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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Department of Land Resources and Reserve Bank of India Innovation Hub Partner to Integrate Digital Land Governance with Digital Lending

• The Department of Land Resources (DoLR) under the Ministry of Rural Development (MoRD) held a high-level meeting with the Reserve Bank of India Innovation Hub (RBIH) to strengthen the convergence of Digital Public Infrastructure (DPI) for land governance and digital lending.
• The initiative aims to create a secure, interoperable land-credit ecosystem to improve institutional credit access for farmers and rural citizens.
• The meeting was chaired by Narendra Bhooshan, Secretary, DoLR, who interacted with Sahil Kini, Chief Executive Officer (CEO), RBI Innovation Hub (RBIH), along with senior officials from both organisations.
• The discussions focused on integrating DoLR’s digital land governance initiatives with the Unified Lending Interface (ULI) to enable secure, seamless, and consent-based credit delivery.
• The collaboration is aimed at providing faster institutional credit to farmers and rural citizens through digital land records.
• Key areas of collaboration include secure access to authenticated digital land records, faster digital delivery of Kisan Credit Cards (KCC), agricultural loans, improved loan processing, mortgage risk management, and greater financial inclusion.
• The meeting also emphasized the adoption of common data standards, API interoperability, wider implementation of the Unique Land Parcel Identification Number (ULPIN), also known as Bhu-Aadhaar, and stronger coordination between land governance and financial sector stakeholders.

About ULI :

• Unified Lending Interface (ULI) is a Digital Public Infrastructure (DPI) developed by the Reserve Bank of India (RBI) to enable faster and seamless credit delivery.
• ULI facilitates consent-based sharing of information among borrowers, data providers, and lenders through data interoperability.

Government and Reserve Bank of India Enhance Digital Lending Oversight with Stronger Regulations and Consumer Protection Measures

• The Government of India (GoI) is continuously engaging with the Reserve Bank of India (RBI) and other regulators/stakeholders to curb the operations of fake and illegal loan apps in the country.
• The RBI operationalised the Digital Lending Apps (DLAs) Directory on its official website with effect from 1 July 2025 to help customers verify whether a Digital Lending App (DLA) is associated with an RBI Regulated Entity (RE).
• The Ministry of Electronics and Information Technology (MeitY) has blocked 87 illegal loan lending applications under Section 69A of the Information Technology Act, 2000 after following the prescribed legal process.
• The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2025, notified on 22 October 2025, authorised sectoral regulators to issue directions for blocking illegal online content from public access.
• The RBI issued the Reserve Bank of India (Digital Lending) Directions, 2025 on 8 May 2025, making provisions relating to loan recovery, data privacy, and customer grievance redressal mandatory for Regulated Entities (REs), Lending Service Providers (LSPs), and Digital Lending Apps (DLAs).
• The Government and RBI are proactively engaging with major internet intermediaries and messaging platforms to identify and curb the operations of unauthorised digital loan apps.
• The Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA) is actively analysing digital lending applications to detect and prevent cyber fraud.
• The Ministry of Home Affairs (MHA) has launched the National Cybercrime Reporting Portal and the National Cybercrime Helpline Number 1930 to enable citizens to report cybercrimes, including fake and illegal loan apps.
• Banks, through the SACHET Portal and the State Level Coordination Committee (SLCC), facilitate citizens in lodging complaints against entities involved in illegal deposit mobilisation or unauthorised collection of money.
• The RBI and banks regularly conduct SMS campaigns, radio campaigns, and cybercrime awareness programmes, while the electronic-Banking Awareness and Training (e-BAAT) initiative educates customers about digital frauds and risk mitigation.

Government Strengthens Financial Inclusion Through Banking, Insurance, Pension and Credit Schemes

• The Government of India (GoI) launched the National Mission for Financial Inclusion (NMFI), namely Pradhan Mantri Jan Dhan Yojana (PMJDY), in August 2014 to promote financial inclusion and provide universal banking services to every unbanked household.
• The PMJDY is based on the guiding principles of "Banking the Unbanked, Securing the Unsecured, and Funding the Unfunded."
• Under PMJDY, a total of 58.63 crore Jan Dhan Accounts have been opened with total deposits of ₹3,08,333 crore as on 1 July 2026.
• Out of the total PMJDY accounts, 32.68 crore (55.74%) belong to women, while 45.62 crore (77.80%) accounts have been opened in rural and semi-urban areas.
• Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 27.84 crore cumulative enrolments have been recorded as on 1 July 2026, providing a life insurance cover of ₹2 lakh for death due to any reason.
• Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), 58.78 crore cumulative enrolments have been completed as on 1 July 2026, providing ₹2 lakh insurance for death or permanent total disability and ₹1 lakh for permanent partial disability.
• Under the Atal Pension Yojana (APY), 9.29 crore cumulative enrolments have been recorded as on 30 June 2026, providing a guaranteed monthly pension to eligible subscribers.
• Under the Pradhan Mantri Mudra Yojana (PMMY), 59.14 crore loans worth ₹41.71 lakh crore have been sanctioned as on 26 June 2026 to provide collateral-free institutional finance of up to ₹20 lakh for micro and small business units engaged in manufacturing, trading, services, and allied agricultural activities.
• Under the Stand-Up India Scheme (SUPI), 2.75 lakh cumulative loans amounting to ₹62,790 crore have been sanctioned as on 31 March 2025 to Scheduled Castes (SCs), Scheduled Tribes (STs), and Women entrepreneurs for establishing greenfield projects in manufacturing, trading, services, and allied agricultural sectors.

Government of India Revises Windfall Tax: Raises Duty on Diesel & Aviation Turbine Fuel Exports, Cuts Petrol Export Tax

• The Government of India (GoI) increased the windfall gains tax on diesel and Aviation Turbine Fuel (ATF) exports, while reducing the tax on petrol
• According to the Ministry of Finance (MoF) notification, the revised tax rates came into effect from 16 July 2026.
• Windfall Tax is a government-imposed tax on industries that earn sudden extraordinary profits due to external factors such as geopolitical crises, with the objective of redirecting these gains towards societal benefits.
• The Special Additional Excise Duty (SAED) on diesel exports was increased from ₹8.5 per litre to ₹15.5 per litre.
• The SAED on Aviation Turbine Fuel (ATF) exports was increased from ₹7.5 per litre to ₹14.5 per litre.
• The Government of India reduced the export duty on petrol from ₹4 per litre to ₹2.5 per litre.
• The GoI had initially imposed an export duty on diesel and ATF on 27 March 2026 due to escalating tensions in West Asia.
• The export duty rates on diesel, ATF, and petrol are reviewed and revised every fortnight based on prevailing market conditions.

India's Total Exports Grow 11.37% to USD 232.73 Billion in Q1 FY27

• India's total exports (Merchandise + Services) increased by 11.37% to an estimated USD 232.73 billion during April–June FY2026–27, compared to USD 208.98 billion in the corresponding period of the previous financial year.

Key Highlights :

• Merchandise exports grew by 15.92% to USD 129.32 billion, reflecting strong performance in manufacturing and value-added sectors.
• Non-petroleum exports increased by 12.44% to USD 106.30 billion, indicating broad-based export growth beyond petroleum products.
• Services exports remained robust at USD 103.41 billion during April–June FY2026–27, supporting India's overall export performance.
• During June 2026, total exports reached USD 73.45 billion, registering a 9.48% year-on-year growth over June 2025.
• Merchandise exports in June 2026 stood at USD 40.41 billion, contributing significantly to the overall export growth.
• Total imports (Merchandise + Services) during June 2026 were estimated at USD 88.76 billion, recording a growth of over 26% compared to the same month of the previous year.
• India's overall trade deficit for June 2026 stood at USD 15.32 billion (Imports: USD 88.76 billion – Exports: USD 73.45 billion).
• The major drivers of merchandise export growth in June 2026 were Engineering Goods, Electronic Goods, Gems & Jewellery, Organic & Inorganic Chemicals, and Rice.
• Engineering Goods exports increased by 20.74%, while Electronic Goods exports grew by 18.93% year-on-year.
• Gems & Jewellery exports recorded the highest growth among major sectors at 34.64%, followed by Organic & Inorganic Chemicals (19.42%) and Rice (16.48%).
• Electronic Goods exports increased from USD 4.14 billion in June 2025 to USD 4.93 billion in June 2026, registering a growth of around 19%.
• Major export destinations during the quarter included Singapore, South Africa, China, Sri Lanka, Tanzania, Oman, and Malaysia, reflecting India's expanding global market presence.
• Major import partners during the quarter were Russia, China, United States, United Arab Emirates (UAE), and Brazil.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Ministry of Housing and Urban Affairs Approves ₹2,719.80 Crore Urban Development Projects for Ahmedabad under Urban Challenge Fund

• The Ministry of Housing and Urban Affairs (MoHUA) approved six transformative urban development projects worth ₹2,719.80 crore for Ahmedabad, Gujarat under the Urban Challenge Fund (UCF).
• The projects aim to modernise urban infrastructure, implement smart city solutions, improve water and sanitation facilities, and enhance citizen services in Ahmedabad.
• The approved projects include sewerage network rehabilitation, Intelligent Water Management System (IWMS), Integrated Sludge Management Facility, Intelligent Traffic Management System (ITMS), and Automatic Fare Collection System (AFCS).
• The major project allocations include:
• ₹852.93 crore for rehabilitation of the main sewerage network in West Ahmedabad.
• ₹551.35 crore for strengthening the East Ahmedabad sewerage network.
• ₹290.24 crore for upgrading old sewerage networks across Ahmedabad.
• ₹215 crore for implementing an Intelligent Water Management System (IWMS).
• ₹479.25 crore for establishing a 125 Tonnes Per Day (TPD) Integrated Sludge Management Facility.
• ₹331.03 crore for implementing an Intelligent Traffic Management System (ITMS) and Automatic Fare Collection System (AFCS).
• The upgraded sewerage infrastructure will reduce sewer overflows and leakages while enabling real-time digital monitoring of sewerage and stormwater management systems.
• The Integrated Sludge Management Facility will convert sewage sludge into biogas and green energy, promoting a circular economy approach.
• The Intelligent Traffic Management System (ITMS) and Automatic Fare Collection System (AFCS) will integrate the Ahmedabad Municipal Transport Service (AMTS), Bus Rapid Transit System (BRTS), and Metro services through a common mobility card and single journey application.
• The integrated transport system will provide real-time passenger information, Artificial Intelligence (AI)-based route planning, and enhanced in-bus surveillance.
• The funding pattern includes 25% contribution each from the Central Government and Government of Gujarat, amounting to ₹679.95 crore each, while the remaining 50% (₹1,359.90 crore) will be mobilised through municipal bonds, bank loans, or Public-Private Partnership (PPP) models.

About Urban Challenge Fund (UCF)

• Launched By: Ministry of Housing and Urban Affairs (MoHUA)
• Type: Centrally Sponsored Scheme (CSS)
• Financial Period: Financial Year 2025–26 to Financial Year 2030–31 (extendable up to Financial Year 2033–34)
• Central Assistance: ₹1 lakh crore
• Objective: Promote market-based financing, balanced regional development, and transformation of urban infrastructure through innovative projects.
• The scheme focuses on three major areas:
• Creative Redevelopment of Cities
• Cities as Growth Hubs
• Water and Sanitation
• Under the funding framework of the Urban Challenge Fund, the Central Government provides 25% of the project cost, while cities mobilise at least 50% through municipal bonds, bank loans, or Public-Private Partnerships (PPPs).
• The remaining 25% is contributed by States, Union Territories (UTs), Urban Local Bodies (ULBs), or additional market financing.
• Gujarat has received ₹6,475 crore in central funding under the Urban Challenge Fund, enabling cities across the state to implement projects worth approximately ₹25,900 crore.

Employees’ Provident Fund Organisation Launches VISHWAS 2026 Scheme for Dispute Resolution

• The Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment (MoL&E) launched VISHWAS 2026, a one-time dispute resolution scheme for the amicable settlement of damages and penalty-related disputes.
• The scheme is applicable to disputes under Section 14B of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and Section 128 of the Code on Social Security, 2020.
• VISHWAS 2026 aims to promote voluntary compliance, reduce litigation, and ensure faster settlement of pending disputes through a transparent, fully digital, and time-bound process.
• The scheme was notified through G.S.R. 525(E) on 29 June 2026 under the Employees’ Provident Fund Scheme, 2026 and will remain operational for six months from the date of notification.
• Employers can apply through the Employees’ Provident Fund Organisation Employer Portal using Digital Signature Certificate (DSC) or electronic signature (e-Sign) for digital verification and processing.
• The scheme covers:
• Damages and penalty orders under judicial challenge
• Final orders with pending or partial recovery
• Revenue Recovery Certificate (RRC) cases
• Cases where notices have been issued but final orders are pending.
• Employees’ Provident Fund Organisation (EPFO) has established VISHWAS Cells to ensure smooth implementation of the scheme.
• Cases involving fraud, misappropriation, falsification of records, fully recovered penalties, or unpaid statutory interest are excluded from the scheme.
• For defaults before 14 June 2024, damages will be recalculated at reduced rates:
• 0.25% per month for defaults up to 2 months
• 0.50% per month for defaults exceeding 2 months and less than 4 months
• 1% per month for defaults exceeding 4 months
• Applicants must clear applicable statutory interest under Section 7Q of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 or Section 127 of the Code on Social Security, 2020 before applying.

About Employees’ Provident Fund Organisation (EPFO):

• Established: 1952
• Headquarters: New Delhi
• Functions under: Ministry of Labour and Employment
• Role: Manages provident fund, pension, and insurance schemes for employees in the organised sector.
• Central Provident Fund Commissioner (CPFC): Ramesh Krishnamurthi

About Ministry of Labour and Employment:

• Cabinet Minister: Mansukh Mandaviya
• Constituency: Gujarat
• Ministers of State (MoS): Shobha Karandlaje

RECENT NEWS

• The Employees Provident Fund Organisation (EPFO) has launched the Amnesty Scheme 2026, it offers a one time opportunity for the elgibile establishments operating Exempted Provident Fund (PF) Trusts to regularise their legal status.

India’s First Deep Geothermal Wells Commissioned at Puga Valley, Ladakh

• Lieutenant Governor of Ladakh V. K. Saxena commissioned India’s first two 1,000-metre-deep geothermal wells at Puga Valley, Ladakh, developed by Oil and Natural Gas Corporation Limited (ONGC) Energy Centre.
• The geothermal wells will support the development of India’s first 1 Megawatt (MW) demonstration-scale geothermal power plant at Puga Valley, located at an altitude of over 14,000 feet above sea level.
• These wells are the first operational geothermal wells in India aimed at clean energy generation and will help evaluate the region’s geothermal potential for future commercial projects.
• The wells recorded a maximum temperature of 135°C at a depth of 400 metres, providing important data on thermal profiles, reservoir characteristics, and energy conversion mechanisms.
• The project was revived after the original tripartite Memorandum of Understanding (MoU) between the Ladakh Administration, Ladakh Autonomous Hill Development Council (LAHDC)-Leh, and ONGC Energy Centre expired.
• Lieutenant Governor V. K. Saxena facilitated the signing of a renewed five-year tripartite Memorandum of Understanding (MoU) in June 2026, enabling the continuation of the geothermal power project.
• Geothermal energy uses heat from the Earth’s interior to provide direct heating and generate continuous electricity, making it a reliable source of clean and renewable energy.
• The project supports Prime Minister Narendra Modi’s vision of Carbon-Neutral Ladakh by promoting renewable energy, reducing carbon emissions, and strengthening energy security in the Himalayan region.
• Puga Valley and Chumathang are among India’s most promising geothermal regions due to their location in the Himalayan Geothermal Belt, where tectonic activity has created favourable geothermal conditions.
• Successful completion of the geothermal wells will help in reservoir assessment, power plant planning, and future commercial development of geothermal resources in Ladakh.
• India has identified geothermal resource zones in regions including Ladakh, Himachal Pradesh, Uttarakhand, Gujarat, and Andaman and Nicobar Islands for future geothermal energy development.

About Oil and Natural Gas Corporation Limited (ONGC)

• Established: 1956
• Headquarters: New Delhi
• Parent Ministry: Ministry of Petroleum and Natural Gas (MoPNG)
• Category: Maharatna Central Public Sector Undertaking (CPSU)
• Chairman and Chief Executive Officer (CEO): Arun Kumar Singh

RECENT NEWS

• India’s largest energy explorer ONGC (Oil and Natural Gas) has taken a decisive step towards embedding artificial intelligence into everyday operations. Moving beyond pilot projects, a new digital platform now brings multiple AI tools under one ecosystem, aiming to improve efficiency, safety and output across oil and gas operations.

NITI Aayog Launches Roadmap to Make India a Leading Bioeconomy Powerhouse by 2035

• The National Institution for Transforming India (NITI Aayog) launched the “Roadmap for Building India as a Leading Bioeconomy Powerhouse by 2035” at the National Media Centre, New Delhi.
• The roadmap was formally launched by Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh, in the presence of Prof. Gobardhan Das, Member, NITI Aayog, and Nidhi Chhibber, Chief Executive Officer (CEO), NITI Aayog.
• The roadmap has been developed by the NITI Frontier Tech Hub (NITI-FTH) in consultation with the Department of Biotechnology (DBT) under the Ministry of Science and Technology (MoST), Association of Biotechnology Led Enterprises (ABLE), industry, academia, and other stakeholders.
• The roadmap aims to expand India's bioeconomy to USD 691 billion by 2035 and USD 2.6 trillion by 2047, generate over 30 million high-value jobs, and position India among the world’s top three biotechnology powers by 2035.
• India's bioeconomy has grown 16 times in the last decade, increasing from USD 10 billion in 2014 to USD 195.3 billion in 2025, contributing around 4.8% of India's Gross Domestic Product (GDP).
• The roadmap recommends the establishment of six National BioMissions — GeneIndia, AgriBio 2.0, BioX Foundry, One Health Grid, Marine Biotechnology, and BioPharmaNext — to accelerate innovation in healthcare, agriculture, synthetic biology, marine biotechnology, and biopharmaceuticals.
• GeneIndia will be led by the Department of Biotechnology (DBT) in partnership with the Indian Council of Medical Research (ICMR) to expand affordable gene therapies, cell therapies, and precision diagnostics.
• AgriBio 2.0 will be led by Department of Biotechnology (DBT), Indian Council of Agricultural Research (ICAR), and Ministry of Agriculture and Farmers’ Welfare (MoA&FW) to develop climate-resilient crop varieties and quality-assured bio-inputs.
• BioX Foundry will be led by Department of Biotechnology (DBT) and Council of Scientific and Industrial Research (CSIR) to promote synthetic biology innovations from laboratories to commercial markets.
• One Health Grid will be led by Indian Council of Medical Research (ICMR) and Ministry of Health and Family Welfare (MoHFW) to strengthen Artificial Intelligence (AI)-based disease surveillance systems.
• Marine Biotechnology will be led by the Ministry of Earth Sciences (MoES) in partnership with Biotechnology Industry Research Assistance Council (BIRAC) to promote seaweed cultivation and marine bio-products.
• BioPharmaNext will be led by Department of Biotechnology (DBT), Department of Pharmaceuticals (DoP) under the Ministry of Chemicals and Fertilisers (MoC&F), and Central Drugs Standard Control Organisation (CDSCO) to establish India as a global hub for next-generation biologics, biosimilars, vaccines, and Artificial Intelligence-driven drug discovery.
• The roadmap proposes a ₹50,000 crore BioEconomy Growth Fund (2026–2035) from the existing ₹1 lakh crore Research, Development and Innovation (RDI) framework to support biomanufacturing infrastructure, advanced therapeutics, fermentation platforms, biomaterials, diagnostics, and synthetic biology.
• The roadmap also recommends creation of new institutions including an Empowered Committee on National BioMissions, National BioData Council, BioEconomy Investment and Policy Forum, and Bio Intellectual Property (BioIP) and Innovation Evaluation Agency to strengthen governance, investment, and commercialisation of biotechnology innovations.

RECENT NEWS

• The introduction of NITI Aayog’s Investment Friendliness Index (IFI) marks a significant moment in terms of India’s investment climate. Gujarat was declared the best large State, whereas Goa was revealed as the best Union Territory and city State in ITI’s first ranking of investment friendliness of various regions of India.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Andhra Pradesh Partners with United Nations Human Settlements Programme for Sustainable Urban Development

• The Government of Andhra Pradesh (AP) signed a Memorandum of Understanding (MoU) with the United Nations Human Settlements Programme (UN-Habitat) to establish a long-term partnership for promoting sustainable, inclusive, and climate-resilient urban development in the state.
• The partnership aims to establish a Centre of Excellence (CoE) for Urban Affairs in Amaravati, Andhra Pradesh, which will support urban planning, climate-resilient cities, digital governance, municipal finance, and implementation of Sustainable Development Goals (SDGs).
• The Municipal Administration Department, Government of Andhra Pradesh signed the MoU with United Nations Human Settlements Programme (UN-Habitat) to strengthen urban development initiatives across the state.
• The collaboration will support key initiatives including:
• Sustainable Urban Revitalisation and Growth Enhancement Andhra Pradesh (SURGE AP)
• Resilient, Inclusive and Sustainable Environment Andhra Pradesh (RISE AP)
• UPLIFT Andhra Pradesh
• Zero Poverty vision through the P4 Programme
• The MoU was signed in the presence of N. Chandrababu Naidu, Chief Minister of Andhra Pradesh, and Anacláudia Rossbach, Executive Director, United Nations Human Settlements Programme (UN-Habitat), who participated virtually from Singapore.
• The initiative will help Andhra Pradesh develop smart, inclusive, and environmentally sustainable urban ecosystems while improving urban governance and infrastructure.

About United Nations Human Settlements Programme (UN-Habitat)

• Established: 1978
• Headquarters: Nairobi, Kenya
• Parent Organisation: United Nations Economic and Social Council (UN ECOSOC)
• Executive Director: Anacláudia Rossbach

About Andhra Pradesh:

• Chief Minister: Chandrababu Naidu
• Governor: S. Abdul Nazeer
• Capital: Amaravati
• National Parks: Papikonda National Park, Sri Venkateswara National Park, Rajiv Gandhi (Rameswaram) National Park
• Wildlife Sanctuaries: Coringa, Kolleru, Krishna, Kambalakonda, Rollapadu Wildlife Sanctuaries

Controller General of Patents, Designs and Trade Marks Signs MoU with Council of Scientific and Industrial Research-National Institute of Science Communication and Policy Research for National Knowledge Resource Consortium

• The Office of the Controller General of Patents, Designs and Trade Marks (CGPDTM) and the Council of Scientific and Industrial Research- National Institute of Science Communication and Policy Research (CSIR-NIScPR) signed a Memorandum of Understanding (MoU) to enable CGPDTM’s participation in the National Knowledge Resource Consortium (NKRC).
• The MoU was signed by Prof. (Dr.) Unnat P. Pandit, Controller General of Patents, Designs and Trade Marks (CGPDTM), and Dr. Geeta Vani Rayasam, Director, Council of Scientific and Industrial Research-National Institute of Science Communication and Policy Research (CSIR-NIScPR) at Saraswati Hall, Bouddhik Sampada Bhawan, New Delhi.
• Under the agreement, Controller General of Patents, Designs and Trade Marks (CGPDTM) will receive access to the National Knowledge Resource Consortium (NKRC) digital knowledge platform, which provides international scientific journals, e-books, databases, patents, and other academic resources.
• The partnership aims to strengthen scientific research, innovation, and intellectual property administration by providing patent professionals and researchers access to high-quality global knowledge resources.
• The collaboration will support patent examination, intellectual property rights management, and research activities by improving access to advanced scientific information and global databases.
• The National Knowledge Resource Consortium (NKRC), managed by the Council of Scientific and Industrial Research-National Institute of Science Communication and Policy Research (CSIR-NIScPR), provides national-level licences for international e-journals, patent databases, standards, bibliographic databases, and other scientific resources.
• The consortium enables member institutions to access global knowledge resources in a cost-effective manner and promotes research and innovation across India.
• The National Knowledge Resource Consortium (NKRC) currently serves 82 member institutions, including organisations under the Council of Scientific and Industrial Research (CSIR), Department of Science and Technology (DST), and Ministry of Earth Sciences (MoES).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Senegal President Bassirou Diomaye Faye Elected Economic Community of West African States Chairman

• Bassirou Diomaye Diakhar Faye, President of Senegal, was elected as the new Chairman of the Economic Community of West African States (ECOWAS) during the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Freetown, Sierra Leone.
• Bassirou Diomaye Diakhar Faye will serve a mandatory one-year term as ECOWAS Chairman and succeeded President Julius Maada Bio of Sierra Leone, who had served as ECOWAS Chairman since June 2025.
• Senegal assumed the ECOWAS Chairmanship for the first time since the establishment of ECOWAS in 1975.
• Biram Diop was appointed as the President of the ECOWAS Commission, succeeding Omar Touray, for the 2026–2030 term.
• As ECOWAS Chairman, Bassirou Diomaye Diakhar Faye will focus on revitalising regional cooperation, maintaining diplomatic dialogue with breakaway states, and implementing reforms to strengthen governance, accountability, and youth participation.

About Senegal :

• Prime Minister : Ahmadou Al Aminou Lo
• Capital : Dakar
• Currency : West African CFA franc

Andy Burnham Sworn In as the New Prime Minister of the United Kingdom

• Andy Burnham became the 59th Prime Minister (PM) of the United Kingdom (UK) after Keir Starmer resigned from the post.
• King Charles III invited Andy Burnham to Buckingham Palace to form the new government through the traditional "kissing hands"
• Andy Burnham secured nearly 55% of the vote in the Labour Party leadership election, defeating Reform UK's Robert Kenyon by a margin of more than 9,000 votes.
• The leadership election recorded a record voter turnout of 59%.
• Andy Burnham was born in Aintree, Lancashire, England.
• He joined the Labour Party at the age of 15 and worked in journalism before becoming a parliamentary researcher.
• Andy Burnham was elected as the Member of Parliament (MP) for Leigh in 2001.
• He served as Chief Secretary to the Treasury, Secretary of State for Culture, and Secretary of State for Health under the governments of Tony Blair and Gordon Brown.
• He later held several important Shadow Cabinet positions while in opposition.
• Andy Burnham became the first Mayor of Greater Manchester in 2017 and served until 2026.
• As Mayor of Greater Manchester, he launched the Bee Network, bringing local bus services under public control.
• Andy Burnham earned the nickname "King of the North" for strongly advocating the interests of Northern England.
• His appointment marks the beginning of a new Labour-led government in the United Kingdom (UK).

CURRENT AFFAIRS : DEFENCE NEWS

United States of America Hands Over 21st MH-60R Seahawk to Indian Navy, Boosting Bilateral Defence Cooperation

• The United States of America (USA) delivered the 21st MH-60R Seahawk multi-role maritime helicopter to the Indian Navy (IN) at Kochi, Kerala, further strengthening the India–USA defence partnership and enhancing India's maritime security capabilities.
• The induction of the MH-60R Seahawk will enhance the Indian Navy's operational readiness, strengthen its Anti-Submarine Warfare (ASW) capabilities, and improve interoperability with the United States Navy (US Navy) in the Indian Ocean Region (IOR).
• India signed a Foreign Military Sales (FMS) Agreement with the USA in February 2020 to procure 24 MH-60R Seahawk helicopters at a total cost of USD 2.6 billion.
• The procurement aims to replace the ageing Sea King fleet and significantly strengthen the Indian Navy's naval aviation capabilities.
• Out of the 24 MH-60R Seahawk helicopters, 21 have been delivered, 2 are scheduled for delivery, and 1 helicopter remains pending.
• The MH-60R Seahawk, popularly known as the "Romeo", is an all-weather, multi-role, shipborne maritime helicopter and is the maritime variant of the Black Hawk.
• The helicopter is capable of conducting Anti-Submarine Warfare (ASW), Anti-Surface Warfare (ASuW), maritime surveillance, intelligence gathering, search and rescue (SAR), medical evacuation (MEDEVAC), vertical replenishment (VERTREP), and shipborne operations.

Indian Air Force Retains World's Third-Ranked Independent Air Force Position in World Directory of Modern Military Aircraft 2026 Rankings

• The Indian Air Force (IAF) has retained its position as the World's 3rd Most Powerful Independent Air Force for the 5th consecutive year in the World Directory of Modern Military Aircraft (WDMMA) 2026 Global Air Power Rankings.
• In the Independent Air Force Rankings, only the United States and Russia rank above the Indian Air Force (IAF), placing India at 3rd position globally.
• The World Directory of Modern Military Aircraft (WDMMA) assessed 129 air services across 103 countries using its True Value Rating (TVR)
• The True Value Rating (TVR) evaluates fleet quality, technology, modernisation, logistics, and operational capability, rather than simply counting the number of aircraft.
• When all military aviation branches (Air Force, Navy and Army) are considered together, the Indian Air Force (IAF) ranks 6th globally, behind the US Air Force, US Navy, Russian Air Force, US Army, and US Marines.
• In the combined military aviation rankings, China's Air Force is placed at 7th position, immediately after the Indian Air Force (IAF).
• The Indian Air Force (IAF) currently operates a fleet of 1,716 aircraft, demonstrating its strong operational capability and strategic reach.
• The IAF fleet comprises 542 combat aircraft, 498 helicopters, 282 transport aircraft, 374 trainer aircraft, and 20 special mission aircraft, including Airborne Early Warning (AEW) and Aerial Refuelling platforms.
• The WDMMA 2026 Rankings highlight the Indian Air Force's modernization, enhanced operational readiness, and growing capability to safeguard India's national security and support strategic operations at the global level.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Jammu & Kashmir Bank to Divest 0.5% Stake in PNB MetLife to MetLife International for ₹120.1 Crore

• Jammu & Kashmir (J&K) Bank signed a Share Purchase Agreement (SPA) to sell its 5% stake in PNB MetLife India Insurance Company to MetLife International Holdings, LLC for approximately ₹120.1 crore.
• Under the transaction, J&K Bank will divest 25 million equity shares in PNB MetLife at a price of ₹117.20 per share, taking the total transaction value to ₹120.1 crore.
• After completion of the deal, J&K Bank's shareholding in PNB MetLife will reduce from 034% to 2.534% (approximately 3% to 2.5%).
• MetLife International Holdings, LLC, an existing promoter and shareholder of PNB MetLife India Insurance Company, is acquiring the additional stake from J&K Bank.
• The transaction is subject to execution of definitive agreements, regulatory approvals, and completion of other statutory formalities.
• The Board of Directors of J&K Bank initially approved the proposed divestment on 20 January 2026, while the competent authority declared it a material event requiring disclosure on 14 July 2026.
• J&K Bank clarified that the transaction will not result in any change in control of PNB MetLife and is not a related-party transaction.
• PNB MetLife India Insurance Company ranked as the 10th largest life insurer in India in terms of New Business Premium (NBP) as of March 2026.

About Jammu & Kashmir Bank Limited :

• It is an Indian banking and financial services company.
• Headquarters : Srinagar, Jammu & Kashmir.
• MD & CEO : Amitava Chatterjee

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

United States Air Force’s YFQ-44A Fury Successfully Conducts First Live Air Intercept Missile -120 AMRAAM Missile Test

• The United States Air Force (USAF) successfully conducted the first live missile launch by a Collaborative Combat Aircraft (CCA) using the YFQ-44A Fury drone at Edwards Air Force Base, California, USA.
• The YFQ-44A Fury fired a live AIM-120 Advanced Medium-Range Air-to-Air Missile (AMRAAM) at a digital target over the Mojave Desert.
• The successful test marked the first-ever live Air Intercept Missile launch by a US Collaborative Combat Aircraft (CCA).
• The live-fire test was conducted in coordination with the 412th Test Wing’s Air Dominance Combined Test Force, comprising active-duty military personnel, government civilians, and government contractors.
• The YFQ-44A Fury is an advanced semi-autonomous Unmanned Combat Aerial Vehicle (UCAV) developed by Anduril Industries.
• The YFQ-44A Fury is designed to operate alongside crewed fighter aircraft such as the F-35 and F-22, providing additional sensors, weapons, and operational support during combat missions.
• Collaborative Combat Aircraft (CCA) platforms are designed to perform multiple roles, including missile carriage, electronic warfare, reconnaissance, and battlefield support operations.

James Webb Space Telescope Discovers New Giant Exoplanet ‘Beta Pictoris d’

• Astronomers using National Aeronautics and Space Administration (NASA)’s James Webb Space Telescope (JWST) discovered a new giant exoplanet, Beta Pictoris d, located 63 light-years from Earth and estimated to be about 23 million years old.
• With the discovery of Beta Pictoris d, the Beta Pictoris system has become only the second known planetary system with at least three directly imaged planets.
• Beta Pictoris d orbits the nearby star Beta Pictoris, which already hosts Beta Pictoris b and Beta Pictoris c.
• Beta Pictoris b is notable as one of the first exoplanets ever directly imaged, making the Beta Pictoris system historically significant in exoplanet research.
• JWST’s Near-Infrared Spectrograph (NIRSpec) detected the unique chemical fingerprint of Beta Pictoris d’s atmosphere, enabling its discovery.
• Beta Pictoris d is estimated to have at least twice the mass of Jupiter, making it the smallest of the three known giant planets in the Beta Pictoris system.
• The exoplanet orbits its host star at a distance of nearly 30 Astronomical Units (AU), comparable to the orbit of Neptune in our Solar System.
• The discovery highlights the advanced capabilities of NASA’s James Webb Space Telescope (JWST) in directly imaging and analysing the atmospheres of exoplanets.

About NASA :

• Formed : July 29, 1958
• Headquarters : Washington, D.C
• Administrator : Jared Isaacman

Tata Consultancy Services and Google Cloud Launch Gemini Experience Centre in Kolkata to Accelerate AI Innovation for Consumer Businesses

• Tata Consultancy Services (TCS), in collaboration with Google Cloud, launched a Gemini Experience Centre (GEC) in Kolkata, West Bengal, to showcase Artificial Intelligence (AI)-driven innovations for consumer businesses.
• The Kolkata Gemini Experience Centre is the 3rd GEC in India, following the centres established in Chennai and Bengaluru.
• TCS plans to establish 10 Gemini Experience Centres (GECs) globally by the end of 2026, including 4 centres in India.
• The Gemini Experience Centre (GEC) is built using Google Cloud infrastructure and Google's Gemini AI models to accelerate enterprise AI adoption.
• The centre will enable businesses in Retail, Consumer Packaged Goods (CPG), Travel, Tourism, and Hospitality to co-create, test, and scale AI-powered solutions.
• The facility will demonstrate Agentic AI-enabled solutions across Store Operations, Supply Chain Management, Omni-channel Retail, and Customer Service through immersive demonstrations and co-innovation workshops.
• TCS has developed over 3,000 industry- and context-aware AI agents using Gemini Enterprise for sectors including Retail, Consumer Goods, Travel, Transportation, and Hospitality.

Recent news :

In July 2026, pi-labs, an Indian Artificial Intelligence (AI) and deepfake detection company, entered into a strategic partnership with Google Cloud to develop secure, scalable, and mission-ready AI solutions for India.

CURRENT AFFAIRS: SPORTS NEWS

Mascot and Anthem of Badminton World Federation World Championships 2026 Unveiled in New Delhi

• Union Minister for Youth Affairs and Sports Mansukh Mandaviya and Dr. Himanta Biswa Sarma, President of Badminton Association of India and Chief Minister of Assam, unveiled the official mascot ‘Peacko’ and launched the championship anthem for the Badminton World Federation (BWF) World Championships 2026 in New Delhi, Delhi.
• The 30th edition of the Badminton World Federation World Championships will be held from 17–23 August 2026 at the Indira Gandhi Indoor Stadium, New Delhi.
• The championship will witness participation from more than 400 badminton players from over 50 countries.
• The official mascot ‘Peacko’ is inspired by the Indian Peafowl (Peacock) and represents the pride, vibrancy, and sporting spirit of India.
• The championship anthem features India’s 16-member Badminton World Federation World Championships contingent, highlighting the energy, ambition, and unity of Indian badminton.
• The Indian contingent featured in the anthem includes prominent players such as P. V. Sindhu, Lakshya Sen, Satwiksairaj Rankireddy, Chirag Shetty, Ayush Shetty, Unnati Hooda, Gayatri Gopichand, and Treesa Jolly.
• The event aims to showcase India’s growing prominence in global badminton and promote the country as a major destination for international sporting events.

CURRENT AFFAIRS: IMPORTANT DAYS

National Broadcasting Day 2026 Observed on 23 July

• National Broadcasting Day is observed every year on 23 July in India to commemorate the first-ever radio broadcast in the country, which took place on 23 July 1927.
• National Broadcasting Day 2026 marks the beginning of organised radio broadcasting in India and highlights the role of broadcasting in information dissemination, education, entertainment, and national development.
• The first radio broadcasting service in India was started by the Indian Broadcasting Company (IBC) in 1927.
• The Indian Broadcasting Company (IBC) was established after the success of the Bombay Radio Club, which conducted India’s first radio programme in 1923.
• Due to financial difficulties, the Indian Broadcasting Company (IBC) was closed in 1930. Subsequently, the Government of India took over broadcasting services and established the Indian State Broadcasting Service (ISBS) in 1930.
• The Indian State Broadcasting Service (ISBS) was renamed as All India Radio (AIR) in 1936.
• Over the years, India’s broadcasting sector has expanded with the growth of radio, television, and digital streaming platforms, involving both public and private broadcasters.
• National Broadcasting Day recognises the contribution of broadcasters, journalists, and media professionals in strengthening communication and preserving India’s cultural and social identity.

CURRENT AFFAIRS : OBITUARIES

Kevin Keegan, England Football Icon and Two-Time Ballon d'Or Winner, Passed away at 75

• England football legend Joseph Kevin Keegan passed away at the age of 75 in the United Kingdom (UK).

About Joseph Kevin Keegan :

• Joseph Kevin Keegan was born on 14 February 1951 in Armthorpe, Doncaster, Yorkshire, England.
• He was a legendary England footballer and manager, regarded as one of England's greatest footballers.
• During his club career, he played for Scunthorpe United, Liverpool, Hamburger SV (Germany), Southampton, and Newcastle United.
• With Hamburger SV, he won the Bundesliga and achieved international recognition as one of Europe's finest footballers.
• Kevin Keegan remains the only English player to win the Ballon d'Or twice consecutively, receiving football's highest individual honour in 1978 and 1979.
• At the international level, he represented England in 63 matches (caps) and scored 21 international goals.
• He served as captain of the England national football team in 31 matches.
• He was widely admired for his leadership, dribbling skills, goalscoring ability, and his successful careers as both a player and a manager.
• As manager of Newcastle United, he transformed the club into a Premier League title contender.
• Kevin Keegan was affectionately known by the nicknames "King Kev" and "Mighty Mouse" for his immense contribution to English football.

Daily CA One- Liner: July 23^rd

• The Ministry of Housing and Urban Affairs (MoHUA) approved six transformative urban development projects worth ₹2,719.80 crore for Ahmedabad, Gujarat under the Urban Challenge Fund
• The Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment (MoL&E) launched VISHWAS 2026, a one-time dispute resolution scheme for the amicable settlement of damages and penalty-related disputes
• Lieutenant Governor of Ladakh V. K. Saxena commissioned India’s first two 1,000-metre-deep geothermal wells at Puga Valley, Ladakh, developed by Oil and Natural Gas Corporation Limited (ONGC) Energy Centre
• The National Institution for Transforming India (NITI Aayog) launched the “Roadmap for Building India as a Leading Bioeconomy Powerhouse by 2035” at the National Media Centre, New Delhi
• The Government of Andhra Pradesh (AP) signed a Memorandum of Understanding (MoU) with the United Nations Human Settlements Programme (UN-Habitat) to establish a long-term partnership for promoting sustainable, inclusive, and climate-resilient urban development in the state
• The Office of the Controller General of Patents, Designs and Trade Marks (CGPDTM) and the Council of Scientific and Industrial Research- National Institute of Science Communication and Policy Research (CSIR-NIScPR) signed a Memorandum of Understanding (MoU) to enable CGPDTM’s participation in the National Knowledge Resource Consortium
• Union Minister for Youth Affairs and Sports Mansukh Mandaviya and Himanta Biswa Sarma, President of Badminton Association of India and Chief Minister of Assam, unveiled the official mascot ‘Peacko’ and launched the championship anthem for the Badminton World Federation (BWF) World Championships 2026 in New Delhi.
• National Broadcasting Day is observed every year on 23 July in India to commemorate the first-ever radio broadcast in the country, which took place on 23 July 1927 .
• The Department of Land Resources (DoLR) under the Ministry of Rural Development (MoRD) held a high-level meeting with the Reserve Bank of India Innovation Hub (RBIH) to strengthen the convergence of Digital Public Infrastructure (DPI) for land governance and digital lending.
• The Government of India (GoI) is continuously engaging with the Reserve Bank of India (RBI) and other regulators/stakeholders to curb the operations of fake and illegal loan apps in the country.
• The Government of India (GoI) launched the National Mission for Financial Inclusion (NMFI), namely Pradhan Mantri Jan Dhan Yojana (PMJDY), in August 2014 to promote financial inclusion and provide universal banking services to every unbanked household.
• The Government of India (GoI) increased the windfall gains tax on diesel and Aviation Turbine Fuel (ATF) exports, while reducing the tax on petrol
• India's total exports (Merchandise + Services) increased by 37% to an estimated USD 232.73 billion during April–June FY2026–27, compared to USD 208.98 billion in the corresponding period of the previous financial year.
• Bassirou Diomaye Diakhar Faye, President of Senegal, was elected as the new Chairman of the Economic Community of West African States (ECOWAS) during the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Freetown, Sierra Leone.
• Andy Burnham became the 59th Prime Minister (PM) of the United Kingdom (UK) after Keir Starmer resigned from the post.
• The United States of America (USA) delivered the 21st MH-60R Seahawk multi-role maritime helicopter to the Indian Navy (IN) at Kochi, Kerala, further strengthening the India–USA defence partnership and enhancing India's maritime security capabilities.
• The Indian Air Force (IAF) has retained its position as the World's 3rd Most Powerful Independent Air Force for the 5th consecutive year in the World Directory of Modern Military Aircraft (WDMMA) 2026 Global Air Power Rankings.
• Jammu & Kashmir (J&K) Bank signed a Share Purchase Agreement (SPA) to sell its 5% stake in PNB MetLife India Insurance Company to MetLife International Holdings, LLC for approximately ₹120.1 crore.
• The United States Air Force (USAF) successfully conducted the first live missile launch by a Collaborative Combat Aircraft (CCA) using the YFQ-44A Fury drone at Edwards Air Force Base, California, USA.
• Astronomers using National Aeronautics and Space Administration (NASA)’s James Webb Space Telescope (JWST) discovered a new giant exoplanet, Beta Pictoris d, located 63 light-years from Earth and estimated to be about 23 million years old.
• Tata Consultancy Services (TCS), in collaboration with Google Cloud, launched a Gemini Experience Centre (GEC) in Kolkata, West Bengal, to showcase Artificial Intelligence (AI)-driven innovations for consumer businesses.
• England football legend Joseph Kevin Keegan passed away at the age of 75 in the United Kingdom (UK).