical learning with practical application.
• The exercise will showcase the Indian Navy's modern training infrastructure, state-of-the-art simulators, advanced instructional methodologies, and professional maritime expertise.
• Hosting the exercise at Southern Naval Command, Kochi reinforces its position as a premier maritime training hub and strengthens the Indian Navy's role as a preferred global destination for professional naval training.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Technology Development Board Supports K. N. Biosciences’ Indigenous C-Phycocyanin Production Project Using Spirulina

• Technology Development Board (TDB) under the Department of Science & Technology (DST), Government of India, has extended financial assistance to M/s K. N. Biosciences (India) Private Limited, Hyderabad for the project “Production of C-Phycocyanin using Spirulina sp. as a Cell Factory.”
• The project aims to commercialise indigenous technology for producing C-Phycocyanin, a natural blue pigment, reducing India's dependence on imported natural colourants and strengthening biotechnology-based sustainable manufacturing.
• C-Phycocyanin has applications in the food, nutraceutical, agriculture, aquaculture, poultry feed, and biostimulant sectors, making it a high-value biotechnology product.
• The technology was developed by the Indian Institute of Technology (IIT) Guwahati using an indigenous Spirulina strain (NCIM 5143) and transferred to the company through a Transfer of Technology (ToT) Agreement for commercial production.
• The initiative represents the successful commercialisation of publicly funded research and supports the Government's vision of Bioeconomy, Sustainable Manufacturing, and Aatmanirbhar Bharat.
• The production process integrates an optimised upstream cultivation system with an environment-friendly downstream extraction and purification technology to produce high-purity C-Phycocyanin.
• The technology uses controlled photoautotrophic cultivation under optimised light and nutrient conditions to produce high-density Spirulina biomass rich in phycocyanin.
• The process employs a green, solvent-free extraction and single-step purification technology, ensuring food-grade and analytical-grade C-Phycocyanin with reduced processing complexity and lower environmental impact.
• Unlike conventional methods, the indigenous technology minimises chemical usage, delivers high product purity, and produces a stable, water-soluble blue pigment benchmarked against international commercial standards.
• The project will establish commercial-scale production of C-Phycocyanin in India, creating an indigenous value chain for natural pigments and specialty bioproducts.
• The initiative is expected to promote import substitution, strengthen India's algal biotechnology and bio-manufacturing ecosystem, enhance global competitiveness in natural ingredients and nutraceuticals, and support eco-friendly manufacturing practices.

Ministry of Electronics and Information Technology and Drone Federation India Launch National Innovation Challenge for Drone Application and Research 2.0 to Promote Indigenous Chip-Based Drone Innovation

• The Ministry of Electronics and Information Technology (MeitY), in partnership with the Drone Federation India (DFI), launched the 2nd edition of the National Innovation Challenge for Drone Application and Research (NIDAR 2.0) for 2026–27 under the SwaYaan Initiative at Electronics Niketan, New Delhi.
• During the launch event, S. Krishnan, Secretary, MeitY, formally unveiled the problem statements, poster, and rulebook for NIDAR 2.0.
• NIDAR 2.0 focuses on developing autonomous drone systems, indigenous avionics, and core drone components, promoting self-reliance (Aatmanirbharta) in India's drone ecosystem.
• A key highlight of NIDAR 2.0 is the integration of the indigenously developed VEGA Processor under the Digital India RISC-V (DIR-V) Programme, challenging participants to build drone intelligence using indigenous technology.
• The competition is organised under two specialised tracks: Track 1 – Drone Innovation and Track 2 – Component Innovation.
• NIDAR 2.0 offers a prize pool of over ₹65 lakh, along with corporate internships, startup incubation support, cloud computing credits, software support, and mentorship to help winning teams commercialise their innovations.
• The SwaYaan Initiative was approved in July 2022 with an outlay of nearly ₹90 crore to develop a skilled workforce and strengthen India's drone ecosystem.
• The first edition of NIDAR, launched in March 2025, attracted 3,448 students from 22 States, 4 Union Territories, and 109 cities, with participants developing drone solutions for precision agriculture and disaster management.
• The inaugural edition concluded with 93 finalist teams, while 24 winning teams received prizes worth ₹40 lakh.

About Ministry of Electronics and Information Technology :

• Cabinet Minister : Ashwini Vaishnaw
• Minister of State : Jitin Prasada

CURRENT AFFAIRS : APPS & PORTALS

India Launches Online Registration Portal for Coal Exchanges to Modernise Coal Trading Ecosystem

• Union Minister of Coal and Mines, G. Kishan Reddy, in the presence of Minister of State Satish Chandra Dubey and Coal Secretary Vikram Dev Dutt, launched the Online Portal Application for Registration of Coal Exchanges in New Delhi during the Curtain Raiser Event for Indian Mining Week 2026.
• The launch marks India's transition from a policy framework to operational readiness for Coal Exchanges, inviting eligible entities to apply for registration under the regulatory oversight of the Coal Controller Organisation (CCO).
• A Coal Exchange is an online trading platform where buyers and sellers of coal and processed coal products can undertake delivery-based coal contracts approved by the Authority.
• The Coal Exchange will ensure transparent market-based price discovery, quality assurance through Authority-approved coal sampling agencies, advanced market surveillance, secure clearing and settlement backed by a Settlement Fund, and an effective grievance redressal mechanism.
• The establishment of Coal Exchanges represents a paradigm shift from the traditional coal trading system to a modern, transparent, competitive, and technology-driven coal market.
• The initiative has been enabled through the Mines and Minerals (Development and Regulation) Amendment Act, 2025, which introduced the concept of Mineral Exchanges in India.
• The Ministry of Coal has notified the Coal Exchange Rules, 2026, providing the regulatory framework for the establishment, registration, and operation of Coal Exchanges.
• The Coal Controller Organisation (CCO) has been designated as the Regulatory Authority responsible for the registration, regulation, and oversight of Coal Exchanges across the country.
• Registered Coal Exchanges will be authorised to operate coal trading platforms, frame market rules, and facilitate coal trading with the prior approval of the Authority, with registrations remaining valid for 25 years.
• The initiative is expected to enhance Ease of Doing Business (EoDB), promote market-based price discovery, strengthen supply chain resilience, attract greater private sector participation, and support industrial growth.
• Within one month of notifying the Coal Exchange Rules, 2026, the CCO developed detailed registration guidelines, an online application portal, and a comprehensive User Manual for applicants.
• The Online Application Portal enables a fully digital, end-to-end application process, allowing applicants to register, upload documents, pay fees through the BharatKosh Portal, submit applications, and track application status in real time.

About Ministry of Coal :

• Cabinet Minister : G. Kishan Reddy
• Minister of State : Satish Chandra Dubey

CURRENT AFFAIRS: MOUS AND AGREEMENT

India–United Kingdom Comprehensive Economic and Trade Agreement (CETA) Comes into Force

• The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom (UK) came into effect on 15 July 2026, marking a major milestone in bilateral economic and trade relations.
• The agreement aims to increase bilateral trade to USD 100 billion by 2030 from the current level of around USD 55–60 billion, while promoting trade, investment, supply chain integration, employment generation, and long-term economic cooperation.
• India–UK bilateral trade currently stands at around USD 55–60 billion, including USD 25.12 billion in merchandise trade (FY 2025–26) and USD 35.44 billion in services trade (2024).
• Under the agreement, Indian exports in sectors such as textiles and apparel, leather products, footwear, gems and jewellery, plastics, and other labour-intensive industries will receive zero-duty access to the UK market, enhancing their global competitiveness.
• The agreement provides safeguards for India's automobile industry, with no tariff concessions for Electric Vehicles (EVs) during the first five years, and no concessions for hybrid, hydrogen-powered, and sensitive Internal Combustion Engine (ICE) vehicles.
• The agreement also includes the India–United Kingdom Double Contribution Convention (DCC) to prevent double social security contributions for Indian professionals temporarily working in the UK.
• Under the DCC, eligible Indian employees and their employers will be exempt from paying UK social security contributions for up to five years, reducing business costs and improving the competitiveness of Indian companies.
• The convention is expected to generate annual savings of over USD 600 million and benefit more than 75,000 Indian professionals and over 900 Indian employers operating in the United Kingdom.

CURRENT AFFAIRS: SPORTS NEWS

Delhi Unveils ‘Mayur’ as Official Mascot for 22nd Commonwealth Table Tennis Championship 2026

• Delhi Chief Minister Rekha Gupta unveiled ‘Mayur’, the official mascot of the 22nd Commonwealth Table Tennis Championship 2026, at a special ceremony in New Delhi.
• The 22nd Commonwealth Table Tennis Championship 2026 will be held from 27 July to 2 August 2026 at the Thyagraj Stadium, New Delhi.
• The championship is expected to witness participation from over 35 Commonwealth countries, making it one of the largest editions of the tournament.
• ‘Mayur’ is inspired by the Indian Peacock, the National Bird of India, and reflects the values of unity, friendship, cultural diversity, sportsmanship, and international cooperation.
• The mascot’s colourful feathers incorporate elements of the flags of participating Commonwealth nations, symbolising the spirit of the Commonwealth and the global nature of the championship.
• The mascot has been designed to showcase India’s cultural heritage while promoting sporting excellence and unity in diversity.
• The championship is being jointly organised by the Delhi Government and the Table Tennis Federation of India (TTFI).

CURRENT AFFAIRS: IMPORTANT DAYS

World Day for International Justice 2026 Observed on 17 July

• World Day for International Justice 2026 was observed globally on 17 July 2026 to recognise and promote the importance of the international justice system.
• The day is also known by various names such as International Justice Day, World Day for International Justice, and Day of International Criminal Justice.
• The observance aims to acknowledge the efforts of international courts and tribunals in delivering justice to victims of war crimes, crimes against humanity, genocide, and other serious international crimes.
• World Day for International Justice highlights the role of the global justice system in ensuring accountability, protecting human rights, promoting peace, and strengthening the rule of law worldwide.
• The day commemorates the adoption of the Rome Statute of the International Criminal Court (ICC) on 17 July 1998, which led to the establishment of the world’s first permanent international criminal court.
• The observance provides an opportunity to support the fight against impunity and encourage international cooperation to ensure that perpetrators of serious crimes are held accountable.

About International Criminal Court (ICC)

• Established: 2002
• Headquarters: The Hague, Netherlands

Daily CA One- Liner: July 17

•  The Ministry of Statistics and Programme Implementation (MoSPI) has introduced India’s first trial version of the Index of Services Production (ISP) to measure the monthly performance of the formal services sector
• The Gujarat Forest Department has successfully reintroduced the Indian Grey Hornbill to the Gir Forest, marking the return of the species after an absence of more than 60 years
• Karnataka Chief Minister D.K. Shivakumar announced that the state will establish India’s first government-driven Artificial Intelligence (AI) University during Google I/O Connect India 2026 held at the Bangalore International Exhibition Centre (BIEC), Bengaluru
• The International Gas Union (IGU) has released the World LNG Report 2026, providing a comprehensive review of the global Liquefied Natural Gas (LNG) industry and market trends
• Tamil poet, lyricist, and writer R. Vairamuthu was conferred the 60th Jnanpith Award (2025), India's highest literary honour, at a ceremony held in New Delhi
• The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom (UK) came into effect on 15 July 2026, marking a major milestone in bilateral economic and trade relations
• Delhi Chief Minister Rekha Gupta unveiled ‘Mayur’, the official mascot of the 22nd Commonwealth Table Tennis Championship 2026, at a special ceremony in New Delhi.
• Indian Mercantile Co-operative Bank Limited., Lucknow has been excluded from the Second Schedule of the Reserve Bank of India (RBI) Act, 1934, through a notification dated 4 June 2026, published in the Gazette of India (Part III – Section 4) on 22 June 2026.
• The Reserve Bank of India (RBI) organised the 3rd Annual Conference of Internal Ombudsmen (IO) in Mumbai, Maharashtra.
• Axis Max Life Insurance Limited launched Axis Max Life Smart Retirement Income with Sustained Earnings Plan (Smart RISE), a retirement-focused insurance product designed to provide stable post-retirement income.
• The Ministry of Commerce and Industry (MoC&I) released India's Trade Data for Quarter 1 (Q1: April–June) of Financial Year 2026–27 (FY27) and for the month of June 2026.
• Reserve Bank of India (RBI) has released a draft amendment proposing a one-time approval mechanism for eligible institutional investors to acquire and retain major shareholding (5% or more) in the same banking company without seeking repeated approvals.
• The 49th Session of the Codex Alimentarius Commission (CAC49) was held from 6–11 July 2026 in Geneva, Switzerland, where India achieved major success in the development of science-based global food standards.
• Ukraine and nine European countries announced the formation of an Anti-ballistic Missile Coalition to strengthen Europe's defence against the growing ballistic missile threat.
• The United States Federal Reserve (US Fed) appointed three Indian-origin experts—Raghuram Rajan, Raj Chetty, and Asha Sharma—to lead three of its five task forces reviewing the US Federal Reserve's Monetary Policy Framework.
• Indian Navy will host Operation Southern Readiness 26-2 at the Southern Naval Command, Kochi (Kerala) from 20–23 July 2026 as a four-day multinational maritime training engagement.
• Technology Development Board (TDB) under the Department of Science & Technology (DST), Government of India, has extended financial assistance to M/s K. N. Biosciences (India) Private Limited, Hyderabad for the project “Production of C-Phycocyanin using Spirulina sp. as a Cell Factory.”
• The Ministry of Electronics and Information Technology (MeitY), in partnership with the Drone Federation India (DFI), launched the 2nd edition of the National Innovation Challenge for Drone Application and Research (NIDAR 2.0) for 2026–27 under the SwaYaan Initiative at Electronics Niketan, New Delhi.
• Union Minister of Coal and Mines, G. Kishan Reddy, in the presence of Minister of State Satish Chandra Dubey and Coal Secretary Vikram Dev Dutt, launched the Online Portal Application for Registration of Coal Exchanges in New Delhi during the Curtain Raiser Event for Indian Mining Week 2026.
• World Day for International Justice 2026 was observed globally on 17 July 2026 to recognise and promote the importance of the international justice system