Current Affairs

The Reserve Bank of India (RBI) has proposed a new loan interest-rate framework with tighter rules for floating-rate loans to improve benchmark linkage and rate transmission to borrowers. A floating-rate loan has an interest rate that changes periodically in line with an underlying benchmark such as the RBI repo rate, Treasury Bill yields, or other approved external benchmarks. Rate changes can alter EMI and/or tenure, aiding monetary policy transmission.

World Elephant Day 2026 highlights elephant ecology and conservation. Two groups: African (Loxodonta africana) and Asian (Elephas maximus); matriarchal herds; ~22-month gestation; keystone ecosystem engineers. Threats: habitat loss/fragmentation, conflict, poaching, electrocution, train hits, genetic isolation. Asian subspecies: Indian, Sumatran, Bornean, Sri Lankan; range 13 countries; India ~60% (22,446), Karnataka highest. Status: IUCN Endangered, WPA 1972 Schedule I, CITES Appendix I. India: Project Elephant (1992); CITES-MIKE; 33 reserves (14 states), 150 corridors; MEE 2023; Gajah Suchana; rail under/overpasses, ramps, sensors; Captive Elephant Rules 2024; Human–Wildlife Conflict advisory and elephant guidelines 2023.

Indian Navy’s Next Generation Offshore Patrol Vessel (NGOPV) ‘Shruti’ was launched at Garden Reach Shipbuilders & Engineers Ltd (GRSE), Kolkata, under the NGOPV construction programme concurrently executed at GRSE and Goa Shipyard Limited. Indigenously designed, it is named after ‘Shruti’ (four Vedas). Crest shows Ursa Major and a red-white lighthouse. It supports maritime surveillance, SAR, offshore asset protection, HADR and anti-piracy. Specs: 3,000 tonnes; 23 knots; 8,500 nautical miles at 14 knots; aligned with Aatmanirbhar Bharat/Make in India.

Centre is promoting agarwood/agarwood oil exports from NER via Agarwood Cluster Development Project in Assam and Tripura under PM-DevINE, and an Agarwood International Trade and Research Centre in Agartala under North Eastern Council schemes. NER has ~96.6% of India’s ~139.89 million agarwood trees (Assam ~114.3 million; Tripura ~15.15 million). Agarwood (Aquilaria) yields chips and oil. Listed in CITES Appendix II; India submitted an NDF to avoid RST, enabling export quotas and regulating trade, while preventing wild extraction of propagules.

A mushroom collected in 2022 beneath sal (Shorea robusta) in Ri Bhoi district, Meghalaya, has been described as a new species, Russula griseopurpurata (named for its greyish-purple colour). Identification used microscopy, DNA sequencing and phylogenetic analysis. Recorded from Meghalaya and West Bengal at 320 m, it occurs singly/scattered under sal. Three specimens were studied; Meghalaya voucher GUBH 20331 produced ITS sequence PQ432811. Edibility is unestablished.

A tiger sighting was reported near Zero Point (Jhandi Dhaar), the highest point of Binsar Wildlife Sanctuary, Uttarakhand. Located in the Kumaon Himalaya (900–2,500 m), it is named after the 16th-century Bineshwar Mahadev (Shiva) temple. It has Western Himalayan sub-alpine coniferous forests and alpine shrubs/meadows, and was created to conserve Central Himalayan broadleaf oak; oak–rhododendron and chir pine dominate. Fauna includes barking deer, Himalayan bear, leopard and musk deer. It is an Important Bird Area (BirdLife International) with 200+ bird species, including Monal.

A crude oil spill from tanker Caroline Bezengi threatens a nature reserve near Oman’s Hallaniyat (Kuria Muria) Islands, a 5-island archipelago off southeast Oman in the Arabian Sea: Al-Hasikiyah, Al-Sawda, Al-Hallaniyah (only inhabited), Qarzawit, Al-Qibliyah. Rocky patches, coral reefs and sandy substrates overlap with a Key Biodiversity Area and an Ecologically/Biologically Significant Marine Area. Somali Current-driven seasonal upwelling post-monsoon fuels plankton blooms attracting whale sharks and humpback whales; islands lie on key sea routes.

During Phase-I NetRAD-ASMA, scientists detected an unusually thick ozone layer over the North Bay of Bengal at 21-23 km (lower stratosphere), persisting >1 day in day/night, indicating limited sunlight-driven chemistry. Analysis of convection, wind shear, transport and vertical motion attributes it to ozone-rich air transport followed by downward movement and compression. Evidence used ARIES’ 206.5 MHz ST Radar (Nainital), radars at Haringhata/Gadanki/Kochi, weather balloons, models, and Aura MLS and INSAT-3DR; normal ozone peak is 25-30 km, within the 15-35 km UV-shielding layer.

NAVYA (Nurturing Aspirations through Vocational training for Young Adolescent Girls) was launched in 2025 for adolescent girls aged 16–18 in aspirational districts. Implemented under PMKVY 4.0, it is a joint initiative of the Ministry of Skill Development and Entrepreneurship and the Ministry of Women and Child Development. It offers industry-relevant courses with OJT, focuses on futuristic job roles, and includes modules on digital/financial literacy, career readiness and entrepreneurship. Monitoring uses PMKVY framework and SIDH, with regular reviews involving PIAs and SSDMs.

Union Home Minister launched ‘Bank in a Box’ for Urban Cooperative Banks (UCBs), offering an integrated bundle of core banking, digital payments, cloud services and regulatory-compliance tools, enabling even single-branch UCBs to digitise without heavy investment. Measures include 15% branch expansion without separate permission, doorstep banking, simpler scheduled-bank status for eligible Tier-3 banks, an RBI nodal officer interface, PSL target cut 75% to 60%, higher housing-loan limits, ‘Member Lending Institution’ status (up to 85% risk cover; collateral-free lending), and cooperative-society PSL limit raised ₹5 lakh to ₹10 crore. UCB origins trace to the Cooperative Credit Societies Act, 1904; cooperation devolved under GoI Act, 1919; Bombay’s first State Cooperative Societies Act, 1925; Varde Committee (1963) and Madhavdas Committee (1979).

BRIC-NCCS Pune and Stanford University studied healthy adults from 8 Indian tribal communities (Warli, Gond, Madia, Kabui, Boto, Balti, Brokpa, Purigpa) across 4 regions, analysing stool and diet via DNA sequencing. Traditional diets, especially trans-Himalayan foods (milk, butter, wheat, barley, rice, turmeric, chilli), linked to higher gut microbiome diversity and Bifidobacterium, distinct carbohydrate-digestion genes, and locally adapted strains, supporting India-specific microbiome research and indigenous probiotics.

The Union Ministry of Home Affairs notified 11 additional international ports for entry of e-Visa holders, comprising 9 land ports (Darranga, Gede, Ghojadanga, Haridaspur, Jaigaon, Dawki, Moreh, Attari Road) and 2 airports (Bhopal, Tirupati), raising the total to 88. e-Visa with ETA began in 2014 for 43 countries, now covers 172; ~95% processed within 72 hours; 78% visas are electronic; 17 sub-categories. Pakistani passport holders/PK-origin excluded.

The National Accreditation Board for Testing and Calibration Laboratories (NABL) launched India’s first accreditation scheme for mobile food testing laboratories, providing a framework for reliable, quality-assured and internationally benchmarked testing services closer to communities. Expected outcomes include stronger food safety surveillance, improved access to quality testing, faster regulatory interventions and enhanced consumer confidence. NABL, a constituent board of Quality Council of India (QCI), accredits laboratories; NABL accreditation often precedes statutory recognitions.

A 7.4-magnitude earthquake struck western Colombia, causing deaths and widespread damage. Colombia lies in northwestern South America, bordering Panama, Venezuela, Brazil, Peru and Ecuador. It has maritime frontage on both the Caribbean Sea and the Pacific Ocean, the only South American country with both coasts. The Equator crosses its southern edge; the Andes split into Occidental, Central and Oriental.

Directorate General of Foreign Trade (DGFT) has removed the requirement to submit physical duty payment challans while applying for Export Obligation Discharge Certificates (EODC) under the Advance Authorisation and Export Promotion Capital Goods (EPCG) schemes. EPCG, administered by DGFT under India’s Foreign Trade Policy, permits zero customs duty import of capital goods (pre/production/post-production); operational since 1 April 2015; excludes second-hand goods.

RBI released the 2026-27 list of 17 NBFCs in the Upper Layer (UL) under scale-based regulation (Base, Middle, Upper, Top). UL includes NBFCs with asset size ≥₹1,00,000 crore and faces enhanced norms (bank-like) for at least 5 years, with mandatory listing within 3 years. NBFC-ULs: Tata Sons, REC, PFC, IRFC, Bajaj Finance, Shriram Finance, Tata Capital, LIC Housing Finance, Cholamandalam, Muthoot, Aditya Birla Capital, HUDCO, Mahindra Financial Services, L&T Finance, Bajaj Housing Finance, HDB Financial Services, Piramal Finance; NBFCs are under RBI Act, 1934, cannot take demand deposits/issue self-cheques; deposits uninsured.

16th lion population estimation (May 2025) recorded 891 Asiatic lions (Panthera leo persica) across the Greater Gir landscape, Gujarat, up from 674 (2020) and 523 (2015). The only natural wild population survives mainly in Saurashtra; IUCN status: Endangered. Increase is attributed to strict legal protection, prey-base revival and landscape-level conservation covering Gir Wildlife Sanctuary (1965), Gir National Park, and sanctuaries including Girnar, Mitiyala, Pania and Barda; Project Lion (2020) spans ~60,000 sq km.

Theoretical physicist Deepak Dhar (Uttar Pradesh) was named co-recipient of the ICTP Dirac Medal. Awarded annually by the International Centre for Theoretical Physics (ICTP) on 8 August (P.A.M. Dirac’s birthday), it began in 1985 for significant contributions to theoretical physics, selected by an international committee from nominees; Nobel/Fields/Wolf winners are ineligible; prize: US$5,000. ICTP, Trieste (Italy), founded 1964, is a UNESCO Category 1 institute under an Italian Government–UNESCO–IAEA tripartite agreement.

DST released “R&D Statistics at a Glance 2025-26”, compiled via NSTMIS surveys, on publications, patents and GERD. India ranked 3rd globally in scientific publications (2022). Patent filings were 1.10 lakh in 2024-25; 62% by residents; Indian Patent Office ranked 6th in resident filings. GERD rose to 0.83% of GDP (2021-22), first above 0.8% since 2009-10; private share 45.5% (2021-22) and 51.8% (2023-24), led by transport, pharma, biotech and IT; business exceeded government; India lags China/USA/Japan/South Korea/Israel in GERD/GDP.

Saudi Arabia, Turkey and Pakistan signed the Mecca (Makkah) Joint Defence Agreement in the presence of Crown Prince Mohammed bin Salman, creating a trilateral security arrangement. An armed attack on one is treated as an attack on all, modelled on UN Charter Article 51. Pillars: joint training/exercises, intelligence sharing, defence-industrial integration (Turkish drone production for Saudi capacity) and collective deterrence. No integrated HQ/standing force/common budget/nuclear sharing; discretion to respond; no full text released; excludes protection for aggressor states; builds on Sept 2025 Saudi-Pakistan SMDA; China silent, Russia neutral, India “closely following”.

Merchant Discount Rate (MDR) is a fee paid by merchants for accepting digital payments, deducted during settlement, covering processing, interchange and related costs; typically 1–3%. Since January 2020, MDR was removed on UPI and RuPay debit cards, with industry subsidised by government. The Taxation and Other Laws (Amendment) Bill, 2026 empowers levying MDR on select electronic modes, including 0.25–0.4% on business UPI, limited to merchant transactions above a value threshold; consumers and P2P transfers remain free.

Government e-Marketplace (GeM) is a 100% Government-owned Section 8 company under the Department of Commerce, Ministry of Commerce and Industry, enabling nationwide digital procurement of common-use goods and services by ministries, departments and CPSEs; it marked 10 years. It connects ~1.37 lakh buyers and ~25 lakh sellers. Women-led MSEs: 2.1 lakh+, ₹28,000 crore+. SC/ST procurement: ₹6,000 crore+ (28% annual growth). Startup procurement: ₹19,000 crore in 2025-26 (36% growth). Initiatives include SWAYATT, Womaniya, SARAS and Startup Runway 2.0; Suvidha Kendras and GeM Sahay support onboarding and collateral-free working capital.

The US Senate passed the Lindsey O. Graham Sanctioning Russia and Iran Act, 2026, targeting Russia and key buyers of its petroleum products, including India; it awaits ratification in the US House of Representatives. It authorises President Donald Trump to impose additional tariffs up to 100% on goods from specified countries—China, India, Azerbaijan, Hungary and Slovakia-potentially risking Indian exports to the US and affecting bilateral trade.

Enhanced southwest monsoon and tropical cyclones have affected over 3.8 lakh people in the Philippines. Capital: Manila. It is a Southeast Asian archipelago in the western Pacific Ocean, with maritime borders: Vietnam (W), Taiwan (N), Palau (E), Malaysia and Indonesia (S). Water boundaries: Philippine Sea (E), Celebes Sea (S), Sulu Sea (SW), South China Sea (W and N). Climate: tropical monsoon. Active volcano: Mayon. Highest peak: Mount Apo. Major rivers: Cagayan, Agno, Pampanga, Pasig, Bicol (Luzon and Mindanao).

Indian-origin NASA astronaut Anil Menon completed his first spacewalk outside the International Space Station (ISS) with NASA astronaut Jessica Meir during US Spacewalk 96 (6 hours 27 minutes). The EVA prepared the ISS 3B power channel for upgrades enabling installation of additional ISS Roll-Out Solar Arrays (IROSA) to boost electricity for ISS systems and eventual safe, controlled deorbit. Spacewalks/EVA involve operating outside spacecraft using suits for oxygen, temperature control and vacuum protection, aiding in-space repairs.

Parliamentary Standing Committee on Science and Technology, Environment, Forests and Climate Change report ‘Forest Fires in Himalayan Region, its adverse effects and mitigation measures’ flags gaps: no empirical climate-change link study, no consolidated casualty/compensation record, MODIS diurnal gaps (no pass 01:30–10:30, 13:30–22:30), and limited evidence on Chir Pine and invasive species. It recommends region-specific studies, centralized database, Department of Space geostationary satellite, FRI historical-ecological study, invasive eradication with Oak–Deodar Regeneration Mission, National pine-needle utilisation policy, and MoEFCC Pine Needle Management Board under Himalayan Biomass Management Framework.