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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Issues Commercial Banks–Governance Amendment Directions, 2026 Effective from 1 October 2026

• The Reserve Bank of India (RBI) has issued the Commercial Banks–Governance Amendment Directions, 2026, which will come into effect from 1 October 2026.
• The Amendment Directions aim to strengthen board governance, improve decision-making, and enhance corporate governance in the Indian banking sector.
• The revised framework shifts from a prescriptive, theme-based approach to a principle-based governance framework, providing greater flexibility to bank boards.
• Under the new framework, Boards of Directors will devote more attention to business strategy, risk management, financial resilience, and corporate governance.
• The Board will primarily oversee business strategy, risk management, governance standards, regulatory compliance, internal controls, and exposures to related entities.
• Routine operational matters may be delegated to Board Committees or Management Committees, enabling the Board to focus on strategic oversight.
• The Chairperson of the Board has been assigned the primary responsibility for setting the Board agenda, while the management must provide timely and adequate information for informed decision-making.
• The Amendment Directions apply to Commercial Banks and, with suitable modifications, also to Private Sector Banks, Small Finance Banks (SFBs), Payments Banks, and Local Area Banks (LABs).
• The new governance framework seeks to align India's banking governance practices with global standards by improving board effectiveness, accountability, risk governance, regulatory compliance, and the overall stability of the banking system.

About RBI :

• Established: 1 April 1935 under the Reserve Bank of India Act, 1934, and serves as India’s central bank.
• Nationalised: 1 January 1949
• Headquarters: Mumbai, Maharashtra
• Governor: Sanjay Malhotra (26th Governor)
• Deputy Governors: Rohit Jain, Shirish Chandra Murmu, Swaminathan Janakiraman, Poonam Gupta
• Wholly Owned by RBI:
• BRBNMPL – Bharatiya Reserve Bank Note Mudran Private Limited
• DICGC – Deposit Insurance and Credit Guarantee Corporation
• ReBIT – Reserve Bank Information Technology Private Limited
• RBIH – Reserve Bank Innovation Hub
• Promoted by RBI (Now Government-owned):
• NABARD – National Bank for Agriculture and Rural Development
• NHB – National Housing Bank

Reserve Bank of India Authorises EbixCash as India’s First Authorised Dealer Category-II  Entity to Offer Trade Remittance Services

• EbixCash World Money Limited became the first Authorised Dealer Category-II (AD-II) entity in India to receive Reserve Bank of India (RBI) authorisation to offer Trade Remittances and Family Maintenance Remittances, a segment previously dominated by banks.
• The RBI approval marks a significant expansion of the role of AD-II entities in India's foreign exchange and remittance ecosystem.
• Under the enhanced licence, EbixCash can facilitate Trade Remittances up to ₹25 lakh per transaction.
• The company is also authorised to process Family Maintenance Remittances under the updated Foreign Exchange Management Act (FEMA), 1999 framework introduced in May 2026.
• The new licence will help Micro, Small and Medium Enterprises (MSMEs) engaged in import and export activities by providing direct trade-related remittance services.
• EbixCash has also received RBI approval to maintain Nostro Accounts, enabling direct settlement of international transactions without routing them through intermediary correspondent banks.
• The ability to maintain Nostro Accounts will improve the speed, efficiency, and cost-effectiveness of international payments.

About EbixCash :

• EbixCash was initially established as a Full Fledged Money Changer (FFMC) in 1999.
• It was later upgraded to an RBI-regulated Authorised Dealer Category-II (AD-II) entity.
• Corporate Headquarters: Noida, Uttar Pradesh (UP).

ICRA Projects India’s Q1 FY27 Real Gross Domestic Product Growth at 6.4–6.6%

• ICRA Limited, a domestic credit rating agency, has projected India’s Real Gross Domestic Product (GDP) Growth at 6.4–6.6% for Q1 (April–June) FY2026–27 (FY27).
• The projected growth is driven by broad-based economic activity, despite elevated energy prices and limited input availability, which continue to put pressure on manufacturing margins.
• India’s Real GDP had grown by 7.8% in Q4 (January–March) FY2025–26 (FY26).
• ICRA’s Business Activity Monitor (BAM) recorded 12% Year-on-Year (YoY) growth in June 2026, the highest growth in the last 32 months, compared to 9.4% YoY in May 2026.
• Out of 16 High-Frequency Indicators, 13 indicators showed faster growth in June 2026, reflecting strong economic momentum.
• The growth was supported by the temporary USA–Iran ceasefire, a 40% rainfall deficit that extended construction and mining activities, and a favourable base effect.
• During Q1 FY27, 10 out of 17 Non-Agricultural Indicators registered improved performance, indicating broad-based economic expansion.
• Based on 5% YoY growth in the Index of Core Industries, ICRA projected the Index of Industrial Production (IIP) to grow by 5–6% in June 2026.
• The report highlights strong industrial and infrastructure activity as the key drivers of economic growth despite rising energy costs, supply-side constraints, and pressure on manufacturing profitability.

EnKash Launches India’s First Unified Payments Interface-Enabled Meal Card for Employee Benefits

• EnKash, India’s leading business payments and spend management platform, became the first company in India to launch a Unified Payments Interface (UPI)-enabled Meal Card.
• The UPI-based Meal Card enables employees to make direct payments from their meal balance by scanning eligible UPI QR Codes at food and grocery merchants.
• The UPI-enabled Meal Card is supported by EnKash’s existing payments and prepaid infrastructure, ensuring seamless digital transactions.
• EnKash’s payment ecosystem offers businesses a comprehensive suite of services, including Prepaid Cards, Employee Benefits, Expense Management, and Business Payment Solutions.
• The initiative provides Meal Benefits of up to ₹200 per meal under both the Old Tax Regime and the Revised Tax Regime.
• The maximum annual tax savings available through the Meal Card is ₹1,05,600.

About EnKash :

• EnKash was established in 2018 and is recognized as India’s first full-stack payments and spend management platform.
• EnKash holds the following key regulatory licences:
• Payment Aggregator (PA) Licence
• Prepaid Payment Instrument (PPI) Licence
• Bharat Connect (BBPOU) Licence
• Headquarters: Mumbai, Maharashtra.

Economic Advisory Council to the Prime Minister Report: India Accounted for 8.2% of Global Gross Domestic Product in Purchasing Power Parity Terms in 2025

• According to a working paper published by the Economic Advisory Council to the Prime Minister (EAC-PM), India accounted for 8.2% of the world's Gross Domestic Product (GDP) in 2025 based on Purchasing Power Parity (PPP).
• The report highlights that India contributes more than 10% of global savings and global investment, reflecting its increasing importance in the world economy.
• The International Monetary Fund (IMF) projects India's share of global GDP to rise to 9.7% by 2030, indicating sustained economic growth over the decade.
• The working paper is titled "The World in Purchasing Power Parity (PPP): Trends since 1992".
• The report was prepared by EAC-PM members Sanjeev Sanyal, Akash Arora, and Payal Sharma.
• The paper identifies China's economic rise since 1992 as the largest global economic transformation, with China accounting for nearly 20% of global GDP, 32% of world savings, and 30% of world investment.
• Purchasing Power Parity (PPP) is an economic method used to compare the economic output of countries by adjusting for differences in price levels and cost of living, providing a more accurate comparison of economies.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Maharashtra Launches Bharat Taxi Cooperative Taxi Service to Promote Driver Ownership

• The Government of Maharashtra launched Bharat Taxi, a cooperative taxi service platform, at the Navi Mumbai International Airport, Maharashtra, to provide affordable, transparent, and reliable transportation services.
• The service was inaugurated by Devendra Fadnavis, Chief Minister of Maharashtra, along with Murlidhar Mohol, Union Minister of State for Cooperation.
• Bharat Taxi is based on the vision of Prime Minister Narendra Modi’s “Sahakar Se Samriddhi” (Prosperity through Cooperation), aiming to strengthen the cooperative model in the transport sector.
• Unlike traditional ride-hailing platforms, Bharat Taxi follows a driver-centric cooperative model, where drivers, known as Sarathis, become owners and members of the cooperative.
• The platform aims to provide drivers with regular income opportunities, ownership benefits, and profit-sharing, while offering passengers fixed pricing without surge charges or hidden fees.
• Key features of Bharat Taxi include:
• No surge pricing
• Transparent fare system
• No hidden charges
• Fixed service charge model
• Improved safety and service quality
• Bharat Taxi was first introduced in Delhi and Gujarat and has now expanded to Maharashtra, beginning operations from the Navi Mumbai International Airport.
• Maharashtra, with more than 2.5 lakh cooperative societies, provides a strong ecosystem for expanding the cooperative transport model across cities and towns.
• The initiative aims to strengthen cooperative entrepreneurship, generate employment opportunities, improve driver welfare, and provide a sustainable alternative in the urban mobility sector.

About Maharashtra:

• Chief Minister: Devendra Fadnavis
• Governor: Jishnu Dev Varma
• Capital: Mumbai
• National Parks: Tadoba National Park, Gugamal National Park, Chandoli National Park, Navegaon National Park, Sanjay Gandhi National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Koyna Wildlife Sanctuary, Radhanagari Wildlife Sanctuary, Lonar Wildlife Sanctuary, Nagzira Wildlife Sanctuary, Phansad Wildlife Sanctuary, Tungareshwar Wildlife Sanctuary, Thane Creek Flamingo Wildlife Sanctuary

RECENT NEWS

• Maharashtra is going to open the first AI-powered bird sanctuary of India at Thane Creek Flamingo Sanctuary (TCFS). This will be a remarkable step towards merging artificial intelligence with wildlife conservation. 

India to Host International Type 1 Diabetes Summit 2026 in Jodhpur

• India will host the International Type 1 Diabetes Summit 2026 from 30 July to 1 August 2026 in Jodhpur, Rajasthan, bringing together leading medical experts, researchers, government officials, healthcare professionals, and patient representatives from across the world.
• The summit is being organised by Friends of Mewar, Breakthrough T1D, and the William J. Clinton Foundation to promote global collaboration in Type 1 diabetes research, treatment, technology, and patient care.
• The official announcement of the summit was made at the Constitution Club of India, New Delhi.
• The summit will focus on improving access to affordable insulin, equitable treatment, medical innovation, and quality of life for people living with Type 1 Diabetes.
• Key discussion areas include Continuous Glucose Monitoring (CGM), insulin pump therapy, digital health solutions, psychological support, public health policies, diabetes technologies, and international research collaboration.
• Experts from India, the United States of America (USA), Australia, and several other countries are expected to participate.
• The summit is expected to conclude with the announcement of the host city and dates for the International Type 1 Diabetes Summit 2027.

Mission Golden Spice Launched to Promote Meghalaya's Lakadong Turmeric as a Global Premium Spice

• Union Minister for Communications and Development of North Eastern Region, Jyotiraditya M. Scindia, along with Meghalaya Chief Minister Conrad K. Sangma, launched the Mission Golden Spice – Integrated Lakadong Turmeric Value Chain Enhancement Project at Sanchar Bhavan, New Delhi.
• The mission is a ₹175.45 crore convergence-led initiative to transform Lakadong turmeric into a globally recognised premium spice by strengthening its entire value chain.
• The project has been launched under the "Unlock the Economic Potential of India's Northeast (USP)" initiative of the Ministry of Development of North Eastern Region.
• The mission will be implemented over five years (2025–2030) in two phases:
• Phase I: Value Chain Strengthening
• Phase II: Expansion and Scale-up
• The initiative is being implemented by the Ministry of Development of North Eastern Region in collaboration with the North Eastern Council.
• Lakadong turmeric, primarily cultivated in the West Jaintia Hills and East Jaintia Hills districts of Meghalaya, is renowned for having the world's highest naturally occurring curcumin content and holds a Geographical Indication (GI) tag.
• Under the mission, the government aims to:
• Increase the cultivation area to 7,000 hectares.
• Benefit around 17,500 farmers, of whom 99% are women.
• Generate 3,000 additional women-led employment opportunities.
• Double farmers' incomes.
• Build a ₹100 crore Lakadong turmeric economy by Financial Year 2028–29.
• The project focuses on strengthening the entire turmeric value chain, including cultivation, processing, value addition, branding, marketing, and exports, to improve farmers' income and enhance global competitiveness.

About Ministry of Development of North Eastern Region:

• Cabinet Minister: Jyotiraditya M. Scindia
• Constituency: Madhya Pradesh
• Ministers of State (MoS): Sukanta Majumdar

About Meghalaya:

• Chief Minister: Conrad Kongkal Sangma
• Governor: C. H. Vijayashankar
• Capital: Shillong
• National Parks: Nokrek National Park, Balphakram National Park
• Wildlife Sanctuaries: Nongkhyllem Wildlife Sanctuary, Siju Wildlife Sanctuary, Narpuh Wildlife Sanctuary, Baghmara Pitcher Plant Wildlife Sanctuary

RECENT NEWS

• India has launched the multilateral military exercise PRAGATI 2026 at the Umroi Military Station in Meghalaya. It will bring together the armed forces from 12 friendly nations for the major regional defense engagement. This two week exercise will focuson counter-terror operations, jungle warfare and tactical coordination in the challenging terrain.

India Accepts World Trade Organization Agreement on Fisheries Subsidies; Becomes 123rd Member

• India formally accepted the World Trade Organization (WTO) Agreement on Fisheries Subsidies, becoming the 123rd member to join the global agreement.
• Commerce Secretary Rajesh Agrawal deposited India's Instrument of Acceptance with World Trade Organization Director-General Ngozi Okonjo-Iweala at the World Trade Organization Headquarters in Geneva, Switzerland.
• The Agreement on Fisheries Subsidies was adopted by consensus during the 12th World Trade Organization Ministerial Conference held in Geneva, Switzerland, in June 2022 and entered into force on 15 September 2025 after acceptance by two-thirds of World Trade Organization members.
• It is the first multilateral agreement of the World Trade Organization with an environmental sustainability objective.
• The agreement aims to eliminate harmful fisheries subsidies that contribute to:
• Illegal, Unreported and Unregulated (IUU) fishing
• Overfishing
• Fishing of overfished fish stocks
• Certain fishing activities on unregulated high seas
• The agreement applies mainly to marine wild-capture fishing and fishing-related activities at sea, while aquaculture and inland fisheries remain outside its scope, protecting the competitiveness of India's aquaculture-based shrimp export sector.
• The agreement is expected to create a level playing field by placing subsidy disciplines on large industrial fishing fleets of distant-water fishing nations and strengthen India's position as a responsible global seafood exporter.

About World Trade Organization (WTO)

• Established: 1995
• Headquarters: Geneva, Switzerland
• Members: 166
• Director-General: Ngozi Okonjo-Iweala
• Objective: To regulate international trade, promote free and fair trade, and resolve trade disputes among member countries.

RECENT NEWS

• India and Ethiopia have strengthened economic ties by signing the bilateral accession protocol for the Ethiopia’s membership in the World Trade Organization (WTO), This accession agreement was signed in Geneva on May 22, 2026 and this agreement showcases the India’s continued support for the integrating the developing economies in to the global trading system.

CURRENT AFFAIRS : INTERNATIONAL NEWS

SOFI 2026 Report: Global Hunger Eases Slightly, but SDG-2 Zero Hunger Target Remains Out of Reach

• The United Nations (UN) Food and Agriculture Organization (FAO) released the State of Food Security and Nutrition in the World (SOFI) 2026 report titled “Understanding and Addressing the High Cost of a Healthy Diet.”
• The report estimated that 645 million people (8% of the global population) faced hunger in 2025, showing a slight improvement from 8.1% in the previous year.
• Despite this progress, the world remains off track to achieve Sustainable Development Goal (SDG)-2: Zero Hunger by 2030.

Key Highlights :

• The SOFI Report is jointly prepared by five UN specialized agencies:
• Food and Agriculture Organization (FAO)
• International Fund for Agricultural Development (IFAD)
• United Nations Children's Fund (UNICEF)
• World Food Programme (WFP)
• World Health Organization (WHO)
• The number of hungry people in 2025 remained 61 million higher than pre-COVID-19 (2019) levels.
• The global prevalence of hunger declined to 8% in 2025, compared to 8.0% in 2015, when the 2030 Agenda for Sustainable Development was adopted.
• Under a quick-recovery scenario, the report projects the number of chronically undernourished people to decline to about 511 million by 2030.
• If disruptions in oil, gas, and fertilizer supplies continue, the number of chronically undernourished people could remain as high as 522 million by 2030.
• Africa has replaced Asia as the region with the largest number of undernourished people, marking the first time since such data has been tracked.

India’s Performance (SOFI 2026)

• Undernourished Population: 5 million, reflecting a 42% decline over the last 20 years.
• Cost of a Healthy Diet (CoHD): USD 4.11 per person per day (PPP).
• People Unable to Afford a Healthy Diet: 1 million people in India.

Zanzibar President Hussein Ali Mwinyi Pays Official Visit to India from 17–20 July 2026

• President of Zanzibar and Chairman of the Revolutionary Council, Hussein Ali Mwinyi, paid an official visit to India from 17–20 July 2026 at the invitation of Vice President C. P. Radhakrishnan.
• The delegation included First Lady Mariyam Mwinyi, along with ministers and senior government officials from Zanzibar.
• Both sides welcomed the expansion of bilateral trade, investment, and capacity-building initiatives, further strengthening the India–Tanzania Strategic Partnership.
• During bilateral talks, President Hussein Ali Mwinyi and Vice President C. P. Radhakrishnan reviewed India–Tanzania relations and discussed enhancing cooperation in the Blue Economy, Tourism, Technology, Healthcare, Education, Trade, and Investment.
• President Hussein Ali Mwinyi invited Vice President C. P. Radhakrishnan to undertake an official visit to Tanzania.
• During his meeting with External Affairs Minister Dr. S. Jaishankar, both leaders reviewed the India–Tanzania Development Partnership, focusing on higher education, water infrastructure, and human resource development.
• Both sides agreed to strengthen IIT Madras Zanzibar as a Centre of Excellence (CoE) for higher education in Africa, highlighting India's commitment to educational cooperation.
• President Hussein Ali Mwinyi attended the 63rd Convocation of IIT Madras and unveiled the master plan for the 200-acre IIT Madras Zanzibar campus located at Fumba Peninsula.
• IIT Madras Zanzibar is India's first international IIT campus, marking a significant milestone in India's global higher education outreach.

About Zanzibar :

• President : Hussein Mwinyi
• Capital : Zanzibar City
• Currency : Tanzanian shilling

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Government Appoints Anurag Jain as New Chief Executive Officer of National Institution for Transforming India Aayog

• The Government of India (GoI) appointed Anurag Jain as the new Chief Executive Officer (CEO) of NITI (National Institution for Transforming India) Aayog, with the appointment approved by the Appointments Committee of the Cabinet (ACC) through the Department of Personnel and Training (DoPT).
• Anurag Jain assumed charge with immediate effect for a tenure of two years or until further orders, whichever is earlier.

About Anurag Jain :

• Anurag Jain is a 1989-batch Indian Administrative Service (IAS) officer of the Madhya Pradesh (MP) cadre, with nearly four decades of administrative experience.
• Before becoming CEO of NITI Aayog, Anurag Jain served as the Chief Secretary of Madhya Pradesh.
• He also held important positions as Secretary, Ministry of Road Transport & Highways and Secretary, Department for Promotion of Industry and Internal Trade (DPIIT).
• Anurag Jain succeeded Nidhi Chhibber, Director General (DG) of the Development Monitoring and Evaluation Office (DMEO), who had been holding the additional/interim charge of CEO since 24 February 2026.
• Nidhi Chhibber took charge after the completion of the tenure of V. R. Subrahmanyam, the former CEO of NITI Aayog.
• As CEO of NITI Aayog, Anurag Jain will lead national policy formulation, strategic governance reforms, cooperative federalism initiatives, and long-term development planning across various sectors.

About NITI Aayog :

• NITI Aayog (National Institution for Transforming India) was established on 1 January 2015, replacing the Planning Commission.
• NITI Aayog is the Government of India’s premier public policy think tank, responsible for promoting cooperative federalism, policy innovation, and sustainable development.
• The Prime Minister of India is the Chairperson of NITI Aayog, while the CEO is appointed by the Central Government to oversee its administration and policy implementation.

CURRENT AFAFIRS: AWARDS AND HONOURS

Ajit Doval Selected for Lokmanya Tilak National Award 2026

• National Security Advisor (NSA) Ajit Doval has been selected for the 44th Lokmanya Tilak National Award 2026 for his outstanding contribution to India’s national security, counter-terrorism strategy, covert operations, and border management.
• The award will be presented by Union Minister of Home Affairs Amit Shah at a ceremony in Pune, Maharashtra on 1 August 2026, marking the 106th death anniversary of freedom fighter Bal Gangadhar Tilak.
• The award comprises a memento, citation, and cash prize of ₹1 lakh.
• The announcement was made by Dr Rohit Tilak, President of Lokmanya Tilak Smarak Trust, in Pune in the presence of Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde.
• Ajit Doval has been serving as India’s National Security Advisor since 2014 and is the longest-serving NSA of India.
• He has also served as India’s Special Representative for India–China boundary talks and played an important role in diplomatic efforts during the 2017 Doklam standoff.
• He has contributed to major security operations, including:
• Operation Sindoor
• Operation Hot Pursuit
• Operation Black Thunder
• Balakot Air Strike
• During his intelligence career, Ajit Doval served in sensitive regions such as Mizoram, Punjab, Sikkim, and Jammu & Kashmir.
• He served for more than 33 years as an intelligence officer and headed the Operations Wing of the Intelligence Bureau (IB) for over a decade before becoming Director, Intelligence Bureau (July 2004–January 2005).

CURRENT AFAFIRS: MOUS AND AGREEMENT

Paras Semiconductors to Set Up ₹6,200 Crore Advanced Semiconductor Packaging Facility in Madhya Pradesh

• Paras Semiconductors Private Limited, a subsidiary of Paras Defence and Space Technologies Limited, signed a Memorandum of Understanding (MoU) with the Department of Science and Technology, Government of Madhya Pradesh, through the Madhya Pradesh State Electronics Development Corporation Limited (MPSeDC).
• The Memorandum of Understanding aims to establish a greenfield Advanced Integrated Circuit (IC) Packaging and Outsourced Semiconductor Assembly and Test (OSAT) facility in the Indore–Ujjain region of Madhya Pradesh.
• Paras Semiconductors will invest approximately ₹6,200 crore to develop the advanced semiconductor packaging facility.
• The proposed facility will support advanced semiconductor packaging technologies, including:
• Three-Dimensional (3D) Heterogeneous Integration
• 2.5D/3D Advanced Packaging
• Hybrid Bonding
• Ultra-High-Density Fan-Out Packaging
• Chiplet Integration
• Wafer Bumping
• Flip-Chip Assembly
• Semiconductor Testing and Reliability
• The collaboration aims to strengthen India's domestic semiconductor manufacturing ecosystem, reduce dependence on imports, and enhance capabilities in advanced Integrated Circuit packaging and semiconductor testing.
• The project aligns with the objectives of the India Semiconductor Mission 2.0, which focuses on promoting semiconductor manufacturing, packaging, and innovation in India.

About Madhya Pradesh State Electronics Development Corporation Limited (MPSeDC)

• Established: 1988
• Headquarters: Bhopal, Madhya Pradesh
• Administrative Department: Department of Science and Technology, Government of Madhya Pradesh
• Objective: To promote electronics manufacturing, information technology, digital governance, and investment in the electronics sector across Madhya Pradesh.

India–Sri Lanka Double Taxation Avoidance Agreement (DTAA) Strengthened with Principal Purpose Test (PPT)

• India has strengthened its Double Taxation Avoidance Agreement (DTAA) with Sri Lanka by incorporating the Principal Purpose Test (PPT), an internationally recognised anti-abuse provision under the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) framework.
• The amendment was introduced through a Protocol notified by the Ministry of Finance and came into force on 19 June 2026 after completion of domestic legal procedures by both countries.
• The revised provisions will apply in India for income derived from 1 April 2027.
• The Principal Purpose Test (PPT) allows tax authorities of both countries to deny treaty benefits if one of the main purposes of a transaction or investment is found to be obtaining an undue tax advantage rather than carrying out genuine commercial activities.
• The amendment aims to:
• Prevent treaty shopping arrangements.
• Avoid double non-taxation.
• Ensure fair taxation while continuing to eliminate double taxation for genuine taxpayers.
• The amendment does not change the existing tax rates under the India–Sri Lanka DTAA.
• The Protocol introduces two major changes aligned with the OECD Multilateral Instrument (MLI):
• A revised preamble clarifying that the treaty is not intended to create opportunities for double non-taxation or treaty shopping.
• Inclusion of the Principal Purpose Test (PPT) provision, which was previously absent in the agreement.
• The India–Sri Lanka DTAA was originally signed on 22 January 2013 and entered into force in the same year.
• India had earlier introduced similar Principal Purpose Test (PPT) provisions in its tax treaty with Mauritius through a protocol signed in March 2024.

CURRENT AFFAIRS : DEFENCE NEWS

India Successfully Develops First Indigenous 350 kg Thrust Class Expendable Turbojet Engine

• India achieved a major milestone in indigenous aero-engine technology with the successful development of the country's first indigenous Expendable Turbojet Engine in the 350 kg thrust class.
• The engine was designed and developed by the Gas Turbine Research Establishment (GTRE) under the Defence Research and Development Organisation (DRDO).
• Azad Engineering, Hyderabad, was selected by GTRE as the industry partner for the manufacturing and assembly of the engine.
• On 22 July 2026, Azad Engineering successfully manufactured, realised, and delivered the engine to GTRE, marking a landmark achievement for India's aerospace and defence ecosystem.
• The successful development is the result of years of precision engineering, advanced manufacturing, and close collaboration between India's scientific and industrial communities.
• Jet engine technology is mastered by only a handful of countries and is regarded as one of the most complex engineering technologies, requiring exceptional precision, advanced metallurgy, and stringent manufacturing standards.
• The achievement demonstrates the growing technological capabilities of the Indian defence industry in designing and manufacturing highly sophisticated propulsion systems.
• The engine was formally handed over by Rakesh Chopdar, Chief Executive Officer (CEO), Azad Engineering, to K. Rajalakshmi Menon, Distinguished Scientist & Director General (Aeronautical Systems), DRDO, and Dr. S. V. Ramanamurty, Outstanding Scientist & Director, GTRE.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Reserve Bank of India Clears Areion Group's ₹936 Crore Takeover of Aviom India Housing Finance

• The Reserve Bank of India (RBI) approved Areion Group’s ₹936 crore acquisition of Aviom India Housing Finance, marking a major step in the company's insolvency resolution process.
• The RBI also granted 'Fit-and-Proper' approval to Manish Lalwani, promoter of Areion Group, which is mandatory for a change in control of a regulated financial institution.
• Aviom India Housing Finance entered the Corporate Insolvency Resolution Process (CIRP) in February 2025 due to debt defaults and accounting irregularities.
• Areion Group emerged as the successful resolution applicant with an unconditional resolution plan worth ₹936 crore.
• The approved resolution plan is expected to provide approximately 65% recovery to the lenders.
• Although Unity Small Finance Bank submitted a higher bid of ₹977.5 crore, secured lenders holding 2% voting share unanimously approved Areion Group’s proposal due to its greater execution certainty.
• Areion Group operates in the financial services sector through Areion Asset Management Company (AMC) and Omkara Asset Reconstruction Company (ARC).
• Following the RBI’s approval, the resolution plan will be submitted to the National Company Law Tribunal (NCLT) for final approval and completion of ownership transfer.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

DIBD and Goa Government Host ‘BHASHINI Rajyam’ Workshop to Promote AI-Powered Multilingual Governance

• The Digital India BHASHINI (BHASHa INterface for India) Division (DIBD) under the Digital India Corporation (DIC), Ministry of Electronics and Information Technology (MeitY), in collaboration with the Department of Information Technology (IT), Electronics & Communications (EC), Government of Goa, organised the 'BHASHINI Rajyam: State Engagement Workshop' in Panaji, Goa.
• The workshop was attended by Goa Chief Minister Dr. Pramod Sawant and Rohan A. Khaunte, Minister for IT, Electronics & Communications, Tourism, and Printing & Stationery, Government of Goa.
• The primary objective of the workshop was to promote multilingual Artificial Intelligence (AI), strengthen the Konkani language ecosystem, and expand AI-powered multilingual access to citizen-centric government services.
• The event featured live demonstrations of BHASHINI App Mitra, BHASHINI Mitra, and BHASHINI Pravakta, showcasing advanced AI-enabled language technologies.
• The AI solutions demonstrated included translation, speech recognition, transcription, text-to-speech, transliteration, multilingual Application Programming Interfaces (APIs), and a voice-enabled citizen service journey.
• The Digital India BHASHINI Division (DIBD) was established in 2022 under the Digital India Corporation (DIC) functioning under MeitY.
• DIBD serves as India's national platform for AI-powered multilingual digital inclusion, enabling seamless communication across multiple Indian and international languages.
• The platform currently supports more than 800 government websites and processes around 8 billion AI inferences, including nearly 20 million AI inferences every day.
• BHASHINI provides language services in 36 Indian text languages, 23 Indian voice languages, and 35 international languages, promoting inclusive digital governance.

About Ministry of Electronics & IT :

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

Microsoft India and Indian Institute of Technology Delhi Launch UNNATI AI 2.0 to Boost India's Artificial Intelligence Innovation Ecosystem

• Microsoft India, in collaboration with the Foundation for Innovation and Technology Transfer (FITT), Indian Institute of Technology (IIT) Delhi, launched UNNATI AI 2.0, the second phase of its flagship Corporate Social Responsibility (CSR)
• UNNATI AI stands for "Unnati se Pragati", meaning "Progress through Growth."
• UNNATI AI 2.0 aims to strengthen India's Artificial Intelligence (AI) talent pipeline by democratizing AI access, promoting innovation, and expanding opportunities in Tier 2 and Tier 3 cities.
• The initiative focuses on AI skill development for developers, entrepreneurs, researchers, students, innovators, and startups through mentorship, startup enablement, and real-world pilot deployments.
• It seeks to build a responsible, inclusive, and scalable AI ecosystem to support technology-led national development.
• The programme promotes AI-driven solutions across key sectors such as Healthcare, Education, Agriculture, and Sustainability.
• The first edition, launched in April 2025, accelerated AI startups while providing nationwide AI skilling opportunities.
• Within one year, the first phase supported 10 AI startups, trained over 1,000 developers, and created a portfolio worth ₹1,690 crore.

National Council for Vocational Education and Training Grants Awarding Body -Dual Recognition to National Institute of Rural Development and Panchayati Raj to Strengthen Rural Skill Certification

• The National Council for Vocational Education and Training (NCVET) signed an agreement with the National Institute of Rural Development and Panchayati Raj (NIRDPR) under the Ministry of Rural Development (MoRD), granting NIRDPR recognition as an Awarding Body (AB-Dual).
• The agreement-signing ceremony was chaired by Niranjan Kumar Sudhansu, Additional Secretary, Ministry of Skill Development and Entrepreneurship (MSDE) and Executive Member of NCVET, in the presence of officials from NCVET and NIRDPR.
• The AB-Dual recognition authorises NIRDPR to assess, certify, and award National Skills Qualifications Framework (NSQF)-aligned qualifications through its own and affiliated training centres.
• The recognition aims to strengthen rural skilling, vocational education, entrepreneurship development, and capacity building across rural India.
• Under the initial rollout, NCVET approved two NSQF-aligned qualifications: Industrial General Pest Management Technician and a Micro-Credential on Generation and Mobilisation of Own Source Revenue by Panchayats.
• NIRDPR will introduce additional NCVET-approved programmes for rural youth, Self-Help Groups (SHGs), and Panchayati Raj functionaries, focusing on industry-relevant skills, entrepreneurship, and institutional capacity building.
• NCVET-recognised Awarding Bodies certify NSQF-aligned qualifications under two categories: Standard Awarding Body (certificate awarding only) and Dual Awarding Body (assessment, certification, and awarding).
• As of July 2026, NCVET has recognised 52 Standard Awarding Bodies and 107 Dual Awarding Bodies across India.

CURRENT AFFAIRS: SPORTS NEWS

Lovlina Borgohain Secures India’s First Medal at Commonwealth Games 2026

• Lovlina Borgohain, India’s Tokyo Olympic bronze medallist, secured India’s first medal at the Commonwealth Games 2026 even before the opening ceremony of the event held in Glasgow, Scotland.
• Lovlina received a direct entry into the semifinals of the women’s 75 kg boxing event due to the absence of seven participants in the category, confirming her medal position as per the Commonwealth Games boxing rules, where all semifinalists are assured of medals.
• The women’s 75 kg boxing category featured only five boxers, allowing Lovlina to qualify directly for the last four stage without participating in the quarterfinals.
• This marks Lovlina Borgohain’s first Commonwealth Games medal. Earlier, she had reached the quarterfinals at:
• Gold Coast Commonwealth Games 2018
• Birmingham Commonwealth Games 2022
• Lovlina will compete in the semifinal against Tarona (T.K.B.P.) Taafaki at the Scottish Event Campus, Glasgow. A victory would help her progress to the final and upgrade her medal colour.
• Lovlina entered the Commonwealth Games 2026 with strong performances, including:
• Gold medal at the National Boxing Championships
• Gold medal at the Boxam Elite International Tournament, Spain
• Gold medal at the Grand Prix of Usti nad Labem, Czech Republic
• India has fielded a 14-member boxing contingent at the Commonwealth Games 2026, including 7 women boxers and 7 men boxers, with Lovlina being one of the leading medal prospects.
• Lovlina Borgohain’s achievement highlights India’s strong start at the Commonwealth Games 2026 and strengthens the country’s medal expectations in boxing.

Vaibhav Sooryavanshi Becomes Youngest Batter to Score a Fifty in Twenty20 International Cricket

• Vaibhav Sooryavanshi became the youngest batter to score a half-century in Twenty20 International (T20I) cricket, achieving the feat during the first T20I against Zimbabwe in Harare, Zimbabwe.
• At the age of 15 years and 118 days, he reached his fifty in just 19 balls, becoming the youngest player to score a fifty in international cricket.
• The left-handed batter played an explosive innings of 50 runs, including 4 fours and 4 sixes, with a strike rate of over 263, in only his fourth T20I match for India.
• He broke the previous record held by Louis Bruce (Gibraltar), who scored a T20I fifty at the age of 16 years and 56 days against Malta in August 2021.
• With this achievement, Vaibhav Sooryavanshi also became:
• Youngest player from an International Cricket Council (ICC) Full Member nation to score a T20I fifty.
• Youngest Indian to score a fifty in international cricket, surpassing Sachin Tendulkar.
• Youngest Indian to score a fifty in Twenty20 International cricket, surpassing Rohit Sharma.

Youngest Players to Score a Fifty in Twenty20 International Cricket

1. Vaibhav Sooryavanshi (India) – 15 years, 118 days
2. Louis Bruce (Gibraltar) – 16 years, 56 days
3. Kavin Chaddha (Indonesia) – 16 years, 76 days
4. Alusine Turay (Sierra Leone) – 16 years, 89 days
5. Tenjin Rabgey (Bhutan) – 16 years, 118 days

Daily CA One- Liner: July 25        '

• The Government of Maharashtra launched Bharat Taxi, a cooperative taxi service platform, at the Navi Mumbai International Airport, Maharashtra, to provide affordable, transparent, and reliable transportation services
• India will host the International Type 1 Diabetes Summit 2026 from 30 July to 1 August 2026 in Jodhpur, Rajasthan, bringing together leading medical experts, researchers, government officials, healthcare professionals, and patient representatives from across the world
• Union Minister for Communications and Development of North Eastern Region, Jyotiraditya M. Scindia, along with Meghalaya Chief Minister Conrad K. Sangma, launched the Mission Golden Spice – Integrated Lakadong Turmeric Value Chain Enhancement Project at Sanchar Bhavan, New Delhi
• India formally accepted the World Trade Organization (WTO) Agreement on Fisheries Subsidies, becoming the 123rd member to join the global agreement
• National Security Advisor (NSA) Ajit Doval has been selected for the 44th Lokmanya Tilak National Award 2026 for his outstanding contribution to India’s national security, counter-terrorism strategy, covert operations, and border management
• Paras Semiconductors Private Limited, a subsidiary of Paras Defence and Space Technologies Limited, signed a Memorandum of Understanding (MoU) with the Department of Science and Technology, Government of Madhya Pradesh, through the Madhya Pradesh State Electronics Development Corporation Limited
• India has strengthened its Double Taxation Avoidance Agreement (DTAA) with Sri Lanka by incorporating the Principal Purpose Test (PPT), an internationally recognised anti-abuse provision under the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) framework
• Lovlina Borgohain, India’s Tokyo Olympic bronze medallist, secured India’s first medal at the Commonwealth Games 2026 even before the opening ceremony of the event held in Glasgow, Scotland
• Vaibhav Sooryavanshi became the youngest batter to score a half-century in Twenty20 International (T20I) cricket, achieving the feat during the first T20I against Zimbabwe in Harare, Zimbabwe.
• The Reserve Bank of India (RBI) has issued the Commercial Banks–Governance Amendment Directions, 2026, which will come into effect from 1 October 2026.
• EbixCash World Money Limited became the first Authorised Dealer Category-II (AD-II) entity in India to receive Reserve Bank of India (RBI) authorisation to offer Trade Remittances and Family Maintenance Remittances, a segment previously dominated by banks.
• ICRA Limited, a domestic credit rating agency, has projected India’s Real Gross Domestic Product (GDP) Growth at 4–6.6% for Q1 (April–June) FY2026–27 (FY27).
• EnKash, India’s leading business payments and spend management platform, became the first company in India to launch a Unified Payments Interface (UPI)-enabled Meal Card.
• According to a working paper published by the Economic Advisory Council to the Prime Minister (EAC-PM), India accounted for 2% of the world's Gross Domestic Product (GDP) in 2025 based on Purchasing Power Parity (PPP).
• The United Nations (UN) Food and Agriculture Organization (FAO) released the State of Food Security and Nutrition in the World (SOFI) 2026 report titled “Understanding and Addressing the High Cost of a Healthy Diet.”
• President of Zanzibar and Chairman of the Revolutionary Council, Hussein Ali Mwinyi, paid an official visit to India from 17–20 July 2026 at the invitation of Vice President C. P. Radhakrishnan.
• The Government of India (GoI) appointed Anurag Jain as the new Chief Executive Officer (CEO) of NITI (National Institution for Transforming India) Aayog, with the appointment approved by the Appointments Committee of the Cabinet (ACC) through the Department of Personnel and Training (DoPT).
• India achieved a major milestone in indigenous aero-engine technology with the successful development of the country's first indigenous Expendable Turbojet Engine in the 350 kg thrust class.
• The Reserve Bank of India (RBI) approved Areion Group’s ₹936 crore acquisition of Aviom India Housing Finance, marking a major step in the company's insolvency resolution process.
• The Digital India BHASHINI (BHASHa INterface for India) Division (DIBD) under the Digital India Corporation (DIC), Ministry of Electronics and Information Technology (MeitY), in collaboration with the Department of Information Technology (IT), Electronics & Communications (EC), Government of Goa, organised the 'BHASHINI Rajyam: State Engagement Workshop' in Panaji, Goa.
• Microsoft India, in collaboration with the Foundation for Innovation and Technology Transfer (FITT), Indian Institute of Technology (IIT) Delhi, launched UNNATI AI 2.0, the second phase of its flagship Corporate Social Responsibility (CSR)
• The National Council for Vocational Education and Training (NCVET) signed an agreement with the National Institute of Rural Development and Panchayati Raj (NIRDPR) under the Ministry of Rural Development (MoRD), granting NIRDPR recognition as an Awarding Body (AB-Dual).