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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Notifies Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2026 to Streamline Customer Grievance Redressal Mechanism

• The Reserve Bank of India (RBI) issued the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) 2026 to simplify and strengthen grievance redressal for customers of banks and financial institutions.
• RB-IOS 2026 will replace RB-IOS 2021 and will come into effect from 1 July 2026.
• The scheme follows a “One Nation, One Ombudsman” approach by integrating multiple legacy ombudsman schemes into a single unified framework.

Key Highlights :

Applicable Regulated Entities (REs) under RB-IOS 2026 include:

• All Commercial Banks (CBs), Regional Rural Banks (RRBs), State Co-operative Banks (StCBs), Central Co-operative Banks (CCBs), Scheduled UCBs, and Non-Scheduled UCBs with deposits of ₹50 crore or more.
• All Non-Banking Financial Companies (NBFC) (excluding Housing Finance Companies(HFCs), Core Investment Company (CIC), Infrastructure Debt Fund-NBFC, NBFC – Infrastructure Finance Company (IFC), Non-Operative Financial Holding Company (NOFHC), Primary Dealers (PDs), Mortgage Guarantee Companies (MGC)) that accept deposits or have customer interfaces with asset size of ₹100 crore or more.
• Non-bank Prepaid Payment Instrument (PPI) Issuers.
• Credit Information Companies.

Key Features and Limits :

• The scheme removes the dispute amount cap, allowing complaints of any value to be taken up by the RBI Ombudsman or Deputy Ombudsman.
• Compensation limits enhanced under RB-IOS 2026:
  • Up to ₹30 lakh for consequential financial loss (earlier ₹20 lakh).
  • Up to ₹3 lakh for mental anguish, harassment, time loss and expenses (earlier ₹1 lakh).
• RBI will establish a Centralised Receipt and Processing Centre (CRPC) to receive and process complaints filed under the scheme.
• Customers can file complaints through the RBI Complaint Management System (CMS) portal, or by email or post to the CRPC.
• An appeal mechanism is available, allowing both complainants and regulated entities to appeal before the Appellate Authority within the prescribed timeline.
• RBI may appoint one or more officers as RBI Ombudsman and Deputy Ombudsman to discharge functions under the scheme.
• The tenure of RBI Ombudsman / Deputy Ombudsman is generally three years at a time.

About Reserve Bank of India (RBI) :

• Governor: Sanjay Malhotra
• Headquarters: Mumbai, Maharashtra

Reserve Bank of India Extends Interest Subvention on Short-Term Crop and Allied Loans Through Kisan Credit Cards for FY 2025-26

• The Government of India has continued the Modified Interest Subvention Scheme (MISS) for 2025-26 to provide short-term crop loans and allied activity loans to farmers through Kisan Credit Cards (KCC).

Key Highlights :

• Farmers can avail loans up to ₹3 lakh at a concessional interest rate of 7%, while banks will receive 1.5% interest subvention from the Government.
• Farmers repaying on time will get an additional 3% incentive, reducing the effective interest rate to 4% per annum.
• Interest benefits are available for crop loans and allied activities such as animal husbandry, dairy, fisheries, and beekeeping, with a maximum cap of ₹2 lakh for allied activities.
• Small and marginal farmers storing produce in WDRA-accredited warehouses can avail interest benefits for up to six months after harvest.
• Farmers affected by natural calamities will receive interest subvention for one year on restructured loans, while those affected by severe calamities can receive benefits for up to five years, including the 3% prompt repayment incentive.
• Aadhaar seeding and authentication are mandatory for availing benefits under the scheme, and all lending institutions must ensure e-KYC is completed for every farmer.
• A farmer is eligible to receive MISS benefits through multiple KCC accounts, subject to an overall limit of ₹3 lakh per farmer, but for a specific land parcel, benefits can be availed through only one KCC account.
• Interest subvention will be calculated on the loan amount from the date of disbursement, drawal, or renewal up to the actual repayment date or tenure/due date, subject to a maximum period of one year.
• An additional 3% interest subvention will be provided to farmers repaying on time, implying that prompt repayment will result in an effective interest rate of 4% per annum for short-term crop and allied loans.
• The crop loan component will take priority for interest subvention and prompt repayment incentive, and the residual amount will be considered towards allied activities, respecting the ₹2 lakh cap.
• The scheme provides interest subvention for small and marginal farmers storing produce in warehouses to discourage distress sale, applicable up to six months post-harvest against negotiable warehouse receipts from WDRA-accredited warehouses.
• For natural calamities, interest subvention will be available to banks for the first year on restructured loans, with normal rates from the second year onwards.
• For severe natural calamities, interest subvention will be provided for up to five years, and the 3% prompt repayment incentive will also be extended, subject to approval by a High-Level Committee (HLC) based on recommendations from IMCT and SC-NEC.
• All banks must ensure Aadhaar authentication and e-KYC for every farmer to enable seamless access to benefits under the scheme.
• A farmer with multiple KCC accounts can avail MISS benefits subject to the ₹3 lakh overall limit, but only the account with the highest sanctioned loan amount linked to a specific land parcel will be eligible.
• Banks may encourage digital transactions, including the use of RuPay cards, to facilitate seamless account operations.
• Banks must capture and report granular data of individual farmer beneficiaries on KRP (Kisan Rin Portal), including their social category, ensuring data integrity for settlement of MISS claims for 2025–26.
• Field functionaries must accurately report crop data on KRP to avoid validation errors.
• All eligible financial institutions must ensure timely uploading of MISS claims on KRP, certified by Statutory Auditors as true and correct.

Reserve Bank of India Releases Draft Guidelines on Tier-1 Capital Calculation and Credit-Investment Limits for NBFCs and ARCs

• The Reserve Bank of India (RBI) issued draft amendment directions to clarify the calculation of Owned Fund / Tier-1 Capital for NBFCs and Asset Reconstruction Companies (ARCs) to comply with credit and investment concentration limits and invited public comments till 28 January 2026.
• Currently, NBFCs (other than NBFC-UL) and ARCs reckon Tier-1 Capital as on 31 March of the previous year for compliance with credit/investment concentration norms.
• RBI received requests from NBFCs for review and clarification on aspects of Owned Fund / Tier-1 Capital, as the existing method created ambiguity, especially regarding the inclusion of quarterly profits.
• Under the new draft, free reserves, including quarterly profits, can now be included in the Owned Fund, subject to specified conditions.
• Quarterly profits must be reviewed by statutory auditors through a limited review before being treated as capital.
• Eligible profits will be reduced by 25% of the average dividend paid in the last three years, multiplied by the number of quarters completed in the year.
• Any losses during the current year must be fully deducted from the Owned Fund while calculating Tier-1 Capital.
• The draft is aimed at providing greater clarity and consistency in capital computation and is effective immediately for consultation purposes.

Piramal Finance Raises USD 350 Million in Multilateral Funding from International Finance Corporation and Asian Development Bank

• Piramal Finance Limited (PFL) secured USD 350 million multilateral funding, marking its first borrowing from Development Finance Institutions (DFIs).
• The funding includes USD 200 million from the International Finance Corporation (IFC) and USD 150 million from the Asian Development Bank (ADB) under the Sustainable Finance Framework (SFF).
• The facilities have a five-year maturity, with funds to be drawn in tranches between January 2026 and March 2026.
• PFL is in advanced discussions to raise an additional USD 150 million from DFIs, targeting USD 500 million total multilateral funding in FY26.
• The multilateral funding reflects strong confidence in PFL’s governance standards, risk management practices, and technology-led lending platform.
• The funds will be deployed to expand affordable housing finance, scale MSME credit, and increase lending to women borrowers and women-led enterprises.
• Lending focus areas include Tier-2, Tier-3, semi-urban, and rural markets, supporting inclusive growth.
• The borrowing helps diversify PFL’s funding sources and reduce dependence on domestic capital markets, strengthening its long-term funding profile.

About Piramal Finance Limited (PFL):

• PFL is an RBI-regulated NBFC – Investment and Credit Company (NBFC-ICC).
• It is a wholly-owned subsidiary of Piramal Enterprises.
• PFL was formed after Piramal Capital & Housing Finance Limited acquired DHFL in September 2021.
• Dewan Housing Finance Corporation Limited (DHFL) was originally founded on 11 April 1984.
• MD & CEO: Jairam Sridharan.
• Headquarters: Mumbai, Maharashtra.

Reserve Bank of India Plans to Reopen Urban Co-operative Bank Licences, Prioritising Large Credit Societies After Two Decades of Suspension Due to Past Urban Co-operative Banks Failures

• The Reserve Bank of India (RBI) has proposed reopening the licensing window for new Urban Co-operative Banks (UCBs) after 22 years, as the previous window was closed in 2004 due to widespread failures of newly licensed banks.
• RBI plans to prefer large and well-run co-operative credit societies for new UCB licences, as most past failures occurred in small UCBs.

Key Highlights :

• Co-operative credit societies, unlike banks, are regulated by the Registrar of Co-operative Societies, deal only with their members, and cannot offer full banking services like cheques or online fund transfers.
• In 2004, RBI stopped issuing new UCB licences because 31% of newly licensed UCBs failed; now, after sector reforms, RBI is reconsidering the restart of licensing.
• Following the Banking Regulation Amendment Act, 2020, RBI obtained strong powers over UCBs, similar to commercial banks, and UCBs are now classified into 4 tiers based on deposits.
• Tier 1: Deposits < ₹100 crore; Tier 2: Deposits ₹100–₹1,000 crore; Tier 3: Deposits ₹1,000–₹10,000 crore; Tier 4: Deposits ≥ ₹10,000 crore.
• India has 1,457 UCBs with ₹5.84 lakh crore deposits and ₹7.38 lakh crore assets; 52% of banks are small, but 7% of large UCBs hold 62.5% of total deposits, indicating sector consolidation.
• The National Urban Co-operative Finance and Development Corporation (NUCFDC), established in Feb 2024, will provide technology, liquidity, and investment support to UCBs.
• To be eligible for a UCB licence, a co-operative society must have: 10 years of operations, minimum 5-year strong financial track record, CRAR ≥12%, and Net NPA ≤3%.
• All co-operative societies, whether registered under State Co-operative Societies Act or Multi-State Co-operative Societies Act, must obtain a licence under Section 22 read with Section 56 of the Banking Regulation Act, 1949.
• Malegam Committee (2011) suggested low and differentiated capital (₹0.5–₹5 crore) and allowed new societies in unbanked areas to get UCB licences.
• R Gandhi Committee (2015) tightened norms, allowing licences only to well-run societies with 5-year track record and capital ₹25–₹100 crore.
• Vishwanathan Committee (2021) advised focusing on expansion of existing UCBs and granting new licences only after the Umbrella Organisation (NUCFDC) becomes fully effective.
• Currently, 82 weak UCBs are under supervisory restrictions; 28 very weak UCBs are under All-Inclusive Directions (AID), 32 UCBs under Prompt Corrective Action (PCA), and 22 UCBs under Supervisory Action Framework (SAF). These fall under Tier 1 to Tier 3.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Government Blocks 242 Illegal Betting and Gambling Website Links

• The Government of India blocked 242 illegal betting and gambling website links in January 2026 as part of an intensified enforcement drive.
• With this action, the total number of illegal betting and gambling platforms blocked has crossed 7,800 nationwide.
• Illegal online betting and gambling platforms have become a major concern in India’s digital ecosystem.
• These platforms often operate through offshore servers, mirror websites, and encrypted domains, allowing them to bypass Indian laws and taxation.
• Users face risks such as financial fraud, data theft, addiction, and lack of grievance redressal mechanisms.
• The crackdown has gained momentum after the enactment of the Online Gaming Act.
• The Act provides clear legal distinction between permissible skill-based online games and illegal betting or wagering activities.
• It empowers authorities to coordinate with internet service providers, payment gateways, and digital intermediaries for faster blocking and disruption of financial flows.
• Illegal betting platforms pose financial risks such as tax evasion, unregulated money flows, and potential links to money laundering.
• In India, skill-based online games are permitted under regulatory compliance, while betting and gambling are largely prohibited, except in limited state-specific cases.
• The Online Gaming Act seeks to balance innovation and regulation, allowing legitimate gaming platforms to operate while systematically eliminating illegal betting websites.

India’s First NAMO Book Fest Launched in New Delhi

• India witnessed a new literary initiative with the launch of the first-ever NAMO Book Fest in New Delhi.
• Union Minister Dr Jitendra Singh released two books at the event, marking the debut of a national-level literary festival focused on ideas and leadership.
• At the inaugural NAMO Book Fest, the books ‘Gen V Bano’ and ‘Mahatma’ were released.
• The books focus on inspiration, leadership, vision, values, and ethical living in contemporary India.
• The releases highlighted the role of literature in shaping national character and a forward-looking mindset among youth.
• The NAMO Book Fest is being organised as a two-day event.
• It features a curated exhibition of books centred on the life, ideas, and leadership of Narendra Modi.
• The festival provides a platform for authors, intellectuals, thinkers, and young readers to engage in dialogue and exchange ideas.
• The initiative aims to promote reading culture, intellectual engagement, and discussion on governance, nation-building, and innovation.
• It reflects growing recognition of the importance of books and ideas in shaping public discourse.
• The festival seeks to connect governance, culture, and youth participation within India’s intellectual ecosystem.

Karnataka Amends Land Revenue Law to Reform Jamma Bane Lands in Kodagu

• The Karnataka government amended the land revenue law to address long-pending documentation issues related to Jamma Bane lands in Kodagu district.
• The Karnataka Land Revenue (Second Amendment) Act, 2025 received the Governor’s assent on January 7, 2026, and has been officially notified.
• The amendment aims to modernise land governance, ensure clear ownership records, and benefit indigenous communities in the region.
• It seeks to align Kodagu’s unique land record system with the Karnataka Land Revenue Act, 1964.
• The reform also supports land record digitisation under the Bhoomi Project, providing a statutory basis to correct outdated and inconsistent entries.
• Jamma Bane lands are hereditary land holdings unique to Kodagu, granted between the 17th and 19th centuries by Coorg kings and later by the British, mainly for military service.
• These holdings include paddy fields and forested uplands, many of which later became coffee plantations.
• Traditionally, land records continued to carry the name of the original pattedar, even after ownership passed through generations.
• Legacy records showing deceased ancestors as pattedars caused difficulties in mutation, inheritance, land sale, and access to bank credit.
• Even after the Karnataka Land Revenue Act, 1964 replaced the Coorg Land Revenue Act, 1899, outdated practices continued informally.
• The Karnataka High Court has upheld Kodava ownership rights in several cases, including Chekkera Poovaiah vs State of Karnataka.
• The amendment empowers Tahsildars in Kodagu to correct inconsistencies in the Record of Rights after due enquiry.
• A new subsection has been added to Section 127 of the Karnataka Land Revenue Act, 1964, allowing correction or deletion of improper historical entries.

About Karnataka:

• Capital: Bengaluru
• Chief Minister: Siddaramaiah
• Governor: Thaawarchand Gehlot
• National Parks: Bandipur National Park, Nagarhole National Park, Kudremukh National Park, Anshi (Kali) National Park, Bannerghatta National Park
• Wildlife Sanctuaries: Dandeli Wildlife Sanctuary, Bhadra Wildlife Sanctuary, Ranganathittu Bird Sanctuary, Brahmagiri Wildlife Sanctuary, Pushpagiri Wildlife Sanctuary, Cauvery Wildlife Sanctuary

Supreme Court Rules Unreserved Seats Open to All Candidates on Merit

• The Supreme Court of India ruled that unreserved (general) category seats in public recruitment are open to all candidates purely on merit, irrespective of social category.
• The Court clarified that unreserved seats are not meant exclusively for general category candidates.
• SC, ST, and OBC candidates who qualify without availing any relaxation such as lower cut-off marks, age relaxation, or fee concession must be counted against unreserved seats, not reserved quotas.
• The Bench comprising Justice M. M. Sundresh and Justice Satish Chandra Sharma held that the unreserved category functions as an open competition pool based strictly on merit.
• Justice Satish Chandra Sharma, who authored the judgment, explained the principle of “merit-induced shift”, under which meritorious reserved category candidates move to the unreserved category if they qualify on equal standards.
• The ruling arose from a 2013 Airports Authority of India (AAI) recruitment for Junior Assistant (Fire Service) posts.
• A 2020 Kerala High Court verdict that ruled against AAI was set aside by the Supreme Court.
• The Court reaffirmed that the judgment flows from Article 14 (Equality before law) and Article 16 (Equality of opportunity in public employment) of the Constitution.
• The judgment aims to preserve reserved seats for candidates who genuinely require reservation benefits while maintaining meritocracy.
• It is expected to standardise recruitment practices, reduce litigation, and bring clarity to central and state recruitment agencies.

Prime Minister Narendra Modi Lays Foundation Stone of ₹6,957 Crore Kaziranga Elevated Corridor in Assam

• Prime Minister Narendra Modi laid the foundation stone of the ₹6,957 crore Kaziranga Elevated Corridor, in Assam.
• He also virtually flagged off two Amrit Bharat Express trains to enhance long-distance rail connectivity.
• The Kaziranga Elevated Corridor is a 34.5-kilometre-long elevated road being constructed as part of the widening of National Highway–715 (NH-715).
• NH-715 runs along the southern boundary of Kaziranga National Park, separating it from the Karbi Anglong hills.
• During monsoon floods, wildlife migrates southwards to higher ground, but heavy traffic on the highway blocks animal movement.
• The elevated corridor allows vehicles to move above, while animals cross safely underneath, reducing human–wildlife conflict.
• The project includes bypasses around Jakhalabandha and Bokakhat to reduce urban traffic congestion.
• NH-715 is considered one of the biggest threats to wildlife in Kaziranga due to increasing vehicular traffic.
• Studies have recorded over 6,000 animal deaths in a single year, especially during the monsoon season, on this highway stretch.
• High vehicle speed, night-time traffic, and poor visibility make crossings dangerous for animals like deer, leopards, and one-horned rhinoceroses.
• By diverting traffic onto elevated sections, the natural habitat below remains accessible to wildlife.
• Forest officials expect a significant reduction in roadkill, while conservationists emphasise eco-sensitive construction practices.
• Once completed, the corridor will improve connectivity between Guwahati, eastern Assam, and Numaligarh.
• The project is expected to boost trade, tourism, employment, and local livelihoods in the region.

About Assam:

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

India’s First Sleeper Vande Bharat Train Launched Between Howrah and Guwahati

• Prime Minister Narendra Modi launched India’s first Sleeper Vande Bharat train, flagging it off from Malda, West Bengal.
• The train connects Howrah (Kolkata) with Kamakhya (Guwahati), strengthening rail connectivity between eastern and northeastern India.
• This is the first-ever Vande Bharat sleeper version, designed specifically for overnight long-distance travel.
• The Sleeper Vande Bharat is an upgraded version of the Vande Bharat Express, offering sleeping berths, modern interiors and Rajdhani-class comfort with faster travel.
• It is fully Made in India, reflecting Indian Railways’ focus on self-reliance, modernization and passenger comfort.
• The train will operate six days a week in both directions and will complete the journey in about 14 hours.
• Departure timings: Howrah at 6:20 PM and Kamakhya at 6:15 PM, making it suitable for overnight travel.
• The service is expected to boost tourism, trade and people-to-people movement between West Bengal and Assam.
• Along with this train, four Amrit Bharat Express trains were also launched from West Bengal, improving long-distance connectivity to southern and western India.
• At the same event, rail and road projects worth ₹3,250 crore were inaugurated and foundation stones laid to strengthen infrastructure in eastern India.
• Vande Bharat trains, introduced in 2019, are semi-high-speed trains manufactured under Make in India, with around 150 trains operational nationwide, and the sleeper variant expanding services to long inter-state routes.

MSME Ministry Approves Two New Technology Centres in Himachal Pradesh

• The Ministry of Micro, Small and Medium Enterprises approved two new MSME Technology Centres in Himachal Pradesh at Pandoga (Una district) and Parwanoo (Solan district).
• Each Technology Centre will be developed at an estimated cost of ₹10 crore, aimed at strengthening industrial growth, skill development and employment generation in the state.
• Pandoga and Parwanoo are part of 13 new MSME Technology Centre Extension Centres approved nationwide, reflecting the government’s focus on expanding technical infrastructure for MSMEs.
• Parwanoo, located near Chandigarh, is an established industrial hub, while Pandoga’s selection is expected to promote balanced regional industrial development in Himachal Pradesh.
• The centres will provide advanced manufacturing support, design assistance, quality improvement services and technical training to local MSMEs.
• A key objective is skill development of youth, through hands-on technical training, entrepreneurship support and employability enhancement.
• The initiative is expected to attract fresh industrial investment, support startups, reduce migration and strengthen the local economy, particularly in manufacturing and allied sectors.

Jharkhand Implements PESA Act After 25 Years

• Jharkhand has notified rules under the Panchayats (Extension to Scheduled Areas) Act, 1996 (PESA) nearly 25 years after its enactment, marking a significant step towards tribal self-governance in Fifth Schedule areas.
• The move has triggered debate and concern among tribal leaders and activists, who fear that the new rules may dilute the constitutional authority of Gram Sabhas and weaken customary governance systems.
• PESA Act, 1996 aims to extend self-rule to Scheduled Areas, empower Gram Sabhas, protect customary laws, and ensure community control over land, forests and natural resources.
• In Jharkhand, the rules apply fully in 13 districts including Ranchi, Khunti, Gumla, Simdega, West Singhbhum, East Singhbhum, Dumka and Pakur, with partial implementation in Palamu, Godda and Garhwa.
• Jharkhand has a tribal population of 26.3%, spread across over 12,000 villages, and is home to 32 tribal communities, including 8 Particularly Vulnerable Tribal Groups (PVTGs).
• The rules declare the Gram Sabha as the supreme institution in Scheduled Areas, with powers over minor minerals, small water bodies, community resources, dispute resolution and action against social evils, including imposing fines up to ₹2,000.
• Gram Sabha leadership is to be chosen as per traditional customs, but official notification of Gram Sabha boundaries by district administration has raised concerns over bureaucratic control.
• Customary leaders and tribal organisations expressed concern that Gram Sabhas have no control over District Mineral Foundation funds and Tribal Sub Plan allocations, despite Jharkhand holding nearly 40% of India’s mineral resources.
• Jharkhand has around 29.5% forest cover and produces minerals worth about ₹15,000 crore annually, yet tribal communities continue to face poverty, malnutrition, anaemia and livelihood insecurity.

About Jharkhand:

• Capital: Ranchi
• Chief Minister: Hemant Soren
• Governor: Santosh Gangwar
• National Parks: Betla National Park
• Wildlife Sanctuaries: Palamau Wildlife Sanctuary, Hazaribagh Wildlife Sanctuary, Dalma Wildlife Sanctuary, Koderma Wildlife Sanctuary, Mahuadanr Wolf Sanctuary, Topchanchi Wildlife Sanctuary

Spituk Gustor Festival Begins in Ladakh

• The two-day Spituk Gustor Festival has commenced at Spituk Monastery in Ladakh, marking the first monastic festival of the year in the region.
• The festival is held after seven days of prayers and rituals seeking world peace, prosperity and victory over evil forces.
• Spituk Gustor symbolically marks the end of the first and coldest phase of Ladakh’s harsh winter, indicating a seasonal transition.
• A major attraction of the festival is the Cham (sacred masked dance) performed by monks in elaborate costumes, representing the destruction of negative energies and triumph of good over evil.
• The festival is celebrated at Spituk Monastery, one of the oldest Buddhist monasteries in Ladakh, and follows the traditions of the Geluk-pa (Yellow Hat) order of Tibetan Buddhism.
• The term ‘Gustor’ means ‘sacrifice of the 29th day’ in the local language and the festival is observed on the 28th and 29th days of the 11th month of the Tibetan calendar.
• Rituals include the burning of effigies representing evil forms, symbolising purification and protection.
• Monks from Stok, Sankar, Saboo and Spituk monasteries congregate, and the protective amulet of the monastery is unveiled for public blessings.

About Ladakh (Union Territory):

• Lieutenant Governor: Kavinder Gupta
• Capital: Leh (summer), Kargil (winter)
• Districts: Leh and Kargil
• National Parks: Hemis National Park
• Wildlife Sanctuaries: Changthang Wildlife Sanctuary, Karakoram Wildlife Sanctuary

CURRENT AFFAIRS : INTERNATIONAL NEWS

India and Israel Formalise Partnership to Boost Fisheries and Aquaculture Sector

• India and Israel signed a Joint Ministerial Declaration of Intent to deepen bilateral cooperation in Fisheries and Aquaculture.
• The Declaration was signed during a high-level Indian visit to Israel (13–15 January 2026).
• The Indian delegation was led by Union Minister Rajiv Ranjan Singh, Ministry of Fisheries, Animal Husbandry and Dairying (MoFAH&D).
• The signing took place on the sidelines of the Second Global Summit on “Blue Food Security: Sea the Future 2026” held in Eilat, Israel.

Key Highlights :

• A major focus of the agreement is the establishment of a new Indo–Israel Centres of Excellence (CoE) for Fisheries and Aquaculture.
• Both countries will undertake joint Research & Development (R&D) in advanced aquaculture technologies.
• Key technologies include Recirculating Aquaculture Systems (RAS), biofloc, cage culture, aquaponics, and aquarium systems including oceanariums.
• Cooperation will cover high-yield species breeding, pathogen-free seed production, and broodstock development.
• The declaration also includes genetic improvement programmes, mariculture, and seaweed cultivation.
• Efficient water management in aquaculture will be strengthened using Israeli water-saving technologies.
• The agreement emphasises sustainable fishing practices and technology-driven fisheries monitoring systems.
• Capacity building is a key pillar, including training for fishers, start-up exchanges, and innovation support.
• The Declaration aims to strengthen the Blue Economy, food security, and climate-resilient aquaculture development in both countries.

About Israel :

• President : Isaac Herzog
• Prime Minister : Benjamin Netanyahu
• Capital : Jerusalem
• Currency : New shekel

Vietnam Hosts 6th ASEAN–India Digital Ministers’ Meeting in Virtual Mode

• The 6th ASEAN–India Digital Ministers’ Meeting (ADGMIN) was hosted virtually by Vietnam under the theme “Adaptive ASEAN: From Connectivity to Connected Intelligence.”
• The meeting was co-chaired by Amit Agrawal, Secretary, Department of Telecommunications (DoT), India, and Nguyen Manh Hung, Minister of Science and Technology, Vietnam.
• ADGMIN is an annual dialogue platform bringing together telecom and digital ministers of 11 ASEAN Member States along with ASEAN Dialogue Partners to enhance regional and global digital cooperation.
• The meeting approved the ASEAN–India Digital Work Plan 2026, focusing on ICT training, capacity-building programmes, the India–ASEAN Regulators’ Conference, and the deployment of telecom ICT solutions.
• The ASEAN–India Fund was officially operationalised, aimed at financing digital transformation and innovation projects across ASEAN member countries.
• The meeting adopted the Hanoi Declaration, emphasizing cooperation in Artificial Intelligence (AI), broadband connectivity, resilient digital infrastructure, and digital inclusion.
• The Declaration also reaffirmed commitment to the ASEAN Digital Masterplan 2026–2030, strengthening long-term digital integration between India and ASEAN.

CURRENT AFFAIRS : DEFENCE NEWS

INS Sagardhwani Flagged Off from Kochi for 5th Edition of Sagar Maitri by DRDO’s Naval Physical and Oceanographic Laboratory

• INS Sagardhwani, India’s oceanographic research vessel under the Naval Physical and Oceanographic Laboratory (NPOL) of DRDO, was flagged off for the 5th edition of Sagar Maitri (SM-5) from Southern Naval Command, Kochi on 17 January 2026.
• The vessel was flagged off by Radha Mohan Singh, Chairperson of the Parliamentary Standing Committee on Defence, in the presence of senior officials from the Indian Navy and DRDO.
• Sagar Maitri is a flagship collaborative initiative of the Indian Navy and DRDO, aligned with India’s MAHASAGAR vision (Mutual and Holistic Advancement for Security and Growth Across Regions), aimed at enhancing scientific and socio-economic cooperation among Indian Ocean Rim (IOR)
• Under the programme, INS Sagardhwani will retrace the historic routes of INS Kistna, which participated in the International Indian Ocean Expedition (1962–65).
• The initiative seeks to build sustained scientific collaboration with eight IOR countries: Oman, Maldives, Sri Lanka, Thailand, Malaysia, Singapore, Indonesia, and Myanmar.
• INS Sagardhwani is a specialised marine acoustic research vessel designed by NPOL and built by Garden Reach Shipbuilders & Engineers (GRSE), commissioned in July 1994, and has contributed significantly to India’s maritime scientific capabilities for over three decades.
• The Sagar Maitri programme promotes closer socio-economic cooperation and scientific interaction, especially in ocean research, among IOR nations, and includes the MAITRI (Marine & Allied Interdisciplinary Training and Research Initiative) for long-term collaboration in ocean R&D.
• During the missions, oceanographic and acoustic data are collected along designated observational tracks, supporting Underwater Domain Awareness (UDA) for the Indian Navy.
• The ongoing SM-5 mission marks the initiation of collaborative oceanographic studies with Maldives, enabling joint research and professional exchange among scientists of IOR nations.
• NPOL, Kochi, has been conducting oceanographic missions under Sagar Maitri to strengthen scientific cooperation and capacity building among IOR countries.

16th ASEAN Defence Ministers’ Meeting -Plus Counter Terrorism Experts Group Meeting Scheduled in New Delhi

• The 16th ASEAN Defence Ministers’ Meeting (ADMM)-Plus Experts Working Group (EWG) on Counter Terrorism (CT) will be held in New Delhi from 14–16 January 2026.
• India and Malaysia will co-chair the 16th ADMM-Plus EWG on Counter Terrorism.
• The meeting will be attended by 11 ASEAN member countries: Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Vietnam, Singapore, Thailand, and Timor Leste.
• Seven Dialogue Partners—Australia, New Zealand, Japan, Republic of Korea (South Korea), China, the United States, and Russia—along with ASEAN Secretariat representatives, will participate.
• This will be the third meeting of the 2024–2027 three-year cooperation cycle under the ADMM-Plus Counter Terrorism framework.
• The meeting aims to review progress, deliberate on ongoing initiatives, and plan future activities under the three-year Counter Terrorism work plan.
• A Final Planning Conference (FPC) for the Table-Top Exercise (TTX) will be conducted on 14 January 2026.
• Malaysia will host the Table-Top Exercise (TTX) later in 2026.
• India will conduct a Field Training Exercise (FTX) in 2027 to test the practical outcomes of the three-year cooperation cycle.
• The ADMM-Plus is a platform for practical defence cooperation among member nations.
• ADMM-Plus focuses on seven areas of cooperation: Counter Terrorism, Maritime Security, Humanitarian Assistance and Disaster Relief (HADR), Peacekeeping Operations, Military Medicine, Humanitarian Mine Action, and Cyber Security.
• Experts Working Groups (EWGs) are established to facilitate cooperation in each of these seven focus areas.
• The co-chairing countries are responsible for setting objectives, policy guidelines, and directions for the EWG during the three-year chairmanship cycle.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Kotak Mahindra Bank Appoints Former Bajaj Finance MD Anup Kumar Saha as Whole-Time Director, Pending RBI Approval

• Anup Kumar Saha, former Managing Director (MD) of Bajaj Finance, has been appointed as Whole-Time Director on the board of Kotak Mahindra Bank, subject to RBI approval, for a three-year term.
• The appointment is part of leadership rebuilding at Kotak Mahindra Bank following multiple senior exits and the earlier fragmentation of the consumer banking business.
• Anup Kumar Saha played a pivotal role over eight years at Bajaj Finance, transforming it into one of India’s largest and most profitable consumer finance NBFCs.

About Kotak Mahindra Bank Limited :

• Headquarters : Mumbai, Maharashtra.
• MD & CEO : Ashok Vaswani

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Institute of Technology Madras Creates Data-Driven Dashboard to Enhance Road Safety Governance

• The Indian Institute of Technology Madras (IIT Madras) has developed an Integrated Road Safety Dashboard to strengthen road safety governance and help reduce road accidents across India.
• The dashboard is designed as a scalable and replicable digital public infrastructure, enabling States and Union Territories to adopt it according to their road safety strategies.
• The platform has already been successfully adopted by the Government of Odisha during Road Safety Month 2026, demonstrating its practical governance value.
• The dashboard was developed by the Rehabilitation Bioengineering Group (RBG Labs) at IIT Madras, showcasing how academic research and technology can directly support e-governance and public service delivery.
• The platform was conceptualised and designed by RBG Labs and implemented by National Informatics Centre Services Inc (NICSI), integrating data from multiple departments and presenting it through real-time analytics and actionable insights.
• RBG Labs is an interdisciplinary research group focused on solving societal problems through evidence-based innovation, especially in transportation safety, human factors, medical devices, and lean operations.
• The dashboard is positioned for wider replication across India to enhance road safety planning and monitoring.

Union Minister Dr Jitendra Singh Inaugurates India’s First Open-Sea Marine Fish Farming Project at North Bay, Andaman Sea in Collaboration with Ministry of Earth Sciences and A&N UT Government

• Jitendra Singh, Union Minister of State (IC) for Science & Technology and Earth Sciences, launched India’s first-ever open-sea Marine Fish Farming project from the Andaman Sea at North Bay, Sri Vijaya Puram on January 18, 2026.
• The initiative is a key step towards achieving India’s Blue Economy vision, emphasised by Prime Minister Narendra Modi, by leveraging the untapped economic potential of ocean resources.
• The project is implemented through collaboration between the Ministry of Earth Sciences, its technical arm National Institute of Ocean Technology (NIOT), and the Andaman & Nicobar Islands UT Administration.
• The project focuses on open-sea cultivation of marine finfish (such as seabass and cobia) and seaweed in natural ocean conditions using NIOT-developed open-sea cages, integrating advanced marine science with livelihood generation.
• During his visit, Dr Jitendra Singh also toured the Mahatma Gandhi Marine National Park (MGMNP) near Wandoor, one of India’s first marine parks, established in 1983, spread across 15 islands, and known for protected islands like Jolly Buoy and Red Skin, accessible via the Wandoor Jetty.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India–Germany Sign Joint Declaration of Intent on Telecommunications Cooperation

• India and Germany signed a Joint Declaration of Intent (JDI) on Telecommunications Cooperation during the official visit of German Federal Chancellor Friedrich Merz to India in January 2026.
• The JDI was signed by Amit Agrawal, Secretary (Telecom), Government of India, and Philipp Ackermann on behalf of the Government of Germany.
• The agreement was concluded between India’s Department of Telecommunications (DoT) and Germany’s Federal Ministry for Digital Transformation and Government Modernisation (BMDS).
• The declaration aims to deepen bilateral cooperation in telecommunications and Information and Communication Technologies (ICTs).
• It reflects the growing momentum in India–Germany strategic relations supported by sustained high-level political engagement.
• The JDI focuses on innovation-driven growth and inclusive, sustainable digital transformation in both countries.
• Key areas of cooperation include exchange of information and best practices, collaboration in emerging and future digital technologies, and cooperation in policy and regulatory frameworks.
• It also emphasises strengthening telecom and ICT manufacturing capabilities and improving ease of doing business, supporting industry-led growth.
• The JDI establishes an institutional framework with regular consultations and annual high-level meetings.
• Dedicated working groups and multi-stakeholder engagement involving government, industry, academia, and research institutions will support implementation.
• India and Germany will also cooperate in international and multilateral fora to promote shared perspectives on digital governance, connectivity, and emerging technologies.
• Joint engagement at global platforms is expected to contribute to norm-setting in telecommunications and digital development.

Daily CA One- Liner: January 20

• The Government of India blocked 242 illegal betting and gambling website links in January 2026 as part of an intensified enforcement drive
• India witnessed a new literary initiative with the launch of the first-ever NAMO Book Fest in New Delhi
• The Karnataka government amended the land revenue law to address long-pending documentation issues related to Jamma Bane lands in Kodagu district
• The Supreme Court of India ruled that unreserved (general) category seats in public recruitment are open to all candidates purely on merit, irrespective of social category
• Prime Minister Narendra Modi laid the foundation stone of the ₹6,957 crore Kaziranga Elevated Corridor, in Assam
• Prime Minister Narendra Modi launched India’s first Sleeper Vande Bharat train, flagging it off from Malda, West Bengal
• The Ministry of Micro, Small and Medium Enterprises approved two new MSME Technology Centres in Himachal Pradesh at Pandoga (Una district) and Parwanoo (Solan district).
• Jharkhand has notified rules under the Panchayats (Extension to Scheduled Areas) Act, 1996 (PESA) nearly 25 years after its enactment, marking a significant step towards tribal self-governance in Fifth Schedule areas.
• The two-day Spituk Gustor Festival has commenced at Spituk Monastery in Ladakh, marking the first monastic festival of the year in the region
• India and Germany signed a Joint Declaration of Intent (JDI) on Telecommunications Cooperation during the official visit of German Federal Chancellor Friedrich Merz to India in January 2026
• The Reserve Bank of India (RBI) issued the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) 2026 to simplify and strengthen grievance redressal for customers of banks and financial institutions.
• The Government of India has continued the Modified Interest Subvention Scheme (MISS) for 2025-26 to provide short-term crop loans and allied activity loans to farmers through Kisan Credit Cards (KCC).
• The Reserve Bank of India (RBI) issued draft amendment directions to clarify the calculation of Owned Fund / Tier-1 Capital for NBFCs and Asset Reconstruction Companies (ARCs) to comply with credit and investment concentration limits and invited public comments till 28 January 2026.
• Piramal Finance Limited (PFL) secured USD 350 million multilateral funding, marking its first borrowing from Development Finance Institutions (DFIs).
• The Reserve Bank of India (RBI) has proposed reopening the licensing window for new Urban Co-operative Banks (UCBs) after 22 years, as the previous window was closed in 2004 due to widespread failures of newly licensed banks.
• India and Israel signed a Joint Ministerial Declaration of Intent to deepen bilateral cooperation in Fisheries and Aquaculture.
• The 6th ASEAN–India Digital Ministers’ Meeting (ADGMIN) was hosted virtually by Vietnam under the theme “Adaptive ASEAN: From Connectivity to Connected Intelligence.”
• INS Sagardhwani, India’s oceanographic research vessel under the Naval Physical and Oceanographic Laboratory (NPOL) of DRDO, was flagged off for the 5th edition of Sagar Maitri (SM-5) from Southern Naval Command, Kochi on 17 January 2026.
• The 16th ASEAN Defence Ministers’ Meeting (ADMM)-Plus Experts Working Group (EWG) on Counter Terrorism (CT) will be held in New Delhi from 14–16 January 2026.
• Anup Kumar Saha, former Managing Director (MD) of Bajaj Finance, has been appointed as Whole-Time Director on the board of Kotak Mahindra Bank, subject to RBI approval, for a three-year term.
• The Indian Institute of Technology Madras (IIT Madras) has developed an Integrated Road Safety Dashboard to strengthen road safety governance and help reduce road accidents across India.
• Jitendra Singh, Union Minister of State (IC) for Science & Technology and Earth Sciences, launched India’s first-ever open-sea Marine Fish Farming project from the Andaman Sea at North Bay, Sri Vijaya Puram on January 18, 2026.