Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs August 2026 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs 23rd & 24th August 2026, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs  23rd & 24th August 2026 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

Daily Current Affairs PDF of  23rd & 24th August  2026

Get More: Static GK Pdfs

CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

IDFC FIRST Bank Makes Global Debt Market Debut with USD 500 Million Bond Issue

• IDFC First Bank Limited successfully completed its maiden USD 500 million bond issuance through its International Financial Services Centre (IFSC) Banking Unit (IBU) at GIFT City, Gandhinagar, Gujarat.
• The bond issuance marked IDFC First Bank’s debut in the global debt capital markets.
• The bonds have a 3-year tenure, with maturity due in 2029, and carry a fixed coupon rate of 5.625%.
• The bonds were issued in Regulation S format, meaning they were placed with investors outside the United States (USA).
• The bonds received an investment-grade ‘BBB-’ rating from S&P Global Ratings, with a Stable Outlook.
• The issuance attracted major global institutional investors, including BlackRock, Capital Group, and AllianceBernstein, demonstrating strong investor participation.
• Interest on the bonds will be paid semi-annually, on February 25 and August 25 each year.
• The first interest payment is scheduled for February 25, 2027.
• The bond issuance was conducted through the bank’s IFSC Banking Unit (IBU) located at GIFT City, India’s major international financial hub.

About IDFC First Bank : 

• Formed : 2018 through the merger of IDFC Bank Limited and Capital First Limited.
• Headquarters : Mumbai, Maharashtra.
• IDFC First Bank is a private-sector bank providing services such as retail banking, corporate banking, and wealth management.

Reserve Bank of India to End Foreign Currency Non-Resident (Bank) Concessional Swap Facility on August 31, 2026

• The Reserve Bank of India (RBI) has decided to close the concessional swap facility for Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits on 31 August 2026, one month earlier than the original deadline of 30 September 2026.
• Bankers have described the RBI’s decision as a “prudent” move, as FCNR(B) deposits represent a liability for Indian banks and the banks largely expect to meet their internal mobilisation targets.

Key Highlights :

• One Public Sector Bank (PSB) executive stated that the bank had already achieved its internal USD 2 billion target, while another banker expected to miss the target only marginally.
• The FCNR(B) swap facility was initially announced by the RBI on 5 June 2026 and became operational from 8 June 2026.
• The RBI decided to advance the closure date to 31 August 2026 from 30 September 2026 because of the “encouraging response” to the facility.
• The facility helped Indian banks mobilise a massive USD 52.3 billion in FCNR(B) deposits as of 13 August 2026.
• Bankers expect an additional USD 20 billion or so to be mobilised by the end of August 2026.
• Since the RBI bears the entire currency-hedging cost of FCNR(B) deposits under the concessional swap facility, the potential cost to the central bank could be significant.
• India’s foreign exchange reserves were around USD 700 billion at present and are projected in the report to reach around USD 800 billion in five years.
• During the 2013 FCNR(B) scheme, introduced amid the “taper tantrum” and foreign capital outflows, the Indian rupee strengthened by nearly 10%.
• The RBI had introduced a similar FCNR(B) swap scheme in September 2013 to strengthen India’s foreign exchange reserves during a period of financial-market pressure caused by expectations of US Federal Reserve monetary tightening.
• Indian banks had mobilised around USD 26 billion under the 2013 FCNR(B) scheme.
• The current FCNR(B) scheme has attracted strong interest from Non-Resident Indians (NRIs), partly because some banks have offered interest rates of more than 7%.
• Due to the leverage available under the arrangement, returns for some NRIs could be as high as 15%, increasing the attractiveness of FCNR(B) deposits.
• The FCNR(B) swap facility was part of a broader June 2026 package announced by the RBI to encourage foreign capital inflows and strengthen the Indian rupee.
• Along with FCNR(B) deposits, concessional swap facilities were also introduced for External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs).
• The concessional swap facilities for ECBs and OFCBs will remain open until the end of 2026, unlike the FCNR(B) facility, which will close on 31 August 2026.
• As of 13 August 2026, around USD 2.81 billion had been raised under the ECB swap facility, while USD 1.74 billion had been raised under the OFCB facility.

Bank Deposit Growth Rises to 15.4%, Highest Level Since December 2016: Reserve Bank of India Data

• According to Reserve Bank of India (RBI) data, Bank deposit growth accelerated to 15.4% year-on-year (Y-o-Y) as of 31 July 2026, the highest level since December 2016..
• Deposit growth increased sharply from 12.7% as of 15 July 2026 to 15.4% by 31 July 2026.
• The last time bank deposit growth exceeded this level was on 9 December 2016, when it stood at 15.46%.

Key Highlights :

• Aggregate bank deposits increased by ₹6.61 trillion during the fortnight ended 31 July 2026, taking the total outstanding deposit base to ₹269.41 trillion.
• The fortnightly increase in deposits represented a 2.5% rise in the aggregate deposit base.
• Time deposits contributed ₹4.21 trillion to the fortnightly increase, while demand deposits increased by ₹2.40 trillion.
• The sharp rise in deposits was partly driven by banks mobilising foreign currency deposits under the RBI’s special FCNR(B) swap facility.
• Banks had mobilised USD 36.7 billion through FCNR(B) deposits under the special facility by 31 July 2026.
• The RBI introduced the FCNR(B) swap facility in June 2026 for fresh FCNR(B) deposits with maturities of three to five years.
• Under the facility, the RBI bears the full currency-hedging cost for eligible FCNR(B) deposits, making the scheme attractive for banks and non-resident depositors.
• During FY27 so far, aggregate bank deposits increased by ₹7.13 trillion, compared with ₹7.69 trillion during the corresponding period of FY26.
• During the same FY27 period, time deposits increased by ₹9.70 trillion, while demand deposits declined by ₹2.58 trillion.
• The improvement in deposit growth occurred alongside a significant acceleration in bank credit growth, indicating stronger lending activity in the banking sector.
• Bank credit growth increased to 19.3% Y-o-Y as of 31 July 2026, compared with 17.7% as of 15 July 2026.
• The 19.3% credit growth was the highest since May 2024, highlighting a strong recovery in bank lending.
• Bank credit increased by ₹3.43 trillion during the fortnight ended 31 July 2026, taking total outstanding bank credit to ₹220.78 trillion.
• In FY27 so far, bank credit increased by ₹7.18 trillion, significantly higher than the ₹2.57 trillion increase during the corresponding period of the previous financial year.
• The gap between credit growth and deposit growth stood at 3.95 percentage points as of 31 July 2026, narrowing from 4.98 percentage points a fortnight earlier.

Wizzmoni and Oman Air Partner to Launch Wizz Voyager Multi-Currency Travel Card

• Wizzmoni Financial Services Ltd., formerly known as Unimoni, an Indian Non-Banking Finance Company (NBFC), entered into a strategic partnership with Oman Air.
• The partnership aims to launch the co-branded “Wizz Voyager Multi-Currency Card”, an Artificial Intelligence (AI)-powered travel card supporting multiple global currencies.
• The Wizz Voyager Multi-Currency Card is designed for international travellers, including students, professionals, and tourists.
• The card supports more than 35 currencies, providing a seamless digital foreign exchange (forex) experience.
• The card is supported by a feature-rich mobile application, offering real-time transaction tracking and smart financial controls.
• The partnership combines payments, rewards, and travel benefits on a single platform to provide a more seamless international travel experience.
• Wizz Voyager is a prepaid multi-currency foreign exchange card issued by Wizzmoni Financial Services in association with Visa Inc.

About About Wizzmoni :

• Wizzmoni Financial Services is an RBI-authorised Category-II Dealer (AD-II) and provides services including digital wallet solutions, multi-currency travel cards, and foreign exchange.

Securities and Exchange Board of India Proposes Relaxed Debt Listing Rules and Higher International Securities Identification Numbers Maturity Limits

• The Securities and Exchange Board of India (SEBI) has proposed several changes to ease funding constraints and improve liquidity management for debt issuers.
• The proposed reforms include scrapping an earlier mandate related to listing past debt securities and relaxing the framework governing International Securities Identification Numbers (ISINs).

What are International Securities Identification Numbers?

• International Securities Identification Number (ISIN) is a unique 12-character alphanumeric code used globally to identify financial instruments.
• ISINs are used to identify securities such as stocks, bonds, and derivatives accurately in the international financial system.
• ISINs facilitate cross-border trading, clearing, and settlement by providing a standardized identification system for financial instruments.
• The first 2 characters of an ISIN form the Country Code and consist of letters.
• The Country Code indicates the country where the company or issuer is registered.
• The next 9 characters form the Security Identifier, which can contain letters and numbers.
• The Security Identifier uniquely identifies the specific financial security.
• If locally assigned numbers are shorter than the required length, zeros are used to fill the remaining positions.
• The final 1 character of an ISIN is the Check Digit, which is a number.
• The Check Digit is used to detect errors and validate the authenticity/correctness of an ISIN.

Key Highlights :

• SEBI has proposed removing the requirement for issuers to mandatorily list all outstanding unlisted non-convertible debt securities issued after 1 January 2024 at the time of their first listing.
• Under the proposed framework, the decision to list past debt issuances would be left to the issuer’s discretion, while the requirement to list all subsequent issuances would continue.
• The earlier mandate requiring a listed entity to list all its outstanding unlisted non-convertible debt securities was introduced in September 2023 and became effective from January 2024.
• SEBI’s quarterly data analysis showed that listed debt issuances as a percentage of total debt issuances declined from 81% in September 2023 to 76.55% as of 30 June 2026.
• SEBI indicated that the decline in debt listings suggested that the requirement to list past outstanding issuances could have contributed to the reduction in new listings.
• Separately, SEBI has proposed increasing the maximum number of ISINs maturing in a financial year to 17, from the existing limit of 14.
• Under the proposed 17-ISIN limit, issuers would be allowed up to 12 ISINs for plain vanilla debt securities and 5 ISINs for structured and market-linked instruments.
• The structured and market-linked instruments covered under the proposed allocation include floating-rate bonds and zero-coupon bonds.
• SEBI has proposed a tiered mechanism to permit additional ISINs for large debt issuers, providing greater flexibility to entities with large refinancing requirements.
• Once the outstanding amount of plain vanilla debt maturing in a financial year reaches ₹15,000 crore, an issuer would be permitted one additional ISIN for every incremental ₹3,000 crore.
• SEBI has also proposed excluding certain categories from the ISIN cap, including Government of India-serviced bonds, Extra Budgetary Resources (EBR) bonds, and ESG debt securities.
• The proposed exclusion is intended to provide greater flexibility to Public Sector Undertakings (PSUs) and encourage the issuance of ESG-linked debt instruments.
• SEBI noted that PSUs frequently issue EBR bonds on behalf of the Government of India, and the existing ISIN caps can restrict their ability to raise funds for their own financing requirements.
• Excluding GoI and EBR bonds from the prescribed ISIN limits would therefore provide PSUs with an adequate number of ISINs to meet their funding requirements.
• The proposed changes were made in response to feedback from market participants, who highlighted that existing ISIN limits could result in bunching of liabilities and increase refinancing risks.
• The refinancing risk arising from ISIN restrictions is particularly relevant for Non-Banking Financial Companies (NBFCs), which frequently depend on debt-market funding.

India Records ₹26.75 Trillion in Investment Announcements During April 1–August 5, 2026

• According to a report by the Bank of Baroda Economics Research Department, Investment announcements in India totalled ₹26.75 trillion between April 1 and August 5, 2026, during FY 2026-27.
• The Information Technology-enabled Services (ITeS) sector accounted for around 56% of the total proposed investments, despite continued global uncertainties.
• The ITeS sector attracted proposed investments of around ₹14.98 trillion, with almost 99% of these investments concentrated in data centres and Artificial Intelligence (AI).
• The ₹14.98 trillion ITeS investments involve 13 companies, showing that investment activity in the sector remains highly concentrated.
• The report noted that investment announcements have not yet broadly spread to consumer-oriented industries, indicating a narrow concentration of new investments.
• Proposed investments in consumer goods, including automobiles, remained below ₹2,000 crore.
• The other electronics segment attracted investment announcements of around ₹51,000 crore, with nearly two-thirds of the proposed investments directed towards solar cells and batteries.
• A portion of the investment in solar cells and batteries could be linked to the Production-Linked Incentive (PLI) Scheme, which provides incentives to eligible manufacturers.
• Renewable energy accounted for around ₹25,000 crore of proposed investments, with the majority directed towards solar power-related activities.
• Aluminium and steel sectors are witnessing higher investment interest due to rising demand from infrastructure activity.
• Conventional electricity emerged as the second-largest investment category, with proposed investments of ₹6.86 trillion from seven companies.
• Out of the seven companies in the conventional electricity segment, four companies are in the nuclear power sector.
• These four nuclear power companies together have an envisaged investment outlay of around ₹6.5 trillion, highlighting the growing importance of nuclear energy investment.
• The domestic private sector accounted for the largest share, contributing around 86% of total investment announcements.
• Foreign private companies accounted for around 7.9% of the total proposed investments.
• Central government entities and commercial enterprises accounted for around 5.6% of total investment announcements.
• State government entities and commercial enterprises accounted for around 0.4% of the total proposed investments.
• The report expects India’s GDP growth to be around 6.6–6.8% in the current year, which would be lower than the previous year but still among the highest growth rates globally.
• Investment growth is projected at around 8.5–9.5%, slightly below the 9.9% investment growth recorded in the previous year.

Securities and Exchange Board of India Proposes Expanded Foreign Portfolio Investors Participation in Non-Agricultural Commodity Derivatives

• SEBI (Securities and Exchange Board of India) has proposed widening the participation of Foreign Portfolio Investors (FPIs) in Exchange-Traded Commodity Derivatives (ETCDs).
• The proposals aim to broaden the participant base, enhance liquidity and market depth, improve price discovery, strengthen convergence between derivatives and physical markets, and integrate India’s commodity derivatives market with the international commodity market.

Key Highlights :

• Under the first proposal, FPIs would be allowed to participate in non-agricultural index derivative contracts, irrespective of whether the underlying contracts are cash-settled.
• Currently, FPIs can participate only in cash-settled non-agricultural derivative contracts where the underlying contracts are also cash-settled.
• SEBI clarified that index derivatives are always cash-settled, regardless of whether their underlying assets are cash-settled, so allowing FPIs in such contracts would not create delivery-related issues.
• The Commodity Derivatives Advisory Committee (CDAC) has agreed with the proposal to widen FPI participation in non-agricultural index derivatives.
• Under the second proposal, FPIs would be permitted to participate in non-cash-settled or physically settled non-agricultural commodity derivatives traded on domestic exchanges.
• The proposed commodity derivatives would include contracts linked to crude oil, natural gas, gold, silver, and base metals, which are closely connected with global benchmarks.
• SEBI stated that allowing FPIs in physically settled non-agricultural commodity derivatives would increase liquidity, broaden the participant base, strengthen derivatives–physical market convergence, and promote the international integration of India’s commodity derivatives market.
• FPIs would be required to square off or roll over their positions before the beginning of the tender period, which starts three days before expiry (T-3).
• If an FPI fails to voluntarily square off or roll over its position by the prescribed time, the open position would be automatically transferred to the proprietary account of a designated Trading Member (TM) or Trading-cum-Clearing Member (TCM).
• This safeguard has been proposed because FPIs cannot take or make physical delivery in India, mainly due to the absence of a permanent establishment in the country.
• SEBI noted that even if an FPI authorises a trading member or broker to handle commodity delivery on its behalf, the FPI may still have to obtain GST registration for buying or selling commodities in India.
• Therefore, SEBI has proposed the mandatory square-off or roll-over requirement to prevent FPIs from entering the physical delivery process.
• SEBI has also acknowledged that relying only on voluntary square-off/roll-over may not be sufficient because the mechanism depends on timely action by the FPI.
• To address this risk, SEBI has proposed a layered/two-tier safeguard mechanism for positions that remain open beyond the permitted period.
• For this mechanism, FPIs would have to enter into either a tripartite agreement with a Professional Clearing Member (PCM) and a Trading Member (TM), or a bipartite agreement with a Trading-cum-Clearing Member (TCM).
• The stock exchanges would standardise the format and material terms of these agreements.
• The automatic safeguard would be triggered when an FPI does not square off or roll over its position by the close of market hours on T-3.
• The open position would be automatically transferred after market hours on T-1, using the closing price or daily settlement price declared by the exchange.
• After the transfer, the FPI would have no further obligation or exposure relating to that position, including any responsibility connected with the tender or physical delivery process.
• The designated TM/TCM would receive up to two trading days to bring any transferred position that exceeds its prescribed position limits back within those limits.
• The onboarding agreement may include a pre-agreed “Proprietary Risk Absorption Charge”, which would be payable by the FPI for the risk and margin burden arising from an involuntary transfer of its position.

Apple Pay Expected to Enter India by Late September or October 2026

• Apple Pay is expected to launch in India by late September or October 2026, although Apple has not officially confirmed the launch timeline or feature set.
• At launch, Apple Pay is expected to support Visa and Mastercard credit cards, while UPI support will be excluded initially.
• UPI integration requires approval from the National Payments Corporation of India (NPCI) and a partnership with a sponsor bank to route transactions; Apple has reportedly not yet completed these requirements.
• Initially, Apple Pay is expected to be limited to NFC-based card payments and online card transactions, restricting its reach compared with widely accepted UPI-based payment apps.
• Apple is reportedly seeking an interchange fee of 15–20 basis points per transaction, while major Indian banks have offered around 10 basis points.
• Interchange fee is the fee paid by the merchant’s bank to the card-issuing bank for a card transaction and is included in the Merchant Discount Rate (MDR).
• If agreed, the proposed interchange fee would come from banks’ existing interchange revenue and would not be an additional charge to customers or merchants.
• Apple is reportedly in talks with major Indian lenders, including HDFC Bank, ICICI Bank and Axis Bank, regarding credit-card support for Apple Pay.
• Apple resumed accepting Visa and Mastercard credit and debit cards in India from July 2026 for Apple Account purchases, ending a four-year suspension.
• The renewed card-payment facility allows eligible users to pay directly for iCloud+, Apple Music, App Store purchases and other subscriptions without relying on UPI, net banking or Apple Account balance top-ups.
• Apple had suspended card payments in 2022 after the RBI introduced stricter rules for recurring card transactions.
• The RBI’s framework requires stronger authentication, tokenised card credentials, and prohibits merchants from storing raw card details.
• At launch, Apple Pay is expected to mainly benefit iPhone, Apple Watch and iPad users with eligible Visa or Mastercard credit cards.
• Apple Pay would enable one-tap payments at NFC-enabled stores, apps and websites.
• Apple Pay is already available in more than 90 countries.
• The initial Apple Pay launch is not expected to immediately affect QR-code-based UPI payments, which are widely used in India.

Securities and Exchange Board of India Proposes Remote Digital Know Your Client for Non-Resident Indians and Overseas Citizens of India to Invest in Indian Markets

• Securities and Exchange Board of India (SEBI) has proposed changes to simplify the Know Your Client (KYC) process for eligible overseas investors in India’s securities market.
• The proposal would allow eligible Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and foreign nationals to complete KYC without travelling to India.
• The proposal covers individual Persons Resident Outside India (PROIs) who are located in FATF-compliant countries.
• At present, physical presence in India is required for digital onboarding of such eligible overseas investors.

Key Highlights :

• Under the proposed framework, eligible PROIs could complete digital KYC while staying overseas, removing the requirement to be physically present in India during onboarding.
• The proposal does not apply to individuals seeking registration as Foreign Portfolio Investors (FPIs), who will continue to follow the separate FPI regulatory framework.
• SEBI has proposed additional security and verification safeguards for investors completing KYC remotely.
• The proposed digital KYC process would include a liveness check to help verify that the person undergoing KYC is genuine and physically present during the verification.
• KYC verification would be carried out in the presence of an authorised representative as part of the proposed remote onboarding safeguards.
• The process would also include live capture of the investor’s latitude and longitude to establish the investor’s actual location.
• The captured geographical location would have to match the country mentioned in the investor’s proof of address.
• Intermediaries would also be required to block connections using spoofed IP addresses, providing an additional safeguard against fraudulent or manipulated locations.
• The proposal therefore does not remove KYC requirements; instead, it seeks to allow eligible overseas investors to complete the existing verification process remotely and digitally.
• SEBI has also proposed making KYC records of individual PROIs portable across intermediaries, which could reduce repeated KYC procedures.
• Under the proposal, KYC Registration Agencies (KRAs) could treat verified KYC records as portable across eligible intermediaries.
• Individual KYC details could be marked as “validated” after being verified against official or source databases.
• The portability mechanism could enable an overseas investor to reuse verified KYC information when approaching another SEBI-registered intermediary, instead of undergoing the same KYC process again.
• An intermediary could also use KYC information that has already been verified by another SEBI-registered intermediary or another regulated financial-sector entity, subject to the proposed framework and available KYC records.
• The proposed changes are aimed at making the onboarding process simpler, more convenient, and digitally accessible for the Indian diaspora and other eligible overseas investors.
• If approved, the changes could make it easier for eligible NRIs, OCIs and foreign nationals to access India’s securities market without travelling to India solely for KYC formalities.
• The proposals are currently at the consultation/proposal stage and will need to be finalised by SEBI before they become effective.

State Bank of India Plans to Raise Funds Through Five-Year US Dollar Bond Issue

• State Bank of India (SBI), India’s largest lender, is planning to raise funds through five-year US dollar-denominated bonds.
• The final amount SBI will raise will depend on its ability to compress the initial price guidance of 120 basis points over the benchmark US Treasury yield.
• The proposed bonds will be issued in one or more tranches of $250 million.
• The bond issue will be drawn from SBI’s $10-billion Medium-Term Note (MTN) Programme.
• The notes will mature on August 18, 2031 and will be issued as Regulation S (Reg S), senior unsecured securities.
• The proceeds will be used for general corporate purposes and to meet the funding requirements of SBI’s overseas offices and branches.
• The bonds will carry an investor put option at 101% if the aggregate direct and indirect shareholding of the Government of India falls below 51%.
• The proposed notes are planned to be listed on the Singapore Exchange (SGX), NSE International Exchange (NSE IX) and India International Exchange (India INX).
• BNP Paribas, Citigroup, Crédit Agricole CIB, Emirates NBD Bank, HSBC, MUFG and Standard Chartered Bank have been appointed as joint bookrunners and joint lead managers.
• ICICI Bank, India’s second-largest private-sector lender, had recently raised $1 billion through five-year senior unsecured dollar bonds.
• ICICI Bank compressed its initial price guidance by 30 basis points, finally raising $1 billion at a spread of 100 basis points over US Treasuries.
• Since June 2026, major Indian banks have increasingly accessed the US dollar bond market to raise overseas funds.
• The increased overseas borrowing followed the RBI’s concessional swap window, under which the RBI absorbs part of the hedging cost, making overseas dollar funding cheaper for Indian banks.
• HDFC Bank was the first among the major banks mentioned to tap the market, raising $750 million, followed by Axis Bank with $300 million and ICICI Bank with $1 billion.
• Since June 2026, SBI has also raised $600 million through a private placement of three-year dollar bonds at a spread of 100 basis points over the Secured Overnight Financing Rate (SOFR).

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Indian Semiconductor Start-ups Raise $206 Million Since 2022

• Indian semiconductor start-ups have raised approximately $206 million across 51 funding rounds since 2022, according to the Indian Semiconductor Startup Landscape 2026 report released by Speciale Invest in partnership with the Startup Policy Forum (SPF).
• In H1 2026, semiconductor start-ups raised $61.9 million, which was 81% of the $76.6 million raised during the entire 2025.

Key Highlights

• The number of funding rounds declined from 16 in 2024 to 13 in 2025 and 7 in H1 2026, indicating a shift towards fewer but larger investments in start-ups that are closer to product development and commercialisation.
• 24 chip-design projects have been supported under the Design Linked Incentive (DLI) Scheme, of which 14 subsequently raised institutional venture capital, collectively securing $100.8 million across their first and second funding rounds.
• C2i Semiconductors, NetraSemi, Morphing Machines and Mindgrove Technologies account for around 56% of the private capital raised by DLI-backed companies.
• The Indian semiconductor start-up ecosystem is expanding beyond digital, Radio Frequency (RF), RISC-V and edge System-on-Chip (SoC) technologies into photonics, power and compound semiconductors, fab tooling, metrology, Artificial Intelligence (AI) data-centre silicon, semiconductor design workflows and analogue AI inference.
• The report highlights the growing role of government-backed semiconductor programmes in helping start-ups cross expensive technical milestones, which subsequently attracts private institutional investment.

Indian Railways’ Lease Payments to Indian Railway Finance Corporation Rise to ₹46,538 Crore in FY 2025-26

• Indian Railway Finance Corporation (IRFC) is the dedicated market borrowing arm of Indian Railways (IR) and primarily finances rolling stock assets and railway infrastructure projects, which are subsequently leased to Indian Railways.
• IRFC also has a mandate to provide financing to entities having forward and backward linkages with the Railways, including power generation and transmission, mining, fuel, coal, warehousing, telecommunications, hotels and catering.

Key Highlights

• In recent years, the Government of India has provided greater Gross Budgetary Support (GBS) to Indian Railways for infrastructure and rolling stock projects, reducing dependence on Extra Budgetary Resources (EBR).
• The total principal repayment and interest payment made by Indian Railways towards lease charges to IRFC and the Ministry of Finance (MoF) increased steadily from ₹28,702 crore in FY 2021-22 to ₹46,538 crore in FY 2025-26.

RECENT NEWS

• Indian Railways has rolled out a significant passenger-friendly service of online personal luggage booking for its passengers who have reserved tickets. The facility goes live on July 31, 2026. The Railway Board has instructed every zone to execute the service.

Supreme Court Reduces Practice Requirement for Entry-Level Judicial Service Exams

• The Supreme Court of India has modified its May 2025 judgment on eligibility for entry-level judicial service examinations, reducing the mandatory legal practice requirement for law graduates from 3 years to 1 year.

Key Highlights

• The decision was delivered by a 3-member Bench comprising Chief Justice Surya Kant, Justice A.G. Masih and Justice K. Vinod Chandran in a 2:1 split verdict while dismissing the review petition.
• Candidates appearing for judicial service examinations notified between 25 May 2025 and 31 March 2027 will remain eligible irrespective of prior legal practice experience.
• Candidates selected through these examinations will initially be appointed as trainee judicial officers.
• They will undergo 1 year of training at a judicial academy, followed by 1 year of structured clerkship.
• The earlier May 2025 verdict had barred fresh law graduates from directly appearing in entry-level judicial service examinations by introducing a minimum 3-year legal practice requirement.

West Bengal Government Launches Four Toll-Free Helplines Against Extortion and Illegal Activities

• Union Home Minister Amit Shah announced the launch of four toll-free helplines in West Bengal to enable citizens to directly report complaints related to extortion, syndicate activities, illegal road and toll tax collections, and illegal liquor.

Key Highlights

• The helplines were reviewed during a meeting chaired by Amit Shah with West Bengal Chief Minister Suvendu Adhikari and senior officials in Siliguri.
• The government has assured swift action on complaints received through the helplines.
• Helpline Numbers:
• 155334 – Extortion
• 155335 – Syndicate activities
• 155337 – Illegal road and toll tax collections
• 155339 – Illegal liquor
• The initiative aims to provide citizens with a direct mechanism to report illegal activities and strengthen action against organised extortion and illegal collections in the state.

RECENT NEWS

• The West Bengal government has approved the implementation strategy of the Pradhan Mantri Cha Shramik Protsahan Yojana which allows for a special assistance package worth ₹313.3 crores aimed at uplifting the conditions of tea garden workers in the North Bengal region. 

About West Bengal:

• Chief Minister: Suvendu Adhikari
• Governor: R.N. Ravi
• Capital: Kolkata
• National Parks: Sundarbans National Park, Jaldapara National Park, Gorumara National Park, Singalila National Park, Neora Valley National Park, Buxa National Park
• Wildlife Sanctuaries: Senchal Wildlife Sanctuary, Buxa Wildlife Sanctuary, Raiganj Wildlife Sanctuary, Ballavpur Wildlife Sanctuary, Chintamani Kar Bird Sanctuary, Lothian Island Wildlife Sanctuary, West Sundarban Wildlife Sanctuary

Government Notifies Mobile Phone Manufacturing Scheme (MPMS) with ₹62,500 Crore Outlay

• The Ministry of Electronics and Information Technology (MeitY) has notified the Mobile Phone Manufacturing Scheme (MPMS) with a budgetary outlay of ₹62,500 crore to strengthen India’s mobile phone manufacturing ecosystem.

Key Highlights

• The scheme will operate for 5 years from Financial Year (FY) 2026-27 to FY 2030-31 and aims to enhance global competitiveness, Domestic Value Addition (DVA), domestic manufacturing capabilities and employment generation.
• MPMS has two Target Segments:
• Target Segment 1 (TS1): Incentivising mobile phone manufacturing.
• Target Segment 2 (TS2): Supporting Indian mobile phone brands.
• Under TS1, manufacturers will receive incentives ranging from 2.25% to 5%.
• Under TS2, eligible Indian brands will receive 5% incentive, along with an additional 3% incentive for Indian design and Research and Development (R&D).
• An additional incentive of up to 1.5% will be provided for domestic sourcing of key components and sub-assemblies, subject to prescribed localisation conditions.
• An Indian Brand under TS2 must have its Intellectual Property (IP) and trademark held in India, management control with Indian citizens, more than 51% Indian shareholding, and in-house design and R&D capabilities in India.
• For TS1, eligible manufacturers, including Electronics Manufacturing Services (EMS) companies, must have a minimum turnover of ₹10,000 crore in FY 2025-26.
• For TS2, eligible manufacturers and EMS companies must have a minimum turnover of ₹1,000 crore in FY 2025-26.
• India is the 2nd-largest mobile phone manufacturer globally by volume, with 99.2% of mobile phones used in India being Made in India.
• The Production Linked Incentive Scheme for Large Scale Electronics Manufacturing (PLI-LSEM), whose tenure ended on 31 March 2026, played a key role in making India a global hub for mobile phone manufacturing and exports.
• Since FY 2014-15, India’s electronics manufacturing has increased seven-fold, while electronics exports have increased eleven-fold.
• Smartphones became India’s largest exported product category in 2025, surpassing traditional export items such as diesel fuel and cut diamonds.
• During the scheme period, cumulative mobile phone production is expected to reach approximately ₹39 lakh crore, while the scheme is expected to generate around 60,000 direct jobs.

About Ministry of Electronics and Information Technology:

• Cabinet Minister: Ashwini Vaishnaw
• Constituency: Rajya Sabha, Odisha
• Ministers of State (MoS): Jitin Prasada

India’s First Soil Texture Map Developed by National Bureau of Soil Survey and Land Use Planning

• The National Bureau of Soil Survey and Land Use Planning (NBSS&LUP), headquartered in Nagpur, Maharashtra, and functioning under the Indian Council of Agricultural Research (ICAR), has developed India’s first soil texture map.
• The map, released on 16 July 2026, provides detailed information on soil characteristics for every hectare of the country.

Key Highlights

• The map was prepared using field studies, remote sensing, satellite imagery and Artificial Intelligence (AI).
• The soil texture data can help farmers scientifically select suitable crops for specific plots based on soil characteristics, improving crop planning and agricultural productivity.
• The mapping is particularly significant for India because of the small size of individual farms and substantial variation in soil characteristics over short distances.
• The data can also assist government agencies in region-specific agricultural policies, crop planning, land-use planning and efficient allocation of agricultural resources.
• The development of the soil texture map comes one year after NBSS&LUP developed India’s first soil depth map.
• The bureau’s next major project is to develop maps showing the water retention and absorption capacity of soils, which will be particularly useful for regions such as Maharashtra and southern India.
• NBSS&LUP will celebrate its Golden Jubilee Foundation Day on 23 August 2026, marking 50 years since it received its present status in 1976.

Union Cabinet Approves High Court Bench in Ladakh

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of a Bench of the High Court of Jammu and Kashmir and Ladakh in the Union Territory of Ladakh.
• The decision was announced by Union Home Minister Amit Shah and aims to improve access to justice for people living in the remote and far-flung areas of Ladakh.

Key Highlights

• The new High Court Bench will reduce the time, distance and inconvenience faced by litigants, lawyers and other stakeholders in accessing higher judicial services.
• Currently, the High Court of Jammu and Kashmir and Ladakh has its principal seats at Srinagar and Jammu. The new Bench will provide a closer judicial forum for the people of Ladakh.
• The decision is expected to strengthen the judicial infrastructure and institutional framework of Ladakh, which faces geographical and connectivity challenges.
• Ladakh became a separate Union Territory on 31 October 2019 following the reorganisation of the erstwhile State of Jammu and Kashmir.
• The move reflects the Government’s commitment to the all-round development of Ladakh, easier access to justice and constitutional safeguards for the Union Territory.

About Ladakh:

• Lieutenant Governor: Vinai Kumar Saxena
• Capital: Leh
• National Parks: Hemis National Park
• Wildlife Sanctuaries: Changthang Wildlife Sanctuary, Karakoram Wildlife Sanctuary

Government Allows Duty-Free Import of 10 Lakh Metric Tonnes of Raw Sugar

• The Government of India has permitted duty-free import of 10 lakh metric tonnes (MT) of raw sugar under the Tariff Rate Quota (TRQ) system until 31 October 2026 to improve domestic availability and control rising sugar prices.
• The Directorate General of Foreign Trade (DGFT) issued the notification on amid concerns over domestic sugar supplies ahead of the festival season.

Key Highlights

• The decision comes as sugar prices have increased sharply, with the all-India average ex-mill price reaching around ₹5,400–5,500 per quintal, while the retail price rose to around ₹52.30 per kilogram on 18 August 2026, compared with ₹46.34 per kilogram a year earlier.
• The Government has also introduced stockholding limits for bulk sugar consumers using 10 tonnes or more of sugar per month, restricting them to stocks equivalent to a maximum of 15 days of consumption.
• The Sugar (Stockholding Limit of Bulk Consumers) Order, 2026 will remain effective from 1 September to 30 November 2026 and covers confectioners, soft drink manufacturers, food processing units, sweetmeat sellers and other institutional buyers.
• The Tariff Rate Quota application window is from 21 August to 28 August 2026.
• Applications are invited from sugar millers and refiners with their own functional capacity to convert raw sugar into white or refined sugar.
• Preference will be given to importers undertaking to complete the import by 15 October 2026, while failure to utilise or surrender the allocated quantity within the prescribed period will be treated as non-compliance.
• The measures have been introduced ahead of the period of higher sugar consumption during festivals such as Ganesh Chaturthi, Dussehra and Diwali and before the beginning of the 2026–27 sugar season on 1 October 2026.
• India is the world’s second-largest sugar producer, making domestic sugar availability and price stability important for both consumers and the sugar industry.

CURRENT AFFAIRS: AWARDS AND HONOURS

National Teachers’ Awards 2026 – 48 Teachers Selected for Excellence in School Education

• National Teachers’ Awards 2026 will be conferred by President Droupadi Murmu on 5 September 2026 (Teachers’ Day) at Vigyan Bhawan, New Delhi.
• The awards are administered by the Department of School Education and Literacy, Ministry of Education, to recognise outstanding school teachers for excellence, innovation, dedication and contribution to improving students’ learning outcomes.

Key Highlights

• 48 school teachers have been selected for the 2026 awards — 26 male and 22 female teachers.
• The awardees represent 27 States, 7 Union Territories and 6 Central Government organisations.
• The National Teachers’ Award was instituted in 1958 and is presented annually on 5 September (Teachers’ Day).
• Selection is conducted through District/Regional → State/Organisation → National-level evaluation, with the final selection made by an Independent National Jury.
• Teachers are assessed on innovative teaching practices, improvement in learning outcomes, teaching-learning materials, experiential learning, co-curricular activities and community participation.
• The 2026 awardees include teachers from Government schools, PM SHRI schools, Kendriya Vidyalayas, Jawahar Navodaya Vidyalayas, Eklavya Model Residential Schools and Sainik Schools.
• Sushma Tamang, Post Graduate Teacher of Chemistry at PM SHRI Government Senior Secondary School, Dikling, Sikkim, is among the awardees.
• Short documentaries showcasing the exemplary work of the awardees will be presented during the ceremony. The event will also be broadcast through Doordarshan, SWAYAM PRABHA channels and Ministry of Education digital platforms.

List of 48 National Teachers’ Awards 2026 Awardees:

1. J Prakash Rao — Andaman and Nicobar Islands — PM SHRI GMSSS Mayabunder.
2. Rajesh Kouluri — Andhra Pradesh — MPPS Chinamallupeta.
3. Yaku Tame — Arunachal Pradesh — Government Secondary School, G-Sector Naharlagun.
4. Rajesh Bordoloi — Assam — Adarsha Tribal Higher Secondary School, Jorhat.
5. Khushboo Kumari — Bihar — Urdu Primary School Bidaydih.
6. Pushpa Prasad — Bihar — Middle School Kuchaikote Kanya.
7. Radha Rajesh — Council for the Indian School Certificate Examinations (CISCE) — New Horizon Public School, Indiranagar.
8. Sangeeta Yadav — Central Board of Secondary Education (CBSE) — St. Joseph’s Convent Senior Secondary School, Idgah Hills.
9. Ravi Jaiswal — Chandigarh — Government Model High School, Maloya Colony.
10. Sunita Yadav — Chhattisgarh — Government Middle School, Khichari.
11. Patel Purnima Mohanlal — Dadra and Nagar Haveli and Daman and Diu — Government High School, Dalwada.
12. Suman Goel — Delhi — Government Sarvodaya Kanya Vidyalaya, Pooth Kalan.
13. Md. Zafar Alam — Eklavya Model Residential Schools, Ministry of Tribal Affairs — EMRS Karanjia.
14. Mahadev Hanamant Shinde — Goa — Gujarati Samaj-Special School, Aquem.
15. Nitinkumar Mahendrakumar Pathak — Gujarat — Rangpur Primary School.
16. Anil Kaushik — Haryana — Government Model Senior Secondary School, Sanghi.
17. Manjari V Mahajan — Himachal Pradesh — Government Senior Secondary School, Bhaleth.
18. Mohd. Ayaz Raina — Jammu and Kashmir — Higher Secondary School, Dalhori.
19. Munmun Bhattacharjee — Jharkhand — Middle School Barmasia.
20. Rathnakumari S — Karnataka — Government Higher Primary School Samatagaru.
21. Amutha J — Kendriya Vidyalaya Sangathan — PM SHRI Kendriya Vidyalaya No. 2, Madurai.
22. Dr. Manisha Khetrapal — Kendriya Vidyalaya Sangathan — PM SHRI Kendriya Vidyalaya NFR, Rangiya.
23. Sunil Kumar KP — Kerala — Government Higher Secondary School, Irikkur.
24. Mohd Mustafa Kumal — Ladakh — Government Middle School, Zgangjing.
25. Dr. Archana Shukla — Madhya Pradesh — Government Mahatma Gandhi Sandipani Higher Secondary School, BHEL Bhopal.
26. Shailendra Pratap Singh — Madhya Pradesh — Government Middle School, Kanjwar.
27. Dr. Kavita Narsingrao Gitte — Maharashtra — Sane Guruji Niwasi Vidyalaya, Kaij.
28. Kunda Jayawant Bachhav — Maharashtra — NMC School No. 18, Nashik.
29. Wanglembam Gobin Singh — Manipur — Laikon Upper Primary School.
30. Lalnunmawii — Mizoram — Government Electric Veng High School.
31. R Ronald Meru — Nagaland — Government Higher Secondary School, Sechu Zubza.
32. Vaibhav Vasantrao Kulkarni — Navodaya Vidyalaya Samiti — PM SHRI Jawahar Navodaya Vidyalaya, Latur.
33. Padaraj Umakanta Nayak — Odisha — Government High School, Alipingal.
34. Ganesan S — Puducherry — Seenuvasan Government High School, Mettupalayam.
35. Dinesh Kumar — Punjab — Government Victoria Girls Senior Secondary School, Patiala.
36. Dr. Divyendu Sen — Rajasthan — Mahatma Gandhi Government School, Pachpahar.
37. Dr. Vartika Gulati — Rajasthan — Government Girls Upper Primary School, Tumli Ka Bas.
38. Shivprasad Arvind Tingare — Sainik Schools under Ministry of Defence — Sainik School Satara.
39. Sushma Tamang — Sikkim — PM SHRI Government Senior Secondary School, Dikling.
40. Thanga Raj M — Tamil Nadu — Panchayat Union Primary School, Puliyampatti.
41. Bhavani Bompelly — Telangana — MPPS Girls, Gandhari.
42. Ranjan Debnath — Tripura — PM SHRI Sabroom Girls Higher Secondary School.
43. Dr. Renu Tripathi — Uttar Pradesh — Government Balika Inter College, Vijay Nagar, Ghaziabad.
44. Dr. Iftkhar Khan — Uttar Pradesh — Government Inter College, Ballia.
45. Shalini Kushwaha — Uttar Pradesh — Composite School, Rasoolabad.
46. Gabar Singh — Uttarakhand — Government Upper Primary School, Musyakhand.
47. Palash Chowdhury — West Bengal — Sri Ramkrishna Sarada Vidyapith Primary School.
48. Santanu Patra — West Bengal — Government Model School, Nayagram.

Ashutosh Parida Selected for 47th Sarala Puraskar 2026

• Odia poet, essayist and former CSIR-IMMT scientist Dr. Ashutosh Parida has been selected for the 47th Sarala Puraskar 2026 for his poetry collection ‘Bishwas De Pruthwi’, published by Prabha Publication in 2024.

Key Highlights

• The Sarala Puraskar is an annual literary award presented by the Indian Metals Public Charitable Trust (IMPaCT), the charitable arm of Indian Metals and Ferro Alloys Limited (IMFA), for outstanding contributions to Odia literature.
• Award: The winner will receive a citation, copper plaque and ₹7 lakh cash prize.
• Award Ceremony: The award will be presented on 25 October 2026 in Bhubaneswar, Odisha.
• ‘Bishwas De Pruthwi’ was selected from a final shortlist of 7 books representing different literary forms, including poetry, stories, novels, short stories and drama.
• Ila-Bansidhar Panda Kala Samman 2026, given for lifetime excellence in the field of art, has also been announced.
• Guru Durga Charan Ranbir – Odissi maestro and Padma Shri awardee.
• Damodar Behera – Sculptor and art educator.
• Award: Each recipient will receive a citation, copper plaque and ₹2.5 lakh cash prize.

CURRENT AFFAIRS : DEFENCE NEWS

Cochin Shipyard Limited Kochi Delivers ‘Mangrol’, the Third Anti-Submarine Warfare Shallow Water Craft

• ‘Mangrol’, the third Anti-Submarine Warfare Shallow Water Craft (ASW-SWC) built by Cochin Shipyard Limited (CSL), Kochi, was delivered to the Indian Navy on 21 August 2026.
• Mangrol is the third of eight ASW-SWCs being built for the Indian Navy and will undergo pre-commissioning procedures before joining the fleet.
• The vessel has more than 80% indigenous content, supporting the Government’s ‘Aatmanirbhar Bharat’ vision for indigenous defence manufacturing.

Key Highlights :

• Mangrol is equipped for underwater surveillance, Anti-Submarine Warfare (ASW), Low-Intensity Maritime Operations (LIMO), mine warfare, and search-and-rescue missions in coastal waters.
• The 78-metre-long craft has a displacement of approximately 900–1,100 tonnes, a maximum speed of 25 knots, and an endurance of about two weeks.
• The vessel is powered by a diesel engine and waterjets and has a shallow draught of approximately 2.7 metres, enabling operations in confined and shallow coastal waters with reduced underwater noise.
• For submarine detection, the craft carries the DRDO-developed Abhay hull-mounted sonar and a towed low-frequency variable-depth sonar.
• Its major weapons include the RBU-6000 anti-submarine rocket launcher, triple torpedo tubes firing the Advanced Lightweight Torpedo (ALWT), a 30 mm naval gun, and mine-laying rails.
• The ASW-SWC class can operate up to approximately 200 nautical miles from the coast and is designed to detect and engage diesel-electric submarines in shallow, acoustically challenging waters.
• Mangrol is named after the coastal town and minor port of Mangrol in Junagadh district, Gujarat, known for its marine fishing industry. It also honours the legacy of erstwhile INS Mangrol, an Indian Naval Minesweeper that served until 2004.
• Mangrol was launched in 2023 along with sister ships Mahe and Malvan. Five more vessels are under construction at Kochi, with deliveries expected through 2028.
• The class incorporates systems from Bharat Electronics, L&T Defence, Mahindra Defence Systems, Naval Physical and Oceanographic Laboratory (NPOL), and more than 20 Indian MSMEs.
• Six similar shallow-water submarine hunters had already been commissioned, making Mangrol the seventh in the broader induction sequence.
• The Indian Navy plans to commission 18 warships in 2026, its largest single-year force accretion, compared with 14 warships in 2025.
• The induction of these vessels is strategically important amid increasing Chinese underwater activity in the Indian Ocean Region (IOR) and Pakistan’s planned deployment of eight Chinese-origin Hangor-class submarines equipped with Air-Independent Propulsion (AIP).

Japan Defence Minister Shinjirō Koizumi’s India Visit: Key Highlights of August 19–20, 2026

• Shinjirō Koizumi, Defence Minister of Japan, undertook a two-day official visit to India from August 19–20, 2026, marking his first-ever visit to India.
• The visit aimed to strengthen India–Japan defence ties and enhance maritime security cooperation between the two countries.
• During his visit to Mumbai, Maharashtra, Koizumi inspected the Guard of Honour at the Western Naval Command (WNC).
• He also laid a wreath at the Gaurav Stambh at the Naval Dockyard, Mumbai, paying tribute to the sacrifices of Indian naval personnel.
• Koizumi visited the indigenous stealth destroyer INS Chennai, highlighting India’s growing indigenous naval capabilities.
• In New Delhi, the Japanese Defence Minister inspected the ceremonial Guard of Honour at the Manekshaw Centre in the presence of Rajnath Singh, Union Defence Minister of India.
• Koizumi also laid a wreath at the National War Memorial in New Delhi and paid homage to Indian soldiers who made the supreme sacrifice.
• Rajnath Singh and Shinjirō Koizumi co-chaired the Japan–India Defence Ministers’ Meeting (DMM) in New Delhi.
• A key outcome of the bilateral meeting was the signing of a Memorandum of Arrangement (MoA) on Maritime Security Cooperation between India and Japan.
• India and Japan agreed to establish a Working Group (WG) headed at the Director-General (DG)/Joint Secretary level to strengthen bilateral defence cooperation.
• India’s Defence Research and Development Organisation (DRDO) and Japan’s Acquisition, Technology & Logistics Agency (ATLA) will strengthen cooperation in advanced defence technologies.
• The two countries also agreed to convene a Defence Industry Forum to promote greater cooperation between their defence industries.
• India and Japan welcomed the expansion of their bilateral military exercises, including Exercise Dharma Guardian and the Japan–India Maritime Exercise (JAIMEX).

About Japan:

• Capital: Tokyo
• Currency: Japanese Yen (JPY)
• Prime Minister: Sanae Takaichi

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Mirza Fakhrul Islam Alamgir Becomes Bangladesh’s 23rd President

• Mirza Fakhrul Islam Alamgir, a senior leader of the Bangladesh Nationalist Party (BNP), was elected as the 23rd President of the People’s Republic of Bangladesh for a 5-year term.
• He was elected through a parliamentary election held at the Jatiya Sangsad (Bangladesh Parliament) in Dhaka.
• The presidential election was held after Mohammed Shahabuddin resigned as President on 24 July 2026 under Article 54 of the Bangladesh Constitution.
• Mohammed Shahabuddin had served as the President of Bangladesh since 24 April 2023.
• The 2026 Bangladesh presidential election was significant as it became the first contested presidential election in 35 years.
• In the election, Mirza Fakhrul Islam Alamgir secured 255 votes and defeated Colonel (Retd.) Oli Ahmed, Chairman of the Liberal Democratic Party (LDP).
• Colonel (Retd.) Oli Ahmed was backed by an 11-party opposition alliance led by Bangladesh Jamaat-e-Islami and the National Citizen Party (NCP).
• Oli Ahmed received 88 votes in the presidential election.
• A total of 343 out of 349 eligible Members of Parliament (MPs) participated in the voting process.
• Voting was conducted using three transparent ballot boxes at the Jatiya Sangsad.

Government of India Appoints S. Somanath and Re-appoints Anand Mahindra as Part-time Directors on Reserve Bank of India Central Board

• The Government of India (GoI) appointed former Indian Space Research Organisation (ISRO) Chairman Somanath Sreedhara Panicker and re-appointed Anand Gopal Mahindra, Chairman of the Mahindra Group, as Part-time, Non-official Directors on the Central Board of the Reserve Bank of India (RBI).
• Both Somanath and Anand Mahindra were appointed for a 4-year term with effect from 20 August 2026, or until further orders, whichever is earlier.
• Somanath Sreedhara Panicker served as the 10th Chairman of ISRO and Secretary of the Department of Space from 15 January 2022 to 14 January 2025.
• A key achievement during Somanath’s tenure as ISRO Chairman was the successful Chandrayaan-3 soft landing near the lunar south pole on 23 August 2023.
• The RBI Central Board of Directors currently has 11 members, including Governor Sanjay Malhotra, Deputy Governors Swaminathan J., Poonam Gupta, Shirish Chandra Murmu, and Rohit Jain, along with the newly appointed Anand Mahindra and Somanath.
• Other members of the RBI Central Board include Revathy Iyer, former Deputy Comptroller & Auditor General – Government Accounts; Professor Sachin Chaturvedi, Director General of RIS (Research and Information System for Developing Countries); Anuradha Thakur; and former Secretary Sanjay Lohiya.
• The affairs of the Reserve Bank of India are governed by its Central Board of Directors, which is appointed by the Government of India in accordance with the RBI Act.
• Members of the RBI Central Board are generally appointed or nominated for a period of 4 years.
• The Central Board consists of official directors, including the RBI Governor and not more than four Deputy Governors, and non-official directors nominated by the Government from various fields, along with two government officials or representatives from local boards, as provided under the RBI framework.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Astronomers Discover 170-Million-Year-Old Giant Exoplanet ‘GJ 523b’ or ‘Mega-Earth’

• Astronomers discovered a 170-million-year-old giant exoplanet named GJ 523b, which has been informally nicknamed “Mega-Earth” because of its extremely large size and mass compared with Earth.
• GJ 523b has a mass of approximately 23 times the mass of Earth and a radius of about 55 times Earth’s radius.
• The newly discovered exoplanet has a density of around 82 grams per cubic inch.
• GJ 523b was initially detected by NASA’s Transiting Exoplanet Survey Satellite (TESS).
• Its existence was subsequently confirmed by Max Krof of the Wisconsin Center for Origins Research (WiCOR) using ground-based astronomical instruments.
• The confirmation observations included the WIYN 3.5-metre Telescope located at Kitt Peak National Observatory in Arizona, USA.
• GJ 523b orbits a mid-sized orange K-dwarf star located approximately 87 light-years from Earth.
• The exoplanet completes one orbit around its host star in approximately 75 days.
• GJ 523b follows a unique highly tilted polar orbit, making its orbital configuration particularly notable.

Indian Defence Startup Flying Wedge Defence & Aerospace Technologies Private Limited Unveils ‘FWD Supreme Lite’, India’s First AI-Piloted Fighter Jet Programme

• Flying Wedge Defence & Aerospace Technologies Private Limited (FWDA), an Indian defence startup, unveiled ‘FWD Supreme Lite’, described as India’s first Artificial Intelligence (AI)-piloted fighter jet programme.
• The unveiling marks a major transition of the programme from digital engineering and concept development to physical aircraft development.
• FWD Supreme Lite has been designed and developed entirely in India, highlighting indigenous capabilities in defence aerospace technology.
• The platform is planned to offer up to 30 hours of endurance and a 3,000 km range.
• Its AI-driven autonomy is designed to support precision strikes, swarm operations, and real-time Intelligence, Surveillance and Reconnaissance (ISR) missions.
• The newly unveiled fighter jet demonstrator weighs around 250 kg and is currently progressing through airframe development, system integration, and ground testing.
• The fighter jet is being developed around the ‘Mobbing Doctrine’, a proposed new warfare concept that involves deploying a larger number of AI-piloted fighter aircraft to create numerical, tactical and economic asymmetry.
• Under Phase-I, the programme aims to achieve a maximum speed of Mach 0.9, a cruise speed of nearly Mach 0.5, and an operational range of 700–1,000 km, depending on the missile profile.
• Under Phase-II, the programme targets supersonic performance of up to Mach 2 and multi-aircraft autonomous teaming.

CURRENT AFFAIRS: IMPORTANT DAYS

Madras Day 2026: Chennai Marks 387 Years of Its Historic Foundation

• Madras Day is observed annually on 22 August to commemorate the historical foundation of Madras, now Chennai, and celebrate the city’s rich heritage and cultural identity.
• Madras Day 2026 marks the 23rd anniversary of the observance and the 387th anniversary of the founding of Madras in 1639.
• The occasion is associated with the 1639 land grant through which the English East India Company acquired land at Madraspatnam from local ruler Damarla Venkatadri Nayaka.
• Francis Day obtained the grant for the East India Company, covering a coastal stretch at Madraspatnam.
• The English later established Fort St. George, which became the foundation for the development of Madras as an important trading and administrative centre.
• Francis Day and Andrew Cogan reached Madraspatnam on 20 February 1640.
• The annual observance of Madras Day was initiated in 2004, with the first celebrations comprising around five events.
• 22 August is the widely observed date, although historical records have led to a debate over whether the relevant 1639 deed was dated 22 July or 22 August.
• Madras Day programmes generally include heritage walks, exhibitions, lectures, quizzes, film screenings, cultural performances and food festivals, highlighting Chennai’s history and evolution.
• After Independence, the region continued as Madras State, which was later renamed Tamil Nadu on 14 January 1969.
• Madras city was officially renamed Chennai on 17 July 1996.

Daily CA One- Liner: August 23 & 24

• Indian semiconductor start-ups have raised approximately $206 million across 51 funding rounds since 2022, according to the Indian Semiconductor Startup Landscape 2026 report released by Speciale Invest in partnership with the Startup Policy Forum
• Indian Railway Finance Corporation (IRFC) is the dedicated market borrowing arm of Indian Railways (IR) and primarily finances rolling stock assets and railway infrastructure projects, which are subsequently leased to Indian Railways.
• The Supreme Court of India has modified its May 2025 judgment on eligibility for entry-level judicial service examinations, reducing the mandatory legal practice requirement for law graduates from 3 years to 1 year
• Union Home Minister Amit Shah announced the launch of four toll-free helplines in West Bengal to enable citizens to directly report complaints related to extortion, syndicate activities, illegal road and toll tax collections, and illegal liquor
• The Ministry of Electronics and Information Technology (MeitY) has notified the Mobile Phone Manufacturing Scheme (MPMS) with a budgetary outlay of ₹62,500 crore to strengthen India’s mobile phone manufacturing ecosystem
• The National Bureau of Soil Survey and Land Use Planning (NBSS&LUP), headquartered in Nagpur, Maharashtra, and functioning under the Indian Council of Agricultural Research (ICAR), has developed India’s first soil texture map
• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of a Bench of the High Court of Jammu and Kashmir and Ladakh in the Union Territory of Ladakh
• The Government of India has permitted duty-free import of 10 lakh metric tonnes (MT) of raw sugar under the Tariff Rate Quota (TRQ) system until 31 October 2026 to improve domestic availability and control rising sugar prices
• National Teachers’ Awards 2026 will be conferred by President Droupadi Murmu on 5 September 2026 (Teachers’ Day) at Vigyan Bhawan, New Delhi
• Odia poet, essayist and former CSIR-IMMT scientist Dr. Ashutosh Parida has been selected for the 47th Sarala Puraskar 2026 for his poetry collection ‘Bishwas De Pruthwi’, published by Prabha Publication in 2024
• Madras Day is observed annually on 22 August to commemorate the historical foundation of Madras, now Chennai, and celebrate the city’s rich heritage and cultural identity.
• IDFC First Bank Limited successfully completed its maiden USD 500 million bond issuance through its International Financial Services Centre (IFSC) Banking Unit (IBU) at GIFT City, Gandhinagar, Gujarat.
• The Reserve Bank of India (RBI) has decided to close the concessional swap facility for Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits on 31 August 2026, one month earlier than the original deadline of 30 September 2026.
• According to Reserve Bank of India (RBI) data, Bank deposit growth accelerated to 4% year-on-year (Y-o-Y) as of 31 July 2026, the highest level since December 2016..
• Wizzmoni Financial Services Ltd., formerly known as Unimoni, an Indian Non-Banking Finance Company (NBFC), entered into a strategic partnership with Oman Air.
• The Securities and Exchange Board of India (SEBI) has proposed several changes to ease funding constraints and improve liquidity management for debt issuers.
• According to a report by the Bank of Baroda Economics Research Department, Investment announcements in India totalled ₹26.75 trillion between April 1 and August 5, 2026, during FY 2026-27.
• SEBI (Securities and Exchange Board of India) has proposed widening the participation of Foreign Portfolio Investors (FPIs) in Exchange-Traded Commodity Derivatives (ETCDs).
• Apple Pay is expected to launch in India by late September or October 2026, although Apple has not officially confirmed the launch timeline or feature set.
• Securities and Exchange Board of India (SEBI) has proposed changes to simplify the Know Your Client (KYC) process for eligible overseas investors in India’s securities market.
• State Bank of India (SBI), India’s largest lender, is planning to raise funds through five-year US dollar-denominated bonds.
• ‘Mangrol’, the third Anti-Submarine Warfare Shallow Water Craft (ASW-SWC) built by Cochin Shipyard Limited (CSL), Kochi, was delivered to the Indian Navy on 21 August 2026.
• Shinjirō Koizumi, Defence Minister of Japan, undertook a two-day official visit to India from August 19–20, 2026, marking his first-ever visit to India.
• Mirza Fakhrul Islam Alamgir, a senior leader of the Bangladesh Nationalist Party (BNP), was elected as the 23rd President of the People’s Republic of Bangladesh for a 5-year term.
• The Government of India (GoI) appointed former Indian Space Research Organisation (ISRO) Chairman Somanath Sreedhara Panicker and re-appointed Anand Gopal Mahindra, Chairman of the Mahindra Group, as Part-time, Non-official Directors on the Central Board of the Reserve Bank of India (RBI).
• Astronomers discovered a 170-million-year-old giant exoplanet named GJ 523b, which has been informally nicknamed “Mega-Earth” because of its extremely large size and mass compared with Earth.
• Flying Wedge Defence & Aerospace Technologies Private Limited (FWDA), an Indian defence startup, unveiled ‘FWD Supreme Lite’, described as India’s first Artificial Intelligence (AI)-piloted fighter jet programme.