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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Introduces New Compensation Framework for Digital Payment Fraud Victims Under RBI (Commercial Banks – Responsible Business Conduct) Third Amendment Directions, 2026

• The Reserve Bank of India (RBI) has issued the Responsible Business Conduct Third Amendment Directions, 2026 to introduce a revised compensation framework for victims of fraudulent Electronic Banking Transactions (EBTs).
• The new RBI directions will come into effect from 1 January 2027.

Key Highlights :

• Under the revised framework, a bona fide individual victim who suffers a digital payment fraud involving a loss of up to ₹50,000 will be eligible for compensation if the fraud is reported within 5 calendar days.
• The fraud must be reported to both the National Cyber Crime Portal/Helpline 1930 and the concerned bank within the prescribed timeline.
• Eligible customers will receive 85% of the net loss or ₹25,000, whichever is lower, as compensation.
• The compensation benefit under this scheme can be availed only once in a lifetime.
• Customers will have zero liability if the fraud occurs due to bank negligence or a third-party system breach, provided the incident is reported within the specified time.
• The RBI has expanded customer protection to cover phishing, OTP theft, SIM swap fraud, coercion, fake UPI scams, and other fraudulent Electronic Banking Transactions (EBTs).
• Banks are mandated to provide 24×7 channels for reporting electronic banking frauds.
• Banks must send instant SMS alerts for all electronic transactions above ₹500 and also issue email alerts to customers.
• Banks are required to strengthen their fraud detection mechanisms, cybersecurity systems, and customer protection measures.
• In cases of fraudulent credit card transactions, banks must provide a shadow reversal (temporary credit) within 5 calendar days of receiving the complaint.
• Domestic fraud complaints must be resolved within 45 days, while cross-border fraud complaints must be resolved within 60 days.
• For eligible domestic fraud cases, the compensation burden will be shared among the Reserve Bank of India (RBI), the customer's bank, and the beneficiary bank.
• In cross-border fraudulent Electronic Banking Transactions, the compensation will be shared only between the RBI and the customer's bank.
• For domestic fraudulent EBTs, 65% of the compensation will be borne by the RBI, 10% by the customer's bank, and 10% by the beneficiary bank, while the remaining amount is covered under the compensation framework.
• For cross-border fraudulent EBTs, 65% of the compensation will be borne by the RBI, while the remaining 20% will be borne by the customer's bank.
• Banks must also adjust the compensation amount if any money is recovered after compensation has been paid to the customer.
• The revised framework aims to strengthen consumer protection, enhance confidence in India's digital payment ecosystem, reduce losses due to cyber fraud, and promote safe, secure, and responsible digital banking.

Recent News :

• In May 2026, The Reserve Bank of India (RBI) issued amendments to the “Commercial Banks – Asset Classification, Provisioning and Income Recognition Directions, 2026” under Section 35A of the Banking Regulation Act, 1949, in public interest.

RBI Revises Non-Banking Financial Companies-Upper Layer Identification Norms and Includes Government-Owned NBFCs Under Upper Layer Framework

• The Reserve Bank of India (RBI) has revised the Scale-Based Regulatory (SBR) Framework for Non-Banking Financial Companies (NBFCs) to simplify the identification of NBFC-Upper Layer (NBFC-UL)
• Under the revised framework, any NBFC with an asset size of ₹1,00,000 crore (₹1 lakh crore) or more, based on its latest audited balance sheet, will be automatically classified as an NBFC-Upper Layer (NBFC-UL).
• The ₹1 lakh crore asset-size threshold for identifying NBFC-ULs will be reviewed by RBI every three years.

Key Highlights :

• For the first time, eligible Government-owned NBFCs will also be included in the NBFC-Upper Layer (NBFC-UL) based on the revised asset-size criterion.
• Fully Government-owned and controlled NBFC-ULs have been exempted from certain governance and financial disclosure requirements.
• The RBI has withdrawn earlier exemptions granted to Government-owned NBFCs from credit concentration and investment concentration norms.
• Government-owned NBFCs must now comply with the prudential exposure limits applicable to the regulatory layer in which they are classified.
• The RBI has permitted all NBFC-Upper Layer (NBFC-UL) entities to use State Government guarantees as eligible credit risk transfer instruments without any limit, subject to prescribed conditions.
• Exposures backed by State Government guarantees will carry a 20% risk weight and will be treated as exposures to the respective State Governments.
• The Scale-Based Regulatory (SBR) Framework was introduced by the RBI on 22 October 2021 and became effective from 1 October 2022.
• The SBR Framework regulates NBFCs based on their size, business activity, and systemic risk, ensuring stricter regulation for larger and more systemically important entities.
• The SBR Framework classifies NBFCs into four regulatory layers: Base Layer (BL), Middle Layer (ML), Upper Layer (UL), and Top Layer (TL).
• The Base Layer (BL) includes small non-deposit-taking NBFCs with assets below ₹1,000 crore.
• The Middle Layer (ML) includes deposit-taking NBFCs and other systemically important NBFCs with assets between ₹1,000 crore and ₹1 lakh crore.
• The Upper Layer (UL) includes NBFCs with assets of ₹1 lakh crore or more.
• The Top Layer (TL) is intended to remain ideally empty and will be activated only if the RBI identifies an extraordinary systemic risk requiring enhanced regulation.
• Under the revised framework, Infrastructure Finance Companies (NBFC-IFCs) in the Upper Layer can now have exposure of up to 25% of Tier-I Capital to a single counterparty.
• The exposure limit for a group of connected counterparties has been increased to 45% of Tier-I Capital, revised upward from the earlier 35%.

Skydo Becomes First Indian Cross-Border Payments Firm to Secure Canada Approval

• Skydo, an Indian Business-to-Business (B2B) cross-border payments platform, secured an international payment license in Canada, marking its first regulatory approval outside India.
• With this achievement, Skydo became the first Indian cross-border payments company to receive regulatory approval overseas.
• The payment license was granted under Canada's Retail Payment Activities Act (RPAA).
• The licensed payment activities are regulated and monitored by the Bank of Canada.
• The approval enables Skydo to facilitate cross-border payment flows between India and Canada with settlement timelines of approximately two days.
• The license supports local collections and local payouts, making international transactions faster and more efficient.
• The approval also enables Skydo to expand beyond international payment collections and offer a broader range of cross-border payment services.
• With regulatory approvals in India, Canada, and Gujarat International Finance Tec-City (GIFT City), Skydo is strengthening its presence in the India–Canada payment corridor.
• The expanded services will support sectors such as international trade, education, tourism, and business transactions between India and Canada.
• Skydo was founded in 2022 in Bengaluru, Karnataka.
• The company was founded by Movin Jain and Srivatsan Sridhar.
• Skydo specializes in providing Business-to-Business (B2B) cross-border payment solutions, enabling businesses to receive and send international payments efficiently.

S&P Global Cuts India's Financial Year 2026-27 Gross Domestic Product Growth Forecast to 6.6%

• Standard & Poor's (S&P) Global Ratings released its Economic Outlook Asia-Pacific Q3 2026 report titled "AI (Artificial Intelligence)-Exposed Markets to Outperform."
• In the report, S&P Global Ratings revised India's Gross Domestic Product (GDP) growth forecast for Financial Year 2026-27 (FY27) downward to 6.6%.
• The revised 6.6% GDP growth forecast is in line with the Reserve Bank of India's (RBI) projection for FY27.
• According to S&P, the downward revision is primarily due to energy stress, a sub-par monsoon, and slowing global economic growth.
• The report states that India's economy grew by 7.7% in FY26.
• India's GDP growth was 7.1% in FY25.
• S&P projects India's economic growth to improve to 7.2% in FY28.
• The agency further forecasts GDP growth of 7.0% in FY29.
• Retail Inflation is expected to be 0.5–0.6 percentage points higher during Q3 of FY27 (October–December 2026).
• S&P projects India's inflation rate to rise to 5.1% during FY27.
• The report notes that the impact of El Niño has weakened the South-West Monsoon, leading to a 43% rainfall deficit as of 22 June 2026.
• India imports approximately 88% of its crude oil requirement, making the economy highly vulnerable to fluctuations in global crude oil prices.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Kerala Government Presents Revised Budget for Financial Year 2026-27

• Kerala Chief Minister V.D. Satheesan, who also holds the Finance portfolio, presented the Revised Budget for Financial Year 2026-27 in the Kerala Legislative Assembly at Thiruvananthapuram.
• The revised budget focuses on infrastructure development, social welfare, education, healthcare, and employment generation, while ensuring fiscal consolidation.
• The budget estimates Revenue Receipts at Rs. 1,69,646.37 crore and Revenue Expenditure at Rs. 2,05,001.67 crore.
• The Fiscal Deficit is estimated at 3.46% of Gross State Domestic Product (GSDP) for Financial Year 2026-27, compared to 3.78% in the previous financial year.
• The budget announced Mission Samudra with an allocation of Rs. 400 crore to integrate the state's coastline, ports, and inland waterways.
• Under aviation and corridor development, Rs. 200 crore has been allocated for an Aviation Hub.
• The budget earmarked Rs. 50 crore for an Economic Corridor and Rs. 100 crore for a Mineral Corridor.
• In the education and healthcare sector, Rs. 100 crore has been allocated for the Life Science City project.
• An allocation of Rs. 10 crore has been made for the Oommen Chandy Health Insurance Scheme.
• The scheme provides health insurance coverage of up to Rs. 25 lakh per family.

About Kerala:

• Chief Minister: V. D. Satheesan
• Governor: Rajendra Vishwanath Arlekar 
• Capital: Thiruvananthapuram
• National Parks: Eravikulam National Park, Periyar Wildlife Sanctuary, Silent Valley National Park, Parambikulam Tiger Reserve
• Wildlife Sanctuaries: Wayanad Wildlife Sanctuary, Idukki Wildlife Sanctuary

RECENT NEWS

• The state of Kerala got the first private medical museum, which is established in Ulloor, Thiruvananthapuram. This museum will offers visitors a fascinating journey through the human body by using the handcrafted anatomical models, paintings and medical archives. This museum is founded by a former artist-modeler at Government Medical College, A Sivaraman

Garden Reach Shipbuilders and Engineers Limited Granted Navratna Status

• The Department of Public Enterprises (DPE) under the Ministry of Finance (MoF) upgraded Garden Reach Shipbuilders and Engineers (GRSE) Limited from Miniratna Category-I to Navratna Central Public Sector Enterprise (CPSE) status.
• The upgrade was approved by Union Minister for Finance Nirmala Sitharaman.
• Garden Reach Shipbuilders and Engineers Limited functions under the Ministry of Defence (MoD).
• With this recognition, GRSE became the 29th Navratna Central Public Sector Enterprise in India.
• The company reported strong financial performance, with revenue increasing nearly 300% from Rs.1,754 crore in Financial Year 2021-22 to Rs.7,002 crore in Financial Year 2025-26.
• The Navratna status provides enhanced autonomy for investment decisions and strategic business expansion.
• Under Navratna status, the company can invest up to Rs.1,000 crore or 15% of its net worth per project without prior Government approval.
• The enhanced autonomy will enable faster financial and operational decision-making and support the company's growth in the defence sector.

About Garden Reach Shipbuilders and Engineers Limited (GRSE)

• Established: 1884
• Headquarters: Kolkata, West Bengal
• Chairman and Managing Director: Commodore P. R. Hari
• Administrative Ministry: Ministry of Defence

RECENT NEWS

• The Indian Navy has commissioned three warships built by Garden Reach Shipbuilders & Engineers (GRSE). Prime Minister Narendra Modi commissioned INS Dunagiri, INS Sanshodhak and INS Agray during a ceremony in Kolkata on June 21.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United States Announces USD 482.2 Million Support Package for India's Apache and M777A2 Systems

• The Defence Security Cooperation Agency (DSCA) of the United States of America (USA) notified the proposed sale of sustainment support services and related equipment for India's AH-64E Apache Attack Helicopters and M777A2 Ultra-Light Howitzers.
• The proposed Foreign Military Sales (FMS) package is valued at an estimated USD 482.2 million.
• The DSCA administers the Foreign Military Sales (FMS) Programme of the United States, which facilitates defence equipment sales to allied countries.
• The proposed package includes a USD 230 million long-term sustainment support programme for M777A2 Ultra-Light Howitzers.
• It also includes a USD 198.2 million sustainment package for AH-64E Apache Attack Helicopters.
• The support package aims to improve the maintenance, operational readiness, logistics, and long-term serviceability of India's defence platforms.
• Boeing and Lockheed Martin will serve as the principal contractors for the Apache helicopter support programme.
• BAE Systems will be the principal contractor for the M777A2 Ultra-Light Howitzer sustainment package.
• In 2017, the U.S. Department of Defense awarded BAE Systems a USD 542 million contract to supply 145 M777 Ultra-Light Howitzers to the Indian Army under the Foreign Military Sales (FMS) agreement.
• The M777A2 is a 155 mm lightweight towed artillery system designed for rapid deployment, high mobility, and long-range precision fire support.
• The lightweight design of the M777A2 enables quick transportation by helicopters, aircraft, and other military vehicles.
• The AH-64E Apache is a multi-role attack helicopter operated by the Indian Army.
• The Apache helicopter is designed for precision strikes, anti-armour warfare, close air support, and all-weather day-and-night combat operations.
• In December 2025, the Indian Army received the final batch of three AH-64E Apache helicopters from Boeing.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Abiy Ahmed Wins Second Consecutive Term as Ethiopia's Prime Minister

• Abiy Ahmed and his Prosperity Party (PP) secured a landslide victory in Ethiopia's General Election held on 1 June 2026.
• The victory enabled Abiy Ahmed to begin his second consecutive five-year term as the Prime Minister of Ethiopia.
• The Prosperity Party (PP) won 438 out of 501 contested seats in the House of Peoples' Representatives, the lower house of Ethiopia's Parliament.
• The election result ensured that the Prosperity Party retained its overwhelming parliamentary majority.
• Under Ethiopia's political system, the Prime Minister is elected by the House of Peoples' Representatives.
• Abiy Ahmed is expected to be sworn in for his new term in October 2026.
• Around 54 million voters were registered for the election.
• Nearly 40 million voters cast their ballots in the 2026 General Election.
• Abiy Ahmed was awarded the 2019 Nobel Peace Prize for his efforts to resolve the long-standing conflict between Ethiopia and Eritrea.

About Ethiopia :

• President : Taye Atske Selassie
• Capital : Addis Ababa
• Currency : Birr

Rajya Sabha Chairman C.P. Radhakrishnan Administers Oath to Newly Elected and Re-Elected Members

• C. P. Radhakrishnan, Chairman of the Rajya Sabha, administered the oath/affirmation to 10 newly elected/re-elected Members of Rajya Sabha in the Rajya Sabha Chamber.
• The 10 Members who took the oath/affirmation are Praveen Chakravarty, Debashish Samantaray, Sana Satish Babu, Vijay Chintakayala, Bhashyam Rama Krishna, Lingamaneni Ramesh, Rajesh Parmanand Shukla, Baidyanath Ram, Nathwani Parimal, and Tai Tagak.
• Among the Members, 5 took the oath/affirmation in Hindi, 1 in English, 1 in Tamil, and 3 in Telugu.
• Andhra Pradesh contributed the highest number of Members (4) among those who took the oath.
• Jharkhand was represented by 2 Members.
• Tamil Nadu, Gujarat, Arunachal Pradesh, and Odisha were represented by 1 Member each.
• Arjun Ram Meghwal, Minister of State for Law and Justice, attended the oath-taking ceremony.
• The ceremony was also attended by Members of Parliament, other dignitaries, P. C. Mody, Secretary-General of the Rajya Sabha, and senior officials of the Rajya Sabha Secretariat.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research and Development Organisation Hands Over Final Operational Clearance of Indigenous Netra Airborne Early Warning and Control System to Indian Air Force

• Defence Research and Development Organisation (DRDO) handed over the Final Operational Clearance (FOC) certificate of the indigenous Netra Airborne Early Warning and Control (AEW&C) System to the Indian Air Force (IAF).
• The Netra AEW&C System has been indigenously developed through close collaboration between the DRDO, Indian Air Force (IAF), and Indian defence industry.
• The system significantly enhances airborne surveillance, situational awareness, battle management, and air defence capabilities of the Indian Air Force.
• The Netra AEW&C programme is a major milestone in India's self-reliance (Aatmanirbhar Bharat) in advanced aerospace and defence technologies.
• The Initial Operational Clearance (IOC) for the Netra AEW&C System was granted in 2017.
• The Final Operational Clearance (FOC) ceremony was held on 25 June 2026 in Bengaluru, Karnataka.
• The ceremony was presided over by Awadhesh Kumar Bharti, Deputy Chief of the Air Staff.
• Rakesh Kumar Singh Bhadauria, former DRDO Chairman Christopher, senior serving and retired IAF officers, DRDO scientists, and industry representatives attended the event.
• During the ceremony, special recognition and felicitations were extended to organizations and units that played a significant role in the successful development, testing, and operationalisation of the Netra AEW&C System.
• The successful induction of the Netra AEW&C System into operational service demonstrates the strong synergy between DRDO, IAF, scientific institutions, and the Indian defence industry.

About DRDO :

• Founded: 1958
• Headquarters: New Delhi, India
• Parent Ministry: Ministry of Defence, Government of India
• Chairman: Rajesh Kumar Singh

Mazagon Dock Shipbuilders Limited Lays Keel of Fourth Next-Generation Offshore Patrol Vessel for Indian Coast Guard

• The keel-laying ceremony of the 4th Next Generation Offshore Patrol Vessel (NGOPV) for the Indian Coast Guard (ICG) was held on 25 June 2026 in Mumbai, Maharashtra.
• The 4th NGOPV is one of the six Next Generation Offshore Patrol Vessels being constructed by Mazagon Dock Shipbuilders Limited (MDL) for the Indian Coast Guard (ICG).
• The contract for the construction of six NGOPVs between MDL and the Indian Coast Guard was signed on 20 December 2023.
• The NGOPVs are being indigenously designed, developed, and constructed under the Government of India's Aatmanirbhar Bharat
• The keel-laying ceremony marks a major milestone in the ship construction process and reflects the steady progress of the NGOPV Programme.
• The ceremony was held at MDL's Nhava Yard in Mumbai.
• The Next Generation Offshore Patrol Vessels are equipped with modern machinery and state-of-the-art systems to enhance operational efficiency.
• The NGOPVs will significantly strengthen the Indian Coast Guard's operational capabilities, including coastal surveillance, maritime security, law enforcement, and search-and-rescue operations.
• The project will enhance India's coastal security and strengthen the country's strategic autonomy in the maritime domain.
• The programme will provide a major boost to India's indigenous shipbuilding industry and strengthen the domestic defence manufacturing ecosystem.
• The construction of the NGOPVs supports the Government's vision of achieving self-reliance in defence production and developing a robust maritime industrial base.

CURRENT AFFAIRS: AWARDS AND HONOURS

Seven Chandigarh University Students Awarded IndiaAI Fellowship 2025-26

• The Ministry of Electronics and Information Technology (MeitY) awarded the IndiaAI Fellowship 2025-26 to seven students of Chandigarh University (CU), Chandigarh.
• The IndiaAI Fellowship is a flagship initiative launched in 2024 under the IndiaAI Mission's Future Skills Pillar.
• The fellowship supports engineering students undertaking innovative projects in Artificial Intelligence (AI) and Machine Learning (ML).
• The selected students include Shreyam Sinha, Harpreet Singh, Ashirvad Satyendra Singh, Kirti Upadhyay, Muskan, Saurav Yadav, and Shubham Bajaj.
• Under the fellowship, each recipient will receive Rs. 1 lakh for their research and innovation projects.
• The selected projects focus on areas such as education, disaster response, traffic management, and deep learning-based real-time yoga pose correction.
• The fellowship aims to promote innovation and strengthen India's Artificial Intelligence research ecosystem.

RECENT NEWS

• In June 2026, Saurabh Vijay, Chief Executive Officer of the Unique Identification Authority of India, assumed additional charge as the Chief Executive Officer of the IndiaAI Mission.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Himachal Pradesh Signs Agreements for 19 Hydropower Projects Worth Rs. 3,336 Crore

• The Himachal Pradesh Government, under Chief Minister Sukhvinder Singh Sukhu, signed implementation agreements for 19 hydropower projects in 2026.
• The projects have a combined generation capacity of 278 Megawatts (MW) and involve an investment of Rs. 3,336 crore.
• The initiative aims to strengthen the state's renewable energy sector, attract investments, and promote sustainable energy development.
• The hydropower projects include Soyal Dashal, Khauli-II, Gramang, Umli, Bharmour Stage-I, Bharmour Stage-II, Harsar Stage-II, Harsar Stage-III, Tundah Stage-II, Janglik, Rupin Stage-II, Dunali-I & II, Jari, Toral Kundli, Tundan, Kot Dogri, Upper Kurmi, Kalal Khol, and Melan.
• These projects are expected to enhance hydropower infrastructure and increase clean energy generation in the state.
• The construction of the 150 MW Tidong Stage-I Hydroelectric Project has been completed.
• The state government also signed a Memorandum of Understanding (MoU) with Geo Tropi India Private Limited for the development of geothermal energy projects.
• The initiative will help diversify Himachal Pradesh's clean energy portfolio and strengthen its position in the renewable energy sector.

About Himachal Pradesh

• Chief Minister: Sukhvinder Singh Sukhu
• Governor: Kavinder Gupta
• Capital: Shimla (Summer), Dharamshala (Winter)
• National Parks: Great Himalayan National Park, Pin Valley National Park, Khirganga National Park, Inderkilla National Park, Simbalbara National Park

RECENT NEWS

• The Himachal Pradesh Government recently completed the 150 Megawatt Tidong Stage-I Hydroelectric Project and signed an agreement with Geo Tropi India Private Limited to promote geothermal energy development in the state.

Safran Electronics & Defence Partners with SatSure Analytics India for Geospatial Intelligence Solutions

• Safran Electronics & Defence, a France-based aerospace and defence company, signed a Memorandum of Understanding (MoU) with SatSure Analytics India Private Limited.
• The collaboration aims to develop Geospatial Intelligence (GEOINT) solutions for the Indian market.
• The partnership has been launched under the France-India Year of Innovation initiative.
• The initiative seeks to strengthen cooperation between India and France in aerospace and defence technologies.
• The partnership aims to develop end-to-end GEOINT solutions by integrating satellite imagery, Artificial Intelligence (AI) models, and intelligence systems.
• It will enhance decision-making capabilities across multiple sectors through advanced geospatial intelligence.
• The collaboration combines Safran.AI's Artificial Intelligence capabilities with SatSure's geospatial and satellite data expertise.
• KaleidEO Space Systems Private Limited will provide a fully integrated Earth observation-to-intelligence system.
• The solutions will support defence, environmental monitoring, infrastructure security, and intelligence operations.
• The partnership is expected to strengthen sovereignty, security, and Earth observation capabilities through Artificial Intelligence and geospatial integration.

RECENT NEWS

• India and France continue to deepen cooperation in the fields of defence, space technology, Artificial Intelligence, and innovation under the strategic partnership between the two countries.

National Highways Authority of India Signs Memorandum of Understanding with National Council of Applied Economic Research

• The National Highways Authority of India (NHAI), under the Ministry of Road Transport and Highways (MoRTH), signed a Memorandum of Understanding (MoU) with the National Council of Applied Economic Research (NCAER).
• The MoU aims to establish NHAI's Research Centre on Transportation, Mobility and Logistics at the NCAER headquarters in New Delhi, Delhi.
• The centre will be India's first permanent and independent research facility dedicated to the economics of transportation, mobility and logistics.
• It aims to strengthen evidence-based policymaking, research, and data-driven decision-making in the road transport sector.
• The centre will undertake applied economic research in transportation, mobility, and logistics and generate actionable insights for long-term planning, investment decisions, and policy formulation.
• Research areas will include National Highway economics, freight logistics, modal integration, regional economic impacts of National Highway investments, toll policy, asset monetization, and road safety interventions.
• The centre will be guided by an Advisory Committee comprising leading economists, transportation specialists, public policy experts, and eminent academicians.
• N.R.V.V.M.K. Rajendra Kumar, Member (Finance), National Highways Authority of India, and Suresh Goyal, Director-General, National Council of Applied Economic Research, will be part of the committee.

About National Highways Authority of India (NHAI)

• Established: 1988
• Headquarters: New Delhi
• Chairperson: Santosh Kumar Yadav

About National Council of Applied Economic Research (NCAER)

• Established: 1956
• Headquarters: New Delhi
• Director-General: Suresh Goyal

Comptroller and Auditor General of India Signs Memorandum of Understanding with Supreme Audit Institution of Israel

• The Comptroller and Auditor General (CAG) of India signed a Memorandum of Understanding (MoU) with the Supreme Audit Institution (SAI) of Israel to strengthen cooperation in public sector auditing.
• The MoU was signed following a bilateral meeting held in New Delhi, Delhi.
• The meeting was attended by K. Sanjay Murthy, Comptroller and Auditor General of India, and Matanyahu Englman, State Comptroller and Ombudsman of Israel.
• Matanyahu Englman also serves as the President of the European Organisation of Supreme Audit Institutions.
• The agreement focuses on strengthening auditing practices through the use of Artificial Intelligence (AI).
• It promotes the adoption of data analytics and digital audit tools to improve audit efficiency and accuracy.
• The MoU emphasizes enhancing performance auditing and compliance auditing.
• The agreement aims to promote innovation in public sector oversight and strengthen transparency, accountability, and governance.
• During the visit, Matanyahu Englman delivered a lecture under the Dr. B.R. Ambedkar Lecture Series.
• The lecture was titled “Artificial Intelligence in Public Sector Auditing: Advanced Applications, Performance Auditing and Innovative Tools in Modern State Auditing.”
• He highlighted the role of Artificial Intelligence, data analytics, and innovative audit tools in improving audit effectiveness, accountability, and governance.

About Comptroller and Auditor General of India

• Constitutional Provision: Article 148 of the Constitution of India
• Headquarters: New Delhi
• Comptroller and Auditor General: K. Sanjay Murthy

About European Organisation of Supreme Audit Institutions

• Established: 1990
• Headquarters: Madrid, Spain
• President: Matanyahu Englman

CURRENT AFFAIRS: RANKING AND REPORTS

Hurun India 500 Report 2026: Reliance Industries Retains Top Spot

• The Hurun India 500 Report 2026 was released in partnership with Axis Bank and Burgundy Private.
• The report ranks India's most valuable companies based on market valuation.
• The top 10 companies accounted for 27% of the total valuation of the 500 companies featured in the ranking.
• The combined valuation of the top 10 companies stood at Rs. 86 trillion in 2026 compared to Rs. 97 trillion in the previous year.
• The total value of the top 10 companies has increased by 3.5 times over the last decade.
• Seven companies have retained their place among the top 10 for five consecutive years.
• Bharti Airtel Limited emerged as the highest wealth creator over the last five years.
• The report highlighted the growing dominance of the Financial Services sector.

Top 5 Companies by Absolute Value Creation (2021-2025)

CURRENT AFFAIRS : ENVIRONMENT

Ashoka Trust for Research in Ecology and the Environment Scientists Discover Two New Microscopic Snail Species in Meghalaya's Limestone Caves

• Scientists from the Ashoka Trust for Research in Ecology and the Environment (ATREE) discovered two new microscopic snail species in the limestone caves of Meghalaya.
• The discovery was made in Krem Puri Cave and Arwah Cave, two important limestone cave systems in Meghalaya.
• The findings were published in the European Journal of Taxonomy.
• The newly discovered species are Georissa meghalayaensis and Acmella bensoni.
• Georissa meghalayaensis is endemic to Meghalaya, meaning it is naturally found only in the state.
• Georissa meghalayaensis was discovered near the entrance of Krem Puri Cave.
• This species has a distinctive orangish-red shell with intricate mesh-like ridges.
• Acmella bensoni was discovered deeper inside Krem Puri Cave and Arwah Cave.
• Acmella bensoni is named in honour of William Henry Benson, a noted British malacologist.
• Acmella bensoni possesses a translucent whitish shell with deep grooves and densely packed ribs.
• Both species are microscopic land snails that require microscopic examination for accurate identification.
• These snails are highly adapted to limestone cave ecosystems, making them important indicators of subterranean biodiversity.
• Meghalaya is part of the Indo-Burma Biodiversity Hotspot, one of the world's richest biodiversity regions.
• Meghalaya is home to nearly 1,200 limestone caves, making it a globally significant region for cave biodiversity research.
• Similar microscopic snail species have previously been recorded from the northeastern states of Manipur and Mizoram.
• The discovery enhances scientific understanding of subterranean biodiversity and the unique fauna inhabiting cave ecosystems.
• The habitats of these newly discovered species face threats from heavy tourist footfall, artificial lighting, construction of cave stairways, limestone mining, and habitat alteration.

Zoological Survey of India Identifies Two New Moth Species in the Western Ghats: Antaram idukki and Mimeusemia kali

• The Zoological Survey of India (ZSI), Pune, in collaboration with the Natural History Museum, London, discovered two new moth species in the Western Ghats, enriching the region's biodiversity records.
• The newly discovered species are Antaram idukki (a Tiger Moth) and Mimeusemia kali (a Forester Moth).
• Antaram idukki was discovered in Idukki, Kerala, while Mimeusemia kali was discovered in the Kali Tiger Reserve, Karnataka.
• The discovery of Antaram idukki was published in the Journal of the Lepidopterists' Society.
• The discovery of Mimeusemia kali was published in Zootaxa, an internationally recognized journal for zoological taxonomy.
• Antaram idukki belongs to the Subfamily Arctiinae under the Family Erebidae and is classified as a Tiger Moth.
• Antaram idukki is distinguished by its unique forewing waved fasciae, distinctive external morphology, and unique genital characteristics.
• Mimeusemia kali belongs to the Genus Mimeusemia under the Family Noctuidae and is classified as a Forester Moth.
• Mimeusemia kali is a day-active moth with unique morphological and reproductive structures, confirmed through phylogenetic analysis.
• The discovery of Mimeusemia kali marks the first addition to the genus Mimeusemia in nearly 30 years, increasing the genus to 30 taxa worldwide.
• Both newly discovered moth species play important ecological roles as pollinators, supporting ecosystem health and biodiversity.
• Antaram idukki also serves as prey for birds and bats, making it an important component of the forest food chain.
• Mimeusemia kali functions as a pollinator, herbivore, prey for wildlife, and an environmental indicator species.
• Both species are considered valuable bio-indicators, helping scientists assess the health of forest ecosystems.
• Antaram idukki is regarded as extremely rare, and its habitat is threatened by habitat degradation.
• The discoveries highlight the exceptional biodiversity of the Western Ghats, one of the world's most significant biodiversity hotspots.
• The findings emphasize the importance of species exploration, taxonomy, and habitat conservation in protecting India's rich wildlife heritage.

About Zoological Survey of India :

• The Zoological Survey of India (ZSI) is India's premier institution for faunal research, species discovery, and biodiversity documentation.
• The ZSI was established in 1916 and is headquartered in Kolkata, West Bengal.
• The Director of ZSI is Dhriti Banerjee.

CURRENT AFFAIRS : APPS & PORTALS

Department of Telecommunications Opens Portal for Telecom Authorisation Applications Under Telecommunications Act, 2023

• The Department of Telecommunications (DoT) has officially commenced accepting applications for obtaining authorisations to provide telecommunication services under the Telecommunications Act, 2023.
• The DoT has also started accepting applications for the migration of existing telecom licenses to the new authorisation framework under the Telecommunications Act, 2023.
• The Telecommunication Rules for Authorisation of Telecommunication Services under Section 3(1)(a) of the Telecommunications Act, 2023 were notified on 23 June 2026.
• The Telecommunication Rules for Migration of Existing Licenses under Section 3(6) of the Telecommunications Act, 2023 were also notified on 23 June 2026.
• The new authorisation framework has been implemented based on the "Digital by Design" principle to ensure a fully digital, transparent, and efficient application process.
• The DoT has operationalised online application modules for both fresh authorisations and migration of existing telecom licenses.
• Applicants can now submit applications through the Telecom eServices Portal, enabling a seamless digital approval process.
• The new framework is intended to simplify licensing procedures, enhance ease of doing business, and modernize telecom regulation in India.
• Earlier, through a Press Release dated 24 October 2025, the Department of Telecommunications had temporarily suspended acceptance of new applications under the previous licensing regime.
• The suspension became effective from 10 November 2025 as an interim measure pending notification of the new authorisation framework.
• The suspended categories included Unified Licenses, Unified License (VNO), Standalone Licenses, Registrations, Permissions, and No Objection Certificates (NOCs).

About Ministry of Communications :

• Cabinet Minister : Jyotiraditya Scindia
• Chairman of Telecom Commission and Telecom Secretary : Amit Agrawal

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Department of Social Justice & Empowerment Launches Major Reforms and Digital Initiatives to Streamline Scholarship Access

• The Department of Social Justice & Empowerment (DoSJE) has introduced major reforms to simplify access to scholarships for Scheduled Caste (SC) and Other Backward Classes (OBC) students across India.
• The mandatory requirement of submitting a Domicile Certificate has been removed for applications under the Pre-Matric and Post-Matric Scholarship Schemes for SC and OBC students.
• The reform is expected to benefit nearly 2 crore students annually, making the scholarship application process simpler, faster, and more student-friendly.
• The removal of the Domicile Certificate requirement will reduce documentation, lower compliance costs, and minimise application delays for eligible students.
• The reform will particularly benefit students pursuing education in institutions located outside their home States, ensuring easier access to scholarship benefits.
• The Department of Social Justice & Empowerment (DoSJE) has launched SETU (Scholarship for Educational Transformation and Upliftment) on the UMANG platform as a unified digital portal for scholarship-related services.
• SETU provides a single digital interface for scholarship registration, application submission, application tracking, validation, and other scholarship-related services.
• The SETU platform serves students, Institutional Nodal Officers (INOs), District Nodal Officers (DNOs), and State officials, ensuring efficient scholarship administration.
• The launch of SETU aims to improve transparency, efficiency, digital governance, and ease of scholarship delivery through a technology-driven platform.
• The Pre-Matric Scholarship Scheme and Post-Matric Scholarship Scheme for SC and OBC students together provide scholarship benefits to around 2 crore beneficiaries every year.
• These reforms are aligned with the Government of India's objective of promoting social inclusion, reducing procedural barriers, and ensuring the effective delivery of welfare schemes.
• The DoSJE remains committed to leveraging technology-driven reforms to improve scholarship accessibility, enhance outreach, and provide timely financial support to deserving students.

About Ministry of Social Justice & Empowerment :

• Cabinet Minister : Virendra Kumar Khatik
• Minister of State : Ramdas Athawale, B. L. Verma

Daily CA One- Liner: June 27

• Kerala Chief Minister V.D. Satheesan, who also holds the Finance portfolio, presented the Revised Budget for Financial Year 2026-27 in the Kerala Legislative Assembly at Thiruvananthapuram
• The Department of Public Enterprises (DPE) under the Ministry of Finance (MoF) upgraded Garden Reach Shipbuilders and Engineers (GRSE) Limited from Miniratna Category-I to Navratna Central Public Sector Enterprise (CPSE) status
• The Ministry of Electronics and Information Technology (MeitY) awarded the IndiaAI Fellowship 2025-26 to seven students of Chandigarh University (CU), Chandigarh
• The Himachal Pradesh Government, under Chief Minister Sukhvinder Singh Sukhu, signed implementation agreements for 19 hydropower projects in 2026
• Safran Electronics & Defence, a France-based aerospace and defence company, signed a Memorandum of Understanding (MoU) with SatSure Analytics India Private Limited
• The National Highways Authority of India (NHAI), under the Ministry of Road Transport and Highways (MoRTH), signed a Memorandum of Understanding (MoU) with the National Council of Applied Economic Research
• The Comptroller and Auditor General (CAG) of India signed a Memorandum of Understanding (MoU) with the Supreme Audit Institution (SAI) of Israel to strengthen cooperation in public sector auditing
• The Hurun India 500 Report 2026 was released in partnership with Axis Bank and Burgundy Private.
• The Reserve Bank of India (RBI) has issued the Responsible Business Conduct Third Amendment Directions, 2026 to introduce a revised compensation framework for victims of fraudulent Electronic Banking Transactions (EBTs).
• The Reserve Bank of India (RBI) has revised the Scale-Based Regulatory (SBR) Framework for Non-Banking Financial Companies (NBFCs) to simplify the identification of NBFC-Upper Layer (NBFC-UL)
• Skydo, an Indian Business-to-Business (B2B) cross-border payments platform, secured an international payment license in Canada, marking its first regulatory approval outside India.
• Standard & Poor's (S&P) Global Ratings released its Economic Outlook Asia-Pacific Q3 2026 report titled "AI (Artificial Intelligence)-Exposed Markets to Outperform."
• The Defence Security Cooperation Agency (DSCA) of the United States of America (USA) notified the proposed sale of sustainment support services and related equipment for India's AH-64E Apache Attack Helicopters and M777A2 Ultra-Light Howitzers.
• Abiy Ahmed and his Prosperity Party (PP) secured a landslide victory in Ethiopia's General Election held on 1 June 2026.
• P. Radhakrishnan, Chairman of the Rajya Sabha, administered the oath/affirmation to 10 newly elected/re-elected Members of Rajya Sabha in the Rajya Sabha Chamber.
• Defence Research and Development Organisation (DRDO) handed over the Final Operational Clearance (FOC) certificate of the indigenous Netra Airborne Early Warning and Control (AEW&C) System to the Indian Air Force (IAF).
• The keel-laying ceremony of the 4th Next Generation Offshore Patrol Vessel (NGOPV) for the Indian Coast Guard (ICG) was held on 25 June 2026 in Mumbai, Maharashtra.
• Scientists from the Ashoka Trust for Research in Ecology and the Environment (ATREE) discovered two new microscopic snail species in the limestone caves of Meghalaya.
• The Zoological Survey of India (ZSI), Pune, in collaboration with the Natural History Museum, London, discovered two new moth species in the Western Ghats, enriching the region's biodiversity records.
• The Department of Telecommunications (DoT) has officially commenced accepting applications for obtaining authorisations to provide telecommunication services under the Telecommunications Act, 2023.
• The Department of Social Justice & Empowerment (DoSJE) has introduced major reforms to simplify access to scholarships for Scheduled Caste (SC) and Other Backward Classes (OBC) students across India.