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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Insurance Regulatory and Development Authority of India Restricts Niva Bupa and Acko General Insurance from Opening New Branches for Six Months

• The Insurance Regulatory and Development Authority of India (IRDAI) has barred Niva Bupa Health Insurance Company Limited from opening any new place of business for six months, with the restriction effective from 19 August 2026.
• The action against Niva Bupa relates to its non-compliance with the applicable Expense of Management (EoM) limits for the financial year 2024–25.
• IRDAI has directed Niva Bupa not to add or open any new branches/places of business during the six-month restriction period.
• The order followed an explanation sought by IRDAI from Niva Bupa regarding its compliance with the applicable EoM limits for FY 2024–25, after which the company submitted its response to the regulator.
• Niva Bupa stated in its disclosure to the BSE that it is evaluating the IRDAI order and will take appropriate steps to safeguard the interests of stakeholders.
• Niva Bupa stated that it was in compliance with the IRDAI (Expenses of Management, including Commission of Insurers) Regulations, 2024 for the full financial year ended 31 March 2026.
• Niva Bupa also stated that it was compliant with the EoM Regulations, 2024 for the quarter ended 30 June 2026 (Q1 FY27) and was on track to ensure compliance for the financial year ending 31 March 2027.
• In a separate order, IRDAI also barred Acko General Insurance from opening new places of business for a period of six months.
• Acko General Insurance was also warned by IRDAI for failing to ensure compliance with the applicable Expense of Management (EoM) limits for FY 2024–25.
• The action against both Niva Bupa Health Insurance and Acko General Insurance highlights IRDAI’s focus on enforcing Expense of Management regulations and strengthening regulatory compliance in the insurance sector.

About Niva Bupa Health Insurance Company Limited :

• Niva Bupa Health Insurance Company Limited is an Indian health insurance company founded in 2008 and headquartered in New Delhi.
• Niva Bupa is a subsidiary of Bupa, a UK-based health insurance and healthcare company.

About Acko General Insurance :

• Acko General Insurance is an Indian private-sector general insurance company headquartered in Bengaluru.

About IRDAI:

• Headquarters (HQ): Hyderabad, Telangana, India
• Chairperson: Ajay Seth
• Founded: 1999 

Ind-Ra Raises India’s FY27 Gross Domestic Product Growth Forecast by 10 Bps to 6.8%

• India Ratings and Research (Ind-Ra), a wholly-owned subsidiary of Fitch Group, has raised India’s Gross Domestic Product (GDP) growth forecast for FY 2026–27 (FY27) by 10 basis points (bps) to 6.8%, from its earlier estimate of 6.7%.
• Ind-Ra revised the GDP growth forecast upward mainly due to expectations of lower crude oil prices, which could support India’s economic growth.
• Despite the upward revision, Ind-Ra highlighted several downside risks that could weaken India’s growth outlook.
• The major risks include geopolitical developments, particularly the ongoing West Asia conflict, which could affect economic activity and energy prices.
• Other risks identified by Ind-Ra include high headline inflation, a depreciating Indian currency, and weaker-than-expected Capital Expenditure (Capex).
• The agency particularly highlighted the risk of lower central government Capex, as weaker public investment could affect growth and complicate efforts to manage fiscal risks.
• Ind-Ra projected India’s nominal GDP growth at 10.4% in FY27, compared with 8.9% in FY26.
• Wholesale Price Index (WPI) inflation is projected to rise significantly to 8.5% in FY27, according to Ind-Ra.
• Consumer Price Index (CPI) inflation is projected to average 9% in FY27, compared with more than 2% in FY26 as stated in the report.
• The agency expects retail inflation to average 4.9% in FY27, indicating a significant increase from the FY26 average of over 2%.
• The Government of India’s fiscal deficit target of 4.3% of GDP for FY27 remains challenging, according to Ind-Ra.
• The fiscal deficit target faces pressure from higher expenditure on Liquefied Petroleum Gas (LPG) and fertiliser subsidies.
• Ind-Ra expects India’s Current Account Deficit (CAD) to widen to 1.5% of GDP in FY27, compared with 0.6% of GDP in FY26.

India and Asian Development Bank Ink $230 Million Loan Agreement to Upgrade Chennai’s Water and Sanitation Infrastructure

• The Government of India and the Asian Development Bank (ADB) signed a $230 million loan agreement to modernise and expand Chennai’s water supply and sanitation infrastructure.
• The project is named the Chennai Climate-Resilient Water Security and Sewerage Project and aims to improve access to safe, reliable and equitable water supply and better sanitation services across Chennai.
• The project will strengthen Chennai’s climate resilience, improve public health and quality of life, and support a more efficient and financially sustainable urban water system.

Key Highlights :

• The Government of India’s engagement with ADB for finalising the loan was carried out under the guidance of Shri Baldeo Purushartha, Joint Secretary (ADB & Japan), Department of Economic Affairs (DEA), Ministry of Finance.
• The loan documents were signed by Shri Saurabh Singh, Deputy Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India.
• Mio Oka, Country Director, India Resident Mission, signed the loan documents on behalf of the Asian Development Bank (ADB).
• The project will construct more than 170 km of water supply pipes and sewer pipes to strengthen Chennai’s urban water and sanitation network.
• The project will upgrade 7 water pumping stations and 38 sewer pumping stations to improve the efficiency and reliability of water and sewerage services.
• Water utility assets and operations management will be strengthened through performance-based contracts, promoting better service delivery and operational efficiency.
• Chennai will become the first Indian city to implement a comprehensive ring-main solution under the project.
• A ring-main solution is a closed-loop plumbing system designed to maintain balanced water pressure and distribute water efficiently across service areas.
• The comprehensive ring-main system is expected to improve reliability, equity and resilience to natural hazards in Chennai’s urban water supply system.
• ADB will support the digital transformation of Chennai’s water and sanitation services through real-time monitoring, data-driven decision-making and improved customer responsiveness.
• The project will introduce advanced technologies to eliminate hazardous manual sewer inspections, thereby improving worker safety.
• Advanced technology will also make sewer blockage detection faster and safer, reducing risks associated with manual inspection and maintenance.
• The project will prepare distribution networks in at least two Greater Chennai zones for future investments and expansion.
• The project will contribute to stronger climate-change resilience by making Chennai’s water and sanitation infrastructure better equipped to deal with natural hazards and climate-related challenges.
• The project is aligned with the Government of India’s flagship urban development interventions, including Atal Mission for Rejuvenation and Urban Transformation 2.0 (AMRUT 2.0) and the Urban Challenge Fund.

About ADB :

• Formation : 19 December 1966
• Headquarters : Philippines
• President : Masato Kanda
• Members : 69 countries

Paul Merchants Finance Launches India’s First Exclusive Silver Loan Branches for an Non-Banking Financial Company

• Paul Merchants Finance Private Limited (PMFPL), a diversified Non-Banking Financial Company (NBFC) and part of the Paul Merchants Group, has launched its Loan Against Silver
• With this launch, PMFPL has become the first NBFC in India to establish exclusive branches dedicated to silver loans.
• The initiative follows the Reserve Bank of India (RBI)’s Lending Against Gold and Silver Collateral Directions, 2025, which brought lending against eligible silver collateral into the formal regulated lending framework.
• PMFPL has initially started its Silver Loan operations in the Union Territory of Chandigarh.
• The company plans to expand its silver loan offering to other locations in a phased manner.
• Under the new Loan Against Silver facility, eligible customers can avail loans ranging from ₹2,000 to ₹15 lakh.
• The loans will be provided against eligible silver jewellery, silver ornaments and approved silver coins, subject to PMFPL’s lending policies and regulatory norms.
• The launch is significant because it expands the use of silver as eligible collateral within the regulated lending ecosystem following the RBI’s 2025 directions.

About PMFPL :

• Founded : 2010 and is an RBI-regulated NBFC.
• Headquarters : Chandigarh.
• PMFPL offers various financial products, including secured Micro, Small and Medium Enterprises (MSME) loans, Loans Against Property (LAP) and corporate loans.

Public Sector Banks Seek 2% Climate Finance Sub-target Within Priority Sector Lending Framework

• Public Sector Banks (PSBs) have proposed creating a separate 2% sub-target for climate and transition finance within the existing 40% Priority Sector Lending (PSL) requirement for Scheduled Commercial Banks (SCBs).
• The proposed 2% climate and transition-finance sub-target would be carved out of the existing 40% of Adjusted Net Bank Credit (ANBC) PSL requirement.
• Currently, there is no separate sub-target for climate or transition finance under the PSL framework.
• Under the existing 40% ANBC PSL target, the major sub-targets include agriculture – 18%, micro enterprises – 7.5%, and weaker sections – 12%, with the remaining portion covering other eligible sectors.
• The weaker sections category includes Scheduled Castes (SCs), Scheduled Tribes (STs), minority communities, and Self-Help Groups (SHGs).
• Other eligible sectors under PSL include housing, education, renewable energy, social infrastructure, and export credit.
• PSBs have proposed increasing the PSL lending limit for renewable energy projects to encourage greater financing of India’s clean-energy transition.
• The proposed lending limit for wind and small hydropower projects under PSL is ₹75 crore, compared with the existing ₹35 crore limit.
• For solar photovoltaic projects, PSBs have proposed retaining the existing lending limit of ₹35 crore.
• Despite the proposed increase for wind and small hydro projects, the overall borrower ceiling would remain at ₹100 crore from the banking system.
• Under the existing renewable-energy PSL framework, eligible projects include solar photovoltaic, wind, and small hydropower projects.
• PSBs have proposed bringing electric vehicle (EV) financing within the PSL framework to promote clean mobility.
• Loans of up to ₹2 lakh for electric two-wheelers and ₹20 lakh for electric four-wheelers purchased for personal use have been proposed for PSL treatment.
• Banks have also proposed PSL treatment for loans of up to ₹25 lakh for EV battery-swapping and charging infrastructure.
• Financing for commercial electric vehicle fleet operators up to ₹50 crore has also been proposed for inclusion under PSL.
• These proposals were presented to Finance Minister Nirmala Sitharaman during the two-day PSB Confluence, organised by the Department of Financial Services (DFS).

State Bank of India Raises USD 500 Million Through Overseas Bond Issue Amid Strong Investor Demand

• State Bank of India (SBI) has successfully raised USD 500 million through a public dollar bond issue from its London branch, demonstrating strong global investor confidence in India’s largest lender.
• The five-year bonds carry a coupon rate of 5.25% and were issued under the Regulation S framework.
• The bonds were benchmarked against the 5-year US Treasury, with final pricing set at a spread of 88 basis points (bps) over the US Treasury benchmark.
• SBI initially launched the bond issue with pricing guidance of around 120 bps over US Treasuries, but strong investor demand enabled the bank to tighten the spread by 32 bps to 88 bps at final pricing.
• The bond issue attracted a peak order book of USD 2.46 billion from 145 investors, which was nearly five times the issue size, highlighting strong demand among global fixed-income investors.
• SBI’s bonds will be listed on three exchanges: Singapore Exchange Securities Trading (SGX-ST), India International Exchange (India INX), and NSE International Exchange (NSE-IX).
• The bonds received a BBB rating from S&P, BBB- rating from Fitch, and BBB+/Stable rating from CareEdge Global, reflecting the credit assessments assigned by the respective rating agencies.
• The successful bond issue was completed despite a challenging and uncertain global macroeconomic environment, indicating continued international investor appetite for SBI’s debt securities.
• The SBI issue reflects strong investor demand for Indian banking-sector debt and demonstrates the bank’s ability to access international capital markets at competitive pricing.
• In June 2026, HDFC Bank had also raised USD 750 million through a five-year overseas bond issue at a spread of around 90 bps over US Treasuries.
• HDFC Bank had initially launched its issue at around 120 bps guidance, but strong demand helped it achieve a lower final spread, showing a similar strong-demand trend in the international bond market.

CURRENT AFFAIRS : NATIONAL & STATE NEWS

India’s Makhana Sector: From Traditional Crop to Global Superfood

• Makhana, scientifically known as Euryale ferox, is an aquatic crop whose edible seeds are processed and popped to produce the popular fox nut snack.
• India is the world’s largest producer of makhana, with Bihar, West Bengal, and Assam being the major producing states.
• Bihar is the central hub of India’s makhana sector, particularly in the Kosi basin districts of Supaul, Saharsa, and Madhepura, along with nearby areas of the Mithila and Seemanchal
• The National Makhana Board was announced in the Union Budget 2025-26 to modernize and strengthen the makhana sector.
• The National Makhana Board was formally launched in Bihar on 15 September 2025.
• The Government has approved a Central Sector Scheme for Development of Makhana with a total outlay of ₹476.03 crore for the period 2025-26 to 2030-31.
• Under the scheme, the Government is focusing on quality seeds, research and innovation, farmer training, improved harvesting and post-harvest practices, value addition, branding, marketing, exports, and quality control.
• The Government approved ₹30 crore for 2025-26 and ₹90 crore for 2026-27 under the Makhana Development Scheme.
• India’s makhana export market is highly concentrated, with the United States accounting for 40%, Canada 20%, and the United Arab Emirates 17% of total makhana exports.
• The United States, Canada, and the UAE together account for 77% of India’s total makhana exports, highlighting their importance as major export destinations.
• Makhana has emerged as one of India’s fastest-growing agri-food sectors, driven by increasing health awareness, rising domestic demand, and strong export potential.

National Commission for Women Hosts ‘Yashoda AI’ Programme in Jalandhar to Advance Women’s Digital Empowerment

• The National Commission for Women (NCW) organised the “Yashoda AI – Women’s Path to AI Empowerment” programme at Lovely Professional University (LPU), Jalandhar, Punjab.
• The Yashoda AI programme aims to promote Artificial Intelligence (AI) literacy, digital empowerment, cyber safety and greater participation of women in emerging technologies.
• The Yashoda AI initiative was originally launched on 22 May 2025 at Mahatma Jyotiba Phule Rohilkhand University, Bareilly, Uttar Pradesh.
• The initiative was launched by Vijaya Rahatkar, Chairperson of the National Commission for Women (NCW), to equip women with AI skills and encourage their participation in technology-driven fields.
• During her visit to Jalandhar, Punjab, the NCW Chairperson also chaired a review meeting with senior district administrative officials to assess issues related to women’s safety and protection.
• The review meeting highlighted women’s safety as an important indicator of good governance.
• The NCW Chairperson inaugurated the “She Serves” programme at a women’s college in Jalandhar, Punjab, to encourage young women to explore career opportunities in the Armed Forces.

About National Commission for Women (NCW) :

• Established : 1992
• Headquarters : New Delhi.
• Chairperson : Vijaya Kishore Rahatkar
• The NCW is a statutory body responsible for protecting and promoting women’s rights in India.

Government Approves Incentive Scheme to Accelerate Domestic Piped Natural Gas Connections Across India

• The Government of India has approved an incentive scheme to accelerate the expansion of domestic Piped Natural Gas (PNG) connections by encouraging City Gas Distribution (CGD) companies to activate unbilled connections and expand PNG networks into new areas.
• The APM/NAPM Incentive Scheme will come into effect from 1 September 2026 and aims to increase the number of billed domestic PNG connections across the country.
• India currently has around 1.74 crore domestic PNG connections, providing households with a cleaner, safer, and more convenient cooking fuel compared with LPG cylinders and traditional fuels.
• Under the scheme, eligible CGD entities will receive an additional allocation of 200 SCM (Standard Cubic Metres) of domestically produced lower-priced APM gas for every incremental billed domestic PNG connection achieved above the prescribed geographical-area threshold.
• The additional 200 SCM of APM gas will act as an incentive for CGD companies to activate unbilled PNG connections and expand their domestic PNG customer base.
• The scheme will be implemented in two tranches over six months, providing a time-bound incentive for CGD companies to increase domestic PNG connections.
• The additional allocation of domestic APM gas is expected to replace costlier Liquefied Natural Gas (LNG) currently used by CGD companies.
• By replacing expensive LNG with lower-priced domestic APM gas, the scheme is expected to reduce gas-sourcing costs for CGD companies and support wider PNG adoption.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United Nations High Commissioner for Refugees, Southern India Chamber of Commerce and Industry and Ethiraj College Collaborate to Promote Refugee Education and Inclusion

• The United Nations High Commissioner for Refugees (UNHCR), Southern India Chamber of Commerce and Industry (SICCI) and Ethiraj College for Women (Autonomous), Chennai, Tamil Nadu signed a Memorandum of Understanding (MoU) to promote refugee self-reliance and inclusion in India.
• The MoU aims to strengthen collaboration in education, research and community engagement for the benefit of refugee communities in India.
• The partnership combines the academic expertise of Ethiraj College for Women with the technical and operational experience of UNHCR and the SICCI-UNHCR Partnership Forum.
• Under the MoU, initiatives will focus on education, research, community engagement and livelihood support to enhance self-reliance among refugees.
• The Department of Social Work, Ethiraj College for Women will function as the nodal department for coordinating and implementing the collaborative activities under the MoU.
• The SICCI-UNHCR Partnership Forum works to promote the self-reliance and socio-economic inclusion of refugee communities in India.
• The partnership will particularly support initiatives for Sri Lankan refugees residing in Tamil Nadu, along with other refugee communities in India.
• The MoU was signed by P. Ganapathi, Former President of SICCI; V.M. Muralidharan, Chairman of Ethiraj College for Women; and S. Uma Gowrie, Principal and Secretary of Ethiraj College for Women.
• Valan Michael, Head of Field Office, UNHCR, was present during the signing of the MoU.

About UNHCR :

• Established : 1950
• Headquarters : Geneva, Switzerland.
• UNHCR, also known as the UN Refugee Agency, is a United Nations agency responsible for protecting refugees, forcibly displaced people and stateless persons.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Dr. Eluri Sreedhar Named Honorary Advisor to Brazil, Russia, India, China, South Africa Chamber of Commerce & Industry

• Dr. Eluri Sreedhar was appointed as an Honorary Advisor to the BRICS Chamber of Commerce & Industry (BRICS CCI).
• The appointment letter was presented by Sameep Shastri, Chairman of BRICS CCI and grandson of former Indian Prime Minister Lal Bahadur Shastri.
• BRICS CCI also appointed Yogesh Sharma as its National Advisor.

About Dr. Eluri Sreedhar :

• Dr. Eluri Sreedhar is a prominent educator, technocrat, and enterprise strategist, recognised for his contributions to social development, entrepreneurship, community empowerment, and para-sports management.
• Dr. Sreedhar founded Sreedhar’s CCE (College of Competitive Exams), a renowned competitive examination training platform.
• As Honorary Advisor, Dr. Sreedhar will contribute to initiatives related to economic collaboration, strategic partnerships, inclusive development, community empowerment, and development-oriented programmes.
• His advisory role will involve collaboration with government stakeholders to support development-focused initiatives.

About BRICS CCI :

• Established : 2012
• Headquarters : New Delhi, Delhi.
• BRICS CCI is an apex parent organisation registered under the Societies Registration Act, 1860.
• BRICS CCI is empanelled with NITI Aayog (National Institution for Transforming India), Government of India (GoI).

CURRENT AFFAIRS : MOUS & AGREEMENTS

Department for Promotion of Industry and Internal Trade Partners with PhonePe and Shell India to Strengthen Support for Startups

• The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry signed Memoranda of Understanding (MoUs) with PhonePe and Shell India Pvt. Ltd. to strengthen support for DPIIT-recognised startups.
• The partnerships aim to promote innovation across key sectors and strengthen India’s startup ecosystem by improving access to technology, digital infrastructure, mentorship, market opportunities, and industry networks.
• The collaborations are intended to foster a robust, inclusive, and self-reliant startup ecosystem in India.
• Under the DPIIT–PhonePe partnership, DPIIT-recognised startups will receive transaction credits through PhonePe’s Payment Gateway, helping them access digital payment infrastructure.
• Startups will also receive access to the Indus AppStore, along with dedicated onboarding and support services to facilitate their digital adoption and business operations.
• The partnership will provide startups with opportunities for enhanced brand visibility, helping them improve their market presence and reach potential customers.
• PhonePe will conduct regular masterclasses and webinars covering important areas such as fintech, sales, go-to-market strategies, and business scaling.
• These capacity-building initiatives will help startups strengthen their capabilities, improve business skills, and accelerate growth.
• Under the DPIIT–Shell India partnership, the primary focus will be on supporting startups working in energy and climate technology.
• Shell India will provide eligible startups with mentorship, strategic guidance, investor and incubator connections, and opportunities to participate in the Shell E4 Smart Energy Track.
• The Shell partnership will help startups develop and scale innovative solutions in energy and climate technology and contribute to India’s clean energy transition.
• The collaboration will also promote knowledge-sharing through success stories, white papers, policy briefs, industry reports, and case studies related to energy and climate-tech innovation.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army’s Territorial Army Unveils ‘Terrier Cyber Quest 2026’

• The Territorial Army, in collaboration with CyberPeace, has launched Terrier Cyber Quest 2026 (TCQ 3.0), a national-level hackathon focused on developing innovative solutions for contemporary defence, cybersecurity and information-domain challenges.
• TCQ 3.0 is the third edition of the competition and aims to bring together technical talent from academia, industry, research institutions, government organisations and the Armed Forces.
• The initiative focuses on emerging areas such as Artificial Intelligence (AI), cybersecurity, threat mitigation and digital awareness, while promoting the development of indigenous solutions relevant to national security.
• The Bug Hunting track is a cybersecurity challenge that begins with an online Capture-the-Flag (CTF) qualifier and culminates in an in-person live sandbox finale.
• Under Bug Hunting, participants will be required to identify and document vulnerabilities in simulated critical infrastructure environments.
• The AI Kavach track is an AI and machine-learning-based challenge aimed at developing solutions for predictive threat intelligence, automated defence mechanisms and anomaly detection.
• The Creators Challenge is a digital media and storytelling competition designed for content creators, communicators and influencers.
• Under the Creators Challenge, participants will develop impactful awareness campaigns to address emerging digital threats such as deepfakes, phishing, online scams and misinformation.
• Registrations for Terrier Cyber Quest 2026 are open until 31 August 2026.
• The online shortlisting phase of the competition will be conducted from 1 to 10 September 2026.
• The Grand Finale of TCQ 3.0 will be held in New Delhi from 6 to 8 October 2026.
• The Award Ceremony will be held on 9 October 2026.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

 Competition Commission of India Approves Prudential Corporation Holdings’ Acquisition of Stake in Bharti Life Insurance Company

• The Competition Commission of India (CCI), under the Ministry of Corporate Affairs (MCA), approved the proposal of Prudential Corporation Holdings Limited to acquire a majority stake in Bharti Life Insurance Company Limited.
• Prudential Corporation Holdings Limited is the acquirer and is a subsidiary of British financial services company Prudential plc.
• Bharti Life Insurance Company Limited is the target company and is an IRDAI-licensed insurer.
• Under the proposed arrangement, Prudential Corporation Holdings will acquire a 75% stake in Bharti Life Insurance Company.
• The 75% stake will be acquired from Bharti Life Ventures Pvt. Ltd. and 360 ONE Asset Management for ₹3,500 crore, equivalent to around USD 389 million.
• The acquisition is subject to obtaining other applicable regulatory and statutory approvals before completion.
• To meet regulatory requirements, Prudential is required to reduce its existing holding in its life insurance venture with ICICI Bank Limited, where it currently holds a 22% stake.
• After completion of the transaction, Prudential’s Indian operations will include a majority-owned Bharti Life Insurance Company and Prudential HCL Health Insurance Ltd.

About Competition Commission of India (CCI) :

• Established : October 2003 under the Competition Commission of India Act, 2002.
• The CCI is India’s main national market competition regulator, with the key mandate of preventing unfair business practices, promoting fair trade, and protecting consumer interests.

Reserve Bank of India Allows Life Insurance Corporation of India to Raise Stake in HDFC Bank Up to 9.99%

• The Reserve Bank of India (RBI) approved Life Insurance Corporation of India (LIC) to acquire an aggregate holding of up to 9.99% of the paid-up share capital or voting rights of HDFC Bank Limited.
• HDFC Bank is one of India’s leading private-sector banks and is described in the given information as India’s largest private-sector bank.
• LIC currently holds a 4.11% stake in HDFC Bank, according to the latest beneficial position as of 14 August 2026.
• The RBI approval is subject to compliance with the Banking Regulation Act, 1949, and the RBI (Commercial Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025.
• The proposed acquisition must also comply with the Foreign Exchange Management Act (FEMA), 1999, SEBI regulations, and other applicable laws.
• The approval provides LIC greater flexibility to increase its exposure to HDFC Bank and strengthens its position as a major institutional investor in India’s financial sector.
• The RBI’s approval does not mean that LIC will immediately increase its stake to 99%; any further acquisition will be carried out subject to RBI conditions and applicable regulatory norms.

About LIC :

• Founded : 1956
• Headquarters : Mumbai, Maharashtra.
• CEO & MD : R. Doraiswamy
• Life Insurance Corporation of India (LIC) operates in the insurance and financial services sectors.

Google Wins Bid to Acquire Spirit Airlines’ Business Data for Artificial Intelligence  Development

• Google, a subsidiary of Alphabet Inc., emerged as the winning bidder in a bankruptcy auction to acquire a portion of Spirit Airlines’ internal enterprise data and software assets.
• Google placed a bid of USD 10 million for the assets, which are intended for product development and Artificial Intelligence (AI) model training.
• The proposed sale is still subject to approval by a U.S. bankruptcy court.
• Spirit Airlines shut down its operations in May 2026 after facing financial difficulties, including high debt and rising fuel costs, and subsequently began selling its assets through bankruptcy proceedings.
• Google will acquire Spirit Airlines’ internal enterprise data, including employee emails, Microsoft Teams messages, spreadsheets, calendars, marketing data, productivity data, and operations data.
• The acquired dataset will be used for AI model training and product development.
• Before the transfer, the data will be de-identified and will not include customer information or personally identifiable information (PII).
• In the bankruptcy auction, Google’s USD 10 million bid defeated Mercor, an AI data company, which had submitted a USD 7.5 million bid.
• The transaction requires final approval from a U.S. bankruptcy court before the sale can be completed.

About Google : 

• Headquarters : Mountain View, California, USA
• CEO : Sundar Pichai
• Founded : 1998, while its parent company Alphabet Inc. was established in 2015.

CURRENT AFFAIRS : APPS & PORTALS

Central Information Commission Launches Upgraded Portal for Second Appeals and Complaints

• The Central Information Commission (CIC) launched the upgraded Appeal and Complaint Management System (AppCoMS 2.0) on 17 August 2026.
• Raj Kumar Goyal, the Chief Information Commissioner (CIC), inaugurated the upgraded AppCoMS 2.0

Key Highlights :

• AppCoMS 2.0 has been developed to strengthen the digital infrastructure of the CIC and streamline the processing of Second Appeals and Complaints filed under the Right to Information (RTI) Act, 2005.
• The upgraded system was developed and implemented according to the prescribed project timeline to improve the Commission’s digital workflow and case-processing efficiency.
• The Appeal and Complaint Management System (AppCoMS) is an online web application portal introduced by the Central Information Commission in September 2016.
• The original AppCoMS portal enabled citizens to file Second Appeals and Complaints online and facilitated end-to-end digital processing of cases.
• The original system supported digital processes such as case registration, hearing scheduling, issuance of notices, uploading of decisions, and other related processes.
• AppCoMS 2.0 is a technologically upgraded platform featuring enhanced security standards, improved functionalities, and streamlined workflows.
• The upgraded portal aims to provide a smoother, faster, and more user-friendly experience for applicants and other stakeholders.
• AppCoMS 2.0 introduces user accounts for Applicants, Central Public Information Officers (CPIOs) of Public Authorities, and other stakeholders.
• User accounts are linked with the stakeholders’ e-mail IDs and mobile numbers, strengthening authentication and digital communication.
• Under AppCoMS 2.0, applicants can submit Second Appeals and Complaints through their individual user accounts.
• Applicants can view case timelines, providing greater transparency regarding the progress of their cases.
• Applicants can access case-related documents through the upgraded portal.
• Applicants can download hearing notices and decisions/orders directly from the portal.
• A major feature of AppCoMS 2.0 is the use of Digital Signature Certificates (DSCs) for digitally signing and issuing notices and orders by the Commission.
• The upgraded system provides enhanced facilities for Public Authorities and designated officers involved in RTI cases.
• CPIOs can create user accounts, access details of Second Appeals and Complaints, and submit case-related documents online through the portal.
• The introduction of online facilities for CPIOs is expected to improve coordination between the CIC and Public Authorities.
• Decisions issued during the transition period from 1 August 2026 onwards and dispatched by post will be uploaded on the upgraded portal/website in the following days.
• The launch of AppCoMS 2.0 supports the Government of India’s efforts towards transparent, citizen-centric governance through technology and digital transformation.

About Central Information Commission :

• Central Information Commission (CIC) is a statutory body established under the Right to Information (RTI) Act, 2005.
• The CIC was established in 2005 to ensure effective implementation of the RTI Act, 2005.
• It functions as the apex authority for adjudicating appeals and complaints related to access to information.
• The CIC deals with appeals and complaints concerning information sought from Central Public Authorities.
• Its jurisdiction covers Union Ministries, Departments, and Public Sector Undertakings (PSUs).
• Headquarters : New Delhi, Delhi.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Reliance Industries Limited Partners with Rolls-Royce to Develop Indigenous Engine for India’s Advanced Medium Combat Aircraft Programme

• Reliance Industries Limited (RIL) entered into a strategic partnership with Rolls-Royce Limited, a British luxury car company, to design, develop, manufacture, and deliver a sovereign indigenous combat engine for India’s Advanced Medium Combat Aircraft (AMCA) programme.
• Under the partnership, RIL and Rolls-Royce will explore setting up a dedicated Aerospace Gas Turbine Complex in India, which will serve as a Centre of Excellence (CoE) for power and propulsion technology.
• The collaboration aims to integrate Rolls-Royce’s advanced propulsion technology and expertise with RIL’s industrial and manufacturing capabilities for the joint development of the AMCA engine in India.
• The partnership is aimed at strengthening India’s indigenous aerospace and defence manufacturing capabilities and supporting the development of a sovereign combat engine.
• The AMCA programme aims to develop India’s 5th-generation stealth multi-role fighter aircraft for the Indian Air Force (IAF).
• The AMCA is expected to incorporate advanced features such as stealth technology, supercruise capability, advanced avionics, and Artificial Intelligence (AI)-assisted systems.
• The Aeronautical Development Agency (ADA) manages the AMCA programme and is an autonomous body working under the Department of Defence Research and Development (DoDR&D), Ministry of Defence (MoD).

About Reliance Industries Limited (RIL) :

• Established : 1958
• Headquarters : Mumbai, Maharashtra.
• RIL is India’s largest private-sector corporation, with operations spanning energy, petrochemicals, telecommunications, and retail, among other sectors.
• Mukesh Ambani leads Reliance Industries Limited (RIL).

AkinAnalytics Unveils Indigenous NIKA2 Kisan Medium Drone for Agricultural Applications

• AkinAnalytics, a women-led DeepTech and Defence Technology startup based in Hyderabad, Telangana, launched its indigenous NIKA2 Kisan Medium Drone to provide technology-driven solutions for farmers and field-intensive industries.
• NIKA2 Kisan Medium Drone was unveiled by Union Minister Shivraj Singh Chouhan of the Ministry of Agriculture & Farmers’ Welfare (MoA&FW) and the Ministry of Rural Development (MoRD) in New Delhi, Delhi.
• The launch of NIKA2 Kisan Medium Drone supports India’s indigenous drone ecosystem, technology-driven agriculture, and automation in field-intensive sectors.
• The drone launch advances the vision of “Make in India, Go Global”, highlighting India’s focus on indigenous technology development and global technological competitiveness.
• NIKA2 is equipped with a 16-litre spraying payload and a 12-litre spreading payload, making it suitable for various agricultural and field applications.
• The drone features advanced capabilities such as terrain-following technology, fail-safe systems, and night-operation capability.
• The NIKA2 drone platform is designed for multi-sectoral applications covering agriculture, aquaculture, plantations, mining, energy, infrastructure, and defence.
• One of the applications of NIKA2 includes aquaculture feed distribution, demonstrating its use beyond conventional agricultural spraying.
• AkinAnalytics is led by its Founder and Chief Executive Officer (CEO), Janaki Pulaparthi.
• Janaki Pulaparthi was recognised among the Forbes 40 Under 40 India Leaders (2025) and has also received recognition from various national innovation platforms for DeepTech and indigenous technology initiatives.

CURRENT AFFAIRS : ENVIRONMENT

Himalayan Plant ‘Impatiens nimspurjae’ Named After Mountaineer Nirmal Purja

• The Himalayan plant species Impatiens Nimspurjai was named in honour of legendary Nepali mountaineer Nirmal “Nimsdai” Purja for his outstanding contributions to mountaineering and high-altitude environmental conservation.
• Impatiens Nimspurjai was discovered in Myagdi district of Nepal by researchers Bhakta Bahadur Raskoti and Rita Ale.
• The species was first encountered in western Myagdi district of Nepal in 2011.
• The species was formally described in a 57-page study published in the peer-reviewed scientific journal PLOS ONE.
• Impatiens Nimspurjai belongs to the genus Impatiens and the flowering-plant family Balsaminaceae.
• Members of the Balsaminaceae family are locally known as “Tiuri” in Nepal.
• The plant grows on humid slopes and forest margins at an altitude of approximately 2,800–2,900 metres above sea level.
• The naming of the species recognises Nirmal “Nimsdai” Purja’s contributions to mountaineering and environmental conservation in high-altitude regions.
• Nirmal “Nimsdai” Purja climbed all 14 of the world’s 8,000-metre peaks in 2019, completing the feat in a record time of 6 months and 6 days.
• Nimsdai Purja was also part of the first successful winter ascent of K2 in 2021.
• He was appointed a Member of the Order of the British Empire (MBE) by Queen Elizabeth II in 2018.
• Nirmal Purja was also recognised by the United Nations Environment Programme (UNEP) as a Mountain Advocate.

Daily CA on Aug 22 :

• The Insurance Regulatory and Development Authority of India (IRDAI) has barred Niva Bupa Health Insurance Company Limited from opening any new place of business for six months, with the restriction effective from 19 August 2026.
• India Ratings and Research (Ind-Ra), a wholly-owned subsidiary of Fitch Group, has raised India’s Gross Domestic Product (GDP) growth forecast for FY 2026–27 (FY27) by 10 basis points (bps) to 6.8%, from its earlier estimate of 6.7%.
• The Government of India and the Asian Development Bank (ADB) signed a $230 million loan agreement to modernise and expand Chennai’s water supply and sanitation infrastructure.
• Paul Merchants Finance Private Limited (PMFPL), a diversified Non-Banking Financial Company (NBFC) and part of the Paul Merchants Group, has launched its Loan Against Silver
• Public Sector Banks (PSBs) have proposed creating a separate 2% sub-target for climate and transition finance within the existing 40% Priority Sector Lending (PSL) requirement for Scheduled Commercial Banks (SCBs).
• State Bank of India (SBI) has successfully raised USD 500 million through a public dollar bond issue from its London branch, demonstrating strong global investor confidence in India’s largest lender.
• Makhana, scientifically known as Euryale ferox, is an aquatic crop whose edible seeds are processed and popped to produce the popular fox nut snack.
• The National Commission for Women (NCW) organised the “Yashoda AI – Women’s Path to AI Empowerment” programme at Lovely Professional University (LPU), Jalandhar, Punjab.
• The Government of India has approved an incentive scheme to accelerate the expansion of domestic Piped Natural Gas (PNG) connections by encouraging City Gas Distribution (CGD) companies to activate unbilled connections and expand PNG networks into new areas.
• The United Nations High Commissioner for Refugees (UNHCR), Southern India Chamber of Commerce and Industry (SICCI) and Ethiraj College for Women (Autonomous), Chennai, Tamil Nadu signed a Memorandum of Understanding (MoU) to promote refugee self-reliance and inclusion in India.
• Eluri Sreedhar was appointed as an Honorary Advisor to the BRICS Chamber of Commerce & Industry (BRICS CCI).
• The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry signed Memoranda of Understanding (MoUs) with PhonePe and Shell India Pvt. Ltd. to strengthen support for DPIIT-recognised startups.
• The Territorial Army, in collaboration with CyberPeace, has launched Terrier Cyber Quest 2026 (TCQ 3.0), a national-level hackathon focused on developing innovative solutions for contemporary defence, cybersecurity and information-domain challenges.
• The Competition Commission of India (CCI), under the Ministry of Corporate Affairs (MCA), approved the proposal of Prudential Corporation Holdings Limited to acquire a majority stake in Bharti Life Insurance Company Limited.
• The Reserve Bank of India (RBI) approved Life Insurance Corporation of India (LIC) to acquire an aggregate holding of up to 9.99% of the paid-up share capital or voting rights of HDFC Bank Limited.
• Google, a subsidiary of Alphabet Inc., emerged as the winning bidder in a bankruptcy auction to acquire a portion of Spirit Airlines’ internal enterprise data and software assets.
• The Central Information Commission (CIC) launched the upgraded Appeal and Complaint Management System (AppCoMS 2.0) on 17 August 2026.
• Reliance Industries Limited (RIL) entered into a strategic partnership with Rolls-Royce Limited, a British luxury car company, to design, develop, manufacture, and deliver a sovereign indigenous combat engine for India’s Advanced Medium Combat Aircraft (AMCA) programme.
• AkinAnalytics, a women-led DeepTech and Defence Technology startup based in Hyderabad, Telangana, launched its indigenous NIKA2 Kisan Medium Drone to provide technology-driven solutions for farmers and field-intensive industries.
• The Himalayan plant species Impatiens Nimspurjai was named in honour of legendary Nepali mountaineer Nirmal “Nimsdai” Purja for his outstanding contributions to mountaineering and high-altitude environmental conservation.