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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

PFRDA Forms Strategic Asset Allocation and Risk Governance Committee to Strengthen NPS Investment Framework

• The PFRDA has constituted a committee named SAARG (Strategic Asset Allocation and Risk Governance) to review, recommend, and modernize the investment framework under the National Pension System (NPS).
• SAARG will benchmark existing NPS investment guidelines with leading global pension systems and the evolving Indian investment ecosystem.
• The committee aims to strengthen investment architecture, support long-term retirement wealth creation, enhance diversification, improve risk management practices, and expand subscriber choice.
• The scope of SAARG includes examination of strategic asset allocation frameworks, asset class introduction and review, performance measurement, ALM (Asset–Liability Management) practices, valuation standards for alternative investments, portfolio stability, liquidity optimisation, governance, intermediary architecture, and sustainability integration.

Key Highlights :

• SAARG is chaired by Shri Narayan Ramachandran, former Country Head and CEO of Morgan Stanley India, and includes experts from capital markets, asset management, and securities law.
• Members of SAARG include Shri Ananth Narayan (former SEBI member), Ms Devina Mehra (First Global), Shri Kalpen Parekh (DSP Mutual Fund), Shri Prashant Jain (3P Investment Managers), Shri Rajeev Thakkar (PPFAS AMC), Shri Raamdeo Agrawal (Motilal Oswal), Shri Sankaran Naren (ICICI Prudential AMC), Shri Sumit Agrawal (Regstreet Law), and Shri Ashok Kumar Soni (PFRDA).
• SAARG will have 9 months to examine the NPS framework and submit recommendations to PFRDA.
• The committee will conduct a foundational review of NPS investment guidelines for government and non-government sectors and recommend reforms based on global benchmarking.
• It will review all permitted asset classes and suggest enhancements and new asset classes to mitigate geopolitical, macroeconomic, and market-cycle risks.
• Strategic Asset Allocation recommendations will cover equity, debt, money market, and alternate assets, balancing safety, liquidity, and returns.
• Performance measurement and accountability mechanisms will be reviewed, including benchmarking systems for Pension Fund performance.
• The committee will recommend risk management practices, covering market, credit, liquidity, concentration, and operational risks, along with Asset–Liability Management (ALM)
• Alternative Investment Funds (AIFs) will have valuation standards and investment strategies aligned with long-term retirement objectives.
• Measures for portfolio stability and liquidity optimisation include Held-to-Maturity (HTM) G-Secs, Securities Lending & Borrowing Mechanism (SLBM), and Triparty Repo arrangements.
• Governance and intermediary architecture will be reviewed, including centralized vs fund-wise custodial systems and end-to-end investment process optimisation.
• Sustainability integration will focus on climate transition risks and net-zero pathways in asset selection under NPS.
• Subscriber investment choices will be enhanced, including lifecycle and target-date structures, and a mix of active and passive strategies will be recommended.
• SAARG will also recommend actions on emerging matters impacting investment patterns, governance, risk management, and subscriber outcomes.

About Ministry of Finance:

• Cabinet Minister: Smt. Nirmala Sitharaman
• Minister of State (MoS): Shri Pankaj Chaudhary

Securities and Exchange Board of India approves PhonePe IPO, aiming to raise ₹10,000 crore via OFS

• PhonePe has received Securities and Exchange Board of India (SEBI) approval to launch its Initial Public Offering (IPO).
• The company is targeting a fund-raise of ₹12,000 crore (updated from ₹10,000 crore), primarily through a pure Offer for Sale (OFS), with no fresh capital infusion.
• PhonePe filed its Updated Draft Red Herring Prospectus (UDRHP) on January 21, 2026, following its confidential filing route opted in September 2025.
• Existing investors including Walmart (9% stake sale), Tiger Global, and Microsoft are participating; notably, Tiger Global and Microsoft are expected to fully exit their holdings.
• The IPO is being managed by a consortium of banks including Kotak Mahindra Capital, Citi, Morgan Stanley, JP Morgan, Axis Capital, and Goldman Sachs.
• Founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe has become India’s largest digital payments platform.
• PhonePe currently holds around 45% market share in the UPI network by volume, leading its nearest rival Google Pay (~35% share).
• UPI processes over 85% of India’s digital payment volumes, with total transaction values reaching a record ₹27.97 trillion in December 2025.
• PhonePe’s IPO strategy is supported by its free cash flow positive status achieved in FY25, despite a reported revenue of ₹7,115 crore.
• Recent secondary market activity includes General Atlantic increasing its stake to 8.9% via a $600 million investment in late 2025.
• The broader technology IPO revival in India, featuring listings like Groww and Pine Labs, provides a favorable environment for PhonePe’s estimated $15 billion valuation

Juspay Becomes India’s First Homegrown Unicorn of 2026 After $50 Million Series D Funding

• Juspay, a Bengaluru-based payments infrastructure company, has become India’s first homegrown unicorn of 2026 after raising USD 50 million in a Series D follow-on funding round led by WestBridge Capital.
• The latest funding round has valued Juspay at approximately USD 1.2 billion, up from USD 900 million in its previous round, marking a major milestone in India’s digital payments ecosystem.
• The funding round comprised a mix of primary and secondary transactions, with Avendus Capital acting as the financial advisor to the company.

Key Highlights :

• The primary capital raised will be used for global expansion and further product development, while the secondary component provided partial liquidity to early investors and ESOP-holding employees, marking Juspay’s second liquidity event within one year.
• Founded in 2012 by Vimal Kumar and Sheetal Lalwani, Juspay develops payments infrastructure technology for enterprises and banks worldwide.
• Juspay’s annualised total payment volume (TPV) has crossed USD 1 trillion, with its platform processing over 300 million transactions per day.
• The company works with enterprises and banks across sectors such as e-commerce, travel, food delivery, insurance, and financial services.
• Juspay’s operations span multiple regions, including Asia-Pacific, the Middle East, Latin America, Europe, the UK, and North America.
• Juspay’s product portfolio includes payment orchestration, checkout solutions, tokenisation, 3D secure authentication, real-time payments infrastructure, and unified analytics.
• The company is also investing in AI-driven tools to enhance merchant experience and streamline internal operations.
• In April 2025, Juspay raised USD 60 million in a Series D funding round led by Kedaara Capital, with participation from SoftBank and Accel, which also included a secondary component.
• Juspay currently works with over 500 enterprises and banks globally and has a distributed workforce of more than 1,500 employees across India, the US, Europe, Latin America, Southeast Asia, and the Middle East.
• A unicorn startup is a privately held company, typically in the technology sector, with a valuation exceeding USD 1 billion, a term coined by venture capitalist Aileen Lee in 2013 to denote rare and exceptional business success.

World Bank Approves $815 Million Financing for Tata Power’s Dorjilung Hydropower Project in Bhutan

• Tata Power has secured World Bank Group financing for the 1,125 MW Dorjilung Hydropower Project (DHPL) in Bhutan, strengthening India–Bhutan cross-border clean energy cooperation.
• Dorjilung Hydropower Project (DHPL) is a Special Purpose Vehicle (SPV) jointly owned by Druk Green Power Corporation (DGPC), Bhutan (60%) and Tata Power (40%), making it Bhutan’s largest hydropower project.
• The World Bank Group sanctioned long-term financing of USD 815 million for the project, supporting its development under a Public-Private Partnership (PPP)
• The multi-tiered financing package includes a USD 150 million grant and USD 150 million credit from the International Development Association (IDA), and a USD 15 million IBRD enclave loan to DGPC (Government of Bhutan).
• Additional funding includes a USD 200 million IBRD enclave loan and a USD 300 million loan from the International Finance Corporation (IFC) to Dorjilung Hydropower Limited (DHPL), a Tata Power subsidiary.
• The remaining project funding will be mobilised through market borrowings, with Tata Power supporting financial closure.
• Once operational, the 1,125 MW project is expected to generate over 4,500 GWh of renewable electricity annually, significantly boosting clean energy output.
• The project will expand Bhutan’s installed energy capacity by nearly 40%, strengthening its role as a reliable exporter of clean power to India.
• Around 80% of the electricity generated from the Dorjilung project will be supplied to India, reinforcing bilateral energy cooperation.
• Tata Power Trading Company Limited, a wholly owned subsidiary of Tata Power, will be responsible for importing electricity into India and managing its distribution.
• The project highlights the role of World Bank institutions—IDA, IBRD, and IFC—in promoting regional renewable energy integration and sustainable development.

About World Bank:

• The World Bank is an international financial institution that provides loans and grants to the governments of low and middle-income countries for the purpose of pursuing capital projects.
• The World Bank consists of 5 institutions: The International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Investment Guarantee Agency (MIGA), and The International Centre for Settlement of Investment Disputes (ICSID).
• Founded Year: 1944
• Headquarters: Washington, D.C., United States
• President: Ajay Banga
• Members:189 countries

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Hindustan Zinc Develops India’s First Zinc Tailings Recycling Facility

• Hindustan Zinc Limited (HZL), a Vedanta Group company and one of the world’s largest integrated zinc producers, has awarded contracts to CIMIC Group companies Sedgman and Leighton Asia.
• The contracts are for developing India’s first zinc tailings recycling facility at Rampura Agucha Mines (RAM) in Rajasthan, which is HZL’s flagship mining site.
• Tailings are finely ground remnants left after the mineral extraction process.
• Although traditionally treated as waste, tailings often contain residual quantities of valuable metals that could not be recovered using earlier processing technologies.
• The one-of-its-kind facility at Rampura Agucha Mines will use advanced processing techniques to recover metals such as zinc and silver from previously processed tailings.
• This initiative aims to convert legacy mining waste into valuable resources, strengthening a circular economy approach in mining.
• According to the company, the project reinforces sustainable mining practices, improves resource efficiency, and reduces environmental impact by reprocessing waste material.

India International Conference on Democracy and Election Management – ECINET Launch

• The India International Conference on Democracy and Election Management is being held in New Delhi.
• On the second day of the conference, Chief Election Commissioner (CEC) Gyanesh Kumar, along with Election Commissioners Dr Sukhbir Singh Sandhu and Dr Vivek Joshi, launched ECINET, a unified digital platform of the Election Commission of India.
• ECINET integrates more than 40 applications and web services into a single platform.
• The CEC stated that ECINET is a comprehensive digital platform aimed at facilitating citizen engagement and participation in the electoral process.
• The platform connects citizens, candidates, political parties, and election officials, and provides all key election-related services on one platform.
• ECINET has been developed in all 22 Indian languages along with English, ensuring wider accessibility and inclusiveness.
• On the same day, bilateral discussions were held between the Chief Election Commissioner of India and delegations from various countries participating in the conference.
• After the bilateral meeting, United Kingdom’s Election Commissioner Carole Mills stated that discussions focused on India’s election arrangements and the ECINET application.
• She also mentioned that India and the United Kingdom explored possibilities for closer cooperation in the field of electoral management.
• The second day also featured thematic sessions, Electronic Voting Machine (EVM) demonstrations, and meetings of the Election Management Bodies working group.

86th All India Presiding Officers’ Conference (AIPOC) 2026 Held in Uttar Pradesh

• Anandiben Patel, Governor of Uttar Pradesh, inaugurated the 86th All India Presiding Officers’ Conference (AIPOC 2026) at the Uttar Pradesh Vidhan Sabha in Lucknow, Uttar Pradesh.
• The conference was held from 19 January to 21 January 2026.
• This was the fourth time Uttar Pradesh hosted AIPOC, earlier editions being held in 1961, 1985, and 2015.
• The theme of AIPOC 2026 was “Strong Legislature–Prosperous Nation”.
• AIPOC is the highest national forum of presiding officers of Indian legislatures, bringing together Speakers, Chairpersons, Deputy Speakers, Deputy Chairpersons, and Secretaries of Parliament and State Legislatures.
• The first AIPOC was held in 1921 at Shimla, Himachal Pradesh.
• The conference focused on use of technology in legislatures, capacity building of legislatures, and accountability of legislatures to the public.
• Key dignitaries present included Lok Sabha Speaker Om Birla, Harivansh Narayan Singh (Deputy Chairman, Rajya Sabha), Yogi Adityanath (Chief Minister of Uttar Pradesh), Kunwar Manvendra Singh (Chairman, Uttar Pradesh Legislative Council), and Satish Mahana (Speaker, Uttar Pradesh Legislative Assembly).
• The event witnessed participation of 36 Presiding Officers from 24 States and Union Territories, making it the largest AIPOC held so far.
• The conference concluded with the adoption of six key resolutions aimed at strengthening democratic institutions:
• Viksit Bharat 2047: Presiding officers resolved to conduct legislative proceedings aligned with the national goal of making India a developed nation by 2047.
• Minimum Legislative Sittings: Consensus that State Legislatures should hold at least 30 sittings per year and ensure effective utilisation of legislative time for public accountability.
• Technology Utilisation: Strengthening the use of technology to make legislative work simpler, more transparent, and citizen-centric.
• Leadership and Democracy: Commitment to strong leadership to deepen and strengthen democratic traditions.
• Capacity Building: Enhancing capacity building of Members of Parliament (MPs) and Members of Legislative Assemblies (MLAs), especially in digital tools and research-based legislative work.
• National Legislative Index: Creation of a National Legislative Index to benchmark and improve legislative performance and accountability.

About Uttar Pradesh

• Chief Minister – Yogi Adityanath
• Governor – Anandiben Patel
• Capital – Lucknow
• Wildlife Sanctuaries – National Chambal Wildlife Sanctuary, Kaimoor Wildlife Sanctuary

RECENT NEWS

• India’s artificial intelligence (AI) ecosystem, IndiaAI, the Ministry of Electronics and Information Technology (MeitY), and the Government of Uttar Pradesh are set to host the Uttar Pradesh Regional AI Impact Conference 2026 in Lucknow on 12-13 January 2026.

Government e-Marketplace and World Trade Centre Mumbai Sign MoU to Strengthen MSME Participation in Public Procurement

• Government e-Marketplace (GeM) and World Trade Centre (WTC) Mumbai have signed a Memorandum of Understanding (MoU) to boost outreach and strengthen MSME participation in public procurement.
• The partnership aims to promote inclusive access for Micro, Small and Medium Enterprises (MSMEs), startups, women entrepreneurs, and small enterprises on the GeM platform.
• The collaboration will also help in enhancing GeM’s global presence, positioning it as a more internationally connected digital procurement platform.
• Key focus areas of the MoU include capacity building, supplier outreach, and knowledge sharing in emerging domains such as artificial intelligence, sustainability, and green procurement.

RECENT NEWS

• GeM marked seven years of its Womaniya Initiative, enabling women-led MSEs to secure over ₹80,000 crore in public procurement orders. With more than 2 lakh women enterprises registered, the initiative has surpassed procurement targets and strengthened gender-inclusive growth.

India Celebrates 77th Republic Day with Focus on Operation Sindoor and Indigenous Strength

• India marked its 77th Republic Day on 26 January 2026 with a grand parade at Kartavya Path, New Delhi, showcasing military strength, cultural diversity, and diplomatic engagement.
• President Droupadi Murmu took the salute after arriving in a traditional buggy, accompanied by Antonio Costa and Ursula von der Leyen, highlighting an important diplomatic presence.
• Prime Minister Narendra Modi, Defence Minister Rajnath Singh, Union Ministers, senior military officials, and foreign diplomats were present at the celebrations.
• A major highlight of the parade was Operation Sindoor, reflecting the operational preparedness, jointness, and valour of the Indian Armed Forces.
• A tri-services tableau displayed replicas of key weapon systems used during Operation Sindoor, which was conducted in early May.
• A glass-cased integrated operational centre depicted real-time execution, symbolising technological integration and coordination among the Army, Navy, and Air Force.
• The overarching theme of the celebrations marked 150 years of ‘Vande Mataram’, while giving special emphasis to national security and defence readiness.
• The parade showcased indigenously developed military hardware, including BrahMos supersonic cruise missiles, Akash air defence system, Suryastra Universal Rocket Launcher, Arjun Main Battle Tank, and T-90 Bhishma tanks.
• For the first time, the Indian Army displayed a phased Battle Array Format, integrating mechanised forces with aerial support, highlighting India’s evolving combat doctrine.
• The aerial display featured Dhruv Advanced Light Helicopters, Rudra armed helicopters, Apache AH-64E, and Prachand Light Combat Helicopters, demonstrating air combat and surveillance capabilities.
• Mechanised columns included BMP-II Infantry Combat Vehicles and the Nag Missile System (Tracked) Mk-2, showcasing mobility, reconnaissance, and strike power.
• The cultural segment featured around 100 artistes with the theme ‘Vividata Mein Ekta’ (Unity in Diversity).
• Performances using traditional musical instruments and regional art forms reflected India’s rich cultural plurality.
• The integration of culture with military displays reinforced the message that India’s strength lies in both heritage and modern capability.
• For the first time outside Europe, a European Union military contingent participated, carrying flags of EU naval operations Atalanta and Aspides, symbolising strengthening India–EU security cooperation.
• The Indian Navy tableau, themed ‘Strong Navy for a Strong Nation’, showcased maritime evolution from a 5th century CE stitched ship to modern indigenous platforms like INS Vikrant and INS Udayagiri, highlighting continuity and modernisation.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United States formally exits World Health Organization after 78 years, one year after Trump announced withdrawal

• The United States (US) has officially finalised its withdrawal from the World Health Organization (WHO), one year after President Donald Trump announced the decision, ending America’s 78-year membership since WHO’s founding in 1948.
• Despite the announcement, the withdrawal remains financially incomplete as the US owes over USD 130 million, with WHO officials stating unpaid 2024 and 2025 dues totalling about USD 278 million.
• As per WHO bylaws, a country must give one-year advance notice and clear all outstanding dues before withdrawal becomes fully effective.
• The Trump administration cited WHO’s mishandling of the COVID-19 pandemic, failure to implement urgent reforms, and alleged political bias and lack of independence, particularly regarding China’s role, as key reasons for exiting.
• The United States previously contributed nearly 20% of WHO’s operational budget, making it the largest single contributor to the organisation.
• The US State Department clarified that no further payments would be made before withdrawal, arguing that the cost to US taxpayers and economy outweighed benefits due to WHO’s pandemic response.
• Donald Trump had earlier attempted to withdraw from WHO during his first presidential term, but the move was reversed by President Joe Biden on his first day in office in 2020.
• The United States is the only country to have withdrawn from WHO since its establishment, highlighting the exceptional nature of the decision.

About World Health Organization (WHO) :

• Headquarters : Geneva, Switzerland,
• Director-General : Dr. Tedros Adhanom Ghebreyesus
• It is a specialised agency of the United Nations, mandated to coordinate responses to global health emergencies and has near-universal membership.

UNEP Report: Global Spending on Nature Destruction 30 Times Higher Than on Protection

• The United Nations Environment Programme (UNEP) released the report “State of Finance for Nature 2026”, highlighting that global spending on nature destruction far exceeds investment in protection.
• The report revealed that for every USD 1 spent on protecting ecosystems, USD 30 is spent on environmentally harmful activities.
• In 2023, global spending on nature protection was USD 220 billion, whereas USD 7.3 trillion went into nature-negative activities such as pollution, biodiversity loss, and climate-damaging practices.
• Most nature-negative spending comes from the private sector, which accounts for about 10% of investments in nature protection.
• Global investment in nature-based solutions (NbS) must increase 5 times to USD 571 billion per year by 2030 to meet the Rio Conventions commitments on climate change, biodiversity, and desertification.
• Trillions of dollars continue to flow into nature-negative sectors, particularly energy, utilities, industrials, and basic materials, and are reinforced by public subsidies for fossil fuels, agriculture, transport, and construction.
• Funding for nature-based solutions remains small and largely dependent on public sources, with limited private-sector participation.
• UNEP introduced the Nature Transition X-Curve framework to help governments and businesses reform capital flows and accelerate investment in nature-positive solutions.
• The framework focuses on phasing out harmful subsidies, scaling up high-integrity nature-based solutions, and integrating local ecological, cultural, and social realities, ensuring inclusivity and equity.
• Without a fundamental shift in capital allocation, global efforts to halt environmental decline are likely to remain ineffective.
• UNEP, headquartered in Nairobi, Kenya, coordinates the United Nations’ environmental initiatives worldwide.

CURRENT AFFAIRS: AWARDS AND HONOURS

President Approves Gallantry and Service Awards for Armed Forces Personnel

• President Droupadi Murmu has approved gallantry and service awards for 70 Armed Forces personnel, recognising extraordinary courage, leadership, and devotion to duty across the Army, Navy, and Air Force.
• A total of 301 military decorations and 98 Mentioned-in-Despatches have also been approved, highlighting operational excellence and distinguished service.
• Group Captain Shubhanshu Shukla has been conferred the Ashok Chakra, India’s highest peacetime gallantry award.
• He became the first Indian to visit the International Space Station, marking a historic milestone in India’s aerospace and defence-linked achievements.
• The award recognises exceptional courage, leadership, and service beyond the call of duty.
• Ashok Chakra is awarded for acts of valour, self-sacrifice, or devotion to duty away from the battlefield.
• Kirti Chakras have been awarded to Major Arshdeep Singh, Naib Subedar Doleshwar Subba Singh, and Group Captain Prashanth Balakrishnan Nair.
• 13 Shaurya Chakras have been approved, including one posthumous award.
• Other gallantry awards include one Gallantry Bar to Sena Medal, 44 Gallantry Sena Medals (including five posthumous), six Gallantry Nao Sena Medals, and two Gallantry Vayu Sena Medals, recognising bravery across all three services.
• For distinguished service, the President approved 30 Param Vishisht Seva Medals, four Uttam Yudh Seva Medals, 56 Ati Vishisht Seva Medals, and nine Yudh Seva Medals.
• Several Distinguished Sena Medal, Nao Sena Medal, and Vayu Sena Medal awards were also approved, highlighting exemplary service, professionalism, and leadership in both operational and non-operational roles.
• 98 Mentioned-in-Despatches were approved, including five posthumous recognitions.
• Most recognitions went to Indian Army personnel for operations such as Operation Rakshak, Operation Snow Leopard, Operation Meghdoot, Operation Rhino, and Operation Sindoor.
• Personnel from the Indian Navy and the Border Roads Development Board were also recognised for contributions in combat operations, rescue missions, logistics, and infrastructure support.
• India’s gallantry awards system honours bravery in both peacetime and wartime.
• Ashok Chakra, Kirti Chakra, and Shaurya Chakra are peacetime gallantry awards, while awards such as the Param Vir Chakra are conferred during war.
• These honours reinforce the values of courage, sacrifice, and devotion to duty, strengthening Armed Forces morale and inspiring future generations.

CURRENT AFFAIRS: RANKING AND INDEX

India Ranked 6th in Asia Manufacturing Index 2026

• India has been placed 6th among 11 Asian countries in the Asia Manufacturing Index 2026, showing moderate progress but also revealing gaps in manufacturing competitiveness.
• India ranked sixth in the Asia Manufacturing Index 2026, highlighting intensifying competition in Asia and the need for faster and deeper manufacturing reforms.
• The Asia Manufacturing Index (AMI) is an annual assessment released by Dezan Shira & Associates, a pan-Asian advisory firm headquartered in Hong Kong.
• The index evaluates manufacturing competitiveness using eight key pillars: economy, political risk, business environment, international trade, tax policy, infrastructure, workforce, and innovation.
• These pillars are further divided into 43 sub-parameters, providing a data-driven comparison of manufacturing readiness and long-term potential across Asia.
• India’s 6th position places it in the mid-tier of Asian manufacturing economies.
• India’s strengths include a large domestic market, improving infrastructure, and a growing workforce.
• However, India lags behind leading economies in execution speed, policy stability, and depth of innovation.
• The index emphasizes the need for continued focus on ease of doing business, logistics efficiency, skill development, and technology adoption to improve future rankings.
• China retained the top position in the Asia Manufacturing Index 2026 due to its scale, strong infrastructure, and integrated supply chains.
• Malaysia ranked second for the first time, overtaking Vietnam, which slipped to third place.
• Among developed economies, Singapore climbed to fourth position, surpassing South Korea, which fell to fifth.
• These ranking shifts underline growing competition in Asia, with countries actively reforming policies and upgrading infrastructure to attract global manufacturing investment.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Awards Contract to M/s Suryadipta Projects, Thane for Three 200T Bottom-Opening Non-Propelled Barges

• The Indian Navy signed a contract with M/s Suryadipta Projects Private Limited, a Thane-based MSME shipyard, for the construction and delivery of three 200-tonne bottom-opening non-propelled barges.
• These barges are being built indigenously under the Classification Rules of the Indian Register of Shipping (IRS), reflecting India’s focus on Make in India and Aatmanirbhar Bharat
• The barges will support transportation, embarkation, and disembarkation of ammunition for the Indian Navy across platforms, jetties, and anchorage points.
• The contract demonstrates the Indian Navy’s commitment to boosting MSME shipyards and strengthening the domestic shipbuilding ecosystem in line with Maritime India Vision 2030.
• Bottom-opening non-propelled barges are unpowered vessels designed to be moved by tugboats and are capable of carrying bulk materials such as sand, gravel, coal, and dredged materials.
• This contract follows the successful induction of LSAM 25, the 11th Ammunition Cum Torpedo Cum Missile (ACTCM) Barge, built by the same MSME shipyard in October 2025.
• Earlier in 2025, the Thane-based shipyard was also awarded a contract for the construction and delivery of four sullage barges, further supporting the Indian Navy’s logistics and operational capabilities.
• The initiative highlights India’s push for indigenous naval manufacturing, MSME promotion, and self-reliance in strategic defense assets.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Ex-Google and Flipkart Executive Peeyush Ranjan Launches AI-First Edtech Startup Fermi.ai

• Peeyush Ranjan, former executive of Google, Airbnb, and Flipkart, launched an AI-first edtech startup Fermi.ai to transform high-school STEM education with a focus on deep learning.
• ai initially covers Mathematics, Physics, and Chemistry, aiming to reduce shortcut-driven AI learning by emphasising conceptual understanding, reasoning, and problem-solving over instant answers.
• The startup is headquartered in Singapore and operates through subsidiaries in India and the United States, giving it a strong global footprint.
• ai emerged from the Meraki Labs ecosystem, where Peeyush Ranjan collaborates with Mukesh Bansal, co-founder of Myntra (Walmart-owned).
• The platform promotes “productive struggle”, encouraging students to think independently rather than relying on quick AI-generated solutions.
• Key features include step-by-step tutoring, a stylus-first digital canvas for handwritten problem-solving, and diagnostic insights to help teachers identify gaps in student reasoning.
• According to Peeyush Ranjan (CEO, Fermi.ai), educators in India and the US report faster answers but weaker understanding among students, which ai aims to correct.
• Mukesh Bansal highlighted that ai shows how students think, enabling teachers to guide them towards concept mastery instead of just providing answers.
• A three-month pilot programme involving 79 students and over 15,000 concept tests showed improved conceptual mastery and reduced dependence on hints.
• The cloud-based platform is currently free for students, while educators and schools are invited to participate in the 2026 pilot programme, positioning ai as a learner-centric AI alternative in global STEM education.

Indian Railways Introduces Humanoid Robot ‘ASC ARJUN’ at Visakhapatnam Station

• Indian Railways has introduced a humanoid robot named “ASC ARJUN” at Visakhapatnam Railway Station to enhance passenger safety, security, and service delivery.
• This is the first-of-its-kind initiative on the Indian Railways network, reflecting the organisation’s focus on adopting emerging technologies for public convenience and safety.
• ASC ARJUN will operate alongside Railway Protection Force (RPF) personnel, particularly during peak passenger movement, to support station operations.
• The robot has been fully designed and developed indigenously in Visakhapatnam, with a dedicated team working for over a year, showcasing India’s technological self-reliance.
• It is equipped with Face Recognition System (FRS) for intrusion detection, AI-based crowd monitoring, and generates real-time alerts to RPF control rooms for quick response.
• ASC ARJUN can make automated public announcements in English, Hindi, and Telugu, guiding passengers and enhancing safety awareness.
• It features semi-autonomous navigation with obstacle avoidance, allowing it to patrol platforms round the clock, thereby optimising manpower deployment.
• The robot includes fire and smoke detection systems to enable timely emergency response.
• Designed for passenger interaction, ASC ARJUN offers gestures such as Namaste for passengers and salutes for RPF personnel, with an interface providing information and assistance.
• The initiative demonstrates Indian Railways’ commitment to innovation-led solutions, indigenous development, and creating a safer, more secure, and passenger-friendly railway environment.

About Ministry of Railways :

• Cabinet Minister : Ashwini Vaishnaw
• Minister of State : V. Somanna,Ravneet Singh Bittu
• Chairman & CEO, Railway Board : Satish Kumar

Austrian Brown Swiss Cow Veronika Becomes First Known Cow to Use Tools, Redefining Cattle Intelligence

• Scientists have identified Veronika, a 13-year-old Brown Swiss cow from Austria, as the first known cow to use a tool, challenging assumptions about cattle intelligence.
• Veronika was observed using sticks and brushes deliberately to scratch herself, demonstrating selection and manipulation of objects to reach specific body parts, qualifying as true tool use.
• Unlike most cattle, Veronika is not raised for meat or milk, highlighting differences in animal environment and purpose.
• Tool use is already documented in animals like chimpanzees, elephants, birds, dolphins, and whales, but had never been experimentally verified in cattle before this study.
• Researchers noted that Veronika lives in a stress-free, enriched environment, suggesting that animal intelligence may be underestimated due to restrictive living conditions rather than a lack of cognitive ability.

Kavach 4.0, India’s Indigenous Automatic Train Protection System, Launched on Gujarat’s Bajwa (Vadodara)–Ahmedabad Route

• Kavach 4.0 has been commissioned on Gujarat’s Bajwa (Vadodara)–Ahmedabad section (96 km), covering 17 stations with infrastructure including 23 towers, 20 Kavach buildings/huts, 192 km optical fibre cable, and 2,872 RFID tags.
• The maiden Kavach-enabled train on this route was the Sankalp Fast Passenger (59549/59550), operated with WAP-7 locomotives and 11 LHB coaches.
• Kavach 4.0 is designed to automatically mitigate safety risks, prevent Signal Passed at Danger (SPAD) incidents, enforce automatic speed control, and provide protection against head-on and rear-end collisions.
• Additional safety features include an SOS facility and automatic whistling at level crossing gates.
• Kavach has so far been implemented on more than 2,200 route kilometres across India.
• Kavach is an indigenously developed Automatic Train Protection (ATP) system of Indian Railways, certified to Safety Integrity Level–4 (SIL-4), reflecting world-class safety and reliability standards.
• The system assists Loco Pilots by automatically applying brakes when speed limits are exceeded or safety is compromised, preventing accidents and ensuring safe train operations, even in adverse weather conditions.
• Kavach Version 4.0 was approved by RDSO (Research Designs and Standards Organisation) following continuous improvements and independent safety assessments.
• Key enhancements in Kavach 4.0 include improved location accuracy, better signal aspect information, station-to-station interface via optical fibre, and integration with electronic interlocking systems.
• The system is certified by the Independent Safety Assessor (ISA) to meet global safety standards.
• Commissioning of Kavach 4.0 on the Bajwa–Ahmedabad section reinforces Indian Railways’ focus on indigenous safety technologies, passenger safety, operational reliability, and the vision of a safer and smarter rail network for India.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Life Insurance Corporation of India Cuts ICICI Bank Stake Below 5% Following Market Sales

• LIC (Life Insurance Corporation of India) has reduced its shareholding in ICICI Bank to below 5% after a series of market transactions.
• LIC sold 70 crore shares of ICICI Bank through open market sales, lowering its stake from 6.737% to 4.731%.
• By reducing its stake below 5%, LIC is no longer required to make certain regulatory disclosures applicable to large shareholders.
• LIC clarified that it is not part of the promoter or promoter group of ICICI Bank, reaffirming its role as a financial investor.

About ICICI Bank:

• Headquarters: Mumbai, Maharashtra, India
• CEO: Sandeep Bakhshi
• Founded Year: 1994 (as a bank; ICICI established in 1955)
• Slogan: "Hum Hai Na, Khayal Apka"

CURRENT AFFAIRS: IMPORTANT DAYS

International Holocaust Remembrance Day 2026

• International Holocaust Remembrance Day 2026 is observed every year on 27th January.
• The day is commemorated to remember the victims of the Holocaust and to reaffirm the global commitment against antisemitism, racism, and intolerance.
• The United Nations General Assembly (UNGA) adopted Resolution 60/7 on 1st November 2005, officially designating 27th January as International Holocaust Remembrance Day.
• The date 27th January marks the liberation of the Auschwitz-Birkenau Nazi concentration and extermination camp in 1945.
• The first official observance of International Holocaust Remembrance Day was held on 27th January 2006 at the United Nations Headquarters, New York City.
• Since 2006, the UN Headquarters commemorates this day annually, while UN offices and government institutions worldwide organize remembrance events and educational programmes.

Daily CA One- Liner: January 27^th

• Hindustan Zinc Limited (HZL), a Vedanta Group company and one of the world’s largest integrated zinc producers, has awarded contracts to CIMIC Group companies Sedgman and Leighton Asia
• The India International Conference on Democracy and Election Management is being held in New Delhi.
• Anandiben Patel, Governor of Uttar Pradesh, inaugurated the 86th All India Presiding Officers’ Conference (AIPOC 2026) at the Uttar Pradesh Vidhan Sabha in Lucknow, Uttar Pradesh
• Government e-Marketplace (GeM) and World Trade Centre (WTC) Mumbai have signed a Memorandum of Understanding (MoU) to boost outreach and strengthen MSME participation in public procurement
• India marked its 77th Republic Day on 26 January 2026 with a grand parade at Kartavya Path, New Delhi, showcasing military strength, cultural diversity, and diplomatic engagement
• President Droupadi Murmu has approved gallantry and service awards for 70 Armed Forces personnel, recognising extraordinary courage, leadership, and devotion to duty across the Army, Navy, and Air Force.
• India has been placed 6th among 11 Asian countries in the Asia Manufacturing Index 2026, showing moderate progress but also revealing gaps in manufacturing competitiveness.
• The PFRDA has constituted a committee named SAARG (Strategic Asset Allocation and Risk Governance) to review, recommend, and modernize the investment framework under the National Pension System (NPS).
• PhonePe has received Securities and Exchange Board of India (SEBI) approval to launch its Initial Public Offering (IPO).
• Juspay, a Bengaluru-based payments infrastructure company, has become India’s first homegrown unicorn of 2026 after raising USD 50 million in a Series D follow-on funding round led by WestBridge Capital.
• Tata Power has secured World Bank Group financing for the 1,125 MW Dorjilung Hydropower Project (DHPL) in Bhutan, strengthening India–Bhutan cross-border clean energy cooperation.
• The United States (US) has officially finalised its withdrawal from the World Health Organization (WHO), one year after President Donald Trump announced the decision, ending America’s 78-year membership since WHO’s founding in 1948.
• The United Nations Environment Programme (UNEP) released the report “State of Finance for Nature 2026”, highlighting that global spending on nature destruction far exceeds investment in protection.
• The Indian Navy signed a contract with M/s Suryadipta Projects Private Limited, a Thane-based MSME shipyard, for the construction and delivery of three 200-tonne bottom-opening non-propelled barges.
• Peeyush Ranjan, former executive of Google, Airbnb, and Flipkart, launched an AI-first edtech startup Fermi.ai to transform high-school STEM education with a focus on deep learning.
• Indian Railways has introduced a humanoid robot named “ASC ARJUN” at Visakhapatnam Railway Station to enhance passenger safety, security, and service delivery.
• Scientists have identified Veronika, a 13-year-old Brown Swiss cow from Austria, as the first known cow to use a tool, challenging assumptions about cattle intelligence.
• Kavach 4.0 has been commissioned on Gujarat’s Bajwa (Vadodara)–Ahmedabad section (96 km), covering 17 stations with infrastructure including 23 towers, 20 Kavach buildings/huts, 192 km optical fibre cable, and 2,872 RFID tags.
• LIC (Life Insurance Corporation of India) has reduced its shareholding in ICICI Bank to below 5% after a series of market transactions.
• International Holocaust Remembrance Day 2026 is observed every year on 27th January.