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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman Chairs TEXPROCIL Export Awards 2023–24 Ceremony in Mumbai

• Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, presided over the TEXPROCIL Export Awards 2023–24 ceremony held in Mumbai.
• The awards were organised by The Cotton Textiles Export Promotion Council (TEXPROCIL), which is sponsored by the Government of India, to recognise excellence in the cotton textile export sector.
• The awards honoured exporters for outstanding performance in exports, as well as contributions in employment generation, innovation, ESG initiatives, and e-commerce excellence.

Key Highlights :

• The Union Finance Minister also launched the Advanced Certificate Program in International Trade (ACPIT) to strengthen India’s export ecosystem.
• The programme is aligned with various government schemes and policy initiatives aimed at enhancing global trade competitiveness.
• The Finance Minister emphasised strengthening the entire textile value chain from farm to fibre, factory, fashion, and foreign markets.
• She highlighted India’s textile heritage tracing back to the Sindhu-Saraswati Civilisation, underlining its historical and cultural significance.
• India’s vision of Vikit Bharat by 2047 includes achieving USD 100 billion in textile exports and USD 250 billion in textile production by 2030.
• India is currently the sixth-largest textile exporter in the world and the second-largest producer of silk.
• The textile sector supports nearly 6 crore livelihoods, contributes around 3% to GDP, and accounts for about 12% of India’s total exports.
• India’s textile exports stood at approximately USD 33.5 billion in 2025–26, highlighting strong sectoral growth.
• Since 2014, the government has implemented structural reforms including subsidies, GST reforms, and development of PM MITRA Parks.
• Under the PM MITRA Scheme, seven textile parks are being developed with investment MoUs worth over ₹27,000 crore.
• The Amended Technology Upgradation Fund Scheme (ATUFS) launched in 2016 provides capital and interest subsidies for technology modernisation in textiles.
• The Ministry of Textiles highlighted initiatives such as Textile Expansion and Employment Scheme, National Fibre Scheme, Tex-Eco Initiative, and Samarth 2.0 to support sectoral growth.
• TEXPROCIL exporters (around 2,000 members) contribute nearly USD 11 billion in exports, while the broader ecosystem supports around 35 million jobs.
• The sector promotes the Kasturi Cotton brand through branding, certification, and traceability initiatives to strengthen India’s global textile identity.
• The government has supported the sector through measures like Aatmanirbhar Bharat package, ECLGS, MSME support, and liquidity assistance during global disruptions.
• Recent initiatives such as the Export Promotion Mission, TEEM Scheme, and Tex-Eco Initiative aim to further boost India’s textile exports and competitiveness.

About Ministry of Finance:

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

Eurobank Opens Its First Representative Office in India to Expand Trade and Investment Opportunities

• Eurobank will become the first European bank to enable cross-border remittances from Greece and Cyprus to India through the Unified Payments Interface (UPI).
• The UPI-based remittance service has been launched in partnership with the National Payments Corporation of India (NPCI).
• The remittance service has already started operations in Greece, while operations in Cyprus are expected to begin soon.
• The initiative aims to provide faster, cheaper, and seamless digital money transfers for Indians residing in Greece and Cyprus who send remittances to India.
• Eurobank also announced the opening of its first representative office in India to strengthen financial connectivity.
• The move reflects Eurobank’s strategy to expand financial and trade relations between Europe and India.
• Eurobank has total assets of nearly 110 billion Euros.
• The bank currently operates in countries including Cyprus, Bulgaria, and Luxembourg.

Reserve Bank of India Levies ₹3.10 Lakh Monetary Penalty on Mintifi Finserve Private Limited

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹3.10 lakh on Mintifi Finserve Private Limited.
• The penalty was imposed for non-compliance with RBI directions related to ‘Know Your Customer (KYC)’
• RBI imposed the penalty under Section 58G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.
• The statutory inspection of the company was conducted by RBI with reference to its financial position as on 31 March 2025.
• Based on the supervisory findings and related correspondence, RBI issued a show-cause notice to the company asking why a penalty should not be imposed.
• After reviewing the company’s written reply and oral submissions during the personal hearing, RBI confirmed the regulatory violation.
• RBI found that the company failed to upload KYC records of certain customers to the Central KYC Records Registry (CKYCR) within the prescribed timeline.
• The penalty was imposed due to deficiencies in regulatory compliance related to customer identification and record maintenance.
• RBI clarified that the action does not affect the validity of any transaction or agreement between the company and its customers.
• The central bank also stated that the monetary penalty is without prejudice to any further action that may be initiated against the company in the future.

Skydo Receives Payment Service Provider Licence at GIFT City and Reserve Bank of India Approval for Cross-Border Outward Payments

• Skydo received in-principle approval to operate as a Payment Service Provider (PSP) at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.
• With this approval, Skydo became one of the first cross-border fintech companies to obtain a PSP licence at GIFT City.
• The approval will enable the company to develop advanced capabilities such as multi-currency collections, e-money accounts, and merchant acquisition services.
• Skydo also received regulatory approval from the Reserve Bank of India under the Payment Aggregator-Cross Border (PA-CB) framework.
• The approval under the PA-CB framework allows the company to support outward international payment flows.
• Earlier in 2026, Skydo had already received final RBI authorisation to function as a PA-CB for export payment collections.
• With the latest approvals, the company will facilitate both inward and outward cross-border payments for Indian businesses.
• The platform will support payments to foreign vendors, software platforms, and international service providers.
• The Payment Aggregator-Cross Border (PA-CB) framework regulates and streamlines cross-border payment activities for fintech companies operating in India’s international payments ecosystem.

Reserve Bank of India Data Shows India’s Outward Remittances Declined by 2% to Nearly $29 Billion in FY26

• India’s outward remittances under the Liberalised Remittance Scheme (LRS) declined by 2% in FY26 due to global uncertainty and geopolitical tensions.
• According to data released by the Reserve Bank of India (RBI), total outward remittances declined to USD 28.9 billion in FY26 from USD 29.6 billion in FY25.
• The sharpest fall was recorded in remittances for overseas education, which declined by more than 20% to USD 2.3 billion from USD 2.9 billion in the previous financial year.
• The Liberalised Remittance Scheme (LRS) is an RBI policy that allows all resident individuals, including minors, to remit funds abroad freely.
• Under the LRS, individuals can remit up to USD 250,000 per financial year outside India.
• The remittance facility can be used for permissible current account transactions, capital account transactions, or a combination of both.
• Despite the overall decline, remittances for investment in equity and debt increased by 68% Year-on-Year (Y-o-Y) to USD 440.22 million.
• Remittances for medical treatment abroad also increased by 52% Y-o-Y to USD 3.91 million.
• The Liberalised Remittance Scheme (LRS) was introduced by the RBI in 2004.
• The scheme was introduced to simplify and liberalise outward remittances by Indian residents for approved foreign transactions.

Pension Fund Regulatory and Development Authority Launches New Retirement Income Schemes and Drawdown Facilities Under National Pension System

• The Pension Fund Regulatory and Development Authority (PFRDA) introduced new Retirement Income Schemes (RIS) and drawdown options under the National Pension System (NPS).
• The new framework aims to improve retirement cash flow management and extend the longevity of retirement corpus for subscribers.
• Under the revised system, retirees can withdraw their NPS corpus gradually through monthly, quarterly, or annual payouts instead of taking the full lump sum amount at once.
• PFRDA introduced a new option called RIS Steady, which follows a lifecycle investment approach.
• Under RIS Steady, the equity exposure will gradually reduce from 35% at the age of 60 to 10% by the age of 75.
• The equity allocation will remain at 10% until the age of 85 under the scheme.
• Subscribers can continue receiving mandatory annuity pension payouts while also withdrawing money periodically from their lump-sum corpus through the new drawdown facility.
• PFRDA clarified that the scheme does not provide guaranteed returns or assured payouts, as investments remain market-linked and subject to market risks.
• Two payout methods have been introduced under the drawdown facility: Systematic Payout Rate (SPR) and Systematic Unit Redemption (SUR).
• The new payout options provide retirees with greater flexibility in managing their post-retirement income.

Recent News :

• In May 2026, The Pension Fund Regulatory and Development Authority (PFRDA) constituted a committee to explore the long-term inclusion of new asset classes in pension investments.

About PFRDA:

• Established: 2003 (Statutory status from PFRDA Act, 2013)
• Under which Ministry: Ministry of Finance, Government of India
• Headquarters: New Delhi
• Chairman: Sivasubramanian Ramann
• Purpose: To promote, develop, and regulate the pension sector in India, especially the National Pension System (NPS) and other old-age income security schemes.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Union Home Minister and Minister of Cooperation Amit Shah Chairs 26th Central Zonal Council Meeting in Bastar

• Union Home Minister and Minister of Cooperation Amit Shah chaired the 26th meeting of the Central Zonal Council in Bastar, Chhattisgarh.
• The meeting was attended by Vishnu Deo Sai, Mohan Yadav, Yogi Adityanath, and Pushkar Singh Dhami.
• The meeting was organised by the Inter-State Council Secretariat under the Ministry of Home Affairs, with the Government of Chhattisgarh as the host.
• Amit Shah stated that the meeting in Bastar was significant after achieving the milestone of a Naxal-free India.
• He credited security forces, intelligence agencies, Central Armed Police Forces, and state police forces for coordinated action against Naxalism.
• He highlighted the “Whole of the Government Approach”, under which Central and state governments worked together to bring development to areas affected by Naxalism.
• The Central Zonal Council includes the states of Chhattisgarh, Madhya Pradesh, Uttar Pradesh, and Uttarakhand.
• He urged states to implement the 1930 cybercrime helpline in accordance with the Ministry of Home Affairs model.
• Amit Shah also called for strict publicity of penalties imposed in adulteration cases to increase public awareness.

RECENT NEWS

• Chhattisgarh government has approved the formation of the high-level committee to prepare the draft for to implement the Uniform Civil Code (UCC) in the state. The decision was announced under the Chief Minister Vishnu Deo Sai and it places the state among the growing list of other states who are exploring or implemented the common civil law framework.

India and United States Hold High-Level Talks Ahead of Quad Foreign Ministers Meeting

• Marco Rubio, Secretary of State of the United States, held talks with S. Jaishankar during his official visit to India ahead of the Quad Foreign Ministers Meeting.
• The discussions reflected the expanding scope of the India–United States Comprehensive Global Strategic Partnership.
• Major areas of discussion included artificial intelligence, defence cooperation, trade, energy security, critical minerals, nuclear energy, counter-terrorism, migration concerns, and Indo-Pacific security.
• The leaders reviewed the entire spectrum of bilateral relations between India and the United States.
• Key focus areas included:
• Trade and energy cooperation
• Defence and security partnership
• Critical minerals collaboration
• Artificial intelligence cooperation
• Nuclear energy engagement
• Counter-terrorism coordination
• Counter-narcotics cooperation
• People-to-people ties
• India raised concerns regarding recent changes in United States immigration policies affecting Indian professionals, students, researchers, and travellers.
• The reforms include changes related to Green Card processing, Adjustment of Status applications, and consular visa procedures.
• The talks also covered global and regional issues including Gulf tensions, the Russia–Ukraine conflict, Indo-Pacific strategic balance, maritime commerce security, supply chain resilience, and international law compliance.
• India reiterated its support for diplomacy, peaceful dialogue, secure sea routes, and opposition to the weaponisation of trade and critical resources.
• The Quadrilateral Security Dialogue (Quad) is an informal strategic grouping comprising India, the United States, Japan, and Australia.
• The Quad focuses on Indo-Pacific security, maritime cooperation, supply chain resilience, emerging technologies, cybersecurity, disaster response, and regional stability.

Government Releases Guidelines for Bharat Audyogik Vikas Yojna Scheme to Develop 100 Industrial Parks

• The Government of India released detailed guidelines for the Bharat Audyogik Vikas Yojna BHAVYA Scheme aimed at developing 100 world-class industrial parks across India.
• The guidelines were issued by the Department for Promotion of Industry and Internal Trade.
• The scheme has a total financial outlay of Rs 33,660 crore.
• The BHAVYA Scheme is a Central Sector Scheme focused on creating integrated industrial ecosystems to attract domestic and global manufacturers.
• The scheme aligns with major national initiatives such as Make in India and Prime Minister Gati Shakti.
• Under the scheme, 100 industrial parks will be developed between Financial Year 2026–27 and Financial Year 2031–32.
• In the first phase, up to 50 industrial parks will be selected through a competitive challenge-based process.
• States, Union Territories, and eligible agencies will compete based on infrastructure quality, connectivity, and investment potential.
• The scheme focuses on developing plug-and-play industrial infrastructure to enable faster industrial operations.
• Key infrastructure facilities will include multimodal logistics connectivity, reliable water and electricity supply, underground utility systems, renewable energy infrastructure, worker housing facilities, skill development centres, waste management and treatment systems, and testing laboratories.
• The scheme supports both greenfield and brownfield industrial park development.
• Minimum land requirements are 100 acres for non-hilly states and 25 acres for hilly states, northeastern states, Union Territories, and smaller states.
• Industrial parks of up to 1,000 acres can also be considered under the scheme.
• Each industrial park will be developed through a Special Purpose Vehicle under the Companies Act, 2013.
• The National Industrial Corridor Development Corporation will function as the Project Management Agency for the scheme.
• Monitoring mechanisms will include Geographic Information System-based tracking, audit systems, progress reporting, and oversight by a National Steering Committee.
• The scheme aims to improve ease of investment, industrial competitiveness, accountability, and transparency in industrial infrastructure development.

RECENT NEWS

• To strengthen the Startup ecosystem of India Government has launched the Startup India Fund of Funds 2.0. This 2.0 version will be backed by the massive ₹10,000 crore corpus. It was announced by the central government and this initiative aims to boost the investments in deep-tech, innovative manufacturing and early-stage startups.

CURRENT AFFAIRS: AWARDS AND HONOURS

Major Abhilasha Barak Receives 2025 United Nations Military Gender Advocate of the Year Award

• Abhilasha Barak, serving with the Indian Battalion as Commander of the Female Engagement Team in the United Nations Interim Force in Lebanon, received the 2025 United Nations Military Gender Advocate of the Year Award.
• The announcement was made by the Permanent Mission of India to the United Nations on 23 May 2026.
• Major Abhilasha Barak is the first woman combat helicopter pilot of the Indian Army.
• She was recognised for her outreach and community engagement activities focused on women and adolescent girls in conflict-affected areas.
• She was also honoured for conducting gender sensitisation training for United Nations peacekeepers.
• The award was established in 2016 by the Office of Military Affairs under the Department for Peace Operations.
• The award recognises military peacekeepers who effectively integrate a gender perspective into peacekeeping operations and promote the principles of United Nations Security Council Resolution 1325 on Women, Peace and Security.
• Major Abhilasha Barak became the third Indian peacekeeper to receive the honour.
• Earlier Indian recipients include Suman Gawani in 2019 and Radhika Sen in 2023.
• The award ceremony will be held at the United Nations Headquarters on 29 May 2026 during the commemoration of the International Day of United Nations Peacekeepers.
• As of February 2026, the United Nations Interim Force in Lebanon comprised 7,538 peacekeepers from 48 troop-contributing countries.
• India contributed 642 personnel, making it the fourth-largest contributor after Italy, Indonesia, and Spain.

Sansad Ratna Awards 2026 Announced for Outstanding Parliamentary Performance

• The Sansad Ratna Awards 2026 were announced to recognise outstanding performance by Members of Parliament and Parliamentary Standing Committees.
• This year, the jury selected 10 Lok Sabha Members of Parliament, 2 Rajya Sabha Members of Parliament, and 4 Parliamentary Standing Committees for the awards.
• Medha Vishram Kulkarni and Smita Uday Wagh were among the prominent awardees.
• Smita Uday Wagh received special recognition for continuing parliamentary duties despite undergoing chemotherapy treatment for cancer.
• The awards are based on parliamentary performance up to the end of the Budget Session 2026.
• Individual award winners include Jagdambika Pal, P. P. Chaudhary, Nishikant Dubey, Shrikant Eknath Shinde, Praveen Patel, Bidyut Baran Mahato, Lumbaram Chaudhary, Hemant Vishnu Savara, Naresh Ganpat Mhaske, and Narhari Amin.
• The Parliamentary Standing Committees recognised include the Committee on Agriculture chaired by Charanjit Singh Channi, Finance Committee chaired by Bhartruhari Mahtab, Committee on Rural Development and Panchayati Raj chaired by Saptagiri Sankar Ulaka, and Committee on Coal and Mines chaired by Anurag Thakur.
• The Sansad Ratna Award was instituted in 2010 by Chennai-based Prime Point Foundation.
• The award was inspired by former President A. P. J. Abdul Kalam, who launched the first award ceremony.
• The selection process is based on parliamentary data including questions asked, debates participated in, Private Member Bills introduced, committee participation, attendance, and legislative engagement.
• Data support is provided by PRS Legislative Research, the Lok Sabha Secretariat, and the Rajya Sabha Secretariat.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Reserve Bank of India Approves Reappointment of Sandeep Bakhshi as Managing Director and Chief Executive Officer of ICICI Bank

• The Reserve Bank of India (RBI) approved the reappointment of Sandeep Bakhshi as Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank.
• The new tenure of Sandeep Bakhshi will be for two years, starting from 4 October 2026 and ending on 3 October 2028.
• The reappointment was earlier approved by the ICICI Bank Board in January 2026, subject to RBI approval.
• Sandeep Bakhshi has been serving as MD and CEO of ICICI Bank since 2018, leading a major phase of business transformation.
• Under his leadership, ICICI Bank strengthened its retail loan portfolio, improved asset quality, and expanded digital banking operations.

About ICICI Bank :

• Headquarters: Mumbai, Maharashtra, India
• Founded Year: 1994 (as a bank; ICICI established in 1955)
• Slogan: "Hum Hai Na, Khayal Apka"
• ICICI Bank is India’s second-largest private sector bank in terms of market capitalisation.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy to Acquire 45 Ships in Next 3–4 Years, Receives Approval for 195 Additional Vessels

• The Indian Navy announced plans to acquire 45 new warships over the next 3–4 years to enhance maritime capability and operational preparedness.
• The Navy has received in-principle approval for 195 additional vessels, reflecting India’s long-term strategy for fleet expansion and modernisation.
• At present, the Indian Navy operates around 130 ships, and aims to expand its fleet strength to nearly 300 warships by 2035.
• The planned expansion supports India’s vision of a stronger blue-water navy and enhanced maritime security presence.
• The upcoming fleet will include next-generation warships equipped with advanced surveillance systems, modern combat technologies, and indigenous defence systems under the Aatmanirbhar Bharat
• The Navy currently has 45 ships under construction in India, which will be delivered within the next 3–4 years.
• These developments were highlighted by Vice Admiral Sanjay Vatsayan, Vice Chief of the Indian Navy, during the launch of the next-generation offshore patrol vessel (NGOPV).
• The NGOPVs are significantly larger than conventional patrol vessels, with improved endurance, firepower, and operational capability.
• The vessels measure about 113 metres in length, 6 metres in width, and have a displacement of 3,000 tonnes.
• They have an operational endurance of 8,500 nautical miles, with a cruising speed of 14 knots and a maximum speed of 23 knots.
• The NGOPVs will be deployed for surveillance missions, mine warfare operations, and special operations support, enhancing multi-role naval capabilities.

CURRENT AFFAIRS : APPS & PORTALS

Ministry of Social Justice and Empowerment to Launch PM-AJAY Portal and Mobile App for Implementation of Pradhan Mantri Anusuchit Jaati Abhyuday Yojana (PM-AJAY) Scheme

• The Ministry of Social Justice and Empowerment launched the PM-AJAY Portal and PM-AJAY Mobile App to strengthen digital governance and improve scheme implementation efficiency.
• The portal was launched by Union Minister Virendra Kumar, in the presence of Minister of State B. L. Verma, Secretary Sudhansh Pant, and senior officials of the department, along with state and UT representatives.

Key Highlights :

• The system aims to ensure seamless coordination among stakeholders, faster service delivery, and greater accountability in beneficiary services.
• The platform currently tracks socio-economic development in over 47,000 SC-majority villages and covers more than 4 million beneficiaries across various scheme components.
• The PM-AJAY portal functions as a central digital database enabling milestone-linked fund flow tracking and real-time monitoring.
• Under the Adarsh Gram component, traditional paper-based planning has been replaced with digital village-level planning.
• The portal provides national, state, and district-level dashboards to monitor progress across 50 socio-economic indicators and 10 developmental domains.
• It enables automatic milestone-based tracking once a Village Development Plan (VDP) is digitally approved.
• For the Grants-in-Aid (GIA) component, the portal acts as a centralized Management Information System (MIS) to monitor financial allocations and livelihood programmes.
• It also tracks physical and financial progress of hostel infrastructure projects, ensuring transparency and faster execution.
• The PM-AJAY Mobile App extends portal services to mobile users, enabling real-time monitoring, reporting, and beneficiary services through a user-friendly interface.
• The app supports offline door-to-door surveys and real-time generation of Village Development Plans (VDPs) using geo-tagging and digital tools.
• It enables digital beneficiary registration, monitoring of livelihood and skill development programmes, and real-time tracking of implementation progress.
• The Hostel component allows instant submission of construction and repair proposals along with geo-tagged and time-stamped photographic evidence of project milestones.
• The system includes features like role-based access control, unified login system, dashboard reporting, notifications, and integration with existing government portals.
• The platform is expected to improve efficiency, transparency, real-time monitoring, coordination, and reduce dependence on manual desktop-based systems.
• The initiative supports the vision of VIKSIT BHARAT through inclusive socio-economic development and citizen-centric digital service delivery.

About Ministry of Social Justice & Empowerment :

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

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

SBI Mutual Fund Raises Stake in Bandhan Bank Above 5%

• SBI Mutual Fund increased its stake in Bandhan Bank beyond 5% of the bank’s paid-up share capital.
• According to a regulatory filing, the total shareholding of SBI Mutual Fund under its various schemes reached 0432% as on 20 August 2026.
• Before the latest acquisition, SBI Mutual Fund held a 963% stake in Bandhan Bank.

About Bandhan Bank :

• Founded : 23 August 2015
• Headquarters : Kolkata, West Bengal.
• Managing Director (MD) and Chief Executive Officer (CEO) Partha Pratim Sengupta.

CURRENT AFFAIRS : SUMMITS & CONFERENCES

India–Africa Forum Summit Postponed Amid Ebola Virus Outbreak in Africa

• India has postponed the proposed India–Africa Forum Summit due to the ongoing Ebola virus outbreak in parts of Africa, particularly affecting the Democratic Republic of Congo and Uganda.
• The decision was taken as a precautionary measure to prevent potential public health risks and ensure the safety of delegates and participants from various countries.
• The India–Africa Forum Summit is the highest apex institutional platform for dialogue and cooperation between India and African countries.
• The summit was established in 2008 as a key mechanism to strengthen India–Africa relations in areas of trade, development, and strategic partnership.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Bharath Digital Infrastructure Association Launches “Bharat Digital Samvad” in New Delhi

• The Bharath Digital Infrastructure Association launched “Bharat Digital Samvad” at Shangri-La Eros New Delhi.
• The event is India’s first dedicated national forum on digital sovereignty and infrastructure policy.
• The summit marked the formal public launch of the Bharath Digital Infrastructure Association as a not-for-profit industry body.
• The association is committed to advancing sovereign digital infrastructure across cloud computing, artificial intelligence, cybersecurity, Digital Public Infrastructure, and data platforms.
• The forum convened senior leaders from the cloud infrastructure, artificial intelligence, cybersecurity, and data platform sectors.
• The Bharath Digital Infrastructure Association operates at the intersection of national security, economic value creation, and technological self-reliance.
• The organisation is guided by the principle of “Data Swaraj”, which refers to India’s sovereign right to determine how data is collected, stored, governed, and monetised.
• Key discussion themes included:
• Mapping India’s dependence on foreign technology
• Establishing sovereign cloud systems
• Artificial intelligence infrastructure frameworks
• Encryption governance
• Procurement standards
• Semiconductor capability development
• Operational control mechanisms

About Bharath Digital Infrastructure Association

• Piyush Somani, President of the Bharath Digital Infrastructure Association, stated that India’s digital economy is projected to reach 1 trillion United States Dollars by 2030.
• The headquarters of the Bharath Digital Infrastructure Association is located in New Delhi.
• Abhishek Bhatt serves as the Secretary General of the association.
• The Bharath Digital Infrastructure Association was established in 2026.

British International Investment and Copenhagen Infrastructure Partners Launch “North Star” Renewable Energy Platform

• British International Investment partnered with Copenhagen Infrastructure Partners to launch a 300-million United States Dollar renewable energy platform named “North Star”.
• The platform will invest in solar, wind, hybrid, and energy storage projects in India.
• British International Investment and Copenhagen Infrastructure Partners, through their Growth Markets Fund Two, will each commit up to 150 million United States Dollars for the platform.
• The initiative aims to address the funding gap required to build and scale renewable energy projects in India.
• This marks the first investment under British Climate Partners, a 1.1 billion Pound Sterling climate finance initiative launched by British International Investment in April 2026.
• British Climate Partners aims to mobilise institutional capital into climate solutions across fast-growing and coal-dependent economies in Asia, including India, the Philippines, Indonesia, Vietnam, and other Southeast Asian countries.
• The North Star platform is expected to generate more than 4 million Megawatt-hours of clean energy annually.
• The project is also expected to prevent nearly 4 million tonnes of carbon emissions every year.
• India has set a target of achieving 500 Gigawatts of installed renewable energy capacity by 2030 and net-zero emissions by 2070.
• India currently faces a climate financing gap of around 160 billion United States Dollars annually until 2030.

About British International Investment

• British International Investment is headquartered in London and was established in 1948.
• Diana Layfield is the Chairperson and Leslie Maasdorp is the Chief Executive Officer of British International Investment.

About Copenhagen Infrastructure Partners

• Copenhagen Infrastructure Partners is headquartered in Copenhagen and was established in 2012.

Delhi Government Signs Memorandum of Understanding with State Bank of India for e-Pay System

• The Delhi e-Governance Society under the Information Technology Department of the Delhi Government signed a Memorandum of Understanding with State Bank of India.
• The agreement aims to introduce an integrated electronic payment system called “e-Pay” on the Delhi Government electronic procurement portal.
• The initiative is intended to make the government procurement process faster, transparent, efficient, and paperless.
• The system will streamline online tender payments and automate several manual payment processes.
• The platform will help reduce delays and improve accountability in government tenders.
• A major feature of the system is the integration of Earnest Money Deposit functionality for real-time payment verification.
• The new system will eliminate the need for physical demand drafts in tender payments.
• The partnership with the State Bank of India will provide secure digital payment support and Management Information System integration across the procurement ecosystem.
• Pankaj Kumar Singh, Information Technology Minister of Delhi, stated that the initiative supports the government’s focus on digital governance, transparency, and ease of doing business.
• The initiative is being implemented under the leadership of Rekha Gupta and her technology-driven administration.

Department of Posts and Flipkart Sign Agreement for Last Mile Parcel Delivery Services

• The Department of Posts under the Ministry of Communications signed an agreement with Flipkart India Private Limited for Last Mile Parcel Delivery Services.
• The agreement aims to strengthen India’s e-commerce logistics ecosystem and improve last mile delivery capabilities across the country.
• The agreement was signed in New Delhi by Neeraj Kumar Jha, General Manager of the Parcel Directorate, Department of Posts, and Harvinder Kapur, Director-Commercial of Flipkart India Private Limited.
• The partnership will combine the extensive delivery network of the Department of Posts with Flipkart’s presence in India’s e-commerce sector.
• Under the agreement, the Department of Posts will provide last mile delivery services for Flipkart shipments across India.
• Flipkart will utilise the vast India Post network for parcel deliveries in urban, semi-urban, rural, remote, and underserved regions.
• The services will include:
• Delivery of prepaid and Cash on Delivery parcels
• One-Time Password-based delivery authentication
• Real-time shipment tracking
• The collaboration aims to provide faster deliveries, improved operational coordination, and seamless technology integration.
• The agreement is expected to strengthen logistics infrastructure supporting India’s rapidly growing e-commerce sector.
• Through the partnership, Flipkart will gain access to the Department of Posts’ network of more than 1.6 lakh post offices across India.
• The collaboration is expected to improve delivery efficiency, expand market reach, and enhance services in remote and rural areas.
• The partnership will also strengthen the parcel business of the Department of Posts through better utilisation of its logistics infrastructure and delivery network.
• The initiative aligns with the Department of Posts’ efforts to transform itself into a leading logistics organisation supporting India’s digital economy.

CURRENT AFFAIRS: SPORTS NEWS

Lionel Messi Joins Billionaire Club, Becomes Second Footballer to Cross $1 Billion Net Worth

• Football legend Lionel Messi officially entered the billionaire club and became only the second footballer in history after Cristiano Ronaldo to cross a net worth of 1 billion United States Dollars.
• According to the Bloomberg Billionaires Index, Lionel Messi achieved this milestone through football salaries, bonuses, endorsements, investments, and business ventures.
• Reports suggest that Lionel Messi has earned more than 700 million United States Dollars in salaries and bonuses since 2007.
• His major club earnings came during his time with FC Barcelona, followed by Paris Saint-Germain, and currently with Inter Miami CF in Major League Soccer.
• Apart from football, Lionel Messi has built a strong financial portfolio through endorsement deals with global brands, investments, and family-managed business ventures.
• Cristiano Ronaldo became the first footballer to achieve billionaire status after his move to Al Nassr FC in Saudi Arabia.
• Lionel Messi’s move to the United States in 2023 significantly boosted the popularity of football in the country.
• His arrival at Inter Miami led to record demand and increased attention towards Major League Soccer.
• Ahead of the 2026 FIFA World Cup, to be hosted by the United States, Canada, and Mexico, Lionel Messi’s popularity in the United States continues to rise.
• A street in Berkeley Heights has been officially named “Leo Messi Way” in his honour.
• Lionel Messi is widely regarded as one of the greatest footballers in history.
• His major achievements include winning 8 Ballon d’Or awards, captaining Argentina national football team to victory in the 2022 FIFA World Cup, winning multiple UEFA Champions League titles with FC Barcelona, and several Copa América titles.

Daily CA One- Liner: May 27

• Union Home Minister and Minister of Cooperation Amit Shah chaired the 26th meeting of the Central Zonal Council in Bastar, Chhattisgarh.
• Marco Rubio, Secretary of State of the United States, held talks with Jaishankar during his official visit to India ahead of the Quad Foreign Ministers Meeting
• The Government of India released detailed guidelines for the Bharat Audyogik Vikas Yojna BHAVYA Scheme aimed at developing 100 world-class industrial parks across India
• Abhilasha Barak, serving with the Indian Battalion as Commander of the Female Engagement Team in the United Nations Interim Force in Lebanon, received the 2025 United Nations Military Gender Advocate of the Year Award
• The Sansad Ratna Awards 2026 were announced to recognise outstanding performance by Members of Parliament and Parliamentary Standing Committees.
• The Bharath Digital Infrastructure Association launched “Bharat Digital Samvad” at Shangri-La Eros New Delhi.
• British International Investment partnered with Copenhagen Infrastructure Partners to launch a 300-million United States Dollar renewable energy platform named “North Star”.
• The Delhi e-Governance Society under the Information Technology Department of the Delhi Government signed a Memorandum of Understanding with State Bank of India
• The Department of Posts under the Ministry of Communications signed an agreement with Flipkart India Private Limited for Last Mile Parcel Delivery Services
• Football legend Lionel Messi officially entered the billionaire club and became only the second footballer in history after Cristiano Ronaldo to cross a net worth of 1 billion United States Dollars.
• Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, presided over the TEXPROCIL Export Awards 2023–24 ceremony held in Mumbai.
• Eurobank will become the first European bank to enable cross-border remittances from Greece and Cyprus to India through the Unified Payments Interface (UPI).
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹3.10 lakh on Mintifi Finserve Private Limited.
• Skydo received in-principle approval to operate as a Payment Service Provider (PSP) at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.
• India’s outward remittances under the Liberalised Remittance Scheme (LRS) declined by 2% in FY26 due to global uncertainty and geopolitical tensions.
• The Pension Fund Regulatory and Development Authority (PFRDA) introduced new Retirement Income Schemes (RIS) and drawdown options under the National Pension System (NPS).
• The Reserve Bank of India (RBI) approved the reappointment of Sandeep Bakhshi as Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank.
• The Indian Navy announced plans to acquire 45 new warships over the next 3–4 years to enhance maritime capability and operational preparedness.
• The Ministry of Social Justice and Empowerment launched the PM-AJAY Portal and PM-AJAY Mobile App to strengthen digital governance and improve scheme implementation efficiency.
• SBI Mutual Fund increased its stake in Bandhan Bank beyond 5% of the bank’s paid-up share capital.

India has postponed the proposed India–Africa Forum Summit due to the ongoing Ebola virus outbreak in parts of Africa, particularly affecting the Democratic Republic of Congo and Uganda.