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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Issues Master Direction on Unique Identifiers in Financial Markets, 2026 to Streamline and Consolidate Regulatory Framework

• The Reserve Bank of India (RBI) issued the Master Direction – Unique Identifiers in Financial Markets, 2026 to consolidate multiple circulars into a single comprehensive framework for improved clarity and compliance.
• The primary objective is to enhance transparency, traceability, and quality of financial data, thereby strengthening risk management and regulatory oversight in financial markets.

Key Highlights :

• The framework is based on two global identifiers: Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) for standardised reporting of financial transactions.
• The Legal Entity Identifier (LEI) is a 20-character alphanumeric code that uniquely identifies entities participating in financial transactions, helping regulators track counterparties and reduce systemic risk.
• The LEI is mandatory for all entities (excluding individuals) undertaking OTC transactions in markets such as government securities, money market instruments, foreign exchange, and derivatives.
• In non-derivative foreign exchange transactions, LEI is required only when the transaction value is USD 1 million or above (or equivalent).
• Entities without a valid LEI will not be allowed to undertake transactions in RBI-regulated financial markets, making compliance strictly mandatory.
• The Direction introduces the Unique Transaction Identifier (UTI), a unique reference number assigned to each OTC derivative transaction to track it throughout its lifecycle.
• The UTI is mandatory for all OTC derivative transactions under RBI and FEMA-related directions, including forex derivatives, interest rate derivatives, credit derivatives, and G-Sec derivatives.
• The UTI implementation will come into effect from January 1, 2027, allowing time for system alignment and compliance by market participants.
• The UTI will have a maximum length of 52 characters and will include the LEI of the generating entity, ensuring global uniqueness.
• The Clearing Corporation of India Ltd. (CCIL) will issue operational guidelines and reporting formats for UTI implementation.
• The Master Direction has been issued under Section 45W read with Section 45U of the RBI Act, 1934, empowering RBI to regulate financial market transactions and reporting standards.

Recent News :

• In March 2026, The Reserve Bank of India (RBI) issued the RBI (Commercial Banks – Responsible Business Conduct) Third Amendment Directions, 2026 to strengthen customer protection in electronic banking transactions effective from 1 July 2026 under the Banking Regulation Act, 1949.

Reserve Bank of India Unveils Payments Vision 2028, Continuing Long-Standing Roadmap for Payment System Development

• The Reserve Bank of India (RBI) released Payments Vision 2028, continuing its practice of issuing strategic payment system roadmaps since 2001.

Key Highlights :

• The Payments Vision 2028 will guide India’s payment systems development till December 2028, covering 15 key initiatives.
• The Vision focuses on user empowerment, fraud prevention, cross-border payment efficiency, and ease of doing business.
• The core theme of the document is “Shaping India’s Payment Frontier”, emphasising both strengthening existing systems and driving future innovations.
• It builds upon Payments Vision 2025 (launched in 2022), which was based on the theme “E-Payments for Everyone, Everywhere, Every time (4Es)”.
• The Vision 2025 framework was anchored on five pillars: Integrity, Inclusion, Innovation, Institutionalisation, and Internationalisation.
• India has emerged as a global leader in real-time payments, accounting for nearly 50% of global real-time transactions.
• To improve inclusivity, a framework for interoperability in Trade Receivables Discounting System (TReDS) will be developed to enhance receivables financing access.
• For safety and security, proposals include user control to enable/disable digital transactions, shared liability framework between banks, and Cyber Key Risk Indicators (KRI) for non-bank payment operators.
• The RBI will also review and standardise cheque security features and explore electronic cheques to combine paper-based reliability with digital efficiency.
• In cross-border payments, the framework will be reviewed to enhance efficiency, and thematic reports will be published on transaction trends, cost, and speed.
• To improve ease of doing business, regulatory processes under the Payment and Settlement Systems (PSS) Act, 2007 and Foreign Exchange Management Act (FEMA), 1999 will be streamlined.
• The RBI will explore a perpetual regulatory sandbox for small payment providers and introduce a Payments Switching Service (PaSS) for seamless switching.
• For systemic stability and innovation, critical payment entities will be regulated, and a Domestic Legal Entity Identifier (DLEI) may be introduced.
• The Vision promotes innovations like electronic cheques and advanced card payment systems.
• The RBI will explore white-label solutions in Aadhaar Enabled Payment System (AePS) to expand financial access and service delivery.
• Assisted payment service providers (such as AePS agents) may be brought under regulatory oversight to ensure governance, security, and consumer protection.
• Overall, Payments Vision 2028 aims to create a secure, inclusive, efficient, and globally competitive digital payments ecosystem in India.

Oriental Insurance Company Limited Achieves ₹20,000 Crore Gross Premium Milestone in FY 2025–26

• The Oriental Insurance Company Limited (OICL) crossed ₹20,000 crore in Gross Premium for FY 2025–26, reflecting strong trust of policyholders, intermediaries, and stakeholders in public sector insurance.
• The achievement aligns with the Government of India’s goal to promote financial inclusion and ensure Insurance for All by 2047.
• Growth was driven by robust contributions from Group Personal Accident (GPA), Health, Fire, and Motor insurance portfolios.
• OICL has strengthened its product suite with innovative offerings such as Oriental Sampoorna Swasthya Suraksha, Drone Insurance, Event Insurance, and Custom Duty Insurance.
• Future solutions to be introduced include Sarvatra Suraksha Parametric Insurance Policy, Nil Depreciation Comprehensive Policies (including long-term variants), and Surety Bond Insurance, catering to evolving risk landscapes and national priorities.
• The Motor Insurance Segment remained the cornerstone of growth:
• Private Car Insurance: 14.5 lakh policies, premium ₹869 Cr
• Two-Wheeler Insurance: 15.5 lakh policies, premium ₹143 Cr
• Goods Carrying Commercial Vehicle (GCCV): 4.82 lakh policies, premium ₹1,725 Cr
• The Department of Insurance commended OICL employees for their operational excellence and customer service.
• The Government of India continues to support public sector insurance companies to expand outreach, adopt innovative practices, and strengthen service delivery for national benefit.

Central Board of Indirect Taxes & Customs Conducts Outreach Programme in New Delhi on Duty Deferment Scheme for Eligible Manufacturer Importers

• The Central Board of Indirect Taxes & Customs (CBIC) organised a hybrid outreach programme in New Delhi on the Duty Deferment Scheme for Eligible Manufacturer Importers (EMI) under the Union Budget 2026–27 trade facilitation initiative.
• The programme focused on explaining the EMI Scheme, with participation from senior officials including Shri Yogendra Garg (Member, Customs, CBIC) and other Chief Commissioners of Customs along with industry stakeholders and trade bodies.
• The scheme promotes a trust-based compliance approach aimed at faster customs clearances, reduced dwell time, and improved trade efficiency.
• The EMI Scheme (Eligible Manufacturer Importers Scheme) enables deferred payment of import duties, allowing manufacturers to clear goods without upfront duty payment.
• Under the scheme, import duties are paid on a monthly basis, improving cash flow and working capital management for businesses.
• The scheme is aligned with the Make in India initiative and aims to strengthen domestic manufacturing and industrial competitiveness.
• Key benefits of the scheme include improved liquidity, faster cargo clearance, better inventory planning, enhanced supply chain efficiency, and stronger global competitiveness.
• The scheme also ensures strengthened payment discipline and promotes a more efficient import ecosystem.
• Eligibility criteria include a valid Import Export Code (IEC), at least 25 EXIM documents filed in the previous financial year (10 for MSMEs), GST compliance, financial solvency, and a clean compliance record.
• The application process is fully digital via the AEO portal (www.aeoindia.gov.in), operational since 1 March 2026, with no physical interface
• Approved applicants can avail the scheme across all Customs formations from 1 April 2026, and it will remain valid until 31 March 2028.

About Ministry of Finance:

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

Government of India Retains 4% Inflation Target for 2026–31 Period

• The Government of India (GoI) has retained the inflation target at 4% for the next 5 years (April 1, 2026 to March 31, 2031).
• This marks the second consecutive instance of keeping the inflation target unchanged, after a similar decision in March 2021.
• The decision was notified by the Department of Economic Affairs (DEA), Ministry of Finance (MoF) in consultation with the Reserve Bank of India (RBI).
• The decision has been taken under Section 45ZA of the RBI Act, 1934, which empowers the government to set the inflation target.
• The upper tolerance limit of inflation is fixed at 6% and the lower tolerance limit at 2% for the period 2026–2031.
• India follows the Flexible Inflation Targeting (FIT) framework, introduced in 2016, which mandates maintaining inflation at a target level with a tolerance band.
• Under this framework, the Monetary Policy Committee (MPC), headed by the RBI Governor, is responsible for setting policy interest rates to achieve the inflation target.
• The MPC is a six-member committee, which first met in October 2016 to implement inflation targeting.
• The framework aims to maintain retail inflation near 4%, with a permissible band of 2%–6%.
• Over the past decade, inflation remained within the target band for nearly three-fourths of the time, except during pandemic-related price volatility.
• The latest retail inflation (CPI) was 21% in February, compared to 2.74% in the previous month, based on the new 2024 base year.
• Before finalising the new target period, the RBI released a discussion paper in August 2025, seeking stakeholder views on monetary policy framework improvements.
• The continuation of the target reflects the government’s commitment to price stability, macroeconomic stability, and effective monetary policy management.

Organisation for Economic Co-operation and Development Lowers India’s Financial Year 2026-27 Growth Forecast to 6.1%

• The Organisation for Economic Co-operation and Development released its OECD Economic Outlook, Interim Report – March 2026 titled “Testing Resilience”.
• The OECD projected that India’s economy will grow at 6.1% in FY 2026-27 (FY27).
• The growth forecast for FY27 has been revised downward by 10 basis points (bps) from the earlier estimate of 6.2%, citing global uncertainty.
• The OECD projected India’s GDP growth at 7.6% in FY26 and 6.4% in FY28, indicating a moderation in growth.
• The global growth outlook for 2026 remains unchanged at 2.9%, while the 2027 estimate has been revised down to 3% from 3.1%.
• In India, CPI-based inflation is projected to rise from 2% in FY26 to  5.1% in FY27, and then moderate to 4.1% in FY28.
• The increase in inflation is attributed to the fading impact of earlier food and energy price reductions and the recent surge in global energy prices.
• The Reserve Bank of India (RBI) may temporarily raise policy interest rates in Q2 of 2026 to control inflationary pressures.
• According to ASSOCHAM, India’s growth is expected to remain above 7% in FY27, showing a more optimistic outlook compared to OECD projections.
• Overall, the report reflects India’s resilience amid global challenges, but highlights concerns regarding inflation, energy prices, and external uncertainties.

Securities and Exchange Board of India Approves Lakshya Asset Management Company to Start Mutual Fund Business

• Lakshya Asset Management Company (AMC) has received approval from the Securities and Exchange Board of India (SEBI) to commence its Mutual Fund (MF) business in India.
• The AMC is sponsored by Wealth First Portfolio Managers, a publicly listed wealth management company on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
• Wealth First Portfolio Managers has a strong presence in the Indian wealth management sector, supporting the launch of Lakshya AMC.
• The AMC has onboarded key members from Benchmark AMC, including Sanjiv Shah, Rajan Mehta, and Sanjay Gaitonde.
• Benchmark AMC, founded in 2001, was India’s first mutual fund focused on passive and quantitative investing.
• It pioneered Exchange Traded Funds (ETFs) in India with products such as Nifty BeES, Gold ETF, Gold BeES, and Liquid BeES.
• The Liquid BeES product is noted as the world’s first money market ETF.
• The Benchmark AMC product portfolio was later acquired by Nippon Life India Asset Management from Goldman Sachs Asset Management.
• Lakshya AMC will become the first asset management company headquartered in Ahmedabad (Gujarat), marking a shift in financial sector decentralisation beyond metro cities.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Adani Ports Operationalises India’s First Port of Refuge to Strengthen Maritime Emergency Response Framework

• Adani Ports and Special Economic Zone Limited operationalised India’s first Port of Refuge (PoR), marking a major step towards strengthening India’s maritime security and emergency response infrastructure.
• The initiative establishes a structured mechanism to assist ships in distress, addressing a long-standing gap in India’s maritime safety framework.
• With a coastline of over 11,000 kilometres and some of the world’s busiest shipping lanes, India earlier lacked a formal system for handling maritime emergencies involving vessels.
• A Port of Refuge (PoR) is a designated safe location where ships facing emergencies such as:
• Fire
• Collision
• Mechanical failure
  can seek shelter for stabilisation.
• The objective of a PoR is to:
• Protect crew and cargo
• Minimise environmental damage
• Ensure efficient management of maritime emergencies
• The establishment of PoRs aligns India with global maritime best practices, as such facilities are standard in major maritime nations.
• APSEZ identified two strategic locations as India’s first Ports of Refuge:
• Dighi Port (West Coast) to support vessels operating in the Arabian Sea and routes towards the Persian Gulf
• Gopalpur Port (East Coast) to support vessels in the Bay of Bengal and routes towards the Strait of Malacca
• These ports provide coverage across major maritime corridors on both western and eastern coasts, ensuring pan-India emergency response capability.
• The Ports of Refuge framework will provide specialised services including:
• Salvage and wreck removal
• Firefighting support
• Pollution control measures
• Emergency coordination systems
• To strengthen operational capabilities, APSEZ partnered with global maritime emergency response organisations such as SMIT Salvage and the Maritime Emergency Response Centre.
• Recent geopolitical tensions and maritime incidents highlighted the need for such facilities.
• In March 2026, India allowed refuge to the IRIS Lavan at Kochi due to technical issues amid regional tensions, underscoring the importance of a structured maritime emergency response framework.
• The new Port of Refuge system will enable faster, safer and better-coordinated responses to maritime emergencies in the future.

RECENT NEWS

• Adani Power has announced the formation of a new subsidiary, Adani Atomic Energy Ltd, marking one of the first clear moves by a private Indian utility into the country’s newly opened nuclear power sector. The company stated that the new entity will focus on generating, transmitting, and distributing electricity derived from nuclear energy sources. 

Government Extends PM Electric Drive Revolution in Innovative Vehicle Enhancement Scheme till 2028; Incentives for Electric Two-Wheelers Available Only till July 2026

• The Government of India has extended the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE Scheme) till 31st March 2028, with a financial outlay of ₹10,900 crore, to support the growth of India’s electric vehicle (EV) ecosystem.
• The announcement was made by the Ministry of Heavy Industries.
• The extension reflects a policy shift prioritising electric three-wheelers such as e-rickshaws and commercial vehicles, while limiting incentives for electric two-wheelers.
• The scheme will remain operational until the allocated funds are exhausted, after which no further subsidy claims will be entertained, making efficient utilisation of funds crucial.
• The revised structure indicates a segment-wise differentiation in subsidy allocation to promote balanced growth, sustainability and fiscal discipline in EV adoption.
• Under the revised policy, incentives for electric two-wheelers will be available only for vehicles registered up to 31st July 2026.
• The incentive structure for electric two-wheelers remains:
• ₹2,500 per kilowatt-hour (kWh) support
• Maximum subsidy capped at ₹5,000 per vehicle
• Manufacturers are expected to gradually transition towards market-driven pricing, localisation and scale-based growth instead of subsidy-led expansion.
• Incentives for electric three-wheelers, especially e-rickshaws and e-carts, will continue till March 2028, highlighting the government’s focus on:
• Last-mile connectivity
• Urban and rural logistics
• E-commerce delivery ecosystems
• The policy change has already triggered significant activity in the EV market, with manufacturers introducing aggressive promotional offers ahead of subsidy deadlines.
• Leading EV manufacturers such as Ola Electric, Ather Energy, TVS Motor Company and Bajaj Auto have offered combined benefits ranging from ₹20,000 to ₹50,000, including discounts, cashback and financing schemes, to boost electric two-wheeler sales.

About the PM E-DRIVE Scheme

• The Ministry of Heavy Industry, Govt. of India, with the approval of Union Cabinet, chaired by Hon’ble Prime Minister Shri Narendra Modi has launched scheme titled ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme vide Gazette notification S.O. 4259 (E) on September 29, 2024. The scheme will be implemented from 1st October, 2024 till 31st March, 2026. Further, EMPS-2024, the number of vehicles and the expenditure under EMPS-2024 for e-2w and e-3w being implemented for the period from 1st April 2024 to 30th September 2024 is being subsumed under PM E-DRIVE Scheme, therefore, effective period for the scheme will be two years.

India Reported 24,700 Maternal Deaths in 2023; Lancet Study Estimates Maternal Mortality Ratio at 116 per 1 Lakh Live Births

• India reported 24,700 maternal deaths in 2023, placing it among the countries with the highest maternal mortality burden globally, according to a global analysis published in The Lancet.
• The study, led by researchers from the Institute for Health Metrics and Evaluation, estimated India’s Maternal Mortality Ratio (MMR) at 116 per 1 lakh live births.
• Globally, maternal mortality remains a major public health concern, with countries such as Nigeria, Ethiopia and Pakistan contributing significantly to the global burden.
• Maternal Mortality Ratio (MMR) refers to the number of maternal deaths per 1 lakh live births and is a key indicator of a country’s healthcare system performance.
• According to India’s Sample Registration System (SRS) 2021–23, India’s MMR stands at 88 per 1 lakh live births, indicating significant improvement compared to earlier decades.
• However, the global estimate of 116 highlights differences in data sources and methodologies used by international studies.
• India has achieved an 86% reduction in MMR since 1990, which is significantly higher than the global average decline of 48%.
• As per the study published in The Lancet and led by IHME, maternal deaths in 2023 were:
• India: 24,700
• Nigeria: 32,900
• Ethiopia: 11,900
• Pakistan: 10,300
• The Global Burden of Disease Study 2023 provides comprehensive estimates of maternal mortality across 204 countries and territories.
• Key global findings include:
• Total maternal deaths worldwide (2023): 2.4 lakh
• Global MMR: 190.5 per 1 lakh live births
• Decline since 1990: Over one-third reduction
• However, progress remains insufficient as 104 countries have not yet achieved the United Nations Sustainable Development Goal (SDG) target of reducing MMR below 70 per 1 lakh live births by 2030.
• The major global causes of maternal deaths include:
• Postpartum haemorrhage (excessive bleeding after childbirth)
• Hypertensive disorders of pregnancy, such as preeclampsia
• Postpartum haemorrhage remains the leading cause, especially in low- and middle-income countries with limited emergency medical services.
• Other contributing factors include:
• Infections during or after pregnancy
• Unsafe abortions
• Delayed access to medical care
• The COVID-19 pandemic had a significant impact on maternal mortality, particularly during 2020–2021, when:
• Healthcare systems were overwhelmed
• Access to maternal healthcare services declined
• Maternal deaths temporarily increased in high-COVID-affected regions
• The pandemic highlighted the vulnerability of maternal healthcare systems during global health crises.

Supreme Court Panel Urges Centre to Withdraw Transgender Persons (Protection of Rights) Amendment Bill 2026

• A panel appointed by the Supreme Court of India has urged the Union Government to withdraw the Transgender Persons (Protection of Rights) Amendment Bill, 2026, raising serious concerns over its impact on transgender rights.
• The recommendation was submitted to the Union Minister for Social Justice and Empowerment, Virendra Kumar, on the same day the Lok Sabha passed the Bill, intensifying the debate.
• The advisory committee was chaired by former judge Asha Menon, who highlighted that the proposed amendments could roll back existing protections for transgender persons.
• The committee was constituted in October 2025 by the Supreme Court of India while hearing a case involving a transgender woman dismissed from teaching jobs in Uttar Pradesh and Gujarat due to her gender identity.
• The Court noted gaps in the implementation of the Transgender Persons (Protection of Rights) Act, 2019 and formed the panel to:
• Identify legal and policy shortcomings
• Recommend an equal opportunity framework
• Ensure reasonable accommodation for transgender individuals
• The Transgender Persons (Protection of Rights) Amendment Bill, 2026 proposes several major changes that have become the core of the controversy, including:
• Removal of the right to self-identify gender
• Requirement of medical certification for gender identity recognition
• Assessment by a district-level medical board headed by a Chief Medical Officer
• Narrowing of the definition of transgender persons
• The right to self-identify gender was earlier recognised in the landmark judgement NALSA v. Union of India, which allowed individuals to identify their gender without medical intervention.
• The passage of the Bill in Parliament witnessed strong opposition, with several Members of Parliament demanding that the Bill be referred to a Parliamentary Standing Committee for detailed examination, but the request was rejected.
• Outside Parliament, protests were held across major cities, with members of the LGBTQIA+ community and activists expressing concerns that the Bill:
• Undermines gender autonomy
• Imposes unscientific and invasive procedures
• Risks erasing diverse gender identities
• The Government of India has defended the Bill, stating that it aims to create a more structured and inclusive framework for all sections of society.
• However, critics argue that the amendments contradict earlier judicial principles and may weaken protections already granted to transgender persons, raising concerns about the timing and speed of the legislation’s passage.

Prime Minister Narendra Modi to Attend G7 Summit 2026 in France from June 15–17

• The Prime Minister of India Shri Narendra Modi, will attend the G7 Summit 2026, scheduled to be held from 15th to 17th June 2026 in France.
• The summit will take place at Evian-les-Bains, bringing together leaders of major advanced economies along with invited partner countries.
• India’s participation was confirmed through an official communication by the French Foreign Ministry following diplomatic discussions involving the External Affairs Minister of India, S. Jaishankar.
• The Group of Seven is an informal bloc of leading industrialised economies, comprising:
• United States
• United Kingdom
• France
• Germany
• Italy
• Japan
• Canada
• along with the European Union.
• The G7 was formed in 1975 and plays a key role in shaping global policies related to:
• Economic stability and growth
• International security
• Climate change
• Trade and development
• Although India is not a member of the G7, it has been regularly invited to outreach sessions due to its economic strength and leadership role among the Global South countries.
• The G7 Summit 2026 agenda is expected to focus on major global challenges, including:
• Global economic instability and macroeconomic imbalances
• Energy security concerns, particularly tensions affecting the Strait of Hormuz, a critical global shipping route for oil and gas supplies
• Disruptions in the Strait of Hormuz have significant implications for global fuel prices, making energy security a key discussion area at the summit.
• India’s invitation as a partner country reflects its growing influence in global governance and its role as one of the fastest-growing major economies.
• India contributes significantly to discussions on:
• Global economic growth and stability
• Development financing and sustainability
• Climate action and energy transition
• India has participated in multiple G7 outreach sessions in recent years, reinforcing its position as a bridge between developed and developing nations.

About France

• Capital: Paris
• President: Emmanuel Macron
• Currency Name: Euro

RECENT NEWS

• India has removed the Most Favoured Nation (MFN) clause from its tax treaty with France. The updated India-France tax treaty was signed during French President Emmanuel Macron’s recent visit. The move changes dividend tax rules, capital gains taxation and adds global anti-tax avoidance standards.

Indian Institute of Management Ahmedabad Launches Krishnamurthy Tandon School of Artificial Intelligence with ₹100 Crore Endowment

• The Indian Institute of Management Ahmedabad launched the Krishnamurthy Tandon School of Artificial Intelligence marking a major boost to India’s education and technology ecosystem.
• The initiative is supported by a ₹100 crore endowment from Chandrika Krishnamurthy Tandon and Ranjan Tandon.
• The new school aims to bridge the gap between rapid advancements in Artificial Intelligence (AI) and their practical applications across sectors.
• The school is designed as a global platform combining cutting-edge AI research with IIMA’s strong management education foundation.
• Its primary objective is to transform AI innovations into real-world solutions, improving decision-making, productivity, and addressing complex sectoral challenges.
• The institution will emphasise translational research, ensuring that AI research outcomes are converted into practical applications.
• The Krishnamurthy Tandon School of Artificial Intelligence will focus on key priority areas such as:
• AI adoption in organisations and public systems
• Governance and ethical use of AI
• Workforce readiness and skill development
• Integration of AI with business strategy
• Along with the launch, the school released a research report titled “Navigating the Future Trap with AI Value Compass” in collaboration with Persistent Systems.
• The study, based on insights from nearly 100 enterprises, revealed that many organisations are investing heavily in AI but focusing mainly on short-term efficiency gains instead of long-term transformation.
• The report identified key gaps in enterprise-level AI adoption, including:
• Lack of clear AI vision and leadership
• Weak governance frameworks
• Poorly defined performance metrics
• Limited workforce preparedness

RECENT NEWS

• In a historic step toward the internationalisation of Indian higher education, the Indian Institute of Management Ahmedabad (IIMA) inaugurated its first international campus in Dubai on 11 September 2025.

India’s First Hydrogen-Powered Trainset Successfully Completes Oscillation Trials

• India’s first hydrogen-powered trainset successfully completed oscillation trials, marking a major milestone in sustainable transportation and clean energy adoption by Indian Railways.
• The development was confirmed by the Union Minister of Railways, Ashwini Vaishnaw.
• The oscillation trial was conducted by the Research Designs and Standards Organisation, which plays a key role in safety and performance validation of railway systems.
• With this achievement, India is set to join the select group of countries such as Germany, Japan and China that operate hydrogen-powered trains.
• The first hydrogen-powered train will operate on the Jind–Sonipat route in Haryana, reflecting India’s push towards green mobility and sustainable transportation.
• The prototype trainset has been designed and manufactured by the Integral Coach Factory entirely within India.
• This development marks a significant achievement in indigenous innovation and aligns with the Make in India initiative.
• A dedicated hydrogen production facility has been established at Jind to ensure a continuous and sustainable fuel supply.
• An oscillation trial is a crucial test conducted to evaluate a train’s:
• Stability at different speeds
• Vibrations and dynamic behaviour
• Track interaction and balance
• Passenger comfort and safety standards
• Key features of India’s hydrogen-powered trainset include:
• World’s longest hydrogen-powered trainset with 10 coaches
• Total power output: 2400 kilowatt (kW) (two driving power cars of 1200 kW each)
• Zero carbon emissions, with water vapour as the only by-product
• Broad gauge compatibility, suitable for Indian rail infrastructure
• Among the most advanced hydrogen-powered trainsets globally
• Hydrogen-powered trains use fuel cell technology, where hydrogen reacts with oxygen to generate electricity, producing only water vapour as emission.
• Major advantages of hydrogen-powered trains include:
• Zero greenhouse gas emissions
• Reduced dependence on fossil fuels
• Lower noise and pollution levels
• Promotion of clean and sustainable railway transportation in India

RECENT NEWS

• Indian Railways launched the SHINE app to strengthen workplace safety and empower women employees across the organization. This initiative was made operational on March 8 2026 on International Women’s Day. Which is the marking an important step toward creating a secure and supportive work environment. 

CURRENT AFFAIRS: AWARDS AND HONOURS

Ramnath Goenka Excellence in Journalism Awards 2026 Presented; 24 Journalists Honoured Across 19 Categories

• The Ramnath Goenka Excellence in Journalism Awards 2026 recognised 24 journalists across 19 categories for their outstanding contributions to Indian journalism.
• The awards were presented in New Delhi by the Vice-President of India, C. P. Radhakrishnan, who highlighted the critical role of journalism in safeguarding democracy.
• The awards are instituted by the Ramnath Goenka Foundation and honour fearless reporting across print, digital and broadcast platforms.
• The awards are named after Ramnath Goenka, an iconic figure in Indian journalism, known for his fearless stance during challenging political periods, especially during the The Emergency (India).
• During the ceremony, Vice-President C. P. Radhakrishnan emphasised that free and fearless journalism is essential for a strong and vibrant democracy.
• The jury panel for the 2026 edition included eminent personalities such as:

• B. N. Srikrishna
• C. Raj Kumar
• Rohini Nilekani
• S. Y. Quraishi

• Their presence ensured a rigorous and credible selection process, maintaining the high standards associated with the awards.
• Major category-wise winners of the Ramnath Goenka Excellence in Journalism Awards 2026 include:

• Print (Hindi): Avadhesh Akodia – Dainik Bhaskar
• Broadcast/Digital (Hindi): Sarvapriya Sangwan – BBC News Hindi
• Print/Digital (Regional Languages): Muhammad Sabith & Akhil Sivanand – Mathrubhumi
• Broadcast/Digital (Regional Languages): Fousiya Musthafa News – Malayalam 24×7
• Environment, Science & Technology Reporting (Print/Digital): Jayashree Nandi & Tannu Jain – Hindustan Times
• Environment, Science & Technology Reporting (Broadcast/Digital): Rohini Krishnamurthy & Dhruval Parekh – Down to Earth
• Uncovering India Invisible (Print): Vijay Pal Dudi – Dainik Bhaskar
• Uncovering India Invisible (Broadcast/Digital): Basant Kumar – NewsLaundry
• Business & Economic Journalism: Praveen Paramasivam, Munsif Vengattil & Aditya Kalra – Thomson Reuters
• Reporting on Politics and Government (Print): Deeptiman Tiwary – The Indian Express
• Reporting on Politics and Government (Broadcast/Digital): Rishika Kashyap – Deccan Herald
• Sports Journalism: Srikkanth Dhasarathy – DT Next
• Investigative Reporting (Print/Digital): Mridulika Jha – Aaj Tak
• Investigative Reporting (Broadcast): Sreya Chatterjee – India Today
• Feature Writing: Vidheesha Kuntamalla – The Indian Express
• Civic Journalism: Sandip Dighe – The Times of India
• Civic Journalism: Sreya Chatterjee & Arvind Ojha – India Today
• Photojournalism: Praveen Jain – The Print
• Books (Non-Fiction): Aparajith Ramnath – Penguin Random House

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Balendra Shah Takes Oath as Nepal’s Youngest Democratically Elected Prime Minister

• Balendra Shah (35), leader of the Rastriya Swatantra Party (RSP) and a former rapper, was sworn in as the youngest Prime Minister of Nepal after a landslide electoral victory.
• He was administered the oath of office and secrecy by President Ram Chandra Paudel at Sheetal Niwas, Kathmandu.
• Balendra Shah became Nepal’s 47th Prime Minister and the first democratically elected PM after the 2025 political upheaval.
• He succeeded Sushila Karki, who served as the Interim Prime Minister for six months following the crisis.
• The Rastriya Swatantra Party (RSP) secured 182 seats out of 275 seats in the House of Representatives (HoR).
• The party crossed the simple majority mark of 138 seats, enabling it to form a majority government under Nepal’s federal system.
• The victory represented a near two-thirds majority, reflecting strong public support and mandate for the RSP.
• Balendra Shah was elected as the parliamentary party leader of RSP, paving the way for his appointment under Article 76(1) of Nepal’s Constitution.
• His rise follows the ouster of the previous coalition government led by P. Sharma Oli in September 2025, after youth-led Gen Z protests against corruption, nepotism, and a social media ban.

About Nepal:

• Capital: Kathmandu
• Currency: Nepalese rupee (NPR)
• President: Ram Chandra Poudel

CURRENT AFFAIRS : PERSON IN NEWS

Stuti Pradhan from Sikkim Chosen to Represent India at World Youth Parliament

• Stuti Pradhan, a young leader from Sikkim, has been selected to represent India at the World Youth Parliament (WYP), highlighting India’s growing youth role in global policy, leadership, and diplomacy.
• The World Youth Parliament (WYP) is an international platform that brings together young delegates from countries such as South Korea, UAE, Kuwait, Chad, Thailand, and Yemen to discuss global challenges and youth-led policy solutions.
• The platform focuses on key global issues like climate change, education, sustainable development, and international cooperation.
• Stuti Pradhan is recognized for her excellence in parliamentary debates, leadership qualities, and policy discussions.
• She achieved distinction by becoming the state winner of Viksit Bharat Youth Parliament 2025, showcasing her strong parliamentary and analytical skills.
• She was honoured as a special guest at Lok Bhawan, Sikkim on Republic Day 2026, recognizing her notable achievements and leadership potential.
• Her selection reflects the increasing role of Indian youth in international forums and decision-making platforms.
• At the World Youth Parliament, she will represent the voice, aspirations, and perspectives of Sikkim and India on global issues.
• The achievement highlights the importance of youth engagement in governance, diplomacy, and global problem-solving initiatives.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force Introduces ‘Vayu Baan’, India’s First Helicopter-Launched Drone System

• The Indian Air Force (IAF) has initiated Project “Vayu Baan”, India’s first helicopter-launched Unmanned Aerial System (UAS).
• With this project, India joins an elite group of countries such as the United States of America (USA) and China in developing air-launched drone technology, reducing dependence on foreign systems.
• The project is being led by the IAF Directorate of Aerospace Design (DAD), which issued a Request for Proposal (RFP) in March 2026 to invite domestic industry participation.

Key Highlights :

• The Vayu Baan drone is a small autonomous system designed to be released from a moving helicopter during flight.
• After release, the drone will unfold its wings, activate propulsion, and navigate autonomously towards targets.
• The system enables stand-off engagement capability beyond 50 km, allowing helicopters to strike targets while remaining outside the range of enemy MANPADS (Man-Portable Air Defence Systems).
• The drone will support both surveillance and precision strike missions, transmitting real-time video to operators.
• It will be equipped with electro-optical and infrared (EO/IR) sensors for target identification and reconnaissance.
• Importantly, the system is designed to operate even under GPS jamming or electronic warfare conditions, ensuring high battlefield resilience.
• The drone may carry a small onboard warhead for precision strike capability when required.
• The project aims to enhance helicopter survivability, enabling safe engagement of targets from long distances.
• The IAF plans rapid development, targeting testing, integration, and initial delivery within one year.
• Trials will include helicopter drop tests, payload integration, and high-altitude testing before operational clearance.
• Globally, similar systems remain in early or demonstration stages, with countries like China showcasing drone swarms from bomber platforms such as the Xi’an H-6, but not fully operationally deployed.
• The USA has advanced programmes like DARPA’s Gremlins project, demonstrating launch and mid-air recovery of drone swarms, and the “Air-Launched Effects” programme integrated with platforms like the UH-60 Black Hawk and AH-64 Apache.
• Overall, Project Vayu Baan marks a major step in India’s defence innovation, indigenous UAV capability, and modern warfare preparedness.

About Indian Air Force :

• Founded : 26 January 1950
• Headquarters : New Delhi, India
• Chief of the Air Staff (CAS) : Air Chief Marshal Amar Preet Singh
• Motto : Touch the Sky with Glory

Indian Navy Launches ‘Operation Urja Suraksha’ to Protect India-Bound Energy Shipments in Strait of Hormuz

• The Indian Navy (IN) launched Operation “Urja Suraksha” (Energy Protection) to escort, guide, and safeguard India-bound energy shipments through the strategically important Strait of Hormuz.
• The primary objective of the operation is to ensure India’s energy security by protecting critical maritime supply routes.
• A total of 22 India-bound vessels have been identified for naval escort protection, including 20 high-priority ships.
• These ships are carrying essential energy resources such as Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), and crude oil.
• The mission involves deployment of more than 5 frontline Indian Navy warships in the Strait of Hormuz, a key global maritime chokepoint.
• The operation ensures safe passage of merchant vessels through a region considered highly sensitive for global energy trade and maritime security.
• Operation Urja Suraksha has already recorded success with Indian LPG carriers Pine Gas and Jag Vasant safely crossing the Strait of Hormuz under naval escort.
• Earlier, the Navy also successfully escorted other important vessels including LPG carriers Shivalik and Nanda Devi, and the crude oil tanker Jag Laadki.
• The initiative highlights India’s focus on maritime security, energy supply chain protection, and protection of sea lines of communication (SLOCs).
• Overall, Operation Urja Suraksha strengthens India’s capability to safeguard its strategic energy imports and maritime interests in a volatile region.

Indian Army and Indian Institute of Technology Madras Pravartak Join Hands to Boost Indigenous Defence Development

• The Indian Army’s Corps of Electronics and Mechanical Engineers (EME) signed a Memorandum of Understanding (MoU) with Indian Institute of Technology Madras (IITM) Pravartak Technologies Foundation, Chennai, Tamil Nadu (TN) to boost indigenous defence technology development.

Key Highlights :

• The partnership aims to identify, develop, and deploy indigenous solutions for the operational and maintenance needs of the Indian Army.
• The collaboration will focus on problem identification in Army equipment and subsystems, followed by prototype development, testing, and final deployment.
• The scope includes co-development of indigenous technologies, technical validation, and field evaluation for real-world applications.
• The partnership will also support productisation of defence technologies for large-scale deployment in the armed forces.
• A key outcome is the establishment of a Nodal Indigenisation Centre (NIC) at Avadi, Chennai.
• The NIC will act as a strategic hub for defence innovation and manufacturing.
• It will leverage the Tamil Nadu Defence Corridor (TNDC) to strengthen the defence production and R&D ecosystem.
• The IITM Pravartak Technologies Foundation will collaborate with the NIC in advanced areas such as Sensing Technologies, Cyber-Physical Systems (CPS), and Autonomous Technologies (AT).
• The Corps of EME will provide operational requirements and field validation support to ensure practical usability of developed technologies.
• The initiative strengthens Aatmanirbhar Bharat in defence, promoting indigenous innovation, self-reliance, and modernisation of the Indian Army.

Personnel from 16 Friendly Nations Complete Harbour Training Under Indian Navy’s ‘IOS SAGAR’ Initiative to Boost Regional Maritime Cooperation

• The Indian Navy (IN) successfully completed the harbour training phase of the IOS SAGAR initiative at the Southern Naval Command, Kochi, marking a major step in regional maritime cooperation.
• The initiative strengthens India’s commitment to collaborative security, capacity building, and maritime stability in the Indian Ocean Region (IOR).
• The IOR faces multiple challenges such as maritime security threats, piracy, illegal fishing, trafficking, natural disasters, and protection of Sea Lines of Communication (SLOCs).
• The training was conducted over two weeks for a multinational crew, focusing on building both basic and advanced naval operational skills.
• The programme included training in seamanship, navigation, communication procedures, safety of life at sea, firefighting, and damage control drills.
• It also included specialised modules such as Visit, Board, Search and Seizure (VBSS) operations and advanced bridgemanship.
• A key feature of the training was the use of state-of-the-art simulators and modern naval training infrastructure for realistic, scenario-based learning.
• The integration of theory and practical exercises enhanced decision-making skills and operational readiness of participating personnel.
• Training under the supervision of Flag Officer Sea Training (FOST) helped international crews understand Indian Navy procedures and best practices.
• The Indian Naval Workup Team conducted focused modules to improve interoperability and operational coordination among partner nations.
• The initiative reflects the concept of “One Ocean, One Mission”, promoting professionalism, teamwork, and naval camaraderie.
• It also facilitated the exchange of best practices, strengthening mutual trust and maritime cooperation.
• After completion of the harbour phase, IOS SAGAR will enter the operational deployment phase, involving joint sea exercises and port engagements.
• The initiative highlights the Indian Navy’s role as a preferred maritime training partner under the broader vision of MAHASAGAR.
• Overall, IOS SAGAR reinforces India’s commitment to a secure, stable, and prosperous maritime domain in the IOR through regional naval collaboration.

CURRENT AFFAIRS: SPORTS NEWS

Gurjant Singh Announces Retirement from International Hockey at Hockey India Awards Ceremony

• Gurjant Singh, forward of the India men's national field hockey team, announced his retirement from international hockey at the Hockey India Annual Awards ceremony held in New Delhi.
• The 31-year-old striker concluded a distinguished international career spanning nearly a decade, earning 130 international caps and scoring 33 goals.
• He was widely recognised for his speed, sharp finishing and consistent performances as a forward.
• Gurjant Singh first gained prominence during the 2016 Men's Hockey Junior World Cup held in Lucknow, where India won the title.
• He scored an important goal in the final, emerging as a rising star in Indian hockey.
• He made his senior team debut in 2017 and soon became a key attacking player for the Indian team.
• Coming from rural Punjab, his journey to representing India at the international level has inspired many young athletes.
• One of the major highlights of his career was contributing to India’s bronze medal victories at the Tokyo 2020 Summer Olympics and the Paris 2024 Summer Olympics.
• The Tokyo 2020 Olympic bronze medal was historic as it ended India’s 41-year Olympic medal drought in men’s hockey.
• Gurjant Singh also played a key role in India’s victories at major international tournaments, including:
• Gold Medal at the 2022 Asian Games held in Hangzhou
• Gold Medal at the 2017 Men's Hockey Asia Cup
• Multiple titles at the Men's Asian Champions Trophy
• In 2021, Gurjant Singh was honoured with the Arjuna Award, recognising his individual excellence and contribution to Indian hockey.
• Dilip Tirkey, President of Hockey India, described him as a vital part of Indian hockey’s success, while Bhola Nath Singh praised his journey from grassroots hockey to the Olympic podium.

India Wins Two Bronze Medals at Asia Cup World Ranking Tournament Stage 1; Multiple Archers Enter Finals

• India delivered a strong performance at the Asia Cup World Ranking Tournament Stage 1 by winning two bronze medals and securing multiple entries into the finals across categories.
• While compound teams showcased consistency and strength, the men’s recurve section recorded a dip in performance.
• Despite setbacks in some events, Indian archers remain strong contenders for additional medals in team and individual finals.
• The women’s recurve team comprising Ruma Biswas, Kirti and Ridhi Phor secured a bronze medal after defeating Malaysia 5–1.
• The team dominated the first two sets and maintained composure to seal the victory, marking a strong comeback after missing the podium in the previous edition.
• The men’s compound team consisting of Rajat Chauhan, Rishabh Yadav and Uday Kamboj secured another bronze medal by defeating Bhutan 234–232.
• The team recovered strongly after a narrow semifinal loss to Vietnam, demonstrating resilience despite missing out on defending their title.
• The men’s recurve team comprising Devaang Gupta, Sukhchain Singh and Juyel Sarkar entered the final after defeating Malaysia 5–1.
• The team will face Kazakhstan in the final, aiming to secure the gold medal.
• The women’s compound team comprising Chikitha Taniparthi, Raj Kaur and Tejal Salve entered the final after defeating Thailand 229–226 in a closely contested semifinal.
• The team will compete against Kazakhstan in the final, aiming to improve upon their previous bronze medal finish.
• In men’s compound individual event, Abhishek Jawkar and Uday Kamboj advanced to the final, ensuring gold and silver medals for India, while Rajat Chauhan will compete for the bronze medal.
• In women’s recurve individual event, Ridhi Phor reached the final with a dominant straight-set victory and will now compete for her first international gold medal.
• Recurve archery is the format used in the Olympics, where the bow tips curve outward and require high precision and control.
• Compound archery uses a pulley system for improved accuracy, allows higher scoring consistency, and is not included in the Olympic Games.

Daily CA One- Liner: March 29 & 30

• Adani Ports and Special Economic Zone Limited operationalised India’s first Port of Refuge (PoR), marking a major step towards strengthening India’s maritime security and emergency response infrastructure
• The Government of India has extended the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE Scheme) till 31st March 2028, with a financial outlay of ₹10,900 crore, to support the growth of India’s electric vehicle (EV) ecosystem
• India reported 24,700 maternal deaths in 2023, placing it among the countries with the highest maternal mortality burden globally, according to a global analysis published in The Lancet
• A panel appointed by the Supreme Court of India has urged the Union Government to withdraw the Transgender Persons (Protection of Rights) Amendment Bill, 2026, raising serious concerns over its impact on transgender rights
• The Prime Minister of India Shri Narendra Modi, will attend the G7 Summit 2026, scheduled to be held from 15th to 17th June 2026 in France
• The Indian Institute of Management Ahmedabad launched the Krishnamurthy Tandon School of Artificial Intelligence marking a major boost to India’s education and technology ecosystem
• India’s first hydrogen-powered trainset successfully completed oscillation trials, marking a major milestone in sustainable transportation and clean energy adoption by Indian Railways
• The Ramnath Goenka Excellence in Journalism Awards 2026 recognised 24 journalists across 19 categories for their outstanding contributions to Indian journalism
• Gurjant Singh, forward of the India men's national field hockey team, announced his retirement from international hockey at the Hockey India Annual Awards ceremony held in New Delhi
• India delivered a strong performance at the Asia Cup World Ranking Tournament Stage 1 by winning two bronze medals and securing multiple entries into the finals across categories
• The Reserve Bank of India (RBI) issued the Master Direction – Unique Identifiers in Financial Markets, 2026 to consolidate multiple circulars into a single comprehensive framework for improved clarity and compliance.
• The Reserve Bank of India (RBI) released Payments Vision 2028, continuing its practice of issuing strategic payment system roadmaps since 2001.
• The Oriental Insurance Company Limited (OICL) crossed ₹20,000 crore in Gross Premium for FY 2025–26, reflecting strong trust of policyholders, intermediaries, and stakeholders in public sector insurance.
• The Central Board of Indirect Taxes & Customs (CBIC) organised a hybrid outreach programme in New Delhi on the Duty Deferment Scheme for Eligible Manufacturer Importers (EMI) under the Union Budget 2026–27 trade facilitation initiative.
• The Government of India (GoI) has retained the inflation target at 4% for the next 5 years (April 1, 2026 to March 31, 2031).
• The Organisation for Economic Co-operation and Development released its OECD Economic Outlook, Interim Report – March 2026 titled “Testing Resilience”.
• Lakshya Asset Management Company (AMC) has received approval from the Securities and Exchange Board of India (SEBI) to commence its Mutual Fund (MF) business in India.
• Balendra Shah (35), leader of the Rastriya Swatantra Party (RSP) and a former rapper, was sworn in as the youngest Prime Minister of Nepal after a landslide electoral victory.
• Stuti Pradhan, a young leader from Sikkim, has been selected to represent India at the World Youth Parliament (WYP), highlighting India’s growing youth role in global policy, leadership, and diplomacy.
• The Indian Air Force (IAF) has initiated Project “Vayu Baan”, India’s first helicopter-launched Unmanned Aerial System (UAS).
• The Indian Navy (IN) launched Operation “Urja Suraksha” (Energy Protection) to escort, guide, and safeguard India-bound energy shipments through the strategically important Strait of Hormuz.
• The Indian Army’s Corps of Electronics and Mechanical Engineers (EME) signed a Memorandum of Understanding (MoU) with Indian Institute of Technology Madras (IITM) Pravartak Technologies Foundation, Chennai, Tamil Nadu (TN) to boost indigenous defence technology development.
• The Indian Navy (IN) successfully completed the harbour training phase of the IOS SAGAR initiative at the Southern Naval Command, Kochi, marking a major step in regional maritime cooperation.