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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Introduces Mandatory Three-Year Cooling-Off Period for Co-operative Bank Directors After 10-Year Tenure

• The Reserve Bank of India (RBI) issued final amendment directions for Urban Co-operative Banks (UCBs) and Rural Co-operative Banks (RCBs) to strengthen governance standards in the cooperative banking sector.
• The amended rules introduce a mandatory three-year cooling-off period for directors who complete 10 consecutive years on the board of a co-operative bank.
• The new directions came into effect immediately after notification by the RBI.

Key Highlights :

• The amendment aims to prevent directors from circumventing tenure limits by temporarily resigning and later getting re-elected or co-opted onto the same board.
• Under the revised framework, directors completing 10 continuous years must step down for three years before becoming eligible again.
• During the cooling-off period, such individuals cannot hold any position of authority or influence on the bank’s board, though they may continue as customers or ordinary members.
• The reforms were introduced through the Reserve Bank of India (Urban Cooperative Banks – Governance) Amendment Directions, 2026 and the Reserve Bank of India (Rural Cooperative Banks – Governance) Amendment Directions, 2026.
• RBI had earlier released draft amendment directions on January 8, 2026, and invited stakeholder feedback before finalising the reforms.
• The governance reforms are aimed at improving transparency, institutional accountability, and balanced decision-making in India’s cooperative banking sector.
• Separately, the Reserve Bank of India also constituted an eight-member expert committee to examine the role of quantum technology in FinTech.
• The initiative has been launched under Quantum Secure and Adaptive Financial Ecosystem (Q-SAFE).
• The committee is headed by Anil Prabhakar, Professor in the Department of Electrical Engineering at Indian Institute of Technology Madras.
• The expert panel will study the risks and implications of quantum technology adoption for India’s financial system and digital financial infrastructure.

Insurance Regulatory and Development Authority of India Reports Insurance Ombudsman Resolved 41,055 Complaints in FY26

• The Insurance Regulatory and Development Authority of India (IRDAI) reported that the Insurance Ombudsman resolved 41,055 grievances during FY 2025–26.
• Around 79% of the decisions were delivered in favour of policyholders, indicating strong consumer-oriented dispute resolution outcomes.
• The data was presented by IRDAI during an orientation programme for Insurance Ombudsmen.
• The Office of Insurance Ombudsman functions under the administrative control of the Council for Insurance Ombudsmen (CIO), constituted under the Insurance Ombudsman Rules, 2017.
• The Insurance Ombudsman system has established 18 centres across India, including major cities such as Ahmedabad, Bengaluru, Chennai, Delhi, Kolkata, Mumbai, Hyderabad, Patna, and Thane, ensuring nationwide grievance redressal coverage.
• The Insurance Ombudsman can handle complaints where the claim amount does not exceed ₹50 lakh under an insurance policy.
• The system aims to provide cost-free and faster dispute resolution for insurance-related grievances.
• Key concerns highlighted include addressing mis-selling of insurance products and improving public awareness of grievance redressal mechanisms.
• Emphasis was also placed on improving the efficiency of insurance intermediation and reducing service gaps in the sector.
• Focus areas include reducing complaints pending beyond 90 days, delays in complaint registration, and improving handling of non-entertainable complaints.
• The programme also stressed increasing the use of video conferencing for hearings to improve the speed and accessibility of justice delivery in insurance disputes.

About IRDAI:

• Headquarters (HQ): Hyderabad, Telangana, India
• Chairperson:Ajay Seth
• Founded: 1999 

Jumpp Secures Insurance Regulatory and Development Authority of India Licence to Offer Digital Insurance Distribution Services

• Conversational fintech platform Jumpp, operated by Finvasia Group, received Corporate Agency and Insurance Self Network Platform (ISNP) licences from the Insurance Regulatory and Development Authority of India (IRDAI).
• The approvals allow Jumpp to distribute insurance products digitally through its Artificial Intelligence (AI)-powered platform.
• With the IRDAI approval, Jumpp entered the insurance distribution segment and expanded its financial services beyond investments.
• The platform plans to offer health, life, motor, business, and home insurance products.
• Insurance services will be provided through partnerships with various insurance companies.
• Jumpp is developing a fully digital platform for policy discovery, purchase, and management.
• The platform uses AI-based personalised financial and insurance recommendations to enhance customer experience.
• Jumpp also uses the Account Aggregator framework to integrate multiple financial accounts into a single dashboard for efficient financial tracking.
• The company has partnered with YES Bank for banking services and Bharat Bill Payment System (BBPS)
• Jumpp operates Unified Payments Interface (UPI) services through authorisation from the National Payments Corporation of India (NPCI).

Reserve Bank of India Imposes ₹2.70 Lakh Monetary Penalty on Newa Investments Private Limited

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹2.70 lakh on Newa Investments Private Limited.
• The penalty was imposed for non-compliance with RBI directions related to ‘Governance’ norms.
• 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 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.
• 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 obtain prior written permission from RBI before appointing directors.
• The appointments resulted in a change in management due to changes in more than 30% of the directors, excluding independent directors.
• The penalty was imposed due to deficiencies in regulatory compliance related to corporate governance requirements.
• RBI clarified that the action does not affect the validity of transactions or agreements entered into by the company with its customers.
• The central bank also stated that the penalty is without prejudice to any further action that may be initiated against the company in the future.

World Bank Report Identifies India as a Major Emerging Carbon Market; Carbon Pricing Now Covers 29% of Global Emissions

• The World Bank Group released the 13th edition of the report titled “State and Trends of Carbon Pricing 2026”.
• The report identified India among the world’s largest new carbon markets following the launch of its Carbon Credit Trading Scheme (CCTS) in 2026.
• According to the report, global carbon pricing systems currently cover 29% of greenhouse gas (GHG) emissions.
• The report highlighted that annual revenues from emissions trading systems and carbon taxes have tripled over the last decade.
• Revenues increased from less than USD 30 billion in 2016 to over USD 107 billion in 2025.
• The report stated that global direct carbon prices increased by 7% compared to the previous year’s report.
• Average global carbon prices nearly doubled over the last 10 years, rising from USD 10 per tCO2e in 2016 to nearly USD 21 per tCO2e in 2026.
• The report noted that currently 87 carbon pricing policies are being implemented globally.
• The number of global carbon pricing policies increased by 7 policies since 2025.
• The report projected that if all carbon pricing policies under development are implemented by 2030, nearly one-third (33.33%) of global GHG emissions could come under carbon pricing systems.
• The findings highlight the growing global focus on carbon markets, climate action, and emissions reduction mechanisms.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Kerala Gets First Private Medical Museum in Thiruvananthapuram

• Kerala has established its first private medical museum, named the Museum of Medical Archives, at Ulloor in Thiruvananthapuram.
• The museum focuses on human anatomy, medical history, and biological education through interactive scientific exhibits and handcrafted anatomical models.
• The museum was founded by A. Sivaraman, a former artist-modeler at the Government Medical College, Thiruvananthapuram.
• Over several decades, he developed numerous anatomical teaching aids and scientific models used in medical education.
• The museum reflects his vision of making medical science easier to understand and accessible to the general public beyond classrooms and academic institutions.
• The Museum of Medical Archives is unique because it is entirely dedicated to medical science and biological learning.
• Unlike conventional museums, it uses visual and physical learning tools to simplify complex scientific concepts and create an engaging educational experience for visitors.
• The museum houses a large collection of handcrafted educational exhibits, including anatomical models, embryological development models, microbiology archives, medical paintings, historical photographs, and scientific teaching materials.
• These exhibits help explain advanced medical concepts that are usually limited to textbooks and professional medical education.
• One of the museum’s major attractions is its detailed three-dimensional anatomical models, which visually explain complex biological processes such as:
• Fetal circulation
• Embryonic development
• Stages of mitosis
• Tooth formation
• Reproductive anatomy
• Heart development
• Blood vessel structures
• The museum aims to revive hands-on science education at a time when learning is becoming increasingly digital.

RECENT NEWS

• Kerala become the first Indian state to create a Artificial Intelligence (AI) portfolio at the cabinet level and formally assign AI as a separate administrative identity in government. This decision was announced by the UDF government and this portfolio assigned to senior leader PK Kunhalikutty.

India Semiconductor Mission Launches Investors Support Portal to Boost Semiconductor Manufacturing

• The India Semiconductor Mission has launched the Investors Support Portal under the Ministry of Electronics and Information Technology to strengthen India’s semiconductor manufacturing ecosystem and improve investor facilitation under the Semicon India Programme.
• The portal has been developed as a single-window facilitation platform for semiconductor investors and ecosystem participants.
• It aims to simplify investor engagement by providing centralized access to government schemes, policy guidelines, regulatory requirements, approved semiconductor projects, and investor support services.
• A major objective of the portal is to strengthen investor confidence in India’s growing semiconductor sector by ensuring faster communication, structured coordination, and easier access to information related to semiconductor manufacturing and design projects.
• One of the key features of the platform is its grievance resolution mechanism, which allows investors to directly register concerns, operational challenges, or project-related issues.
• These grievances will be addressed by officials of the India Semiconductor Mission through coordination with:
• Central Government ministries
• State Governments
• Nodal officers
• Approved project companies
• Industry associations
• National and international trade bodies
• The system is designed to provide time-bound issue resolution, which is considered critical for semiconductor investments because chip manufacturing projects involve very high capital investment, advanced technology, and long project execution timelines.
• The launch of the portal comes as India continues expanding its semiconductor ecosystem under the Semicon India Programme, which is the country’s flagship initiative to develop a domestic semiconductor manufacturing and design industry.
• According to the government, India has already approved:
• 12 semiconductor fabrication and packaging projects
• 24 semiconductor design projects
• Through the new Investors Support Portal, India aims to position itself as a reliable and globally competitive semiconductor destination by offering better policy clarity, investor support, regulatory coordination, and ecosystem readiness.

RECENT NEWS

• The state of Rajasthan entered into the India’s fastest growing semiconductor and electronics manufacturing sector . The state has launched the first semiconductor cluster in Bhiwadi. Respectable Chief Minister of Rajasthan Bhajan Lal Sharma inaugurated the project and described it as a significant milestone in the industrial journey of state.

Khajuraho to Host Yoga Mahotsav 2026 Ahead of International Day of Yoga

• The UNESCO World Heritage temples at Khajuraho Group of Monuments will host Yoga Mahotsav 2026, marking the important 25-day countdown to the International Day of Yoga (IDY) 2026.
• The event is being organised by the Morarji Desai National Institute of Yoga under the Ministry of Ayush and aims to combine India’s ancient cultural heritage with its global wellness diplomacy initiatives.
• Yoga Mahotsav is an annual outreach programme conducted before the International Day of Yoga celebrations observed every year on 21 June.
• The initiative is designed to increase public awareness about yoga, encourage mass participation, promote holistic health, and expand yoga outreach across both India and the international community.
• Through this programme, the government seeks to strengthen yoga’s role as a preventive healthcare and wellness practice.
• Khajuraho was chosen as the venue because of its immense cultural, historical, and spiritual significance.
• The Western Group of Temples in Khajuraho is globally recognised for its UNESCO World Heritage status, remarkable temple architecture, and representation of India’s rich civilisational heritage.
• Union Minister Prataprao Jadhav stated that the site symbolises the harmony between India’s ancient traditions and modern wellness practices, making it an ideal setting for Yoga Mahotsav 2026.
• As part of preparations for International Day of Yoga 2026, the Ministry of Ayush has launched a 100-day nationwide countdown campaign.
• The campaign includes collaborations with more than 100 institutions and activities across 100 locations throughout the country.
• It will feature yoga demonstrations, awareness drives, and community engagement programmes aimed at promoting yoga as a year-round public health movement rather than a one-day observance.
• Another major initiative linked to the campaign is the Yoga 365 Days programme, which is being implemented jointly by the Morarji Desai National Institute of Yoga, the Ministry of Ayush, and Habuild.
• Under this initiative, a 100-day free yoga training programme is being conducted until 21 June 2026, and more than 2 lakh Yoga Mitras have already registered to support grassroots yoga participation and awareness.
• The International Day of Yoga was officially adopted by the United Nations in 2014 following a proposal put forward by Prime Minister Narendra Modi.
• Since then, the observance has become one of India’s most significant global cultural and wellness initiatives, promoting physical fitness, mental well-being, holistic health, preventive healthcare, and international wellness awareness.

Oil India Discovers New Gas-Bearing Zone in Rajasthan’s Dandewala Field

• India has discovered a new natural gas-bearing zone in the Dandewala field located in Rajasthan.
• The discovery was made by Oil India Limited, which is one of India’s leading public sector oil and gas exploration companies.
• This discovery is considered an important step towards strengthening India’s domestic energy production.
• Union Minister for Petroleum and Natural Gas Hardeep Singh Puri announced that natural gas was successfully unlocked from the Sanu Formation, a shallower geological layer in the Dandewala field.
• The discovery is important because it expands the hydrocarbon potential of the region and opens new opportunities for domestic natural gas extraction.
• The Dandewala field is situated in the Rajasthan sedimentary basin, which is one of India’s major onshore hydrocarbon-producing regions.
• At present, the country imports more than 85% of its crude oil requirement and around 50% of its natural gas demand. Such high dependence increases vulnerability to global crude oil price fluctuations, geopolitical tensions, supply disruptions, and rising import bills.
• Increased domestic gas production from discoveries like Dandewala can help improve India’s energy security by reducing reliance on imports.
• It can also support industrial growth, electricity generation, and cleaner energy usage, as natural gas is considered a relatively cleaner fossil fuel compared to coal and crude oil.
• Oil India Limited (OIL) has been actively expanding exploration and production activities across different sedimentary basins in India. The company’s major focus areas include:
• Hydrocarbon exploration
• Natural gas development
• Enhanced oil recovery
• Advanced drilling technologies
• Resource expansion in sedimentary basins
• The discovery comes at a time when global energy markets are witnessing uncertainty due to geopolitical tensions in West Asia, fluctuations in international crude oil prices, and increasing global demand for natural gas.
• The development also aligns with India’s broader objective of achieving energy self-reliance and building a stable, secure, and sustainable energy ecosystem for the future.

RECENT NEWS

• Rajasthan state government has launched the Industrial Park Promotion Policy for the year 2026 to attract investment and create jobs. It will be led Chief Minister Bhajanlal Sharma and the policy aims to develop the world-class industrial parks.

Prime Minister Narendra Modi Showcases India’s Tribal Heritage Through Diplomatic Gifts

• Prime Minister Narendra Modi showcased India’s tribal heritage and indigenous craftsmanship through diplomatic gifts presented to global leaders during his recent foreign visits.
• The initiative reflects India’s broader cultural diplomacy strategy focused on promoting traditional knowledge, regional identity, and indigenous craftsmanship at the global level.
• One of the notable gifts was a traditional Gond painting from Madhya Pradesh presented to Victoria, Crown Princess of Sweden.
• Gond art originates from the Gond tribal community, one of India’s largest indigenous communities, and is known for preserving tribal storytelling traditions and supporting local livelihoods.
• Prime Minister Giorgia Meloni received two traditional textile gifts representing Northeast India:
• A Muga Silk stole from Assam
• A Shirui Lily-inspired stole from Manipur
• Muga Silk is one of India’s most prestigious traditional textiles and has received Geographical Indication tag recognition.
• The Shirui Lily stole was crafted by the Tangkhul Naga community of Manipur and inspired by the rare Shirui Lily, which is the state flower of Manipur.
• Prime Minister Modi also gifted Black Rice (Chak-Hao) from Manipur to the Queen Mother of the United Arab Emirates.
• Chak-Hao is a traditional heritage grain cultivated mainly by tribal communities in Northeast India and is known for its:
• Deep purple-black colour
• High antioxidant content
• Rich nutritional value
• Cultural importance in regional cuisine

Adani Green Energy Commissions 3.37 Gigawatt-hour Battery Energy Storage System at Khavda

• Adani Green Energy Limited commissioned a 3.37 Gigawatt-hour Battery Energy Storage System at Khavda, Gujarat.
• The project is described as the world’s largest single-location battery storage deployment outside China.
• The Battery Energy Storage System aims to strengthen India’s renewable energy infrastructure by improving grid reliability and supporting stable power supply.
• Out of the total 3.37 Gigawatt-hour capacity, 1.37 Gigawatt-hour was added in March 2026, and the project was completed within 10 months of construction, making it one of the fastest utility-scale battery deployments globally.
• A Battery Energy Storage System stores surplus electricity generated from renewable energy sources such as solar and wind power and supplies it during periods of high demand or low generation.
• The project addresses the challenge of intermittency in renewable energy, where solar and wind generation fluctuate due to weather conditions and time variations.
• According to Adani Green Energy Limited, the battery system can:
• Supply electricity to nearly 10 lakh homes for one day
• Support peak electricity demand for cities such as Indore and Chandigarh
• Potentially power the entire state of Goa
• Run 1.2 crore Light Emitting Diode bulbs for 10 hours
• The Battery Energy Storage System is part of Adani Green Energy’s renewable energy project at Khavda, which is being developed as one of the world’s largest renewable energy plants.
• Key details of the Khavda renewable energy project include:
• Planned renewable energy capacity of 30 Gigawatts by 2029
• Around 9.9 Gigawatts already operational
• Project spread across 538 square kilometres
• Adani Green Energy Limited has also announced plans to expand battery storage capacity to more than 10 Gigawatt-hours in Financial Year 2027 and 50 Gigawatt-hours over the next five years.

RECENT NEWS

• India’s first privately manufactured military aircraft, the Airbus C-295 closer to final rollout from Tata-Airbus facility in Vadodara, Gujarat. This landmark moment represents the major breakthrough for the country’s self-reliance ambitions and redefine the India’s aerospace manufacturing ecosystem

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Federal Bank Limited Appoints Elias George as Part-Time Chairman

• The Reserve Bank of India (RBI) approved the appointment of former IAS officer Elias George as the Part-Time Chairman of the Board of Directors of Federal Bank Limited.
• The appointment became effective from May 23, 2026, for a three-year tenure.
• Elias George is a 1982-batch Indian Administrative Service (IAS) officer with more than 35 years of experience in public administration, infrastructure financing, and public utility management.
• Before becoming Chairman, he had been serving as an Independent Director on the board of Federal Bank since September 2023.
• During his administrative career, he served in several Union Ministries and departments under the Government of Kerala.
• He held the position of Additional Chief Secretary of Kerala, contributing significantly to state administration and infrastructure development.
• He also served as the Chief Executive Officer (CEO) of Kochi Metro Rail Limited (KMRL).
• Additionally, he was the Chairman of the Unified Metropolitan Transport Authority (UMTA).
• After retirement from the IAS, Elias George joined KPMG as a Senior Partner, leading the Infrastructure, Government, and Healthcare vertical.
• At KPMG, he managed a team of more than 1,000 consultants, showcasing expertise in infrastructure advisory and governance.

About Federal Bank:

• Founded: 1931
• Headquarters: Aluva, Kerala, India
• Managing Director & CEO: KVS Manian
• Tagline: "Your Perfect Banking Partner"

Financial Services Institutions Bureau Recommends T. D. Sivakumar as Deputy Managing Director of India Infrastructure Finance Company Limited

• The Financial Services Institutions Bureau (FSIB) has recommended D. Sivakumar for the post of Deputy Managing Director (DMD) of India Infrastructure Finance Company Limited (IIFCL).
• The recommendation was made after interface evaluations conducted on 20–21 May 2026, assessing nine eligible candidates for the senior leadership role.
• The selection process considered performance during interviews, professional experience, and other eligibility parameters under a merit-based evaluation framework.
• According to FSIB, D. Sivakumar demonstrated the most suitable profile for the position of DMD at IIFCL.
• He is currently serving as Chief General Manager at the Export-Import Bank of India (India Exim Bank).
• He will become the second Deputy Managing Director of India Infrastructure Finance Company Limited (IIFCL) after the creation of an additional DMD post due to the institution’s expanding operations.
• The final appointment will be decided by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

China Launches Shenzhou-23 Mission with Three Astronauts to Tiangong Space Station

• China launched the Shenzhou-23 spacecraft carrying three astronauts to the Tiangong Space Station for scientific research and orbital operations.
• The mission marks China’s first space mission expected to support a year-long human stay in orbit.
• The spacecraft was launched aboard the Long March-2F Y23 carrier rocket from the Jiuquan Satellite Launch Center in northwestern China.
• The three-member crew includes Zhu Yangzhu, the mission commander and space engineer.
• The crew also includes Zhang Zhiyuan, a pilot and former Air Force officer.
• Li Jiaying serves as the payload specialist and became the first astronaut from Hong Kong to participate in a Chinese space mission.
• The Shenzhou-23 mission will conduct more than 100 scientific experiments related to space life science, aerospace medicine, materials science, and microgravity physics.
• The mission will study the effects of long-duration spaceflight on humans, with one astronaut expected to remain aboard the Tiangong Space Station for nearly one year.

About China:

• Capital: Beijing
• Currency: Renminbi (CNY)

Indo-Tibetan Border Police Force Successfully Completes First-Ever All-Women Mount Everest Expedition

• The Indo-Tibetan Border Police Force (ITBP) successfully completed its first-ever all-women international mountaineering expedition to Mount Everest, the world’s highest peak.
• The 14-member ITBP team summited the 8,848 metre (m) Mount Everest via the South Col Route from Nepal.
• The ITBP expedition team consisted of 11 women climbers and 3 technical/support members.
• The climbers faced extreme challenges in the “Death Zone” above 8,000 m, including extreme weather, low oxygen levels, and difficult ice-wall sections.
• The Border Security Force (BSF), a Central Armed Police Force (CAPF) under the Ministry of Home Affairs (MHA), also successfully scaled Mount Everest through its first all-women expedition named ‘Mission Vande Mataram’.
• The BSF Everest expedition was organised as part of the Diamond Jubilee celebrations (60 years of service) of the force.
• The BSF all-women team included Kouser Fatima (Ladakh), Munmun Ghosh (West Bengal), Rabeka Singh (Uttarakhand), and Tsering Chorol (Kargil, Ladakh).
• The BSF women constables successfully reached the summit despite harsh climatic conditions and low oxygen availability.
• One of the major objectives of both expeditions was to support the ‘Clean Himalaya – Save Glacier’ campaign.
• Under the campaign, the teams collected non-biodegradable waste from the Everest region to promote environmental conservation and glacier protection.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Life Insurance Corporation of India Raises Shareholding in Central Bank of India to 6.06%

• Life Insurance Corporation of India (LIC) acquired 26 crore equity shares of Central Bank of India through open market purchases.
• The acquisition increased LIC’s shareholding in Central Bank of India from 3.16% to 6.06%, representing an additional 2.901% stake.
• The transaction highlights LIC’s growing investment exposure in the public sector banking sector and reflects confidence in the bank’s future growth prospects.
• The Government of India exercised the full oversubscription (greenshoe) option in the bank’s Offer for Sale (OFS).
• As a result, the total OFS size increased from 36.20 crore shares (4%) to 41 crore shares (8%) of the bank’s paid-up capital.
• The OFS process was managed by the Department of Financial Services (DFS) under the Ministry of Finance as part of the government’s disinvestment programme.
• Under the OFS structure, retail investors received a 10% reservation, while employees were allotted a dedicated quota of 75 lakh shares.
• The acquisition disclosure was made under Regulation 29(1) of the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• LIC crossing the 6% ownership threshold strengthens its presence in India’s public sector banking ecosystem.

Recent News :

• In May 2026, The Department of Investment and Public Asset Management (DIPAM) announced that the Offer for Sale (OFS) of the Central Bank of India was oversubscribed 35 times on the first day.

About Life Insurance Corporation of India (LIC):

• Headquarters (HQ): Mumbai, Maharashtra, India
• Founded: 1956

About Central Bank of India :

• Founded : 21 December 1911
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Kalyan Kumar

Shivalik Small Finance Bank to Acquire ManiBhavnam Home Finance for ₹109 Crore to Boost Affordable Housing Lending

• Shivalik Small Finance Bank is in the final stages of acquiring ManiBhavnam Home Finance in a deal valued at around ₹109 crore.
• The acquisition has already received approval from the Reserve Bank of India (RBI), while clearance from the Registrar of Companies (RoC) is still awaited.
• The main objective of the acquisition is to strengthen Shivalik Small Finance Bank's presence in the affordable housing finance segment.
• The deal will also help the bank expand its secured lending business in North India.
• Shivalik Small Finance Bank is backed by Sumitomo Mitsui Banking Corporation, Japan’s largest lender.
• The investment was made through the SMBC Asia Rising Fund in 2025, supporting the bank’s growth and expansion plans.

Adani Power Signs Deals to Acquire Stake in Jaiprakash Power Ventures Limited and Churk Power Assets for Over ₹4,193 Crore

• Adani Power has signed definitive agreements with Jaiprakash Associates Limited (JAL) to acquire a 24% stake in Jaiprakash Power Ventures Limited (JPVL) along with the 180 MW Churk thermal power plant in Uttar Pradesh.
• The acquisition is part of an NCLT-approved resolution plan under the insolvency process for debt-ridden Jaiprakash Associates Limited.
• Adani Power will acquire JAL’s 24% stake in JPVL for approximately ₹2,993.6 crore through a Share Purchase Agreement (SPA).
• The company will also acquire the 180 MW Churk thermal power plant and related assets, including an 49% stake in Prayagraj Power Generation Company Ltd, for ₹1,200 crore.
• Jaiprakash Power Ventures Limited (JPVL) operates thermal and hydro power assets with a combined capacity of 2,220 MW.
• JPVL also has business interests in coal mining, sand mining, and cement grinding operations, making it a diversified power and resources company.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Canada Aim to Finalise Comprehensive Economic Partnership Agreement by 2026

• India and Canada have decided to strengthen economic relations with the aim of finalising the Comprehensive Economic Partnership Agreement, a broad-based Free Trade Agreement, by the end of 2026.
• Piyush Goyal, during his official visit to Ottawa, stated that both countries are working to conclude the negotiations at the earliest possible time.
• The third round of negotiations is being held from 25 May to 29 May 2026 after the successful completion of two earlier rounds.
• The agreement is expected to improve market access, reduce trade barriers, and increase investment flows between the two countries.
• Major sectors likely to benefit include energy, agri-food, technology, education, pharmaceuticals, manufacturing, and services trade.
• India and Canada have also set an ambitious target to increase bilateral trade from the current 17 billion United States Dollars to 50 billion United States Dollars by 2030, reflecting strong confidence in the future potential of the partnership.
• India currently exports pharmaceuticals, iron and steel, seafood, cotton garments, chemicals, and electronic goods to Canada, while Canada exports pulses, coal, fertilisers, petroleum crude, pearls, semi-precious stones, and paper products to India.
• The proposed Comprehensive Economic Partnership Agreement is expected to deepen economic cooperation and provide strategic trade diversification opportunities for both countries amid changing global trade dynamics.

About Canada

• Capital: Ottawa
• Currency: Canadian Dollar (CAD)
• Prime Minister: Mark Carney

CURRENT AFFAIRS: BOOKS AND AUTHOR

Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan launched his new book “Apnapan: Narendra Modi Sang Mere Anubhav”

• Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan launched his new book “Apnapan: Narendra Modi Sang Mere Anubhav” in New Delhi.
• The book was formally released by former Vice President M. Venkaiah Naidu and former Prime Minister H. D. Deve Gowda.
• The book is based on Shivraj Singh Chouhan’s decades-long political association and experiences with Prime Minister Narendra Modi.
• According to Chouhan, the book is not just a political memoir but a reflection on leadership, governance, organisational discipline, and nation-building.
• One of the important themes in the book is the 1991 Ekta Yatra, which marked the beginning of Shivraj Singh Chouhan’s close association with Narendra Modi.
• The launch event was attended by several senior political leaders and ministers, including Manohar Lal Khattar, Mansukh Mandaviya, Giriraj Singh, C. R. Patil, Delhi Chief Minister Rekha Gupta, and Madhya Pradesh Chief Minister Mohan Yadav.

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CURRENT AFAFIRS: IMPORTANT DAYS

International Day of Action for Women’s Health 2026 – May 28

• International Day of Action for Women’s Health is observed every year on 28 May to raise awareness about women’s health issues and promote their overall well-being, especially in the areas of Sexual and Reproductive Health and Rights (SRHR).
• The observance aims to remind governments, policymakers, healthcare institutions, and the general public about the importance of ensuring accessible, affordable, and quality healthcare services for women.
• The day also focuses on increasing awareness regarding:
• Sexual health
• Reproductive rights
• Maternal healthcare
• Gender equality in healthcare access
• Women’s physical and mental well-being
• The observance creates opportunities to spread awareness among illiterate and underserved populations about women’s reproductive and sexual health, helping improve public understanding and healthcare accessibility.
• The day is widely observed by women’s organisations, healthcare groups, civil society organisations, and advocacy networks across the world through awareness campaigns, educational programmes, seminars, and public health initiatives.
• The Women’s Global Network for Reproductive Rights (WGNRR) was established in 1984 and played a major role in organising and promoting the International Day of Action for Women’s Health globally.
• The day was first officially recognised in 1987 during a women’s health meeting held in South Africa.

Daily CA One- Liner: May 28

• Kerala has established its first private medical museum, named the Museum of Medical Archives, at Ulloor in Thiruvananthapuram
• The India Semiconductor Mission has launched the Investors Support Portal under the Ministry of Electronics and Information Technology to strengthen India’s semiconductor manufacturing ecosystem and improve investor facilitation under the Semicon India Programme
• The UNESCO World Heritage temples at Khajuraho Group of Monuments will host Yoga Mahotsav 2026, marking the important 25-day countdown to the International Day of Yoga (IDY) 2026
• India has discovered a new natural gas-bearing zone in the Dandewala field located in Rajasthan
• Prime Minister Narendra Modi showcased India’s tribal heritage and indigenous craftsmanship through diplomatic gifts presented to global leaders during his recent foreign visits
• Adani Green Energy Limited commissioned a 37 Gigawatt-hour Battery Energy Storage System at Khavda, Gujarat
• India and Canada have decided to strengthen economic relations with the aim of finalising the Comprehensive Economic Partnership Agreement, a broad-based Free Trade Agreement, by the end of 2026
• Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan launched his new book “Apnapan: Narendra Modi Sang Mere Anubhav” in New Delhi.
• International Day of Action for Women’s Health is observed every year on 28 May to raise awareness about women’s health issues and promote their overall well-being, especially in the areas of Sexual and Reproductive Health and Rights.
• The Reserve Bank of India (RBI) issued final amendment directions for Urban Co-operative Banks (UCBs) and Rural Co-operative Banks (RCBs) to strengthen governance standards in the cooperative banking sector.
• The Insurance Regulatory and Development Authority of India (IRDAI) reported that the Insurance Ombudsman resolved 41,055 grievances during FY 2025–26.
• Conversational fintech platform Jumpp, operated by Finvasia Group, received Corporate Agency and Insurance Self Network Platform (ISNP) licences from the Insurance Regulatory and Development Authority of India (IRDAI).
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹2.70 lakh on Newa Investments Private Limited.
• The World Bank Group released the 13th edition of the report titled “State and Trends of Carbon Pricing 2026”.
• The Reserve Bank of India (RBI) approved the appointment of former IAS officer Elias George as the Part-Time Chairman of the Board of Directors of Federal Bank Limited.
• The Financial Services Institutions Bureau (FSIB) has recommended D. Sivakumar for the post of Deputy Managing Director (DMD) of India Infrastructure Finance Company Limited (IIFCL).
• China launched the Shenzhou-23 spacecraft carrying three astronauts to the Tiangong Space Station for scientific research and orbital operations.
• The Indo-Tibetan Border Police Force (ITBP) successfully completed its first-ever all-women international mountaineering expedition to Mount Everest, the world’s highest peak.
• Life Insurance Corporation of India (LIC) acquired 26 crore equity shares of Central Bank of India through open market purchases.
• Shivalik Small Finance Bank is in the final stages of acquiring ManiBhavnam Home Finance in a deal valued at around ₹109 crore.
• Adani Power has signed definitive agreements with Jaiprakash Associates Limited (JAL) to acquire a 24% stake in Jaiprakash Power Ventures Limited (JPVL) along with the 180 MW Churk thermal power plant in Uttar Pradesh.