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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Indian Railway Finance Corporation Limited Raises USD 400 Million External Commercial Borrowing from Japan’s SMBC and MUFG Bank

• Indian Railway Finance Corporation Limited (IRFC), a Schedule ‘A’ Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways (MoR), signed a loan agreement with a consortium of Japanese banks.
• The consortium includes Sumitomo Mitsui Banking Corporation (SMBC) and MUFG Bank, through their GIFT City (Gujarat International Finance Tec-City)
• IRFC raised an External Commercial Borrowing (ECB) of JPY equivalent to USD 400 million under this agreement.
• This marks IRFC’s second overseas borrowing in FY 2025–26, after raising USD 300 million (equivalent) in December 2025.
• The 5-year ECB is benchmarked to the Overnight TONAR (Tokyo Overnight Average Rate) and is structured as an unsecured facility.
• The agreement was signed in New Delhi, Delhi, by Nav Goel (GM–Finance, IRFC), Manoj Kaushik (ED, SMBC), and Parul Shah (Head IBU, MUFG).
• The borrowing has been disclosed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring regulatory compliance and transparency.
• The funds will be utilised to finance railway sector projects, including those with forward and backward linkages, in line with ECB guidelines.

Securities and Exchange Board of India Proposes T+1 Pricing System for ETFs to Improve Price Alignment and Reduce Lag

• The Securities and Exchange Board of India (SEBI) issued a consultation paper, proposing to shift Exchange Traded Funds (ETFs) to a T+1 reference price system to reduce pricing lag and improve alignment with underlying asset movements.
• The proposal aims to eliminate the current T-2 Net Asset Value (NAV)-based pricing system, which causes price mismatches between ETFs and underlying securities.

Key Highlights :

• SEBI proposed a dynamic circuit filter mechanism to improve price discovery, reduce mispricing risks, and minimize manual intervention errors.
• The regulator suggested uniform price bands of up to 20% for ETFs, with calibration possible for equity, debt, and commodity ETFs.
• An ETF is a mutual fund scheme that invests in securities in the same proportion as an index and is mandatorily listed and traded on stock exchanges.
• Asset Management Companies can launch passive ETFs in categories such as Equity ETFs, Debt ETFs (including Liquid and Overnight ETFs), and Commodity ETFs (Gold and Silver ETFs).
• Currently, ETFs follow a T-2 NAV closing price as the base price, which creates a one-day trading lag and requires manual corporate action adjustments for dividends and bonus shares.
• The fixed ±20% price band may not reflect the actual volatility of underlying assets, leading to wider trading ranges than asset price movements.
• SEBI proposed that the T Day base price may be determined using one of the following:
• Weighted average traded price of the last 30 minutes of the T-1 trading session.
• Average indicative NAV (iNAV) of the last 30 minutes on T-1.
• Closing NAV of T-1 day (if available).
• SEBI analysis from April 1, 2025, to December 31, 2025, showed:
• More than 99.8%  of equity and debt ETFs moved within ≤10% price variation.
• More than 98% of Gold and Silver ETFs moved within ≤9% variation.
• Overnight/TREPs-based ETFs showed a -5% to +5% variation range.
• Proposed price band structure for Equity and Debt Index ETFs includes:
• Initial ±10% price band.
• Trading halt for a cooling-off period if limits are hit: 15 minutes if before the last 30 minutes of trading; 5 minutes if during the last 30 minutes.
• The price limit may increase by 5% after the cooling period, maximum two times per day.
• Total daily movement cannot exceed 20%.
• Price increase requires a minimum of 50 trades, 10 different client codes, and 3 trading members on both buy and sell sides.
• Proposed structure for Commodity ETFs (Gold and Silver):
• Maximum daily variation capped at ±20%.
• Initial band of ±6%, expandable after a 15-minute cooling period.
• Further increase allowed in 3% steps with cooling periods.
• If global markets move beyond limits, exchanges may adjust limits.

Recent News :

• In Jan 2026, A survey by the Securities and Exchange Board of India (SEBI) revealed that out of 72 crore Indian households, only 3.21 crore households (9.5%) invested in securities markets such as equities, mutual funds, and corporate bonds.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Tuhin Kanta Pandey
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

State Bank of India Becomes India’s 4th Most Valuable Company, Surpasses Tata Consultancy Services in Market Cap

• State Bank of India (SBI) became India’s 4th most valuable company with a market capitalization of ₹10.9 lakh crore, surpassing Tata Consultancy Services (TCS).
• The top 3 most valuable companies in India remain Reliance Industries Limited (₹19.87–19.88 lakh crore), HDFC Bank (₹14+ lakh crore), and Bharti Airtel Limited (₹11.47 lakh crore).
• SBI’s market capitalisation grew by 58% in the current financial year, while TCS market cap declined by 17.8% to ₹10.5 lakh crore during the same period.
• SBI reported its highest-ever quarterly net profit of ₹21,028 crore, showing 5% year-on-year growth, supported by strong earnings performance and improved asset quality.
• The bank’s Net Interest Income (NII) rose by 9% year-on-year to ₹45,190 crore, reflecting steady core lending business growth.
• SBI’s Gross Non-Performing Asset (GNPA) ratio improved to 1.57% from 1.73% in the previous quarter, while Net NPA improved to 0.39%, indicating better credit quality management.
• Provisioning expenses decreased to ₹4,506 crore, showing reduced credit risk and lower cost of credit.
• The SBI management raised FY26 loan growth guidance to 13–15%, up from earlier guidance of 12–14%, reflecting a positive business outlook.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Sikkim to Rename Pakyong Airport After Freedom Fighter Trilochan Pokhrel

• Sikkim Chief Minister Prem Singh Tamang announced that Pakyong Airport, the only airport in the Himalayan state, will be renamed after freedom fighter Trilochan Pokhrel.
• The announcement was made during the 31st Foundation Day celebration of the Akhil Sikkim Khas Chettri Bahun Kalyan Sangh at Rangpo.
• Trilochan Pokhrel, popularly known as “Gandhi Pokhrel,” is regarded as Sikkim’s first independence activist and played a significant role in spreading nationalist ideas in the region.
• He actively participated in major movements of India’s freedom struggle, including the Non-Cooperation Movement (1920–22), Civil Disobedience Movement (1930–34) and Quit India Movement (1942), and was deeply inspired by Mahatma Gandhi.
• Belonging to the Khas, Chettri, Bahun community, he contributed to connecting Sikkim’s population with the broader Indian independence movement.
• The renaming of Pakyong Airport symbolises official recognition of Sikkim’s contribution to India’s freedom struggle and honours a leader associated with courage, unity and national pride.
• Pakyong Airport is located about 30 km from Gangtok and is the only airport in Sikkim, significantly improving air connectivity, tourism, trade and regional accessibility in the Himalayan region.
• The airport was inaugurated on 24 September 2018 by Narendra Modi as a strategic connectivity project.
• During the Foundation Day event, the Chief Minister also highlighted the role of the Akhil Sikkim Khas Chettri Bahun Kalyan Sangh in preserving cultural heritage, promoting unity among communities and strengthening social harmony in Sikkim.
• Sikkim became the 22nd state of India in 1975 after a referendum, and despite its small size, holds strategic and geopolitical importance in the Himalayan region.
• The decision to rename the airport reinforces Sikkim’s commitment to preserving historical legacy and celebrating local freedom fighters who contributed to India’s independence movement.

About Sikkim:

• Chief Minister: Prem Singh Tamang
• Governor: Om Prakash Mathur
• Capital: Gangtok
• National Parks: Khangchendzonga National Park
• Wildlife Sanctuaries: Fambong Lho Wildlife Sanctuary, Kyongnosla Alpine Sanctuary, Maenam Wildlife Sanctuary

RECENT NEWS

• In a moment of pride for the northeastern region, the Sikkim Police has been conferred with the President’s Police Colour Award for its outstanding service, professionalism, and dedication to duty.

India Launches Zero Prize for Verified Pollution Reduction

• India has launched its first-ever results-based environmental award, the Zero Prize, with a total corpus of Rs 5 crore, aimed at rewarding scientifically verified reduction in pollution.
• The award will provide Rs 1 crore each for measurable reduction in air pollution, water pollution and land pollution, linking financial incentives directly to proven environmental outcomes.
• The initiative was unveiled in New Delhi and is convened by the School of Policy and Governance (SPG), supported through philanthropic funding, corporate CSR partnerships and institutional stakeholders.
• Unlike conventional awards, the Zero Prize focuses strictly on independently validated, on-ground environmental impact, not theoretical proposals or policy papers.
• Each shortlisted project must establish a documented baseline and demonstrate measurable pollution reduction over a 12-month challenge period, verified by independent third-party monitoring.
• Air pollution reduction will be assessed through fixed-location monitoring of particulate matter, adjusted for meteorological variations to ensure accuracy.
• Water pollution reduction will be measured using parameters such as Biological Oxygen Demand (BOD), Chemical Oxygen Demand (COD) and nutrient loads, following Central Pollution Control Board (CPCB)-aligned protocols.
• Land pollution reduction will be verified through traceable weight-based audits, monitoring waste leakage and improper disposal with documented third-party validation.
• The award is open to start-ups, NGOs, corporates, municipal bodies, research institutions and individual innovators, provided they implement real-world pilot projects in defined urban or peri-urban areas.
• Early-stage ideas without measurable execution are not eligible, reinforcing the award’s focus on performance-based environmental accountability.
• The Zero Prize aligns with key national environmental missions such as the National Clean Air Programme, National Mission for Clean Ganga and Swachh Bharat Mission 2.0, strengthening India’s broader pollution control and environmental governance goals.
• Saket Burman, Co-Founder of the Zero Prize and Vice Chairman of Dabur India Ltd, emphasized that the initiative seeks proven innovations that deliver measurable improvements in environmental quality.
• Ruchir Punjabi, Chair of the School of Policy and Governance, described the Zero Prize as a catalyst to mobilize innovators and researchers toward urgent, accountable and results-driven pollution reduction efforts.

CBDC-Based Food Subsidy Distribution Pilot Launched under PMGKAY in Puducherry

• The Government of India launched a CBDC-based Food Subsidy Distribution Pilot under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) in Puducherry.
• The pilot uses the Digital Rupee (e-rupee), which is India’s Central Bank Digital Currency (CBDC) issued by the Reserve Bank of India (RBI).
• Under the model:
  – Food subsidy is converted into programmable CBDC tokens.
  – Tokens are credited directly into beneficiaries’ CBDC digital wallets.
  – The subsidy amount can be used only at authorised Fair Price Shops (FPS).
  – Tokens are purpose-bound and cannot be diverted for other uses.
• The initiative integrates CBDC into the existing Direct Benefit Transfer (DBT) ecosystem to strengthen digital subsidy delivery.
• The CBDC-based system ensures:
  – Secure and instant transactions
  – End-to-end traceability of funds
  – Reduced leakages in the Public Distribution System (PDS)
  – Elimination of misuse or diversion of subsidy
• Implementation is being carried out with coordinated support from:
  – Government of India
  – Government of Puducherry
  – RBI
  – Public Financial Management System (PFMS)
  – Canara Bank (banking partner)
• Union Minister Pralhad Joshi inaugurated the pilot in the presence of Puducherry’s Lieutenant Governor and Chief Minister.
• The pilot aims to:
  – Improve transparency and accountability in food subsidy distribution
  – Enable real-time monitoring of transactions
  – Strengthen India’s digital public infrastructure
  – Empower beneficiaries through secure digital access
• The initiative represents a major step in using Digital Rupee for targeted welfare delivery, making subsidy distribution more efficient, traceable, and technology-driven.

UIDAI Partners with Google to Display 60,000+ Authorised Aadhaar Centres on Google Maps

• The Unique Identification Authority of India (UIDAI) has partnered with Google to display over 60,000 authorised Aadhaar Centres on Google Maps.
• Announcement made rollout to take place in the coming months across India.
• The integration will include:
  – Regular Aadhaar Centres
  – Modern Aadhaar Seva Kendras (ASKs)
• Residents will be able to view only verified and authorised Aadhaar Centres, reducing confusion and preventing misinformation about fake or unauthorised centres.
• Information available on Google Maps will include:
  – Type of services (adult enrolment, child enrolment, address update, mobile update, etc.)
  – Operating hours
  – Accessibility features (including divyang-friendly infrastructure)
  – Parking availability (where applicable)
• The initiative aims to:
  – Improve ease of living for Aadhaar holders
  – Enhance transparency in service delivery
  – Increase public trust
  – Ensure seamless access to Aadhaar services
• UIDAI CEO Bhuvnesh Kumar stated that the move simplifies navigation to authorised centres and strengthens citizen convenience.
• In the next phase, UIDAI will utilise Google Business Profile to:
  – Provide real-time updates of Aadhaar Centre information
  – Respond to public feedback
  – Maintain accurate and updated service details
• Future plan includes enabling direct appointment booking through Google Maps, allowing residents to:
  – Search authorised centres
  – Check available services and timings
  – Book appointments online
  – Reduce waiting time
• Roli Agarwal, Country Head – Strategic Partnerships, Google India, stated that the collaboration will bridge the gap between government infrastructure and citizens by making trusted services easily discoverable.
• UIDAI was established in 2009 under the Ministry of Electronics and Information Technology (MeitY).
• Aadhaar is a 12-digit unique identity number linked to biometric and demographic data and is widely used for banking, welfare schemes, mobile connections, and government services.
• The partnership strengthens digital governance, transparency, and citizen-centric public service delivery across India.

RECENT NEWS

• The Unique Identification Authority of India (UIDAI) has taken a significant step towards improving public communication by launching the Aadhaar mascot named ‘Udai (उदय)’. The new mascot has been introduced as a resident-facing communication companion to help simplify and humanise Aadhaar-related information for citizens across the country.

President Droupadi Murmu Flies LCH ‘Prachand’ in Historic Sortie

• Droupadi Murmu flew a 25-minute sortie in the Light Combat Helicopter (LCH) ‘Prachand’ near the India–Pakistan border in Jaisalmer, Rajasthan.
• She flew as co-pilot from Jaisalmer Air Force Station, becoming the first Indian President to undertake a sortie in an attack helicopter.
• LCH ‘Prachand’ is India’s first indigenously designed and developed combat helicopter, built by Hindustan Aeronautics Limited (HAL).
• Key features: Night attack capability, air-to-air & air-to-ground missiles, 20 mm turret gun, rockets, advanced avionics, stealth features, and high-altitude operational capability.
• The helicopter flew over the Pokhran Firing Range, where the Indian Air Force is conducting its firepower exercise Vayu Shakti.
• Earlier defence engagements of the President:
  – Flew in Sukhoi Su-30MKI (April 2023, Tezpur)
  – Flew in Dassault Rafale (October 2025, Ambala)
• LCH ‘Prachand’ was formally inducted into the Indian Air Force in October 2022 at Jodhpur and is designed for high-altitude and border deployment, enhancing India’s combat readiness.
• The sortie symbolises India’s defence self-reliance, indigenous aerospace capability, and operational preparedness near sensitive border areas.

Prime Minister Narendra Modi to Launch Nationwide HPV Vaccination Campaign

• Prime Minister Shri Narendra Modi will launch the nationwide HPV vaccination campaign from Ajmer.
• The campaign targets 14-year-old girls across India to prevent cervical cancer, the second most common cancer among women in the country.
• India reports ~80,000 new cervical cancer cases and 42,000 deaths annually.
• The vaccine to be administered is Gardasil 4 (quadrivalent HPV vaccine) manufactured by MSD.
• It protects against:
  – HPV types 16 & 18 (cause majority of cervical cancer cases)
  – HPV types 6 & 11 (cause other HPV-related conditions)
• Single-dose schedule for girls aged 9–14 years, as per 2022 recommendation of the World Health Organization (WHO) Strategic Advisory Group of Experts (SAGE).
• WHO dosage guidance:
  – Up to 20 years – Single dose sufficient
  – Above 21 years – Two doses (6 months apart)
  – Immunocompromised individuals (including HIV) – Three doses (or at least two)
• The vaccination drive will begin with a three-month intensive campaign, followed by inclusion in the routine immunisation programme.
• Vaccination will be provided free of cost at:
  – Ayushman Arogya Mandirs (PHCs)
  – Community Health Centres
  – Sub-district & District Hospitals
  – Government Medical Colleges
• All centres will maintain:
  – Cold Chain Points (CCP)
  – AEFI management systems
  – Dedicated medical officers
  – Digital record tracking
• Parental/guardian consent is mandatory; vaccination remains voluntary.
• States & UTs will join the launch virtually through NIC coordination, with participation of Chief Ministers and Health Ministers.
• The campaign is implemented under the National Health Mission (NHM)
• Previous state initiatives:
  – Sikkim (2018) – First statewide HPV drive; 95%+ coverage
  – Punjab (2016) – Initial coverage 97%+ in Mansa & Bhatinda
  – Delhi (2016) – Launched via Delhi State Cancer Institute (limited uptake)
• The initiative reflects India’s preventive healthcare strategy, focusing on reducing non-communicable diseases and long-term cancer burden among women.

Haryana to Launch CM Shri Schools on PM Shri Model

• Haryana Education Minister Mahipal Dhanda announced the launch of CM Shri Schools on the lines of PM Shri Schools during the Budget Session of the Haryana Vidhan Sabha.
• The schools will follow the CBSE curriculum pattern, aiming to ensure uniform academic standards, structured evaluation, skill-based learning and better preparation for competitive examinations.
• The initiative focuses on modern infrastructure, smart classrooms, experiential learning and improved teaching methodologies, in line with reforms under National Education Policy 2020.
• The objective is to upgrade state-run schools into model institutions and improve overall learning outcomes across Haryana.
• The state continues to implement 25% reservation for Economically Weaker Sections (EWS) and Disadvantaged Groups (DG) in private schools under the Right of Children to Free and Compulsory Education Act.
• During the last academic session, 14,127 applications were received under RTE provisions, and 11,803 students were allotted seats in private schools.
• The RTE Act mandates free and compulsory education for children aged 6–14 years, with the government reimbursing private schools for admitted students.
• The introduction of CM Shri Schools, along with continued RTE implementation, reflects Haryana’s dual focus on quality education reform and inclusive access for disadvantaged students.

About Haryana:

• Chief Minister: Nayab Singh Saini 
• Governor: Ashim Kumar Ghosh
• Capital: Chandigarh
• National Parks: Sultanpur National Park, Kalesar National Park
• Wildlife Sanctuaries: Bhindawas Wildlife Sanctuary, Kalesar Wildlife Sanctuary, Nahar Wildlife Sanctuary

RECENT NEWS

• India is preparing to take a major step towards green transportation with the launch of its first hydrogen-powered train in Haryana. The pilot project, led by Indian Railways will operate between Jind and Sonipat and is now in the final stages of commissioning. 

CURRENT AFFAIRS : INTERNATIONAL NEWS

Indian Mountaineer from Arunachal Pradesh Successfully Summits Mount Aconcagua — Highest Peak of the Western Hemisphere

• A six-member team from the Nehru Institute of Mountaineering (NIM), Uttarkashi, and the Jawahar Institute of Mountaineering and Winter Sports (JIM&WS) successfully summited Mount Aconcagua in Argentina, marking a major achievement for Indian mountaineering.
• The expedition was flagged off by Rajnath Singh, Union Minister of Defence, on 05 February 2026.
• The expedition was led by Colonel (Col.) Hem Chandra Singh, who is the Principal of NIM and JIM&WS.
• Before the final summit, the team first scaled Bonete Peak at an altitude of 5,050 meters above sea level as part of acclimatization and preparation.
• The team faced extreme weather conditions, including strong winds and temperatures between -20°C and -30°C during the expedition.
• Mount Aconcagua is the highest peak in South America and the 2nd highest mountain peak in the world outside Asia, with an altitude of 6,967.15 meters above mean sea level.
• Known as the “Stone Sentinel”, Mount Aconcagua is the highest peak in both the Southern Hemisphere and Western Hemisphere and is famous for extreme altitude and rapidly changing weather conditions.
• Mount Aconcagua is part of the Seven Summits, which include:

1. Mount Everest (Asia)
2. Mount Aconcagua (South America)
3. Denali (North America)
4. Mount Kilimanjaro (Africa)
5. Mount Elbrus (Europe)
6. Mount Vinson (Antarctica)
7. Mount Kosciuszko (Australia)

CURRENT AFFAIRS: MOUS AND AGREEMENT

India–Nepal Sign MoU on Forests, Wildlife & Climate Cooperation

• India and Nepal signed a new MoU in New Delhi to strengthen cooperation in forests, wildlife, biodiversity conservation and climate change.
• The MoU was signed between India’s Ministry of Environment, Forest and Climate Change (MoEFCC) and Nepal’s Ministry of Forests and Environment.
• The agreement was signed in the presence of Union Minister Bhupender Yadav and Nepal’s Forests and Environment Minister Madhav Prasad Chaulagain.
• The MoU focuses on transboundary conservation and restoration of wildlife corridors across shared ecosystems.
• Key areas of cooperation include:
  – Landscape-level biodiversity conservation strategies
  – Restoration of transboundary wildlife corridors
  – Exchange of technical expertise and best practices
  – Strengthening protected area management
  – Promotion of smart green infrastructure in biodiversity hotspots
• Key species identified under the pact:
  – Elephant
  – Gangetic dolphin
  – Rhinoceros
  – Snow leopard
  – Tiger
  – Vultures
• The agreement emphasises combating forest and wildlife crime, including:
  – Illegal poaching
  – Timber smuggling
  – Wildlife trafficking
  – Intelligence sharing and improved monitoring mechanisms
• Provision for capacity building of frontline enforcement staff in both countries.
• India and Nepal share rich biodiversity, cross-border river systems and protected area networks, making coordinated conservation essential.
• The MoU also strengthens climate change cooperation, especially for protecting Himalayan ecosystems, forests and river systems.
• Restoration of wildlife corridors will enhance habitat connectivity and climate resilience, enabling species migration and adaptation.
• The agreement marks a fresh chapter in India–Nepal environmental ties, promoting integrated conservation landscapes and coordinated ecological governance.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Nidhi Chhibber Appointed as Additional Chief Executive Officer of NITI Aayog

• The Appointments Committee of the Cabinet (ACC), chaired by Narendra Modi, appointed Nidhi Chhibber as the additional Chief Executive Officer (CEO) of NITI Aayog.
• She assumed charge on 24 February 2026, following the completion of the tenure of V. R. Subrahmanyam, former CEO of NITI Aayog.
• As per the Department of Personnel and Training (DoPT), she will hold the post until a regular appointment is made or until further orders.

About Nidhi Chhibber :

• Nidhi Chhibber is a 1994-batch IAS officer of the Chhattisgarh cadre.
• She is currently serving as Director General of the Development Monitoring and Evaluation Office (DMEO) under NITI Aayog, which monitors and evaluates government schemes and programmes.
• She previously served as Chairperson of the Central Board of Secondary Education (CBSE), overseeing examination and policy reforms.
• She has also worked as Additional Secretary in NITI Aayog and briefly as Officer on Special Duty (OSD) in the Ministry of Food Processing Industries (MoFPI).

About B. V. R. Subrahmanyam :

• B.V.R. Subrahmanyam, a 1987-batch IAS officer, completed his three-year tenure as CEO of NITI Aayog on 24 February 2026.
• He was initially appointed for a two-year term (ending February 2025) and was later granted a one-year extension.
• His previous roles include Chief Secretary of Jammu & Kashmir, Secretary in the Ministry of Commerce & Industry, Principal Secretary in the Chhattisgarh government, and a tenure in the Prime Minister’s Office (PMO).
• He also has international experience at the World Bank, reflecting his extensive administrative career.

Financial Services Institutions Bureau Nominates Hitesh Joshi as Chairman-cum-Managing Director of General Insurance Corporation of India

• The Financial Services Institutions Bureau (FSIB) recommended Hitesh Rameshchandra Joshi for the post of Chairman-cum-Managing Director (CMD) of General Insurance Corporation of India (GIC Re).
• The final appointment will be approved by the Appointments Committee of the Cabinet (ACC) headed by Narendra Modi, Prime Minister of India.
• FSIB interfaced with 5 eligible candidates for the position and recommended Joshi based on his performance, overall experience, and extant parameters.
• Hitesh R. Joshi is currently serving as Executive Director (ED) of GIC Re since 9 July 2024.
• He has been exercising the financial and administrative powers of CMD since 1 October 2025, after the superannuation of Ramaswamy Narayanan on 30 September 2025.
• He was elevated as Executive Director with effect from 9 July 2024 in the state-owned reinsurer.
• He is a Fellow of the Insurance Institute of India with several decades of experience in the insurance sector.
• During his career at GIC Re, he handled key functions including Domestic and International Reinsurance, Retrocession, Finance, Enterprise Risk Management (ERM), Budgetary Control, Strategic Planning, Internal Audit, Credit Rating, and Investor Relations.
• He also served as Executive Assistant to the Chairman and Managing Director of GIC Re, gaining extensive operational and strategic experience within the corporation.

About GIC Re :

• Founded : 22 November 1972
• Headquarters : Mumbai, Maharashtra, India
• Owner : Government of India (85.78%)

OpenAI Appoints Indian-Origin Executive Arvind KC as CPO to Strengthen Leadership in Global AI Talent Race

• OpenAI appointed Indian-origin executive Arvind KC as its Chief People Officer (CPO), to strengthen leadership during rapid global AI expansion and intense competition for AI talent.
• The CPO will oversee talent strategy, hiring operations, and organisational development during OpenAI’s large-scale workforce expansion phase driven by Artificial Intelligence innovation.
• Arvind KC will report to Jason Kwon, Chief Strategy Officer of OpenAI, and will work closely with Fidji Simo, CEO of Applications at OpenAI.
• The appointment follows the departure of former CPO Julia Villagra in August 2025, after which OpenAI conducted a global search for leadership replacement.
• The role of Chief People Officer is crucial in aligning human resource policies with long-term strategic business goals of the company.
• The appointment comes amid intense global competition for skilled AI engineers, researchers, and technical experts across technology companies.
• Arvind KC has worked in senior leadership and engineering roles at major global tech companies including Roblox, Google, Palantir Technologies, and Meta Platforms.
• His experience includes product development, organisational scaling, and leadership management in high-growth technology environments.
• In his new role, he will manage recruitment, onboarding, leadership training, and internal workforce policies.

Indian Institute of Technology Madras Prof. B. Ravindran Named to United Nations International Scientific Panel on AI

• B. Ravindran of Indian Institute of Technology Madras (IIT-M) was appointed to the United Nations (UN) Independent International Scientific Panel on Artificial Intelligence (AI).
• The appointment was announced by António Guterres, UN Secretary-General, at the India AI Impact Summit 2026 held in New Delhi, Delhi.
• He represents India and the Global South among 40 global experts on the panel.
• The panel is the first global scientific body established by the UN to provide detailed and independent scientific assessments of AI’s impact on society.
• Currently, B. Ravindran serves as the Head of the Wadhwani School of Data Science and AI (WSAI) at IIT-M.
• He is also the Founding Head of the Centre for Responsible AI (CeRAI) at IIT-M.
• He has more than 30 years of experience in Artificial Intelligence (AI), with research interests in Responsible AI and Deep Reinforcement Learning.
• The UN Independent International Scientific Panel on AI was established in August 2025 through a UN General Assembly (UNGA) Resolution adopted on 26 August 2025.
• The objective of the panel is to strengthen global scientific cooperation, generate evidence-based information on AI deployment, and support global AI governance efforts.
• The panel brings together leading experts from diverse regions and disciplines to assess the impact of AI on human lives and societies worldwide.

Sachin Tendulkar Named UN Global Champion for Road Safety

• Sachin Tendulkar was designated as a Global Champion for Road Safety by the United Nations (UN) to promote global road safety awareness.
• He joined other international figures supporting worldwide road safety initiatives.
• He released a video message promoting safe road practices under the UN-JCDecaux #MakeASafetyStatement
• The “Make A Safety Statement” Campaign was launched in New Delhi, Delhi by Jean Todt, Special Envoy for Road Safety of the UN Secretary-General.
• The campaign promotes key safety actions such as wearing seat belts and helmets, observing speed limits, avoiding mobile phone use while driving, not driving under the influence, and respecting pedestrians and cyclists.
• Digital billboards and posters displaying campaign messages will appear in New Delhi, Mumbai (Maharashtra), Chennai (Tamil Nadu), and Bengaluru (Karnataka).
• Alongside the campaign, the UN launched the ‘Sustainable Financing for Road Safety in India – A Collaborative Approach’ Project under the UN Road Safety Fund.
• The project is implemented with technical support from the World Health Organization (WHO), United Nations Children's Fund (UNICEF), and the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Union Minister of State Dr. Jitendra Singh Unveils ‘SUJVIKA’ AI Product Data Portal on 40th Foundation Day of Department of Biotechnology

• Jitendra Singh, Union Minister of State (Independent Charge), Ministry of Science & Technology, launched ‘SUJVIKA’, an AI-driven Biotech Product Data Portal, on the 40th Foundation Day of the Department of Biotechnology (DBT) in New Delhi on 26 February 2026.
• The event was held at the Civil Services Officers Institute (CSOI), Chanakyapuri, marking 40 years of DBT’s establishment.
• SUJVIKA is a Trade Statistics Digital Intelligence Platform that provides a structured, searchable database of biotechnology products developed and imported in India.
• The portal was developed in collaboration with the Association of Biotechnology Led Enterprises (ABLE), an industry partner.
• The platform offers authenticated biotechnology import data, enabling identification of high-value and high-volume imports, assessment of import dependency, and promotion of indigenisation and R&D prioritisation.
• Sectors covered include healthcare & biopharma, agricultural biotechnology, industrial biotechnology, and environmental biotechnology.
• The portal supports evidence-based policy planning, promotes public–private partnerships, and strengthens domestic biomanufacturing capacity.
• During the event, the Minister also launched the revamped DBT website, aligned with the Government of India’s Digital Brand Identity Manual (DBIM) Framework.
• The Minister highlighted the vision of building a $1 trillion bioeconomy by 2047 under the Viksit Bharat mission, emphasizing biotechnology as a driver of the next industrial revolution.
• The programme was attended by senior officials including Rajesh S. Gokhale (Secretary, DBT), DBT leadership, scientists, industry representatives, and young researchers.
• The initiative reinforces India’s focus on biotechnology innovation, digital transformation, and global competitiveness in life sciences.

Space and Upper Atmosphere Research Commission Launches Pakistan’s Second Indigenous Earth Observation Satellite EO-2 from China

• The Space and Upper Atmosphere Research Commission (SUPARCO) successfully launched Pakistan’s second indigenous Earth Observation Satellite, EO-2 from China’s Yangjiang Seashore Launch Centre.
• The EO-2 satellite is designed to enhance Pakistan’s Earth observation, high-resolution imaging, and remote sensing capabilities for national development planning.
• The satellite will support important sectors such as agriculture monitoring, urban planning, disaster management, environmental protection, climate analysis, and natural resource management.
• EO-2 will also strengthen governance systems, improve strategic decision-making, and ensure timely and accurate satellite imagery for policy planning.
• With the launch of EO-2, Pakistan has expanded its satellite fleet, ensuring better coverage, continuity, and precision of Earth observation data.
• SUPARCO termed the launch a major milestone in Pakistan’s space programme, reflecting growing technical expertise and self-reliance in advanced space technology.
• Earlier, Pakistan had launched its first indigenous Electro-Optical Satellite (EO-1) from Jiuquan Satellite Launch Centre in China in January 2025.
• Pakistan is also advancing its human spaceflight programme under cooperation with China Manned Space Agency (CMSA).
• Under a February 2025 cooperation agreement between SUPARCO and CMSA, two Pakistani candidates were officially shortlisted by the Astronauts Centre of China (ACC) in February 2026.
• Two Pakistani astronauts will undergo training in China, and one astronaut will be selected to travel to the Tiangong Space Station.
• Overall, the development highlights Pakistan’s focus on space technology advancement, international cooperation, and strategic space capability development.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Conducts ‘Exercise Agni Varsha’ at Pokhran to Test Combat Readiness and Battlefield Capability

• The Indian Army (IA) conducted ‘Exercise Agni Varsha’ at the Pokhran Field Firing Ranges, Pokhran, Rajasthan, to test and demonstrate operational readiness and combat capabilities in a realistic battlefield environment.
• The exercise was led by the Indian Army’s Southern Command as an Integrated Fire and Manoeuvre Exercise.
• Exercise Agni Varsha validated the coordinated use of combined arms, precision long-range firepower, and network-enabled command and control, demonstrating the synergy and combat readiness of mechanised forces across multiple domains.
• Combat elements deployed included T-90 Main Battle Tanks, Infantry Combat Vehicles, K-9 Vajra self-propelled howitzers, Sharang and Bofors artillery systems, rocket artillery systems, indigenous Advanced Light Helicopter (ALH) Weapon System-integrated helicopters, AH-64 Apache attack helicopters, Unmanned Aerial Systems (UAS) and drones, and networked surveillance and counter-drone systems.
• The exercise highlighted the Indian Army’s emphasis on technology infusion, indigenization of defence capabilities, network-centric command and control, and multi-domain warfare
• Troops demonstrated coordination, speed, and precision in joint fire and manoeuvre drills, validating preparedness for multi-domain operations in realistic combat situations.
• The exercise was witnessed by foreign defence journalists from 25 countries, showcasing India’s defence capabilities on an international platform.
• The Agni Varsha extensively used unmanned aerial systems, counter-drone technology, precision strike rockets, modern artillery platforms, and network-based surveillance
• The exercise underscores the Indian Army’s sustained focus on technology assimilation, self-reliance, and capability development.
• Overall, Exercise Agni Varsha validated the Indian Army’s readiness to conduct swift, coordinated, and decisive operations aligned with national security objectives.

CURRENT AFFAIRS : OBITUARIES

Veteran Steel Industry Leader Jatinder Mehra passed away at 86

• Jatinder Mehra, Vice Chairman (Metals & Mining) of Essar Group, passed away at the age of 86 in New Delhi, Delhi.
• He was born on 3 March 1939 in Lahore (present-day Pakistan).
• He was a steel industry veteran with over 60 years of experience, contributing significantly to the growth and modernization of India’s steel sector across public and private enterprises.
• He served as Executive Director (ED) at Steel Authority of India Limited (SAIL) under the Ministry of Steel (MoS).
• At SAIL, he played a key role in strengthening production systems, enhancing operational efficiency, and long-term capacity expansion planning.
• He later became Chairman and Managing Director (CMD) of Rashtriya Ispat Nigam Limited (RINL) under the Ministry of Steel.
• Under his leadership at RINL, capacity expansion projects were accelerated, operational productivity improved, and strategic modernization initiatives were implemented.
• He also served as Vice Chairman of the Metals & Mining Division at Essar Group, contributing to the private sector steel and mining industry growth.
• In 2022, he was honoured with the Lifetime Achievement Award by the Indian Steel Association (ISA) for his remarkable contribution to the Indian steel sector.
• His career reflects a six-decade-long contribution to strengthening India’s steel infrastructure and industrial development.

CURRENT AFFAIRS: IMPORTANT DAYS

Rare Disease Day is celebrated on February 28 

• Every year, Rare Disease Day is celebrated on February 28 all over the world.
• With so many things going on in the world around us, it’s very easy to put off important things like health.

History

• Founded by the European Organization for Rare Diseases, the first Rare Disease Day was celebrated in 2008 on February 28 .
• A “rare” date that happens only once every four years.
• Since then, Rare Disease Day has taken place on the last day of February, a month is known for having a rare number of days.
• The day is held to raise awareness for rare diseases and improve access to treatment and medical representation for individuals with rare diseases and their families.
• Treatment for many rare diseases is insufficient, as are the social networks to support individuals with rare diseases and their families. Individuals observing Rare Disease Day take part in walks and press conferences, organize fundraisers, write en masse to government representatives, along with holding events, gatherings, and campaigns.
• The day also includes an open session of the European Parliament specifically dedicated to discussing policy issues relating to rare diseases.
• The days leading up to Rare Disease Day include other policy-related events in numerous locations, such as a reception in the British Parliament where policymakers meet with individuals with rare diseases to discuss issues such as equal access and availability of prevention, diagnosis, treatment, and rehabilitation.
• Each year since its beginning there have been thousands of events stemming from races and walks to art exhibits and workshops.
• These events are held to bring attention to policymakers and inspire change in the community.
• Historical monuments such as the Colosseum and the Empire State Building have taken steps to send messages of solidarity on this day by lighting up with the iconic pink, blue, and green colors, providing hope for millions worldwide.

February 28 is announced as National Science Day 

• Every year, National science is celebrated on February 28 all over India.
• It is celebrated every year to mark the discovery of the “Raman effect”. The Raman effect was discovered by the Indian scientist Sir C.V. Raman.
• On this day, Sir C.V. Raman got the Nobel prize for his discovery.

History

• People believing in technical miracles celebrate national Science every year in the same manner as they celebrate their cultural and religious observances. Everything in the environment is based on science.
• National Science Day is for those who believe in science, technology, scientists, next-generation scientists, and technologists who make the future more interesting.
• Sukumar Chandra Sirkar (1898-1983) invented science day. In 1928, when Raman discovered his laboratory at the Indian Association for the Cultivation of Science (IACS) in Kolkata, 32 research scholars were working under his guidance and Sukumar was one among them.
• The National Council for Science and Technology Communication (NCSTC) requested the Central Government to designate 28 February as National Science Day (NSD) in 1986.
• It was done to honor not just the achievements of Sir C.V. Raman but also other scientists for their achievements in the scientific field. Upon approval, National Science Day is celebrated all over India in schools, colleges, universities, and other institutions.
• Following the first NSD on Feb 28, 1987, the National Council for Science and Technology Communication announced the creation of the National Science Popularization Awards which recognized individuals for their contributions to the realm of science and communication.

Daily CA One- Liner: February 28

• Sikkim Chief Minister Prem Singh Tamang announced that Pakyong Airport, the only airport in the Himalayan state, will be renamed after freedom fighter Trilochan Pokhrel
• India has launched its first-ever results-based environmental award, the Zero Prize, with a total corpus of Rs 5 crore, aimed at rewarding scientifically verified reduction in pollution
• The Government of India launched a CBDC-based Food Subsidy Distribution Pilot under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) in Puducherry
• The Unique Identification Authority of India (UIDAI) has partnered with Google to display over 60,000 authorised Aadhaar Centres on Google Maps
• Droupadi Murmu flew a 25-minute sortie in the Light Combat Helicopter (LCH) ‘Prachand’ near the India–Pakistan border in Jaisalmer, Rajasthan
• Prime Minister Shri Narendra Modi will launch the nationwide HPV vaccination campaign from Ajmer
• Haryana Education Minister Mahipal Dhanda announced the launch of CM Shri Schools on the lines of PM Shri Schools during the Budget Session of the Haryana Vidhan Sabha
• India and Nepal signed a new MoU in New Delhi to strengthen cooperation in forests, wildlife, biodiversity conservation and climate change.
• Indian Railway Finance Corporation Limited (IRFC), a Schedule ‘A’ Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways (MoR), signed a loan agreement with a consortium of Japanese banks.
• The Securities and Exchange Board of India (SEBI) issued a consultation paper, proposing to shift Exchange Traded Funds (ETFs) to a T+1 reference price system to reduce pricing lag and improve alignment with underlying asset movements.
• State Bank of India (SBI) became India’s 4th most valuable company with a market capitalization of ₹10.9 lakh crore, surpassing Tata Consultancy Services (TCS).
• A six-member team from the Nehru Institute of Mountaineering (NIM), Uttarkashi, and the Jawahar Institute of Mountaineering and Winter Sports (JIM&WS) successfully summited Mount Aconcagua in Argentina marking a major achievement for Indian mountaineering.
• The Appointments Committee of the Cabinet (ACC), chaired by Narendra Modi, appointed Nidhi Chhibber as the additional Chief Executive Officer (CEO) of NITI Aayog.
• The Financial Services Institutions Bureau (FSIB) recommended Hitesh Rameshchandra Joshi for the post of Chairman-cum-Managing Director (CMD) of General Insurance Corporation of India (GIC Re).
• OpenAI appointed Indian-origin executive Arvind KC as its Chief People Officer (CPO), to strengthen leadership during rapid global AI expansion and intense competition for AI talent.
• B. Ravindran of Indian Institute of Technology Madras (IIT-M) was appointed to the United Nations (UN) Independent International Scientific Panel on Artificial Intelligence (AI).
• Sachin Tendulkar was designated as a Global Champion for Road Safety by the United Nations (UN) to promote global road safety awareness.
• Jitendra Singh, Union Minister of State (Independent Charge), Ministry of Science & Technology, launched ‘SUJVIKA’, an AI-driven Biotech Product Data Portal, on the 40th Foundation Day of the Department of Biotechnology (DBT) in New Delhi on 26 February 2026.
• The Space and Upper Atmosphere Research Commission (SUPARCO) successfully launched Pakistan’s second indigenous Earth Observation Satellite, EO-2 from China’s Yangjiang Seashore Launch Centre.
• The Indian Army (IA) conducted ‘Exercise Agni Varsha’ at the Pokhran Field Firing Ranges, Pokhran, Rajasthan, to test and demonstrate operational readiness and combat capabilities in a realistic battlefield environment.
• Jatinder Mehra, Vice Chairman (Metals & Mining) of Essar Group, passed away at the age of 86 in New Delhi, Delhi.
• Every year, Rare Disease Day is celebrated on February 28 all over the world.
• Every year, National science is celebrated on February 28 all over India.