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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India and State Bank of Vietnam Ink Memorandum of Understanding to Enhance Cooperation in Digital Payments and Financial Innovation

• The Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV) signed a Memorandum of Understanding (MoU) with an aim to strengthen bilateral cooperation in financial innovation and digital payments between India and Vietnam.
• The agreement was signed after receiving approval from the Union Cabinet of India.

Key Highlights :

• The MoU focuses on promoting cross-border QR Code-based merchant payments between the two countries.
• The partnership aims to improve payment system connectivity and facilitate seamless cross-border transactions.
• The MoU provides a framework for information sharing, regulatory coordination, and implementation support.
• Areas of cooperation include sharing information on emerging market trends, digital payment technologies, best practices, and regulatory frameworks.
• The agreement also supports cooperation in fast payment systems, messaging systems, and card switch mechanisms.
• The MoU allows the possibility of launching joint innovation programmes and digital payment projects between RBI and SBV.
• One major objective is to make cross-border transactions more transparent, real-time, convenient, and cost-efficient.
• The system will provide upfront display of charges, improving transparency in international payments.
• The initiative is expected to boost trade, tourism, and business opportunities between India and Vietnam.
• The MoU is also expected to strengthen India’s position as a major global fintech hub.
• The agreement was signed by the Deputy Governor of RBI and the Deputy Governor of SBV.

Department of Financial Services Introduces Unified Portal for Accessing Unclaimed Financial Assets

• The Department of Financial Services (DFS), under the Ministry of Finance, launched the Common Landing Portal for Unclaimed Financial Assets on 29 May 2026.
• The portal was developed in collaboration with the PSB Alliance to provide easier access to information related to unclaimed financial assets.
• The portal was launched by M. Nagaraju, Secretary, DFS, during the review meeting of Public Sector Banks (PSBs).
• The portal is accessible through the official website: Unclaimed Financial Assets Portal
• The platform serves as a unified portal for searching unclaimed financial assets across the financial ecosystem.
• The portal provides access to search facilities for unclaimed bank deposits, insurance claims, shares, dividends, and mutual funds.
• The initiative is an extension of the nationwide campaign “आपकी पूँजी, आपका अधिकार (Your Money, Your Right)”.
• The campaign was undertaken by DFS in coordination with financial sector regulators, banks, and other stakeholders.
• The objective of the campaign is to improve awareness, facilitate tracing, and ensure restitution of unclaimed financial assets to rightful owners.
• Secretary DFS stated that the portal will improve citizen convenience by integrating multiple search facilities on a single platform.
• The portal aims to strengthen efforts toward reconnecting individuals with their rightful financial assets.
• The initiative supports the creation of a more accessible, transparent, and citizen-centric financial ecosystem.
• The portal is expected to improve public awareness, enhance ease of access to financial information, and strengthen trust in the financial system.
• The initiative also contributes to the vision of Viksit Bharat 2047 through greater financial empowerment, financial inclusion, and improved citizen services.

Department of Financial Services Secretary Reviews FY 2025–26 Performance and Operational Progress of Public Sector Banks

• Secretary, Department of Financial Services (DFS), M. Nagaraju, chaired a review meeting of Public Sector Banks (PSBs) to assess their performance during FY 2025–26.
• The meeting was attended by senior DFS officials, the Chairman of State Bank of India, and MDs, CEOs, and Executive Directors of PSBs.

Key Highlights :

• During the meeting, a Coffee Table Book titled “आपकी पूँजी, आपका अधिकार (Your Money, Your Right)” was unveiled.
• The campaign focused on helping citizens identify and reclaim unclaimed financial assets.
• Over the last six months, more than ₹6,800 crore was restituted to nearly 29 lakh claimants across India.
• The revamped website of the Department of Financial Services was also launched with a citizen-centric approach.
• The new DFS website is available in 23 regional languages and includes accessibility features for visually impaired persons.
• The review assessed PSB performance in areas such as business growth, profitability, asset quality, financial inclusion, digital banking, MSME credit, cyber resilience, and risk management.
• Aggregate business of PSBs reached around ₹283.3 lakh crore as of 31 March 2026.
• Aggregate net profit of PSBs increased to approximately ₹1.98 lakh crore, marking the highest-ever annual net profit in PSB history.
• Gross Non-Performing Assets (GNPA) declined to a historic low of 1.93%.
• Net Non-Performing Assets (NNPA) reduced further to 39%.
• The improvement reflected stronger balance sheets and prudent risk management practices.
• Progress under major schemes including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Mudra Yojana (PMMY), PM Vishwakarma, and other social security schemes was reviewed.
• PSBs were recognised for strengthening financial inclusion and expanding last-mile banking services across India.
• The meeting also reviewed progress in end-to-end digital lending journeys for small-value loans and welfare-linked schemes.
• Banks highlighted the use of e-KYC, digital documentation, Straight Through Processing (STP), and integration with Government platforms for paperless lending.
• Discussions covered enhancement of digital banking ecosystems, cyber security frameworks, and improved access to credit for MSMEs.
• PSBs were advised to adopt prudent expenditure and austerity measures while maintaining resilience amid global uncertainties.
• Banks were directed to provide proactive support under Emergency Credit Line Guarantee Scheme (ECLGS) 5.0.

Recent News :

• In May 2026, Public Sector Banks (PSBs) recorded strong financial performance during FY 2025–26, reflecting sustained business growth, improved asset quality, record profitability, and strong capital position.

Reserve Bank of India Data Shows Indians’ Overseas Travel Expenditure Fell to USD 1.09 Billion in March 2026

• According to data released by the Reserve Bank of India (RBI), overseas travel spending by Indians declined to USD 1.09 billion in March 2026.
• Overseas travel expenditure decreased by nearly USD 212 million compared to February 2026.
• The decline reflects reduced spending on foreign travel by Indian residents.
• Under the Liberalised Remittance Scheme (LRS), Indians can remit up to USD 2,50,000 per financial year for permitted transactions.
• The LRS allows remittances for purposes such as foreign travel, education, investments, and maintenance of relatives abroad.
• Total outward remittances under the LRS stood at USD 2.59 billion in March 2026.
• Travel remained the largest component of outward remittances, accounting for USD 1.09 billion of the total remittances.
• Within the travel category, the “other travel” segment accounted for USD 623.05 million, representing nearly 57% of total travel spending.
• The “other travel” category includes holiday trips and international credit card settlements.
• Spending on education-related travel amounted to USD 450.16 million during March 2026.
• Expenditure on overseas business travel, pilgrimage, and medical treatment together totalled USD 21.39 million.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

SkyCast Aviation Weather Monitoring System Launched at Indira Gandhi International Airport under Mission Mausam

• Union Minister Dr. Jitendra Singh inaugurated the SkyCast Aviation Weather Monitoring System at Indira Gandhi International (IGI) Airport, New Delhi.
• The system has been developed under the Government of India's flagship Mission Mausam programme.
• SkyCast is an advanced aviation weather intelligence platform that provides real-time atmospheric information to enhance aviation safety and operational efficiency.
• The system continuously monitors:
• Fog formation
• Visibility levels
• Wind speed and direction
• Turbulence
• Moisture content
• Atmospheric temperature
• Aerosol concentration
• It will help pilots, air traffic controllers, and airport authorities make informed decisions during critical flight operations, especially take-offs and landings.
• The system is expected to reduce:
• Flight delays
• Flight diversions
• Flight cancellations
• Operational disruptions
• Safety risks caused by adverse weather conditions
• SkyCast can provide short-term weather alerts several hours in advance, enabling better preparedness for adverse weather.
• Key technologies integrated into the system include:
• Radar Wind Profiler
• Sonic Detection and Ranging (SODAR)
• Microwave Radiometer
• Ground-based Fog Aerosol Spectrometer (GFAS)
• CL61 Lidar-based Ceilometer
• The system can monitor atmospheric conditions up to approximately 3 kilometres above the airport.
• The Radar Wind Profiler measures wind speed, wind direction, turbulence, vertical air movement, and boundary-layer dynamics.
• The Ground-based Fog Aerosol Spectrometer (GFAS) analyses fog droplets, aerosol particles, visibility reduction, and pollution-fog interactions.
• The Lidar-based Ceilometer monitors fog depth, cloud layers, vertical visibility, and atmospheric structure.

RECENT NEWS

• India hosts the 68th Session of the Asian Productivity Organization (APO) Governing Body from the 20th to 22nd May, 2026. This high level international gathering will take place at the Bharat Mandapam, New Delhi and it will bring together the  policymakers, productivity experts and delegates from across the Asia-Pacific region.

Cabinet Approves Scheme for Assistance in Ration Transport and Handling-Income with Automation in Public Distribution System (SARTHAK-PDS) with ₹25,530 Crore Outlay

• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the Scheme for Assistance in Ration Transport and Handling-Income with Automation in Public Distribution System (SARTHAK-PDS) for a period of 5 years.
• The scheme has an outlay of ₹25,530 crore and aims to strengthen food security across the country.
• The scheme covers the entire Public Distribution System (PDS) value chain, including foodgrain distribution, logistics, transportation, material handling, and grievance redressal mechanisms.
• It is an umbrella scheme that integrates:
• Assistance to State Agencies for Intra-State Movement of Foodgrains and Fair Price Shop Dealers’ Margin under the National Food Security Act (NFSA).
• Scheme for Modernisation and Reforms through Technology in Public Distribution System (SMART-PDS).
• The integration of these schemes is expected to strengthen the implementation of the National Food Security Act (NFSA), 2013 under a single administrative framework.
• The merged scheme will remain operational until 31 March 2031.
• It will provide financial assistance for intra-state transportation and handling of foodgrains, along with support for Fair Price Shop dealer margins.
• The scheme will support the Government of India’s commitment to provide subsidised foodgrains to 81.35 crore beneficiaries covered under the National Food Security Act (NFSA).
• The initiative aims to improve efficiency, transparency, automation, and service delivery within the Public Distribution System (PDS).
• The approval is expected to enhance the overall functioning of the food distribution network and ensure better access to foodgrains for eligible beneficiaries.

RECENT NEWS

• Union Cabinet chaired by Honorable PM Narendra Modi has approved the ₹37,500 crore scheme to promote surface coal and lignite gasification projects. The move aims to reduce the India’s heavy dependence on imported fuels and industrial chemicals and make the better use of domestic coal reserves. 

Chhattisgarh to Launch ‘Adarsh Shahar Samriddhi Yojana’ for Urban Infrastructure Development

• The Chhattisgarh Government will launch the ‘Adarsh Shahar Samriddhi Yojana’ to equip emerging towns and urban centres with modern civic infrastructure and public facilities.
• The state government has allocated ₹200 crore for the scheme in the 2026–27 Budget.
• The scheme has been conceptualised on the lines of the ‘Mukhyamantri Nagarotthan Yojana’, which was introduced for municipal corporations.
• In the first phase, the Urban Administration and Development Department has selected 32 Urban Local Bodies (ULBs) across the state's five revenue divisions:
• Bilaspur – 9
• Bastar – 6
• Surguja – 6
• Raipur – 6
• Durg – 5
• The Chief Engineer of the Mechanical Cell of the Directorate has been appointed as the Nodal Officer for all five revenue divisions to ensure effective implementation and monitoring.
• Divisional-level committees, headed by Joint Directors of the department's regional offices, have been constituted for project selection, site inspections, and prioritisation of development works.
• The scheme aims to accelerate urban development, improve civic amenities, and strengthen infrastructure in growing urban centres across Chhattisgarh.

About Chhattisgarh

• Capital: Raipur
• Chief Minister: Vishnu Deo Sai
• Governor: Ramen Deka

RECENT NEWS

• Respectable Union Home Minister Amit Shah has launched the major public safety initiative by flagging off a new fleet of advanced Dial 112 emergency response vehicles and the modern forensic mobile vans in Raipur, Chhattisgarh. This upgraded system now expands from the 16 districts to all 33 districts of the state.

Government Approves Two New Special Economic Zones in Puducherry

• The Government of India has notified two new Special Economic Zones (SEZs) in the Union Territory of Puducherry.
• The approvals were granted during the 137th Meeting of the Board of Approval (BoA) under the Department of Commerce, held on 27 February 2026.
• The projects are expected to attract investments of nearly ₹1,975 crore and generate around 8,500 employment opportunities.
• One of the SEZs will be developed by Oulgaret Municipality at Thattanchavady village, Oulgaret Taluk, making it India’s first municipality-developed SEZ.
• The municipality-developed SEZ will focus on Information Technology (IT) and Information Technology Enabled Services (ITeS) activities.
• The second SEZ will be established by the Pondicherry Industrial Promotion Development and Investment Corporation (PIPDIC) at Karasur village, Villianur Taluk.
• The multi-sector SEZ will support industries across manufacturing, services, and export-oriented businesses.
• The new SEZs are expected to boost exports, industrial growth, domestic and foreign investment, technology services, and employment generation in Puducherry.
• The projects will strengthen the Tamil Nadu–Andaman & Puducherry (TAP) Region as an emerging industrial and economic hub.
• A Special Economic Zone (SEZ) is a designated area that provides businesses with various incentives to promote exports, investment, and employment.
• The Special Economic Zones Act, 2005 came into force in 2006 and is administered by the Ministry of Commerce and Industry.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and United States Sign Bilateral Framework for Critical Minerals and Rare Earth Elements Cooperation

• India and the United States of America (USA) have signed a bilateral framework to strengthen cooperation in the supply, mining, and processing of critical minerals and rare earth elements.
• The agreement was signed on the sidelines of the 11th Quad Foreign Ministers’ Meeting.
• The framework covers cooperation in mining, processing, recycling, and related investments across the critical minerals value chain.
• It builds upon ongoing India–United States efforts to strengthen supply chain security in critical and strategic sectors.
• On 20 February 2026, India became a signatory to the United States-led Pax Silica Initiative.
• Critical minerals and rare earth elements are essential for:
• High-tech electronics
• Clean energy technologies
• Defence systems
• Electric vehicles
• The partnership aims to reduce supply chain vulnerabilities and enhance access to critical resources required for emerging technologies and strategic industries.
• China currently accounts for around 90% of global critical mineral processing, highlighting the importance of diversifying supply chains.
• The framework is expected to strengthen economic, technological, and strategic cooperation between India and the United States.

About United States of America (USA)

• Capital: Washington, D.C.
• Currency: United States Dollar (USD)
• 47th President: Donald Trump
• 50th Vice President: JD Vance

National Skill Development Corporation Partners with Fourth Valley Concierge Corporation to Boost Skilled Workforce Mobility to Japan

• The National Skill Development Corporation (NSDC) has partnered with Fourth Valley Concierge Corporation (FVCC), Japan, to strengthen and facilitate workforce mobility opportunities for Indian talent in Japan.
• The collaboration will leverage the ‘Credibility Check’ framework provided by NSDC Trust, a group organisation of the National Skill Development Corporation (NSDC).
• The initiative aims to establish a structured and reliable verification mechanism for Indian candidates travelling to Japan through Fourth Valley Concierge Corporation (FVCC).
• The verification process may include:
• Identity verification
• Educational and qualification credential verification
• Employment history verification
• Criminal background checks (where legally permissible)
• Consistency checks of submitted documents
• Other credibility assessment parameters
• India and Japan have also outlined an Action Plan for Human Resource Exchange and Cooperation.
• The broader objective is to facilitate the movement of at least 50,000 skilled Indian professionals to Japan over the next five years.
• The partnership is expected to enhance international employment opportunities, strengthen skill recognition, and promote safe and transparent overseas recruitment practices.

About National Skill Development Corporation (NSDC)

• Headquarters: New Delhi
• Chief Executive Officer (CEO): Arun Kumar Pillai
• Chairman: A. M. Naik
• Functions under the Ministry of Skill Development and Entrepreneurship (MSDE).

Gujarat Government and Meta Platforms Inc. Sign Memorandum of Understanding to Provide WhatsApp-Based Government Services

• The Government of Gujarat and Meta Platforms Inc. (Meta) have signed a Memorandum of Understanding (MoU) in Gandhinagar to provide WhatsApp-based access to government services across the state.
• Under the initiative, around 20 citizen services from five major departments will be integrated into the Sugam Digital Gujarat platform.
• Citizens will be able to access these services through a single WhatsApp number.
• The services will be delivered through a chatbot available in Gujarati and English.
• Key services proposed under the platform include:
• Grievance redressal assistance
• Income Certificate issuance
• Caste Certificate issuance
• Economically Weaker Section (EWS) Certificate issuance
• Ration Card updates
• Access to revenue records
• Official affidavits
• The platform is expected to improve real-time application status tracking and strengthen last-mile delivery of public services in both urban and rural areas.
• The initiative aims to enhance digital governance, citizen convenience, and accessibility of government services.

About Gujarat

• Capital: Gandhinagar
• Chief Minister: Bhupendra Patel
• Governor: Acharya Devvrat

About Meta Platforms Inc.

• Headquarters: Menlo Park, California, United States
• Chief Executive Officer (CEO): Mark Zuckerberg
• Founded: 2004

Odisha Government, Intel Corporation and 3D Glass Solutions Sign $3.3 Billion Semiconductor Manufacturing Agreement

• The Government of Odisha, Intel Corporation, and 3D Glass Solutions Inc. (3DGS) signed a tripartite Memorandum of Understanding (MoU).  
• The agreement aims to establish an Advanced Packaging Glass Core Substrate Manufacturing Facility in the Bhubaneswar–Khurda region of Odisha.
• The project involves an estimated investment of $3.3 billion, making it one of the largest semiconductor-related investments in India.
• The initiative is expected to strengthen India's semiconductor ecosystem and support the India Semiconductor Mission (ISM).
• The signing ceremony was attended by Union Minister for Electronics and Information Technology Ashwini Vaishnaw, Odisha Chief Minister Mohan Charan Majhi, and Intel Chief Executive Officer (CEO) Lip-Bu Tan.
• The upcoming facility will manufacture:
• Advanced Packaging Glass Core Substrates
• High-Density Interconnect (HDI) Substrates
• Advanced Semiconductor Components
• Next-Generation Packaging Solutions
• Intel Corporation will provide technical expertise, process support, and advanced manufacturing knowledge for the project.
• Glass Core Substrates offer several advantages over traditional organic substrates, including:
• Better thermal performance
• Improved electrical efficiency
• Enhanced signal integrity
• Higher chip density
• Greater energy efficiency
• Improved support for Artificial Intelligence (AI) and High-Performance Computing (HPC) applications
• The project aligns with the objectives of the India Semiconductor Mission (ISM), which focuses on:
• Semiconductor fabrication
• Semiconductor packaging
• Display manufacturing
• Compound semiconductors
• Research and innovation
• The investment reflects growing global confidence in India's semiconductor manufacturing capabilities and its role in the global semiconductor value chain.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Reserve Bank of India Extends Ketan Merchant’s Tenure as Interim Chief Executive Officer of Fino Payments Bank by Three Months

• The Reserve Bank of India (RBI) approved a three-month extension for Ketan Merchant to continue as the Interim Chief Executive Officer (CEO) of Fino Payments Bank.
• The extended tenure became effective from 27 May 2026.
• The disclosure regarding the extension was made under Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements – LODR) Regulations, 2015.
• Reserve Bank of India had earlier approved Ketan Merchant’s appointment as interim CEO after the arrest of former Managing Director (MD) & CEO Rishi Gupta.
• Rishi Gupta was arrested by Goods and Services Tax (GST) officials in March 2026 in connection with a tax evasion fraud case.
• Ketan Merchant is a veteran banking professional and financial strategist with over 27 years of experience in India’s domestic and international banking sectors.
• He played a major role in executing Fino Payments Bank’s Initial Public Offering (IPO).
• He also contributed to the successful listing of Fino Payments Bank on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).

Senegal Names Ahmadou Al Aminou Lo as Prime Minister Following Removal of Ousmane Sonko

• Bassirou Diomaye Faye, President of Senegal, appointed Ahmadou Al Aminou Lo as the new Prime Minister (PM) of Senegal.
• Ahmadou Al Aminou Lo is a veteran central banker, economist, and member of the Pastef party.
• The political transition occurred three days after President Bassirou Diomaye Faye dissolved the government and dismissed former Prime Minister Ousmane Sonko.
• Ahmadou Al Aminou Lo is known for promoting monetary stability and fiscal discipline.
• He consistently supported the CFA franc against demands for its domestic replacement.
• He joined the Central Bank of West African States (BCEAO) in 1987.
• During his career, he served as Senegal’s National Director at BCEAO in 2016.
• He also held important positions such as Secretary-General of BCEAO, Advisor to the Governor in 2021, and Minister-Secretary General in 2024.
• Since 2025, Ahmadou Al Aminou Lo served as Minister of State.
• In his previous role, he led the design and implementation of Senegal’s long-term economic development roadmap titled “Sénégal 2050.”

About Senegal :

• Capital : Dakar
• Currency : West African CFA franc

CURRENT AFFAIRS : DEFENCE NEWS

India and Singapore Discuss Expansion of Strategic Defence Cooperation at 16th Defence Policy Dialogue

• The 16th India-Singapore Defence Policy Dialogue was held in Singapore on 28 May 2026.
• The dialogue was co-chaired by Rajesh Kumar Singh, Defence Secretary of India, and Joseph Leong, Permanent Secretary (Defence) of Singapore.
• Both sides reviewed the progress of ongoing defence engagements and discussed key areas of defence cooperation.
• Major discussion areas included military engagements, defence industry collaboration, capacity building, and regional security issues.
• India and Singapore explored new avenues to strengthen their strategic defence partnership and expand cooperation in areas of mutual interest.
• The two countries also discussed enhancing cooperation in emerging and niche sectors such as cyber security, artificial intelligence (AI), maritime security, unmanned systems, and advanced defence technologies.
• The dialogue highlighted the importance of innovation-driven partnerships to address evolving regional and global security challenges.
• Both countries appreciated continued cooperation in regional and multilateral forums, including Association of Southeast Asian Nations (ASEAN) led mechanisms.
• The discussions also highlighted cooperation under the ASEAN Defence Ministers’ Meeting-Plus (ADMM-Plus)
• India and Singapore reiterated their commitment to promoting an open, inclusive, and rule-based regional security architecture in the Indo-Pacific region.
• The dialogue emphasized the importance of sustained high-level exchanges and deeper institutional collaboration in advancing bilateral defence ties.
• Rajesh Kumar Singh also visited the Digital Operations Technology Centre of the Digital and Intelligence Service of the Singapore Armed Forces.
• The visit provided insights into Singapore’s digital and technical defence capabilities and explored opportunities for collaboration with Indian Defence Forces in emerging warfare domains.

About Singapore :

• President : Tharman Shanmugaratnam
• Prime Minister : Lawrence Wong
• Currency : Singapore dollar

Indian Coast Guard Carries Out Anti-Narcotics Operation Near Mundra Coast in Gujarat

• The Indian Coast Guard (ICG) seized approximately 115 kg of Cocaine during a joint anti-smuggling operation conducted with the Anti-Terrorism Squad Gujarat (ATS Gujarat).
• The operation was carried out from 25–26 May 2026 off the Mundra coast in Gujarat.
• The estimated international market value of the seized narcotics is around ₹1150 crore.
• The operation was launched based on specific and actionable intelligence shared by ATS Gujarat.
• Indian Coast Guard interceptor boats, along with ATS personnel onboard, conducted an extensive search operation in the Mundra anchorage area.
• During the operation, suspicious activity was detected onboard a container vessel.
• Demonstrating swift response and effective inter-agency coordination, the teams recovered five bags from the sea.
• On examination, the recovered bags contained packets of a white powdery substance that tested positive for Cocaine.
• A total of 115 packets, each weighing approximately 1 kilogram, were seized during the operation.
• The total contraband seized weighed around 115 kg.
• The concerned vessel was subsequently brought to the port for further investigation.
• This operation marked the 15th successful anti-narcotics operation jointly conducted by the ICG and ATS Gujarat in the last five years.
• The operation reinforces India’s commitment towards maritime security, anti-smuggling efforts, and the national vision of “Nasha Mukt Bharat”.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Union Minister Jitendra Singh to Launch the 4th Lavender Festival at Bhaderwah,Doda

• CSIR-Indian Institute of Integrative Medicine (CSIR-IIIM Jammu) will organize the 4th Lavender Festival on 6–7 June 2026 at Government Degree College, Bhaderwah, Doda under the theme “Lavender goes global”.
• The festival celebrates the success of the Purple Revolution and lavender-based rural entrepreneurship in Jammu and Kashmir.
• The event will be inaugurated by Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, Earth Sciences, PMO, Atomic Energy, and Space, and Vice President of Council of Scientific and Industrial Research (CSIR).
• Zabeer Ahmed, Director of CSIR-IIIM, announced the details during a curtain raiser press conference.

Key Highlights :

• The festival is being organized under the CSIR-Aroma Mission, a flagship programme of the Ministry of Science & Technology.
• Under the Aroma Mission, more than 5,000 farmers and young entrepreneurs in remote Himalayan regions have been empowered through lavender cultivation.
• CSIR-IIIM provided free Quality Planting Material (QPM), cultivation support, processing assistance, value addition, and marketing support to farmers.
• More than 50 fixed and mobile distillation units have been installed across Jammu & Kashmir under the mission.
• Bhaderwah has emerged as a major lavender cultivation hub under the Purple Revolution initiative.
• The festival will witness participation from scientists, startups, aroma industries, entrepreneurs, policy makers, students, farmers, and fragrance and wellness companies.
• Major attractions of the event include startup exhibitions, live demonstrations, buyer-seller meets, technical sessions, and farmer-industry networking.
• The festival will showcase value-added lavender products, essential oils, herbal wellness products, cosmetics, organic products, and aroma technologies.
• CSIR-IIIM has expanded lavender cultivation to Uttarakhand, Himachal Pradesh, and the North-Eastern States through scientific interventions and entrepreneurship support.
• The initiative has promoted women-led enterprises, startups, and self-help groups (SHGs) in the aroma sector.
• A recent Aroma Buyer-Seller Meet was organized at the CSIR Innovation Complex, Mumbai, where leading aroma and perfumery companies interacted with farmers and startups from Jammu & Kashmir.
• Another Buyer-Seller Meet at Bhaderwah was jointly organized by the Directorate of Ayush, J&K Medicinal Plants Board, and CSIR-IIIM.
• The meetings focused on strengthening the medicinal and aromatic plants sector, contract farming, and farmer-industry partnerships.
• The festival aims to promote agri-based entrepreneurship, sustainable livelihoods, and innovation in aromatic crops.
• Technical discussions during the event will focus on lavender cultivation, post-harvest management, essential oil extraction, branding, marketing, and export opportunities.
• The festival promotes transformation of the Himalayan rural economy through science-driven agriculture and entrepreneurship.
• During the curtain raiser event, the official “Lavender Festival 2026” web portal and the festival brochure were launched.
• The festival is being organized under the patronage of N. Kalaiselvi, Director General of Council of Scientific and Industrial Research and Secretary, DSIR.

Google Launches ‘Google for Education Schoolers’ Free Artificial Intelligence Training Initiative for Teachers Across Maharashtra, Assam, Punjab and Other Indian Regions

• Google announced the Google for Education Schoolers (GES) programme at the Education World Forum 2026 held in London, United Kingdom.
• GES is a free Artificial Intelligence (AI) training programme designed for school and higher education teachers across India.
• The initiative aims to provide mobile-first AI training on the responsible use of AI tools, including Gemini, in classrooms and academic environments.
• The programme has been launched in collaboration with various state governments and the United Nations Children's Fund (UNICEF).
• In the initial phase, the programme will be implemented with the governments of Maharashtra, Chhattisgarh, and Assam.
• The initiative will also cover the Ladakh Union Territory and the Punjab School Education Board (PSEB).
• During the first year of rollout, the programme will be available in six Indian languages — Assamese, Hindi, Marathi, Telugu, Odia, and Punjabi.
• The training will be delivered through pilot projects in selected states and regions across India.
• Apart from GES, Google also announced a three-year partnership with UNICEF across India, Brazil, Pakistan, and Kenya.
• The partnership will focus on improving literacy and numeracy skills using AI-powered educational tools.

About Google :

• Founded : September 4, 1998
• Headquarters : California, U.S.
• CEO : Sundar Pichai

Indian Council of Medical Research Hosts “Medical Innovations Patent Mitra: Innovators-to-Industry (I2I) Connect” Programme in New Delhi

• The Indian Council of Medical Research (ICMR), under the Department of Health Research (DHR), organised the “Medical Innovations Patent Mitra: Innovators-to-Industry (I2I) Connect”
• The event was held at the Manekshaw Centre in New Delhi.
• Indian Council of Medical Research functions under the Ministry of Health and Family Welfare (MoHFW).
• The programme was inaugurated by Prataprao Ganpatrao Jadhav, Union Minister of State in the Ministry of Health and Family Welfare.
• Gobardhan Das, Member of NITI Aayog, was present during the event.
• The primary objective of the Innovators-to-Industry (I2I) Connect programme is to accelerate technology transfer and commercialisation of indigenous healthcare innovations through industry partnerships.
• A major highlight of the event was the launch of the first-of-its-kind Innovator–Industry Platform.
• Through this platform, 41 public health technologies were transferred from ICMR institutes and innovators to industry partners.
• The transferred technologies are intended for further development, manufacturing, and commercialisation.
• The technologies transferred included vaccines, diagnostic technologies, medical devices, and biomedical research solutions.
• These innovations are aimed at addressing critical public health challenges and strengthening India’s indigenous healthcare ecosystem.

Nibe Group and Elbit Systems Partner to Establish Propellant Manufacturing Unit in India

• Nibe Group and Elbit Systems signed a Joint Venture (JV) agreement to establish advanced energetic materials and propellant manufacturing facilities in India.
• The strategic partnership supports the Government of India’s ‘Make in India’ and ‘Atmanirbhar Bharat’
• The proposed defence products to be manufactured under the JV include Nitro Cellulose, Nitro Glycerine, and various propellant bases.
• The propellant products include single-base propellant, double-base propellant, and triple-base propellant.
• Under the JV arrangement, Elbit Systems will provide technical assistance and related support.
• Nibe Group will be responsible for establishment, investment, and operational management of the manufacturing facilities in India.
• The initiative is aimed at strengthening India’s indigenous defence manufacturing ecosystem and reducing dependence on imports.
• Nibe Aeronautics also signed a Letter of Intent (LoI) with De Havilland Canada for the procurement of Twin Otter amphibious aircraft.
• The agreement is expected to boost regional aviation and seaplane connectivity in India.
• The LoI was signed in the presence of Rajnath Singh, Union Minister of the Ministry of Defence, and Devendra Fadnavis in Shirdi.
• The agreement supports Prime Minister Narendra Modi’s vision of Ude Desh ka Aam Naagrik (UDAN) and the Regional Connectivity Scheme (RCS).

CURRENT AFFAIRS : OBITUARIES

Five-Time Olympian and Arjuna Award Recipient Raja Randhir Singh passed away at 79

• Renowned Indian shooter, five-time Olympian, and veteran sports administrator Raja Randhir Singh passed away at the age of 79 in New Delhi.

About Raja Randhir Singh :

• Raja Randhir Singh was born on 18 October 1946 in Patiala, Punjab.
• He was honoured with the prestigious Arjuna Award in 1979 by the Ministry of Youth Affairs and Sports (MYAS) for his outstanding contribution to shooting sports.
• Raja Randhir Singh was a five-time Olympian, Asian Games gold medallist, former Secretary General of the Indian Olympic Association (IOA), and the first Indian to become President of the Olympic Council of Asia (OCA).
• He specialised in trap and skeet shooting events during his shooting career.
• He represented India in five Olympic Games: Mexico City 1968, Munich 1972, Montreal 1976, Moscow 1980, and Los Angeles 1984.
• Raja Randhir Singh also served as the reserve shooter for the 1964 Summer Olympics held in Tokyo, Japan.
• One of his major achievements was winning the Gold Medal in Men’s Trap Shooting at the 1978 Asian Games in Bangkok, Thailand.
• He became the first Indian shooter to win an Asian Games gold medal.

CURRENT AFFAIRS: IMPORTANT DAYS

World No Tobacco Day 2026 – 31 May

• World No Tobacco Day is observed every year on 31 May to raise awareness about the harmful effects of tobacco consumption and promote tobacco-free lifestyles.
• The day is organized by the World Health Organization (WHO) and is also known as World Anti-Tobacco Day.
• It highlights the health risks associated with tobacco use, including cancer, lung diseases, cardiovascular diseases, and other serious health conditions.
• The observance aims to encourage people to quit tobacco and educate the public about the dangers of tobacco consumption and exposure to tobacco smoke.
• The first World No Tobacco Day was observed by the member states of the World Health Organization (WHO) in 1987.
• In 1987, the World Health Assembly (WHA) passed a resolution establishing “World No Smoking Day” to encourage tobacco users to abstain from tobacco products.
• In 1988, the World Health Assembly (WHA) designated 31 May as World No Tobacco Day.
• In 1998, the World Health Organization (WHO) launched the Tobacco-Free Initiative (TFI) to address global tobacco-related health challenges.
• In 2008, the World Health Organization (WHO) called for a ban on all forms of tobacco advertising, promotion, and sponsorship on the occasion of World No Tobacco Day.

About World Health Organization (WHO)

• Headquarters: Geneva, Switzerland
• Director-General: Tedros Adhanom Ghebreyesus
• Established: 1948
• The World Health Organization (WHO) has 194 member

Daily CA One- Liner: May 31^st & 1^st June

• Union Minister Dr. Jitendra Singh inaugurated the SkyCast Aviation Weather Monitoring System at Indira Gandhi International (IGI) Airport, New Delhi
• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the Scheme for Assistance in Ration Transport and Handling-Income with Automation in Public Distribution System (SARTHAK-PDS) for a period of 5 years
• The Chhattisgarh Government will launch the ‘Adarsh Shahar Samriddhi Yojana’ to equip emerging towns and urban centres with modern civic infrastructure and public facilities
• The Andhra Pradesh Government is launching an Angel Fund to support startups in Artificial Intelligence (AI), Deep Tech, Electronics, Quantum Technologies, and Advanced Manufacturing
• The Government of India has notified two new Special Economic Zones (SEZs) in the Union Territory of Puducherry
• India and the United States of America (USA) have signed a bilateral framework to strengthen cooperation in the supply, mining, and processing of critical minerals and rare earth elements
• The National Skill Development Corporation (NSDC) has partnered with Fourth Valley Concierge Corporation (FVCC), Japan, to strengthen and facilitate workforce mobility opportunities for Indian talent in Japan
• The Government of Gujarat and Meta Platforms Inc. (Meta) have signed a Memorandum of Understanding (MoU) in Gandhinagar to provide WhatsApp-based access to government services across the state
• The Government of Odisha, Intel Corporation, and 3D Glass Solutions Inc. (3DGS) signed a tripartite Memorandum of Understanding
• World No Tobacco Day is observed every year on 31 May to raise awareness about the harmful effects of tobacco consumption and promote tobacco-free lifestyles
• The Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV) signed a Memorandum of Understanding (MoU) with an aim to strengthen bilateral cooperation in financial innovation and digital payments between India and Vietnam.
• The Department of Financial Services (DFS), under the Ministry of Finance, launched the Common Landing Portal for Unclaimed Financial Assets on 29 May 2026.
• Secretary, Department of Financial Services (DFS), M. Nagaraju, chaired a review meeting of Public Sector Banks (PSBs) to assess their performance during FY 2025–26.
• According to data released by the Reserve Bank of India (RBI), overseas travel spending by Indians declined to USD 1.09 billion in March 2026.
• The Reserve Bank of India (RBI) approved a three-month extension for Ketan Merchant to continue as the Interim Chief Executive Officer (CEO) of Fino Payments Bank.
• Bassirou Diomaye Faye, President of Senegal, appointed Ahmadou Al Aminou Lo as the new Prime Minister (PM) of Senegal.
• The 16th India-Singapore Defence Policy Dialogue was held in Singapore on 28 May 2026.
• The Indian Coast Guard (ICG) seized approximately 115 kg of Cocaine during a joint anti-smuggling operation conducted with the Anti-Terrorism Squad Gujarat (ATS Gujarat).
• CSIR-Indian Institute of Integrative Medicine (CSIR-IIIM Jammu) will organize the 4th Lavender Festival on 6–7 June 2026 at Government Degree College, Bhaderwah, Doda under the theme “Lavender goes global”.
• Google announced the Google for Education Schoolers (GES) programme at the Education World Forum 2026 held in London, United Kingdom.
• The Indian Council of Medical Research (ICMR), under the Department of Health Research (DHR), organised the “Medical Innovations Patent Mitra: Innovators-to-Industry (I2I) Connect”
• Nibe Group and Elbit Systems signed a Joint Venture (JV) agreement to establish advanced energetic materials and propellant manufacturing facilities in India.
• Renowned Indian shooter, five-time Olympian, and veteran sports administrator Raja Randhir Singh passed away at the age of 79 in New Delhi.